WHY COHEN & STEERS

One of the largest, most experienced REIT specialist teams delivers extensive analysis

Direct access to management teams and industry participants is leveraged into value-added investment decisions

One of the first asset managers dedicated to REITs

WHY REITS

Strong historical returns

Since the start of the modern REIT era in 1991, listed real estate has delivered strong absolute and relative returns compared to stocks and bonds

Attractive income and growth potential

REITs tend to pay attractive dividends, offering an alternative source of income

REITs

Access to a diverse and growing global market

The global listed REIT market has evolved substantially over the past decades, providing access to new property types and new markets

Cohen & Steers Global Realty Focus invests in a concentrated and diversified portfolio of REITs and other publicly traded real estate companies around the world. Our strategy offers an effective way to capitalize on the growing securitization of real estate and the historically beneficial investment characteristics of large-scale income-producing properties. With it, we seek to maximize total return with a balance of capital appreciation and current income.

We believe the global real estate markets offer the potential for superior returns based on variations in regional economic and property sector cycles and the diversity of business models. We believe that there will be alpha generation opportunities for well-resourced, disciplined and active managers.

With 22 professionals on its global real estate investment team, Cohen & Steers employs one of the largest and most experienced groups dedicated to global real estate securities, providing competitive market coverage and access to information on listed property investments. We have portfolio managers, research analysts and traders located in key markets, including New York, London and Hong Kong. Our 8 portfolio managers have an average of 22 years of investment experience and have been with the firm for an average of 13 years.

FEATURED INSIGHT

Strong foundations: The case for real estate securities

Listed real estate offers access to high-quality assets with strong growth potential, providing an efficient, liquid vehicle for investors seeking the unique benefits of the asset class.

August 2022 | 37 mins

WHY INVEST WITH US

Delivering value to our clients

Cohen & Steers has been at the forefront of real estate investing for more than 35 years. As the first investment advisor to focus on real estate securities, with a long-standing commitment to the asset class, our top priority is to deliver strong investment performance through our industry-leading real estate securities platform. Our dedication and drive for excellence have allowed us to build a foundation designed to provide sustainable outperformance relative to our peers.

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PORTFOLIO MANAGEMENT

An experienced team

Jon Cheigh

Chief Investment Officer

29 years of experience

Rogier Quirijns

Head of Europe Real Estate

25 years of experience

William Leung

Head of Asia Pacific Real Estate

30 years of experience

Jason A. Yablon

Head of Listed Real Estate

24 years of experience

Mathew Kirschner, CFA

Portfolio Manager, U.S. Real Estate

23 years of experience

Ji Zhang, CFA

Portfolio Manager, Global Real Estate

17 years of experience

Leonard Geiger headshot
Leonard Geiger, CFA

Portfolio Manager, Europe Real Estate

32 years of experience

Dane Garrood

Portfolio Manager, Asia Pacific Real Estate

18 years of experience

+14 analysts and associates

PORTFOLIO SPECIALIST GROUP

Supporting our investment team and clients

Brian Cordes, CAIA

Head of Portfolio Specialist Group

26 years of experience

Evan Serton

Senior Portfolio Specialist

23 years of experience

We believe that publicly traded real estate securities are an attractive way to allocate to real estate. The philosophy that guides our real estate strategies is based on the following principles:

Market inefficiencies may create opportunities

Equity markets tend to be inherently inefficient at pricing real estate fundamentals. Active managers can capitalize on inefficiencies through stock selection by identifying material dislocations between share prices and fundamentals.

Research can deliver a sustainable advantage

As listed real estate specialists, we are highly attuned to changes in property fundamentals, allowing us to trade on information earlier and faster than generalist managers.

Attracting and developing a deep bench of talent is critical to long-term success

A team approach that emphasizes stability, collaboration and continuous improvement fosters a culture of investment excellence, providing the experience and perspective to successfully navigate real estate and stock market cycles.

Local decision-making within a global process

The drivers of real estate fundamentals are inherently local, so there is a benefit to locating analysts on the ground in the regions they cover.

Integrated risk management is paramount

Delivery of superior risk-adjusted returns demands an embedded, comprehensive and multidimensional approach to risk management.

Environmental, social and governance (ESG) analysis is explicitly integrated into our securities analysis and portfolio construction process

We think the deep understanding of ESG risks and policies are critical to unlocking value and mitigating risk.

APPROACH

Our investment process

Our strategy employs a relative-value investment process to identify securities that we believe are mispriced relative to underlying assets (e.g., net asset value, or NAV) and going concerns (e.g., dividend discount model, or DDM) and is designed to generate meaningful and consistent alpha.

Macro research
Our macro research process is based on the following critical factors: the economy, real estate fundamentals, capital markets and the regulatory and political environment.

Model overlay
Portfolio managers generate a standard overlay of economic assumptions that creates a framework around which our analysts can build models to estimate key financial metrics.

Fundamental research
The analysts use fundamental qualitative and quantitative research to generate forward-looking NAVs and DDM estimates for the securities under coverage. The team integrates ESG factors into the research and valuations as an integral aspect of the investment process.

Portfolio construction
Our proprietary valuation model guides portfolio construction. Judgments with respect to risk management, liquidity and other factors overlay the model’s output and drive investment decisions.

The Real Estate Reel

The Real Estate Reel: What data reveals about the recent REIT rally

February 2024 | 5 mins

The worst appears to be behind the listed REIT market, and there is potential for the listed rally to continue. Private real estate, by comparison, is expected to sell off further.

Putting recent commercial real estate debt headlines into perspective

Putting recent commercial real estate debt headlines into perspective

February 2024 | 17 mins

We believe the developments at New York Community Bancorp are not indicative of a systemic CRE debt problem or broader systemic stress across regional banks, but they do deserve some further explanation.

Three reasons to own REITs today

3 Reasons to own listed REITs today

February 2024 | 5 mins

We see compelling evidence to own listed real estate in the current environment.

The Real Estate Reel

The Real Estate Reel: European real estate investing – Three data points we’re watching now

January 2024 | 5 mins

European listed REITs rallied significantly to end 2023, and were up more than 30% over the last two months of the year. However, two key measures of their valuations indicate they still are attractively priced. Watch this month’s Real Estate Reel to find out why the rally occurred and what’s next.

A closer look at the recent rally in listed REITs

A closer look at the recent rally in listed REITs

December 2023 | 8 mins

Listed REITs in November posted their 5th best monthly return ever and have continued to rally in December. We believe this shows sentiment has now turned with the Fed’s recent pivot.

The Real Estate Reel

The Real Estate Reel: Real estate investing in 2024 – Three data points to watch

December 2023 | 7 mins

Commercial real estate prices that continue to decline, a potential rebound in listed REITs, and a commercial real estate debt market that we believe is healthier than many observers think. Watch this month’s Real Estate Reel to find out what these data points mean for our 2024 real estate investing outlook.

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We’d be happy to answer questions about our investment solutions or any corporate-related inquiries.