Item 1. |
Reports to Stockholders. |
2 | ||||
3 | ||||
7 | ||||
8 | ||||
15 | ||||
18 | ||||
19 | ||||
20 | ||||
21 | ||||
22 | ||||
24 | ||||
31 | ||||
33 | ||||
38 |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
1 |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
2 |
1H2022 |
2H2022 |
CY2022 | ||||
REGION | ||||||
North America 2 |
-20.9% | -6.0% | -25.6% | |||
Europe 2 |
-33.6% | -10.7% | -40.7% | |||
Asia-Pacific 2 |
-10.3% | -1.2% | -11.4% | |||
Global Real Estate Common Stocks 3 |
-20.7% | -5.5% | -25.1% | |||
U.S. REIT Preferred Stocks 4 |
-13.5% | -8.5% | -20.8% | |||
80/20 Blend of Global Common Stock & U.S. Preferred Stock 5 |
-19.3% | -6.0% | -24.1% |
1 |
Global real estate stocks as measured by FTSE EPRA Nareit Developed Index – Net returned -5.5% during the second half of the year and -25.1% for the calendar year. The broader market is measured by the MSCI World Index (USD) which returned -17.7% for the calendar year. |
2 |
Regional allocations for the FTSE EPRA Nareit Developed Index – Net are determined based on classifications by CBRE Investment Management. North America regional performance excludes U.S. REIT preferred stocks and only represents U.S. common stocks within the FTSE EPRA Nareit Developed Index – Net. |
3 |
Represented by the FTSE EPRA Nareit Developed Index – Net. The Index is an unmanaged market-weighted index consisting of real estate companies from developed markets, where greater than 75% of constituents’ EBITDA (earnings before interest, taxes, depreciation, and amortization) is derived from relevant real estate activities and is calculated net of withholding taxes. Investors cannot invest directly in an index. |
4 |
Represented by the MSCI REIT Preferred Index, a preferred stock market capitalization weighted index of certain exchange traded preferred securities issued by U.S. equity and U.S. hybrid REITs. Investors cannot invest directly in an index. |
5 |
Represented by the daily weighted average of the following indices: 80% FTSE EPRA Nareit Developed – Net and 20% MSCI Preferred Index. Investors cannot invest directly in an index. |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
3 |
Geographic Exposure |
Sector Exposure | |
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Source: CBRE Investment Management as of 12/31/2022. |
6 |
The Trust is currently paying distributions comprised of net investment income and net realized capital gains. If net investment income and net realized gains are not sufficient to fully cover the distribution, then a portion of the distribution would be return of capital. The Board regularly reviews the coverage and composition of the distribution to ensure the distribution level is appropriate. The estimated composition of each distribution, including any return of capital, will be provided to shareholders of record and is also available at www.cbreim.com. Final determination of a distribution’s tax character will be made on Form 1099 DIV and sent to shareholders |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
4 |
Japan |
U.K. |
U.S. |
Canada |
Australia |
Singapore |
Hong Kong SAR, China |
Cont.Europe |
Global Average |
||||||||||||||||||||||||||||
∎ 2022 |
8.4% | 12.4% | 10.6% | 4.8% | 15.8% | 28.1% | -2.5% | 10.6% | 10.4% | |||||||||||||||||||||||||||
∎ 2023f |
7.0% | 5.3% | 4.7% | 4.3% | 3.5% | 3.3% | -1.1% | -1.5% | 4.1% |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
5 |
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![]() | ||
JOSEPH P. SMITH, CFA Portfolio Manager President & CEO |
KENNETH S. WEINBERG, CFA Portfolio Manager |
JONATHAN D. MINIMAN, CFA Portfolio Manager |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
6 |
Beginning account value |
Ending account value |
Annualized expense ratio |
Expenses paid during the period |
|||||||||||||
July 1, 2022 |
December 31, 2022 |
Per $1,000 (1) |
||||||||||||||
CBRE GLOBAL REAL ESTATE INCOME FUND |
||||||||||||||||
Actual |
$ | 1,000.00 | $ | 905.50 | 2.99 | % | $ | 14.36 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,010.13 | 2.99 | % | $ | 15.15 |
(1) |
Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365. |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
7 |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
8 |
– | Retail Properties Retail properties are affected by the overall health of the economy and may be adversely affected by, among other things, the growth of alternative forms of retailing, bankruptcy, departure or cessation of operations of a tenant, a shift in consumer demand due to demographic changes, spending patterns and lease terminations. |
– | Office Properties Office properties are affected by the overall health of the economy, and other factors such as a downturn in the businesses operated by their tenants, obsolescence and non-competitiveness. |
– | Hotel Properties The risks of hotel properties include, among other things, the necessity of a high level of continuing capital expenditures, competition, increases in operating costs which may not be offset by increases in revenues, dependence on business and commercial travelers and tourism, increases in fuel costs and other expenses of travel, and adverse effects of general and local economic conditions. Hotel properties tend to be more sensitive to adverse economic conditions and competition than many other commercial properties. |
– | Healthcare Properties Healthcare properties and healthcare providers are affected by several significant factors, including federal, state and local laws governing licenses, certification, adequacy of care, pharmaceutical distribution, rates, equipment, personnel and other factors regarding operations, continued availability of revenue from government reimbursement programs, and competition on a local and regional basis. The failure of any healthcare operator to comply with governmental laws and regulations may affect its ability to operate its facility or receive government reimbursements. |
– | Multifamily Properties The value and successful operation of a multifamily property may be affected by a number of factors such as the location of the property, the ability of the management team, the level of mortgage rates, the presence of competing properties, adverse economic conditions in the locale, oversupply and rent control laws or other laws affecting such properties. |
– | Community Shopping Centers Community center properties are dependent upon the successful operations and financial condition of their tenants, particularly certain of their major tenants, and could be adversely affected by bankruptcy of those tenants. In some cases, a tenant may lease a significant portion of the space in one center, and the filing of bankruptcy could cause significant revenue loss. Like others in the commercial real estate industry, community centers are subject to environmental risks and interest rate risk. They also face the need to enter into new leases or renew leases on favorable terms to generate rental revenues. Community center properties could be adversely affected by changes in the local markets where their properties are located, as well as by adverse changes in national economic and market conditions. |
– | Self-Storage Properties The value and successful operation of a self-storage property may be affected by a number of factors, such as the ability of the management team, the location of the property, the presence of competing properties, changes in traffic patterns, and adverse effects of general and local economic conditions with respect to rental rates and occupancy levels. |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
9 |
– | Industrial Properties Industrial properties typically include warehouses, depots, storage, factories, logistics and distributions. Factors such as vacancy, tenant mix, lease term, property condition and design, redevelopment opportunities and property location could adversely affect the value and operation of industrial properties. |
– | Towers Companies Cell towers and wireless services have seen an increased demand in recent years. However, owners and operators of towers may be subject to, and therefore must comply with, environmental laws that impose strict, joint and several liability for the cleanup of on-site or off-site contamination and related personal injury or property damage. |
– | Data Centers Properties Data centers facilities house an organization’s most critical and proprietary assets. Therefore, operation of data centers properties depends upon the demand for technology-related real estate and global economic conditions that could adversely affect companies’ abilities to lease, develop or renew leases. Declining real estate valuations and impairment charges could adversely affect earnings and financial condition of data center properties. |
