UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-10481 |
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Cohen & Steers Quality Income Realty Fund, Inc. |
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(Exact name of registrant as specified in charter) |
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280 Park Avenue |
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10017 |
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(Address of principal executive offices) |
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(Zip code) |
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John E. McLean |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 832-3232 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
September 30, 2006 |
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Item 1. Schedule of Investments
COHEN & STEERS QUALITY INCOME REALTY FUND, INC.
Schedule of Investments
September 30, 2006 (Unaudited)
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Number |
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of Shares |
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Value |
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|
|
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|
|
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|
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COMMON STOCK |
|
115.3 |
% |
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CLOSED-END INVESTMENT COMPANY |
|
0.7 |
% |
|
|
|
|
|
|
ProLogis European Properties (Netherlands) |
|
|
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366,300 |
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$ |
6,827,959 |
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DIVERSIFIED |
|
14.8 |
% |
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|
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|
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Colonial Properties Trust |
|
|
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692,300 |
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33,098,863 |
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Entertainment Properties Trust |
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228,600 |
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11,274,552 |
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iStar Financial |
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511,100 |
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21,312,870 |
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Lexington Corporate Properties Trust |
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149,800 |
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3,172,764 |
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Spirit Finance Corp. |
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1,030,300 |
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11,961,783 |
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Vornado Realty Trust |
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602,943 |
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65,720,787 |
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146,541,619 |
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HEALTH CARE |
|
20.4 |
% |
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|
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Health Care Property Investors |
|
|
|
1,113,500 |
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34,574,175 |
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Health Care REIT |
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|
969,625 |
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38,794,696 |
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Healthcare Realty Trust |
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|
|
354,800 |
|
13,627,868 |
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Medical Properties Trust |
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|
202,800 |
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2,715,492 |
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Nationwide Health Properties |
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1,140,800 |
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30,504,992 |
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Senior Housing Properties Trust |
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639,600 |
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13,649,064 |
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Ventas |
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1,766,500 |
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68,080,910 |
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201,947,197 |
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HOTEL |
|
5.6 |
% |
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Ashford Hospitality Trust |
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|
738,300 |
|
8,807,919 |
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DiamondRock Hospitality Co. |
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|
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746,900 |
|
12,406,009 |
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Hospitality Properties Trust |
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|
457,900 |
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21,612,880 |
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Strategic Hotels & Resorts |
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657,800 |
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13,077,064 |
