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, with yields currently well above those of stocks and bonds

REITs

Access to a diverse and growing global market

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

Cohen & Steers International Real Estate Securities invests in a portfolio of REITs and other real estate securities across Asia Pacific, Europe and Canada, with opportunistic allocations to emerging markets, that we believe offer superior growth potential and attractive valuations. This 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 international markets offer the potential for superior returns based on variations in regional economic and property sector cycles, the diversity of business models, the lack of uniform reporting and disclosure standards and the growing quality of real estate and securitization in many countries. We believe that alpha generation opportunities exist for well-resourced, disciplined and active managers.

With 22 professionals on the 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.

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 one of the first asset managers dedicated to REITs, 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

28 years of experience

Rogier Quirijns

Head of Europe Real Estate

24 years of experience

William Leung

Head of Asia Pacific Real Estate

30 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

17 years of experience

Ji Zhang, CFA

Portfolio Manager, Global Real Estate

17 years of experience

+6 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

22 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 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.

Three reasons to own REITs today

3 Reasons to own Listed REITs today

October 2024 | 5 mins

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

The Real Estate Reel: Where are we in the private real estate cycle?

The Real Estate Reel: Where are we in the private real estate cycle?

September 2024 | 5 mins

Rising listed REIT valuations, troughing private commercial real estate prices, and rising CRE debt distress are sending a signal that there may be a light at the end of the tunnel for the broader CRE markets.

A new market regime for REITs

August 2024 | 6 mins

A regime shift to lower rates is a favorable backdrop for REITs, in our view.

August Real Estate Reel

The Real Estate Reel: The potential benefits of blending listed REITs and private CRE

August 2024 | 11 mins

Adding listed REITs at certain levels to a private real estate allocation has been shown to increase performance, reduce volatility, and limit drawdowns.

The Real Estate Reel: Is office as problematic as you think?

The Real Estate Reel: Is office as problematic as you think?

July 2024 | 15 mins

Office is not a very big part of the commercial real estate market. Bank exposure to office is also a lot lower than the media headlines would suggest. And newer buildings are actually still seeing strong demand.

The Real Estate Reel: What’s actually driving listed REIT returns

The Real Estate Reel: What’s actually driving listed REIT returns

June 2024 | 4 mins

While real rates are driving listed REITs performance so far this year, a function of the market now pricing in one to two interest rate cuts this year, we believe the market has become preoccupied with the timing and magnitude of interest rate cuts.

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