open
Cookie Policy
open

Cookie Policy

What are cookies and how do we use them?

To make this site work properly, we sometimes place small data files called cookies on your device. This is a common practice among websites. The site uses cookies to remember your view selection, login credentials and other chosen preferences such as display options to deliver tailored content. Without cookies, you would need to enter your information and preferences each time you visit the site or browse from one page to another. The cookies also enable us to analyze web traffic to help us improve the website for users. In most cases, disabling cookies may significantly affect the functionality and features of this site. Therefore, it is recommended you allow cookies in case they are used to provide a service you use.

Type of Cookies

We primarily use our own (first-party) cookies and, in some instances, partner companies' (third-party) cookies. The third parties are trusted suppliers to Cohen & Steers and we only use these third-party cookies to provide our customers with more relevant information regarding our products and services.

Information Sharing

We will not share data gathered through cookies on this website with parties outside of Cohen & Steers. We sometimes use or share third-party tracking cookies of partner companies that remember you have visited a website with other organisations such as advertisers and platforms on which we advertise. We do this in order to provide you with Cohen & Steers ads that are more relevant to you and your interests when you visit other websites. These cookies and similar technologies can track your visits to other websites, but they do not know who you are.

Essential Cookies

Some cookies are required and essential for browsing this website. By continuing to use this website, you are consenting to accept these cookies. These enable the site to remember your audience view selection so that the website knows whether you are an Individual Investor, Financial Professional or Institutional/Consultant, and whether you are looking for strategies/funds inside or outside of the United States. Regulators require us to know this information in order to show only the appropriate content for a particular selected user type.

There are also necessary cookies that remember who you are when you log into this website using your login credentials. This enables you to move around the website to view customized information tailored to you and your login profile.

Other Cookies

The site may use performance-related cookies, which help us to improve our website efforts by tracking website usage. Our goal with these cookies is to deliver an improved user experience to all visitors coming to our site.

We also use our partners’ third party advertising cookies that help us with our digital advertising efforts where we can show advertisements about Cohen & Steers products and services on other company websites.

How to control cookies

You can control and/or delete cookies as you wish. For details, see aboutcookies.org. You can delete all cookies that are already on your computer and you can set most browsers to prevent them from being placed. If you do this, however, you may have to manually adjust some preferences each time you visit a site, and some services and functionalities may not work.

You can also manage your preferences by selecting the below:

Cookies in emails

In addition to the cookies we use on our website, we also use cookies and similar types of technologies in our emails. This assists us in understanding how recipients open the email and which parts of the email are most useful, allowing us to improve our content and make our emails more relevant.

If you do not wish to accept cookies from our emails, close the email before clicking any links.

If you wish to unsubscribe from marketing emails, click on the link at the bottom of the marketing email you received from us.

Terms and Conditions of Use (jp) | Cohen & Steers
open
About Cohen & Steers
open

About Us

Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions.

Firm at a GlanceBackground

In 1986, Martin Cohen and Robert Steers established
Cohen & Steers as the first investment company to specialize in listed real estate. As the global real estate securities market evolved, we expanded our operations to Europe and Asia Pacific, forming the industry’s largest global investment team dedicated to real estate securities. Through careful consideration, we have added to our investment offerings over the years, developing related strategies designed to meet investors’ increasing demand for dividend income and real returns.

Cohen & Steers was listed on the New York Stock Exchange in 2004 under the ticker: CNS. As of December 31, 2017, the company had $62.1 billion in assets under management. Cohen & Steers is headquartered in New York, with offices in London, Hong Kong, Tokyo and Seattle. Investor relations

We are...

  • Pioneers in REIT investing
  • Focused on specialty asset classes where we can offer a competitive advantage
  • Consistent in our investment process
  • Global in our capabilities, offering clients a broad opportunity set
  • Relentless in our pursuit of superior investment performance
  • Advocates of industry change on behalf of shareholders
  • Dedicated to providing best-in-class client service
  • Stable in our company leadership
  • Majority owned by employees, aligning our interests with those of investors
  • Committed to offering insights and solutions to complex investing challenges
  • Trusted by large and small investors around the world

