Cohen & Steers® REIT and Preferred Income Fund, Inc. (NYSE: RNP) is a closed-end management investment company that seeks to provide current income and, to a lesser extent, capital appreciation. The Fund pursues its objectives by investing primarily in equity real estate investment trusts (REITs) and preferred securities issued by U.S. and non-U.S. real estate companies. It employs a research-driven, bottom-up selection process to identify securities that offer attractive income yields while seeking to manage downside risk through diversification across sectors and geographies.
In its equity portfolio, the Fund typically holds shares of publicly traded REITs spanning property types such as industrial, office, retail, residential and specialty real estate. Its preferred income sleeve targets preferred stocks and hybrid securities issued by real estate operating companies, providing a blend of equity-like return potential and higher income distributions. The Fund’s managers adjust allocations between REITs and preferred instruments in response to market valuations and interest rate expectations, aiming to maintain a balance between income generation and total return.
Originally launched in October 1993 and incorporated in Maryland, RNP is sponsored and sub-advised by Cohen & Steers, Inc., a firm established in 1986 and headquartered in New York City. Cohen & Steers is recognized as a pioneer in real estate investment management, offering a range of products including listed real estate, real asset securities and preferred income strategies. The Fund benefits from the broader firm’s global research platform, which includes proprietary market analysis and on-the-ground due diligence in key real estate markets.
The governance structure of the Fund includes an independent board of directors, with the investment management team led by experienced portfolio managers at Cohen & Steers. Together, they oversee security selection, portfolio construction and risk management. RNP’s distribution policy is designed to provide regular monthly dividends, reflecting the Fund’s focus on delivering a steady income stream to shareholders while maintaining the flexibility to pursue total return opportunities over the long term.
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