PHILADELPHIA–(BUSINESS WIRE)–The Board of Trustees of the CBRE Clarion Global Real Estate Income Fund
(NYSE: IGR) (the “Fund”) has declared a monthly distribution of $0.05
per share for the month of June 2016. The following dates apply:
|Declaration Date||Ex-Dividend Date||Record Date||Payable Date|
IGR’s current annualized distribution rate is 7.4% based on the closing
market price of $8.10 on June 9, 2016, and 6.4% based on a closing NAV
of $9.42 as of the same date.
Future earnings of the Fund cannot be guaranteed, and the Fund’s
distribution policy is subject to change. For more information on the
Fund, please visit www.cbreclarion.com.
The Fund’s monthly distribution is set by its Board of Trustees. The
Board reviews the Fund’s distribution on a quarterly basis in view of
its net investment income, realized and unrealized gains, and other net
unrealized appreciation or income expected during the remainder of the
year. The Fund strives to establish a level monthly distribution that,
over the course of the year, will serve to distribute an amount closely
approximating the Fund’s net investment income and net realized capital
gains during the year.
CBRE Clarion Global Real Estate Income Fund is a closed-end fund, which
is traded on the New York Stock Exchange and invests primarily in real
estate securities. Holdings are subject to change. Past performance is
no guarantee of future results.
For the current fiscal year (January 1, 2016 to June 30, 2016), the Fund
has made or declared six (6) regular monthly distributions totaling
$0.30 per share. The source of the distributions declared for the
current month and fiscal year to date is estimated as follows:
|Estimated Source of Distributions:|
Net Realized Short-
Net Realized Long-
|Current||$0.05||$0.023 (47%)||— (0%)||— (0%)||$0.027 (53%)|
|YTD||$0.30||$0.141 (47%)||— (0%)||— (0%)||$0.159 (53%)|
The allocations reported in this notice are only estimates and are
not provided for tax reporting purposes. The actual allocations will
depend on the Fund’s investment experience during the remainder of its
fiscal year and will not be finalized until after year-end. In
addition, the allocations reported to shareholders for tax reporting
purposes will also reflect adjustments required under applicable tax
regulations. Some of these tax adjustments are significant, and amounts
reported to you for tax reporting may be substantially different than
those presented in this notice. SHAREHOLDERS WILL BE SENT A FORM
1099-DIV FOR THE CALENDAR YEAR INDICATING HOW TO REPORT FUND
DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.
The estimated allocations presented above are based on the Fund’s
monthly calculation of its year-to-date net investment income, capital
gains and returns of capital. The Fund’s investment income is mainly
comprised of distributions received from the real estate investment
trusts (REITs) and other companies in which it invests. “Net investment
income” refers to the Fund’s investment income offset by its
expenditures, which include the fees paid to the investment adviser and
other service providers. “Net realized capital gains” represents the
aggregation of the capital gains and losses realized by the Fund from
its purchase and sale of investment securities during the year-to-date
period. Short-term capital gains are those arising from the sale of
securities held by the Fund for less than one year. Long-term capital
gains are those arising from the sale of securities held by the Fund for
a year or more. The amount of net realized capital gains is also offset
by capital losses realized in prior years. Adjustments to net investment
income are made based on the character of distributions received by the
Fund. A portion of the distributions the Fund receives from REITs will
be characterized by the REITs as capital gains or returns of capital.
Because REITs often reclassify the distributions they make, the Fund
does not know the ultimate character of these distributions at the time
they are received, so the Fund estimates the character based on
historical information. The Fund’s net investment income is reduced by
the amounts characterized by the REITs as capital gains and returns of
capital. Amounts characterized by the REITs as capital gains are added
to the Fund’s net realized capital gains. Amounts characterized by the
REITs as return of capital are classified as such by the Fund.
The Fund estimates that it has distributed more than its net investment
income and net realized capital gains; therefore, a portion of your
distribution may be a return of capital. A return of capital may occur,
for example, when some or all of the money that you invested in the Fund
is paid back to you. A return of capital distribution does not
necessarily reflect the Fund’s investment performance and should not be
confused with “yield” or “income”.
