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Cohen & Steers Total Return Realty Fund Distribution Report

Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) recently issued a notification aimed at its shareholders, highlighting the sources of distributions that are slated for payment on May 30, 2025. This report sheds light on both the upcoming and cumulative distributions made throughout the current fiscal year.

The Fund has adopted a managed distribution policy, initially set in motion in December 2011, benefitting from the exemptive relief provided by the Securities and Exchange Commission (SEC). The primary objective of this policy is to optimize the long-term total return potential for the Fund by ensuring regular monthly distributions at a fixed rate per share. This approach empowers the Fund with enhanced flexibility to realize significant capital gains during the year and subsequently distribute those gains in an orderly monthly fashion to its shareholders.

The Board of Directors retains the authority to modify, suspend, or even terminate the managed distribution policy whenever deemed necessary, which might affect the market valuation of the Fund's shares. Consequently, investors should be aware of this potentiality as it could influence their investment strategy.

In terms of distribution sources, the Fund's monthly payouts may comprise various elements: long-term capital gains, short-term capital gains, net investment income, and return of capital from a federal income tax perspective. The ‘return of capital’ indicates distributions that exceed the Fund's net investment income and net real capital gains. Such excess distributions derive from the assets of the Fund; critically, they are not taxable in the year they are received but instead reduce a shareholder’s tax basis in their Fund shares.

Moreover, there may also be distributions from investment ventures within real estate investment trusts (REITs) that could later be classified as capital gains or return of capital depending on the character of the dividend reporting at year-end. Thus, understanding the variations in monthly distributions is essential for shareholders as they rely on multiple factors, including portfolio adjustments and prevailing market conditions.

Following each monthly distribution, detailed figures will be made accessible on the official site, cohenandsteers.com. Furthermore, shareholders will receive concurrent notices through mailings. However, investors must keep in mind that the details regarding the final tax characteristics of these distributions remain uncertain until the conclusion of the calendar year.

Completing distributions for the year will be communicated on Form 1099-DIV, which is sent out post the fiscal year closure. The latest distribution estimates for May 2025 are as follows:


It's crucial to understand that the amount of distribution does not directly correlate to the Fund's investment performance. The reported figures in this distribution notification are merely estimates and may subject to revisions. Actual amounts for accounting and tax reporting will reflect the Fund’s investment performance throughout the fiscal year, in accordance with tax regulations.

As of now, shareholders are privy to the Year-to-Date Cumulative Total Return for fiscal 2025 (from January 1, 2025, to April 30, 2025), which sits at an impressive 2.57%. Additionally, the Cumulative Distribution Rate for the same period is reported at 3.45%. Over the five-year period concluding on April 30, 2025, the Average Annual Total Return is a commendable 8.39%, juxtaposed with the Current Annualized Distribution Rate of 8.27%.

Key Investment Considerations
Investors should carefully evaluate their objectives, potential risks, charges, and expenses associated with the Fund before any investment decisions. The latest periodic reports and regulatory filings can be found and requested via your financial advisor or directly on cohenandsteers.com, along with SEC’s EDGAR Database. Clarifying any questions before investments is strongly advised.

In conclusion, shareholders should take note that the details provided in this report should not be utilized for tax return preparations. An official Form 1099-DIV will be dispatched, which will clarify how to report the distributions during the fiscal year for federal income tax purposes.

Cohen & Steers operates as a leading global investment management firm specializing in real assets and alternative income. Its services include investments in listed and private real estate, preferred securities, infrastructure, resource equities, and commodities. Founded in 1986, the firm conducts its operations from headquarters in New York City, supplemented by its offices globally across London, Dublin, Hong Kong, Tokyo, and Singapore.