WHY COHEN & STEERS

Building

Vast experience with more than 35 years of alpha generation in listed U.S. real estate and 18 years in global real estate

Team

A dedicated private real estate group with senior team members who have worked together for 12 years

Analysis

Access to differentiated information such as proprietary private and pre-IPO deal flow

WHY PRIVATE REAL ESTATE

House

Significant secular shifts in real estate usage patterns

Changing housing needs, technological innovation and cost-of-living differences are driving the greatest shift in real estate utilization since the 1950s

Superior return vintages tend to follow cyclical bottoms

The best returns in real estate have historically been in vintages that follow economic recessions and corrections

Return of inflation

Real estate has historically delivered strong returns during inflationary periods, with cash flow growth typically keeping pace with or exceeding inflation

The Cohen & Steers Private Real Estate Group (PRE Group) was established as a strategic extension of the firm’s expertise in listed real estate, allowing us to enhance its range of real estate strategies as well as its ability to provide clients with bespoke investment solutions by accessing the $15 trillion private real estate market in the United States.

The PRE Group capitalizes on the deal sourcing and execution capabilities of the firm’s established private and listed real estate investment teams to seek attractive risk-adjusted returns.

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 investment advisors 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

James Corl
James Corl

Head of Private Real Estate

34 years of experience

Tony (Anthony) Corriggio
Anthony Corriggio

Portfolio Manager, Private Real Estate

26 years of experience

Hamid Tabib

Head of Real Estate Acquisitions, North America

18 years of experience

Joshua Silverman
Joshua Silverman

Principal, Acquisitions

12 years of experience

Jon Rhoden
Jon Rhoden

Vice President, Private Real Estate

8 years of experience

+1 analysts and associates

Cohen & Steers’s philosophy is to seek superior risk-adjusted returns by farming both efficient markets, which rely heavily on niche strategies, and inefficient markets, which others view as too complex or burdensome. The investment strategy is based on three related tenets:

Exploitation of inefficiencies

Capitalizing on informational advantages to identify micromarket imbalances and secure investments on favorable terms.

Value-added executions

Creating capital appreciation opportunities through repositioning, restructuring, development and intensive management.

Cautious contrarianism

During economic downturns or secular changes, investing in out-of-favor sectors or markets to exploit capital or product misalignments.

The PRE Group has deep experience in sourcing, underwriting and executing investment opportunities, leveraging a robust network of best-in-class regional and sector-specific operating partners. The group seeks to invest in thematic opportunities that may appear mispriced and thus may provide a desirable risk–reward ratio.

We expect to gain access to proprietary deal flow resulting from our industry-leading global real estate platform and deep relationships. This includes access to entity-level pre-IPO and PIPE deals in addition to direct private equity real estate transactions. Entity-level deal flow is viewed as a differentiator versus other private equity managers.

APPROACH

Our investment process

The PRE Group invests using a value-oriented approach that seeks to identify opportunities with high-quality fundamentals and potential for attractive long-term growth.

Uncover themes
We identify relevant demographic and economic trends and determine key real estate sectors and geographies that may be poised to benefit.

Determine value
We combine top-down and bottom-up research of sectors and idiosyncratic opportunities to establish expected valuation metrics for various sectors and geographies. We also determine investment sectors that appear mispriced or have the most desirable risk/reward paradigm.

Select and structure opportunity
We structure acquisitions to effectively access target real estate including asset-level and programmatic joint ventures, recapitalizations and portfolio or entity transactions. We capitalize acquisitions with appropriate and attractive debt financing.

The Real Estate Reel

The Real Estate Reel: The listed REIT selloff, valuations, and the private CRE correction

November 2023 | 4 mins

We see a regime change in what’s driving the recent listed REIT selloff. REIT valuations appear cheap. And the pattern in the decline in private real estate is reminiscent to what occurred in the wake of the 1990s S&L crisis, indicating the selloff and recovery could be a slow grind. Watch this month’s Real Estate Reel to find out what these data points mean for real estate investing.

The Real Estate Reel

Real Estate Reel: We’re watching institutional allocations, CRE debt and property price disconnects

October 2023 | 4 mins

Institutional investors have increased their allocations to real estate, CRE debt delinquency rates are increasing but remain relatively low, and CRE valuations are down more than 16% so far this year. Watch this month’s Real Estate Reel to find out what these data points mean for real estate investing.

The Real Estate Reel

The Real Estate Reel: Three data points actually driving real estate investing today

September 2023 | 4 mins

Welcome to The Real Estate Reel from Cohen & Steers where we provide three insights on real estate investing in three minutes each month.

Recent CRE transactions signal listed REIT strength

Recent CRE transactions signal listed REIT strength

August 2023 | 6 mins

Listed REITs are now in a position to provide liquidity to the broader commercial real estate market.

As private real estate sells off, our conviction in REITs grows

As private real estate sells off, our conviction in REITs grows

June 2023 | 24 mins

Recent market events, including a downturn in private real estate, give us greater conviction in our analysis showing favorable entry points emerging for global listed REITs.

Private real estate entry points emerging amid selloff

Private real estate entry points emerging amid selloff

June 2023 | 20 mins

A 12-year investment cycle fueled by historically low rates is coming to an end as private real estate reprices

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