Company: RNP
Filing Date: 2025-09-05
Form Type: N-CSRS
Source: 0001193125-25-196906
Chunk: 2

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-09-05
Form: N-CSRS
Chunk 2
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 expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s Plan. The Fund’s total return based on NAV is presented in the table above as well as in the Consolidated Financial Highlights table.

The Plan provides that the Board may amend or terminate the Plan at any time without prior notice to Fund shareholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination. The termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above NAV) or widening an existing trading discount.

Market Review

Real estate stocks had a modestly positive total return in the six months ended June 30, 2025, although they trailed broader equities. The period was characterized by heightened uncertainty around economic growth and inflation. President Trump initiated a trade war, announcing higher-than-anticipated tariffs in early April. The news initially weighed on financial markets, but subsequent statements from the Trump administration and trade partners’ willingness to reach compromises led to price rebounds.

Bond yields, though volatile, moved lower as inflation concerns diminished. Although the U.S. Federal Reserve held its key lending rate steady throughout the period, it signaled that cuts were possible later in 2025. The European Central Bank steadily cut its main refinancing rate—from around 3% at the start of the year to 2.15%—due to declining inflation, slower growth in the region and uncertainty from U.S. tariffs.

Despite a shifting macro backdrop, commercial real estate fundamentals remained generally healthy, with steady demand and limited new supply in most property sectors.

Fund Performance

The Fund had a positive total return in the period and outperformed its blended benchmark on both a NAV and market price basis.

Returns varied widely by property type. Telecommunications was a top performer, with the typically interest-rate sensitive sector aided by a decline in bond yields. An improving leasing outlook for cell tower owners further supported performance. Health care landlords also outperformed, lifted on strong results from companies with senior housing businesses. The Fund’s overweight in telecommunication contributed positively to relative return, as did stock selection in health care, where an overweight in senior housing specialist Welltower had a sizable gain.

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Cohen & Steers REIT and Preferred and Income Fund, Inc.

Industrial REITs, which are among