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Cohen & Steers total REIT holdings down over 12% sequentially in Q3

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According to Market Intelligence, December 2022


Cohen & Steers total REIT holdings down over 12% sequentially in Q3

Cohen & Steers Inc.'s total common stock holdings of U.S. real estate investment trusts fell to $39.40 billion in the third quarter, down 12.5% from $45.04 billion in the previous quarter, according to its latest Form 13F filing.

Reduction in majority of top holdings

The New York-based asset manager reduced its holdings in 12 companies out of the top 20 REIT holdings, with American Tower Corp. experiencing the steepest reduction. The specialty communications REIT slipped to the second position after the asset manager reduced its exposure by 21.3% to $2.88 billion.

Public Storage was the largest REIT holding at the end of the quarter, despite Cohen & Steers reducing its exposure by 7.7% to $2.91 billion.

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Cohen & Steers increased its stake in seven of its top 20 REIT holdings during the third quarter, with another specialty communications REIT, Crown Castle Inc., getting the largest stake increase at 64.2% to $1.20 billion.

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Increases and decreases in REIT holdings

Cohen & Steers boosted its share count in STORE Capital Corp. to over 8 million shares for a market value of $265.0 million in the third quarter, the largest stake increase during the quarter.

The asset manager also increased its position in Iron Mountain Inc. to almost 700,000 shares with a market value of $30.5 million, after it decreased its holdings of the information storage REIT the previous quarter.

On the other hand, Cohen & Steers divested more than half of its stakes in three residential REITs: Equity Residential, American Homes 4 Rent and AvalonBay Communities Inc.

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Initiations

During the quarter, the asset manager bought new stakes in five REITs, two of which were healthcare-focused.

A $737.7 million stake in Healthcare Realty Trust Inc. was the largest new purchase for Cohen & Steers, taking the healthcare REIT into the top 20 holdings.

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Property sector exposure

By sector, Cohen & Steers held the largest exposure to residential REITs, accounting for $9.03 billion. The specialty sector followed, a category that includes advertising, casino, communications, data center and timber REITs, with holdings totaling $8.25 billion.

Meanwhile, retail REITs were third on the list with a market value of $6.27 billion.

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Exits

Cohen & Steers exited three positions during the quarter, including a $548.4 million stake in Healthcare Trust of America Inc., which was acquired by Healthcare Realty Trust on July 20. The asset manager also exited its stakes in hotel REITs Sunstone Hotel Investors Inc. and Ryman Hospitality Properties Inc.