Cohen & Steers REIT and Preferred Income Fund, Inc.
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- Cohen & Steers REIT and Preferred Income Fund, Inc. (NYSE: RNP) is a diversified, closed-end management investment company that seeks high current income through a portfolio consisting primarily of income-producing common stocks issued by real estate investment trusts (REITs); preferred securities; and other debt securities issued by REITs and other real estate companies. The Fund, incorporated in Maryland and externally managed by Cohen & Steers Capital Management, Inc., with key portfolio managers including Jason Yablon, Elaine Zaharis-Nikas, Mathew Kirschner, and Jerry Dorost, also pursues capital appreciation as a secondary objective. It employs leverage, including borrowings such as the $450 million outstanding as of June 30, 2025 at a 5.2% rate, and maintains a managed distribution policy, with recent monthly distributions like $0.136 per share in June 2025 comprising net investment income and capital gains. Founded on March 25, 2003 and based in New York, New York, the Fund benefits from the global expertise of its sponsor, Cohen & Steers, which was established in 1986 and maintains offices in London, Hong Kong, Tokyo, and Seattle. Its investment strategy targets U.S. and non-U.S. real estate securities and preferred securities, with a portfolio allocation as of July 2024 showing approximately 48% in real estate, 48% in cyclical sectors including energy and industrials, and significant fixed-income exposure from preferred securities. The Fund trades on the New York Stock Exchange and serves income-oriented investors seeking exposure to REITs and preferred income assets amid varying market conditions. In recent developments, the Fund has sustained its distribution program amid market volatility, declaring distributions for January, February, and March 2026 alongside sister funds, while year-to-date returns through May 2025 reached 3.20% supported by its 30.55% leverage ratio as of July 2024. Cohen & Steers, the Fund's sponsor, announced a distribution increase for related closed-end funds like Cohen & Steers Quality Income Realty Fund, Inc. in December 2025, reflecting ongoing commitment to shareholder income. No major acquisitions, funding rounds, or structural reorganizations specific to RNP were reported in the past 1-2 years; however, the broader Cohen & Steers platform pursued strategic retail acquisitions, such as Cohen & Steers Income Opportunities REIT's purchase of the 159,000 square foot Deer Valley Towne Center in Phoenix in 2025, underscoring the firm's active real estate focus.
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