NPORT-EX 2 NPORT_332232954749077.htm DOS

COHEN & STEERS GLOBAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

September 30, 2020 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      98.7 %      

AUSTRALIA

      3.8 %      

REAL ESTATE

        

DIVERSIFIED

      3.3 %      

BGP Holdings PLC (EUR)(a),(b)

        11,893,063      $ 0  

Charter Hall Group

        1,788,769        16,050,572  

Mirvac Group

        11,292,513        17,702,103  

Stockland

        2,027,696        5,539,307  
       

 

 

  
     39,291,982  
       

 

 

  

INDUSTRIALS

      0.5 %      

Goodman Group

        459,839        5,953,729  
       

 

 

  

TOTAL AUSTRALIA

           45,245,711  
       

 

 

  

AUSTRIA

      0.6 %      

REAL ESTATE—DIVERSIFIED

        

CA Immobilien Anlagen AG

        246,897        7,298,771  
       

 

 

  

BELGIUM

      1.2 %      

REAL ESTATE

        

INDUSTRIALS

      0.5 %      

Warehouses De Pauw SCA

        160,251        5,831,714  
       

 

 

  

RESIDENTIAL

      0.7 %      

Aedifica SA

        75,071        9,168,434  
       

 

 

  

TOTAL BELGIUM

           15,000,148  
       

 

 

  

CANADA

      0.6 %      

REAL ESTATE—OFFICE

        

Allied Properties REIT

        261,040        7,028,113  
       

 

 

  

CHINA

      1.8 %      

INDUSTRIALS

      0.7 %      

ESR Cayman Ltd., 144A (H Shares)(b),(c)

        2,820,400        8,806,467  
       

 

 

  

REAL ESTATE

      1.1 %      

DATA CENTERS

      0.5 %      

GDS Holdings Ltd., ADR (USD)(b)

        71,446        5,846,426  
       

 

 

  

DIVERSIFIED

      0.6 %      

China Resources Land Ltd. (H Shares)

        1,492,000        6,804,750  
       

 

 

  

TOTAL REAL ESTATE

           12,651,176  
       

 

 

  

TOTAL CHINA

           21,457,643  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

FRANCE

      2.2 %      

REAL ESTATE

        

DIVERSIFIED

      0.6 %      

Covivio

        93,190      $ 6,543,697  

ICADE

        9,399        526,630  
       

 

 

  
          7,070,327  
       

 

 

  

NET LEASE

      0.5 %      

ARGAN SA

        68,107        6,683,183  
       

 

 

  

OFFICE

      0.5 %      

Gecina SA

        46,014        6,065,824  
       

 

 

  

RETAIL

      0.6 %      

Klepierre SA

        487,065        6,817,925  
       

 

 

  

TOTAL FRANCE

           26,637,259  
       

 

 

  

GERMANY

      7.3 %      

REAL ESTATE

        

OFFICE

      0.6 %      

Alstria Office REIT AG

        558,457        7,765,487  
       

 

 

  

RESIDENTIAL

      6.7 %      

Deutsche Wohnen SE

        488,810        24,430,359  

Instone Real Estate Group AG, 144A(b),(c)

        440,995        10,215,706  

LEG Immobilien AG

        57,040        8,130,411  

Vonovia SE

        547,032        37,500,639  
       

 

 

  
          80,277,115  
       

 

 

  

TOTAL GERMANY

           88,042,602  
       

 

 

  

HONG KONG

      4.9 %      

REAL ESTATE

        

DIVERSIFIED

      3.3 %      

Hang Lung Properties Ltd.

        3,813,000        9,717,676  

New World Development Co., Ltd.

        3,348,000        16,343,961  

Sun Hung Kai Properties Ltd.

        1,072,500        13,820,794  
       

 

 

  
          39,882,431  
       

 

 

  

RETAIL

      1.6 %      

Link REIT

        2,410,060        19,748,961  
       

 

 

  

TOTAL HONG KONG

           59,631,392  
       

 

 

  

 

2

 

 

                                                                       
                          Shares      Value  

INDIA

      0.6 %      

REAL ESTATE—DIVERSIFIED

        

Mindspace Business Parks REIT, 144A(b),(c)

        1,863,200      $ 7,701,041  
       

 

 

  

JAPAN

      11.7 %      

REAL ESTATE

        

DIVERSIFIED

      7.3 %      

Activia Properties, Inc.

