NPORT-EX 2 NPORT_4X22_5625257262.htm DOS

COHEN & STEERS GLOBAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

March 31, 2021 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      98.6 %      

AUSTRALIA

      3.8 %      

REAL ESTATE

        

DIVERSIFIED

      3.4 %      

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

        11,893,063      $ 0  

Charter Hall Group

        2,204,620        21,567,807  

Mirvac Group

        14,252,785        27,064,257  
       

 

 

  
          48,632,064  
       

 

 

  

INDUSTRIALS

      0.4 %      

Goodman Group

        421,803        5,805,294  
       

 

 

  

TOTAL AUSTRALIA

           54,437,358  
       

 

 

  

AUSTRIA

      0.2 %      

REAL ESTATE—DIVERSIFIED

        

CA Immobilien Anlagen AG

        50,725        2,147,416  
       

 

 

  

BELGIUM

      1.1 %      

REAL ESTATE

        

INDUSTRIALS

      0.4 %      

VGP NV

        31,058        4,967,922  
       

 

 

  

RESIDENTIAL

      0.7 %      

Aedifica SA

        89,849        10,304,788  
       

 

 

  

TOTAL BELGIUM

           15,272,710  
       

 

 

  

CANADA

      0.6 %      

REAL ESTATE—OFFICE

        

Allied Properties REIT

        260,629        8,428,394  
       

 

 

  

CHINA

      0.8 %      

INDUSTRIALS

      0.4 %      

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

        1,672,000        5,473,611  
       

 

 

  

REAL ESTATE—DATA CENTERS

      0.4 %      

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

        71,715        5,815,369  
       

 

 

  

TOTAL CHINA

           11,288,980  
       

 

 

  

FRANCE

      2.0 %      

REAL ESTATE

        

DIVERSIFIED

      0.7 %      

ICADE

        134,977        9,869,227  
       

 

 

  

NET LEASE

      0.3 %      

ARGAN SA

        48,142        4,539,072  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

RETAIL

      1.0 %      

Klepierre SA

        586,187      $ 13,669,377  
       

 

 

  

TOTAL FRANCE

           28,077,676  
       

 

 

  

GERMANY

      6.7 %      

REAL ESTATE

        

OFFICE

      0.8 %      

Alstria Office REIT AG

        739,021        11,942,436  
       

 

 

  

RESIDENTIAL

      5.9 %      

Deutsche Wohnen SE

        711,941        33,212,052  

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

        409,782        11,268,929  

Vonovia SE

        607,280        39,667,160  
       

 

 

  
          84,148,141  
       

 

 

  

TOTAL GERMANY

           96,090,577  
       

 

 

  

HONG KONG

      6.0 %      

REAL ESTATE

        

DIVERSIFIED

      3.6 %      

CK Asset Holdings Ltd.

        3,225,000        19,580,402  

Hang Lung Properties Ltd.

        2,598,000        6,750,569  

Sun Hung Kai Properties Ltd.

        1,643,500        24,903,757  
       

 

 

  
          51,234,728  
       

 

 

  

RESIDENTIAL

      0.9 %      

Wharf Real Estate Investment Co., Ltd.

        2,395,000        13,416,634  
       

 

 

  

RETAIL

      1.5 %      

Link REIT

        2,320,360        21,131,898  
       

 

 

  

TOTAL HONG KONG

           85,783,260  
       

 

 

  

INDIA

      0.0 %      

REAL ESTATE—DIVERSIFIED

        

Mindspace Business Parks REIT, 144A(c)

        75,200        300,404  
       

 

 

  

JAPAN

      11.4 %      

REAL ESTATE

        

DIVERSIFIED

      6.1 %      

Activia Properties, Inc.

        3,076        13,487,451  

Mitsubishi Estate Co., Ltd.

        1,374,814        23,994,835  

Mitsui Fudosan Co., Ltd.

        1,476,000        33,505,766  

Tokyu Fudosan Holdings Corp.

        1,298,400        7,680,759  

United Urban Investment Corp.

        6,462        8,672,415  
       

 

 

  
          87,341,226  
       

 

 

  

 

2

 

 

                                                                       
                          Shares      Value  

HOTEL

      0.5 %      

Invincible Investment Corp.

        20,326      $ 7,664,127  
       

 

 

  

INDUSTRIALS

      2.0 %      

GLP J-REIT

        11,680        19,177,458  

Mitsui Fudosan Logistics Park, Inc.

        1,800        8,892,301  
       

 

 

  
          28,069,759  
       

 

 

  

OFFICE

      1.9 %      

Japan Prime Realty Investment Corp.

        3,309        12,342,443  

Nippon Building Fund, Inc.