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55,903,872 |
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INDUSTRIAL |
|
2.2 |
% |
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First Industrial Realty Trust |
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431,500 |
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18,986,000 |
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ING Industrial Fund (Australia) |
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1,444,910 |
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2,541,463 |
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21,527,463 |
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MORTGAGE |
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4.2 |
% |
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Gramercy Capital Corp. |
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785,000 |
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19,789,850 |
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Newcastle Investment Corp. |
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817,828 |
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22,416,665 |
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42,206,515 |
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1
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Number |
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of Shares |
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Value |
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OFFICE |
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25.4 |
% |
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American Financial Realty Trust |
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563,900 |
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$ |
6,293,124 |
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Brandywine Realty Trust |
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1,721,522 |
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56,035,541 |
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Equity Office Properties Trust |
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1,685,300 |
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67,007,528 |
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Highwoods Properties |
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415,300 |
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15,453,313 |
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HRPT Properties Trust |
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924,600 |
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11,048,970 |
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Mack-Cali Realty Corp. |
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1,073,800 |
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55,622,840 |
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Maguire Properties |
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604,800 |
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24,639,552 |
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Parkway Properties |
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131,400 |
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6,108,786 |
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Reckson Associates Realty Corp. |
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223,300 |
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9,557,240 |
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251,766,894 |
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OFFICE/INDUSTRIAL |
|
7.4 |
% |
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Duke Realty Corp. |
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596,700 |
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22,286,745 |
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Liberty Property Trust |
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1,065,200 |
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50,905,908 |
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73,192,653 |
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RESIDENTIAL—APARTMENT |
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20.7 |
% |
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American Campus Communities |
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404,189 |
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10,310,861 |
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Apartment Investment & Management Co. |
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229,900 |
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12,508,859 |
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Archstone-Smith Trust |
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|
660,272 |
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35,945,208 |
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AvalonBay Communities |
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280,600 |
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33,784,240 |
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Camden Property Trust |
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366,600 |
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27,865,266 |
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Education Realty Trust |
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|
496,800 |
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7,332,768 |
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GMH Communities Trust |
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|