Investment strategies

Cohen & Steers strategies are available through a wide range of investment vehicles, including institutional accounts, U.S. registered mutual funds, Luxembourg-domiciled SICAVs and Australian-domiciled funds, as well as onshore and offshore limited partnerships. Select a strategy below for more information:

Our people

At Cohen & Steers, we are passionate about delivering superior performance and service to our clients. Our reputation for excellence has allowed us to recruit and retain top investment professionals from a broad range of backgrounds, from traditional securities analysis to specialized industry expertise.
Bios | Careers

Locations

We believe accessing investment opportunities around the world requires local knowledge and insight into specialized and regional markets. Cohen & Steers maintains a global presence through the following offices:

Americas

New York (Headquarters)
Cohen & Steers, Inc.
280 Park Ave, 10th Floor
New York, NY 10017

Ph: +1 212 832 3232
Ph: 800 330 7348

Seattle
Cohen & Steers Capital Management, Inc.
1201 Third Ave, Ste 3810
Seattle, WA 98101

Ph: +1 206 788 4240

Europe

London
Cohen & Steers UK Limited
50 Pall Mall, 7th Floor
London SW1Y 5JH
United Kingdom

Ph: +44 207 460 6350

 

Asia Pacific

Hong Kong
Cohen & Steers Asia Limited
Suites 1201-02
Champion Tower
3 Garden Road
Central Hong Kong

Ph: +852 3667 0080

Tokyo
Cohen & Steers Japan, LLC
Pacific Century Place, 16th Floor
1-11-1 Marunouchi Chiyoda-ku
Tokyo 100-6216 Japan

Ph: +81 3 4530 4710

     

 

For our Corporate Overview, click here.

How to Invest With Us | Cohen & Steers
open

How to Invest With Us

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Overview | Cohen & Steers
open

Overview

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Japanese | Cohen & Steers
open

Japanese

コーヘン&スティアーズは、不動産証券、インフラ株、実物資産、優先証券、大型バリュー株、およびオルタナティブなどの実物資産クラスに特化したグローバルな運用会社です。

会社概要

コーヘン&スティアーズは、1986年に上場不動産証券に特化した米国最初の運用会社として、マーティン・コーヘンとロバート・スティアーズによって設立されました。グローバル不動産証券市場の拡大に伴い業界最大規模の投資運用チームを形成し、欧州およびアジア太平洋市域にも事業を拡大してきました。また投資家のインカムおよびトータルリターンへの需要拡大に答える為、投資対象の資産クラスを厳選し、運用戦略を増やしてきました。

コーヘン&スティアーズは、2004年にニューヨーク証券取引所に上場を果たしました。(証券コード:CNS)2015年12月末現在の運用資産は526億米ドルとなっています。ニューヨークに本社の他、ロンドン、香港、東京、およびシアトルにオフィスを構えています。

 

コーヘン&スティアーズは

·  リート運用会社としてパイオニア

·  専門性の高い資産クラスに焦点を当て、競争力の優位性を提供

·  一貫した投資プロセス

·  グローバル運用の実績による幅広い投資機会を提供

·  優れた運用成績を追求

·  投資家の立場に立って業界革新を提唱

·  最高レベルのクライアント・サービス提供に専念

·  安定した経営陣

·  従業員による多くの株式保有

·  複雑な投資課題への見識とソリューションの提供を約束

·  世界中の様々な投資家からの信頼実績

 

コーヘン&スティアーズの投資戦略

コーヘン&スティアーズの投資戦略は、機関投資家向け個別勘定、米国籍投資信託、ルクセンブルク籍SICAV、オーストラリア籍ファンド、また外国籍リミテッド・パートナーシップなど、多様な投資ビークルを通じての提供が可能となっています。各戦略の詳細は下記のリンクよりご覧ください。

·  不動産証券

·  実物資産

·  優先証券

·  インフラ株

·  大型バリュー株

 

コーヘン&スティアーズの人材

コーヘン&スティアーズは、優れたパフォーマンスとサービスの提供に日々取り組んでいます。また業界での高い評価により、幅広い経験と深い業界知識を持つ優秀な人材の確保を実現しています。

 

コーヘン&スティアーズのネットワーク

コーヘン&スティアーズは、グローバルに投資機会を見出す為には、各地域の市場・特性に精通した専門的な知識が必要と考えます。コーヘン&スティアーズは、以下のオフィス拠点を通じてグローバルなビジネス展開を行っています。

