Business Context and Reporting Period
This Form 13F-HR filing reports the securities holdings of Cohen & Steers Capital Management, Inc. as of the reporting period ending December 31, 2004. The filing discloses long positions in equity and preferred securities, primarily focused on the real estate and utility sectors.
Key Financial Metrics
The filing provides a snapshot of portfolio composition rather than the firm's operational financials (revenue, profit, or cash flow). Key portfolio metrics include:
- Total Holdings Reported: 137 data records.
- Portfolio Composition: Heavily concentrated in Real Estate Investment Trusts (REITs), including residential, retail, office, and healthcare properties, alongside utility companies.
- Top Holdings by Value (x$1,000):
- Equity Office Properties: $15,455,115
- Host Marriott: $13,969,382
- Archstone-Smith Tr.: $11,604,164
- Ventas Inc.: $10,630,941
- Arden Realty: $9,347,886
- Voting Authority: The firm reported "Sole" voting authority for the vast majority of positions, with some "Shared" authority noted for specific issuers.
Material Changes
Not Applicable: As a Form 13F-HR, this document is a static snapshot of holdings at a specific point in time. It does not contain comparative data against the prior quarter or year, nor does it detail transaction activity (buys/sells) during the period.
Guidance, Outlook, and Risks
Not Applicable: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, risk factors, or contingency plans. The filing lists 15,432,311 shares/units held in total across the reported securities.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column, noting that the filing lists values in thousands.
- Confirm the concentration risk by analyzing the percentage of the portfolio held in the top 10 issuers (e.g., Equity Office, Host Marriott, Archstone-Smith).
- Review the "Voting Authority" section to distinguish between positions held with "Sole" versus "Shared" discretion.
- Check for any "Other" managers listed on whose behalf the report is filed (the summary indicates "1 OTHER MANAGER").
- Validate that the CUSIP numbers correspond to the correct security classes (Common vs. Preferred) for accurate valuation.