583,800 |
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7,367,556 |
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Home Properties |
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|
568,497 |
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32,495,289 |
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Mid-America Apartment Communities |
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|
|
267,700 |
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16,388,594 |
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United Dominion Realty Trust |
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|
708,000 |
|
21,381,600 |
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205,380,241 |
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SELF STORAGE |
|
2.8 |
% |
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Extra Space Storage |
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|
426,100 |
|
7,375,791 |
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Sovran Self Storage |
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|
|
184,700 |
|
10,260,085 |
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U-Store-It Trust |
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|
|
498,100 |
|
10,689,226 |
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|
|
|
|
|
|
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28,325,102 |
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2
|
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Number |
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|
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|
of Shares |
|
Value |
|
|
|
|
|
|
|
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|
|
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|
SHOPPING CENTER |
|
11.1 |
% |
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COMMUNITY CENTER |
|
2.7 |
% |
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|
|
|
|
|
Cedar Shopping Centers |
|
|
|
684,300 |
|
$ |
11,065,131 |
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Inland Real Estate Corp. |
|
|
|
324,100 |
|
5,678,232 |
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Urstadt Biddle Properties—Class A |
|
|
|
544,000 |
|
9,884,480 |
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|
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|
|
|
|
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26,627,843 |
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REGIONAL MALL |
|
8.4 |
% |
|
|
|
|
|
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Glimcher Realty Trust |
|
|
|
723,700 |
|
17,933,286 |
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Macerich Co. |
|
|
|
781,757 |
|
59,694,965 |
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Pennsylvania REIT |
|
|
|
134,727 |
|
5,735,328 |
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|
|
|
|
|
|
|
|
83,363,579 |
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TOTAL SHOPPING CENTER |
|
|
|
|
|
109,991,422 |
|
|
|
TOTAL COMMON STOCK |
|
|
|
|
|
1,143,610,937 |
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|
|
PREFERRED STOCK |
|
26.8 |
% |
|
|
|
|
|
|
DIVERSIFIED |
|
5.9 |
% |
|
|
|
|
|
|
Colonial Properties Trust, 8.125%, Series D |
|
|
|
64,900 |
|
1,686,751 |
|
|
|
Colonial Properties Trust, 7.62%, Series E |
|
|
|
80,900 |
|
2,050,815 |
|
|
|
Crescent Real Estate Equities Co., 6.75%, Series A (Convertible)(a) |
|
|
|
1,671,000 |
|
36,628,320 |
|
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Digital Realty Trust, 8.50%, Series A |
|
|
|
122,000 |
|
3,165,900 |
|
|
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Duke Realty Corp., 6.625%, Series J |
|
|
|
23,400 |
|
578,682 |
|
|
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Duke Realty Corp., 7.25%, Series N |
|
|
|
130,000 |
|
3,360,500 |
|
|
|
Entertainment Properties Trust, 9.50%, Series A |
|
|
|
50,000 |
|
1,280,000 |
|
|
|
Entertainment Properties Trust, 7.75%, Series B |
|
|
|
128,000 |
|
3,189,760 |
|
|
|
iStar Financial, 7.80%, Series F |
|
|
|
167,081 |
|
4,273,932 |
|
|
|
iStar Financial, 7.65%, Series G |
|
|
|
90,400 |
|
2,284,860 |
|
|
|
|
|
|
|
|
|
58,499,520 |
|
|
|
HEALTH CARE |
|
0.3 |
% |
|
|
|
|
|
|
Health Care REIT, 7.625%, Series F |
|
|
|
68,900 |
|
1,771,419 |
|
|
|
Omega Healthcare Investors, 8.375%, Series D |
|
|
|
40,000 |
|
1,047,200 |
|
|
|
|
|
|
|
|
|
2,818,619 |
|
|
3
|
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Number |
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|
of Shares |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL |
|
4.6 |
% |
|
|
|
|
|
|
Highland Hospitality Corp., 7.875%, Series A |
|
|
|
75,000 |
|
$ |
1,867,500 |
|
|
Innkeepers USA Trust, 8.00%, Series C |
|
|
|
91,300 |
|
2,311,716 |
|
|
|
LaSalle Hotel Properties, 10.25%, Series A |
|
|
|
1,000,000 |
|
25,620,000 |
|
|
|
Strategic Hotels & Resorts, 8.50%, Series A |
|
|
|
10,000 |
|
253,750 |
|
|
|
Strategic Hotels & Resorts, 8.50%, Series A, 144A (b) |
|
|
|
112,200 |
|
2,847,075 |
|
|
|
Strategic Hotels & Resorts, 8.25%, Series B |
|
|
|
45,000 |
|
1,172,250 |
|
|
|
Strategic Hotels & Resorts, 8.25%, Series C |
|
|
|
245,000 |
|
6,284,250 |
|
|
|
Sunstone Hotel Investors, 8.00%, Series A |
|
|
|
216,000 |
|
5,486,400 |
|
|
|
|
|
|
|
|
|
45,842,941 |
|
|
|
INDUSTRIAL-FOREIGN |
|
0.3 |
% |
|
|
|
|
|
|
First Industrial Realty Trust, 7.25%, Series J |
|
|
|
100,000 |
|
2,515,000 |
|
|
|
MORTGAGE |
|
0.2 |
% |
|
|
|
|
|
|
Newcastle Investment Corp., 9.75%, Series B |
|
|
|
56,000 |
|
1,462,720 |
|
|
|
OFFICE |
|
3.3 |
% |
|
|
|
|
|
|
Brandywine Realty Trust, 7.375%, Series D |
|
|
|
38,300 |
|
