NPORT-EX 2 NPORT_4X22_77541192_0322.htm HTML

COHEN & STEERS GLOBAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      98.0 %      

AUSTRALIA

      4.0 %      

REAL ESTATE

        

DIVERSIFIED

      2.3 %      

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

        11,893,063      $ 0  

Charter Hall Group

        3,035,784        36,891,924  

Mirvac Group

        8,084,459        14,990,661  
       

 

 

  
          51,882,585  
       

 

 

  

INDUSTRIALS

      0.6 %      

Goodman Group

        840,302        14,282,204  
       

 

 

  

OFFICE

      1.1 %      

Dexus

        3,175,525        25,920,758  
       

 

 

  

TOTAL AUSTRALIA

           92,085,547  
       

 

 

  

BELGIUM

      1.0 %      

REAL ESTATE

        

INDUSTRIALS

      0.5 %      

VGP NV

        45,550        11,658,304  
       

 

 

  

RESIDENTIAL

      0.5 %      

Aedifica SA

        89,173        11,214,002  
       

 

 

  

TOTAL BELGIUM

           22,872,306  
       

 

 

  

CANADA

      1.4 %      

REAL ESTATE—RETAIL

        

RioCan REIT

        1,613,382        32,560,595  
       

 

 

  

CHINA

      0.5 %      

REAL ESTATE—INDUSTRIALS

        

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

        3,588,400        11,120,070  
       

 

 

  

FRANCE

      2.0 %      

REAL ESTATE

        

DIVERSIFIED

      0.4 %      

ICADE

        138,534        8,912,663  
       

 

 

  

NET LEASE

      0.6 %      

ARGAN SA

        106,658        13,622,912  
       

 

 

  

RETAIL

      1.0 %      

Klepierre SA(b)

        631,546        16,814,339  

Unibail-Rodamco-Westfield(b)

        96,982        7,264,653  
       

 

 

  
          24,078,992  
       

 

 

  

TOTAL FRANCE

           46,614,567  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

GERMANY

      3.3 %      

REAL ESTATE

        

INDUSTRIALS

      0.5 %      

Sirius Real Estate Ltd. (GBP)

        7,062,159      $ 11,633,612  
       

 

 

  

RESIDENTIAL

      2.8 %      

Vonovia SE

        1,374,177        64,050,924  
       

 

 

  

RETAIL

      0.0 %      

VIB Vermoegen AG

        12,610        509,001  
       

 

 

  

TOTAL GERMANY

           76,193,537  
       

 

 

  

HONG KONG

      4.3 %      

REAL ESTATE

        

DIVERSIFIED

      2.2 %      

CK Asset Holdings Ltd.

        2,353,000        16,083,759  

Sun Hung Kai Properties Ltd.

        2,889,500        34,377,753  
       

 

 

  
          50,461,512  
       

 

 

  

RESIDENTIAL

      0.6 %      

Wharf Real Estate Investment Co., Ltd.

        2,521,000        12,459,442  
       

 

 

  

RETAIL

      1.5 %      

Link REIT

        4,135,560        35,219,366  
       

 

 

  

TOTAL HONG KONG

           98,140,320  
       

 

 

  

JAPAN

      9.2 %      

REAL ESTATE

        

DIVERSIFIED

      5.3 %      

Daiwa House REIT Investment Corp.

        5,762        15,534,392  

Mitsui Fudosan Co., Ltd.

        2,138,800        45,775,251  

Nomura Real Estate Holdings, Inc.

        811,100        19,425,056  

Nomura Real Estate Master Fund, Inc.

        13,192        17,438,604  

Tokyu Fudosan Holdings Corp.

        2,036,300        11,175,791  

United Urban Investment Corp.

        9,654        11,126,680  
       

 

 

  
          120,475,774  
       

 

 

  

HOTEL

      0.4 %      

Invincible Investment Corp.

        27,185        9,382,681  
       

 

 

  

INDUSTRIALS

      1.6 %      

GLP J-REIT

        15,730        23,901,763  

Mitsui Fudosan Logistics Park, Inc.

        2,890        13,649,992  
       

 

 

  
          37,551,755  
       

 

 

  

 

2

 

 

                                                                       
                          Shares      Value  

OFFICE

      0.9 %      

Nippon Building Fund, Inc.