米国

ニューヨーク (本社)
Cohen & Steers, Inc.
280 Park Ave, 10th Floor
New York, NY 10017
Ph: 212 832 3232
Ph: 800 330 7348

シアトル
Cohen & Steers Capital Management, Inc.
1201 Third Ave, Ste 3810
Seattle, WA 98101
Ph: 206 788 4240

欧州

ロンドン
Cohen & Steers UK Ltd
21 Sackville St, 4th Floor
London W1S 3DN
United Kingdom
Ph: +44 207 460 6350

 

アジア・
オセアニア

香港
Cohen & Steers Asia Ltd
Suites 1201-02
Citibank Tower
Citibank Plaza, 3 Garden Rd
Central Hong Kong
Ph: +852 3667 0080

東京
コーヘン&スティアーズ・ジャパン・
エルエルシー
〒100-6216
東京都千代田区丸の内1-11-1
パシフィックセンチュリープレイス16階
Ph: +81 3 4530 4710

About Closed End Funds | Cohen & Steers
open

About Closed-End Funds

What is a closed-end mutual fund?

A closed-end fund is an investment company that issues a fixed number of shares through an initial public offering (IPO). The assets of the fund (a portfolio of securities) are professionally managed. After the IPO, closed-end fund shares trade in the secondary market, either on an exchange or on the over-the-counter market, much like a stock. The trading price of the fund's shares is determined by its market price, not by the fund's net asset value (NAV).

What is the difference between a closed-end mutual fund and an open-end mutual fund?

Open-end funds continuously sell and redeem shares for investors. Closed-end funds sell a fixed number of shares once, in an initial public offering. Closed-end fund shares cannot be redeemed directly, and are only sold in a secondary market, typically the American Stock Exchange, New York Stock Exchange or the Nasdaq. Open-end fund share prices are determined by the fund's net asset value (NAV), which is calculated at the end of each business day. Closed-end fund share prices fluctuate throughout the day, as they are driven by market price, which is determined by supply and demand.

What is the difference between a closed-end mutual fund and an open-end mutual fund that is "closed"?

Closed-end mutual funds issue a fixed number of shares, which are bought and sold on a stock exchange or market. When an open-end mutual fund is "closed", this means the fund is no longer allowing new investors into the fund.

What is the difference between net asset value (NAV) and the market price of closed-end mutual funds?

Per share net asset value (NAV) is the current value of a fund's assets, less liabilities, divided by the total shares outstanding. Market price is the price an investor pays or receives when he or she purchases or sells shares of a closed-end mutual fund. Again, this price is determined by supply and demand for the closed-end fund on a stock exchange or market. Both open-end and closed-end mutual funds calculate NAV per share, but only open-end mutual funds allow transactions at the fund's NAV.

What does it mean when a closed-end mutual fund trades at a discount or premium?

A premium occurs when the market price of a closed-end mutual fund share is more than its net asset value per share (NAV). Conversely, a discount occurs when the market price of a closed-end mutual fund share is less than its NAV per share. 

Shares of many closed-end funds frequently trade at a discount from their net asset value. The funds are subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in a fund.

For US residents only.

Important Disclosures

Risks of Investing in Closed-End Funds
Risks associated with investing in closed-end end funds generally include market risk, leverage risk, risk of anti-takeover provisions and non-diversification. In addition, shares of many closed-end funds frequently trade at a discount from their net asset value.

About REITs (Real Estate Investment Trusts) | Cohen & Steers
open

About REITs

REITs provide a simple way to invest in commercial real estate without the cost or illiquidity associated with owning property directly. Here are some of the common questions investors ask us about this unique asset class.

What are real estate securities?

Companies that issue real estate securities own and operate a portfolio of land and buildings such as shopping malls, offices or apartments. Many of these companies have relatively stable operating models focused on acquiring and improving these properties, which typically generate recurring income from rent payments.

What is a REIT?

