NPORT-EX 2 NPORT_4X22_66632058_0921.htm HTML

COHEN & STEERS GLOBAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

September 30, 2021 (Unaudited)

 

                                                                       
           Shares      Value  

COMMON STOCK

      96.7 %      

AUSTRALIA

      3.9 %      

REAL ESTATE

        

DIVERSIFIED

      3.5 %      

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

        11,893,063      $ 0  

Charter Hall Group

        2,671,817        32,305,513  

Mirvac Group

        17,544,142        37,215,718  
       

 

 

  
          69,521,231  
       

 

 

  

INDUSTRIALS

      0.4 %      

Goodman Group

        535,516        8,240,022  
       

 

 

  

TOTAL AUSTRALIA

           77,761,253  
       

 

 

  

BELGIUM

      1.0 %      

REAL ESTATE

        

INDUSTRIALS

      0.3 %      

VGP NV

        23,251        5,348,853  
       

 

 

  

RESIDENTIAL

      0.7 %      

Aedifica SA

        116,985        14,604,805  
       

 

 

  

TOTAL BELGIUM

           19,953,658  
       

 

 

  

CANADA

      0.6 %      

REAL ESTATE—RETAIL

        

RioCan Real Estate Investment Trust

        697,068        11,909,483  
       

 

 

  

CHINA

      0.2 %      

REAL ESTATE—DATA CENTERS

        

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

        84,915        4,807,038  
       

 

 

  

FRANCE

      2.5 %      

REAL ESTATE

        

DIVERSIFIED

      0.5 %      

ICADE

        126,515        9,879,220  
       

 

 

  

NET LEASE

      0.3 %      

ARGAN SA

        52,799        6,544,090  
       

 

 

  

RETAIL

      1.7 %      

Klepierre SA

        1,013,652        22,668,792  

Unibail-Rodamco-Westfield(b)

        146,124        10,754,818  
       

 

 

  
          33,423,610  
       

 

 

  

TOTAL FRANCE

           49,846,920  
       

 

 

  

 

1

 

 

                                                                       
           Shares      Value  

GERMANY

      4.9 %      

REAL ESTATE

        

OFFICE

      0.6 %      

Alstria Office REIT AG

        475,478      $ 8,624,742  

Sirius Real Estate Ltd. (GBP)

        1,588,840        2,800,171  
       

 

 

  
          11,424,913  
       

 

 

  

RESIDENTIAL

      4.2 %      

Instone Real Estate Group SE, 144A(c)

        416,267        11,885,807  

LEG Immobilien SE

        124,963        17,651,500  

Vonovia SE

        901,481        54,195,559  
       

 

 

  
          83,732,866  
       

 

 

  

RETAIL

      0.1 %      

VIB Vermoegen AG

        53,338        2,292,189  
       

 

 

  

TOTAL GERMANY

           97,449,968  
       

 

 

  

HONG KONG

      4.0 %      

REAL ESTATE

        

DIVERSIFIED

      2.2 %      

CK Asset Holdings Ltd.

        3,618,500        20,877,929  

Sun Hung Kai Properties Ltd.

        1,954,500        24,404,553  
       

 

 

  
          45,282,482  
       

 

 

  

RESIDENTIAL

      0.8 %      

Wharf Real Estate Investment Co., Ltd.

        3,070,000        15,773,316  
       

 

 

  

RETAIL

      1.0 %      

Link REIT

        2,288,760        19,599,436  
       

 

 

  

TOTAL HONG KONG

           80,655,234  
       

 

 

  

JAPAN

      10.4 %      

REAL ESTATE

        

DIVERSIFIED

      6.5 %      

Activia Properties, Inc.

        3,718        15,203,815  

Mitsubishi Estate Co., Ltd.

        1,151,117        18,329,006  

Mitsui Fudosan Co., Ltd.

        1,900,000        45,134,270  

Nomura Real Estate Master Fund, Inc.

        342        492,231  

Orix JREIT, Inc.

        3,891        6,771,779  

Sumitomo Realty & Development Co., Ltd.

        376,500        13,761,503  

Tokyu Fudosan Holdings Corp.

        2,575,800        15,852,793  

United Urban Investment Corp.

        10,566        14,280,676  
       

 

 

  
          129,826,073  
       

 

 

  

 

2

 

 

                                                                       
           Shares      Value  

HOTEL

      0.7 %      

Invincible Investment Corp.

        37,736      $ 14,783,865  
       

 

 

  

INDUSTRIALS

      1.3 %      

GLP J-REIT

        9,487        15,616,320  

Mitsui Fudosan Logistics Park, Inc.

        2,159        11,445,348  
       

 

 

  
          27,061,668  
       

 

 

  

OFFICE

      1.3 %      

Nippon Building Fund, Inc.

        4,110        26,701,741  
       

 

 

  

RETAIL

      0.6 %      

Japan Retail Fund Investment Corp.

