NEW YORK, Dec. 31, 2020 /PRNewswire/ -- Neuberger
Berman Real Estate Securities Income Fund Inc. (NYSE American: NRO)
(the "Fund") has announced a decrease in its monthly distribution
rate and declared its next monthly distribution at the new
rate. The distribution announced today is payable on
January 29, 2021, with a record date
of January 15, 2021 and an ex-date of
January 14, 2021.
The Fund decreased its monthly distribution rate to $0.0312 per share of common stock from the prior
monthly distribution rate of $0.04
per share. The Fund's annual distribution per share of common
stock is now $0.3744 versus the prior
annual amount of $0.48. The new
amount per share represents an annualized distribution rate of
approximately 8.45% based on the Fund's net asset value of
$4.43 per share on December 30, 2020.
The decrease in the Fund's distribution rate is the result of
numerous factors, including reductions in the amount of leverage
employed by the Fund and the resultant overall reduction in the
amount of investment income earned, and expected to be earned in
the near future, by the Fund.
Under its level distribution policy, the Fund anticipates that
it will make regular monthly distributions, subject to market
conditions, of $0.0312 per share of
common stock, unless further action is taken to determine another
amount. There is no assurance that the Fund will always be able to
pay a distribution of any particular amount, or that a distribution
will consist of only net investment income. The Fund's ability to
maintain its current distribution rate will depend on a number of
factors, including the amount and stability of income received from
its investments, availability of capital gains, the amount of
leverage employed by the Fund, the cost of leverage and the level
of other Fund expenses.
The distribution announced today, as well as future
distributions, may consist of net investment income, realized
capital gains and return of capital. In compliance with Section 19
of the Investment Company Act of 1940, as amended, a notice would
be provided for any distribution that does not consist solely of
net investment income. The notice would be for informational
purposes and not for tax reporting purposes, and would disclose,
among other things, estimated portions of the distribution, if any,
consisting of net investment income, capital gains and return of
capital. The final determination of the source and tax
characteristics of all distributions paid in 2021 will be made
after the end of the year.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages a range of
strategies—including equity, fixed income, quantitative and
multi-asset class, private equity, real estate and hedge funds—on
behalf of institutions, advisors and individual investors globally.
With offices in 24 countries, Neuberger Berman's diverse team has
over 2,300 professionals. For seven consecutive years, the company
has been named first or second in Pensions & Investments Best
Places to Work in Money Management survey (among those with 1,000
employees or more). In 2020, the PRI named Neuberger Berman a
Leader, a designation awarded to fewer than 1% of investment firms
for excellence in Environmental, Social and Governance (ESG)
practices. The PRI also awarded Neuberger Berman an A+ in every
eligible category for our approach to ESG integration across asset
classes. The firm manages $374
billion in client assets as of September 30, 2020. For more information, please
visit our website at www.nb.com.
Statements made in this release that look forward in time
involve risks and uncertainties. Such risks and uncertainties
include, without limitation, the adverse effect from a decline in
the securities markets or a decline in the Fund's performance, a
general downturn in the economy, competition from other closed end
investment companies, changes in government policy or regulation,
inability of the Fund's investment adviser to attract or retain key
employees, inability of the Fund to implement its investment
strategy, inability of the Fund to manage rapid expansion and
unforeseen costs and other effects related to legal proceedings or
investigations of governmental and self-regulatory
organizations.
Contact:
Neuberger Berman Investment Advisers
LLC
Investor Information
(877) 461-1899
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SOURCE Neuberger Berman