Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
Chunk: 64

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 64
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 separate and distinct from the risk that NAV could decrease as a result of investment activities and may be greater for investors expecting to sell their shares in a relatively short period following completion of this offering. Whether investors will realize gains or losses upon the sale of the shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the shares at the time of sale is above or below the investor’s purchase price for the shares. Because the market price of the shares is determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, Fund shares may trade at, above or below NAV, or at below or above the initial public offering price.

Investment Risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Market Risk. Your investment in the Fund represents an indirect investment in the securities owned by the Fund, a significant portion of which are traded on a national securities exchange or in the OTC markets. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. The Fund may utilize leverage, which magnifies this risk. Your shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. See “Leverage Risk” below.

61

C OHEN& S TEERSREIT ANDP REFERRED ANDI NCOMEF UND, I NC.

Real Estate Market Risk.The Fund will not invest in real estate directly, but may invest in securities issued by real estate companies, including REITs. Therefore, the Fund is also subject to the risks associated with the direct ownership of real estate. These risks include:

| • |     | declines in the value of real estate; |

| • |     | risks related to general and local economic conditions; |

| • |     | possible lack of availability of mortgage funds; |

| • |     | overbuilding; |

| • |     | extended vacancies of properties; |

| • |     | increased competition; |

| • |     | increases in property taxes and operating expenses; |

| • |     | changes in zoning laws; |

| • |     | losses due to costs resulting from the clean-up of 
 environmental problems;                            |

| • |     | liability to third parties for damages resulting from environmental problems; |

| • |     | casualty or condemnation losses