Cohen & Steers Income Opportunities REIT has bought two open-air shopping centers for a combined $92.3 million. CNSREIT’s second public offering of up to $3 billion launched Jan. 30. Through Oct. 13, it has raised $21.6 million. One of those numbers is not like the other.
The REIT acquired Manchester Village in Rock Hill, S.C., for $32.5 million. It closed on Grand Canyon Crossing in Phoenix for $59.8 million on Sept. 25. CNSREIT’s total net asset value rose about 5% to $391.5 million as of Sept. 30 from $373 million as of Aug. 31.
I read this as a nontraded REIT scaling through private capital while its public fundraising barely registers.
Class P, Class B, Class R-I, Class R-S, and Class M-I shares, which are not offered to the public, made up about $350.7 million, or nearly 90%, of total NAV at Sept. 30. Class P shares alone accounted for $299.6 million.
The REIT began issuing Class P shares to accredited investors and its adviser in 2024. On Oct. 1, it sold about $16.6 million in Class B, Class R-I, Class R-S, and Class M-I shares in an unregistered offering. The REIT has not yet sold any Class T, Class S, or Class D shares.