UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY
Investment Company Act file number: 811-07154
Exact Name of Registrant
(as specified in charter): Cohen & Steers Total Return Realty Fund, Inc.
Address of Principal Executive Office: 757 Third Avenue
New York, NY 10017
Name and address of agent for service: John E. McLean
757 Third Avenue
New York, NY 10017
Registrant telephone number, including area code: (212) 832-3232
Date of fiscal year end: December 31
Date of reporting period: March 31, 2005
Item 1. Schedule of Investments
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD(a)
--------- ------------ ------------
EQUITIES 97.71%(b)
COMMON STOCK 77.49%
DIVERSIFIED 7.80%
Colonial Properties Trust.............. 82,100 $ 3,153,461 7.03%
Crescent Real Estate Equities Co....... 97,600 1,594,784 9.18
iStar Financial........................ 36,900 1,519,542 7.12
Vornado Realty Trust................... 97,700 6,767,679 4.39
------------
13,035,466
------------
HEALTH CARE 10.42%
Health Care Property Investors......... 217,000 5,092,990 7.16
Healthcare Realty Trust................ 31,100 1,133,284 7.14
Health Care REIT....................... 27,600 883,200 7.50
Nationwide Health Properties........... 161,800 3,269,978 7.32
Ventas................................. 281,700 7,031,232 5.77
------------
17,410,684
------------
HOTEL 1.17%
Hospitality Properties Trust........... 38,700 1,562,706 7.13
Strategic Hotel Capital................ 27,300 401,310 5.99
------------
1,964,016
------------
INDUSTRIAL 1.46%
First Industrial Realty Trust.......... 64,700 2,447,601 7.35
------------
MORTGAGE 1.87%
Newcastle Investment Corp.............. 105,527 3,123,599 8.45
------------
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(a) Dividend yield is computed by dividing the security's current annual
dividend rate by the last sale price on the principal exchange, or market,
on which such security trades.
(b) Percentages indicated are based on the net assets of the fund.
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
--------- ------------ ------------
OFFICE 25.56%
Arden Realty........................... 160,000 $ 5,416,000 5.97%
Brandywine Realty Trust................ 184,900 5,251,160 6.20
CarrAmerica Realty Corp................ 155,100 4,893,405 6.34
Equity Office Properties Trust......... 179,400 5,405,322 6.64
HRPT Properties Trust.................. 152,700 1,818,657 7.05
Kilroy Realty Corp..................... 56,600 2,315,506 4.99
Mack-Cali Realty Corp.................. 150,800 6,386,380 5.95
Maguire Properties..................... 93,000 2,220,840 6.70
Prentiss Properties Trust.............. 165,300 5,646,648 6.56
Reckson Associates Realty Corp......... 110,000 3,377,000 5.53
------------
42,730,918
------------
OFFICE/INDUSTRIAL 3.17%
Liberty Property Trust................. 135,600 5,295,180 6.25
------------
RESIDENTIAL 12.81%
APARTMENT 12.63%
American Campus Communities............ 19,400 407,400 6.43
Archstone-Smith Trust.................. 152,900 5,215,419 5.04
AvalonBay Communities.................. 69,900 4,675,611 4.25
Camden Property Trust.................. 53,500 2,516,105 5.40
Education Realty Trust................. 30,300 503,889 7.16
GMH Communities Trust.................. 49,900 584,329 7.77
Gables Residential Trust............... 122,900 4,092,570 7.24
Home Properties........................ 47,000 1,823,600 6.49
Mid-America Apartment Communities...... 35,400 1,292,100 6.41
------------
21,111,023
------------
MANUFACTURED HOME 0.18%
Affordable Residential Communities..... 24,300 307,395 9.88
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TOTAL RESIDENTIAL...................... 21,418,418
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SELF STORAGE 1.02%
Extra Space Storage.................... 43,300 584,550 6.74
Sovran Self Storage.................... 6,200 245,706 6.11
U-Store-It Trust....................... 50,000 870,000 6.44
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1,700,256
------------
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
--------- ------------ ------------
SHOPPING CENTER 12.21%
COMMUNITY CENTER 2.85%
Cedar Shopping Centers................. 35,400 $ 504,096 6.32%
Heritage Property Investment Trust..... 51,300 1,522,584 7.08
Inland Real Estate Corp. .............. 12,800 192,384 6.25
Kramont Realty Trust................... 69,500 1,626,300 5.56
Urstadt Biddle Properties -- Class A... 60,000 915,000 5.77
------------
4,760,364
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REGIONAL MALL 9.36%
CBL & Associates Properties............ 39,700 2,838,947 4.54
Glimcher Realty Trust.................. 95,500 2,263,350 8.11
Macerich Co. .......................... 107,500 5,727,600 4.88
Mills Corp. ........................... 91,100 4,819,190 4.74
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15,649,087
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TOTAL SHOPPING CENTER.................. 20,409,451
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TOTAL COMMON STOCK
(Identified
cost -- $80,730,711)............ 129,535,589
------------
PREFERRED STOCK 20.22%
DIVERSIFIED 1.30%
Colonial Properties Trust, 8.125%,
Series D............................ 14,600 369,672 8.02
Crescent Real Estate Equities Co.,
6.75%, Series A (Convertible)....... 71,500 1,538,680 7.84
iStar Financial, 7.80%, Series F....... 10,000 258,500 7.54
------------
2,166,852
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HEALTH CARE 3.08%
Health Care REIT, 7.625%, Series F..... 17,000 425,000 7.62
Nationwide Health Properties, 7.677%,
Series P............................ 47,000 4,726,438 7.63
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5,151,438
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
--------- ------------ ------------