        11,775        11,306,421  
       

 

 

  

TOTAL JAPAN

           209,679,768  
       

 

 

  

MACAU

      0.4 %      

REAL ESTATE—HOTELS, RESTAURANTS & LEISURE

        

Sands China Ltd. (H Shares)(b)

        3,854,800        7,888,853  
       

 

 

  

NETHERLANDS

      0.4 %      

REAL ESTATE—INDUSTRIALS

        

CTP NV, 144A(c)

        360,575        7,852,234  
       

 

 

  

SINGAPORE

      3.9 %      

REAL ESTATE

        

DIVERSIFIED

      1.2 %      

Capitaland Investment Ltd.

        6,430,800        16,103,049  

City Developments Ltd.

        1,580,400        7,998,512  
       

 

 

  
          24,101,561  
       

 

 

  

HEALTH CARE

      0.7 %      

Parkway Life Real Estate Investment Trust

        4,444,200        15,219,863  
       

 

 

  

INDUSTRIALS

      0.5 %      

Frasers Logistics & Commercial Trust

        8,977,400        10,015,335  
       

 

 

  

OFFICE

      0.7 %      

Keppel REIT

        17,330,300        13,491,737  
       

 

 

  

RETAIL

      0.8 %      

CapitaLand Integrated Commercial Trust

        10,907,045        16,241,223  
       

 

 

  

TOTAL SINGAPORE

           79,069,719  
       

 

 

  

SPAIN

      1.0 %      

REAL ESTATE

        

DIVERSIFIED

      0.6 %      

Merlin Properties Socimi SA

        1,239,264        12,735,768  
       

 

 

  

 

3

 

 

                                                                       
                          Shares      Value  

RESIDENTIAL

      0.4 %      

Neinor Homes SA, 144A(b),(c)

        509,233      $ 6,798,482  
       

 

 

  

TOTAL SPAIN

           19,534,250  
       

 

 

  

SWEDEN

      2.5 %      

REAL ESTATE

        

DIVERSIFIED

      1.4 %      

Castellum AB

        680,031        16,601,112  

Fastighets AB Balder, Class B(b)

        187,425        11,263,612  
       

 

 

  
          27,864,724  
       

 

 

  

INDUSTRIALS

      0.4 %      

Catena AB

        141,837        7,679,651  
       

 

 

  

OFFICE

      0.7 %      

Fabege AB

        526,957        7,948,060  

Wihlborgs Fastigheter AB

        358,649        7,128,776  
       

 

 

  
          15,076,836  
       

 

 

  

TOTAL SWEDEN

           50,621,211  
       

 

 

  

UNITED KINGDOM

      5.6 %      

REAL ESTATE

        

DIVERSIFIED

      0.9 %      

British Land Co., PLC/The

        2,904,407        19,272,545  
       

 

 

  

HEALTH CARE

      0.9 %      

Assura PLC

        18,803,109        18,127,416  
       

 

 

  

INDUSTRIALS

      2.0 %      

Segro PLC

        1,341,630        21,551,722  

Tritax Big Box REIT PLC

        6,233,140        17,822,244  
       

 

 

  
          39,373,966  
       

 

 

  

OFFICE

      0.6 %      

Workspace Group PLC

        1,022,018        11,360,805  
       

 

 

  

RESIDENTIAL

      0.5 %      

Grainger PLC

        2,369,076        9,720,978  
       

 

 

  

SELF STORAGE

      0.7 %      

Safestore Holdings PLC

        977,451        13,815,515  
       

 

 

  

TOTAL UNITED KINGDOM

           111,671,225  
       

 

 

  

 

4

 

 

                                                                       
                          Shares      Value  

UNITED STATES

      55.4 %      

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      1.3 %      

Boyd Gaming Corp.(b)

        231,468      $ 14,642,666  

Caesars Entertainment, Inc.(b)

        107,461        12,065,721  
       

 

 

  
          26,708,387  
       

 

 

  

REAL ESTATE

      54.1 %      

DATA CENTERS

      4.6 %      

CyrusOne, Inc.

        381,580        29,538,108  

Digital Realty Trust, Inc.

        324,362        46,854,091  

Equinix, Inc.

        19,162        15,140,471  
       

 

 

  
          91,532,670  
       

 

 

  

HEALTH CARE

      9.6 %      

Healthcare Trust of America, Inc., Class A

        578,893        17,169,966  

Healthpeak Properties, Inc.

        1,835,860        61,464,593  

Medical Properties Trust, Inc.

        441,045        8,851,773  

Ventas, Inc.

        959,398        52,968,364  

Welltower, Inc.

        630,251        51,932,682  
       

 

 

  
          192,387,378  
       

 

 

  

HOTEL

      2.4 %      

Host Hotels & Resorts, Inc.(b)

        2,332,787        38,094,412  

Park Hotels & Resorts, Inc.(b)

        489,013        9,359,709  
       

 

 

  
          47,454,121  
       

 

 

  

INDUSTRIALS

      7.8 %      

Americold Realty Trust

        873,435        25,373,287  

BG LLH, LLC (Lineage Logistics)(d)

        68,361        5,144,127  

Duke Realty Corp.

        927,416        44,395,404  

Prologis, Inc.

        647,435        81,207,772  
       

 

 

  
          156,120,590  
       

 

 

  

NET LEASE

      3.5 %      

VEREIT, Inc.