        3,502      $ 19,866,215  
       

 

 

  

RESIDENTIAL

      1.0 %      

Japan Metropolitan Fund Invest

        26,639        22,478,068  
       

 

 

  

TOTAL JAPAN

           209,754,493  
       

 

 

  

MACAU

      0.4 %      

REAL ESTATE—HOTELS, RESTAURANTS & LEISURE

        

Sands China Ltd. (H Shares)(b)

        4,051,600        9,638,667  
       

 

 

  

NETHERLANDS

      0.3 %      

REAL ESTATE

        

INDUSTRIALS

      0.2 %      

CTP NV, 144A(c)

        254,974        4,268,458  
       

 

 

  

RETAIL

      0.1 %      

Eurocommercial Properties NV

        95,279        2,612,047  
       

 

 

  

TOTAL NETHERLANDS

           6,880,505  
       

 

 

  

SINGAPORE

      3.9 %      

REAL ESTATE

        

DIVERSIFIED

      1.1 %      

Capitaland Investment Ltd.(b)

        8,453,500        24,769,369  
       

 

 

  

HEALTH CARE

      0.8 %      

Parkway Life Real Estate Investment Trust

        5,068,500        17,546,336  
       

 

 

  

INDUSTRIALS

      0.7 %      

Frasers Logistics & Commercial Trust

        14,879,100        15,958,385  
       

 

 

  

OFFICE

      0.7 %      

Keppel REIT

        17,134,100        15,372,702  
       

 

 

  

RETAIL

      0.6 %      

CapitaLand Integrated Commercial Trust

        8,922,545        14,760,912  
       

 

 

  

TOTAL SINGAPORE

           88,407,704  
       

 

 

  

SPAIN

      1.4 %      

COMMUNICATIONS—Towers

      0.5 %      

Cellnex Telecom SA, 144A(c)

        226,924        10,920,581  
       

 

 

  

REAL ESTATE—DIVERSIFIED

      0.9 %      

Merlin Properties Socimi SA

        1,786,555        20,886,927  
       

 

 

  

TOTAL SPAIN

           31,807,508  
       

 

 

  

 

3

 

 

                                                                       
                          Shares      Value  

SWEDEN

      2.1 %      

REAL ESTATE

        

DIVERSIFIED

      1.4 %      

Castellum AB

        504,067      $ 12,445,284  

Fastighets AB Balder, Class B(b)

        296,433        19,517,175  
       

 

 

  
          31,962,459  
       

 

 

  

INDUSTRIALS

      0.5 %      

Catena AB

        198,774        11,976,039  
       

 

 

  

OFFICE

      0.2 %      

Wihlborgs Fastigheter AB

        221,137        4,625,848  
       

 

 

  

TOTAL SWEDEN

           48,564,346  
       

 

 

  

SWITZERLAND

      0.4 %      

REAL ESTATE— OFFICE

        

PSP Swiss Property AG

        63,234        8,304,661  
       

 

 

  

UNITED KINGDOM

      6.0 %      

REAL ESTATE

        

DIVERSIFIED

      0.9 %      

British Land Co., PLC/The

        3,010,052        20,841,161  
       

 

 

  

HEALTH CARE

      0.6 %      

Assura PLC

        15,465,674        13,591,723  
       

 

 

  

INDUSTRIALS

      2.0 %      

Segro PLC

        1,157,220        20,342,813  

Tritax Big Box REIT PLC

        6,369,913        20,169,157  

Urban Logistics REIT PLC

        2,027,569        5,073,997  
       

 

 

  
          45,585,967  
       

 

 

  

OFFICE

      0.7 %      

Derwent London PLC

        197,142        8,275,279  

Workspace Group PLC

        916,841        8,189,084  
       

 

 

  
          16,464,363  
       

 

 

  

RESIDENTIAL

      1.0 %      

Grainger PLC

        2,818,096        10,747,612  

UNITE Group PLC/The

        726,639        11,006,710  
       

 

 

  
          21,754,322  
       

 

 

  

SELF STORAGE

      0.8 %      

Safestore Holdings PLC

        1,065,793        18,761,053  
       

 

 

  

TOTAL UNITED KINGDOM

           136,998,589  
       

 

 

  

 

4

 

 

                                                                       
                          Shares      Value  

UNITED STATES

      57.8 %      

COMMUNICATIONS—TOWERS

      1.1 %      

American Tower Corp.

        104,019      $ 26,131,653  
       

 

 

  

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      0.6 %      

Boyd Gaming Corp.

        176,832        11,632,009  

Caesars Entertainment, Inc.(b)

        26,520        2,051,587  
       

 

 

  
          13,683,596  
       

 

 

  

REAL ESTATE

      56.1 %      

DATA CENTERS

      3.5 %      

Digital Realty Trust, Inc.

        467,458        66,285,544  

Equinix, Inc.

        19,769        14,661,086  
       

 

 

  
          80,946,630  
       

 

 

  

HEALTH CARE

      8.0 %      

Healthcare Trust of America, Inc., Class A

        621,170        19,467,468  

Healthpeak Properties, Inc.

        1,662,152        57,061,678  

Ventas, Inc.

        330,615        20,418,782  

Welltower, Inc.

        904,433        86,952,189  
       

 

 

  
          183,900,117  
       

 

 

  

HOTEL

      1.6 %      

Host Hotels & Resorts, Inc.

        1,877,350        36,476,911  
       

 

 

  

INDUSTRIALS

      9.5 %      

Americold Realty Trust

        1,082,960        30,192,925  

BG LLH, LLC (Lineage Logistics)(d)

        68,361        6,540,733  

Duke Realty Corp.

