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Acquiring Closed End Funds(CEF's) of Cohen & Steers may be a worthwhile opportunity for income. The symbols are RLF, RNP, RPF, RQI and RTU, most yield right now in excess of 9%, payable monthly. Cohen & Steers may be the largest(at least they say so)REIT investor in the U.S and have never cut their dividend(according to them). Go to their website and investigate the funds for yourself. As an experienced REIT investor, their portfolio consists of some of the better quality reits in the U.S.

So why are the yields so high?
1. Investors have sold these shares(CEF's are traded on the NYSE) incorrectly thinking the fundamentals of reits are unfavorable because of protracted increases in interest rates. In fact, office and apartment reits probably have better fundamentals than one year ago. Further, higher interest rates, will curtail overdevelopment and create barriers to entry. Most reits have already funded their needs by locking in low interest rates.

2. Consequently, due to the recent selloff, these CEF's trade at a discount 25% below the value of the underlying securities and still further, are even more steeply discounted than they were a mere three months ago. They also have considerable realized profits going into dividends from the historic profitability of recent prior years.

I have chosen to buy these funds as they are of sufficient size to be well diversified by sectors and geography. I don't think you can find the yield, quality of assets and diversification anywhere else. Anyone who thinks stocks and bonds will outperform might want to look at the Russell 3000(97% of U.S. market cap), which is only up 8% in 7 years. With increasing interest rates, bond funds are not in a good position either.
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