NPORT-EX 2 NPORT_6452803618502843.htm FOR VALIDATION PURPOSES ONLY - [837422.TX]

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

March 31, 2020 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK

      99.2 %      

COMMUNICATIONS—TOWERS

      18.6 %      

American Tower Corp.

        1,652,531      $ 359,838,625  

Crown Castle International Corp.

 

     581,135        83,915,894  

SBA Communications Corp.

 

     488,045        131,757,509  
       

 

 

  
          575,512,028  
       

 

 

  

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      0.3 %      

Boyd Gaming Corp.

        409,448        5,904,240  

Eldorado Resorts, Inc.(a)

        237,538        3,420,547  
       

 

 

  
          9,324,787  
       

 

 

  

REAL ESTATE

      80.3 %      

DATA CENTERS

      13.0 %      

CyrusOne, Inc.

        464,077        28,656,755  

Digital Realty Trust, Inc.

        590,370        82,008,297  

Equinix, Inc.

        419,478        261,993,374  

QTS Realty Trust, Inc., Class A

 

     487,334        28,270,245  
       

 

 

  
          400,928,671  
       

 

 

  

FINANCE

      0.5 %      

Vanguard Real Estate ETF

        220,523        15,403,532  
       

 

 

  

HEALTH CARE

      12.8 %      

Healthcare Trust of America, Inc., Class A

 

     2,436,421        59,156,302  

Healthpeak Properties, Inc.

        1,720,015        41,022,358  

Medical Properties Trust, Inc.

        4,300,510        74,355,818  

Omega Healthcare Investors, Inc.

        443,772        11,777,709  

Ventas, Inc.

        1,360,993        36,474,612  

Welltower, Inc.

        3,781,269        173,106,495  
       

 

 

  
          395,893,294  
       

 

 

  

HOTEL

      2.1 %      

Hilton Worldwide Holdings, Inc.

        171,511        11,703,911  

Host Hotels & Resorts, Inc.

        1,735,237        19,157,016  

Park Hotels & Resorts, Inc.

        3,118,631        24,668,371  

Red Rock Resorts, Inc. Class A

        976,856        8,352,119  
       

 

 

  
          63,881,417  
       

 

 

  

INDUSTRIALS

      7.9 %      

Duke Realty Corp.

        4,404,407        142,614,699  

Prologis, Inc.

        1,275,378        102,502,130  
       

 

 

  
          245,116,829  
       

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

NET LEASE

      7.7 %      

Spirit Realty Capital, Inc.

        2,786,413      $ 72,864,700  

STORE Capital Corp.

        1,547,725        28,044,777  

VEREIT, Inc.

        9,615,113        47,017,902  

VICI Properties, Inc.

        5,410,628        90,032,850  
       

 

 

  
          237,960,229  
       

 

 

  

OFFICE

      5.2 %      

Empire State Realty Trust, Inc., Class A

 

     1,904,143        17,061,121  

Highwoods Properties, Inc.

        966,513        34,233,890  

Hudson Pacific Properties, Inc.

        2,180,968        55,309,349  

Kilroy Realty Corp.

        862,496        54,940,995  
       

 

 

  
          161,545,355  
       

 

 

  

RESIDENTIAL

      14.9 %      

APARTMENT

      12.2 %      

Apartment Investment & Management Co., Class A

 

     841,577        29,581,432  

AvalonBay Communities, Inc.

        420,503        61,885,426  

Essex Property Trust, Inc.

        534,107        117,631,726  

UDR, Inc.

        4,583,228        167,471,151  
       

 

 

  
          376,569,735  
       

 

 

  

SINGLE FAMILY

      2.7 %      

Invitation Homes, Inc.

        3,940,561        84,209,788  
       

 

 

  

TOTAL RESIDENTIAL

           460,779,523  
       

 

 

  

SELF STORAGE

      9.7 %      

Extra Space Storage, Inc.

        1,258,821        120,544,699  

Public Storage

        900,328        178,814,144  
       

 

 

  
          299,358,843  
       

 

 

  

SHOPPING CENTERS

      5.2 %      

COMMUNITY CENTER

      2.1 %      

Kimco Realty Corp.

        2,965,205        28,673,532  

Regency Centers Corp.

        615,325        23,646,940  

SITE Centers Corp.

        2,683,617        13,981,645  
       

 

 

  
          66,302,117  
       

 

 

  

REGIONAL MALL

      3.1 %      

Macerich Co. (The)

        1,092,969        6,153,416  

 

2

 

 

                                                                       
                          Shares      Value  

Simon Property Group, Inc.

        1,606,497      $ 88,132,425  
       

 

 

  
          94,285,841  
       

 

 

  

TOTAL SHOPPING CENTERS

           160,587,958  
       

 

 

  

TIMBER

      1.3 %      

Weyerhaeuser Co.

        2,302,276        39,023,578  
       

 

 

  

TOTAL REAL ESTATE

           2,480,479,229  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$3,272,223,021)

           3,065,316,044  
       

 

 

  

SHORT-TERM INVESTMENTS

      1.2 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund, Premier Class, 0.58%(b)

        37,695,507        37,695,507  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$37,695,507)

           37,695,507  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$3,309,918,528)

      100.4 %         3,103,011,551  

LIABILITIES IN EXCESS OF OTHER ASSETS

      (0.4 )         (13,186,820 ) 
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $35.92 per share based on 86,020,378 shares of common stock outstanding)

      100.0 %       $ 3,089,824,731  
  

 

 

       

 

 

  

Glossary of Portfolio Abbreviations

 

ETF    Exchange-Traded Fund

 

 

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

(a)

Non-income producing security.

(b)

Rate quoted represents the annualized seven-day yield.

 

3

 

 

COHEN & STEERS INSTITUTIONAL 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.

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 manager) 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 manager, 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 manager, subject to the oversight of the Board of Directors. The investment manager 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 manager 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.

 

 

 

COHEN & STEERS INSTITUTIONAL 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 March 31, 2020 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

    $ 3,065,316,044      $ 3,065,316,044      $ —      $             —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments

      37,695,507        —        37,695,507        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(a)

    $ 3,103,011,551      $ 3,065,316,044      $ 37,695,507      $ —  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Portfolio holdings are disclosed individually on the Schedule of Investments.