CBRE Clarion Global Real Estate Income Fund (NYSE: IGR) Declares Monthly Distribution for January
Business Wire 12-Jan-2018 5:00 PM
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 January 2018. The following dates apply:
Declaration Date Ex-Dividend Date Record Date Payable Date
January 2018 01-02-2018 01-19-2018 01-22-2018 01-31-2018
IGRs current annualized distribution rate is 7.7% based on the closing market price of $7.79 on January 10, 2018, and 6.7% based on a closing NAV of $8.92 as of the same date.
Future earnings of the Fund cannot be guaranteed, and the Funds distribution policy is subject to change. For more information on the Fund, please visit www.cbreclarion.com.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds 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 NewYork 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, 2018 to January 31, 2018), the Fund has made or declared one (1) regular monthly distribution totaling $0.05 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:
Distribution Net InvestmentIncome Net Realized Short-Term Capital Gains Net Realized Long-Term Capital Gains Return ofCapital
Current $ 0.05 $ 0.016 (32 %) -- (0 %) -- (0 %) $ 0.034 (68 %)
YTD $ 0.05 $ 0.016 (32 %) -- (0 %) -- (0 %) $ 0.034 (68 %)
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 Funds 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 Funds 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 Funds investment performance and should not be confused with yield or income.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year to date 2017 (January1, 2017 through December31, 2017) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2017, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (January1, 2013 through December31, 2017) is set forth below. Shareholders should take note of the relationship between the Funds Average Annual Total Return and its Average Annual Distribution Rate for the preceding five-year period.
Fund Performance and Distribution Rate Information:
Year-to-date 01/01/2017 to 12/31/2017
Cumulative Total Return1 11.29 %
Cumulative Distribution Rate2 6.67 %
Preceding Five-Year Period 01/01/2013 to 12/31/2017
Average Annual Total Return3 5.50 %
Average Annual Distribution Rate4 6.10 %
Current Annualized Distribution Rate5 6.67 %
1 Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.
2 Cumulative Distribution Rate for the year-to-date period (January 1, 2017 through December 31, 2017) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of December 31, 2017.
3 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions.
4 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.
5 The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of December 31, 2017.
Please refer to the chart below for information about the Funds historical NAVs, change in NAVs, total returns, and distributions paid.
AverageDailyNAV forPeriod End ofPeriodNAV PerShare Changein NAV AnnualizedTotalReturns DistributionRate4 LevelDistributionsPaid SpecialDistributionsPaid TotalDistributionsPaid
IPO $ 15.00
20041 $ 14.39 $ 17.46 16.40 % 28.20 % 5.77 % $ 0.75 $ 0.08 $ 0.83
2005 $ 16.81 $ 17.23 -1.32 % 8.13 % 8.75 % $ 1.29 $ 0.18 $ 1.47
2006 $ 20.27 $ 22.78 32.21 % 53.42 % 16.13 % $ 1.38 $ 1.89 $ 3.27
2007 $ 21.67 $ 16.16 -29.06 % -15.82 % 14.86 % $ 1.38 $ 1.84 $ 3.22
2008 $ 11.97 $ 5.63 -65.16 % -61.14 % 10.36 % $ 1.24 $ - $ 1.24
2009 $ 5.82 $ 7.51 33.39 % 46.79 % 9.28 % $ 0.54 $ - $ 0.54
2010 $ 7.82 $ 8.58 14.25 % 22.41 % 6.91 % $ 0.54 $ - $ 0.54
2011 $ 8.60 $ 8.14 -5.13 % 0.94 % 6.28 % $ 0.54 $ - $ 0.54
2012 $ 8.99 $ 9.48 16.46 % 24.15 % 6.47 % $ 0.54 $ 0.042 $ 0.582
2013 $ 9.57 $ 9.04 -4.64 % 0.91 % 5.64 % $ 0.54 $ - $ 0.54
2014 $ 9.77 $ 10.16 12.39 % 18.73 % 5.52 % $ 0.54 $ - $ 0.54
2015 $ 9.67 $ 9.04 -11.02 % -5.57 % 5.89 % $ 0.57 $ - $ 0.57
2016 $ 9.11 $ 8.65 -4.31 % 2.17 % 6.58 % $ 0.60 $ - $ 0.60
20172 $ 8.75 $ 8.99 3.93 % 11.29 % 6.85 % $ 0.60 $ - $ 0.60
Average3 9.72 % 8.32 %
Since Inception Annualized Total Return 5.20%
1 Figures for 2004 are from February 24, 2004, the Funds inception date.
2 2017 figures are year-to-date through December 31, 2017.
3 Average calculated on number of months and years since inception. The Funds inception date was February 24, 2004.
4 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 Funds 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 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 asset investment management firm with $98.3 billion in assets under management* as of September 30, 2017. 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 worlds premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 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 asset-related investments 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 assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
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CBRE Clarion Global Real Estate Income Fund Analyst and Press Inquiries:David Leggette, Principal610-995-2500orInvestor Relations:888-711-4272www.cbreclarion.com
Source: CBRE Clarion Global Real Estate Income Fund