APG Asset Management US Inc.

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CIK 1323255

13F portfolio (2026-Q1)

$13.0B

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

53.1%

Top 10

71.6%

Effective N

12.3

HHI

0.081

This quarter

16 new · 0 exit →

By sector

Real Estate95.5%

Unclassified4.5%

Consumer Discretionary0.1%

By market cap

Large ($10–200B)86.3%

Mid ($2–10B)9.2%

Unknown4.5%

By region

North America95.5%

Other4.5%

By industry group GICS — finer than sector

Industry group	Weight	Names
Equity Real Estate Investment Trusts (REITs)	92.32%	53
Unclassified	4.45%	3
Real Estate Management & Development	3.18%	2
Hotels, Restaurants & Leisure	0.06%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	PLD	Prologis, Inc.	Real Estate	19.81%
2	DLR	DIGITAL REALTY TRUST, INC.	Real Estate	11.98%
3	EQIX	EQUINIX INC	Real Estate	9.16%
4	VTR	Ventas, Inc.	Real Estate	7.15%
5	EQR	EQUITY RESIDENTIAL	Real Estate	4.98%
6	PSA	Public Storage	Real Estate	4.46%
7	O	REALTY INCOME CORP	Real Estate	4.26%
8	HYG	ISHARES TR	Unclassified	3.79%
9	INVH	Invitation Homes Inc.	Real Estate	3.06%
10	MAA	MID AMERICA APARTMENT COMMUNITIES INC.	Real Estate	2.92%

56/59 names classified · sector 95.5% of weight · industry 95.5% · mkt cap 95.5%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

Real EstatePLD, DLR, VTR, SPG, EQIX · other

Information TechnologyNVDA, AVGO, MSFT, AAPL, CRM · other

Consumer DiscretionaryPK, SHO, HLT, XHR, MAR · other

Health CareLLY, MRK, ABBV, JNJ, ZTS · other

FinancialsUNH, CI, ELV, HUM, CNC · other

IndustrialsACN, LRCX, IT, ZBRA, AKAM · other

EnergyGPOR, SD

Communication ServicesIHRT, CCO

Consumer Staples

MaterialsGLW, ENTG

UnclassifiedHEALTHCARE TR AMER INC, HYG, TAUBMAN CTRS INC, POST PPTYS INC, LQD · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 95.5% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (50 classified)APG Asset Management US Inc. centroid (Mid Core)

Real EstateConsumer Discretionary

Style box summary for APG Asset Management US Inc.: centroid Mid Core. Heaviest cells: Large Core 21.1%, Mid Growth 19.4%, Mid Core 16.5%.

