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

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 make up more than half the U.S. REIT market, making it less cyclical and driven by secular trends

With the Cohen & Steers U.S. Realty Total Return Strategy, we seek to maximize total return, with a balance of capital appreciation and current income, by investing in REITs and other real estate securities with superior growth prospects and attractive valuations. Our 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 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.

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

+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

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.

Integrated risk management is paramount

Delivery of superior risk-adjusted returns demands an embedded, comprehensive and multi-dimensional 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.

Closed-end fund commentary 1Q 2025

April 2025 | 3 mins

Closed-end funds had a market-price return of 3.14% in the first quarter, as measured by the S-Network All Taxable ex- Foreign plus Capped Muni CEF Index1 . By comparison, the S&P 500 Index2 and the Bloomberg U.S. Aggregate Bond Index3 had total returns of –4.27% and 2.78%, respectively.

Tax-smart income alternatives

 Tax-smart income alternatives

April 2025 | 16 mins

Strategies with inherent tax efficiencies may help investors diversify sources of income and potentially keep more of what they earn.

3 Reasons to own real assets today

April 2025 | 4 mins

A diversified blend of real assets can potentially play a vital role in the new regime of higher inflation, higher rates and increased market volatility.

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

Tariffs, volatility and the opportunity in preferred securities

Tariffs, volatility and the opportunity in preferred securities

April 2025 | 3 mins

In a market shaped by tariffs and volatility, we explore how preferred securities are holding up—and where we see opportunity ahead.

3 Reasons to own preferred securities today

3 Reasons to own preferred securities today

April 2025 | 5 mins

We believe an exceptional buying opportunity for preferred securities may exist today.

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