NPORT-EX 2 NPORT_4X23_88481719_0921.htm HTML

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

September 30, 2021 (Unaudited)

 

                                                                       
                         
Shares		      Value  

COMMON STOCK

      98.8 %      

COMMUNICATIONS—TOWERS

      15.1 %      

American Tower Corp.

        2,267,503      $ 601,817,971  

Crown Castle International Corp.

        628,396        108,913,595  

SBA Communications Corp.

        673,336        222,584,682  
       

 

 

  
          933,316,248  
       

 

 

  

CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE

      2.1 %      

Boyd Gaming Corp.(a)

        1,175,087        74,336,004  

Caesars Entertainment, Inc.(a)

        488,080        54,801,622  
       

 

 

  
          129,137,626  
       

 

 

  

REAL ESTATE

      81.6 %      

DATA CENTERS

      9.4 %      

CyrusOne, Inc.

        2,133,444        165,149,900  

Digital Realty Trust, Inc.

        1,423,311        205,597,274  

Equinix, Inc.

        265,653        209,900,405  
       

 

 

  
          580,647,579  
       

 

 

  

HEALTH CARE

      12.2 %      

Healthcare Trust of America, Inc., Class A

        3,028,696        89,831,123  

Healthpeak Properties, Inc.

        8,959,954        299,979,260  

Ventas, Inc.

        1,768,109        97,617,298  

Welltower, Inc.

        3,224,807        265,724,097  
       

 

 

  
          753,151,778  
       

 

 

  

HOTEL

      3.2 %      

Host Hotels & Resorts, Inc.(a)

        9,932,020        162,189,887  

Park Hotels & Resorts, Inc.(a)

        1,659,165        31,756,418  
       

 

 

  
          193,946,305  
       

 

 

  

INDUSTRIALS

      9.8 %      

Americold Realty Trust

        3,832,061        111,321,372  

BG LLH, LLC (Lineage Logistics)(b)

        409,584        30,821,179  

Duke Realty Corp.

        6,528,465        312,517,620  

Prologis, Inc.

        1,169,571        146,699,290  
       

 

 

  
          601,359,461  
       

 

 

  

NET LEASE

      5.8 %      

Realty Income Corp.

        560,039        36,324,129  

Spirit Realty Capital, Inc.

        900,984        41,481,303  

VEREIT, Inc.

        4,152,542        187,819,475  

VICI Properties, Inc.

        3,322,822        94,401,373  
       

 

 

  
          360,026,280  
       

 

 

  

 

1

 

 

                                                                       
                         
Shares		      Value  

OFFICE

      1.4 %      

Highwoods Properties, Inc.

        2,017,063      $ 88,468,383  
       

 

 

  

REAL ESTATE SERVICES

      2.5 %      

Jones Lang LaSalle, Inc.(a)

        627,406        155,653,154  
       

 

 

  

RESIDENTIAL

      15.3 %      

APARTMENT

      11.1 %      

Apartment Income REIT Corp.

        3,156,256        154,056,855  

Equity Residential

        722,195        58,440,020  

Essex Property Trust, Inc.

        691,799        221,195,812  

UDR, Inc.

        4,782,279        253,365,142  
       

 

 

  
          687,057,829  
       

 

 

  

MANUFACTURED HOME

      1.7 %      

Sun Communities, Inc.

        550,100        101,823,510  
       

 

 

  

SINGLE FAMILY

      2.5 %      

Invitation Homes, Inc.

        3,965,249        151,987,994  
       

 

 

  

TOTAL RESIDENTIAL

           940,869,333  
       

 

 

  

SELF STORAGE

      9.8 %      

Extra Space Storage, Inc.

        669,410        112,454,186  

Public Storage

        1,652,812        491,050,445  
       

 

 

  
          603,504,631  
       

 

 

  

SHOPPING CENTERS

      8.7 %      

COMMUNITY CENTER

      3.0 %      

Federal Realty Investment Trust

        577,587        68,149,490  

Kimco Realty Corp.

        3,414,409        70,848,987  

SITE Centers Corp.

        2,833,617        43,751,046  
       

 

 

  
          182,749,523  
       

 

 

  

REGIONAL MALL

      5.7 %      

Simon Property Group, Inc.

        2,718,402        353,310,708  
       

 

 

  

TOTAL SHOPPING CENTERS

           536,060,231  
       

 

 

  

TIMBER

      3.5 %      

Weyerhaeuser Co.

        6,077,161        216,164,617  
       

 

 

  

TOTAL REAL ESTATE

           5,029,851,752  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$4,731,144,980)

           6,092,305,626  
       

 

 

  

 

2

 

 

                                                                       
                         
Shares		      Value  

SHORT-TERM INVESTMENTS

      0.9 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Money Market Fund, Premier Class, 0.01%(c)

        53,824,719      $ 53,824,719  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$53,824,719)

           53,824,719  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$4,784,969,699)

      99.7 %         6,146,130,345  

OTHER ASSETS IN EXCESS OF LIABILITIES

      0.3          19,857,945  
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $52.53 per share based on 117,384,221 shares of common stock outstanding)

      100.0 %       $ 6,165,988,290  
  

 

 

       

 

 

  

Glossary of Portfolio Abbreviations

 

REIT    Real Estate Investment Trust

 

 

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 and September 22, 2021, at an aggregate cost of $27,049,198. 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.

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 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 September 30, 2021 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

    $ 601,359,461      $ 570,538,282      $ —      $ 30,821,179 (a)

Other Industries

      5,490,946,165        5,490,946,165        —        —  

Short-Term Investments

      53,824,719        —        53,824,719        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities(b)

    $ 6,146,130,345      $ 6,061,484,447      $ 53,824,719      $ 30,821,179  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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.

 

 

 

COHEN & STEERS INSTITUTIONAL 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—
Real Estate—
Industrials		  

Balance as of December 31, 2020

    $ 18,691,262  

Purchases

      8,300,405 (a)

Change in unrealized appreciation (depreciation)

      3,829,512  
  

 

 

  

Balance as of September 30, 2021

    $ 30,821,179  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on September 30, 2021 which were valued using significant unobservable inputs (Level 3) amounted to $3,829,512.

 

(a)

Represents shares acquired through dividend reinvestment and additional purchases.

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,
2021		      Valuation
Technique		    Unobservable
Inputs		    Amount   Valuation Impact
from an
Increase in
Input(a)

Common Stock—Real Estate—Industrials

    $ 30,821,179      Market
Comparable
Companies		    Enterprise Value/

EBITDA(b) Multiple
Liquidity Discount

    21.0x

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.