APG ASSET MANAGEMENT US INC
Q2 2025 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
$13.4B Reported Value Total

APG ASSET MANAGEMENT US, INC reports 39 total accounts under management (AUM). There are 12 discretionary accounts valued at $67,591,957,151, and 27 non-discretionary accounts valued at $83,061,638,054.

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
$13.4B
Quarter over quarter
-2.1%
Holdings
189
Top-10 concentration
65.3%

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
Q1 2025
Q3 2025
Go to latest

Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.

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Q2 2025 13F filing summary

Period of report June 30, 2025
Filed August 12, 2025
Form 13F-HR
Reported value $13.4B
Positions 189
Change in reported value +2.4%
New positions 2
Exited positions 16
Position turnover 8.8%
Top-10 concentration 65.3%

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 · Q2 2025

# Holding Reported value % of portfolio
1 PLD ROLOGIS INC. $2.1B 15.65%
2 DLR IGITAL RLTY TR INC $1.5B 11.04%
3 EQIX QUINIX INC $959.4M 7.18%
4 EQR QUITY RESIDENTIAL $768.8M 5.75%
5 VTR ENTAS INC $739.3M 5.53%
6 PSA UBLIC STORAGE OPER CO $647.0M 4.84%
7 INVH NVITATION HOMES INC $564.6M 4.22%
8 O EALTY INCOME CORP $499.3M 3.73%
9 ARE LEXANDRIA REAL ESTATE EQ IN $498.6M 3.73%
10 BXP XP INC $488.3M 3.65%
11 LQD SHARES TR $484.2M 3.62%
12 MAA ID-AMER APT CMNTYS INC $459.3M 3.44%
13 HYG SHARES TR $433.6M 3.24%
14 EXR XTRA SPACE STORAGE INC $381.3M 2.85%
15 KIM IMCO RLTY CORP $267.9M 2.0%
16 CUZ OUSINS PPTYS INC $234.4M 1.75%
17 WELL ELLTOWER INC $230.7M 1.73%
18 COLD MERICOLD REALTY TRUST INC $224.9M 1.68%
19 HR EALTHCARE RLTY TR $187.4M 1.4%
20 KRC ILROY RLTY CORP $148.2M 1.11%

Values as reported on the Q2 2025 Form 13F. Every position is in the holdings table below.

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