APG ASSET MANAGEMENT US INC
Q3 2023 Form 13-F

NEW YORK, NEW YORK
CIK 0001323255 · CRD 160795 · SEC-registered investment adviser
Holdings reported by APG Asset Management N V since Q4 2025
Consolidated report · includes 3 managers since Q2 2013
$11.4B Reported Value Total

APG ASSET MANAGEMENT US, INC reports 33 total accounts under management (AUM). There are 7 discretionary accounts valued at $55,689,521,567, and 26 non-discretionary accounts valued at $85,255,529,301.

Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered Discretionary & Non-Discretionary
Private funds (Form ADV)
37 funds · $23.1B gross asset value
Real Estate Fund: $13.1B · Other: $8.8B · Hedge Fund: $1.1B · Private Equity Fund: $219.2M
Source: Form ADV filed 2026-03-25
Reported value
$11.4B
Quarter over quarter
-8.0%
Holdings
39
Top-10 concentration
74.8%

Filing Structure

Reports holdings for

Holdings reported by

Key People

Form ADV owners & control persons
Jeroen Frens
CHIEF FINANCIAL AND RISK OFFICER
Evan Andrew Gordon
CHIEF COMPLIANCE OFFICER
Allen Kelly Parker
GENERAL COUNSEL
Q2 2023
Q4 2023
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Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.

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Q3 2023 13F filing summary

Period of report September 30, 2023
Filed November 14, 2023
Form 13F-HR
Reported value $11.4B
Positions 39
Change in reported value -9.3%
New positions 3
Exited positions 3
Position turnover 14.3%
Top-10 concentration 74.8%

13F filings by quarter

Quarter Positions Value
Q2 2026 13F
Filed Aug 12, 2026
 61 $14.3B
Q1 2026 13F
Filed May 13, 2026
 59 $13.0B
Q4 2025 13F
Filed Feb 12, 2026
 57 $12.8B
Q3 2025 13F
Filed Nov 12, 2025
 184 $13.6B
Q2 2025 13F
Filed Aug 12, 2025
 189 $13.4B
Q1 2025 13F
Filed May 14, 2025
 203 $13.1B
Q4 2024 13F
Filed Feb 13, 2025
 205 $13.2B
Q3 2024 13F
Filed Nov 14, 2024
 156 $14.8B
Q2 2024 13F
Filed Aug 14, 2024
 168 $17.5B
Q1 2024 13F
Filed May 14, 2024
 171 $17.3B
Q4 2023 13F
Filed Feb 13, 2024
 187 $16.3B
Q3 2023 13F
Filed Nov 14, 2023
 39 $11.4B
Q2 2023 13F
Filed Aug 14, 2023
 39 $12.5B
Q1 2023 13F
Filed May 12, 2023
 39 $12.2B
Q4 2022 13F
Filed Feb 14, 2023
 38 $12.4B
Q3 2022 13F
Filed Nov 14, 2022
 40 $12.2B
Q2 2022 13F
Filed Aug 12, 2022
 44 $14.6B
Q1 2022 13F
Filed May 12, 2022
 43 $18.0B
Q4 2021 13F
Filed Feb 11, 2022
 43 $18.7B
Q3 2021 13F
Filed Nov 15, 2021
 43 $16.3B

33 earlier quarters on file — choose one from the quarter menu above.

Top 20 holdings · Q3 2023

# Holding Reported value % of portfolio
1 PLD PROLOGIS INC. $2.2B 19.51%
2 DLR DIGITAL RLTY TR INC $1.1B 9.87%
3 EQIX EQUINIX INC $1.0B 9.03%
4 VTR VENTAS INC $719.5M 6.34%
5 ARE ALEXANDRIA REAL ESTATE EQ IN $718.5M 6.33%
6 EQR EQUITY RESIDENTIAL $676.7M 5.96%
7 INVH INVITATION HOMES INC $529.4M 4.66%
8 COLD AMERICOLD REALTY TRUST INC $525.4M 4.63%
9 PSA PUBLIC STORAGE $522.2M 4.6%
10 BXP BOSTON PROPERTIES INC $442.7M 3.9%
11 MAA MID-AMER APT CMNTYS INC $383.8M 3.38%
12 O REALTY INCOME CORP $372.1M 3.28%
13 EXR EXTRA SPACE STORAGE INC $354.5M 3.12%
14 KIM KIMCO RLTY CORP $277.8M 2.45%
15 REG REGENCY CTRS CORP $182.2M 1.6%
16 HR HEALTHCARE RLTY TR $171.3M 1.51%
17 CUZ COUSINS PPTYS INC $170.3M 1.5%
18 KRC KILROY RLTY CORP $162.0M 1.43%
19 AVB AVALONBAY CMNTYS INC $100.5M 0.88%
20 VICI VICI PPTYS INC $97.8M 0.86%

Values as reported on the Q3 2023 Form 13F. Every position is in the holdings table below.

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