Summary of terms

Summary of terms

CNSREIT terms summary

Key Terms


Investment strategy

Primarily to acquire high quality, income-focused stabilized commercial real estate assets primarily within the United States


Non-listed, perpetual life real estate investment trust (REIT)

Investment guidelines

At least 80% in real estate investments and up to 20% in real estate relates securities, cash and/or cash equivalents

Suitability standards

Available to investors with either (1) a net worth of at least $250,000 or (2) a gross annual income of at least $70,000 and a net worth of $70,000. Additional suitability standards are applicable to investors in certain states

Sponsor / Advisor

Cohen & Steers Private Real Estate Group / Cohen & Steers Capital Management, Inc.

Maximum offering1

$3 billion

Offering price2

  • Each class of shares is sold at the then-current transaction price, which is generally the prior month’s NAV per share for such class, plus applicable upfront selling commissions and dealer manager fees
  • NAV per share, which will generally be equal to our transaction price, will generally be available within 15 calendar days of month end
  • Transaction price will be available on and in prospectus supplements

Minimum initial investment3

  • $2,500 per investor for Class F-D, F-T, F-S, D, T and S shares; $1,000,000 for Class F-I and I shares
  • $500 minimum for subsequent investments

Target leverage

50-65% (may vary based on market conditions)

Sponsor commitment

$125 million


Monthly purchases as of the first calendar day of each month; subscription requests must be received at least five business days prior to the first calendar day of the month

NAV Frequency



  • Monthly
  • Distributions are not guaranteed and may be funded from sources other than cash flow from operations, including the sale of or repayments under our assets, borrowings, return of capital or offering proceeds (including from sales of our common stock or Operating Partnership units to the Special Limited Partner (each term as defined in the prospectus), and distributions may also be funded at least in part, indirectly, due to expenses paid on our behalf by the Advisor pursuant to the Expense Limitation and Reimbursement Agreement, which may be subject to reimbursement to the Advisor, and other temporary waivers or expense reimbursements to the Advisor or its affiliates, that may be subject to reimbursement to the Advisor or its affiliates. We have no limits on the amounts we may pay from such sources.

Share Repurchase Plan

  • Monthly repurchases will be made at the transaction price, which is generally equal to our prior month’s NAV
  • Shares not held for at least one year will be repurchased at 95% of that month’s transaction price
  • Total repurchases are limited to 2% of aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and 5% of aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months)
  • Repurchase requests must be received in good order by the second to last business day of the applicable month
  • We are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion

The share repurchase plan is subject to other limitations and our board may make exceptions to, modify or suspend the plan

Tax Reporting

Form 1099-DIV

Advisor Fees

Key Terms


Management Fee4

  • Founder share class: 1.00% of NAV, payable monthly
  • Common share class: 1.25% of NAV, payable monthly

Performance Participation

10% of the annual Total Return, subject to a 6% annual Hurdle Amount and a High Water Mark, with a Catch-Up (each term as defined in the prospectus)

Management Fee Waiver and Expense Cap

  • The Advisor has agreed to waive its management fee for 12 months following the date of effectiveness
  • The Advisor has agreed to waive its fees or reimburse expenses of the Fund so that certain of the Fund’s expenses will not exceed 0.50% of net assets (annualized)

Share class specific fees
Dealer manager feesStockholder Servicing
Fees (per annum,
payable monthly)
Class I, F-IThrough fee-based (wrap) programs, registered investment advisors, and other institutional and fiduciary accounts$1,000,000NoneNoneNone
Class D, F-DThrough fee-based (wrap) programs, registered investment advisors, and other institutional and fiduciary accounts$2,500Up to 1.5%None0.25%
Class S, F-SThrough transactional/brokerage accounts$2,500Up to 3.5%None0.85%
Class T, F-TThrough transactional/brokerage accounts$2,500Up to 3.5%0.50%0.65% financial professional

0.20% dealer

How can I invest in CNSREIT?

CNSREIT is only sold through select financial professionals and is not offered directly to investors. Please contact your advisor for more information.

How often can I invest?

CNSREIT accepts subscriptions monthly.

When can I redeem my shares?

Monthly, however, there are limitations on the number of repurchases we may make in a given month or quarter, and we may choose to repurchase only some, or even none, of shares submitted for repurchase.

What is CNSREIT’s redemption policy?

Redemption limits are a feature of NTRs designed to protect funds from having to liquidate significant real estate holdings at discounted prices or materially boost leverage in response to high redemption requests. NTRs are intended only for investors with the financial means to hold their investments for relatively long periods of time, including during times of market stress and illiquidity.

CNSREIT’s redemption policy is similar the broader NTR market, with monthly liquidity up to 2% and 5% over one quarter. Like other REITs in the market, CNSREIT has the ability to exceed the monthly and quarterly repurchase limits subject to board approval.

What are CNSREIT’s fees?

For more information, please see our summary of terms or review the prospectus. To determine what share classes are available to you, and the associated fees, please discuss with your advisor.

What is CNSREIT’s valuation policy?

Unlike some peers who start with their own monthly valuations, CNSREIT begins with a third-party Independent Valuation Advisor’s appraisal for each property monthly. The valuations are then reviewed by Cohen & Steers.

On an annual basis, properties are appraised by a separate third-party appraisal firm. These annual appraisals will then be reviewed by the primary Independent Valuation Advisor, before being reviewed by Cohen & Steers.

What paperwork do I need to fill out to invest?

Your advisor will provide you with a print or digital subscription kit.

How often will I get an account statement?


How can I sign up to receive account information via e-delivery instead of hard copies?

Existing investors can register for online access and manage their preferences through our log in page. If you have any problems, please call Investor Relations at 855-400-5947 or your advisor.

Can I get email alerts for CNSREIT updates?

Yes. For our latest news, insights and materials, subscribe to CNSREIT alerts.

What is the tax reporting for CNSREIT?

Around January 31st shareholders will receive Form 1099-DIV which will provide details on how to report the distributions that were paid during the calendar year for Federal income tax purposes. Additionally, shareholders will receive Form 1099-B providing details regarding shares of CNSREIT that were sold during the year.

How can I learn more about CNSREIT’s tax treatment?

For information specific to your tax situation, be sure to consult with your advisor.

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