NPORT-EX 2 NPORT_4X23_69671505_0324.htm CSIR N-PORT

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

SCHEDULE OF INVESTMENTS

March 28, 2024 (Unaudited)*

 

                                                                       
              Shares      Value  

COMMON STOCK—REAL ESTATE

   

 

99.2

% 

     

APARTMENT

   

 

7.2

% 

     

Apartment Income REIT Corp.

     

 

1,962,074

 

   

$

63,708,543

 

Camden Property Trust

     

 

1,039,434

 

   

 

102,280,306

 

Essex Property Trust, Inc.

     

 

734,537

 

   

 

179,822,003

 

UDR, Inc.

     

 

3,489,372

 

   

 

130,537,406

 

       

 

 

  
       

 

476,348,258

 

       

 

 

  

DATA CENTERS

   

 

11.8

% 

     

Digital Realty Trust, Inc.

     

 

3,292,027

 

   

 

474,183,569

 

Equinix, Inc.

     

 

367,861

 

   

 

303,606,719

 

       

 

 

  
       

 

777,790,288

 

       

 

 

  

DIVERSIFIED

   

 

0.9

% 

     

WP Carey, Inc.

     

 

1,034,349

 

   

 

58,378,657

 

       

 

 

  

FREE STANDING

   

 

5.5

% 

     

Realty Income Corp.

     

 

6,654,138

 

   

 

359,988,866

 

       

 

 

  

GAMING

   

 

3.0

% 

     

VICI Properties, Inc., Class A

     

 

6,672,476

 

   

 

198,773,060

 

       

 

 

  

HEALTH CARE

   

 

10.4

% 

     

Healthcare Realty Trust, Inc., Class A

     

 

8,350,457

 

   

 

118,158,967

 

Healthpeak Properties, Inc.

     

 

1,636,396

 

   

 

30,682,425

 

Welltower, Inc.

     

 

5,728,828

 

   

 

535,301,688

 

       

 

 

  
       

 

684,143,080

 

       

 

 

  

HOTEL

   

 

2.8

% 

     

Boyd Gaming Corp.

     

 

1,205,026

 

   

 

81,122,350

 

Caesars Entertainment, Inc.(a)

     

 

1,189,116

 

   

 

52,011,934

 

Host Hotels & Resorts, Inc.

     

 

2,390,771

 

   

 

49,441,144

 

       

 

 

  
       

 

182,575,428

 

       

 

 

  

INDUSTRIALS

   

 

10.4

% 

     

Americold Realty Trust, Inc.

     

 

4,270,303

 

   

 

106,415,951

 

BG LLH, LLC (Lineage Logistics)(b)

     

 

409,584

 

   

 

41,752,969

 

Prologis, Inc.

     

 

4,085,328

 

   

 

531,991,412

 

       

 

 

  
       

 

680,160,332

 

       

 

 

  

MANUFACTURED HOME

   

 

3.2

% 

     

Sun Communities, Inc.

     

 

1,661,084

 

   

 

213,582,181

 

       

 

 

  

OFFICE

   

 

1.6

% 

     

Highwoods Properties, Inc.

     

 

4,076,028

 

   

 

106,710,413

 

       

 

 

  

REGIONAL MALL

   

 

7.4

% 

     

Simon Property Group, Inc.

     

 

3,095,663

 

   

 

484,440,303

 

       

 

 

  

SELF STORAGE

   

 

5.0

% 

     

Extra Space Storage, Inc.

     

 

1,420,193

 

   

 

208,768,371

 

Public Storage

     

 

407,612

 

   

 

118,231,937

 

       

 

 

  
       

 

327,000,308

 

       

 

 

  

SHOPPING CENTER

   

 

1.4

% 

     

Kimco Realty Corp.

     

 

4,791,618

 

   

 

93,963,629

 

       

 

 

  

SINGLE FAMILY HOMES

   

 

6.3

% 

     

American Homes 4 Rent, Class A

     

 

2,797,004

 

   

 

102,873,807

 

Invitation Homes, Inc.

     

 

8,726,895

 

   

 

310,764,731

 

       

 

 

  
       

 

413,638,538

 

       

 

 

  

 

1

 

 

                                                              
              Shares      Value  

SPECIALTY

      4.7 %      

Iron Mountain, Inc.

        3,880,599      $ 311,262,846  
       

 

 

  

TELECOMMUNICATIONS

      15.2 %      

American Tower Corp.

        3,222,035        636,641,895  

Crown Castle, Inc.

        2,998,013        317,279,716  

SBA Communications Corp., Class A

        195,687        42,405,373  
       

 

 

  
          996,326,984  
       

 

 

  

TIMBERLAND

      2.4 %      

Weyerhaeuser Co.

        4,336,554        155,725,654  
       

 

 

  

TOTAL COMMON STOCK
(Identified cost—$5,722,955,951)

         6,520,808,825  
       

 

 

  

SHORT-TERM INVESTMENTS

      0.8 %      

MONEY MARKET FUNDS

        

State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.25%(c)

        41,704,038        41,704,038  

State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.26%(c)

        8,610,769        8,610,769  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$50,314,807)

           50,314,807  
       

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$5,773,270,758)

      100.0 %         6,571,123,632  

LIABILITIES IN EXCESS OF OTHER ASSETS

      (0.0 )         (555,575 ) 
  

 

 

       

 

 

  

NET ASSETS (Equivalent to $45.87 per share based on 143,233,360 shares of common stock outstanding)

      100.0 %       $ 6,570,568,057  
  

 

 

       

 

 

  

Glossary of Portfolio Abbreviations

REIT Real Estate Investment Trust

 

 

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

*

March 28, 2024 represents the last business day of the Fund’s quarterly period. See Note 1 of the accompanying notes to the Schedule of Investments.

(a)

Non–income producing security.

(b)

Restricted security. Aggregate holdings equal 0.6% 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.

 

2

 

 

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) 

 

Note 1. Quarterly Period

Since March 28, 2024 represents the last day during the Fund’s quarterly period on which the New York Stock Exchange was open for trading, the Fund’s schedule of investments have been presented through that date to maintain consistency with the Fund’s net asset value (NAV) calculations used for shareholder transactions.

Note 2. 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 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.

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 judgements 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.

 

 

 

COHEN & STEERS INSTITUTIONAL REALTY SHARES, INC.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

 

The following is a summary of the inputs used as of March 28, 2024 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

    $ 638,407,363      $ —      $ 41,752,969 (a)    $ 680,160,332  

Other Industries

      5,840,648,493        —        —       5,840,648,493  

Short-Term Investments

      —        50,314,807        —       50,314,807  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Investments in Securities(b)

    $ 6,479,055,856      $ 50,314,807      $ 41,752,969     $ 6,571,123,632  
  

 

 

     

 

 

     

 

 

    

 

 

  

 

 

(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:

 

                                                              
     Balance
as of
December 31, 2023		      Change in
unrealized
appreciation
(depreciation)		     Balance
as of
March 28, 2024		  

Common Stock—
Real Estate—
Industrials

    $ 44,534,043      $ (2,781,074 )    $ 41,752,969  

The change in unrealized appreciation (depreciation) attributable to securities owned on March 28, 2024 which were valued using significant unobservable inputs (Level 3) amounted to $(2,781,074).

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 28, 2024		      Valuation
Technique		    Unobservable
Inputs		    Amount    Valuation Impact
from an Increase
in Input(a)

Common Stock—
Real Estate—
Industrials

    $ 41,752,969      Market
Comparable
Companies		    Enterprise Value/
EBITDA(b) Multiple		    20.0x    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.