The Board of Trustees of the CBRE Clarion Global Real Estate
Income Fund (NYSE: IGR) (the “Fund”) has declared a monthly
distribution of $0.05 per share for the month of September 2021.
The following dates apply:
Declaration Date
Ex-Dividend Date
Record Date
Payable Date
September 2021
09-09-2021
09-17-2021
09-20-2021
09-30-2021
IGR’s current annualized distribution rate is 6.5% based on the
closing market price of $9.20 on September 7, 2021, and 6.0% based
on a closing NAV of $10.01 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.cbreclarion.com.
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 Clarion 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 current fiscal year (January 1, 2021 to September 30,
2021), the Fund has made or declared nine (9) regular monthly
distributions totaling $0.45 per share. The source of the
distribution declared for the current month and fiscal year to date
is estimated as follows:
Estimated Source of Distributions:
Estimated Allocations
Distribution
Net Investment Income
Net Realized Short- Term Capital
Gains
Net Realized Long- Term Capital
Gains
Return of Capital
Current
$
0.05
$0.015 (29%)
-- (0%)
0.011 (23%)
$0.024 (48%)
YTD
$
0.45
$0.131 (29%)
-- (0%)
0.102 (23%)
$0.217 (48%)
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 is also 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 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 2021 (January
1, 2021 through August 31, 2021) is set forth below. Shareholders
should take note of the relationship between the Cumulative Total
Return and the Fund’s Cumulative Distribution Rate for 2021, as
well as its Current Annualized Distribution Rate. Moreover, the
Fund’s Average Annual Total Return for the preceding five-year
period (September 1, 2016 through August 31, 2021) 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 01/01/2021 to
08/31/2021
Cumulative Total Return1
28.74%
Cumulative Distribution Rate2
4.01%
Preceding Five-Year Period 09/01/2016
to 08/31/2021
Average Annual Total Return3
9.23%
Average Annual Distribution Rate4
7.12%
Current Annualized Distribution Rate5
6.01%
- 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.
- Cumulative Distribution Rate for fiscal year to date 2021
(January 1, 2021 through August 31, 2021) is determined by dividing
the dollar value of distributions in the period by the Fund’s NAV
as of August 31, 2021.
- 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.
- 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.
- The Current Annualized Distribution Rate is the current monthly
distribution rate annualized as a percentage of the Fund’s NAV as
of August 31, 2021.
Please refer to the chart below for information about the Fund’s
historical NAVs, change in NAVs, total returns, and distributions
paid.
Average Daily NAV for Period
End of Period NAV Per Share
Change in NAV
Annualized Total Returns
Distribution Rate4
Level Distributions Paid
Special Distributions Paid
Total Distributions Paid
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
20212
$ 8.97
$ 9.98
23.06%
28.74%
4.46%
$0.40
$ -
$0.40
Average3
10.21%
8.10%
Since Inception Annualized Total Return 6.33%
- Figures for 2004 are from February 24, 2004, the Fund’s
inception date.
- 2021 figures are for year to date through August 31, 2021.
- Average calculated on number of months and years since
inception. The Fund’s inception date was February 24, 2004.
- 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 Clarion Securities:
CBRE Clarion Securities is a registered investment advisory firm
specializing in the management of global real asset securities for
institutional investors. Headquartered near Philadelphia, the firm
has personnel located in the United States, United Kingdom, Hong
Kong, Japan, and Australia. For more information about CBRE Clarion
Securities, please visit www.cbreclarion.com.
CBRE Clarion Securities is the listed equity management arm of
CBRE Global Investors. CBRE Global Investors is a global real
assets investment management firm with $129.1 billion in assets
under management* as of June 30, 2021. The firm sponsors investment
programs across the risk/return spectrum for investors
worldwide.
CBRE Global Investors is an independently operated affiliate of
CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment
sourcing and other resources of the world’s largest commercial real
estate services and investment firm (based on 2020 revenue) for the
benefit of its investors. CBRE Group, Inc. has more than 100,000
employees serving clients in more than 100 countries. For more
information about CBRE Global Investors, please visit
www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to
the fair market value of real assets-related investments with
respect to which CBRE Global Investors 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 Global Investors'
presence in the global real assets market, and its calculation of
AUM may differ from the calculations of other asset managers.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210909005988/en/
Analyst and Press Inquiries: David Leggette, Principal
610.995.2500
Investor Relations: 888.711.4272 www.cbreclarion.com
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