APG ASSET MANAGEMENT US INC
Q3 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
$13.6B Reported Value Total

APG ASSET MANAGEMENT US, INC reports 44 total accounts under management (AUM). There are 15 discretionary accounts valued at $53,964,805,343, and 29 non-discretionary accounts valued at $87,361,504,518.

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
$13.6B
Quarter over quarter
+2.6%
Holdings
184
Top-10 concentration
66.6%

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 2025
Q4 2025
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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 2025 13F filing summary

Period of report September 30, 2025
Filed November 12, 2025
Form 13F-HR
Reported value $13.6B
Positions 184
Change in reported value +1.4%
New positions 4
Exited positions 9
Position turnover 6.7%
Top-10 concentration 66.6%

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 2025

# Holding Reported value % of portfolio
1 PLD PROLOGIS INC. $2.3B 16.89%
2 DLR DIGITAL RLTY TR INC $1.5B 10.92%
3 EQIX EQUINIX INC $937.5M 6.91%
4 VTR VENTAS INC $826.9M 6.1%
5 EQR EQUITY RESIDENTIAL $727.3M 5.36%
6 PSA PUBLIC STORAGE OPER CO $635.1M 4.68%
7 BXP BXP INC $564.9M 4.17%
8 ARE ALEXANDRIA REAL ESTATE EQ IN $558.6M 4.12%
9 O REALTY INCOME CORP $510.6M 3.77%
10 INVH INVITATION HOMES INC $495.6M 3.66%
11 MAA MID-AMER APT CMNTYS INC $416.5M 3.07%
12 LQD ISHARES TR $383.8M 2.83%
13 HYG ISHARES TR $375.2M 2.77%
14 EXR EXTRA SPACE STORAGE INC $357.6M 2.64%
15 WELL WELLTOWER INC $285.7M 2.11%
16 KIM KIMCO RLTY CORP $272.2M 2.01%
17 CUZ COUSINS PPTYS INC $222.8M 1.64%
18 HR HEALTHCARE RLTY TR $222.0M 1.64%
19 KRC KILROY RLTY CORP $180.7M 1.33%
20 COLD AMERICOLD REALTY TRUST INC $149.4M 1.1%

Values as reported on the Q3 2025 Form 13F. Every position is in the holdings table below.

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