        2,427        14,269,379  
       

 

 

  
          26,611,822  
       

 

 

  

RETAIL

      0.9 %      

Japan Retail Fund Investment Corp.

        13,104        13,385,075  
       

 

 

  

TOTAL JAPAN

           163,072,009  
       

 

 

  

MACAU

      0.7 %      

REAL ESTATE—HOTELS, RESTAURANTS & LEISURE

        

Sands China Ltd. (H Shares)(b)

        2,013,200        10,060,691  
       

 

 

  

NETHERLANDS

      0.5 %      

REAL ESTATE—INDUSTRIALS

        

CTP BV, 144A(b),(c)

        387,715        6,865,568  
       

 

 

  

SINGAPORE

      3.5 %      

REAL ESTATE

        

DIVERSIFIED

      1.4 %      

CapitaLand Ltd.

        2,045,200        5,716,586  

City Developments Ltd.

        1,224,400        7,263,390  

Keppel DC REIT

        3,264,800        6,552,899  
       

 

 

  
          19,532,875  
       

 

 

  

HEALTH CARE

      0.7 %      

Parkway Life Real Estate Investment Trust

        3,432,000        10,409,278  
       

 

 

  

OFFICE

      0.4 %      

Keppel REIT

        6,175,100        5,600,373  
       

 

 

  

RETAIL

      1.0 %      

CapitaLand Integrated Commercial Trust

        8,892,732        14,345,249  
       

 

 

  

TOTAL SINGAPORE

           49,887,775  
       

 

 

  

 

3

 

 

                                                                       
                          Shares      Value  

SWEDEN

      2.9 %      

REAL ESTATE

        

DIVERSIFIED

      2.1 %      

Castellum AB

        570,995      $ 12,592,233  

Fastighets AB Balder, Class B(b)

        336,361        16,661,201  
       

 

 

  
          29,253,434  
       

 

 

  

INDUSTRIALS

      0.6 %      

Catena AB

        195,261        8,607,765  
       

 

 

  

OFFICE

      0.2 %      

Wihlborgs Fastigheter AB

        184,385        3,498,342  
       

 

 

  

TOTAL SWEDEN

           41,359,541  
       

 

 

  

UNITED KINGDOM

      5.4 %      

REAL ESTATE

        

DIVERSIFIED

      1.0 %      

British Land Co., PLC/The

        1,962,880        13,660,013  
       

 

 

  

HEALTH CARE

      0.9 %      

Assura PLC

        13,032,878        12,954,290  
       

 

 

  

INDUSTRIALS

      2.0 %      

Segro PLC

        1,644,210        21,252,641  

Tritax Big Box REIT PLC

        2,825,287        6,991,414  
       

 

 

  
          28,244,055  
       

 

 

  

OFFICE

      0.5 %      

Workspace Group PLC

        649,756        7,166,025  
       

 

 

  

RESIDENTIAL

      0.2 %      

UNITE Group PLC

        250,292        3,681,708  
       

 

 

  

SELF STORAGE

      0.8 %      

Safestore Holdings PLC

        1,002,376        10,992,813  
       

 

 

  

TOTAL UNITED KINGDOM

           76,698,904  
       

 

 

  

UNITED STATES

      53.0 %      

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      1.7 %      

Boyd Gaming Corp.(b)

        251,380        14,821,365  

Caesars Entertainment, Inc.(b)

        105,210        9,200,614  
       

 

 

  
          24,021,979  
       

 

 

  

REAL ESTATE

      51.3 %      

DATA CENTERS

      2.9 %      

CyrusOne, Inc.

        298,153        20,190,921  

 

4

 

 

                                                                       
                          Shares      Value  

Digital Realty Trust, Inc.

        154,343      $ 21,737,668  
       

 

 

  
          41,928,589  
       

 

 

  

HEALTH CARE

      9.0 %      

Healthcare Trust of America, Inc., Class A

        455,236        12,555,409  

Healthpeak Properties, Inc.

        1,443,387        45,813,103  

Medical Properties Trust, Inc.

        930,849        19,808,467  

Ventas, Inc.

        943,142        50,307,194  
       

 

 

  
          128,484,173  
       

 

 

  

HOTEL

      2.1 %      

Host Hotels & Resorts, Inc.

        1,227,498        20,683,341  

Park Hotels & Resorts, Inc.

        396,222        8,550,471  
       

 

 

  
          29,233,812  
       

 

 

  

INDUSTRIALS

      7.7 %      

Americold Realty Trust

        493,608        18,989,100  

BG LLH LLC (Lineage Logistics)(d)

        68,361        4,917,171  

Duke Realty Corp.

        719,708        30,177,356  

Prologis, Inc.

