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Cohen & Steers doubles down on Spirit Realty, Host Hotels and Macerich in Q2

Cohen & Steers Inc. purchased more than 4.3 million shares of Spirit Realty Capital Inc. during the second quarter, boosting its stake in the single-tenant retail-focused real estate investment trust by more than 4x, according to the firm's most recent investor filing.

The investment management firm also more than doubled its share count in hotel landlord Host Hotels & Resorts Inc. and regional mall REIT Macerich Co. during the quarter.

Cohen & Steers increased its stake in multifamily REIT Equity Residential by 74.6% during the quarter to more than 6.8 million shares, a position worth roughly $517.2 million at quarter-end, and also boosted its share count in Columbia Property Trust Inc. by 70.1% to 8.2 million shares.

The newest addition to Cohen & Steers' U.S. REIT portfolio was shopping center REIT Acadia Realty Trust. The firm purchased just under 3 million shares of the REIT during the recent quarter, a position worth $81.2 million at June-end.

On the other hand, Cohen & Steers exited its stakes in five U.S.-headquartered REITs during the quarter. The largest exit came in office landlord Cousins Properties Inc., with Cohen & Steers selling off its more than 8.4 million-share position.

The firm also cashed out its positions in shopping center REITs Brixmor Property Group Inc. and Kimco Realty Corp.; office-focused SL Green Realty Corp.; and EPR Properties, which primarily invests in niche assets such as entertainment, recreation and education.

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Cohen & Steers also sold more than 90% of its shares of Life Storage Inc., Ventas Inc., RLJ Lodging Trust, Weingarten Realty Investors and Camden Property Trust.

As of June 30, Cohen & Steers held stakes in 71 publicly traded U.S. REITs, aggregating to more than $31.13 billion in market value.

Cohen & Steers' 2.1% share count increase in healthcare REIT Welltower Inc. bumped it to the firm's top U.S. REIT holding by market value, at $2.13 billion. Welltower's share price also appreciated 5.1% during the quarter.

The firm's next-largest REIT holding at June 30 was data center-focused Equinix Inc., valued at $2.08 billion at quarter-end, followed by self-storage giant Public Storage at $1.92 billion.

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By property sector, Cohen & Steers continued to favor specialty REITs — which include advertising, casino, communications, data center and other specialty REITs — with total holdings in the sector aggregating to $7.87 billion at quarter-end, representing roughly one-fourth of its total U.S. REIT portfolio.

The firm's holdings in U.S.-based residential REITs, meanwhile, totaled $7.09 billion, and its retail REIT holdings summed to $4.22 billion as of June 30.

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