Real Estate

NEW YORK, May 16 /PRNewswire-FirstCall/ — Cohen & Steers announced
today that it has reached an agreement with a financial institution on the
terms of a $300 million credit facility that will allow one of its
closed-end funds to redeem, at par value, a portion of its auction market
preferred securities (AMPS). Subject to final documentation and approvals,
Cohen & Steers Quality Income Realty Fund, Inc. (NYSE: RQI) intends to
redeem, on a pro rata basis,* approximately 65% of the AMPS across all
series. The proposed facility, which is expected to carry a lower interest
rate than the current AMPS rate, will not affect the fund’s level of
leverage.

To date, four of eight leveraged Cohen & Steers closed-end funds have
announced financing arrangements that will enable them to redeem more than
50% (approximately $600 million) of their outstanding AMPS. Cohen & Steers
intends to redeem additional AMPS provided that financing is obtained on
acceptable terms.

Cohen & Steers will keep all shareholders informed as further
information regarding the redemptions becomes available. For more
information and periodic updates, please visit http://www.cohenandsteers.com.

* Redemptions will be allocated among participating broker/dealers by
the Depository Trust Company using a predetermined methodology, and each
broker/dealer allocates the redeemed shares to the underlying beneficiaries
according to its own procedures.

About Cohen & Steers

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 securities, and preferred
securities. The company also offers private alternative investment
strategies, such as hedged real estate securities portfolios and real
estate funds of funds. Headquartered in New York City, with offices in
Brussels, Hong Kong, London and Seattle, Cohen & Steers serves individual
and institutional investors through a broad range of investment vehicles.
Through a subsidiary, Cohen & Steers provides investment banking services.

Forward-Looking Statements

This press release and other statements that Cohen & Steers may make
may contain forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934, which reflect the company’s current views with respect to, among
other things, its operations and financial performance. You can identify
these forward- looking statements by the use of words such as “outlook,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,”
“seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates” or the negative versions of these words or other comparable
words. Such forward- looking statements are subject to various risks and
uncertainties.

Accordingly, there are or will be important factors that could cause
actual outcomes or results to differ materially from those indicated in
these statements. The company undertakes no obligation to publicly update
or review any forward-looking statement, whether as a result of new
information, future developments or otherwise.

The following factors, among others, could cause actual results to
differ materially from forward-looking statements: (1) the ability of Cohen
& Steers and the Cohen & Steers closed-end funds that have issued AMPS to
develop and finalize fund-by-fund specific proposals to restructure the
leverage of such funds; (2) the need for such Cohen & Steers funds to
obtain formal fund-by- fund approval from the funds’ Board of Directors for
certain types of specific proposals as they are developed and finalized;
(3) the ability of such Cohen & Steers funds to negotiate and obtain from
third parties the necessary debt facilities and other commitments and
agreements necessary for the Cohen & Steers funds to refinance all or a
portion of their leverage on terms and conditions acceptable to the funds
and in a timely manner; (4) the ability of such Cohen & Steers funds to
develop new forms of preferred stock that could replace existing AMPS on
terms acceptable to the Cohen & Steers funds and in a timely manner; (5)
the effects of changes in market and economic conditions, including higher
costs and expenses associated with refinancing; (6) other legal and
regulatory developments; and (7) other additional risks and uncertainties.



See Also

• Latest Global Real Estate Market Updates
• Hovnanian Announces Debt Refinancing
• Allana Buick & Bers, Inc. Hires New Employee Isaac Zamora to Serve as Chief Financial Officer

Source: Real Estate Newswire