Cohen & Steers ramps up stake in Medical Properties Trust in Q2 2023

Cohen & Steers Inc.'s total common stock holdings in US real estate investment trusts grew another 3.0% sequentially in the second quarter to $41.98 billion as of June 30.

Initiations and increases

The New York-based asset manager added four new positions to its US REIT portfolio in the second quarter, according to the firm's latest Form 13F filing.

The largest new addition was W. P. Carey Inc., a diversified REIT, valued at $100.0 million as of June 30. Other initiations during the second quarter included healthcare REIT Omega Healthcare Investors Inc., valued at $3.1 million, along with industrial REIT EastGroup Properties Inc. and shopping center-focused Regency Centers Corp., valued at $2.8 million and $1.3 million, respectively.

Apart from the newly added positions, Cohen & Steers also increased its existing share count in 23 REIT positions.

The firm significantly increased its share count in healthcare REIT Medical Properties Trust Inc., going from 667,542 shares owned as of March 31 to more than 46 million as of June 30, valued at $427.1 million.

Cohen & Steers ramped up its stake in experiential net lease REIT EPR Properties, going from just 74 shares owned the quarter prior to 617,453 at the end of the second quarter, valued at $28.9 million.

The REIT also more than doubled its stakes in data storage-focused Iron Mountain Inc. and multifamily REIT Essex Property Trust Inc.

Exits and decreases

On the other hand, Cohen & Steers sold nearly all of its shares in self-storage REIT CubeSmart in the second quarter, along with about 80% of its stake in industrial REIT Rexford Industrial Realty Inc.

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Additionally, the firm sold all 41,030 of its shares in hotel REIT Apple Hospitality REIT Inc. during the quarter, along with its remaining shares in hotel REIT DiamondRock Hospitality Co. and shopping center-focused Federal Realty Investment Trust.

Largest holdings

As of June 30, Cohen & Steers held stakes in 52 US REITs, valued at $41.98 billion in total.

Industrial REIT Prologis Inc. remained the firm's largest REIT holding by market value as of June 30, valued at $4.39 billion.

Datacenter REIT Digital Realty Trust Inc. and healthcare REIT Welltower Inc. placed in the second and third spots, valued at $3.40 billion and $3.07 billion, respectively.

Cohen & Steers held the highest exposure to the specialty REIT sector, valued at $10.17 billion. Within the specialty sector, its holdings in datacenter REITs aggregated to $5.22 billion, while its communications REIT holdings summed to $4.13 billion.

The firm held $9.96 billion worth of stock in residential REITs, followed by $7.67 billion worth of retail REITs.