        2,916        11,105,405  

Mitsubishi Estate Co., Ltd.

        1,611,514        24,410,582  

Mitsui Fudosan Co., Ltd.

        1,679,200        29,220,886  

NIPPON REIT Investment Corp.

        3,387        11,515,865  

United Urban Investment Corp.

        10,558        11,748,487  
       

 

 

  
          88,001,225  
       

 

 

  

INDUSTRIALS

      1.6 %      

GLP J-REIT

        8,262        12,715,944  

Mitsui Fudosan Logistics Park, Inc.

        1,274        6,088,025  
       

 

 

  
          18,803,969  
       

 

 

  

OFFICE

      0.8 %      

Nippon Building Fund, Inc.

        1,705        9,650,265  
       

 

 

  

RESIDENTIAL

      0.9 %      

Daiwa House REIT Investment Corp.

        4,056        10,349,606  
       

 

 

  

RETAIL

      1.1 %      

Japan Retail Fund Investment Corp.

        8,984        13,898,427  
       

 

 

  

TOTAL JAPAN

           140,703,492  
       

 

 

  

MACAU

      0.4 %      

REAL ESTATE—HOTELS, RESTAURANTS & LEISURE

        

Sands China Ltd. (H Shares)

        1,404,800        5,445,302  
       

 

 

  

NORWAY

      0.5 %      

REAL ESTATE—OFFICE

        

Entra ASA, 144A(c)

        391,120        5,496,386  
       

 

 

  

SINGAPORE

      3.9 %      

REAL ESTATE

        

DIVERSIFIED

      1.6 %      

City Developments Ltd.

        1,700,800        9,574,604  

Keppel DC REIT

        4,442,100        9,494,678  
       

 

 

  
          19,069,282  
       

 

 

  

 

3

 

 

                                                                       
                          Shares      Value  

HEALTH CARE

      0.9 %      

Parkway Life Real Estate Investment Trust

        3,434,000      $ 10,464,414  
       

 

 

  

INDUSTRIALS

      0.7 %      

Mapletree Industrial Trust

        3,524,900        8,351,502  
       

 

 

  

OFFICE

      0.7 %      

CapitaLand Commercial Trust

        7,140,600        8,658,306  
       

 

 

  

TOTAL SINGAPORE

           46,543,504  
       

 

 

  

SWEDEN

      3.2 %      

REAL ESTATE

        

DIVERSIFIED

      2.5 %      

Castellum AB

        630,303        14,316,882  

Fastighets AB Balder, Class B(b)

        314,476        15,932,695  
       

 

 

  
          30,249,577  
       

 

 

  

INDUSTRIALS

      0.7 %      

Catena AB

        182,033        8,060,293  
       

 

 

  

TOTAL SWEDEN

           38,309,870  
       

 

 

  

UNITED KINGDOM

      4.7 %      

REAL ESTATE

        

DIVERSIFIED

      0.3 %      

Land Securities Group PLC

        591,937        3,985,128  
       

 

 

  

HEALTH CARE

      0.7 %      

Assura PLC

        8,772,213        8,731,724  
       

 

 

  

INDUSTRIALS

      2.0 %      

LondonMetric Property PLC

        2,039,890        5,834,419  

Segro PLC

        1,459,531        17,539,966  
       

 

 

  
          23,374,385  
       

 

 

  

OFFICE

      0.3 %      

Derwent London PLC

        103,249        3,418,510  

Workspace Group PLC

        46,697        323,988  
       

 

 

  
          3,742,498  
       

 

 

  

RESIDENTIAL

      0.8 %      

Grainger PLC

        1,468,562        5,619,092  

UNITE Group PLC

        382,524        4,136,106  
       

 

 

  
          9,755,198  
       

 

 

  

SELF STORAGE

      0.6 %      

Safestore Holdings PLC

        740,286        7,434,762  
       

 

 

  

 

4

 

 

                                                                       
                          Shares      Value  

TOTAL UNITED KINGDOM

         $ 57,023,695  
       

 

 

  

UNITED STATES

      51.3 %      

COMMUNICATIONS—TOWERS

      0.8 %      

Crown Castle International Corp.