A REIT, or real estate investment trust, is a special type of real estate security. By organizing as a REIT, real estate companies can take advantage of a special tax structure that puts shareholders on a level playing field with investors that own real estate directly. A REIT is required to distribute the majority of its taxable net income to shareholders and must adhere to certain restrictions on its operations, organization and ownership. In return, the REIT does not have to pay corporate taxes on the income and capital gains it distributes, thereby reducing or even eliminating its tax burden. Because of their minimum distribution requirement, REITs typically offer higher dividend yields than other equities with similar risk profiles.

What rules must REITs follow?

To qualify as a REIT, a company must adhere to specific rules as defined in each country’s REIT legislation. In the U.S., the requirements are as follows:

REIT rule

 

What it means

Distribute at least 90% of annual taxable net income (excluding capital gains) via dividends to shareholders.

 

Since income is not taxed at the corporate level, the rule ensures that taxes are still incurred by REIT shareholders. These dividends are taxed as ordinary income.

Invest at least 75% of total assets in real estate, mortgage loans or shares in other REITs.

 

Its principal business must be real estate investing.

Derive at least 95% of gross income from rents, mortgage interest or gains from the sale of real property.

 

Its principal source of income must be real estate-related.

Be managed by a board of directors or trustees.

 

It must maintain a fiduciary responsibility to shareholders.

Have shares that are fully transferable, with a minimum of 100 shareholders and no more than 50% of its shares held by five or fewer individuals.

 

It must maintain a broad investor base.

Be structured as a taxable corporation.

 

It must be a for-profit company.

 

How did REITs come about?

REIT legislation was first introduced in 1960 in the United States, followed by the Netherlands (1969) and Australia (1971). However, these entities struggled to gain traction, as early laws placed severe limitations on how REITs could operate. In the United States, tax reforms in the 1980s made the REIT structure more appealing to both property companies and investors. In addition, REIT legislation was simplified to provide companies with greater operating flexibility.

The modern REIT era emerged in the early 1990s on the heels of a major downturn in commercial real estate values. For U.S. real estate operators, many of which were over-leveraged, the REIT structure provided a way to access capital from public markets, since bank financing was unavailable at the time due to the savings-and-loan crisis. As a result, more than 100 U.S. companies formed as REITs and became public between 1991 and 1997. Other countries began to implement similar legislation, resulting in the globally diversified REIT market seen today.

Which countries have REITs?

Commercial real estate has seen a dramatic shift from the private sector to public markets over the past 20 years. This has been due in large part to the increasing adoption of the modern REIT structure amid growing investor demand for listed real estate and global real estate allocations. Below is the current status of global REIT adoption:

Countries with Listed REITs
(Year Adopted)

 

REIT Legislation
in Progress

 

REITs Under
Consideration

United States (1960)
Netherlands (1969)
Australia (1971)
Canada (1994)
Ghana (1994)
Belgium (1995)
Brazil (1995)
Greece (1999)
Turkey (1999)
Japan (2000)
South Korea (2001)
Singapore (2002)
France (2003)
Hong Kong (2003)
Taiwan (2003)
Bulgaria (2005)

 

Malaysia (2005)
Israel (2006)
Germany (2007)
United Kingdom (2007)
Italy (2007)
New Zealand (2007)
Nigeria (2010)
Mexico (2011)
Thailand (2012)
Finland (2013)
Ireland (2013)
Pakistan (2013)
South Africa (2013
Dubai (2014)
Spain (2014)

 

Chile
Costa Rica
Hungary
Israel
Indonesia
Lithuania
Luxembourg
Philippines
Puerto Rico

 

China
India

As of September 30, 2017. Source: UBS and Cohen & Steers.
 

What is the size of the global real estate securities market?

The global real estate securities market has a total market capitalization of approximately $2.1 trillion, spread across 479 companies (as of 8/31/2016). The U.S. accounts for 40% of the current market, with 25% represented by Asia Pacific and a relatively smaller portion from Europe and other regions. More than three quarters of companies in the global real estate securities universe are REITs or REIT-like structures, with the rest consisting of real estate development companies and non-REIT owner/operators.

Global Real Estate Securities Market, by Region
Market Capitalization in US$ billions
Global Real Estate Securities Market, by Region

At September 30, 2017. Source: FTSE, FactSet and Standard & Poor’s. Real estate securities represented by the FTSE EPRA/NAREIT Developed Real Estate Index. Percentages may not sum to 100% due to rounding error. See important disclosures and index definitions related to this chart below.

