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Cohen & Steers boosts stake in GGP in Q2'17

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Cohen & Steers boosts stake in GGP in Q2'17

Cohen & Steers Inc. added four new U.S. real estate investment trust positions during the second quarter, while exiting seven real estate company positions. The firm also increased its stakes in 37 existing SNL-covered real estate positions, while decreasing ownership in 33.

Cohen & Steers' REIT and property company holdings were valued at $31.84 billion as of June 30, according to its most recent investor filing.

The asset manager's largest initiation during the second quarter was a stake in EPR Properties, valued at $197.8 million as of June 30.

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Cohen & Steers acquired more than 20 million shares of GGP Inc. during the quarter, its largest increase. The firm also more than quadrupled its share count in Extended Stay America Inc. and more than tripled its share count in Regency Centers Corp. during the quarter.

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The asset manager sold its stake in seven companies. By share count, the largest disposition was the sale of 53,658,817 shares in Spirit Realty Capital Inc.

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Cohen & Steers decreased its position in Paramount Group Inc. by 82.85%, the largest percentage decrease of the quarter, and decreased its position in CubeSmart and Life Storage Inc. by 71.01% and 70.02%, respectively.

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As of June 30, Cohen & Steers' largest holding by market value was in Simon Property Group Inc., at $1.88 billion. The firm also held a $1.57 billion stake in Equinix Inc., as well as a $1.56 billion stake in UDR Inc.

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By sector, Cohen & Steers' greatest exposure by market value was in office real estate companies, at 18.15%. The multifamily and data center sectors followed at 16.16% and 10.77%, respectively.

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Click here to view Cohen & Steers' institutional holdings. Company filings, including the Form 13F, can be found through the documents tab on a company's Briefing Book page.