NPORT-EX 2 NPORT_332902406875715.htm HTML

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

September 30, 2020 (Unaudited)

 

                                                                       
                         
Shares		      Value  

COMMON STOCK

      97.9 %      

COMMUNICATIONS—TOWERS

      19.3 %      

American Tower Corp.

        1,192,724      $ 288,317,173  

Crown Castle International Corp.

        1,542,367        256,804,105  

SBA Communications Corp.

        466,115        148,448,305  
       

 

 

  
          693,569,583  
       

 

 

  

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      2.1 %      

Boyd Gaming Corp.

        917,453        28,156,633  

Caesars Entertainment, Inc.(a)

        808,549        45,327,257  
       

 

 

  
          73,483,890  
       

 

 

  

REAL ESTATE

      76.5 %      

DATA CENTERS

      11.5 %      

CyrusOne, Inc.

        1,194,392        83,643,272  

Equinix, Inc.

        391,600        297,666,908  

QTS Realty Trust, Inc., Class A

        487,334        30,711,789  
       

 

 

  
          412,021,969  
       

 

 

  

HEALTH CARE

      12.4 %      

Healthcare Trust of America, Inc., Class A

        1,261,687        32,803,862  

Healthpeak Properties, Inc.

        3,717,869        100,940,143  

Medical Properties Trust, Inc.

        3,458,363        60,970,940  

Ventas, Inc.

        2,355,456        98,834,934  

Welltower, Inc.

        2,750,755        151,539,093  
       

 

 

  
          445,088,972  
       

 

 

  

HOTEL

      0.4 %      

Host Hotels & Resorts, Inc.

        1,319,499        14,237,394  
       

 

 

  

INDUSTRIALS

      11.7 %      

Americold Realty Trust

        1,755,575        62,761,806  

BG LLH LLC (Lineage Logistics)(b)

        305,663        17,603,103  

Duke Realty Corp.

        4,556,812        168,146,363  

First Industrial Realty Trust, Inc.

        691,408        27,518,038  

Prologis, Inc.

        1,413,188        142,194,977  
       

 

 

  
          418,224,287  
       

 

 

  

NET LEASE

      10.8 %      

Agree Realty Corp.

        696,990        44,356,443  

Spirit Realty Capital, Inc.

        2,758,565        93,101,569  

VEREIT, Inc.

        11,406,831        74,144,401  

 

 

1

 

 

                                                                       
                         
Shares		      Value  

VICI Properties, Inc.

        5,633,905      $ 131,664,360  

WP Carey, Inc.

        709,204        46,211,733  
       

 

 

  
          389,478,506  
       

 

 

  

OFFICE

      2.2 %      

Hudson Pacific Properties, Inc.

        2,088,463        45,799,994  

Kilroy Realty Corp.

        634,349        32,960,774  
       

 

 

  
          78,760,768  
       

 

 

  

RESIDENTIAL

      10.1 %      

APARTMENT

      7.9 %      

Apartment Investment & Management Co., Class A

        911,743        30,743,974  

Essex Property Trust, Inc.

        566,658        113,779,260  

UDR, Inc.

        4,305,248        140,394,137  
       

 

 

  
          284,917,371  
       

 

 

  

MANUFACTURED HOME

      0.2 %      

Sun Communities, Inc.

        49,089        6,902,404  
       

 

 

  

SINGLE FAMILY

      2.0 %      

Invitation Homes, Inc.

        2,528,698        70,778,257  
       

 

 

  

TOTAL RESIDENTIAL

           362,598,032  
       

 

 

  

SELF STORAGE

      9.6 %      

Extra Space Storage, Inc.

        945,379        101,146,099  

Public Storage

        1,089,058        242,554,998  
       

 

 

  
          343,701,097  
       

 

 

  

SHOPPING CENTERS

      4.9 %      

COMMUNITY CENTER

      1.0 %      

Kimco Realty Corp.

        1,539,074        17,329,973  

SITE Centers Corp.

        2,683,617        19,322,043  
       

 

 

  
          36,652,016  
       

 

 

  

REGIONAL MALL

      3.9 %      

Simon Property Group, Inc.

        2,161,955        139,835,249  
       

 

 

  

TOTAL SHOPPING CENTERS

           176,487,265  
       

 

 

  

TIMBER

      2.9 %      

Weyerhaeuser Co.

        3,646,477        103,997,524  
       

 

 

  

TOTAL REAL ESTATE

           2,744,595,814  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$3,037,668,239)

           3,511,649,287  
       

 

 

  

 

2

 

 

                                                                       
                         
Shares		      Value  

SHORT-TERM INVESTMENTS

      0.6 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund, Premier Class, 0.02%(c)

        21,730,483      $ 21,730,483  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$21,730,483)

           21,730,483  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$3,059,398,722)

      98.5 %         3,533,379,770  

OTHER ASSETS IN EXCESS OF LIABILITIES

      1.5          52,771,306  
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $40.23 per share based on 89,150,959 shares of common stock outstanding)

      100.0 %       $ 3,586,151,076  
  

 

 

       

 

 

  

 

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

(a)

Non-income producing security.

(b)

Restricted security. Aggregate holdings equal 0.5% of the net assets of the Fund. This security was acquired on August 3, 2020, at a cost of $19,103,906 ($62.50 per share). Security value is determined based on significant unobservable inputs (Level 3).

(c)

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.

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.

 

 

 

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

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, 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:

            

Real Estate – Industrials

    $ 418,224,287      $ 400,621,184      $ —      $ 17,603,103(a ) 

Other Industries

      3,093,425,000        3,093,425,000        —        —  

Short-Term Investments

      21,730,483        —        21,730,483        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(b)

    $ 3,533,379,770      $ 3,494,046,184      $ 21,730,483      $ 17,603,103  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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:

 

 

 

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

 

                           
     Common Stock –
Real Estate –
Industrials		  

Balance as of December 31, 2019

    $ —  

Purchases

      19,103,906  

Change in unrealized appreciation (depreciation)

      (1,500,803 ) 
  

 

 

  

Balance as of September 30, 2020

    $ 17,603,103  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on September 30, 2020 which were valued using significant unobservable inputs (Level 3) amounted to $(1,500,803).

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, 2020		  

Valuation Technique

  

Unobservable
Inputs

   Range/Weighted Average   Valuation from
an Increase
in Input (a)

Common Stock—
Real Estate— Industrials

   $17,603,103  

Market Comparable Companies

  

Enterprise Value/

EBITDA Ratio

   19.3x – 30.1x / 22.8%   Increase
     

Liquidity Discount

   41%  

Decrease

The significant unobservable inputs utilized in the fair value measurement of the Fund’s Level 3 equity investment in Common Stock—Real Estate—Industrials are the Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) ratio and Liquidity Discount.

 

(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.