What types of properties do REITs own?

There are 14 major classifications of property types (shown in the chart below), each with unique characteristics based on its lease terms, barriers to supply and the factors that drive tenant demand. For example, hotels rent out rooms by the day, whereas an office lease may span 10 years or more. In general, companies that own properties with shorter leases are more sensitive to economic cycles, since rents and occupancy levels adjust more quickly to changes in demand. Property sectors that feature longer leases are somewhat less sensitive given their more-bond-like cash flows.

U.S. REIT Market, by Property Type
U.S. REIT Market, by Property Type

At September 30, 2017. Source: Cohen & Steers and FTSE. U.S. REITs represented by the FTSE NAREIT Equity REIT Index (property sector breakdown provided by the index). Percentages may not add to 100% due to rounding error. See important disclosures and index definitions related to this chart below.

Terms used in REIT financial analysis

NAV (net asset value) – similar to book value. NAV is essentially the marked-to-market book value of a company’s property investments, measuring the estimated market value of the assets less any liabilities. Using various inputs, analysts can estimate a company’s NAV and form an opinion about whether the share price is trading at a discount, a premium or parity to its underlying assets.

FFO (funds from operations) – similar to earnings. FFO measures a real estate company’s operating performance. It begins with net income and adds back the gains (or losses) from property sales, since they are non-recurring and do not contribute to the sustainable dividend-paying capacity of the company. It also adds in non-cash expenses like depreciation and amortization, because real estate tends to rise in value over time rather than depreciating like other fixed-plant or equipment investments. FFO per share is often used in place of EPS (earnings per share) when analyzing real estate companies.

NOI (net operating income) – similar to EBITDA (earnings before interest, taxes, depreciation and amortization). NOI measures the cash flow a property generates by subtracting property-level expenses (including real estate taxes) from the property’s revenues. It is therefore similar to the corporate measure of EBITDA.

Cap rate (capitalization rate) – similar to yield. A cap rate is an expression of real estate value in terms of yield. In general, the lower the cap rate, the better the property or portfolio of assets (i.e., better cash flow growth and good tenants). When used to characterize the purchase price of an individual property—for example, “XYZ REIT purchased the office building at a cap rate of 6.5%”—the cap rate is the property’s NOI (income less expenses) divided by the transaction price. A property’s current cap rate is the NOI divided by the estimated present value. The cap rate of a company is the company’s NOI divided by its gross asset value. Cap rates are sometimes quoted in terms of the spread to Baa corporate bond yields, where a negative spread may be indicative of high property prices.

Cohen & Steers and REITs

At Cohen & Steers, we have been helping investors access opportunities in the REIT market for more than 30 years. Established in 1986 as the world’s first investment manager dedicated to real estate securities, we are one of the largest shareholders of many public real estate companies. We have remained actively involved in the REIT community throughout our history, and have maintained a steady approach to investing, using our perspective gained over multiple market cycles.

As a global investment manager, our real estate strategies cover a wide range of markets, and allow investors to benefit from one of the largest and most experienced real estate securities investment teams. To learn how to invest with us, see Cohen & Steers Real Estate Securities Strategies.

Index Definitions
An investor cannot invest directly in an index, and index performance does not reflect the deduction of any fees, expenses or taxes.
The FTSE NAREIT Equity REIT Index is an unmanaged, market-capitalization-weighted index of all publicly traded REITs that invest predominantly in the equity ownership of real estate. The FTSE EPRA/NAREIT Developed Real Estate Index is an unmanaged market-weighted total return index which consists of many companies from developed markets whose floats are larger than $100 million and who derive more than half of their revenue from property-related activities.

Important Disclosures
The views and opinions in the preceding commentary are subject to change and represents an assessment of the market environment at a specific point in time, should not be relied upon as legal, investment or tax advice and is not intended to predict or depict performance of any investment. We consider the information to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of suitability for investment.  Investors should consult their own advisors with respect to their individual circumstances.

Please consider the investment objectives, risks, charges and expenses of any U.S. Registered open-end fund carefully before investing. A summary prospectus and prospectus containing this and other information may be obtained by calling 1-800-330-7348 or clicking here. Please read the prospectus carefully before investing.

