CNSREIT-AR-2024 Final - Flipbook - Page 136
Share Repurchases
The Company has adopted a share repurchase plan whereby, on a monthly basis, stockholders may request that the
Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the
shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any
limitations in the share repurchase plan. The total amount of aggregate repurchases of Class P, Class T, Class S, Class D,
Class I, Class F-T, Class F-S, Class F-D and Class F-I shares will be limited to 2% of the aggregate NAV per month and
5% of the aggregate NAV per calendar quarter. Shares will be repurchased at a price equal to the transaction price on the
applicable repurchase date, except for shares that have not been outstanding for at least one year would be repurchased at
95% of the transaction price (subject to certain exceptions). If the Company determines to repurchase some but not all of
the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a
pro rata basis after the Company has repurchased all shares for which repurchase has been requested due to death, disability
or divorce and other limited exceptions. All unsatisfied repurchase requests must be resubmitted after the start of the next
month or quarter, or upon the recommencement of the share repurchase plan, as applicable.
Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund
repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during
any calendar month and quarter. Should repurchase requests, in the Company9s judgment, place an undue burden on the
Company9s liquidity, adversely affect the Company9s operations or risk having an adverse impact on the Company as a
whole, or should the Company otherwise determine that investing the Company9s liquid assets in real properties or other
illiquid investments rather than repurchasing the Company9s shares is in the best interests of the Company as a whole, then
the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further,
the Board may modify, suspend or terminate our share repurchase plan if it deems such action to be in the Company9s best
interest and the best interest of the Company9s stockholders.
During the year ended December 31, 2024, we did not receive any repurchase requests and accordingly, did not repurchase
any shares of our common stock pursuant to our share repurchase plan.
Class P Shares
Requests for repurchases of Class P shares, including Class P shares held by Cohen & Steers and its affiliates, may only be
made following the two-year anniversary of the initial commitment in the private offering, or March 1, 2025. Following
such holding period, stockholders may request on a monthly basis that we repurchase all or any portion of their shares
pursuant to our share repurchase plan as described above.
Note 12: Segment Reporting
The Company operates in two operating and reportable segments: Real Estate and Real Estate-Related Securities. The chief
operating decision makers allocate resources and evaluate results based off the performance of each segment individually.
These are operating segments that are defined as components of an enterprise about which separate financial information is
available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in
assessing performance. The Company9s chief executive officer, chief operating officer and chief financial officer have been
identified as the chief operating decision makers. The Company9s chief operating decision makers direct the allocation of
resources to operating segments based on the segment net operating income. The chief operating decision-makers also use
segment net operating income (a measure of segment profit and loss) and its components to monitor budget versus actual
results, perform variance analysis of current results to prior period results, and forecast future performance.
The following table sets forth the total assets by segment as of December 31, 2024 ($ in thousands):
Segment
Real estate
Real estate-related securities
Total reportable segment assets
Reconciliation to consolidated total assets:
Other (corporate)
Total assets
December 31, 2024
$
119
$
274,817
23,953
298,770
$
2,333
301,103
