NPORT-EX 2 NPORT_4X22_27169241_0922.htm CSS NPORT-EX

COHEN & STEERS GLOBAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

September 30, 2022 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      98.7 %      

AUSTRALIA

      3.3 %      

REAL ESTATE

        

DIVERSIFIED

      1.8 %      

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

        11,893,063      $ 0  

Charter Hall Group

        3,186,297        23,497,136  

Ingenia Communities Group

        2,982,541        7,103,912  
       

 

 

  
          30,601,048  
       

 

 

  

INDUSTRIALS

      0.6 %      

Goodman Group

        1,012,042        10,228,514  
       

 

 

  

OFFICE

      0.9 %      

Dexus

        3,286,197        16,347,369  
       

 

 

  

TOTAL AUSTRALIA

           57,176,931  
       

 

 

  

BELGIUM

      0.6 %      

REAL ESTATE

        

INDUSTRIALS

      0.1 %      

VGP NV

        15,241        1,453,707  
       

 

 

  

RESIDENTIAL

      0.5 %      

Aedifica SA

        109,658        8,452,376  
       

 

 

  

TOTAL BELGIUM

           9,906,083  
       

 

 

  

CANADA

      1.1 %      

REAL ESTATE—RETAIL

        

RioCan Real Estate Investment Trust

        1,342,602        18,097,694  
       

 

 

  

CHINA

      0.6 %      

REAL ESTATE—INDUSTRIALS

        

ESR Group Ltd.(H shares), 144A(c)

        3,743,800        9,417,035  
       

 

 

  

FRANCE

      2.7 %      

REAL ESTATE

        

DIVERSIFIED

      0.7 %      

Covivio

        106,326        5,122,108  

ICADE

        174,505        6,496,335  
       

 

 

  
          11,618,443  
       

 

 

  

NET LEASE

      0.5 %      

ARGAN SA

        116,953        9,045,988  
       

 

 

  

RETAIL

      1.5 %      

Klepierre SA(b)

        1,085,001        18,863,020  

 

1

 

 

                                                                       
                          Shares      Value  

Unibail-Rodamco-Westfield(b)

        176,159      $ 7,289,439  
       

 

 

  
          26,152,459  
       

 

 

  

TOTAL FRANCE

           46,816,890  
       

 

 

  

GERMANY

      1.9 %      

REAL ESTATE

        

INDUSTRIALS

      0.3 %      

Sirius Real Estate Ltd. (GBP)

        6,505,924        5,135,782  
       

 

 

  

RESIDENTIAL

      1.6 %      

LEG Immobilien SE

        158,241        9,445,343  

Vonovia SE

        832,801        17,973,313  
       

 

 

  
          27,418,656  
       

 

 

  

TOTAL GERMANY

           32,554,438  
       

 

 

  

HONG KONG

      4.8 %      

REAL ESTATE

        

DIVERSIFIED

      2.4 %      

CK Asset Holdings Ltd.

        2,169,000        13,021,345  

Hang Lung Properties Ltd.

        537,000        881,827  

Sun Hung Kai Properties Ltd.

        2,552,500        28,170,086  
       

 

 

  
          42,073,258  
       

 

 

  

RESIDENTIAL

      0.5 %      

Wharf Real Estate Investment Co., Ltd.

        1,902,000        8,622,504  
       

 

 

  

RETAIL

      1.9 %      

Link REIT

        4,625,960        32,291,546  
       

 

 

  

TOTAL HONG KONG

           82,987,308  
       

 

 

  

JAPAN

      10.8 %      

REAL ESTATE

        

DIVERSIFIED

      6.0 %      

Mitsui Fudosan Co., Ltd.

        1,873,600        35,692,035  

Nomura Real Estate Holdings, Inc.

        627,100        14,162,562  

Nomura Real Estate Master Fund, Inc.

        14,005        15,478,937  

Orix JREIT, Inc.

        11,966        15,304,089  

Tokyo Tatemono Co., Ltd.

        1,007,700        14,337,970  

United Urban Investment Corp.

        8,092        8,387,759  
       

 

 

  
          103,363,352  
       

 

 

  

ELECTRIC

      1.0 %      

Daiwa House REIT Investment Corp.

        8,012        16,732,918  
       

 

 

  

 

2

 

 

                                                              
                          Shares      Value  

INDUSTRIALS

      1.2 %      

GLP J-REIT

        18,285      $ 20,279,011  
       

 

 

  

OFFICE

      1.2 %      

Kenedix Office Investment Corp.

        2,222        10,478,867  

Nippon Building Fund, Inc.