– | Net Lease Properties Net lease properties require the tenant to pay (in addition to the rent) property taxes, insurance, and maintenance on the property. Tenant’s ability to pay rent, interest rate fluctuations, vacancy, property location, length of the lease are only few of the risks that could affect net lease properties operations. |
– | Lack of Insurance Certain of the portfolio companies may fail to carry comprehensive liability, fire, flood, earthquake extended coverage and rental loss insurance, or insurance in place may be subject to various policy specifications, limits and deductibles. Should any type of uninsured loss occur, the portfolio company could lose its investment in, and anticipated profits and cash flows from, a number of properties and as a result adversely affect the Trust’s investment performance. |
– | Financial Leverage Global real estate companies may be highly leveraged and financial covenants may affect the ability of global real estate companies to operate effectively. |
– | Environmental Issues In connection with the ownership (direct or indirect), operation, management and development of real properties that may contain hazardous or toxic substances, a portfolio company may be considered an owner, operator or responsible party of such properties and, therefore, may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines and liabilities for injuries to persons and property. The existence of any such material environmental liability could have a material adverse effect on the results of operations and cash flow of any such portfolio company and, as a result, the amount available to make distributions on shares of the Trust could be reduced. |
– | Recent Events The value of real estate is particularly susceptible to acts of terrorism and other changes in foreign and domestic conditions. |
– | Acts of God and Geopolitical Risks The performance of certain investments could be affected by acts of God or other unforeseen and/or uncontrollable events (collectively, “disruptions”), including, but not limited to, natural disasters, public health emergencies (including any outbreak or threat of COVID-19, SARS, H1N1/09 flu, avian flu, other coronavirus, Ebola, or other existing or new pandemic or epidemic diseases), terrorism, social and political discord, geopolitical events, national and international political circumstances, and other unforeseen and/or uncontrollable events with widespread impact. These disruptions may affect the level and volatility of security prices and liquidity of any investments. Unexpected volatility could impair an investment’s profitability or result in it suffering losses. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or securities industry participants in other countries or regions. |
– | REIT Issues REITs are subject to a highly technical and complex set of provisions in the Code. It is possible that the Trust may invest in a real estate company which purports to be a REIT, but which fails to qualify as a REIT. In the event of any such unexpected failure to qualify as a REIT, the purported REIT would be subject to corporate-level taxation, significantly reducing the return to the Trust on its investment in such company. |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
10 |
– | the likelihood of greater volatility of net asset value and market price of the common shares because changes in the value of the Trust’s portfolio, including securities bought with the proceeds of the leverage, are borne entirely by the holders of common shares; and |
– | the possibility either that common share net investment income will fall if the leverage expense rises or that common share net investment income will fluctuate because the leverage expense varies. |
– | Deferral Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If the Trust owns a preferred security that is deferring its distributions, the Trust may be required to report income for tax purposes although it has not yet received such income. |
– | Subordination Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure with respect to priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments. |
– | Liquidity Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities. |
– | Limited Voting Rights Generally, preferred security holders (such as the Trust) have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. In the case of certain trust preferred securities, |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
11 |
holders generally have no voting rights, except (i) if the issuer fails to pay dividends for a specified period of time or (ii) if a declaration of default occurs and is continuing. In such an event, rights of holders of trust preferred securities generally would include the right to appoint and authorize a trustee to enforce the trust or special purpose entity’s rights as a creditor under the agreement with its operating company. |
– | Special Redemption Rights In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in Federal income tax or securities laws. As with call provisions, a redemption by the issuer may negatively impact the return on the security held by the Trust. |
– | New Types of Securities From time to time, preferred securities, including trust preferred securities, have been, and may in the future be, offered having features other than those described herein. The Trust reserves the right to invest in these securities if the Adviser believes that doing so would be consistent with the Trust’s investment objectives and policies. Since the market for these instruments would be new, the Trust may have difficulty disposing of them at a suitable price and time. In addition to limited liquidity, these instruments may present other risks, such as high price volatility. |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
12 |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
13 |
Shares |
Market value |
|||||||||||||||
Real Estate Securities* – 145.2% |
||||||||||||||||
Common Stock – 136.9% |
||||||||||||||||
Australia – 4.4% |
||||||||||||||||
830,420 | Charter Hall Group | $ | 6,746,529 | |||||||||||||
1,525,133 | Dexus | 8,015,584 | ||||||||||||||
665,063 | Goodman Group | 7,829,577 | ||||||||||||||
5,194,461 | Scentre Group | 10,145,156 | ||||||||||||||
32,736,846 | ||||||||||||||||
Belgium – 2.7% |
||||||||||||||||
141,614 | Aedifica SA | 11,456,196 | ||||||||||||||
93,958 | Cofinimmo SA | 8,393,136 | ||||||||||||||
19,849,332 | ||||||||||||||||
Canada – 5.3% |
||||||||||||||||
176,498 | Canadian Apartment Properties REIT | 5,559,567 | ||||||||||||||
728,500 | Chartwell Retirement Residences | 4,537,835 | ||||||||||||||
939,900 | H&R Real Estate Investment Trust | 8,400,449 | ||||||||||||||
850,000 | RioCan Real Estate Investment Trust | 13,255,471 | ||||||||||||||
919,396 | Tricon Residential, Inc. | 7,088,543 | ||||||||||||||
38,841,865 | ||||||||||||||||
France – 3.5% |
||||||||||||||||
674,037 | Klepierre SA | 15,487,910 | ||||||||||||||
196,040 | Unibail-Rodamco-Westfield (a) |
10,174,522 | ||||||||||||||
25,662,432 | ||||||||||||||||
Germany – 0.9% |
||||||||||||||||
105,598 | LEG Immobilien SE | 6,858,872 | ||||||||||||||
Hong Kong – 7.2% |
||||||||||||||||
4,302,170 | Link REIT | 31,584,359 | ||||||||||||||
3,630,000 | New World Development Co. Ltd. | 10,231,968 | ||||||||||||||
4,382,000 | Swire Properties Ltd. | 11,138,941 | ||||||||||||||
52,955,268 | ||||||||||||||||
Japan – 13.0% |
||||||||||||||||
3,139 | Activia Properties, Inc. | 9,825,359 | ||||||||||||||
7,321 | AEON REIT Investment Corp. | 8,572,470 | ||||||||||||||
24,096 | Japan Metropolitan Fund Investment Corp. | 19,120,476 | ||||||||||||||
3,440 | Kenedix Office Investment Corp. | 8,342,870 | ||||||||||||||
10,619 | LaSalle Logiport REIT | 12,884,929 | ||||||||||||||
533,700 | Mitsui Fudosan Co., Ltd. | 9,776,444 |
Shares |
Market value |
|||||||||||||||
10,122 | Orix JREIT, Inc. | $ | 14,307,120 | |||||||||||||
2,685,592 | Tokyu Fudosan Holdings Corp. | 12,782,233 | ||||||||||||||
95,611,901 | ||||||||||||||||
Singapore – 4.0% |
||||||||||||||||
11,760,444 | CapitaLand China Trust | 9,820,830 | ||||||||||||||
9,348,612 | CapitaLand Integrated Commercial Trust | 14,219,481 | ||||||||||||||
8,338,000 | Keppel REIT | 5,657,307 | ||||||||||||||
29,697,618 | ||||||||||||||||
Spain – 1.5% |
||||||||||||||||
1,142,990 | Merlin Properties Socimi SA | 10,704,210 | ||||||||||||||
Sweden – 1.0% |
||||||||||||||||
594,254 | Castellum AB | 7,200,400 | ||||||||||||||
Switzerland – 0.8% |
||||||||||||||||
