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Overview of Cohen & Steers REIT Fund

Cohen & Steers REIT and Preferred and Income Fund, Inc. (RNP) has recently released key information regarding its distribution strategy and sources, aimed at informing its shareholders effectively. The Fund, listed on the New York Stock Exchange, continues to focus on delivering robust returns through a structured distribution policy initiated back in December 2017.

Managed Distribution Policy

The Fund operates under a managed distribution policy, which is designed to provide shareholders with a regular monthly income. This policy is in line with the exemptive relief from the Securities and Exchange Commission, granting the Fund more flexibility to manage its distributions effectively and realize long-term capital gains. This strategic approach allows the Fund to declare distributions at a fixed rate per common share, with the Board of Directors holding the authority to amend, suspend, or terminate the policy at any point. Any such changes could potentially impact the market price of the Fund’s shares.

Breakdown of Current and Cumulative Distributions

As part of its distribution report for April 2026, the Fund highlighted several components that would contribute to the monthly distribution. Highlights from the distribution estimates included:

• - Net Investment Income: $0.0468 per share (34.41% of current distribution)
• - Net Realized Short-Term Capital Gains: $0.0187 per share (13.75%)
• - Net Realized Long-Term Capital Gains: $0.0705 per share (51.84%)
• - Return of Capital: $0.0000 per share (0.00%)

The total current distribution sums up to $0.1360 per share, while cumulative distributions for the fiscal year so far amount to $0.5440 per share. It’s key for shareholders to note that while these distributions may encompass a range of sources—such as capital gains and return of capital—this does not imply a direct reflection of the Fund’s investment performance.

Navigating Tax Implications

An important consideration for RNP shareholders is the tax implications concerning distributions. Notably, some of the distributions may constitute a return of capital, which does not attract taxation but instead reduces a shareholder’s cost basis in their holdings in the Fund. This is crucial, as the character of the distribution can change based on the realizations of gains and losses during the fiscal year. Shareholders are advised to refer to the Form 1099-DIV that the Fund will issue to clarify how to report these distributions for tax purposes accurately.

Fund Performance Metrics

The Fund's performance metrics reveal its ongoing commitment to delivering value to shareholders. As of the first quarter of 2026, the year-to-date cumulative total return stands at 1.34%, while the cumulative distribution rate reflects a strong 2.65%. Furthermore, over the past five years, the average annual total return has reached 4.82%, highlighting the Fund’s consistent performance in a competitive investment landscape. The current annualized distribution rate for the Fund is recorded at 7.96%.

Conclusion

Investors considering RNP should take thorough note of the Fund's investment objectives, risks, and expenses prior to making any investment decisions. The Fund encourages potential investors to acquire recent reports and regulatory filings via the official website or through financial advisors. Clear understanding and awareness of these insights will empower shareholders in navigating their investment journey effectively.

Cohen & Steers stands as a leading player in the global investment management arena, specializing in real assets and alternative income solutions. Established in 1986 and headquartered in New York, with additional offices across key international locations, the firm remains committed to enhancing shareholder value through effective management and transparency in distribution policies.