# Cohen & Steers Quality Income Realty Fund

Cohen & Steers Quality Income Realty Fund is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2002
- **Assets under management:** Undisclosed
- **Website:** cohenandsteers.com

## Regulatory record

- **Reports private funds:** No

## About

Cohen & Steers launched the Quality Income Realty Fund (NYSE: RQI) in 2002 as a closed-end fund designed to deliver high monthly income through a concentrated portfolio of US real estate investment trusts. The vehicle reflects the firm's broader conviction — established when Marty Cohen and Bob Steers founded Cohen & Steers in 1986 — that listed real estate deserves dedicated active management separate from broad equity mandates. The parent firm has become one of the largest specialist managers of listed real assets globally, running strategies across real estate, infrastructure, natural resource equities, and preferred securities. RQI specifically focuses on equity REITs that own income-generating commercial properties, with a manager-disclosed emphasis on quality metrics such as balance sheet strength, management track record, and property-level cash flow durability. The fund's investment approach combines top-down sector allocation with bottom-up security selection across the REIT universe. Portfolio holdings have historically spanned diversified, industrial, residential, data center, retail, office, and specialty property types — overweighting sectors the investment team identifies as having favorable supply-demand dynamics and management execution. As a closed-end fund, RQI can employ leverage to enhance distributable income, targeting a yield typically above the REIT index average. The fund's distribution policy is managed to provide consistent monthly income, a feature that has made it a holding of record for income-oriented individual investors and certain institutional mandates seeking cash-flow yield from listed property exposure. The fund is managed within Cohen & Steers' broader real estate platform, which as of early 2024 managed approximately $80 billion in total firm assets across listed and private real estate strategies (per the firm, Q1 2024). The portfolio management team draws on the firm's centralized research group covering over 200 listed real estate companies globally. While RQI is US-focused, the parent firm operates from New York with additional investment offices in London, Hong Kong, Tokyo, and Singapore, providing the domestic REIT team with global property market context. In 2022, the fund conducted a tender offer for up to 15% of its outstanding shares at a price close to net asset value, a governance move noted by closed-end fund analysts as addressing persistent discount concerns (per the firm official filings, 2022). RQI's structural identity as a closed-end fund creates a genuine differentiator relative to open-end REIT mutual funds or ETFs. The vehicle's fixed share count allows the managers to invest with a longer time horizon without managing daily inflows and redemptions — a structural advantage in less liquid segments of the REIT market. This architecture also produces a discount or premium to net asset value that creates a second layer of investment analysis for buyers: entry price depends not just on underlying property values but on market sentiment toward the fund itself. For allocators screening income-oriented listed real estate exposure, the fund represents a pure-play REIT income vehicle within a firm that has no business lines outside real assets, which concentrates the research platform entirely on property and infrastructure securities.

## Sectors

- Real Estate
- Infrastructure
- Public Equities

## People

- Robert H. Steers — Co-Chairman and Co-CEO
- Martin Cohen — Co-Chairman
- Joseph Harvey — President and CEO

## Questions

### Does RQI invest in private real estate or only publicly traded REITs?

RQI invests predominantly in publicly traded US equity REITs and REIT-like entities. The fund's investment mandate does not include direct property ownership or private real estate funds. Cohen & Steers operates separate private real estate vehicles for qualified investors, but RQI is strictly a listed-securities vehicle. This makes the fund's portfolio mark-to-market daily — a key distinction from private real estate exposure — while providing liquidity through exchange trading.

### How is the management team organized and who makes the investment decisions?

RQI is managed by Cohen & Steers' listed real estate team within the broader firm structure. Investment decisions are made by a portfolio management team with direct access to the firm's global research analysts covering over 200 listed real estate companies. The firm was co-founded by Martin Cohen and Robert Steers, and as of 2024 is led by President and CEO Joseph Harvey.

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Last updated: 2026-06-03T20:00:00.000Z

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