48,138 | PSP Swiss Property AG | 5,645,237 | ||||||||||||||
United Kingdom – 3.4% |
||||||||||||||||
1,452,922 | Grainger PLC | 4,404,277 | ||||||||||||||
1,313,897 | Land Securities Group PLC | 9,821,195 | ||||||||||||||
299,624 | Safestore Holdings PLC | 3,405,965 | ||||||||||||||
2,668,000 | Supermarket Income REIT PLC | 3,289,588 | ||||||||||||||
2,696,061 | Tritax Big Box REIT PLC | 4,494,948 | ||||||||||||||
25,415,973 | ||||||||||||||||
United States – 89.2% |
||||||||||||||||
160,730 | Alexandria Real Estate Equities, Inc. | 23,413,539 | ||||||||||||||
372,093 | Apartment Income REIT Corp. | 12,766,511 | ||||||||||||||
138,979 | AvalonBay Communities, Inc. | 22,447,888 | ||||||||||||||
692,559 | Brixmor Property Group, Inc. | 15,700,313 | ||||||||||||||
74,659 | Camden Property Trust | 8,352,849 | ||||||||||||||
213,685 | Crown Castle Inc. | 28,984,233 | ||||||||||||||
744,165 | CubeSmart | 29,952,641 | ||||||||||||||
186,930 | Digital Realty Trust, Inc. | 18,743,471 | ||||||||||||||
126,080 | Equinix, Inc. | 82,586,182 | ||||||||||||||
76,610 | Essex Property Trust, Inc. | 16,235,191 | ||||||||||||||
666,620 | Healthcare Realty Trust, Inc., Class A | 12,845,767 | ||||||||||||||
454,631 | Hudson Pacific Properties, Inc. | 4,423,560 | ||||||||||||||
418,300 | Independence Realty Trust, Inc. | 7,052,538 | ||||||||||||||
1,039,635 | Invitation Homes, Inc. | 30,814,781 |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
15 |
Shares |
Market value |
|||||||||||||||
152,592 | Iron Mountain, Inc. | $ | 7,606,711 | |||||||||||||
252,901 | Life Storage, Inc. | 24,910,749 | ||||||||||||||
175,000 | National Storage Affiliates Trust | 6,321,000 | ||||||||||||||
714,776 | Park Hotels & Resorts, Inc. | 8,427,209 | ||||||||||||||
515,041 | Pebblebrook Hotel Trust | 6,896,399 | ||||||||||||||
696,892 | Piedmont Office Realty Trust, Inc., Class A | 6,390,500 | ||||||||||||||
718,154 | Prologis, Inc. | 80,957,501 | ||||||||||||||
36,040 | Public Storage | 10,098,048 | ||||||||||||||
581,300 | Retail Opportunity Investments Corp. | 8,736,939 | ||||||||||||||
505,000 | Rexford Industrial Realty, Inc. | 27,593,200 | ||||||||||||||
406,509 | Simon Property Group, Inc. | 47,756,677 | ||||||||||||||
585,007 | Spirit Realty Capital, Inc. | 23,359,330 | ||||||||||||||
463,690 | STAG Industrial, Inc. | 14,981,824 | ||||||||||||||
229,908 | Sun Communities, Inc. | 32,876,844 | ||||||||||||||
1,408,200 | Sunstone Hotel Investors, Inc. | 13,603,212 | ||||||||||||||
330,904 | Welltower, Inc. | 21,690,757 | ||||||||||||||
656,526,364 | ||||||||||||||||
Total Common Stock | ||||||||||||||||
(cost $1,220,083,460) | 1,007,706,318 | |||||||||||||||
Preferred Stock – 8.3% |
||||||||||||||||
United States – 8.3% |
||||||||||||||||
245,403 | Digital Realty Trust, Inc., Series J, 5.250% | 5,158,371 | ||||||||||||||
301,100 | Digital Realty Trust, Inc., Series L, 5.200% | 6,085,231 | ||||||||||||||
282,200 | Federal Realty Investment Trust, Series C, 5.000% | 5,694,796 | ||||||||||||||
405,900 | National Storage Affiliates Trust, Series A, 6.000% | 9,073,894 | ||||||||||||||
383,644 | Pebblebrook Hotel Trust, Series E, 6.375% | 6,878,737 | ||||||||||||||
541,950 | Pebblebrook Hotel Trust, Series F, 6.300% | 9,646,710 | ||||||||||||||
262,125 | Pebblebrook Hotel Trust, Series G, 6.375% | 4,770,675 | ||||||||||||||
143,517 | Rexford Industrial Realty, Inc., Series B, 5.875% | 3,187,513 |
Shares |
Market value |
|||||||||||||||
287,077 | Summit Hotel Properties, Inc., Series E, 6.250% | $ | 5,247,767 | |||||||||||||
265,000 | Sunstone Hotel Investors, Inc., Series H, 6.125% | 5,141,000 | ||||||||||||||
Total Preferred Stock | ||||||||||||||||
(cost $75,326,029) | 60,884,694 | |||||||||||||||
Total Investments – 145.2% | ||||||||||||||||
(cost $1,295,409,489) | 1,068,591,012 | |||||||||||||||
Liabilities in Excess of Other Assets – (45.2)% |
(332,580,200 | ) | ||||||||||||||
Net Assets - 100.0% | $ | 736,010,812 |
* | Includes U.S. Real Estate Investment Trusts (“REIT”) and Real Estate Operating Companies (“REOC”) as well as entities similarly formed under the laws of non-U.S. countries. |
(a) |
Non-income producing security. |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
16 |
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
INVESTMENT IN REAL ESTATE SECURITIES | ||||||||||||||||
Common Stock |
||||||||||||||||
Australia |
$ | 32,736,846 | $ | - | $ | - | $ | 32,736,846 | ||||||||
Belgium |
19,849,332 | - | - | 19,849,332 | ||||||||||||
Canada |
38,841,865 | - | - | 38,841,865 | ||||||||||||
France |
25,662,432 | - | - | 25,662,432 | ||||||||||||
Germany |
6,858,872 | - | - | 6,858,872 | ||||||||||||
Hong Kong |
52,955,268 | - | - | 52,955,268 | ||||||||||||
Japan |
95,611,901 | - | - | 95,611,901 | ||||||||||||
Singapore |
29,697,618 | - | - | 29,697,618 | ||||||||||||
Spain |
10,704,210 | - | - | 10,704,210 | ||||||||||||
Sweden |
7,200,400 | - | - | 7,200,400 | ||||||||||||
Switzerland |
5,645,237 | - | - | 5,645,237 | ||||||||||||
United Kingdom |
25,415,973 | - | - | 25,415,973 | ||||||||||||
United States |
656,526,364 | - | - | 656,526,364 | ||||||||||||
Total Common Stock |
1,007,706,318 | - | - | 1,007,706,318 | ||||||||||||
Preferred Stock |
||||||||||||||||
United States |
60,884,694 | - | - | 60,884,694 | ||||||||||||
TOTAL INVESTMENT IN REAL ESTATE SECURITIES |
$ | 1,068,591,012 | $ | - | $ | - | $ | 1,068,591,012 |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
17 |
December 31, 2022 |
||||
Assets |
||||
Investments, at value (cost $1,295,409,489) |
$ | 1,068,591,012 | ||
Cash and cash equivalents |
200,254 | |||
Receivable for investment securities sold |
9,936,848 | |||
Dividends and interest receivable |
4,585,672 | |||
Dividend withholding reclaims receivable |
531,630 | |||
Unrealized appreciation on spot contracts |
1,557 | |||
Other assets |
119,662 | |||
Total assets |
1,083,966,635 | |||
Liabilities |
||||
Line of credit payable |
345,209,400 | |||
Line of credit interest payable |
1,394,831 | |||
Management fees payable |
785,590 | |||
Dividend and distributions payable |
200,162 | |||
Accrued expenses |
365,840 | |||
Total liabilities |
347,955,823 | |||
NET ASSETS |
$ | 736,010,812 | ||
Composition of Net Assets |
||||
$0.001 par value per share; |
||||
Unlimited number of shares authorized |
||||
116,590,494 shares issued and outstanding |
$ | 116,590 | ||
Additional paid-in capital |
939,656,023 | |||
Distributable earnings / (accumulated loss) |
(203,761,801) | |||
NET ASSETS |
$ | 736,010,812 | ||
NET ASSET VALUE |
||||
(BASED ON 116,590,494 SHARES OUTSTANDING) |
$ | 6.31 |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
18 |
Annual Report 2022 |
Confidential & Proprietary |
19 |
For the year ended December 31, 2022 |
For the year ended December 31, 2021 |
|||||||
Change in Net Assets Resulting from Operations |
||||||||
Net investment income |
$23,011,947 | $25,536,872 | ||||||
Net realized gain on investments, written options, and foreign currency transactions |
67,530,538 | 171,081,125 | ||||||
Net change in unrealized appreciation (depreciation) on investments, and foreign currency denominated assets and liabilities |
(494,527,416) | 149,751,153 | ||||||
Net increase (decrease) in net assets resulting from operations |
(403,984,931) | 346,369,150 | ||||||
Distributions on Common Shares |
||||||||
Distributions from distributable earnings |
(81,613,345) | (69,954,297) | ||||||
Total distributions on common shares |
(81,613,345) | (69,954,297) | ||||||
Net Increase (Decrease) in Net Assets |
(485,598,276) | 276,414,853 | ||||||
Net Assets |
||||||||
Beginning of year |
1,221,609,088 | 945,194,235 | ||||||
End of Year |
$736,010,812 | $1,221,609,088 |
Annual Report 2022 |
Confidential & Proprietary |
20 |
Annual Report 2022 |
Confidential & Proprietary |
21 |
(1) |
Based on average shares outstanding. |
(2) |
Total investment return does not reflect brokerage commissions. Dividends and distributions are assumed to be reinvested at the prices obtained under the Trust’s Dividend Reinvestment Plan. Net Asset Value (“NAV”) total return is calculated assuming reinvestment of distributions at NAV on the date of the distribution. |
(3) |
Asset Coverage per $1,000: Asset coverage per $1,000 of debt is calculated by subtracting the Trust’s liabilities and indebtedness not represented by senior securities from the Trust’s total assets, dividing the result by the aggregate amount of the Trust’s senior securities representing indebtedness then outstanding, and multiplying the result by 1,000. |
Annual Report 2022 |
Confidential & Proprietary |
22 |
1 |
FUND ORGANIZATION |
2 |
SIGNIFICANT ACCOUNTING POLICIES |
Annual Report 2022 |
Confidential & Proprietary |