        2,506        11,027,592  
       

 

 

  
          21,506,459  
       

 

 

  

RESIDENTIAL

      1.4 %      

Japan Metropolitan Fund Invest

        31,598        23,724,196  
       

 

 

  

TOTAL JAPAN

           185,605,936  
       

 

 

  

MACAU

      0.6 %      

REAL ESTATE—HOTELS, RESTAURANTS & LEISURE

        

Sands China Ltd. (H Shares)(b)

        4,336,000        10,797,620  
       

 

 

  

NETHERLANDS

      0.2 %      

REAL ESTATE—RETAIL

        

Eurocommercial Properties NV

        211,360        4,184,189  
       

 

 

  

SINGAPORE

      4.0 %      

REAL ESTATE

        

DIVERSIFIED

      1.2 %      

Capitaland Investment Ltd.

        8,331,800        20,045,177  
       

 

 

  

HEALTH CARE

      0.9 %      

Parkway Life Real Estate Investment Trust

        5,202,800        15,312,015  
       

 

 

  

INDUSTRIALS

      1.4 %      

CapLand Ascendas REIT

        5,720,100        10,669,941  

Frasers Logistics & Commercial Trust

        14,708,700        12,557,671  
       

 

 

  
          23,227,612  
       

 

 

  

OFFICE

      0.5 %      

Keppel REIT

        13,804,300        9,476,223  
       

 

 

  

TOTAL SINGAPORE

           68,061,027  
       

 

 

  

SPAIN

      1.4 %      

COMMUNICATIONS—TOWERS

      0.7 %      

Cellnex Telecom SA, 144A(c)

        410,711        12,669,026  
       

 

 

  

REAL ESTATE—DIVERSIFIED

      0.7 %      

Merlin Properties Socimi SA

        1,488,442        11,485,067  
       

 

 

  

TOTAL SPAIN

           24,154,093  
       

 

 

  

 

3

 

 

                                                                       
                          Shares      Value  

SWEDEN

      1.3 %      

REAL ESTATE

        

DIVERSIFIED

      0.2 %      

Fastighets AB Balder, Class B(b)

        782,723      $ 3,124,380  
       

 

 

  

INDUSTRIALS

      0.6 %      

Catena AB

        364,186        10,806,016  
       

 

 

  

OFFICE

      0.5 %      

Wihlborgs Fastigheter AB

        1,238,942        7,443,526  
       

 

 

  

TOTAL SWEDEN

           21,373,922  
       

 

 

  

UNITED KINGDOM

      4.4 %      

REAL ESTATE

        

DIVERSIFIED

      0.3 %      

British Land Co., PLC/The

        1,511,029        5,852,747  
       

 

 

  

HEALTH CARE

      0.3 %      

Assura PLC

        7,576,420        4,534,266  
       

 

 

  

INDUSTRIALS

      1.7 %      

LondonMetric Property PLC

        1,954,971        3,809,025  

Segro PLC

        1,145,792        9,560,325  

Tritax Big Box REIT PLC

        6,767,617        10,212,844  

Urban Logistics REIT PLC

        4,441,912        6,418,483  
       

 

 

  
          30,000,677  
       

 

 

  

NET LEASE

      0.6 %      

LXI REIT PLC

        6,945,302        9,588,107  
       

 

 

  

OFFICE—FOREIGN

      0.0 %      

Workspace Group PLC

        52,339        232,742  
       

 

 

  

RESIDENTIAL

      0.4 %      

Grainger PLC

        1,207,702        3,093,367  

UNITE Group PLC/The

        370,544        3,518,037  
       

 

 

  
          6,611,404  
       

 

 

  

SELF STORAGE

      1.1 %      

Big Yellow Group PLC

        325,866        3,856,513  

Safestore Holdings PLC

        1,655,950        15,411,488  
       

 

 

  
          19,268,001  
       

 

 

  

TOTAL UNITED KINGDOM

           76,087,944  
       

 

 

  

 

4

 

 

                                                                       
                          Shares      Value  

UNITED STATES

      61.0 %      

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      0.5 %      

Boyd Gaming Corp.

        186,932      $ 8,907,310  
       

 

 

  

REAL ESTATE

      60.5 %      

DATA CENTERS

      6.0 %      

Digital Realty Trust, Inc.

        663,906        65,846,197  

Equinix, Inc.

        64,285        36,567,879  
       

 

 

  
          102,414,076  
       

 

 

  

HEALTH CARE

      6.3 %      

Healthcare Realty Trust, Inc., Class A

        904,987        18,868,979  

Healthpeak Properties, Inc.

        941,457        21,578,195  

Welltower, Inc.

        1,046,798        67,330,047  
       

 

 

  
          107,777,221  
       

 

 

  

HOTEL

      1.4 %      

Host Hotels & Resorts, Inc.

        1,564,286        24,840,862  
       

 

 

  

INDUSTRIALS

      10.3 %      

Americold Realty Trust, Inc.

