NPORT-EX 2 NPORT_4X23_17378539_0923.htm DOS

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

September 30, 2023 (Unaudited)

 

                                                                       
                          Shares      Value  

COMMON STOCK—REAL ESTATE

      99.1 %      

APARTMENT

      10.8 %      

Apartment Income REIT Corp.

 

     1,691,384      $ 51,925,489  

Camden Property Trust

 

     1,825,675        172,672,341  

Essex Property Trust, Inc.

 

     382,844        81,197,384  

Mid-America Apartment Communities, Inc.

 

     1,341,981        172,645,856  

UDR, Inc.

 

     3,118,935        111,252,411  
    

 

 

  
       589,693,481  
    

 

 

  

DATA CENTERS

      11.1 %      

Digital Realty Trust, Inc.

 

     3,247,012        392,953,392  

Equinix, Inc.

 

     298,151        216,535,146  
    

 

 

  
       609,488,538  
    

 

 

  

DIVERSIFIED

      1.9 %      

Jones Lang LaSalle, Inc.(a)

 

     461,917        65,213,442  

WP Carey, Inc.

 

     675,662        36,539,801  
    

 

 

  
       101,753,243  
    

 

 

  

FREE STANDING

      6.8 %      

Realty Income Corp.

 

     6,119,932        305,629,404  

Spirit Realty Capital, Inc.

 

     2,059,126        69,042,495  
    

 

 

  
       374,671,899  
    

 

 

  

GAMING

      0.8 %      

VICI Properties, Inc.

 

     1,514,775        44,079,953  
    

 

 

  

HEALTH CARE

      10.8 %      

Healthcare Realty Trust, Inc.

 

     7,563,380        115,492,813  

Medical Properties Trust, Inc.

 

     5,888,721        32,093,529  

Welltower, Inc.

 

     5,425,183        444,430,991  
    

 

 

  
       592,017,333  
    

 

 

  

HOTEL

      1.5 %      

Boyd Gaming Corp.

 

     729,113        44,351,944  

Host Hotels & Resorts, Inc.

 

     2,187,548        35,153,896  
    

 

 

  
       79,505,840  
    

 

 

  

INDUSTRIALS

      13.6 %      

Americold Realty Trust, Inc.

 

     6,480,817        197,081,645  

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

 

     409,584        41,220,511  

Prologis, Inc.

 

     4,496,815        504,587,611  
    

 

 

  
       742,889,767  
    

 

 

  

 

1

 

 

                                                                       
                          Shares      Value  

INFRASTRUCTURE

      15.7 %      

American Tower Corp.

 

     2,717,528      $ 446,897,480  

Crown Castle, Inc.

 

     2,353,998        216,638,436  

SBA Communications Corp.

 

     977,338        195,633,747  
    

 

 

  
       859,169,663  
    

 

 

  

MANUFACTURED HOME

      4.1 %      

Sun Communities, Inc.

 

     1,904,337        225,359,241  
    

 

 

  

OFFICE

      1.4 %      

Highwoods Properties, Inc.

 

     3,759,143        77,475,937  
    

 

 

  

REGIONAL MALL

      6.1 %      

Simon Property Group, Inc.

 

     3,095,663        334,424,474  
    

 

 

  

SELF STORAGE

      3.9 %      

Extra Space Storage, Inc.

 

     1,287,467        156,530,238  

Public Storage

 

     213,780        56,335,305  
    

 

 

  
       212,865,543  
    

 

 

  

SHOPPING CENTER

      2.0 %      

Kimco Realty Corp.

 

     6,355,965        111,801,424  
    

 

 

  

SINGLE FAMILY HOMES

      6.8 %      

American Homes 4 Rent, Class A

 

     2,549,222        85,883,289  

Invitation Homes, Inc.

 

     8,944,931        283,464,864  
    

 

 

  
       369,348,153  
    

 

 

  

SPECIALTY

      1.2 %      

Iron Mountain, Inc.

 

     1,106,815        65,800,152  
    

 

 

  

TIMBER

      0.6 %      

Weyerhaeuser Co.

 

     1,127,185        34,559,492  
    

 

 

  

TOTAL COMMON STOCK
(Identified cost—$5,644,349,719)

 

        5,424,904,133  
    

 

 

  

SHORT-TERM INVESTMENTS

      1.3 %      

MONEY MARKET FUNDS

 

     

State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.29%(c)

 

     66,549,443        66,549,443  

State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.29%(c)

 

     5,175,534        5,175,534  
    

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$71,724,977)

 

        71,724,977  
    

 

 

  

 

2

 

 

                                                                       
                                 Value  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$5,716,074,696)

      100.4 %                            $ 5,496,629,110  

LIABILITIES IN EXCESS OF OTHER ASSETS

     (0.4 )         (20,416,757 ) 
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $40.05 per share based on 136,720,626 shares of common stock outstanding)

      100.0 %       $ 5,476,212,353  
  

 

 

       

 

 

  

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 0.8% 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 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 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, 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:

           

Real Estate—Industrials

    $ 701,669,256      $ —      $ 41,220,511 (a)   $ 742,889,767  

Other Industries

      4,682,014,366        —        —       4,682,014,366  

Short-Term Investments

      —        71,724,977        —       71,724,977  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Investments in Securities(b)

    $ 5,383,683,622      $ 71,724,977      $ 41,220,511     $ 5,496,629,110  
  

 

 

     

 

 

     

 

 

    

 

 

  

 

(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, 2022

    $ 38,603,270  

Change in unrealized appreciation (depreciation)

      2,617,241  
  

 

 

  

Balance as of September 30, 2023

    $ 41,220,511  
  

 

 

  

The change in unrealized appreciation (depreciation) attributable to securities owned on September 30, 2023 which were valued using significant unobservable inputs (Level 3) amounted to $2,617,241.

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

Common Stock—
Real Estate—
Industrials

    $ 41,220,511      Market

Comparable
Companies

    Enterprise Value/

EBITDA(b)
Multiple

    22.1x    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 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.