24 |
(i) | market value of investment securities, other assets and liabilities – at the current rates of exchange; |
(ii) | purchases and sales of investment securities, income and expenses – at the rate of exchange prevailing on the respective dates of such transactions. |
Annual Report 2022 |
Confidential & Proprietary |
25 |
Annual Report 2022 |
Confidential & Proprietary |
26 |
3 |
DERIVATIVE INSTRUMENTS |
Realized gain |
||||
EQUITY RISK |
||||
Written options |
$1,364,517 |
4 |
CONCENTRATION OF RISK |
5 |
INVESTMENT MANAGEMENT AGREEMENT AND OTHER AGREEMENTS |
6 |
PORTFOLIO SECURITIES |
Annual Report 2022 |
Confidential & Proprietary |
27 |
7 |
FEDERAL INCOME TAXES |
Annual Report 2022 |
Confidential & Proprietary |
28 |
Cost of investments for tax purposes |
Gross tax unrealized appreciation |
Gross tax unrealized depreciation |
Net tax unrealized depreciation on investments |
Net tax unrealized depreciation on foreign currency |
Qualified late year ordinary losses |
Qualified post- October capital deferral |
Undistributed ordinary income |
Undistributed long-term Capital gains / (accumulated capital loss) | ||||||||
$1,298,126,318 | $21,690,101 | $(251,225,407) | $(229,535,306) | $(10,851) | $0 | $0 | $20,029,505 | $5,754,851 |
8 |
BORROWINGS |
9 |
CAPITAL |
10 |
INDEMNIFICATIONS |
11 |
SUBSEQUENT EVENTS |
Annual Report 2022 |
Confidential & Proprietary |
29 |
Annual Report 2022 |
Confidential & Proprietary |
31 |
Number of shares in favor |
Number of shares withheld |
|||||||
John R. Bartholdson |
88,844,968.840 | 5,950,902.295 | ||||||
Leslie E. Greis |
89,124,454.075 | 5,671,417.060 |
Annual Report 2022 |
Confidential & Proprietary |
33 |
Annual Report 2022 |
Confidential & Proprietary |
34 |
Name, address and age | Term of office and length of time served (1) |
Title | Principal occupations during the past five years |
Number of portfolios in the Trust complex overseen by Trustee |
Other directorships held by trustee | |||||
Trustees: | ||||||||||
Heidi Stam 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 66 |
3 years/ 2 years | Trustee | Managing Director and General Counsel, The Vanguard Group, Inc. (2005-2016) (Retired) | 1 | Bridge Builder Trust (since 2022); Edward Jones Money Market Fund (since 2022); Investor Advisory Committee, U.S. Securities and Exchange Commission (2017-2021); National Adjudicatory Council, FINRA (2017-2021) |
(1) |
Each Trustee is elected to serve a three-year term concurrent with the class of Trustees to which he or she belongs. Mr. Ferguson and Ms. Stam, as Class I Trustees, are currently serving a term expiring at the Trust’s 2023 annual meeting of shareholders. Mr. Nakahara, as Class II Trustee, is currently serving a term expiring at the Trust’s 2024 annual meeting of shareholders. Mr. Bartholdson and Ms. Greis, as Class III Trustees, are currently serving a term expiring at the Trust’s 2025 annual meeting of shareholders. |
(2) |
Mr. Ferguson is deemed to be an interested person of the Trust as defined in the Investment Company Act of 1940 (the “1940 ACT”), as amended, due to his previous position with the Adviser, and his engagement as an external consultant to the Adviser, which began on January 1, 2022. |
(3) |
Effective January 1, 2022, Mr. Ferguson stepped down from his responsibilities as the President and Chief Executive Officer of the Trust, in conjunction with his retirement from the Trust’s Adviser. |
Name, Address, Age and Position(s) Held with Registrant Officers: | Length of Time Served | Principal Occupations During the Past Five Years and Other Affiliations | ||
Joseph P. Smith 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 55 President and Chief Executive Officer |
Since 2022 1 |
Chief Investment Officer-Listed Real Assets of CBRE Investment Management Listed Real Assets LLC (since 2021); Co-Chief Investment Officer of CBRE Clarion Securities LLC (2016-2020) | ||
Jonathan A. Blome 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 45 Chief Financial Officer |
since 2006 | Chief Operating Officer of CBRE Investment Management Listed Real Assets LLC (since 2021); Chief Financial Officer and Director of Operations of CBRE Investment Management Listed Real Assets LLC (since 2011) | ||
Robert S. Tull III 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 45 Outgoing Chief Compliance Officer and Secretary |
2019-2022 |
Chief Compliance Officer of CBRE Investment Management Listed Real Assets LLC (2010-2022); Compliance Officer of CBRE Clarion Securities LLC (2008-2010); Global Chief Compliance Officer for CBRE Global Investors (2017-2018) | ||
Jeff Chang 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 49 Chief Compliance Officer and Secretary |
since 2023 2 |
Chief Compliance Officer of CBRE Investment Management Listed Real Assets LLC (since 2023); Chief Compliance Officer of First Quadrant, LP (2012-2022) |
1 |
Effective January 1, 2022, Mr. Smith assumed responsibilities as the President and Chief Executive Officer of the Trust; he maintains his role as Portfolio Manager of the Trust. |
2 |
Effective January 1, 2023, Mr. Chang assumed responsibilities as the Chief Compliance Officer and Secretary of the Trust. |
Annual Report 2022 |
Confidential & Proprietary |
35 |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
36 |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
37 |
Annual Report 2022 CBRE Global Real Estate Income Fund |
Confidential & Proprietary |
38 |
(b) | Not applicable |
Item 2. | Code of Ethics. |
(a) | The Trust, as of the end of the period covered by this report, has adopted a Code of Ethics for Senior Financial Officers (the “Financial Officer Code of Ethics”) that applies to the Trust’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party. |
(b) | Not applicable. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the Financial Officer Code of Ethics that applies to the Trust’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party, and that relates to any element of the code of ethics description. |
(d) | The Trust has not granted any waivers, including an implicit waiver, from a provision of the Financial Officer Code of Ethics that applies to the Trust’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
(e) | Not applicable. |
(f) | The Trust’s Financial Officer Code of Ethics is attached hereto as an exhibit. |
Item 3. | Audit Committee Financial Expert. |
All of the members of the audit committee have the business and financial experience necessary to understand the fundamental financial statements of a closed-end, registered investment company; further, each member of the committee is financially literate, as such qualification is interpreted by the Board of Trustees in its business judgment. In addition, the Board has determined that John R. Bartholdson is an “audit committee financial expert” and “independent” as those terms are defined in Item 3 of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
• | Registrant may incorporate the following information by reference, if this information has been disclosed in the registrant’s definitive proxy statement or definitive information statement. The proxy statement or information statement must be filed no later than 120 days after the end of the fiscal year covered by the Annual Report. |
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Trust’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $66,000 for 2022 and $60,000 for 2021. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Trust’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2022 and $0 for 2021. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $24,000 for 2022 and $24,000 for 2021. Services include income tax return services including the review and signing of the Trust’s Form 1120-RIC as prepared by the Trust’s administrator. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $12,000 for 2022 and $0 for 2021. [These services consisted of certain filings to reclaim taxes paid to European countries by the Trust.] |
(e)(1) | (i) The Trust has an Audit Committee Charter in place (the “Charter”) that governs the pre-approval by the Trust’s Audit Committee of all engagements for audit services and all Covered Non-Audit Engagements (as defined in the Charter) provided by the Trust’s independent auditor (the “Independent Auditor”) to the Trust and other “Related Entities” (as defined below). Each calendar year, the Audit Committee will review and re-approve the Charter, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved, or both. |
“Related Entities” means (i) CBRE Investment Management Listed Real Assets LLC (the “Advisor”) or (ii) any entity controlling, controlled by or under common control with the Advisor.
