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August 2019
Cell Towers and Data Centers in the 5G Economy ►

5G wireless network technology is generating a lot of buzz these days about what it might mean for consumer devices, for innovation and for economic growth. These applications are built on infrastructure. Without it, they can’t exist. We talked with senior research analysts Ji Zhang and Humberto Medina to understand the real estate and infrastructure opportunities behind 5G.

August 2019
European Real Estate Securities Come of Age: A Bigger, Broader, More Investable Market

In the 10 years since the global financial crisis, Europe’s real estate securities market has evolved into a more diverse and investable asset class, with access to new and specialized property types coinciding with a shift toward more efficient business models and management practices. Yet we find that many investors underestimate the listed property market’s scale and sophistication despite its track record of superior returns relative to private real estate.

July 2019
Infrastructure REITs Towering Over the 5G Economy

Over the next decade, wireless applications powered by fifth-generation (5G) network technologies are expected to disrupt nearly every sector of the economy, requiring massive investments in communications infrastructure.

We believe cell tower and data center owner-operators will be key beneficiaries of 5G-related spending, providing critical assets to carry economies into the next digital era.

June 2019
Domestic Focus Gives REITs an Edge Amid Trade Wars

We believe REITs are well positioned to defend in a trade war due to their domestic focus, predictable revenues, solid fundamentals and easing pressure from interest rates—but some sectors are likely to feel the effects more than others.

June 2019
Domestic Focus Gives REITs an Edge Amid Trade Wars

We believe REITs are well positioned to defend in a trade war due to their domestic focus, predictable revenues, solid fundamentals and easing pressure from interest rates—but some sectors are likely to feel the effects more than others.

May 2019
Where Is the Illiquidity Premium in Private Real Estate?

Investors allocate to private equity with the expectation of achieving superior returns relative to public-market investments. This approach has generally paid off in corporate private equity with return premiums that have compensated investors for the risk of illiquidity. However, the same cannot be said for real estate private equity.

February 2019
A REIT Defense for the Late Cycle

We believe defensive characteristics, healthy fundamentals and private-market demand have the potential to drive attractive absolute and relative returns for REITs in the shift to late cycle.

February 2019
A REIT Defense for the Late Cycle

We believe defensive characteristics, healthy fundamentals and private-market demand have the potential to drive attractive absolute and relative returns for REITs in the shift to late cycle.

November 2018
The Truth About Non-Traded REITs

Despite recent improvements to non-traded REITs, our analysis shows investors are generally paying higher fees for lower return potential, less liquidity, less diversification and less pricing transparency.

November 2018
Riding a Wave of REIT M&A

Significant demand for commercial property and attractive values in listed real estate companies have driven increasing M&A activity in recent quarters. We expect continued buyout activity to provide potential support for REITs for the foreseeable future.

November 2018
Riding a Wave of REIT M&A

Significant demand for commercial property and attractive values in listed real estate companies have driven increasing M&A activity in recent quarters. We expect continued buyout activity to provide potential support for REITs for the foreseeable future.

November 2018
REITs: Answering the Call for DC Plan Diversification

For fiduciaries looking to enhance diversification in defined contribution plans, we believe REITs can be a simple and effective addition to investment lineups, offering a long track record of benefiting investors and characteristics that may be well suited to the needs of DC plans.

June 2018
Four Strategies for Fighting Inflation

The transition to the later stages of the business cycle calls for creative portfolio solutions to hedge against increased inflation risk. We highlight four ideas: global real estate securities, low-duration preferred securities, global listed infrastructure and multi-strategy real assets.

May 2018
Rising Rents Matter More to REITs Than Rising Rates

Rate hikes get a lot of attention, but for REITs, they're often not the big story. The big stories today are 90 consecutive months of job growth, an 18-year low in unemployment and a strengthening economy, giving landlords greater ability to raise rents. When rents are rising, history shows that REITs can deliver strong returns—despite higher interest rates.

May 2018
Four Strategies for Fighting Inflation

The transition to the later stages of the business cycle calls for creative portfolio solutions to hedge against increased inflation risk. We highlight four ideas: global REITs, low-duration preferred securities, midstream energy and multi-strategy real assets.

March 2018
REITs: Answering the Call for U.K. DC Scheme Diversification

For trustees and providers looking to enhance diversification in defined contribution schemes, we believe REITs can be a simple and effective addition to investment lineups and default strategies, offering a long track record of benefiting investors and characteristics that may be well suited to the needs of DC plans.

September 2017
REITs: Think Local, Invest Global

Since real estate is inherently local, what happens in New York generally has little impact on London, Berlin or Tokyo. By taking a global approach to real estate allocations, investors gain access to different property cycles, economic trends and interest-rate environments. 

June 2017
Acting From Strength

We have long advocated for a more progressive and flexible approach to offensive capital raising by European REITs—one that allows companies to approach value-creating opportunities from a position of strength.

March 2017
Rising Rents Matter More to REITs Than Rising Rates

Rate hikes get a lot of attention, but for REITs, they're often not the big story. The big stories today are 77 consecutive months of job growth, a 9-year low in unemployment and a strengthening economy, giving landlords greater ability to raise rents. When rents are rising, history shows that REITs can deliver strong returns—despite higher interest rates.

October 2016
Rental Only or Broad Property Market

Real estate securities provide the ability to construct a broadly diversified, liquid real estate portfolio with relatively little capital. Investors can implement an allocation that accesses the broad real estate market, including both landlords and developers, or one that focuses on rental businesses. 

September 2016
The Case for Real Estate Securities

Real estate securities provide the benefits of investing in commercial property along with the features of publicly traded stocks. This combination results in a set of attributes that we believe make a compelling case for a strategic allocation to the asset class.

December 2015
Incorporating ESG Factors Into REIT Investing

Asset managers have increasingly incorporated environmental, social, and governance (ESG) issues into their company analysis. We would like to share our perspectives on these issues as a leading investor in listed real estate companies.

August 2014
Introduction to Real Estate Securities

Learn about this unique asset class, including what makes REITs different from other companies, how the global real estate market has evolved and why different types of commercial properties perform the way they do in various economic conditions.

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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.

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