Risks of Investing in Real Estate Securities
Risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. Foreign securities involve special risks, including currency fluctuations, lower liquidity, political and economic uncertainties, and differences in accounting standards. Some international securities may represent small- and medium-sized companies, which may be more susceptible to price volatility and less liquidity than larger companies. No representation or warranty is made as to the efficacy of any particular strategy or fund or the actual returns that may be achieved.

Cohen & Steers open-end funds are distributed by Cohen & Steers Securities, LLC.
 

Privacy Policy | Cohen & Steers
open

Privacy Policy

Nothing contained on this Web site constitutes tax or investment advice. Neither the information, nor any opinion, contained on this Web site constitutes a solicitation or offer by Cohen & Steers or its affiliates to buy or sell any securities, futures, options or other financial instruments, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

SEC Materials

Certain information provided through this Web site has been filed with the Securities and Exchange Commission ("SEC") (such materials being referred to as "SEC Materials"). The SEC Materials and other public disclosures contained on this Web site contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act that reflect our then current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, those described in the “Risk Factors” section of Cohen & Steers' latest Annual Report on Form 10-K, which is accessible on the Securities and Exchange Commission's Web site at http://www.sec.gov and on Cohen & Steers' Web site at cohenandsteers.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Trademarks, Copyrights and other Intellectual Property

The content contained on this Web site is owned or licensed by Cohen & Steers and its third-party information providers and is protected by applicable copyrights, trademarks, service marks, and/or other intellectual property rights. Such content is solely for your personal, non-commercial use. Accordingly, you may not copy, distribute, modify, post, frame or deep link this Web site, including any text, graphics, video, audio, software code, user interface design or logos. You may download material displayed on this Web site for your personal use provided you also retain all copyright and other proprietary notices contained on the materials. You may not distribute, modify, transmit, reuse, repost, or use the content of this Web site for public or commercial purposes, including all text, images, audio, and video, without Cohen & Steers'.

Modification or use of the materials for any other purpose violates Cohen & Steers' intellectual property rights.
All trademarks, service marks, trade names, and logos displayed on this Web site are proprietary to Cohen & Steers and/or their respective owners. Nothing contained on this Web site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on this Web site without the written permission of Cohen & Steers or such other third party that may own the trademark displayed on this Web site. Your use of the trademarks displayed on this Web site, except as provided herein, is strictly prohibited.

Links to other websites

Cohen & Steers may establish links between this Web site and one or more Web sites operated by third parties. Cohen & Steers has no control over any such other Web sites, the contents therein or the products/services offered. The existence of any such links shall not constitute an endorsement of, or representation or warranty by Cohen & Steers regarding, such Web sites, the contents of the Web sites, the products or services of the Web sites or the operators of the Web sites. Cohen & Steers disclaims responsibility for the privacy policies and customer information practices of third-party internet Web sites hyperlinked from our Web site.

Terms and Conditions of Use | Cohen & Steers
open

Terms and Conditions of Use

 

PLEASE READ THESE TERMS AND CONDITIONS (“TERMS”) CAREFULLY BEFORE USING THE SERVICES DESCRIBED HEREIN. BY UTILIZING THE WEBSITE LOCATED AT http://WWW.COHENANDSTEERS.COM (“WEBSITE”), YOU ACKNOWLEDGE THAT YOU HAVE READ THESE TERMS AND CONDITIONS AND THAT YOU AGREE TO BE BOUND BY THEM. IF YOU DO NOT AGREE TO ALL OF THE TERMS AND CONDITIONS OF THIS AGREEMENT, YOU ARE NOT AN AUTHORIZED USER OF THESE SERVICES AND YOU SHOULD NOT USE THIS WEBSITE.

COHEN & STEERS, INC. (TOGETHER WITH ITS SUBSIDIARIES AND AFFILIATES, "COHEN & STEERS") RESERVES THE RIGHT TO CHANGE, MODIFY, ADD OR REMOVE PORTIONS OF THESE TERMS AT ANY TIME FOR ANY REASON. WE SUGGEST THAT YOU REVIEW THESE TERMS PERIODICALLY FOR CHANGES. YOU ACKNOWLEDGE THAT BY ACCESSING OUR WEBSITE AFTER WE HAVE POSTED CHANGES TO THESE TERMS, YOU ARE AGREEING TO THESE TERMS AS MODIFIED.