Pre-approval shall be required only with respect to non-audit services (i) related directly to the operations and financial reporting of the Trust and (ii) provided to a Related Entity that furnishes ongoing services to the Trust. Such pre-approval shall not apply to non-audit services provided to any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser. Pre-approval by the Audit Committee of such non-audit services shall be effected pursuant to the pre-approval procedures described in the Charter. The Charter shall not be violated if pre-approval of any such non-audit service is not obtained in circumstances in which the pre-approval requirement is waived under applicable rules promulgated by the Securities and Exchange Commission (“SEC”) or the NYSE, in accordance with the Sarbanes Oxley Act.
Requests for pre-approval of Covered Non-Audit Engagements are submitted to the Audit Committee by the Independent Auditor and by the chief financial officer of the Related Entity for which the non-audit services are to be performed. Such requests must include a statement as to whether, in the view of the Independent Auditor and such officer, (a) the request is consistent with the SEC’s rules on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request submitted between scheduled meetings of the Audit Committee should state the reason that approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.
Between regularly scheduled meetings of the Audit Committee, the Committee Chairman or Audit Committee Financial Expert shall have the authority to pre-approve Covered Non-Audit Engagements, provided that fees associated with such engagement do not exceed $10,000 and the services to be provided do not involve provision of any of the following services by the Independent Auditor: (i) bookkeeping or other services related to the accounting records or financial statements of the audit client; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions, or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions; (vii) human resources; (vii) broker dealer, investment advisor or investment banking services; (ix) legal services; or (x) expert services unrelated to the audit.
Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee.
The terms and fees of the annual Audit services engagement for the Trust are subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Trust structure or other matters.
(e)(2) | 100% percent of services described in each of paragraphs (b) through (d) of this Item were approved by the Trust’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the Trust’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the Trust’s accountant for services rendered to the Trust, and rendered to the Trust’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Trust for each of the last two fiscal years of the Trust was $326,000 for 2022 and $319,000 for 2021. |
(h) | The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. | Audit Committee of Listed Registrants. |
(a) | The Trust has a separately designated audit committee consisting of all the independent trustees of the Trust. The members of the audit committee are: Asuka Nakahara, Leslie Greis, Heidi Stam and John R. Bartholdson. |
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
The Trust has delegated the voting of proxies relating to its voting securities to the Advisor, pursuant to the proxy voting procedures of the Advisor. The Trust’s and the Advisor’s Proxy Voting Policies and Procedures are included as an exhibit hereto.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
As of February 21, 2023:
Joseph P. Smith
President and Chief Investment Officer – Listed Real Assets, CBRE Investment Management Listed Real Assets LLC (formerly named CBRE Clarion Securities LLC) since 1997
Kenneth S. Weinberg
Senior Portfolio Manager, CBRE Investment Management Listed Real Assets LLC (formerly named CBRE Clarion Securities LLC since 2004
Jonathan D. Miniman
Senior Portfolio Manager, CBRE Investment Management Listed Real Assets LLC (formerly named CBRE Clarion Securities LLC) since 2002
(a)(2) | Other Accounts Managed (as of December 31, 2022). |
The Portfolio Managers are also collectively responsible for the day-to-day management of the Advisor’s other accounts, as indicated by the following table.
Name of Portfolio Manager | Type of Accounts |
Number of Accounts Managed |
Total Assets in the Accounts |
Managed with Advisory Fee Based on Performance |
Managed with Advisory Fee Based on Performance |
|||||||||||||
Joseph P. Smith |
Registered Investment Companies | 8 | $ | 5,904,633,676.33 | 0 | |||||||||||||
Other Pooled Investment Vehicles | 10 | $ | 1,008,451,839.98 | 1 | $ | 25,434,036.87 | ||||||||||||
Other Accounts | 22 | $ | 1,550,007,528.59 | 6 | $ | 174,227,521.52 | ||||||||||||
Kenneth S. Weinberg |
Registered Investment Companies | 5 | $ | 2,715,767,364.67 | 0 | |||||||||||||
Other Pooled Investment Vehicles | 2 | $ | 225,960,897.63 | 0 | ||||||||||||||
Other Accounts | 21 | $ | 1,547,284,888.47 | 5 | $ | 171,504,881.40 | ||||||||||||
Jonathan D. Miniman |
Registered Investment Companies | 3 | $ | 1,595,764,371.62 | 0 | |||||||||||||
Other Pooled Investment Vehicles | 7 | $ | 577,100,701.30 | 0 | ||||||||||||||
Other Accounts | 7 | $ | 343,011,115.80 | 0 |
Potential Conflicts of Interests
A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Trust. These other accounts may include, among others, other closed-end funds, mutual funds, separately managed advisory accounts, commingled trust accounts, insurance separate accounts, wrap fee programs, and private funds. Potential conflicts may arise out of the implementation of differing investment strategies for a portfolio manager’s various accounts, the allocation of investment opportunities among those accounts or differences in the advisory fees paid by the portfolio manager’s accounts.
A potential conflict of interest may arise as a result of a portfolio manager’s responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager’s accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment.
A portfolio manager may also manage accounts whose objectives and policies differ from those of the Trust. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, if an account were to sell a significant position in a security, which could cause the market price of that security to decrease while the Trust maintained its position in that security.
A potential conflict may arise when a portfolio manager is responsible for accounts that have different advisory fees – the difference in the fees may create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to particularly appealing investment opportunities. This conflict may be heightened where an account is subject to a performance-based fee.
