CNSREIT-AR-2024 Final - Flipbook - Page 22
Additionally, disruptions and dislocations in the credit markets could have a material impact on the cost and
availability of debt to finance real estate acquisitions, which is a key component of our acquisition strategy. The lack of
available debt on reasonable terms or at all could result in a further reduction of suitable investment opportunities and
create a competitive advantage for other entities that have greater financial resources than we do. In addition, over the past
several years, a number of real estate funds and publicly traded and non-traded REITs have been formed and others have
been consolidated (and many such existing funds have grown in size) for the purpose of investing in real estate and real
estate-related assets. Additional real estate funds, vehicles and REITs with similar investment objectives may be formed in
the future by other unrelated parties and further consolidations may occur (resulting in larger funds and vehicles). This
competition may cause us to acquire properties and other investments at higher prices, by using less-than-ideal capital
structures, and in such case our returns will be lower, and the value of our assets may not appreciate or may decrease
significantly below the amount we paid for such assets. If such events occur, you may experience a lower return on your
investment.
Government Regulations
Given our target asset classes include real estate, as an owner of real estate, our operations are subject, in certain
instances, to supervision and regulation by U.S. and other governmental authorities, and may be subject to various laws and
judicial and administrative decisions imposing various requirements and restrictions, which include: (i) federal and state
securities laws and regulations; (ii) federal, state and local tax laws and regulation; (iii) state and local laws relating to real
property; (iv) federal, state and local environmental laws, ordinances, and regulations; and (v) various laws relating to
housing, including permanent and temporary rent control and stabilization laws, the Americans with Disabilities Act of
1990 and the Fair Housing Amendment Act of 1988.
Human Capital
We have no employees and, as an externally managed company, our day-to-day operations are managed by the
Advisor pursuant to the Advisory Agreement. All of our executive officers are senior professionals that are employees of
the Advisor or its affiliates, and our Advisor is a subsidiary of Cohen & Steers.
Conflicts of Interest
We are subject to conflicts of interest arising out of our relationship with Cohen & Steers, including the Advisor and
its affiliates. See Part I. Item 1A,
