NEW YORK, Sept. 15, 2016 /PRNewswire/ -- The Board of
Directors of Cohen & Steers Total Return Realty Fund, Inc.
(NYSE: RFI) (the "Fund") announced today a change of the Fund's
dividend distribution schedule from quarterly to monthly, beginning
in October, 2016. The move to monthly distributions is being made
to better align the Fund with its peers. The Board of Directors
also declared the monthly distributions for October, November and
December, as summarized in the chart below:
Month
|
Ex-Date
|
Record
Date
|
Payable
Date
|
Rate Per
Share
|
October
|
Oct. 18,
2016
|
Oct. 20,
2016
|
Oct. 31,
2016
|
$0.080
|
November
|
Nov. 16,
2016
|
Nov. 18,
2016
|
Nov. 30,
2016
|
$0.080
|
December
|
Dec. 9,
2016
|
Dec. 13,
2016
|
Dec. 30,
2016
|
$0.080
|
In December 2011, the Fund
implemented a managed distribution policy in accordance with
exemptive relief issued by the Securities and Exchange Commission.
The managed distribution policy seeks to deliver the Fund's
long-term total return potential through regular monthly
distributions declared at a fixed rate per common share. The policy
gives the Fund greater flexibility to realize long-term capital
gains throughout the year and to distribute those gains on a
regular monthly basis to shareholders. The Board of Directors of
the Fund may amend, terminate or suspend the managed distribution
policy at any time, which could have an adverse effect on the
market price of the Fund's shares.
The Fund's monthly distributions may include long-term capital
gains, short-term capital gains, net investment income and/or
return of capital for federal income tax purposes. Return of
capital includes distributions paid by the Fund in excess of its
net investment income and net realized capital gains and such
excess is distributed from the Fund's assets. A return of capital
is not taxable; rather, it reduces a shareholder's tax basis in his
or her shares of the Fund. In addition, distributions from the
Fund's investments in real estate investment trusts (REITs) may
later be characterized as capital gains and/or a return of capital,
depending on the character of the dividends reported to the Fund
after year-end by REITs held by the Fund. The amount of monthly
distributions may vary depending on a number of factors, including
changes in portfolio and market conditions.
At the time of each monthly distribution, updated estimates of
the distribution components and updated performance and
distribution rate information will be posted to cohenandsteers.com
and mailed to shareholders in a concurrent notice. However, this
information may change at the end of the year because the final tax
characteristics of the Fund's distributions cannot be determined
with certainty until after the end of the calendar year. Final tax
characteristics of all of the Fund's distributions will be provided
on Form 1099-DIV, which is mailed after the close of the calendar
year.
The following table sets forth the estimated amounts of the
current distributions and the cumulative distributions paid this
fiscal year to date from the sources indicated. All amounts are
expressed per common share.
DISTRIBUTION
ESTIMATES
|
Fourth Quarter
2016
|
YEAR-TO-DATE
(YTD) December 31,
2016*
|
Source
|
Per Share
Amount
|
% of Current
Distribution
|
Per Share
Amount
|
% of 2016
Distributions
|
Net Investment
Income
|
$0.1166
|
48.58%
|
$0.3449
|
35.93%
|
Net Realized
Short-Term Capital Gains
|
$0.0171
|
7.13%
|
$0.0171
|
1.78%
|
Net Realized
Long-Term Capital Gains
|
$0.1063
|
44.29%
|
$0.5980
|
62.29%
|
Return of Capital (or
other Capital Source)
|
$0.0000
|
0.00%
|
$0.0000
|
0.00%
|
Total Current
Distribution
|
$0.2400
|
100.00%
|
$0.9600
|
100.00%
|
You should not draw any conclusions about the Fund's
investment performance from the amount of this distribution or from
the terms of the Fund's managed distribution policy. The amounts
and sources of distributions reported in this Notice are only
estimates, are likely to change over time, and are not being
provided for tax reporting purposes. The actual amounts and
sources of the amounts for accounting and tax reporting purposes
will depend upon the Fund's investment experience during the
remainder of its fiscal year and may be subject to changes based on
tax regulations. The amounts and sources of distributions
year-to-date may be subject to additional adjustments.
*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR
THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL
INCOME TAX PURPOSES.
The Fund's Year-to-date Cumulative Total Return for fiscal year
2016 (January 1, 2016 through
August 31, 2016) is set forth below.
Shareholders should take note of the relationship between the
Year-to-date Cumulative Total Return with the Fund's Cumulative
Distribution Rate for 2016. Moreover, the Fund's Average Annual
Total Return for the five-year period ending August 31, 2016 is set forth below. Shareholders
should also note the relationship between the Average Annual Total
Return with the Fund's Current Annualized Distribution Rate for
2016. In addition, the performance and distribution rate
information disclosed in the table below is based on the Fund's net
asset value per share (NAV). The Fund's NAV is calculated as the
total market value of all the securities and other assets held by
the Fund minus the total liabilities, divided by the total number
of shares outstanding. While NAV performance may be indicative of
the Fund's investment performance, it does not measure the value of
a shareholder's individual investment in the Fund. The value of a
shareholder's investment in the Fund is determined by the Fund's
market price, which is based on the supply and demand for the
Fund's shares in the open market.
Fund Performance and Distribution Rate
Information:
Year-to-date
January 1, 2016 to August 31, 2016
|
Year-to-date
Cumulative Total Return1
|
11.03%
|
Cumulative
Distribution Rate2
|
6.58%
|
|
Five-year period
ending August 31, 2016
|
Average Annual Total
Return3
|
12.96%
|
Current Annualized
Distribution Rate4
|
6.58%
|
|
|
1.
|
Year-to-date
Cumulative Total Return is the percentage change in the Fund's NAV
over the year-to-date time period including distributions paid and
assuming reinvestment of those distributions.
|
2.
|
Cumulative
Distribution Rate for the Fund's current fiscal period (January 1,
2016 through August 31, 2016) measured on the dollar value of
distributions in the year-to-date period as a percentage of the
Fund's NAV as of August 31, 2016.
|
3.
|
Average Annual Total
Return represents the compound average of the Annual NAV Total
Returns of the Fund for the five-year period ending August 31,
2016. Annual NAV Total Return is the percentage change in the
Fund's NAV over a year including distributions paid and assuming
reinvestment of those distributions.
|
4.
|
The Current
Annualized Distribution Rate is the current fiscal period's
distribution rate annualized as a percentage of the Fund's NAV as
of August 31, 2016.
|
Shareholders should not use the information provided in
preparing their tax returns. Shareholders will receive a Form
1099-DIV for the calendar year indicating how to report Fund
distributions for federal income tax purposes.
More information is available at cohenandsteers.com.
Symbol: (NYSE: CNS)
About Cohen & Steers. Cohen & Steers is a global
investment manager specializing in liquid real assets, including
real estate securities, listed infrastructure, commodities and
natural resource equities, as well as preferred securities and
other income solutions. Founded in 1986, the firm is headquartered
in New York City, with offices in
London, Hong Kong, Tokyo and Seattle.
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SOURCE Cohen & Steers