Cohen & Steers adds Xenia Hotels & Resorts to REIT portfolio in Q1

Cohen & Steers Inc.'s total common stock holdings in US real estate investment trusts grew 2.6% in the first quarter to $40.75 billion as of March 31.

Initiations and increases

The New York-based asset manager added five new positions to its US REIT portfolio in the first quarter and increased its existing share count in 24 REIT positions, according to the firm's latest Form 13F filing.

Among the initiations, hotel REIT Xenia Hotels & Resorts Inc. marked the largest by market value at $7.2 million as of March 31. The firm also added healthcare REIT Medical Properties Trust Inc., valued at $5.5 million, along with multifamily-focused Equity Residential, valued at just over $1 million.

The other new positions were hotel REIT Apple Hospitality REIT Inc. and recreation-oriented EPR Properties.

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Cohen & Steers significantly increased its stake in Iron Mountain Inc., going from a small 106 shares the quarter prior to close to 3 million shares valued at $154.8 million.

The firm nearly tripled its share count in communications REIT SBA Communications Corp., valued at $1.12 billion at quarter-end, and more than doubled its stake in casino REIT VICI Properties Inc. to $166.7 million.

Exits and decreases

Cohen & Steers dropped five REIT positions from its investment portfolio during the first quarter and lowered its share count in 22 other holdings.

The largest divestment was shopping center-focused Brixmor Property Group Inc., valued at $39.7 million the quarter prior. Cohen & Steers also sold its remaining stakes in office REITs Boston Properties Inc. and Piedmont Office Realty Trust Inc. as well as in healthcare-focused Sabra Health Care REIT Inc.

During the first quarter, Oak Street Real Estate Capital LLC and GIC Pvt. Ltd. completed their acquisition of Store Capital, in which Cohen & Steers owned 1,031 shares.

Cohen & Steers sold nearly all of its stakes in five REITs during the quarter while retaining a small amount of shares in each. They are healthcare REITs Healthpeak Properties Inc. and Ventas Inc., shopping center landlord Federal Realty Investment Trust, self-storage-focused CubeSmart and hotelier DiamondRock Hospitality Co.

Largest holdings

Industrial REIT Prologis Inc. remained the investment firm's largest US REIT holding by market value, at $4.63 billion, as of March 31.

Healthcare-focused Welltower Inc. and datacenter REIT Digital Realty Trust Inc. were in the second and third spots, valued at $3.18 billion and $3.15 billion, respectively.

By property sector, Cohen & Steers held the largest exposure to residential REITs, valued at $9.32 billion. Within the residential sector, the firm's multifamily REIT holdings totaled $5.14 billion, while its positions in single-family rental REITs summed to $2.91 billion and manufactured home REITs accounted for the remaining $1.27 billion.