Disclaimer

Nothing contained on this website constitutes tax or investment advice. Neither the information, nor any opinion, contained on this website constitutes a solicitation or offer by Cohen & Steers or its affiliates to buy or sell any securities, futures, options or other financial instruments, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Decisions based on information contained on this Web site are the sole responsibility of the visitor, and in exchange for using this website, the visitor agrees to hold Cohen & Steers harmless against any claims for damages arising from any decisions that the visitor makes based on such information.

BEFORE ACQUIRING THE SHARES OF ANY MUTUAL FUND BY PURCHASE OR EXCHANGE, IT IS YOUR RESPONSIBILITY TO READ THE FUND'S PROSPECTUS.

The information provided on this website is provided "AS IS" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Cohen & Steers disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Cohen & Steers does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and Cohen & Steers expressly disclaims all liability for errors and omissions in these materials and for the use or interpretation by others of information contained on the Web site.

SEC Materials

Certain information provided through this website has been filed with the Securities and Exchange Commission ("SEC") (such materials being referred to as "SEC Materials"). The SEC Materials and other public disclosures contained on this website contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act that reflect our then current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, those described in the “Risk Factors” section of Cohen & Steers' latest Annual Report on Form 10-K, which is accessible on the Securities and Exchange Commission's website at http://www.sec.gov and on Cohen & Steers' website at cohenandsteers.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Trademarks, Copyrights and other Intellectual Property

The content contained on this website is owned or licensed by Cohen & Steers and its third-party information providers and is protected by applicable copyrights, trademarks, service marks, and/or other intellectual property rights. Such content is solely for your personal, non-commercial use. Accordingly, you may not copy, distribute, modify, post, frame or deep link this website, including any text, graphics, video, audio, software code, user interface design or logos. You may download material displayed on this Web site for your personal use provided you also retain all copyright and other proprietary notices contained on the materials. You may not distribute, modify, transmit, reuse, repost, or use the content of this website for public or commercial purposes, including all text, images, audio, and video, without Cohen & Steers' written permission. Modification or use of the materials for any other purpose violates Cohen & Steers' intellectual property rights.

All trademarks, service marks, trade names, and logos displayed on this website are proprietary to Cohen & Steers and/or their respective owners. Nothing contained on this Web site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on this Web site without the written permission of Cohen & Steers or such other third party that may own the trademark displayed on this website. Your use of the trademarks displayed on this website, except as provided herein, is strictly prohibited.

The use of the images displayed on this website by you, or anyone else authorized by you, is prohibited. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications, regulations and statutes. If you download any information from this website, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

Links to Other Web sites

Cohen & Steers may establish links between this website and one or more websites operated by third parties. Cohen & Steers has no control over any such other websites, the contents therein or the products/services offered. The existence of any such links shall not constitute an endorsement of, or representation or warranty by Cohen & Steers regarding, such Web sites, the contents of the Web sites, the products or services of the Web sites or the operators of the Web sites. Cohen & Steers disclaims responsibility for the privacy policies and customer information practices of third-party Internet websites hyperlinked from our website.

Links to Cohen & Steers from Other Websites

You shall not display hyperlinks on your websites to any website owned or operated by Cohen & Steers. If you desire to display on your website a hyperlink to a Cohen & Steers website, you must enter into a written agreement with Cohen & Steers governing such display. Access to any Cohen & Steers website does not authorize you to use any of Cohen & Steers' names, logos, trademarks or copyrighted material, and you agree not to do so without Cohen & Steers' express written consent. Requests to display hyperlinks on your websites to Cohen & Steers websites should be e-mailed to [email protected] .

Transmissions to and from this Website

Electronic communications can be intercepted by third parties and, accordingly, transmissions to and from this website may not be secure. Communications to Cohen & Steers, particularly those containing confidential information, may be sent by mail to: Cohen & Steers, Inc., 280 Park Avenue, New York, NY 10017, Attn: Webmaster. Cohen & Steers shall be free to use, for any purpose, any ideas, concepts, know-how, or techniques provided by a website user to Cohen & Steers through this website. You acknowledge and agree that Cohen & Steers has granted you limited access to the specific files pertaining to the Cohen & Steers Funds (“Approved Files”), and you agree not to attempt to access computer files other than the Approved Files.