        55,758        9,283,707  
       

 

 

  

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      1.2 %      

Boyd Gaming Corp.

        280,781        8,617,169  

Caesars Entertainment, Inc.(b)

        103,835        5,820,990  
       

 

 

  
          14,438,159  
       

 

 

  

REAL ESTATE

      49.3 %      

DATA CENTERS

      4.1 %      

CyrusOne, Inc.

        166,690        11,673,301  

Digital Realty Trust, Inc.

        114,129        16,749,572  

Equinix, Inc.

        27,995        21,279,839  
       

 

 

  
          49,702,712  
       

 

 

  

HEALTH CARE

      9.1 %      

Healthcare Trust of America, Inc., Class A

        320,557        8,334,482  

Healthpeak Properties, Inc.

        644,490        17,497,903  

Medical Properties Trust, Inc.

        784,426        13,829,430  

Ventas, Inc.

        1,016,011        42,631,822  

Welltower, Inc.

        498,955        27,487,431  
       

 

 

  
          109,781,068  
       

 

 

  

HOTEL

      0.8 %      

Hilton Worldwide Holdings, Inc.

        113,328        9,669,145  
       

 

 

  

INDUSTRIALS

      9.2 %      

Americold Realty Trust

        426,080        15,232,360  

BG LLH LLC (Lineage Logistics)(d)

        67,213        3,870,768  

Duke Realty Corp.

        556,010        20,516,769  

Prologis, Inc.

        712,664        71,708,252  
       

 

 

  
          111,328,149  
       

 

 

  

NET LEASE

      4.9 %      

Agree Realty Corp.

        268,575        17,092,113  

VEREIT, Inc.

        1,805,958        11,738,727  

VICI Properties, Inc.

        1,292,341        30,202,009  
       

 

 

  
          59,032,849  
       

 

 

  

 

5

 

 

                                                                       
                          Shares      Value  

OFFICE

      1.0 %      

Kilroy Realty Corp.

        238,247      $ 12,379,314  
       

 

 

  

RESIDENTIAL

      8.2 %      

APARTMENT

      4.8 %      

Essex Property Trust, Inc.

        153,451        30,811,426  

UDR, Inc.

        812,772        26,504,495  
       

 

 

  
     57,315,921  
       

 

 

  

MANUFACTURED HOME

      1.4 %      

Sun Communities, Inc.

        120,002        16,873,481  
       

 

 

  

SINGLE FAMILY

      2.0 %      

Invitation Homes, Inc.

        864,877        24,207,908  
       

 

 

  

TOTAL RESIDENTIAL

           98,397,310  
       

 

 

  

SELF STORAGE

      6.8 %      

Extra Space Storage, Inc.

        175,981        18,828,208  

Public Storage

        280,610        62,497,459  
       

 

 

  
     81,325,667  
       

 

 

  

SHOPPING CENTERS

      4.7 %      

COMMUNITY CENTER

      1.0 %      

Kimco Realty Corp.

        1,062,569        11,964,527  
       

 

 

  

REGIONAL MALL

      3.7 %      

Simon Property Group, Inc.

        686,847        44,425,264  
       

 

 

  

TOTAL SHOPPING CENTERS

           56,389,791  
       

 

 

  

TIMBER

      0.5 %      

Weyerhaeuser Co.

        194,387        5,543,917  
       

 

 

  

TOTAL REAL ESTATE

           593,549,922  
       

 

 

  

TOTAL UNITED STATES

           617,271,788  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$1,078,716,931)

           1,188,836,717  
       

 

 

  

SHORT-TERM INVESTMENTS

      1.7 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund, Premier Class, 0.02%(e)

        20,453,092        20,453,092  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$20,453,092)

           20,453,092  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$1,099,170,023)

      100.4 %         1,209,289,809  

LIABILITIES IN EXCESS OF OTHER ASSETS

      (0.4 )         (5,182,569 ) 
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 1,204,107,240  
  

 

 

       

 

 

  

 

6

 

 

Glossary of Portfolio Abbreviations

 

ADR    American Depositary Receipt
EUR    Euro Currency
REIT    Real Estate Investment Trust
USD    United States Dollars

 

Note: Percentages indicated are based on the net assets of the Fund.

