NPORT-EX 2 NPORT_4X22_44892322_0323.htm CSS N-PORT

COHEN & STEERS GLOBAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

March 31, 2023 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      98.7 %      

AUSTRALIA

      4.0 %      

REAL ESTATE

        

DIVERSIFIED

      1.8 %      

Charter Hall Group

        3,022,478      $ 22,452,775  

Ingenia Communities Group

        3,398,364        8,639,725  
       

 

 

  
          31,092,500  
       

 

 

  

INDUSTRIALS

      0.7 %      

Goodman Group

        941,830        11,951,668  
       

 

 

  

OFFICE

      0.7 %      

Dexus

        2,635,103        13,322,627  
       

 

 

  

RESIDENTIAL

      0.8 %      

Stockland

        5,237,775        14,025,677  
       

 

 

  

TOTAL AUSTRALIA

           70,392,472  
       

 

 

  

BELGIUM

      0.8 %      

REAL ESTATE

        

DIVERSIFIED

      0.4 %      

Warehouses De Pauw CVA

        239,305        7,116,001  
       

 

 

  

HEALTH CARE

      0.1 %      

Cofinimmo SA

        23,857        2,114,251  
       

 

 

  

RESIDENTIAL

      0.3 %      

Aedifica SA

        66,728        5,375,877  
       

 

 

  

TOTAL BELGIUM

           14,606,129  
       

 

 

  

CANADA

      1.0 %      

REAL ESTATE—RETAIL

        

RioCan Real Estate Investment Trust

        1,116,356        16,842,396  
       

 

 

  

FRANCE

      3.3 %      

REAL ESTATE

        

DIVERSIFIED

      0.6 %      

Covivio SA

        98,888        5,752,332  

ICADE

        111,822        5,265,233  
       

 

 

  
          11,017,565  
       

 

 

  

INDUSTRIALS

      0.3 %      

ARGAN SA

        72,110        5,389,758  
       

 

 

  

RETAIL

      2.4 %      

Klepierre SA

        1,129,142        25,600,103  

Mercialys SA

        464,696        4,747,700  

Unibail-Rodamco-Westfield(a)

        208,667        11,227,537  
       

 

 

  
          41,575,340  
       

 

 

  

TOTAL FRANCE

           57,982,663  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

GERMANY

      1.8 %      

REAL ESTATE

        

INDUSTRIALS

      0.4 %      

Sirius Real Estate Ltd. (GBP)

        6,997,202      $ 6,620,547  
       

 

 

  

REAL ESTATE MANAGEMENT & DEVELOPMENT

      0.2 %      

TAG Immobilien AG

        676,655        4,684,337  
       

 

 

  

RESIDENTIAL

      1.2 %      

LEG Immobilien SE

        373,409        20,521,064  
       

 

 

  

TOTAL GERMANY

           31,825,948  
       

 

 

  

HONG KONG

      5.8 %      

REAL ESTATE

        

DIVERSIFIED

      4.2 %      

CK Asset Holdings Ltd.

        2,579,000        15,635,622  

Hang Lung Properties Ltd.

        4,902,000        9,172,678  

Sun Hung Kai Properties Ltd.

        2,039,500        28,572,572  

Wharf Real Estate Investment Co., Ltd.

        3,270,000        18,826,590  
       

 

 

  
          72,207,462  
       

 

 

  

RETAIL

      1.6 %      

Link REIT

        4,363,172        28,056,203  
       

 

 

  

TOTAL HONG KONG

           100,263,665  
       

 

 

  

JAPAN

      9.6 %      

REAL ESTATE

        

DIVERSIFIED

      5.3 %      

Japan Metropolitan Fund Invest

        24,953        18,221,986  

Mitsubishi Estate Co., Ltd.

        969,500        11,531,877  

Mitsui Fudosan Co., Ltd.

        1,723,300        32,371,205  

Nomura Real Estate Holdings, Inc.

        174,100        3,855,202  

Sumitomo Realty & Development Co., Ltd.

        645,213        14,569,844  

United Urban Investment Corp.

        11,963        12,907,307  
       

 

 

  
          93,457,421  
       

 

 

  

 

2

 

 

                                                                       
                          Shares      Value  

HOTEL

      1.6 %      

Invincible Investment Corp.

        38,434      $ 16,177,011  

Japan Hotel REIT Investment Corp.

        19,498        11,058,350  
       

 

 

  
          27,235,361  
       

 

 

  

INDUSTRIALS

      1.5 %      

Daiwa House REIT Investment Corp.

        5,140        10,531,894  

Mitsui Fudosan Logistics Park, Inc.

        435        1,526,241  

Nippon Prologis REIT, Inc.

        6,329        13,398,781  
       

 

 

  
          25,456,916  
       

 

 

  

OFFICE

      0.3 %      

Kenedix Office Investment Corp.

        2,188        5,061,109  
       

 

 

  

RESIDENTIAL

      0.9 %      

Advance Residence Investment Corp.

