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

Market inefficiencies

In pricing real estate fundamentals, market inefficiencies can be exploited through specialized knowledge and comprehensive analysis

Cohen & Steers Global Rental Securities invests in a diversified portfolio of global real estate securities that derive most of their revenue from income-producing real estate properties. We believe the 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.

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.

PORTFOLIO MANAGEMENT

An experienced team

Jon Cheigh

Chief Investment Officer and Head of Global Real Estate

27 years of experience

Rogier Quirijns

Head of Europe Real Estate

24 years of experience

William Leung

Head of Asia Pacific Real Estate

29 years of experience

Jason A. Yablon

Head of U.S. Real Estate

22 years of experience

Mathew Kirschner, CFA

Portfolio Manager, U.S. Real Estate

22 years of experience

Ji Zhang, CFA

Portfolio Manager, Global Real Estate

16 years of experience

Leonard Geiger headshot
Leonard Geiger, CFA

Portfolio Manager, Europe Real Estate

31 years of experience

Dane Garrood

Portfolio Manager, Asia Pacific Real Estate

16 years of experience

+13 analysts and associates

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 tend to be more attuned to changes in property fundamentals, often 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.

A portfolio managers perspective Opportunities in listed infrastructure

ESG: opportunities and challenges within real estate

November 2022 | 6 mins

Environmental, social and governance issues present demonstrable risks and opportunities for real estate. Khalid Husain, Head of ESG, and Jan Willem van Kranenburg, Senior Analyst, discuss how our integrated ESG approach at Cohen & Steers assesses and values these topics as part of our investment approach among different real estate sectors and companies.

Closed-end fund commentary 3Q 2022

October 2022 | 3 mins

Closed-end funds finished the quarter down following persistent inflation and continued talk of monetary policy tightening.

Institutional Investor: The Best Real Estate Returns Come After Recessions

October 2022 | 1 min

Head of Private Real Estate James Corl spoke with Institutional Investor for a feature story on our recent whitepaper and why an optimized real estate portfolio may require access to both listed and private markets.

With Intelligence: Cohen & Steers’ new private RE group eyes discounted retail, office

October 2022 | 1 min

Head of Private Real Estate James Corl spoke to With Intelligence about the Private Real Estate Group’s current market outlook and the opportunities that the team is looking at, including retail, surban office and housing.

Recession and the roadmap for listed and private real estate

September 2022 | 17 mins

We see an economic backdrop that will create an opportunity for strong vintage returns for both listed and private real estate. Both cyclical and secular shifts are likely to create investment opportunities, and we think allocating across both private and listed real estate will be critical.

3 reasons to consider preferreds when rates are rising

September 2022 | 10 mins

Preferred securities have characteristics that can potentially help mitigate the effects of rising interest rates.

Need to contact us?

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