Cohen & Steers Income Opportunities REIT Inc., a non-listed real estate investment trust sponsored by investment management firm Cohen & Steers (NYSE: CNS), reported that its total net asset value increased in value by approximately 3.5% month-over-month. The NAV was approximately $71.7 million at the close of October 2024 and $69.3 million at the close of September 2024.
The transaction price for each class of common stock for subscriptions accepted as of Dec. 1, 2024 (and repurchases as of Nov. 30) is as follows:
Class T, Class S, Class D, Class I, Class F-T, Class F-S, and Class F-D shares had a NAV per share of $10.93, compared to $10.65 the previous month, an increase of nearly 2.63%.
Class F-I shares had a NAV per share of $10.91, compared to $10.61 the previous month, an increase of approximately 2.83%.
Class P shares had a NAV per share of $11.10, compared to $10.77 the previous month, an increase of approximately 3.06%.
As of Oct. 31, the REIT had no Class T, S, D, F-T, F-S, or F-D shares outstanding. As a result, the transaction price for each of these classes was based on the NAV per share for its Class I shares. As of the end of October, the REIT had not sold any Class P share as part of its public offering.
The REIT had approximately 6.46 million shares outstanding at the end of October.
The company is currently offering on a continuous basis up to $3 billion in shares of its common stock, consisting of up to $2.4 billion in shares in its primary offering and up to $0.6 billion in shares pursuant to its distribution reinvestment plan. As of its Nov. 12 filing, the REIT has issued and sold 37,906 shares of its common stock for total proceeds of $0.4 million and 577 shares of its common stock pursuant to its distribution reinvestment plan for a total value of $0.006 million.
As of a filing dated Nov. 13, the REIT had issued approximately 6.3 million Class P shares of its common stock to accredited investors and Cohen & Steers capital Management Inc., the REIT’s external adviser.
The shares were issued at a price of $11.10 per share, the aforementioned Oct. 31 NAV per share, raising nearly $70 million. Approximately half of the shares were allocated to the adviser as part of its commitment to invest $125 million in the company’s common stock. The private placement was exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and Regulation D.
Earlier this fall in a joint acquisition with The Sterling Organization, the REIT announced a purchase agreement for a $127 million, 231,700-square-foot power center in San Mateo, Calif. The deal, expected to close this year, is subject to closing costs, customary prorations, and escrow arrangements.
Cohen & Steers Income Opportunities REIT Inc. is a perpetual-life, non-listed REIT formed to invest primarily in high-quality, income-focused, stabilized properties within the United States. The REIT is externally managed by Cohen & Steers Capital Management Inc., a subsidiary of Cohen & Steers Inc.
Cohen & Steers, founded in 1986, is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. The firm is headquartered in New York City with offices in London, Dublin, Hong Kong, Tokyo, and Singapore.
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