        1,003,953        58,289,511  

Prologis, Inc.

        755,819        122,049,652  
       

 

 

  
          217,072,821  
       

 

 

  

NET LEASE

      3.6 %      

Realty Income Corp.

        918,802        63,672,978  

Spirit Realty Capital, Inc.

        384,494        17,694,414  
       

 

 

  
          81,367,392  
       

 

 

  

OFFICE

      1.0 %      

Highwoods Properties, Inc.

        484,420        22,157,371  
       

 

 

  

REAL ESTATE SERVICES

      1.3 %      

Jones Lang LaSalle, Inc.(b)

        124,200        29,740,932  
       

 

 

  

 

5

 

 

                                                                       
                          Shares      Value  

RESIDENTIAL

      13.7 %      

APARTMENT

      8.4 %      

Apartment Income REIT Corp.

        467,508      $ 24,992,978  

Camden Property Trust

        210,544        34,992,413  

Essex Property Trust, Inc.

        176,959        61,135,795  

UDR, Inc.

        1,240,329        71,157,675  
       

 

 

  
          192,278,861  
       

 

 

  

MANUFACTURED HOME

      1.6 %      

Sun Communities, Inc.

        205,807        36,075,909  
       

 

 

  

SINGLE FAMILY

      3.7 %      

Invitation Homes, Inc.

        2,117,102        85,065,158  
       

 

 

  

TOTAL RESIDENTIAL

           313,419,928  
       

 

 

  

SELF STORAGE

      8.2 %      

Extra Space Storage, Inc.

        270,231        55,559,494  

Public Storage

        334,740        130,642,327  
       

 

 

  
          186,201,821  
       

 

 

  

SHOPPING CENTERS

      5.7 %      

COMMUNITY CENTER

      2.1 %      

Brixmor Property Group, Inc.

        528,111        13,630,545  

Kimco Realty Corp.

        1,434,450        35,430,915  
       

 

 

  
          49,061,460  
       

 

 

  

REGIONAL MALL

      3.6 %      

Simon Property Group, Inc.

        617,642        81,256,981  
       

 

 

  

TOTAL SHOPPING CENTERS

           130,318,441  
       

 

 

  

TOTAL REAL ESTATE

           1,281,602,364  
       

 

 

  

TOTAL UNITED STATES

           1,321,417,613  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$1,850,028,898)

           2,241,361,028  
       

 

 

  

SHORT-TERM INVESTMENTS

      1.4 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund, Premier
Class, 0.17%(e)

        31,646,172        31,646,172  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$31,646,172)

           31,646,172  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$1,881,675,070)

      99.4 %                  2,273,007,200  

OTHER ASSETS IN EXCESS OF LIABILITIES

      0.6          13,211,811  
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 2,286,219,011  
  

 

 

       

 

 

  

 

6

 

 

Glossary of Portfolio Abbreviations

 

EUR    Euro Currency
GBP    Great British Pound
REIT    Real Estate Investment Trust

 

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 $26,309,109 which represents 1.2% 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

      19.6  

Industrials

      16.6  

Diversified

      14.5  

Health Care

      9.4  

Self Storage

      9.0  

Shopping Centers

      5.7  

Office

      5.0  

Retail

      4.6  

Net Lease

      4.2  

Data Centers

      3.5  

Hotel

      2.0  

Communications—Towers

      1.6  

Real Estate Services

      1.3  

Hotels, Restaurants & Leisure

      1.0  

Other

      2.0  
  

 

 

  
     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

 

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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.

The following is a summary of the inputs used as of March 31, 2022 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

    $ 92,085,547      $ —      $ 92,085,547      $             0 (a) 

Canada

      32,560,595        32,560,595        —        —  

Germany

      76,193,537        11,633,612        64,559,925        —  

Japan

      209,754,493        13,649,992        196,104,501        —  

United Kingdom

      136,998,589        37,426,773        99,571,816        —  

United States

      1,321,417,613        1,314,876,880        —        6,540,733 (b) 

Other Countries

      372,350,654        —        372,350,654        —  

Short-Term Investments

      31,646,172        —        31,646,172        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(c)

    $ 2,273,007,200      $ 1,410,147,852      $ 856,318,615      $ 6,540,733  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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, 2021

    $ 6,864,078  

Change in unrealized appreciation (depreciation)

      (323,345 ) 
  

 

 

  

Balance as of March 31, 2022

    $ 6,540,733  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on March 31, 2022 which were valued using significant unobservable inputs (Level 3) amounted to $(323,345).

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, 2022		      Valuation
Technique		    Unobservable
Inputs		   Amount    Valuation Impact
from an Increase
in Input(a)

Common Stock—
United States—
Real Estate—
Industrials

    $ 6,540,733      Market

Comparable

Companies

    Enterprise Value/

EBITDA(b) Multiple

Liquidity Discount

   25.3x

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.