Shareholders should not draw any conclusions about the Fund’s
investment performance from the amount of this distribution or from the
terms of the Fund’s managed distribution policy. The performance and
distribution rate information disclosed in the table below is based on
the Fund’s net asset value (“NAV”). The Fund’s NAV is calculated as the
total market value of all the securities and other assets held by the
Fund minus the total value of its liabilities. Performance figures are
not meant to represent individual shareholder performance. The value of
a shareholder’s investment in the Fund is determined by the market price
of the Fund’s shares.
The Fund’s Cumulative Total Return for fiscal year to date 2016 (January
1, 2016 through May 31, 2016) is set forth below. Shareholders should
take note of the relationship between the Cumulative Total Return and
the Fund’s Cumulative Distribution Rate for 2016, as well as its Current
Annualized Distribution Rate. Moreover, the Fund’s Average Annual Total
Return for the preceding five-year period (June 1, 2011 through May 31,
2016) is set forth below. Shareholders should take note of the
relationship between the Fund’s Average Annual Total Return and its
Average Annual Distribution Rate for the preceding five-year period.
Fund Performance and Distribution Rate
|Year-to-date 01/01/2016 to 05/31/2016|
|Cumulative Total Return1||4.87%|
|Cumulative Distribution Rate2||2.71%|
|Preceding Five-Year Period 06/01/2011 to 05/31/2016|
|Average Annual Total Return3||6.25%|
|Average Annual Distribution Rate4||6.02%|
|Current Annualized Distribution Rate5||6.51%|
Cumulative Total Return is the percentage change in the Fund’s NAV
over the year-to-date time period including distributions paid and
assuming reinvestment of those distributions.
Cumulative Distribution Rate for the Fund’s current fiscal period
(January 1, 2016 through May 31, 2016) measured on the dollar value
of distributions in the year-to-date period as a percentage of the
Fund’s NAV as of May 31, 2016.
Average Annual Total Return represents the simple arithmetic average
of the Annual Total Returns of the Fund for the preceding five-year
period. Annual Total Return is the percentage change in the Fund’s
NAV over a year including distributions paid and assuming
reinvestment of those distributions.
Average Annual Distribution Rate is the simple arithmetic average of
the Annual Distribution Rates for the preceding five-year period.
The Annual Distribution Rates are calculated by taking the total
distributions paid during the period divided by average daily NAV
for the period.
The Current Annualized Distribution Rate is the current monthly
distribution rate annualized as a percentage of the Fund’s NAV as of
May 31, 2016.
Please refer to the chart below for information about the Fund’s
historical NAVs, change in NAVs, total returns, and distributions paid.
Since Inception Annualized Total Return
Figures for 2004 are from February 24, 2004, the Fund’s inception
|2||2016 figures are year-to-date through May 31, 2016.|
Average calculated on number of months and years since inception.
The Fund’s inception date was February 24, 2004.
Distribution rate calculated by taking the total distributions paid
within the period divided by average daily NAV for the period.
Sources: NAV per share amounts and annualized total returns are
published in the Fund’s audited annual reports for the respective year.
About CBRE Clarion Securities:
CBRE Clarion Securities is a registered investment advisory firm
specializing in the management of global real asset securities for
institutional investors. Headquartered near Philadelphia, the firm
manages $20.9 billion in assets as of March 31, 2016, and has over 90
employees located in offices in the United States, United Kingdom, Hong
Kong, Japan, and Australia. For more information about CBRE Clarion
Securities, please visit www.cbreclarion.com.
CBRE Clarion Securities is the listed equity management arm of CBRE
Global Investors. CBRE Global Investors is a global real estate
investment management firm with $89.7 billion in assets under
management* as of March 31, 2016. The firm sponsors investment programs
across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE
Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing
and other resources of the world’s premier, full-service commercial real
estate services and investment company for the benefit of its investors.
CBRE Group, Inc. has more than 70,000 employees in more than 400 offices
(excluding affiliates) worldwide. For more information about CBRE Global
Investors, please visit www.cbreglobalinvestors.com.
* Assets under management (AUM) refers to the fair market value of real
estate-related assets with respect to which CBRE Global Investors
provides, on a global basis, oversight, investment management services
and other advice, and which generally consist of investments in real
estate; equity in funds and joint ventures; securities portfolios;
operating companies and real estate-related loans. This AUM is intended
principally to reflect the extent of CBRE Global Investors’ presence in
the global real estate market, and its calculation of AUM may differ
from the calculations of other asset managers.
Analyst and Press Inquiries:
David Leggette, Principal