Cohen & Steers REIT Acquires Va. Shopping Center, Reports 0.48% Total NAV Increase

Cohen & Steers Income Opportunities REIT Inc., a non-traded net asset value real estate investment trust focused on income-generating real estate, reported a total net asset value of approximately $207.84 million as of Sept. 30, 2025, a 0.48% increase from the previous month’s approximate $206.85 million. The company also announced the acquisition of Rio Hill Shopping Center, a grocery-anchored open-air shopping center in the Charlottesville, Va., market.

The acquisition was made through a programmatic joint venture with Phillips Edison & Company (Nasdaq: PECO), a publicly-traded owner and operator of grocery-anchored U.S. neighborhood shopping centers. This is the REIT’s third acquisition with PECO and seventh open-air shopping center in the portfolio.

The purchase price was not disclosed.

Rio Hill Shopping Center is a 288,000 square foot open-air shopping center. Located five miles northeast of downtown Charlottesville, the company said the property is grocery-anchored and leased to desirable retailers including Kroger and two TJX Cos concepts.

“We believe Rio Hill Shopping Center is a high-quality property in a growing submarket with an extremely strong grocery store and likewise strong inline tenancy, making it a welcome addition to [Cohen & Steers Income Opportunities REIT’s] growing portfolio of necessity-driven shopping centers. Not every college town will be a winner going forward as higher education enters consolidation mode. But the University of Virginia is definitely on the winning side of the trade, and Charlottesville is the beneficiary,” said James S. Corl, chief executive officer of the REIT and head of the private real estate group at Cohen & Steers.

The property is located in the affluent and growing Rio submarket, which has a three-mile median household income of $81,000. It also benefits from the broader Charlottesville market, which since 2015 has seen population growth above the national average and cumulative median household income growth of 52%, according to the 2024 American Community Survey.

In other REIT news, the transaction price for each share class of its common stock for subscriptions accepted as of Nov. 1, 2025 (and repurchases, if applicable, as of Oct. 31) was $11.21 for Classes T, S, D, I, F-T, F-S, and F-D; and $11.00 for Class F-I. This was a 0.36% decrease from the previous month’s $11.25 for Classes T, S, D, I, F-T, F-S, and F-D; and a 0.36% decrease from the previous month’s $11.04 for Class F-I.

As of Sept. 30, the REIT had no shares outstanding for Classes T, S, D, F-T, F-S, and F-D. As a result, the transaction price for each class of shares is based on the NAV per share for Class I shares.

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 Oct. 14, 2025, it has issued and sold 1.27 million shares of common stock for total proceeds of $13.85 million and 17,208 shares of common stock pursuant to its distribution reinvestment plan for a total value of $0.19 million. As of Sept. 30, the REIT has 18.15 million shares of common stock outstanding.

In mid-September, the REIT announced plans to expand its investment offerings and conduct a private offering of five new classes of common stock. The REIT’s board of directors authorized and designated five new classes: Class B, Class R-I, Class R-S, Class M-I, and Class M-S.

According to investment banking firm Robert A. Stanger & Company Inc., the REIT emerged as the top one-year performer among all NAV REITs with a one-year total return of 12.7% through the second quarter of 2025.

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.

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