962,670 |
|
|
|
Corporate Office Properties Trust, 7.625%, Series J |
|
|
|
197,600 |
|
5,137,600 |
|
|
|
Cousins Properties, 7.50%, Series B |
|
|
|
200,000 |
|
5,084,000 |
|
|
|
Highwoods Properties, 8.625%, Series A |
|
|
|
13,195 |
|
13,458,900 |
|
|
|
HRPT Properties Trust, 8.75%, Series B |
|
|
|
155,000 |
|
4,014,500 |
|
|
|
Kilroy Realty Corp., 7.50%, Series F |
|
|
|
55,500 |
|
1,407,480 |
|
|
|
Maguire Properties, 7.625%, Series A |
|
|
|
124,600 |
|
3,072,636 |
|
|
|
|
|
|
|
|
|
33,137,786 |
|
|
|
OFFICE/INDUSTRIAL |
|
0.4 |
% |
|
|
|
|
|
|
PS Business Parks, 7.00%, Series H |
|
|
|
60,000 |
|
1,500,000 |
|
|
|
PS Business Parks, 7.60%, Series L |
|
|
|
5,400 |
|
138,483 |
|
|
|
PS Business Parks, 7.20%, Series M |
|
|
|
100,000 |
|
2,540,000 |
|
|
|
|
|
|
|
|
|
4,178,483 |
|
|
|
RESIDENTIAL |
|
1.2 |
% |
|
|
|
|
|
|
APARTMENT |
|
1.1 |
% |
|
|
|
|
|
|
Apartment Investment & Management Co., 7.75%, Series U |
|
|
|
71,400 |
|
1,811,418 |
|
|
|
Associated Estates Realty Corp., 8.70%, Series B |
|
|
|
55,800 |
|
1,458,054 |
|
|
|
Home Properties, 9.00%, Series F |
|
|
|
196,000 |
|
5,004,860 |
|
|
|
Mid-America Apartment Communities, 8.30%, Series H |
|
|
|
138,100 |
|
3,522,931 |
|
|
|
|
|
|
|
|
|
11,797,263 |
|
|
4
|
|
|
|
|
Number |
|
|
|
|
|
|
|
|
|
of Shares |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
MANUFACTURED HOME |
|
0.1 |
% |
|
|
|
|
|
|
American Land Lease, 7.75%, Series A |
|
|
|
22,000 |
|
$ |
550,000 |
|
|
TOTAL RESIDENTIAL |
|
|
|
|
|
12,347,263 |
|
|
|
SELF STORAGE |
|
1.7 |
% |
|
|
|
|
|
|
Public Storage, 7.25%, Series I |
|
|
|
281,200 |
|
7,288,704 |
|
|
|
Public Storage, 7.25%, Series K |
|
|
|
368,600 |
|
9,495,136 |
|
|
|
|
|
|
|
|
|
16,783,840 |
|
|
|
SHOPPING CENTER |
|
8.9 |
% |
|
|
|
|
|
|
COMMUNITY CENTER |
|
4.4 |
% |
|
|
|
|
|
|
Cedar Shopping Centers, 8.875%, Series A |
|
|
|
61,000 |
|
1,621,990 |
|
|
|
Developers Diversified Realty Corp., 8.60%, Series F |
|
|
|
1,039,400 |
|
26,431,942 |
|
|
|
Federal Realty Investment Trust, 8.50%, Series B |
|
|
|
276,300 |
|
7,031,835 |
|
|
|
National Retail Properties, 9.00%, Series A |
|
|
|
25,000 |
|
640,000 |
|
|
|
Regency Centers Corp., 7.45%, Series C |
|
|
|
51,000 |
|
1,309,680 |
|
|
|
Urstadt Biddle Properties, 8.50%, Series C |
|
|
|
24,000 |
|
2,580,000 |
|
|
|
Urstadt Biddle Properties, 7.50%, Series D |
|
|
|
150,500 |
|
3,767,015 |
|
|
|
|
|
|
|
|
|
43,382,462 |
|
|
|
REGIONAL MALL |
|
4.5 |
% |
|
|
|
|
|
|
CBL & Associates Properties, 8.75%, Series B |
|
|
|
430,000 |
|
22,168,650 |
|
|
|
CBL & Associates Properties, 7.375%, Series D |
|
|
|
297,000 |
|
7,484,400 |
|
|
|
Glimcher Realty Trust, 8.75%, Series F |
|
|
|
35,000 |
|
887,600 |
|
|
|
Glimcher Realty Trust, 8.125%, Series G |
|
|
|
40,000 |
|
1,003,600 |
|
|
|
Mills Corp., 9.00%, Series B |
|
|
|
33,600 |
|
719,040 |
|
|
|
Mills Corp., 9.00%, Series C |
|
|
|
99,000 |
|
2,088,900 |
|
|
|
Mills Corp., 8.75%, Series E |
|
|
|
69,400 |
|
1,439,356 |
|
|
|
Mills Corp., 7.875%, Series G |
|
|
|
257,100 |
|
4,990,311 |
|
|
|
Pennsylvania REIT, 11.00%, Series A |
|
|
|
40,000 |
|
2,208,000 |
|
|
|
Simon Property Group, 8.75%, Series F |
|
|
|
20,000 |
|
500,000 |
|
|
|
Simon Property Group, 8.375%, Series J |
|
|
|
14,000 |
|
870,100 |
|
|
|
|
|
|
|
|
|
44,359,957 |
|
|
|
TOTAL SHOPPING CENTER |
|
|
|
|
|
87,742,419 |
|
|
|
TOTAL PREFERRED STOCK |
|
|
|
|
|
265,328,591 |
|
|
5
|
|
|
|
|
Principal |
|
|
|
||
|
|
|
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|
Amount |
|
Value |
|
||
|
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|
|
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|
||
|
CORPORATE BONDS |
|
0.5 |
% |
|
|
|
|
||
|
HEALTH CARE |
|
0.2 |
% |
|
|
|
|
||
|
Ventas Realty LP/Capital Corp., 6.75%, due 4/1/17 |
|
|
|
$ |
2,000,000 |
|
$ |
2,022,500 |
|
|
INDUSTRIAL |
|
0.3 |
% |
|
|
|
|
||
|
ING Industrial Fund CLS, 7.00%, due 4/2/07(c) |
|
|
|
AUD 4,187,260 |
|
3,247,297 |
|
||
|
TOTAL CORPORATE BONDS |
|
|
|
|
|
5,269,797 |
|
||
|
COMMERCIAL PAPER |
|
0.7 |
% |
|
|
|
|
||
|
San Paolo U.S. Finance Co., 4.15%, due 10/2/06 |
|
|
|
$ |
6,899,000 |
|
6,898,205 |
|
|
|
TOTAL INVESTMENTS (Identified cost—$986,987,313) |
|
143.3 |
% |
|
|
1,421,107,530 |
|
||
|
|
|
|
|
|
|
|
|
||
|
OTHER ASSETS IN EXCESS OF LIABILITIES |
|
0.5 |
% |
|
|
4,906,044 |
|
||
|
|
|
|
|
|
|
|
|
||
|
LIQUIDATION VALUE OF PREFERRED SHARES |
|
(43.8 |
)% |
|
|
(434,000,000 |
) |
||
|
|
|
|
|
|
|
|
|
||
|
NET ASSETS
APPLICABLE TO COMMON SHARES |
|
100.0 |
% |
|
|
$ |
992,013,574 |
|
|
Glossary of Portfolio Abbreviation
|
AUD |
|
Australia Dollar |
|
CLS |
|
Convertible Loan Securities |
|
REIT |
|
Real Estate Investment Trust |
|
Note: Percentages indicated are based on the net assets applicable to common shares of the fund. |
|
|
(a) |
410,000 shares segregated as collateral for interest rate swap transactions. |
|
(b) |
Resale is restricted to qualified institutional investors; equals 0.3% of net assets applicable to common shares. |
|
(c) |
Fair valued security. Aggregate holdings equal 0.3% of net assets applicable to common shares. |
6
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.
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 QUALITY INCOME REALTY FUND, INC.
|
By: |
/s/ Adam M. Derechin |
|
|
|
|
Name: Adam M. Derechin |
|
|
|
|
Title: President |
|
|
|
|
|
|
|
|
|
Date: November 28, 2006 |
|
|
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/ Adam M. Derechin |
|
By: |
/s/ Jay J. Chen |
|
||
|
|
Name: Adam M. Derechin |
|
Name: Jay J. Chen |
||||
|
|
Title: |
President and
principal |
|
Title: |
Treasurer and
principal |
||
|
|
|
|
|
||||
|
|
Date: November 28, 2006 |
|
|||||