(a)

Security value is determined based on significant unobservable inputs (Level 3).

(b)

Non-income producing security.

(c)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $32,219,600 which represents 2.7% of the net assets of the Fund, of which 0.0% are illiquid.

(d)

Restricted security. Aggregate holdings equal 0.3% of the net assets of the Fund. This security was acquired on August 3, 2020, at a cost of $4,200,781 ($62.50 per share). Security value is determined based on significant unobservable inputs (Level 3).

(e)

Rate quoted represents the annualized seven-day yield.

 

7

 

 

                    

Sector Summary

    % of
Net
Assets		  

Diversified

      20.7  

Residential

      17.3  

Industrials

      15.9  

Health Care

      10.7  

Self Storage

      7.4  

Net Lease

      5.4  

Office

      5.0  

Shopping Centers

      4.7  

Data Centers

      4.6  

Retail

      3.3  

Hotels, Restaurants & Leisure

      1.6  

Other

      1.3  

Hotel

      0.8  

Communications—Towers

      0.8  

Timber

      0.5  
  

 

 

  
     100.0  
  

 

 

  

 

8

 

 

COHEN & STEERS GLOBAL 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 (including NASDAQ) 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. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.

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 advisor) 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 advisor, 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 policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment advisor, 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 advisor 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.

Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.

 

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 judgments 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.

The following is a summary of the inputs used as of September 30, 2020 in valuing the Fund’s investments carried at value:

 

                                                                                   
     Total      Quoted Prices in
Active Markets
for Identical
Investments
(Level 1)		      Other
Significant
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Common Stock:

            

Australia

    $ 45,245,711      $ —      $ 45,245,711      $ 0 (a) 

Austria

      7,298,771        —        7,298,771        —  

Belgium

      15,000,148        —        15,000,148        —  

China

      21,457,643        5,846,426        15,611,217        —  

France

      26,637,259        —        26,637,259        —  

Germany

      88,042,602        7,765,487        80,277,115        —  

Hong Kong

      59,631,392        —        59,631,392        —  

Japan

      140,703,492        —        140,703,492        —  

Macau

      5,445,302        —        5,445,302        —  

Norway

      5,496,386        —        5,496,386        —  

Singapore

      46,543,504        —        4,6543,504        —  

Sweden

      38,309,870        —        38,309,870        —  

United Kingdom

      57,023,695        —        57,023,695        —  

United States

      617,271,788        613,401,020        —        3,870,768 (b) 

Other Countries

      14,729,154        14,729,154        —        —  

Short-Term Investments

      20,453,092        —        20,453,092        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(c)

    $ 1,209,289,809      $ 641,742,087      $ 563,676,954      $ 3,870,768  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

BGP Holdings PLC was acquired via a spinoff and has been fair valued at $0, by the Valuation Committee, pursuant to the Fund’s fair value procedures and classified as a Level 3 security.

 

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

(b)

Restricted security, where observable inputs are limited, has been fair valued by the Valuation Committee, pursuant to the Fund’s fair value procedures and classified as Level 3 security.

(c)

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:

 

                           
     Common Stock—
United  States—Real Estate—
Industrials		  

Balance as of December 31, 2019

    $ —  

Purchases

      4,200,781  

Change in unrealized appreciation (depreciation)

      (330,013 ) 
  

 

 

  

Balance as of September 30, 2020

    $ 3,870,768  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on September 30, 2020 which were valued using significant unobservable inputs (Level 3) amounted to $(330,013).

The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy.

 

                                                                                                        
    Fair Value at
September 30, 2020		    

Valuation Technique

  

Unobservable
Inputs

   Range/Weighted
Average		   Valuation from
an Increase
in Input (a)

Common Stock—United States—
Real Estate—Industrials

     $3,870,768     Market Comparable
Companies		   Enterprise Value/
EBITDA Ratio		   19.3x – 30.1x /22.8%   Increase
      Liquidity Discount   41%   Decrease

The significant unobservable inputs utilized in the fair value measurement of the Fund’s Level 3 equity investment in Common Stock—United States—Real Estate—Industrials are the Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) ratio and Liquidity Discount.

 

(a)

Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may result in a materially higher or lower fair value measurement.