Cohen & Steers Announces Merger of REIT Closed-End Funds

Edited: Jennifer Brenner
Source: Cohen & Steers

The boards of directors of Cohen & Steers Advantage Income Realty Fund, Inc. ("RLF"), Cohen & Steers Worldwide Realty Income Fund, Inc. ("RWF"), Cohen and Steers Premium Income Realty Fund, Inc. ("RPF") and Cohen & Steers Quality Income Realty Fund, Inc. ("RQI") have approved mergers, subject to approval by the relevant funds' shareholders, in which each of RLF, RWF and RPF would merge with and into RQI. Shareholders of RLF, RWF and RPF will become shareholders of RQI, and will not recognize a gain or loss for federal income tax purposes as a result of the mergers.

In approving the mergers, the directors considered, among other things, each fund's investment objectives, net asset value and stock price performance, income-generating strategy and expenses, and potential cost savings based on operational efficiencies. The mergers will permit fund shareholders to pursue substantially similar investment objectives in a larger fund that has similar investment policies and anticipated lower expenses.

RLF, RWF, RPF and RQI shareholders will be asked to vote to approve the merger of their fund at a special meeting to be held on October 22, 2009. The mergers, if approved, are expected to occur in the fourth quarter of 2009. More information will be contained in the proxy materials RLF, RWF, RPF and RQI will mail to their shareholders.

Cohen & Steers is a manager of income-oriented equity portfolios specializing in U.S. and international real estate securities, large cap value stocks, utilities and listed infrastructure, and preferred securities. The company also offers alternative investment strategies such as hedged real estate securities portfolios and private real estate multimanager strategies. Headquartered in New York City, with offices in London, Brussels, Hong Kong and Seattle, Cohen & Steers serves individual and institutional investors through a broad range of investment vehicles.