        529,306        56,106,436  
       

 

 

  
          110,190,063  
       

 

 

  

NET LEASE

      4.5 %      

VEREIT, Inc.

        888,796        34,325,302  

VICI Properties, Inc.

        1,035,222        29,234,669  
       

 

 

  
          63,559,971  
       

 

 

  

OFFICE

      0.8 %      

Highwoods Properties, Inc.

        257,468        11,055,676  
       

 

 

  

REAL ESTATE SERVICES

      1.1 %      

Jones Lang LaSalle, Inc.(b)

        90,654        16,230,692  
       

 

 

  

RESIDENTIAL

      10.5 %      

APARTMENT

      6.9 %      

Apartment Income REIT Corp.

        409,646        17,516,463  

Essex Property Trust, Inc.

        129,754        35,272,327  

UDR, Inc.

        1,047,788        45,955,982  
       

 

 

  
          98,744,772  
       

 

 

  

MANUFACTURED HOME

      1.8 %      

Sun Communities, Inc.

        171,336        25,707,253  
       

 

 

  

 

5

 

 

                                                                       
                          Shares      Value  

SINGLE FAMILY

      1.8 %      

Invitation Homes, Inc.

        802,542      $ 25,673,319  
       

 

 

  

TOTAL RESIDENTIAL

           150,125,344  
       

 

 

  

SELF STORAGE

      6.9 %      

Extra Space Storage, Inc.

        274,144        36,337,787  

Public Storage

        248,836        61,402,772  
       

 

 

  
          97,740,559  
       

 

 

  

SHOPPING CENTERS

      5.2 %      

COMMUNITY CENTER

      1.4 %      

Kimco Realty Corp.

        1,045,383        19,600,931  
       

 

 

  

REGIONAL MALL

      3.8 %      

Simon Property Group, Inc.

        480,905        54,712,562  
       

 

 

  

TOTAL SHOPPING CENTERS

           74,313,493  
       

 

 

  

TIMBER

      0.6 %      

Weyerhaeuser Co.

        249,959        8,898,541  
       

 

 

  

TOTAL REAL ESTATE

           731,760,913  
       

 

 

  

TOTAL UNITED STATES

           755,782,892  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$1,129,389,075)

           1,405,554,155  
       

 

 

  

SHORT-TERM INVESTMENTS

      0.8 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund, Premier Class, 0.01%(e)

        10,695,817        10,695,817  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$10,695,817)

           10,695,817  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$1,140,084,892)

      99.4 %         1,416,249,972  

OTHER ASSETS IN EXCESS OF LIABILITIES

      0.6          8,674,272  
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 1,424,924,244  
  

 

 

       

 

 

  

 

6

 

 

Glossary of Portfolio Abbreviations

 

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

 

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 $23,908,512 which represents 1.7% 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.

 

                    

Sector Summary

    % of
Net
Assets		  

Diversified

      18.5  

Residential

      18.2  

Industrials

      14.0  

Health Care

      10.6  

Self Storage

      7.7  

Shopping Centers

      5.2  

Office

      5.2  

Net Lease

      4.8  

Retail

      4.4  

Data Centers

      3.3  

Hotel

      2.6  

Hotels, Restaurants & Leisure

      2.4  

Real Estate Services

      1.1  

Timber

      0.6  

Other

      1.4  
  

 

 

  
     100.0  
  

 

 

  

 

7

 

 

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)

 

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 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.

 

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

The following is a summary of the inputs used as of March 31, 2021 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

    $ 54,437,358      $ 54,437,358      $ —      $ 0 (a)

United States

      755,782,892        750,865,721        —        4,917,171 (b)

Other Countries

      595,333,905        595,333,905        —        —  

Short-Term Investments

      10,695,817        —        10,695,817        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(c)

    $ 1,416,249,972      $ 1,400,636,984      $ 10,695,817      $ 4,917,171  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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.

(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, 2020

    $ 4,110,044  

Purchases

      78,086  

Change in unrealized appreciation (depreciation)

      729,041  
  

 

 

  

Balance as of March 31, 2021

    $ 4,917,171  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on March 31, 2021 which were valued using significant unobservable inputs (Level 3) amounted to $729,041.

 

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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

 

                                                                                                        
     Fair Value at
March 31, 2021		    Valuation
Technique		    Unobservable
Inputs		   Amount    Valuation Impact
from an Increase
in Input(a)

Common Stock—
United States—
Real Estate—
Industrials

    $4,917,171    Market

Comparable

Companies

    Enterprise Value/

EBITDA(b) Multiple

Liquidity Discount

   23.2x
15%		    Increase
Decrease

 

(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.

(b)

Earnings Before Interest, Taxes, Depreciation and Amortization.