        6,731        16,070,796  
       

 

 

  

TOTAL JAPAN

           167,281,603  
       

 

 

  

MACAU

      0.8 %      

REAL ESTATE—HOTELS, RESTAURANTS & LEISURE

        

Sands China Ltd., (H shares)(a)

        4,031,600        14,005,731  
       

 

 

  

NETHERLANDS

      0.3 %      

REAL ESTATE—RETAIL

        

Eurocommercial Properties NV

        209,779        4,780,738  
       

 

 

  

SINGAPORE

      3.6 %      

REAL ESTATE

        

DIVERSIFIED

      1.4 %      

Capitaland Investment Ltd.

        8,699,800        24,137,748  
       

 

 

  

HEALTH CARE

      0.8 %      

Parkway Life Real Estate Investment Trust

        4,896,800        14,695,706  
       

 

 

  

INDUSTRIALS

      1.4 %      

CapitaLand Ascendas REIT

        6,202,900        13,374,763  

Frasers Logistics & Commercial Trust

        10,904,000        10,762,456  
       

 

 

  
          24,137,219  
       

 

 

  

TOTAL SINGAPORE

           62,970,673  
       

 

 

  

SPAIN

      0.8 %      

REAL ESTATE—DIVERSIFIED

        

Merlin Properties Socimi SA

        1,546,168        13,528,122  
       

 

 

  

 

3

 

 

                                                              
                          Shares      Value  

SWEDEN

      1.1 %      

REAL ESTATE

        

INDUSTRIALS

      0.6 %      

Catena AB

        300,450      $ 11,181,702  
       

 

 

  

REAL ESTATE MANAGEMENT & DEVELOPMENT

      0.5 %      

Castellum AB

        323,902        3,768,204  

Pandox AB, Class B(a)

        389,051        4,854,032  
       

 

 

  
          8,622,236  
       

 

 

  

TOTAL SWEDEN

           19,803,938  
       

 

 

  

UNITED KINGDOM

      4.3 %      

REAL ESTATE

        

DIVERSIFIED

      0.9 %      

British Land Co., PLC/The

        2,775,258        13,311,985  

Land Securities Group PLC

        383,870        2,946,795  
       

 

 

  
          16,258,780  
       

 

 

  

INDUSTRIALS

      1.3 %      

LondonMetric Property PLC

        1,234,542        2,689,222  

Segro PLC

        874,825        8,333,399  

Tritax Big Box REIT PLC

        2,221,260        3,843,623  

Urban Logistics REIT PLC

        4,487,538        7,085,854  
       

 

 

  
          21,952,098  
       

 

 

  

NET LEASE

      0.3 %      

LXI REIT PLC

        4,045,561        4,924,506  
       

 

 

  

OFFICE

      0.4 %      

Great Portland Estates PLC

        1,079,725        6,752,976  
       

 

 

  

RESIDENTIAL

      0.2 %      

UNITE Group PLC/The

        251,426        2,978,704  
       

 

 

  

SELF STORAGE

      1.2 %      

Safestore Holdings PLC

        1,842,191        21,622,974  
       

 

 

  

TOTAL UNITED KINGDOM

           74,490,038  
       

 

 

  

UNITED STATES

      61.5 %      

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      0.6 %      

Boyd Gaming Corp.

        175,038        11,223,437  
       

 

 

  

 

4

 

 

                                                              
                          Shares      Value  

REAL ESTATE

      60.9 %      

DATA CENTERS

      8.2 %      

Digital Realty Trust, Inc.

        880,203      $ 86,532,757  

Equinix, Inc.

        77,964        56,215,162  
       

 

 

  
          142,747,919  
       

 

 

  

HEALTH CARE

      7.0 %      

Healthcare Realty Trust, Inc., Class A

        1,703,316        32,925,098  

Welltower, Inc.

        1,258,395        90,214,338  
       

 

 

  
          123,139,436  
       

 

 

  

HOTEL

      1.3 %      

Host Hotels & Resorts, Inc.

        1,385,654        22,849,434  
       

 

 

  

INDUSTRIALS

      10.3 %      

Americold Realty Trust, Inc.

        1,018,997        28,990,465  

BG LLH, LLC (Lineage Logistics)(b),(c)

        68,361        6,991,228  

Prologis, Inc.

        1,150,105        143,498,601  
       

 

 

  
          179,480,294  
       

 

 

  

NET LEASE

      6.3 %      

Realty Income Corp.

        1,422,318        90,061,176  

Spirit Realty Capital, Inc.

        509,237        20,288,002  
       

 

 

  
          110,349,178  
       

 

 

  

OFFICE

      1.5 %      

Cousins Properties, Inc.

        673,519        14,399,836  

Highwoods Properties, Inc.

        470,000        10,899,300  
       

 

 

  
          25,299,136  
       

 

 

  

REAL ESTATE SERVICES

      0.8 %      

Jones Lang LaSalle, Inc.(a)

        95,083        13,833,626  
       

 

 

  

RESIDENTIAL

      15.2 %      

APARTMENT

      8.2 %      

Apartment Income REIT Corp.

        452,440        16,201,876  

Camden Property Trust

        326,918        34,274,083  

Essex Property Trust, Inc.

        44,157        9,234,995  

Mid-America Apartment Communities, Inc.

