Cohen & Steers Institutional Realty Shares (CSRIX)
Filed: 27 Nov 24, 2:58pm
COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| Shares | Value | |||||||||||
COMMON STOCK—REAL ESTATE | 98.7 | % | ||||||||||
APARTMENT | 6.4 | % | ||||||||||
AvalonBay Communities, Inc. |
| 345,060 | $ | 77,724,765 | ||||||||
Camden Property Trust |
| 373,246 | 46,107,078 | |||||||||
Essex Property Trust, Inc. |
| 769,596 | 227,354,050 | |||||||||
UDR, Inc. |
| 3,489,372 | 158,208,127 | |||||||||
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| 509,394,020 | ||||||||||||
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DATA CENTERS | 11.7 | % | ||||||||||
Digital Realty Trust, Inc. |
| 3,481,767 | 563,454,354 | |||||||||
Equinix, Inc. |
| 414,645 | 368,051,341 | |||||||||
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| 931,505,695 | ||||||||||||
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FREE STANDING | 2.7 | % | ||||||||||
Realty Income Corp. |
| 3,400,261 | 215,644,553 | |||||||||
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GAMING | 3.2 | % | ||||||||||
VICI Properties, Inc., Class A |
| 7,516,143 | 250,362,723 | |||||||||
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HEALTH CARE | 13.1 | % | ||||||||||
Healthcare Realty Trust, Inc., Class A |
| 8,350,457 | 151,560,794 | |||||||||
Omega Healthcare Investors, Inc. |
| 3,497,904 | 142,364,693 | |||||||||
PACS Group, Inc.(a) |
| 1,345,527 | 53,780,714 | |||||||||
Welltower, Inc. |
| 5,390,029 | 690,085,413 | |||||||||
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| 1,037,791,614 | ||||||||||||
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HOTEL | 3.5 | % | ||||||||||
Boyd Gaming Corp. |
| 1,426,011 | 92,191,611 | |||||||||
Caesars Entertainment, Inc.(a) |
| 2,160,080 | 90,161,739 | |||||||||
Host Hotels & Resorts, Inc. |
| 5,643,249 | 99,321,183 | |||||||||
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| 281,674,533 | ||||||||||||
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INDUSTRIALS | 9.3 | % | ||||||||||
Americold Realty Trust, Inc. |
| 4,010,194 | 113,368,184 | |||||||||
BG LLH, LLC (Lineage Logistics)(b) |
| 409,584 | 32,103,176 | |||||||||
Lineage, Inc. |
| 636,832 | 49,914,892 | |||||||||
Prologis, Inc. |
| 4,279,613 | 540,429,530 | |||||||||
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| 735,815,782 | ||||||||||||
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MANUFACTURED HOME | 4.6 | % | ||||||||||
Equity LifeStyle Properties, Inc. |
| 1,309,567 | 93,424,510 | |||||||||
Sun Communities, Inc. |
| 2,001,880 | 270,554,082 | |||||||||
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| 363,978,592 | ||||||||||||
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OFFICE | 1.7 | % | ||||||||||
Highwoods Properties, Inc. |
| 4,076,028 | 136,587,698 | |||||||||
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REGIONAL MALL | 5.8 | % | ||||||||||
Simon Property Group, Inc. |
| 2,711,393 | 458,279,645 | |||||||||
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SELF STORAGE | 6.3 | % | ||||||||||
Extra Space Storage, Inc. |
| 1,291,893 | 232,786,200 | |||||||||
Public Storage |
| 732,875 | 266,671,226 | |||||||||
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| 499,457,426 | ||||||||||||
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SHOPPING CENTER | 1.8 | % | ||||||||||
Kimco Realty Corp. |
| 6,331,927 | 147,027,345 | |||||||||
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| Shares | Value | |||||||||||
SINGLE FAMILY HOMES | 5.1 | % | ||||||||||
American Homes 4 Rent, Class A |
| 3,123,322 | $ | 119,904,332 | ||||||||
Invitation Homes, Inc. |
| 8,011,492 | 282,485,208 | |||||||||
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| 402,389,540 | ||||||||||||
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SPECIALTY | 4.2 | % | ||||||||||
Iron Mountain, Inc. |
| 2,840,621 | 337,550,993 | |||||||||
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TELECOMMUNICATIONS | 16.1 | % | ||||||||||
American Tower Corp. |
| 3,163,866 | 735,788,677 | |||||||||
Crown Castle, Inc. |
| 4,102,153 | 486,638,410 | |||||||||
SBA Communications Corp., Class A |
| 218,537 | 52,601,856 | |||||||||
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| 1,275,028,943 | ||||||||||||
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TIMBERLAND | 3.2 | % | ||||||||||
Weyerhaeuser Co. |
| 7,476,369 | 253,149,854 | |||||||||
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TOTAL COMMON STOCK |
| 7,835,638,956 | ||||||||||
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SHORT-TERM INVESTMENTS | 0.9 | % | ||||||||||
MONEY MARKET FUNDS | ||||||||||||
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.95%(c) |
| 52,775,636 | 52,775,636 | |||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.94%(c) |
| 14,284,219 | 14,284,219 | |||||||||
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TOTAL SHORT-TERM INVESTMENTS |
| 67,059,855 | ||||||||||
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TOTAL INVESTMENTS IN SECURITIES | 99.6 | % | 7,902,698,811 | |||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES | 0.4 | 32,736,634 | ||||||||||
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NET ASSETS (Equivalent to $52.80 per share based on 150,287,351 shares of common stock outstanding) | 100.0 | % | $ | 7,935,435,445 | ||||||||
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Note: Percentages indicated are based on the net assets of the Fund.
| (a) | Non–income producing security. |
| (b) | Restricted security. Aggregate holdings equal 0.4% of the net assets of the Fund. This security was acquired on August 3, 2020 and September 22, 2021, at an aggregate cost of $27,049,198. |
| (c) | Rate quoted represents the annualized seven-day yield. |
2
COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1. Portfolio Valuation
Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined.
Readily marketable securities traded in the over-the-counter (OTC) market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment manager) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).
The Board of Directors has designated the investment advisor as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities would be categorized as Level 2 or 3 in the hierarchy, depending on the relative significance of the valuation inputs. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities.
The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgements and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.
| • | Level 1 — quoted prices in active markets for identical investments |
| • | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.) |
| • | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)
The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at value:
| Quoted Prices in Active Markets for Identical Investments (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
Common Stock—Real Estate | $ | 7,835,638,956 | $ | — | $ | — | $ | 7,835,638,956 | ||||||||
Short-Term Investments | — | 67,059,855 | — | 67,059,855 | ||||||||||||
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Total Investments in Securities(a) | $ | 7,835,638,956 | $ | 67,059,855 | $ | — | $ | 7,902,698,811 | ||||||||
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| (a) | Portfolio holdings are disclosed individually on the Schedule of Investments. |
The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
| Balance as of December 31, 2023 | Transfer out of Level 3(a) | Change in unrealized appreciation (depreciation) | Balance as of September 30, 2024 | |||||||||||||
Common Stock—Real Estate—Industrials | $ | 44,534,043 | $ | (32,103,176 | ) | $ | (12,430,867 | ) | $ | — | ||||||
| (a) | As of December 31, 2023, the Fund used significant unobservable inputs in determining the value of this investment. As of September 30, 2024, the same investment was transferred from Level 3 to Level 1 as a result of the availability of quoted prices in active markets. |