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Cohen & Steers exits HCP position in Q1

Cohen & Steers Inc. added five publicly traded U.S. equity real estate investment trusts to its portfolio during the first quarter, while exiting its stake in HCP Inc. The firm also increased its stakes in 32 existing U.S. equity REIT positions and lowered its share count in 39.

Cohen & Steers' U.S. equity REIT holdings were valued at $27.81 billion as of March 31, according to its most recent investor filing.

The firm's largest initiation for the quarter was in casino REIT VICI Properties Inc., valued at $344.9 million at quarter-end.

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Cohen & Steers' sole U.S. equity REIT exit during the quarter was from healthcare REIT HCP Inc., selling roughly 8.6 million shares during the quarter.

Cohen & Steers' greatest exposure by market value was to specialty REITs, which include advertising, casino, communications, data center, prison and other REITs, at 22.1% of its REIT holdings. The residential and office REIT sectors were next, at 21.8% and 15.2%, respectively.

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Cohen and Steers' top three REIT holdings at quarter-end were specialty REITs. Communications REIT Crown Castle International Corp. was the firm's largest REIT holding, valued at $1.50 billion. Data center REITs Digital Realty Trust Inc. and Equinix Inc. followed, valued at $1.42 billion and $1.35 billion, respectively.

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