Cohen & Steers Institutional Realty Shares, Inc. Announces Dividend NEW YORK, March 8 /PRNewswire-FirstCall/ -- The Board of Directors of Cohen & Steers Institutional Realty Shares, Inc. (NASDAQ Symbol CSRIX, Cusip No. 19247U106) today declared a regular quarterly distribution of $0.43 per share*. The dividend distribution is payable on March 18, 2005 to shareholders of record on March 17, 2005, with an ex-dividend date of March 18, 2005. Web site: http://www.cohenandsteers.com/ * Please note that the distributions paid by the fund to shareholders are subject to recharacterization for tax purposes. The final tax treatment of these distributions is reported to shareholders on their 1099-DIV forms, which are mailed to shareholders after the close of each fiscal year. In addition, the fund may pay distributions in excess of the fund's net investment company taxable income and this excess will be a tax-free return of capital distributed from the fund's assets. Distributions of capital decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make these distributions, the fund may have to sell portfolio securities at a less than opportune time. DATASOURCE: Cohen & Steers Institutional Realty Shares, Inc. CONTACT: John J. McCombe, executive vice president, Cohen & Steers Capital Management, Inc., +1-212-832-3232 Web site: http://www.cohenandsteers.com/

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