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 market

Alternative property types comprise more than half the U.S. REIT market, making it less cyclical and more driven by secular trends

Cohen & Steers Real Estate Completion invests in alternative sectors of the real estate market, customized to complement an investor’s existing core private real estate holdings, and provides broader real estate exposure including access to newer economy and non-traditional property types. With it, we seek to deliver capital appreciation and income.

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 eight 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 and Head of Global Real Estate

28 years of experience

Jason A. Yablon

Head of U.S. 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

+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

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: 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.

Putting the recent selloff in U.S. listed REITs into perspective

Putting the recent selloff in U.S. listed REITs into perspective

October 2023 | 10 mins

We’ve argued over the course of this year that markets presented attractive entry points for listed real estate. Recent declines in listed REIT valuations, driven by macroeconomic uncertainty, do not alter this view.

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.

How will AI shape the real estate investing landscape

How will AI shape the real estate investing landscape?

October 2023 | 15 mins

Artificial Intelligence is a transformative technology that we believe will be a net positive for real estate, though it has the potential to create both winners and losers across the investing landscape.

Plan asset diversification: Why real estate

September 2023 | 6 mins

Low correlations to stocks and bonds and other investment features can make REITs a prudent investment alternative for defined contribution plans.

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.

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