        1,098,671        27,027,307  

BG LLH, LLC (Lineage Logistics)(d)

        68,361        5,394,327  

Duke Realty Corp.

        969,909        46,749,614  

Prologis, Inc.

        959,631        97,498,509  
       

 

 

  
          176,669,757  
       

 

 

  

NET LEASE

      5.7 %      

Realty Income Corp.

        1,194,424        69,515,477  

Spirit Realty Capital, Inc.

        399,113        14,431,926  

Store Capital Corp.

        466,102        14,602,976  
       

 

 

  
          98,550,379  
       

 

 

  

OFFICE

      0.8 %      

Highwoods Properties, Inc.

        501,544        13,521,626  
       

 

 

  

REAL ESTATE SERVICES

      0.9 %      

Jones Lang LaSalle, Inc.(b)

        102,546        15,491,624  
       

 

 

  

RESIDENTIAL

      16.0 %      

APARTMENT

      9.3 %      

Apartment Income REIT Corp.

        484,624        18,716,179  

Camden Property Trust

        328,395        39,226,783  

Essex Property Trust, Inc.

        106,732        25,853,692  

Mid-America Apartment Communities, Inc.

        144,683        22,435,993  

 

5

 

 

                                                                       
                          Shares      Value  

UDR, Inc.

        1,273,038      $ 53,098,415  
       

 

 

  
          159,331,062  
       

 

 

  

MANUFACTURED HOME

      2.1 %      

Sun Communities, Inc.

        273,580        37,023,581  
       

 

 

  

SINGLE FAMILY

      4.6 %      

Invitation Homes, Inc.

        2,317,443        78,260,050  
       

 

 

  

TOTAL RESIDENTIAL

           274,614,693  
       

 

 

  

SELF STORAGE

      7.2 %      

Extra Space Storage, Inc.

        254,900        44,023,779  

Public Storage

        270,905        79,323,693  
       

 

 

  
          123,347,472  
       

 

 

  

SHOPPING CENTERS

      5.9 %      

COMMUNITY CENTER

      2.2 %      

Brixmor Property Group, Inc.

        549,291        10,145,405  

Kimco Realty Corp.

        1,469,502        27,053,532  
       

 

 

  
          37,198,937  
       

 

 

  

REGIONAL MALL

      3.7 %      

Simon Property Group, Inc.

        706,886        63,443,018  
       

 

 

  

TOTAL SHOPPING CENTERS

           100,641,955  
       

 

 

  

TOTAL REAL ESTATE

           1,037,869,665  
       

 

 

  

TOTAL UNITED STATES

           1,046,776,975  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$1,869,867,933)

           1,693,998,085  
       

 

 

  

SHORT-TERM INVESTMENTS

      0.6 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund, Premier Class, 2.47%(e)

        10,949,107        10,949,107  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$10,949,107)

           10,949,107  
       

 

 

  

 

6

 

 

                                               

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$1,880,817,040)

      99.3 %    $ 1,704,947,192  

OTHER ASSETS IN EXCESS OF LIABILITIES

      0.7       11,295,803  
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 1,716,242,995  
  

 

 

    

 

 

  

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 $22,086,061 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

      20.4  

Industrials

      16.7  

Diversified

      13.3  

Self Storage

      8.3  

Health Care

      7.4  

Net Lease

      6.8  

Data Centers

      6.0  

Shopping Centers

      5.9  

Retail

      4.7  

Office

      4.0  

Hotel

      2.6  

Electric

      1.0  

Retail Estate Services

      0.9  

Towers

      0.7  

Others

      1.3  
  

 

 

  
     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, 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.

 

 

 

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, 2022 in valuing the Fund’s investments carried at value:

 

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

Common Stock:

           

Australia

    $ —      $ 57,176,931      $ 0 (a)    $ 57,176,931  

Canada

      18,097,694        —        —       18,097,694  

Germany

      5,135,782        27,418,656        —       32,554,438  

United Kingdom

      11,436,658        64,651,286        —       76,087,944  

United States

      1,041,382,648        —        5,394,327 (b)      1,046,776,975  

Other Countries

      —        463,304,103        —       463,304,103  

Short-Term Investments

      —        10,949,107        —       10,949,107  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Investments in Securities(c)

    $ 1,076,052,782      $ 623,500,083      $ 5,394,327     $ 1,704,947,192  
  

 

 

     

 

 

     

 

 

    

 

 

  

 

(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.

 

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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  

Purchases

      —  

Change in unrealized appreciation (depreciation)

      (1,469,751 ) 
  

 

 

  

Balance as of September 30, 2022

    $ 5,394,327  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on September 30, 2022 which were valued using significant unobservable inputs (Level 3) amounted to $(1,469,751).

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, 2022		      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    21.3x   Increase

Industrials

    $ 5,394,327      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.