        1,131,820        51,192,219  

VICI Properties, Inc.

        702,637        19,961,917  
       

 

 

  
          71,154,136  
       

 

 

  

OFFICE

      1.0 %      

Highwoods Properties, Inc.

        441,425        19,360,900  
       

 

 

  

 

5

 

 

                                                                       
                          Shares      Value  

REAL ESTATE SERVICES

      1.4 %      

Jones Lang LaSalle, Inc.(b)

        114,746      $ 28,467,335  
       

 

 

  

RESIDENTIAL

      11.0 %      

APARTMENT

      7.8 %      

Apartment Income REIT Corp.

        533,537        26,041,941  

Essex Property Trust, Inc.

        179,042        57,246,889  

UDR, Inc.

        1,395,374        73,926,915  
       

 

 

  
          157,215,745  
       

 

 

  

MANUFACTURED HOME

      1.8 %      

Sun Communities, Inc.

        190,900        35,335,590  
       

 

 

  

SINGLE FAMILY

      1.4 %      

Invitation Homes, Inc.

        757,040        29,017,343  
       

 

 

  

TOTAL RESIDENTIAL

           221,568,678  
       

 

 

  

SELF STORAGE

      6.6 %      

Extra Space Storage, Inc.

        248,139        41,684,871  

Public Storage

        308,545        91,668,719  
       

 

 

  
          133,353,590  
       

 

 

  

SHOPPING CENTERS

      5.4 %      

COMMUNITY CENTER

      1.4 %      

Kimco Realty Corp.

        1,332,015        27,639,311  
       

 

 

  

REGIONAL MALL

      4.0 %      

Simon Property Group, Inc.

        612,782        79,643,277  
       

 

 

  

TOTAL SHOPPING CENTERS

           107,282,588  
       

 

 

  

TIMBER

      0.8 %      

Weyerhaeuser Co.

        466,193        16,582,485  
       

 

 

  

TOTAL REAL ESTATE

           1,085,264,471  
       

 

 

  

TOTAL UNITED STATES

           1,111,972,858  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$1,636,258,677)

           1,940,673,672  
       

 

 

  

SHORT-TERM INVESTMENTS

      2.2 %      

MONEY MARKET FUNDS

        

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

        43,377,174        43,377,174  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$43,377,174)

           43,377,174  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$1,679,635,851)

      98.9 %                                $ 1,984,050,846  

OTHER ASSETS IN EXCESS OF LIABILITIES

      1.1          22,276,182  
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 2,006,327,028  
  

 

 

       

 

 

  

 

6

 

 

Glossary of Portfolio Abbreviations

 

ADR    American Depositary Receipt
EUR    Euro Currency
GBP    Great British Pound
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 $26,536,523 which represents 1.3% 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. 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		  

Residential

      17.6  

Diversified

      16.8  

Industrials

      13.1  

Health Care

      11.2  

Self Storage

      7.3  

Shopping Centers

      5.4  

Office

      4.9  

Data Centers

      4.8  

Retail

      4.8  

Net Lease

      3.8  

Hotel

      3.1  

Hotels, Restaurants & Leisure

      1.7  

Real Estate Services

      1.4  

Timber

      0.8  

Other

      3.3  
  

 

 

  
     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.

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,

 

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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 September 30, 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

    $ 77,761,253      $ —      $ 77,761,253      $ 0 (a) 

Belgium

      19,953,658        5,348,853        14,604,805        —  

France

      49,846,920        6,544,090        43,302,830        —  

Germany

      97,449,968        71,173,726        26,276,242        —  

Hong Kong

      80,655,234        —        80,655,234        —  

Japan

      209,679,768        27,061,668        182,618,100        —  

Macau

      7,888,853        —        7,888,853        —  

Singapore

      79,069,719        31,322,912        47,746,807        —  

Spain

      19,534,250        12,735,768        6,798,482        —  

Sweden

      50,621,211        7,679,651        42,941,560        —  

United Kingdom

      111,671,225        43,303,736        68,367,489        —  

United States

      1,111,972,858        1,106,828,731        —        5,144,127 (b) 

Other Countries

      24,568,755        24,568,755        —        —  

Short-Term Investments

      43,377,174        —        43,377,174        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(c)

    $ 1,984,050,846      $ 1,336,567,890      $ 642,338,829      $ 5,144,127  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 (a) 

Change in unrealized appreciation (depreciation)

      955,997  
  

 

 

  

Balance as of September 30, 2021

    $ 5,144,127  
  

 

 

  

 

(a)

Represents additional shares acquired through dividend reinvestment.

The change in unrealized appreciation (depreciation) attributable to securities owned on September 30, 2021 which were valued using significant unobservable inputs (Level 3) amounted to $955,997.

 

 

 

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
September 30, 2021		      Valuation
Technique		      Unobservable
Inputs		      Amount     Valuation Impact
from an Increase
in Input(a)		  

Common Stock—

              

United States—

         Market        Enterprise Value/       

Real Estate—

         Comparable        EBITDA(b) Multiple        21.0x       Increase  

Industrials

    $ 5,144,127        Companies        Liquidity Discount        15%       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.