The Advisor recognizes the duty of loyalty it owes to its clients and has established and implemented certain policies and procedures designed to control and mitigate conflicts of interest arising from the execution of a variety of portfolio management and trading strategies across the firm’s diverse client base. Such policies and procedures include, but are not limited to: (i) investment process, portfolio management, and trade allocation procedures; (ii) procedures regarding short sales in securities recommended for other clients; and (iii) procedures regarding personal trading by the firm’s employees (contained in the Code of Ethics).
(a)(3) | Compensation Structure of Portfolio Manager(s) or Management Team Members |
In principle, portfolio manager compensation is not based on the performance of any particular account, including the Trust, nor is compensation based on the level of Trust assets.
Compensation for each portfolio manager is structured as follows:
Base Salary—Each portfolio manager receives a base salary. Base salaries have been established at a competitive market levels and are set forth in the portfolio manager’s employment agreement. An annual adjustment is made based on changes in the consumer price index. Base salaries are be reviewed periodically by the Advisor’s Compensation Committee and its Board of Directors, but adjustments are expected to be relatively infrequent.
Bonus—Portfolio manager bonuses are drawn from an incentive compensation pool into which a significant percentage of Advisor’s pre-tax profits is set aside. Incentive compensation allocations are determined by the Compensation Committee based on a variety of factors, including the performance of particular investment strategies. To avoid the pitfalls of relying solely on a rigid performance format, however, incentive compensation decisions also take into account other important factors, such as the portfolio manager’s contribution to the team, firm, and overall investment process. Each of the portfolio managers is a member of the Committee. Incentive compensation allocations are reported to the Board of Directors, but the Board’s approval is not required.
Deferred Compensation—The Advisor requires deferral of a percentage of incentive compensation exceeding a certain threshold in respect of a single fiscal year. The Compensation Committee may, in its discretion, require the deferral of additional amounts. Such deferred amounts are subject to the terms of a Deferred Bonus Plan adopted by the Board of Directors. The purpose of the Deferred Bonus Plan is to foster the retention of key employees, to focus plan participants on value creation and growth and to encourage continued cooperation among key employees in providing services to the Advisor’s clients. The value of deferred bonus amounts is tied to the performance of the Advisor’s investment funds chosen by the Compensation Committee; provided, that the Committee may elect to leave a portion of the assets uninvested. Deferred compensation vests incrementally, one-third after 2 years, 3 years and 4 years. The Deferred Bonus Plan provides for forfeiture upon voluntary termination of employment, termination for cause or conduct detrimental to the firm.
Profit Participation—Each of the portfolio managers owns equity shares of the Advisor. The Advisor distributes its income to its owners each year, so each portfolio manager receives income distributions corresponding to their ownership share. Ownership is structured so that the owners receive an increasing share of the Advisor’s profit over time. In addition, an owner may forfeit a portion of their ownership if they resign voluntarily.
Other Compensation—Portfolio managers may also participate in benefit plans and programs available generally to all employees, such as CBRE Group’s 401(k) plan.
(a)(4) | Disclosure of Securities Ownership |
Name of Portfolio Managers |
Dollar Value of Trust Shares Beneficially Owned |
|||
Joseph P. Smith |
$ | 100,001 to $500,000 | ||
Kenneth S. Weinberg |
$ | 50,001 to $100,000 | ||
Jonathan D. Miniman |
$ | 50,001 to $100,000 |
(b) | Not applicable |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Not applicable.
Item 11. | Controls and Procedures. |
(a) | The Trust’s principal executive officer and principal financial officer have evaluated the Trust’s disclosure controls and procedures within 90 days of this filing and have concluded that the Trust’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Trust in this Form N-CSR was recorded, processed, summarized, and reported timely. |
(b) | The Trust’s principal executive officer and principal financial officer are aware of no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
The Trust has received exceptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year. This relief is conditioned, in part, on an undertaking by the Trust to make the disclosures to the holders of the Trust’s common shares, in addition to the information required by Section 19(a) of the Investment Company Act and Rule 19a-1 thereunder. The Trust is likewise obligated to file with the Commission the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | CBRE Global Real Estate Income Fund | |
By (Signature and Title)* | /s/ Joseph P. Smith | |
Joseph P. Smith | ||
President and Chief Executive Officer | ||
Date February 21, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Joseph P. Smith | |
Joseph P. Smith | ||
President and Chief Executive Officer | ||
Date February 21, 2023 | ||
By (Signature and Title)* | /s/ Jonathan A. Blome | |
Jonathan A. Blome | ||
Chief Financial Officer | ||
Date February 21, 2023 |
* | Print the name and title of each signing officer under his or her signature. |
EX-99.CODE ETH
CODE OF ETHICS
FOR
SENIOR FINANCIAL OFFICERS
OF
CBRE CLARION GLOBAL REAL ESTATE INCOME FUND
CBRE Clarion Global Real Estate Income Fund (the Fund) is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure financial and otherwise in compliance with applicable law. This Code of Ethics, applicable to the Funds President and Chief Executive Officer, and its Treasurer (Chief Financial Officer) (together, Senior Officers), sets forth policies to guide you in the performance of your duties.
As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.
This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of the Fund, as officers or employees of the Funds investment advisor (the Advisor) and as officers or Trustees/directors of other registered investment companies and unregistered investment funds managed by the Advisor. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Fund or the Advisor, govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:
| the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the 1940 Act); |
| the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the Advisers Act); |
| the Code of Ethics adopted by the Fund pursuant to Rule 17j-l (c) under the 1940 Act (collectively, the Funds 1940 Act Code of Ethics); |
| the Code of Ethics adopted by the Advisor that has been reviewed and approved by those Trustees (the Trustees) of the Fund that are not interested persons of the Fund (the Independent Trustees) within the meaning of the 1940 Act (the Advisors Code of Ethics and, together with the Funds 1940 Act Code of Ethics, the 40 Act Code of Ethics); and |
| the policies and procedures adopted by the Fund to address conflict of interest situations, such as procedures under Rule 10f-3 and Rule 17a-7 under the 1940 Act (collectively, the Fund Policies); and |
| the Advisors general policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the Advisor Policies). |
The provisions of the 1940 Act, the Advisers Act, the 40 Act Code of Ethics, the Fund Policies and the Advisor Policies are referred to herein collectively as the Additional Conflict Rules.
This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of Trustees (the Governance Committee) shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.
Senior Officers Should Act Honestly and Candidly
Each Senior Officer has a responsibility to the Fund to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.
Each Senior Officer must:
| act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules; |
| comply with the laws, rules and regulations that govern the conduct of the Funds operations and report any suspected violations thereof in accordance with the section below entitled Compliance with Code of Ethics; and |
| adhere to a high standard of business ethics. |
Conflicts of Interest
A conflict of interest for the purpose of this Code of Ethics occurs when your private interest interfere in any way, or even appear to interfere, with the interest of the Fund.
Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of the Fund also are or may be officers of the Advisor and other funds managed or serviced by the Advisor (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).
You are required to conduct the business of the Fund in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to the Fund where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.
If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of the Fund, you should make full disclosure of all relevant facts and circumstances to the Funds Chief Compliance Officer (the Compliance Officer) and obtain the approval of the Compliance Officer prior to taking action.
Some conflict of interest situations that should always be approved by the Compliance Officer, if material, include the following:
| the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Advisor), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; |
| any ownership interest in, or any consulting or employment relationship with, any of the Funds service providers, other than the Advisor; or |
| a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officers employment by the Advisor, such as compensation or equity ownership. |
Disclosures
It is the policy of the Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. As a Senior Officer, you are required to promote compliance with this policy and to abide by the Funds standards, policies and procedures designed to promote compliance with this policy.
