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Cohen & Steers Reit and Preferr Message Board

  • kafirpigdog kafirpigdog Dec 16, 2007 11:48 AM Flag

    Is dividend sustainable?

    Took a look at the website for Cohen and ETF connect, looks like the common dividend was slightly greater than interest income in 2004, about $.6/sh greater than interest income in 2005, about $.4/share greater than interest income in 2006 and $.3/sh greater than interest income in the first half of 2007, they have had return of capital distributions every year. Looks like the sustainable dividend without cap gains or return of capital is about $1.80/share/yr.
    Link to last semi annual report, page 25 lays it out nicely
    http://www.cohenandsteers.com/downloads/11/semiAnnual.pdf

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    • The 20 cent dividend is sustainable(and assured) for the next 3 monthes.

    • from recent pres release
      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 pays distributions pursuant to a level rate distribution policy. Under this policy, the fund may pay distributions in excess of the fund's net investment 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 during unfavorable market conditions. Information concerning the estimated composition of each fund distribution is available at cohenandsteers.com.

 
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