HOTEL 0.31%
FelCor Lodging Trust, 9.00%,
Series B............................ 2,900 $ 74,530 8.84%
Host Marriott Corp., 10.00%,
Series C............................ 3,500 89,565 9.77
Host Marriott Financial Trust, 6.75%,
QUIPS(a) (Convertible).............. 3,200 178,800 5.88
Sunstone Hotel Investors, 8.00%,
Series A............................ 7,000 174,650 8.00
------------
517,545
------------
INDUSTRIAL 0.32%
EastGroup Properties, 7.95%,
Series D............................ 21,000 538,230 7.77
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OFFICE 3.68%
Alexandria Real Estate Equities, 9.10%,
Series B............................ 13,900 365,709 8.74
HRPT Properties Trust, 8.75%,
Series B............................ 52,800 1,411,344 8.18
Highwoods Properties, 8.625%,
Series A............................ 4,300 4,380,625 8.47
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6,157,678
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RESIDENTIAL -- APARTMENT 3.13%
Apartment Investment & Management Co.,
9.375%, Series G.................... 113,200 3,011,120 8.81
Apartment Investment & Management Co.,
10.10%, Series Q.................... 25,000 654,500 9.64
Apartment Investment & Management Co.,
10.00%, Series R.................... 18,100 476,030 9.51
Mid-America Apartment Communities,
8.30%, Series H..................... 17,300 444,610 8.07
Post Properties, 8.50%, Series A....... 11,000 638,000 7.33
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5,224,260
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SHOPPING CENTER 8.40%
COMMUNITY CENTER 1.04%
Cedar Shopping Centers, 8.875%,
Series A............................ 10,000 262,500 8.45
Developers Diversified Realty Corp.,
8.60%, Series F..................... 1,600 42,064 8.18
Ramco-Gershenson Property Trust, 9.50%,
Series B............................ 11,600 312,330 8.85
Saul Centers, 8.00%, Series A.......... 26,800 679,648 7.89
Urstatdt Biddle Properties, 8.50%,
Series C............................ 4,000 440,000 7.73
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1,736,542
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(a) QUIPS Quarterly Income Preferred Securities
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COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND
OF SHARES VALUE YIELD
--------- ------------ ------------
REGIONAL MALL 7.36%
CBL & Associates Properties, 8.75%,
Series B............................ 13,000 $ 697,580 8.15%
CBL & Associates Properties, 7.75%,
Series C............................ 13,000 331,500 7.60
Glimcher Realty Trust, 8.125%,
Series G............................ 16,000 401,600 8.09
Mills Corp., 9.00%, Series B........... 73,800 1,948,320 8.56
Mills Corp., 9.00%, Series C........... 25,000 654,000 8.60
Mills Corp., 8.75%, Series E........... 26,000 679,120 8.37
Pennsylvania Real Estate Investment
Trust, 11.00%, Series A............. 55,400 3,238,130 9.41
Simon Property Group, 8.375%,
Series J............................ 13,000 845,000 6.44
Taubman Centers, 8.30%, Series A....... 139,500 3,518,190 8.23
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12,313,440
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TOTAL SHOPPING CENTER.................. 14,049,982
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TOTAL PREFERRED STOCK
(Identified
cost -- $29,488,939)............ 33,805,985
------------
TOTAL EQUITIES (Identified
cost -- $110,219,650)........... 163,341,574
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PRINCIPAL
AMOUNT
----------
COMMERCIAL PAPER 1.67%
Prudential FDG Corp., 2.12%, due
04/01/05
(Identified cost -- $2,797,000)...... $2,797,000 2,797,000
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TOTAL INVESTMENTS (Identified
cost -- $113,016,650)................. 99.38% 166,138,574(a)
OTHER ASSETS IN EXCESS OF LIABILITIES... 0.62% 1,034,693
------ ------------
NET ASSETS (Equivalent to $18.07 per
share based on
9,249,159 shares of capital stock
outstanding).......................... 100.00% $167,173,267
------ ------------
------ ------------
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(a) At March 31, 2005, net unrealized appreciation was $53,121,924 based on cost
for federal income tax purposes of $113,016,650. This consisted of aggregate
gross unrealized appreciation on investments of $53,257,277 and aggregate
gross unrealized depreciation on investments of $135,353.
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Item 2. Controls and Procedures
(a) The registrant's principal executive officer and principal financial
officer have concluded that the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) are effective based on their evaluation of these
disclosure controls and procedures required by Rule 30a-3(b) under the
Investment Company Act of 1940 and Rule 13a-15(b) or 15d-15(b) under
the Securities Exchange Act as of a date within 90 days of the filing
of this report.
(b) During the last fiscal quarter, there were no changes in the
registrant's internal control over financial reporting (as defined in
Rule 30a-3(d) under the Investment Company Act of 1940) that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act
of 1940.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
COHEN & STEERS TOTAL RETURN REALTY FUND, INC.
By: /s/ Robert H. Steers
--------------------------------
Name: Robert H. Steers
Title: Chairman
Date: May 27, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Robert H. Steers By: /s/ Martin Cohen
-------------------------------- ---------------------------------------
Name: Robert H. Steers Name: Martin Cohen
Title: Chairman, Secretary Title: President, Treasurer
and principal executive officer and principal financial officer
Date: May 27, 2005
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