Jurisdiction and Governing Law

The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Cohen & Steers or its affiliates to any registration requirement within such jurisdiction or country.

The laws of the State of New York govern these Terms. If you take legal action relating to these Terms, you agree to file such action only in the New York State Supreme Court located in New York, NY, or the United States District Court for the Southern District of New York, and you consent and submit to the personal jurisdiction of those courts for the purpose of litigating any action with Cohen & Steers.

Limitation of Liability

COHEN & STEERS WILL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DAMAGES OF ANY KIND, INCLUDING BUT NOT LIMITED TO DIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES OR DAMAGES THAT RESULT FROM USE OR LOSS OF USE OF THIS WEBSITE). THIS IS TRUE EVEN IF COHEN & STEERS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES.

IF YOU LIVE IN A STATE THAT DOES NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY OR INCIDENTAL OR CONSEQUENTIAL DAMAGES, OR IF YOU ACCESS THE WEBSITE SOLELY THROUGH AN ARRANGEMENT WITH YOUR EMPLOYER OR PLAN SPONSOR, SOME OR ALL OF THESE LIMITATIONS AND EXCLUSIONS MAY NOT APPLY TO YOU.

Timeliness of Content

All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

Prohibited Uses

Except as otherwise stated in these Terms or as expressly authorized by Cohen & Steers in writing, you may not:

  • Use this website in any manner that could damage or overburden any Cohen & Steers server, or any network connected to any Cohen & Steers server, as all servers have limited capacity and are used by many people;
  • Use this website in any manner that would interfere with another party's use of the website;
  • Include the term "Cohen & Steers," or any Cohen & Steers trademark or executive's name, or any variation of the foregoing, as a meta-tag, hidden textual element;
  • Use any robot, spider, intelligent agent, other automatic device, or manual process to search, monitor or copy this Web site or the reports, data, information, content, software, products, services, or other materials on, generated by or obtained from this Web site, whether through links or otherwise (collectively, "Materials"), without Cohen & Steers' permission, provided that generally available third-party web browsers may be used without such permission; or
  • Use this website or the Materials in any manner that could create an impression of affiliation, sponsorship or endorsement by Cohen & Steers.

Password Security and Notification

Certain parts of the Web site are protected by passwords or require a login. You may not obtain unauthorized access to such parts of the Web site, or to any other protected materials or information, through any means not intentionally made available by Cohen & Steers for your specific use. If you have a Personal Identification Number ("PIN") for access to non-public areas of the Web site, you are solely responsible for all activities that occur in connection with your PIN. Accordingly, you should take steps to protect the confidentiality of your PIN. Notify Cohen & Steers immediately if you become aware of any disclosure, loss, theft or unauthorized use of your PIN.

Termination

Cohen & Steers may terminate your access to the website for any reason, without prior notice.

Waiver

No waiver by Cohen & Steers of any right under or term or provision of these Terms will be deemed a waiver of any other right, term, or provision of these Terms at that time or a waiver of that or any other right, term, or provision of these Terms at any other time.

Integration and Severability

If any provision of these Terms is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these Terms and will not affect the validity and enforceability of the remaining provisions.

The preceding Terms of use represent the entire agreement between Cohen & Steers and the user relating to the subject matter herein.

Cohen & Steers®, Cohen & Steers Realty Majors®, Realty Majors®, Authoreity®, and The Authoreity® are trademarks of Cohen & Steers Capital Management, Inc.

Cohen & Steers is an equal opportunity employer committed to diversity in the workplace.

Welcome

Select Audience Type:

Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions.

Financial Professional
Institution/ Consultant
Individual Investor

By choosing this option, you acknowledge that you will be shown information on Cohen & Steers funds offered outside the United States. The information is intended only for use by institutional and professional investors outside the United States and their advisors. This information is not intended for retail investors in jurisdictions in which these funds are not authorized for distribution or in which the dissemination of information regarding the funds is not permitted.

You also acknowledge that you will be shown information on Cohen & Steers funds offered inside the United States. These funds have not been authorized for distribution in any country outside the United States and are not available for purchase by non-US persons, who may experience adverse tax consequences as a result of such investment.