Cohen & Steers, Inc. reports developments for a global investment manager focused on real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities and multi-strategy solutions. Company news commonly covers quarterly operating results, preliminary assets under management and net flows, cash dividends on common stock and leadership or distribution organization changes.
Updates also include changes to Cohen & Steers realty indexes, such as the Global Realty Majors Portfolio Index and International Realty Majors Portfolio Index, and notices tied to Cohen & Steers closed-end fund distribution policies.
Cohen & Steers (NYSE: CNS) has announced upcoming modifications to its Global Realty Majors Portfolio Index (GRM) and International Realty Majors Portfolio Index (IRP), effective November 15, 2024. The changes include adding Charter Hall Group (CHC.AU) and removing Daiwa House REIT Investment Corp. (8984.JP) from both indexes. Additionally, Big Yellow Group Plc (BYG.LN) and Cofinimmo SA (COFB.BB) will be removed from the IRP. These indexes are free-float adjusted, modified market capitalization-weighted, and are quoted intraday on the Chicago Mercantile Exchange.
Cohen & Steers (NYSE: CNS) has appointed Karen Wilson Thissen to its Board of Directors, including positions on the Audit, Compensation, and Nominating and Corporate Governance Committees. Thissen currently serves as General Counsel and Secretary of General Mills, and previously held the position of Executive Vice President and General Counsel at Ameriprise Financial from 2017 to 2022. The company's leadership highlighted her extensive experience in wealth management and executive leadership at S&P 500 companies as valuable assets for strategic development and shareholder value creation.
Cohen & Steers (NYSE: CNS) has announced its fourth quarter 2024 dividend. The company's Board of Directors has declared a cash dividend of $0.59 per share of common stock. The dividend will be paid on December 2, 2024 to stockholders of record at the close of business on November 18, 2024.
Cohen & Steers REIT and Preferred and Income Fund (NYSE: RNP) announced its October 2024 distribution details. The Fund's current distribution of $0.1360 per share comes entirely from net investment income. Year-to-date through September 30, 2024, the Fund achieved a 16.98% cumulative total return with a 5.93% cumulative distribution rate. The Fund's five-year average annual total return ending September 30, 2024, stands at 6.79%, with a current annualized distribution rate of 7.12%. The Fund operates under a managed distribution policy implemented in December 2017 to deliver long-term total return potential through regular monthly distributions.
Cohen & Steers Total Return Realty Fund (RFI) has announced its October 2024 distribution details. The Fund's current distribution of $0.0800 per share comprises 17.13% from net investment income and 82.87% from net realized long-term capital gains. Year-to-date distributions total $0.8000 per share, sourced from net investment income (29.51%), short-term capital gains (14.26%), long-term capital gains (52.68%), and return of capital (3.55%). The Fund's year-to-date cumulative total return through September 2024 is 13.52%, with a current annualized distribution rate of 7.52% and a five-year average annual total return of 5.96%.
Cohen & Steers Quality Income Realty Fund announces its October 2024 distribution details. The Fund maintains a managed distribution policy implemented in December 2012 to deliver long-term returns through monthly distributions. The current distribution of $0.0800 per share comprises 12.38% from net investment income and 87.62% from net realized long-term capital gains. The Fund's year-to-date cumulative total return through September 30, 2024, is 17.76%, with a cumulative distribution rate of 5.52%. The Fund's five-year average annual total return ending September 30, 2024, stands at 7.23%, with a current annualized distribution rate of 6.63%.
Cohen & Steers Infrastructure Fund (UTF) announced its October 2024 distribution details and year-to-date performance. The Fund's October distribution of $0.1550 per share comprises 36.32% net investment income, 39.10% short-term capital gains, 19.16% long-term capital gains, and 5.42% return of capital. The Fund's year-to-date cumulative total return through September 30, 2024, was 19.95%, with a current annualized distribution rate of 7.19%. The Fund maintains a managed distribution policy implemented in March 2015 to deliver long-term total returns through regular monthly distributions.
Cohen & Steers Closed-End Opportunity Fund announced its October 2024 distribution details. The Fund maintains a managed distribution policy implemented in December 2021 to deliver long-term total returns through monthly distributions. The current distribution of $0.0870 per share comprises 36.09% from net investment income and 63.91% from return of capital. Year-to-date through September 30, 2024, the Fund reported a cumulative total return of 21.24% and a five-year average annual total return of 7.59%. The current annualized distribution rate stands at 8.52% based on NAV.
Cohen & Steers (NYSE: CNS) and DLC have jointly acquired Springfield Commons, a 119,085 square foot open-air shopping center in Springfield, Virginia. Located 15 miles west of Washington, D.C., the property is currently 78% occupied by tenants including Pure Gym, Old Navy, Pure Hockey, and Staples, with expectations to reach 98% occupancy short-term. The center is shadow anchored by Virginia's most visited Home Depot.
The retail submarket shows strong performance with 96.9% occupancy and 3.3% year-over-year rent growth, exceeding national averages of 95.7% and 2.9%. Open-air shopping centers currently maintain their highest occupancy level in 16 years and were the best performing private core real estate sector in 2023.
Cohen & Steers (NYSE: CNS) and Acadia Realty Trust have formed a joint venture to acquire The Walk at Highwoods, a 141,000 square foot open-air shopping center in Tampa, Florida. The fully occupied center features national retailers including HomeGoods, Michael's, and Dunkin'. Located in a high-growth suburban area, the property benefits from Tampa's strong economic growth, favorable tax environment, and expanding technology and financial sectors. The local market shows impressive metrics with 6.4% retail rent growth over the last 12 months and a low 2.3% vacancy rate. Open-air shopping centers nationally are at 95.7% occupancy, their highest level in 16 years.