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Cohen & Steers Reit and Preferr Message Board

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  • joelndll joelndll Mar 13, 2009 7:17 AM Flag

    Where is RNP going?

    What is you basis for your interpretation? At
    today's NAV of $4.96 and 48,000,000 shares outstanding we have a $250,000,000 fund. When
    the $ .2375 is paid March 31st go to C&H website and see how much is Net Investment Income and how much is ROC? From past months
    the total NII was close to $ .24. And on $250,000,000 NII is not lost and must be distributed according to perspectus. How do you get to zero?

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    • When the $ .2375 is paid March 31st go to C&H website and see how much is Net Investment Income and how much is ROC? From past months the total NII was close to $ .24. -- OK, I'll do that. But looking at ICF & IYR I expect the NII on RNP to be maybe 19c, so there will be a ROC of 4c. Nxt qrtr ICF et al yld will be less again, so RNP yld will be less again, so divy will be less, etc - at least for a while. CREs in trouble. And in the meantime, they are levered and if NII yld goes below leveraged yld, they're toast. RNP has lost a huge amount of NAV over the past 2 yrs. It's gone down much more than CRE ETFs like ICF and IYR, and IMO it's because they're leveraged. If these guys lose as much NAV this year as last year, they're toast.

 
RNP
19.24+0.03(+0.16%)Mar 27 4:02 PMEDT