Classified: 91.1% of book weight (50/59 names) · unclassified 8.9%: HYG, ARE, REG, LQD, WPC, STAG, BKLN, SLG, MPT. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 59 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	PLDPROLOGIS INC.	19,286,830	$2.6B	19.8%	HOLD
2	DLRDIGITAL RLTY TR INC	8,619,693	$1.6B	12.0%	HOLD
3	EQIXEQUINIX INC	1,194,365	$1.2B	9.2%	HOLD
4	VTRVENTAS INC	11,314,857	$928M	7.1%	TRIM −4%
5	EQREQUITY RESIDENTIAL	10,856,563	$647M	5.0%	TRIM −4%
6	PSAPUBLIC STORAGE OPER CO	2,094,949	$579M	4.5%	TRIM −5%
7	OREALTY INCOME CORP	8,937,472	$553M	4.3%	HOLD
8	HYGISHARES TR	6,197,274	$492M	3.8%	ADD 10%
9	INVHINVITATION HOMES INC	15,975,264	$397M	3.1%	TRIM −4%
10	MAAMID-AMER APT CMNTYS INC	3,089,712	$379M	2.9%	ADD 4%
11	BXPBXP INC	7,212,581	$368M	2.8%	TRIM −3%
12	EXREXTRA SPACE STORAGE INC	2,735,452	$362M	2.8%	ADD 6%
13	WELLWELLTOWER INC	1,692,393	$337M	2.6%	ADD 2%
14	KIMKIMCO RLTY CORP	14,795,116	$332M	2.6%	ADD 17%
15	AREALEXANDRIA REAL ESTATE EQ IN	6,981,310	$302M	2.3%	ADD 4%
16	REGREGENCY CTRS CORP	2,604,387	$198M	1.5%	ADD 29%
17	HRHEALTHCARE RLTY TR	10,223,995	$175M	1.4%	TRIM −17%
18	SPGSIMON PPTY GROUP INC NEW	880,641	$166M	1.3%	ADD 34%
19	CUZCOUSINS PPTYS INC	7,310,912	$163M	1.3%	HOLD
20	COLDAMERICOLD REALTY TRUST INC	12,824,285	$144M	1.1%	ADD 6%
21	KRCKILROY RLTY CORP	4,692,783	$132M	1.0%	ADD 9%
22	VICIVICI PPTYS INC	2,858,536	$78M	0.6%	TRIM −13%
23	LQDISHARES TR	698,893	$76M	0.6%	TRIM −80%
24	IRMIRON MTN INC DEL	703,912	$71M	0.5%	ADD 21%
25	AVBAVALONBAY CMNTYS INC	356,542	$59M	0.5%	ADD 372%
26	HSTHOST HOTELS & RESORTS INC	2,419,699	$46M	0.4%	NEW
27	WPCW. P. Carey Inc.	580,007	$40M	0.3%	TRIM −34%
28	SUISUN CMNTYS INC	307,048	$39M	0.3%	HOLD
29	ESSEssex Property Trust	159,780	$39M	0.3%	TRIM −25%
30	OHIOMEGA HEALTHCARE INVS INC	726,429	$32M	0.2%	ADD 111%
31	GLPIGAMING & LEISURE P	726,550	$32M	0.2%	NEW
32	ELSEQUITY LIFESTYLE PPTYS INC	481,719	$30M	0.2%	NEW
33	FRTFEDERAL RLTY INVT TR NEW	273,311	$29M	0.2%	TRIM −13%
34	UDRUDR INC	828,243	$28M	0.2%	TRIM −50%
35	BRXBRIXMOR PPTY GROUP INC	978,190	$28M	0.2%	TRIM −39%
36	DOCHEALTHPEAK PROPERTIES INC	1,664,514	$27M	0.2%	TRIM −16%
37	CPTCAMDEN PPTY TR	264,633	$26M	0.2%	NEW
38	AMHAMERICAN HOMES 4 RENT	820,421	$23M	0.2%	NEW
39	ADCAGREE RLTY CORP	302,617	$23M	0.2%	HOLD
40	NNNNNN REIT INC	500,350	$21M	0.2%	NEW
41	CTRECareTrust REIT, Inc.	547,906	$20M	0.2%	NEW
42	RHPRYMAN HOSPITALITY PPTYS INC	215,740	$20M	0.2%	TRIM −5%
43	CUBECUBESMART	543,544	$20M	0.2%	NEW
44	AHRAMERICAN HEALTHCARE REIT INC	412,177	$20M	0.2%	ADD 41%
45	REXRREXFORD INDL RLTY INC	564,554	$19M	0.1%	ADD 61%
46	FRFIRST INDL RLTY TR INC	309,950	$18M	0.1%	ADD 134%
47	KRGKITE RLTY GROUP TR	691,850	$17M	0.1%	NEW
48	STAGSTAG INDL INC	452,071	$16M	0.1%	NEW
49	EPRTESSENTIAL PPTYS RLTY TR INC	527,707	$16M	0.1%	TRIM −40%
50	VNOVORNADO RLTY TR	609,224	$16M	0.1%	TRIM −38%
51	TRNOTERRENO RLTY CORP	245,177	$15M	0.1%	NEW
52	SBRASABRA HEALTH CARE REIT INC	579,512	$11M	0.1%	TRIM −81%
53	BKLNINVESCO EXCH TRADED FD TR II	480,000	$10M	0.1%	HOLD
54	SLGSL GREEN RLTY CORP	245,689	$9M	0.1%	ADD 57%
55	IRTINDEPENDENCE RLTY TR INC	598,765	$9M	0.1%	NEW
56	PKPARK HOTELS & RESORTS INC	692,908	$7M	0.1%	NEW
57	NSANATIONAL STORAGE AFFILIATES	169,064	$7M	0.1%	NEW
58	MPTMEDICAL PPTYS TRUST INC	1,228,345	$6M	0.0%	NEW
59	LINELINEAGE INC	169,598	$6M	0.0%	NEW

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

PLDPROLOGIS INC.

19.6M

19.7M

19.3M

$2.6B

DLRDIGITAL RLTY TR INC

8.7M

8.6M

$1.6B

EQIXEQUINIX INC

1.2M

$1.2B

VTRVENTAS INC

11.6M

11.8M

11.3M

$928M

EQREQUITY RESIDENTIAL

11.7M

11.5M

11.4M

11.3M

10.9M

$647M

PSAPUBLIC STORAGE OPER CO

2.2M

2.1M

$579M

OREALTY INCOME CORP

8.1M

8.3M

8.6M

8.4M

8.8M

8.9M

$553M

HYGISHARES TR

4.1M

4.7M

5.4M

4.6M

5.6M

6.2M

$492M

INVHINVITATION HOMES INC

16.6M

17.2M

17.1M

16.6M

16.0M

$397M

MAAMID-AMER APT CMNTYS INC

2.8M

3.1M

3.0M

3.1M

$379M

BXPBXP INC

7.5M

7.2M

7.4M

7.2M

$368M

EXREXTRA SPACE STORAGE INC

2.5M

2.6M

2.7M

$362M

WELLWELLTOWER INC

1.3M

1.4M

1.5M

1.6M

1.7M

$337M

KIMKIMCO RLTY CORP

14.0M

12.6M

14.8M

$332M

AREALEXANDRIA REAL ESTATE EQ IN

6.8M

6.7M

7.0M

$302M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆APG Asset Management US Inc.