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The CBRE Global Real Estate Income Fund (NYSE: IGR) has announced three monthly distributions of $0.06 per share for July, August, and September 2024, totaling $0.18 per share. Key dates include the declaration date of July 8, 2024, and payable dates on July 31, August 30, and September 30, 2024. The annualized distribution rate is 14.3% based on a market price of $5.03 on July 5, 2024.
Additionally, a webinar is scheduled for July 30, 2024, to discuss market conditions and portfolio updates. The Fund’s cumulative total return for 2024 is -7.74%, with a cumulative distribution rate of 6.72%. The average annual total return over the past five years is 1.69%, with an average annual distribution rate of 9.09%. The Fund noted that a portion of distributions may constitute a return of capital. For further details, visit the Fund’s website.
Positive
- Three monthly distributions announced, totaling $0.18 per share for Q3 2024.
- Webinar scheduled for July 30, 2024, providing market updates and portfolio insights.
- Current annualized distribution rate stands at 14.3% based on the market price.
Negative
- Cumulative total return for 2024 is -7.74%.
- A significant portion of distributions (59%) is a return of capital, not net investment income.
- Fund’s net asset value (NAV) has decreased by 13.55% year-to-date.
PHILADELPHIA–(BUSINESS WIRE)– The Board of Trustees of the CBRE Global Real Estate Income Fund (NYSE: IGR) (the “Fund”) has declared three distributions of $0.06 per share for the months of July, August and September 2024 ($0.18 per share in total).
The following dates apply:
|
|
Declaration Date |
Ex-Dividend Date |
Record Date |
Payable Date |
|
July 2024 |
07-08-2024 |
07-19-2024 |
07-19-2024 |
07-31-2024 |
|
August 2024 |
07-08-2024 |
08-20-2024 |
08-20-2024 |
08-30-2024 |
|
September 2024 |
07-08-2024 |
09-20-2024 |
09-20-2024 |
09-30-2024 |
The portfolio management team will host a webinar on Tuesday, July 30, 2024 at 4:00 p.m. ET. During the webinar the team will provide an update on the portfolio, market conditions, and their market outlook.
Please register for the webinar in advance by clicking on the registration link directly below or by visiting the Fund’s website www.cbreim.com/igr.
IGR’s current annualized distribution rate is 14.3% based on the closing market price of $5.03 on July 5, 2024, and 13.4% based on a closing NAV of $5.37 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.cbreim.com/igr.
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 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 period from January 1, 2024, to September 30, 2024, the Fund has made or declared nine (9) regular monthly distributions totaling $0.54 per share. The sources of the distribution declared for each month and the full period from January 1, 2024, to September 30, 2024, are estimated as follows:
|
Estimated Source of Distributions: |
|||||
|
|
Estimated Allocations |
||||
|
Distribution |
Net Investment |
Net Realized Short- |
Net Realized Long- |
Return of Capital |
|
|
Monthly |
$0.06 |
$0.007 (12%) |
$0.011 (18%) |
$0.007 (11%) |
$0.035 (59%) |
|
Period: |
$0.54 |
$0.067 (12%) |
$0.096 (18%) |
$0.061 (11%) |
$0.316 (59%) |
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 may also be 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 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 2024 (January 1, 2024 through June 30, 2024) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Fund’s Cumulative Distribution Rate for 2024, as well as its Current Annualized Distribution Rate. Moreover, the Fund’s Average Annual Total Return for the preceding five-year period (July 1, 2019 through June 30, 2024) 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 Information:
|
For the Period 01/01/2024 to 06/30/2024 |
||
|
|
Cumulative Total Return1 |
-7.74% |
|
|
Cumulative Distribution Rate2 |
6.72% |
|
Preceding Five-Year Period 07/01/2019 to 06/30/2024 |
||
|
|
Average Annual Total Return3 |
1.69% |
|
|
Average Annual Distribution Rate4 |
9.09% |
|
Current Annualized Distribution Rate5 |
13.43% |
|
| 1 |
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. |
|
| 2 |
Cumulative Distribution Rate for fiscal year to date 2024 (January 1, 2024 through June 30, 2024) is determined by dividing the dollar value of distributions in the period by the Fund’s NAV as of June 30, 2024. |
|
| 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 Fund’s 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 Fund’s NAV as of June 30, 2024. |
Please refer to the chart below for information about the Fund’s historical NAVs, change in NAVs, total returns, and distributions paid.
|
|
Average |
End of |
Change |
Annualized |
Distribution |
Level |
Special |
Total |
|||||
|
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 |
|
2017 |
$ |
8.75 |
$ |
8.99 |
3.93% |
11.29% |
6.85% |
$ |
0.60 |
$ |
– |
$ |
0.60 |
|
2018 |
$ |
8.36 |
$ |
7.55 |
-16.02% |
-9.75% |
7.18% |
$ |
0.60 |
$ |
– |
$ |
0.60 |
|
2019 |
$ |
8.62 |
$ |
8.86 |
17.35% |
25.79% |
6.96% |
$ |
0.60 |
$ |
– |
$ |
0.60 |
|
2020 |
$ |
7.51 |
$ |
8.11 |
-8.47% |
-0.60% |
7.99% |
$ |
0.60 |
$ |
– |
$ |
0.60 |
|
2021 |
$ |
9.26 |
$ |
10.48 |
29.22% |
37.95% |
6.48% |
$ |
0.60 |
$ |
– |
$ |
0.60 |
|
2022 |
$ |
7.89 |
$ |
6.31 |
-39.79% |
-33.96% |
8.87% |
$ |
0.70 |
$ |
– |
$ |
0.70 |
|
2023 |
$ |
5.92 |
$ |
6.20 |
-1.74% |
11.06% |
12.16% |
$ |
0.72 |
$ |
– |
$ |
0.72 |
|
20242 |
$ |
5.59 |
$ |
5.36 |
-13.55% |
-7.74% |
6.44% |
$ |
0.36 |
$ |
– |
$ |
0.36 |
|
Average3 |
|
|
|
7.73% |
8.42% |
|
|
|
|||||
Since Inception Annualized Total Return 3.77%
| 1 |
Figures for 2004 are from February 24, 2004, the Fund’s inception date. |
|
| 2 |
2024 figures are for year to date January 1, 2024 through June 30, 2024. |
|
| 3 |
Average calculated on number of months and years since inception. The Fund’s 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 Fund’s audited annual reports for the respective year.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $144.0 billion in assets under management* as of March 31, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people, and communities thrive. CBRE Investment Management Listed Real Assets LLC is a separately registered investment adviser within CBRE Investment Management that specializes in the management of global listed real assets solutions.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2023 revenue). CBRE has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information about CBRE Investment Management, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management 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 assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240708353597/en/
Analyst and Press Inquiries:
David Leggette
+1 610 995 7349
Investor Relations:
+1 888 711 4272
Source: CBRE Global Real Estate Income Fund
FAQ
What are the distribution dates for IGR in Q3 2024?
The distribution dates are July 31, August 30, and September 30, 2024.
What is the current annualized distribution rate for IGR?
The current annualized distribution rate is 14.3% based on the market price as of July 5, 2024.
When is the IGR webinar scheduled?
The IGR webinar is scheduled for July 30, 2024, at 4:00 p.m. ET.
How much of IGR’s distribution is considered return of capital?
59% of IGR’s distribution is estimated to be a return of capital.
What has been the performance of IGR in 2024?
IGR’s cumulative total return for 2024 is -7.74%.