Each Senior Officer must:
| familiarize himself of herself with the disclosure requirements applicable to the Fund as well as the business and financial operations of the Fund; and |
| not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the Trustees, the Funds independent auditors, the Funds counsel, counsel to the Independent Trustees, governmental regulators or self-regulatory organizations. |
Compliance with Code of Ethics
If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, you must report that information on a timely basis to the Compliance Officer or report it anonymously by following the whistle blower policies adopted by the Fund. No one will be subject to retaliation because of a good faith report of a suspected violation.
The Fund will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:
| the Compliance Officer will take all appropriate action to investigate any actual or potential violations reported to him or her; |
| violations and potential violations will be reported to the Audit Committee after such investigation; |
| if the Audit Committee determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and |
| appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities. |
Waivers of Code of Ethics
Except as otherwise provided in this Code of Ethics, the Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation. The Compliance Officer shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.
The Compliance Officer is authorized to consult, as appropriate, with the chair of the Audit Committee and with counsel to the Fund, the Advisor or the Independent Trustees, and is encouraged to do so.
The Audit Committee is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.
Recordkeeping
The Fund will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Audit Committee:
| that provided the basis for any amendment or waiver to this Code of Ethics; and |
| relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee. |
Confidentiality
All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Trustees and their counsel, the Fund and its counsel, the Advisor and its counsel and any other advisors, consultants or counsel retained by the Trustee, the Independent Trustees or any committee of the Trustees.
Amendments
This Code of Ethics may not be amended except in written form, which is specifically approved by a majority vote of the Trustee, including a majority of the Independent Trustees.
No Rights Created
This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Funds business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.
ACKNOWLEDGEMENT FORM
I have received and read the Code of Ethics for Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Funds related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Compliance Officer or report it anonymously by following the whistle blower policies adopted by the Fund from time to time.
|
Printed Name |
|
Signature |
|
Date |
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, Joseph P. Smith, certify that:
1. | I have reviewed this report on Form N-CSR of CBRE Global Real Estate Income Fund; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: February 21, 2023 | /s/ Joseph P. Smith | |||||
Joseph P. Smith, | ||||||
President and Chief Executive Officer |
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, Jonathan A. Blome, certify that:
1. | I have reviewed this report on Form N-CSR of CBRE Global Real Estate Income Fund; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: February 21, 2023 | /s/ Jonathan A. Blome | |||||
Jonathan A. Blome, | ||||||
Chief Financial Officer |
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act
I, Joseph P. Smith, President and Chief Executive Officer of CBRE Global Real Estate Income Fund (the Registrant), certify that:
1. | The Form N-CSR of the Registrant (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: February 21, 2023 | /s/ Joseph P. Smith | |||||
Joseph P. Smith, | ||||||
President and Chief Executive Officer |
I, Jonathan A. Blome, Chief Financial Officer of CBRE Global Real Estate Income Fund (the Registrant), certify that:
1. | The Form N-CSR of the Registrant (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: February 21, 2023 | /s/ Jonathan A. Blome | |||||
Jonathan A. Blome, | ||||||
Chief Financial Officer |
Global Proxy
Voting Policy
Global Proxy Voting Policy
OUR PRINCIPLES AND PHILOSOPHY
CBRE Investment Management Listed Real Assets LLC (CBREIM Listed Real Assets or we) treats proxy voting as a fundamental responsibility of shareholders one which can work to affect positive management behavior over time and therefore ultimately contribute to generating economic value to shareholders.
Proxy voting is an important right of shareholders, and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. When CBREIM Listed Real Assets has discretion to vote the proxies of its clients, it will vote those proxies in accordance with this policy and procedures. The guidelines presented in this policy reflect a corporate governance structure that is responsive to company stakeholders and supportive of responsible investment goals.
For the accounts over which CBREIM Listed Real Assets maintains proxy voting authority, CBREIM Listed Real Assets will vote proxies in accordance with its proxy voting guidelines. CBREIM Listed Real Assets may, in certain circumstances, voluntarily adhere to guidelines established by its clients if doing so can be accomplished within the proxy voting process established with the proxy voting administrator. Otherwise, CBREIM Listed Real Assets will not accept proxy voting authority to the extent clients wish to impose voting guidelines different from those of CBREIM Listed Real Assets. As the responsibility for proxy voting is defined at the outset of the client relationship (and documented in the Investment Management Agreement), CBREIM Listed Real Assets does not anticipate any confusion on the part of its clients in this respect.
OUR PROCEDURES AND CONTROLS
PROXY VOTING ADMINISTRATION
CBREIM Listed Real Assets controls proxy voting for the majority of separate accounts under management, subject to limited exceptions; sub-advised funds may choose to handle their own voting.
CBREIM Listed Real Assets has engaged a third-party vendor, Institutional Shareholder Services (ISS), to provide proxy voting administration services, including the tracking of proxies received for clients, providing notice to CBREIM Listed Real Assets concerning dates votes are due, the actual casting of ballots, and recordkeeping. It is important to recognize that the ability of ISS and CBREIM Listed Real Assets to process proxy voting decisions in a timely manner is contingent in large part on the custodian banks holding securities for CBREIM Listed Real Assets clients. On a daily basis, CBREIM Listed Real Assets provides ISS with a list of securities held in each account over which CBREIM Listed Real Assets has voting authority.
While not the norm, in certain countries where share blocking is required, there may be times where CBREIM Listed Real Assets chooses not to vote. Share blocking entails selling the stock short for a period of time around the date of the vote. We may decide not to vote if in the in the best interest of our client to avoid failed trades or overdrafts, or to have shares be freely tradeable.
DETERMINATION OF VOTE
CBREIM Listed Real Assets established its own proxy voting guidelines and provides those guidelines to ISS. Proxy voting guidelines are reviewed and approved by our Head of ESG and Senior Global Portfolio Managers. The approved proxy voting guidelines are provided to ISS to facilitate the administrative processing proxy voting.
Voting decisions remain within the discretion of CBREIM Listed Real Assets. On a daily basis, CBREIM Listed Real Assets Securities Operations group reviews an online system maintained by ISS in order to monitor for upcoming votes. When a pending vote is identified, the Securities Operations team forwards the ballot to the appropriate Portfolio Manager or Investment Analyst for review, along with any supplemental information about the ballots provided by ISS and if available other research vendors to which CBREIM Listed Real Assets subscribes.
CBREIM Listed Real Assets Senior Investment Analysts review the proxy statement and determine the votes within the firms specified guidelines. If the Analysts indicated vote conflicts with CBREIM Listed Real Assets guidelines, the vote must be verified (with documented rationale) and approved by a designated Senior Portfolio Manager or our Head of ESG; the vote and corresponding rationale is also reviewed by our Chief Compliance Officer.
This proxy voting process is tested annually by external auditors to confirm that we have adequate procedures which are consistently applied.
CONFLICTS OF INTEREST
CBREIM Listed Real Assets will identify any conflicts that exist between the interests of CBREIM Listed Real Assets (including its employees and affiliates) and its clients as it relates to proxy voting. CBREIM Listed Real Assets obtains information from all employees regarding outside business activities and personal relationships with companies within the investable universe (such as serving as board members or executive officers of an issuer), to confirm that employees do not have personal interests in transactions, holdings, or proxy matters. Additionally, CBREIM Listed Real Assets will consider the conflicts associated with any ballot which identifies a relationship to CBRE Investment Management or another affiliate within CBRE Group. Lastly, CBREIM Listed Real Assets will consider any ballot which relates to a client of CBREIM Listed Real Assets as a potential conflict of interest.
If a material conflict is identified for a particular ballot, CBREIM Listed Real Assets will refer the ballot and conflict to the CBREIM Listed Real Assets Risk & Control Committee for review. In such situations, CBREIM Listed Real Assets will generally defer the vote either to the recommendation provided by ISS (not based on the CBREIM Listed Real Assets guidelines) or to the affected client(s) so that the client may determine its voting decision.