        321,705        48,590,323  

UDR, Inc.

        859,185        35,278,136  
       

 

 

  
          143,579,413  
       

 

 

  

MANUFACTURED HOME

      2.3 %      

Sun Communities, Inc.

        289,035        40,719,251  
       

 

 

  

 

5

 

 

                                                                       
                          Shares      Value  

SINGLE FAMILY

      4.7 %      

Invitation Homes, Inc.

        2,593,543      $ 80,996,348  
       

 

 

  

TOTAL RESIDENTIAL

           265,295,012  
       

 

 

  

SELF STORAGE

      4.1 %      

Public Storage

        239,537        72,373,709  
       

 

 

  

SHOPPING CENTERS

      5.7 %      

COMMUNITY CENTER

      1.6 %      

Kimco Realty Corp.

        1,439,207        28,107,713  
       

 

 

  

REGIONAL MALL

      4.1 %      

Simon Property Group, Inc.

        642,739        71,967,486  
       

 

 

  

TOTAL SHOPPING CENTERS

           100,075,199  
       

 

 

  

SPECIALIZED REITS

      0.5 %      

Life Storage, Inc.

        67,250        8,815,803  
       

 

 

  

TOTAL REAL ESTATE

           1,064,258,746  
       

 

 

  

TOTAL UNITED STATES

           1,075,482,183  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$1,685,052,214)

           1,724,256,299  
       

 

 

  

SHORT-TERM INVESTMENTS

      1.2 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund,
Premier Class, 4.53%(d)

        21,067,885        21,067,885  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$21,067,885)

           21,067,885  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$1,706,120,099)

      99.9 %         1,745,324,184  

OTHER ASSETS IN EXCESS OF LIABILITIES

      0.1          2,412,548  
  

 

 

       

 

 

  

NET ASSETS

      100.0 %       $ 1,747,736,732  
  

 

 

       

 

 

  

 

6

 

 

Glossary of Portfolio Abbreviations

 

GBP    Great British Pound
REIT    Real Estate Investment Trust

 

 

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

(a)

Non-income producing security.

(b)

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

(c)

Restricted security. Aggregate holdings equal 0.4% 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).

(d)

Rate quoted represents the annualized seven-day yield.

 

 

7

 

 

                    

Sector Summary

    % of
Net
Assets		  

Residential

      18.6  

Industrials

      16.4  

Diversified

      15.4  

Data Centers

      8.2  

Health Care

      7.9  

Net Lease

      6.6  

Shopping Centers

      5.7  

Self Storage

      5.3  

Retail

      5.3  

Office

      2.9  

Hotel

      2.9  

Hotels, Restaurants & Leisure

      1.4  

Real Estate Services

      0.8  

Real Estate Management & Development

      0.8  

Specialized REITs

      0.5  

Other

      1.3  
  

 

 

  
     100.0  
  

 

 

  

 

8

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO FINANCIAL STATEMENTS (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 Board of Directors has designated the investment advisor as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, 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 FINANCIAL STATEMENTS—(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.

The following is a summary of the inputs used as of March 31, 2023 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

    $ —      $ 70,392,472      $ —      $ 70,392,472  

Belgium

      —        14,606,129        —        14,606,129  

Canada

      16,842,396        —        —        16,842,396  

France

      —        57,982,663        —        57,982,663  

Germany

      6,620,547        25,205,401        —        31,825,948  

 

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO FINANCIAL STATEMENTS—(Unaudited) (Continued)

 

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

Hong Kong

    $ —      $ 100,263,665      $ —     $ 100,263,665  

Japan

      —        167,281,603        —       167,281,603  

Macau

      —        14,005,731        —       14,005,731  

Netherlands

      —        4,780,738        —       4,780,738  

Singapore

      —        62,970,673        —       62,970,673  

Spain

      —        13,528,122        —       13,528,122  

Sweden

      —        19,803,938        —       19,803,938  

United Kingdom

      13,838,830        60,651,208        —       74,490,038  

United States

      1,068,490,955        —        6,991,228 (a)      1,075,482,183  

Short-Term Investments

      —        21,067,885        —       21,067,885  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Investments in Securities(b)

    $ 1,105,792,728      $ 632,540,228      $ 6,991,228     $ 1,745,324,184  
  

 

 

     

 

 

     

 

 

    

 

 

  

 

(a)

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.

(b)

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, 2022

    $ 6,442,977  

Purchases

      —  

Change in unrealized appreciation (depreciation)

      548,251  
  

 

 

  

Balance as of March 31, 2023

    $ 6,991,228  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on March 31, 2023 which were valued using significant unobservable inputs (Level 3) amounted to $548,251.

 

 

 

COHEN & STEERS GLOBAL REALTY SHARES, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

 

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,
2023		      Valuation
Technique		    Unobservable
Inputs		    Amount    Valuation Impact
from an Increase
in  Input(a)

Common Stock—
United States—
Real Estate—
Industrials

    $ 6,991,228      Market
Comparable
Companies		    Enterprise Value/
EBITDA(b)
Multiple 		    22.5x    Increase

 

(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 year 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.