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

Dramatic sector growth

Next-generation sectors have grown on the back of secular growth drivers, such as increased data usage, and now represent over half of the total market cap of the U.S. REIT market

Attractive income and growth potential

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

More attractive historical returns

Next-generation real estate sectors, in aggregate, have historically delivered more attractive returns with lower volatility than traditional core real estate sectors over the long term

Cohen & Steers Next-Generation Real Estate Securities invests in real estate sectors we think are poised to thrive amid the growth in e-commerce and demand for property to support the digital economy as well as sectors that can capitalize on the changing residential needs of key demographic cohorts such as baby boomers and millennials. 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. With it, we seek to maximize total return with a balance of capital appreciation and income.

Non-core real estate sectors make up more than 50% of the total market capitalization of the U.S. REIT market. These sectors have grown dramatically on the back of supportive secular growth drivers such as increased data usage and the transformation of the logistics value chain. Non-core real estate sectors in aggregate have historically delivered more attractive returns with lower volatility than traditional core real estate sectors over the long term.

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 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

President and Chief Investment Officer

29 years of experience

Jason A. Yablon

Head of Listed Real Estate

25 years of experience

Mathew Kirschner, CFA

Portfolio Manager, U.S. Real Estate

24 years of experience

Ji Zhang, CFA

Portfolio Manager, Global Real Estate

18 years of experience

Harrison Klein, CFA

Portfolio Manager, Listed Real Estate

11 years of experience

+5 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

26 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, 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.

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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.

How a REIT allocation can extend retirement savings

How a REIT allocation can extend retirement savings

May 2025 | 5 mins

Most defined contribution investors are overlooking real estate, and missing out on its powerful portfolio benefits. Historical data shows that adding a permanent real estate investment trust (REIT) allocation can benefit investors in meaningful ways.

RE Reel | REITs offer a potential haven amid tariff-induced uncertainty | May 2025

REITs offer a potential haven amid tariff-induced uncertainty

May 2025 | 4 mins

How tariff pressures could affect U.S. listed real estate, which real estate sectors face the most headwinds, and why strong fundamentals put REITs on relatively solid ground amid volatility.

The strong performance of towers and the unique drivers of their resilience

The strong performance of towers and the unique drivers of their resilience

April 2025 | 3 mins

The top-performing U.S. REIT sector this year even in the wake of recent market volatility. Favorable supply and demand dynamics. And historically low valuations.

Three reasons to own REITs today

3 Reasons to own Listed REITs today

April 2025 | 4 mins

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

Capital Market Assumptions

Capital Market Assumptions

March 2025 | 22 mins

Expected returns for the next 10 years amid elevated inflation and resilient global growth

The drivers of listed real estate’s strong start to the year

The drivers of listed real estate’s strong start to the year

March 2025 | 9 mins

The absolute performance of listed REITs, their relative performance to the broader market and the drivers of the positive returns.

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