PROXY VOTING RECORDS
The proxy voting process is coordinated by the Securities Operations group and the Compliance team is responsible for oversight of and testing of the process. As noted above, ISS provides recordkeeping services, including retaining a copy of each proxy statement received and each vote cast. This information is available to CBREIM Listed Real Assets upon request.
CBREIM Listed Real Assets maintains files relating to its proxy voting procedures in an easily accessible place. Records are maintained and preserved for five years from the end of the fiscal year during which the last entry was made on a record, with records for the first two years kept on site. These files include:
| copies of the proxy voting policies and procedures and any amendments thereto, |
| a copy of any document CBREIM Listed Real Assets created that was material to making a decision how to vote proxies or that memorializes that decision, and |
| a copy of each written client request for information on how CBREIM Listed Real Assets voted such clients proxies and a copy of any written response to any (written or oral) client request for information on how CBREIM Listed Real Assets voted its proxies. |
Clients may contact the Compliance team at (610) 995-2500 to obtain a copy of these policies and procedures (and, if desired, the firms proxy voting guidelines) or to request information on the voting of such clients proxies. A written response will list, with respect to each voted proxy that the client has inquired about:
| the name of the issuer, |
| the proposal voted upon, and |
| how CBREIM Listed Real Assets voted the clients proxy. |
GLOBAL GUIDELINES
CBREIM Listed Real Assets global guidelines, developed by senior leadership and reviewed and updated annually, reflect our preference for a corporate governance structure which is responsive to company stakeholders and supportive of responsible investment goals.
Some items up for vote are undertaken on a case-by-case basis. In those instances, we believe our framework comprised of senior sector Analysts, senior level Portfolio Managers, our Head of ESG, and our Chief Compliance Officer allows us to the determine the appropriate vote based on the firms combined knowledge, engagement, and our overall philosophy around governance.
The current versions of our key guidelines are summarized below:
ITEM |
Vote | |
Board Structure |
||
Classification of Board
We believe the entire board should up for election each year.
- Vote against a proposal to classify the board of directors |
Against | |
Board Independence
We are in favor of boards where the majority is independent. |
For | |
Overboarding
We believe that while experience on other boards can be an asset, the board members time and dedication to the board in question must take priority.
- Vote against/withhold if the Board member is a CEO and sits on more than 3 public company boards total
- Vote against/withhold if the Board member is not a CEO and sits on more than 4 public company boards total |
Against | |
Board Diversity
We favor representation by minorities on the board to promote diversity of thought. While the percentages vary globally, we like to see at least one diverse member on the board at a minimum. |
Case-by-case | |
Approve Board Size
We favor board size between 6 members and 15 members. |
Case-by-case | |
Separation of Chairperson and CEO
We favor the separation of Chairperson and CEO, although there may be situations where we would approve the dual role if we believe it to be in the best interest of the company/shareholders. |
Case-by-case | |
Board attendance
Generally require attendance at 75% of meetings |
Case-by-case | |
Require a Majority Vote for the Election of Directors | For | |
Mandatory Retirement Age
We favor experience and contribution over an age limit, if the director is contributing fully to the board. |
Case-by-case |
ITEM |
Vote | |
Compensation | ||
Omnibus Stock Plans
- Vote against proposed plan if the dilution from all plans (including proposed) exceeds 5% of shares and units outstanding. |
Against | |
Option Repricing
- Vote against the repricing of underwater options |
Against | |
Executive Compensation Plans
We abide by the following criteria:
- Short-term and long-term compensation plans must contain both absolute and relative metrics
- Metrics must be measurable and realistic
- Long term compensation should be paid in stock, with a vesting period of at least three years
- Long term compensation must include a TSR metric |
Case-By-Case | |
Approve Remuneration of Directors and Auditors | Case-by-case | |
Company Loans to Executives and Directors
- Generally vote against company loans to executives and directors |
Against | |
Approve or Amend Severance Agreements/Change-in-Control Agreements | Case-by-case | |
Advisory Vote on Executive Compensation (Say on Pay) Frequency
- Vote FOR annual frequency |
For |
ITEM |
Vote | |
Capital Structure | ||
Approve an Increase in Authorized Common Shares or Preferred Shares | Case-by-case | |
Authorize New Class of Preferred Stock (USA)
- Vote against if the board has unlimited rights to set the terms and conditions of the shares (known as blank check preferred stock). |
Case-by-case | |
Approve Issuance of Warrants/Convertible Debentures (USA)
- Vote against if the warrants/debentures, when exercised, would exceed 10 percent of current outstanding voting rights. |
Case-by-case | |
Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights | Case-by-case | |
Share Repurchase Programs
We generally support share repurchase programs if the stock is trading below the companys net asset value and there is no better use for the capital |
Case-by-case | |
Approve Special Dividends | For | |
Approve Stock Split | For | |
Approve Reverse Stock Split
Generally approve, but vote against if the company does not intend to proportionally reduce the number of authorized shares. |
Case-by-case |
Authorize Issuance of Bonds/Debentures (Global) | Case-by-case | |
Approve Issuance of Shares for a Private Placement
- Vote against if (1) The shares have superior voting rights OR (2) The stock would be issued at a discount to the fair market value. |
Case-by-case | |
Clawback of Incentive Payments
We are in favor of clawback of incentive payments in the event of fraud or accounting misstatements. |
Case-by-case |
ITEM |
Vote | |
Shareholder Proposals | ||
Proxy Access
In favor of proxy access, with some brackets around ownership. In order to nominate a person to a board via the companys proxy card, the shareholder or group must possess the following criteria
- Own no less than 3% of the shares for 3 consecutive years, if the group consists of 5 or fewer shareholders
- Own no less than 5% of the shares for 3 consecutive years, if the group is over 5 but less than 10 shareholders |
For | |
Shareholder Proposal to Amend Bylaws
In favor of a shareholder proposal to amend bylaws, with some brackets around ownership.
In order to submit a proposal to amend bylaws, the shareholder or group must possess the following criteria:
- Own no less than 1% of the shares for at least 1 year |
For | |
Adopt, Renew or Amend Shareholder Rights Plan (Poison Pill)
- Vote against if (1) The proposal is binding rather than precatory (advisory) OR (2) The proposal seeks to redeem the current rights plan (and does not ask for a shareholder vote).
|
Against | |
Submit or Amend Severance Agreement (Change-in-Control) to Shareholder Vote
- Vote against if the company has already adopted a policy limiting golden parachutes. |
Against | |
Establish Cumulative Voting of Directors
We are generally against cumulative voting, since we are in favor of proxy access to nominate alternate board members |
Case-by-case | |
Political contributions
We are in favor of the disclosure of political contributions. We treat shareholder proposals on political contributions on a case-by-case basis. |
Case-by-case | |
Reimburse proxy contest expenses
We are generally against the reimbursement of shareholder proxy contest expenses |
Case-by-case | |
Environmental Matters
We strongly support disclosure of information surrounding a companys ESG efforts, and disclosure of items such as energy and water usage, GHG emissions, renewable energy initiatives, and energy targets, but we review shareholder proposals case-by-case |
Case-by-case |
ITEM |
Vote | |
Auditors | ||
Ratify Auditors
Generally in favor of reappointing auditors unless we question the auditors opinion due to items such as a serious material weakness, an opinion which we deem to be inaccurate or excessive non-audit fees |
For | |
Authorize Board to Fix Remuneration of External Auditor(s) | For | |
Approve Special Auditors Report Regarding Related Party Transactions | For | |
Approve Remuneration of Directors and Auditors | Case-by-case |
ITEM |
Vote | |
Miscellaneous | ||
Approve Listing of Shares on a Secondary Exchange
- Vote against if (1) The change would result in the company being listed only on an unregulated exchange OR if (2) This proposal would completely de-list the company. |
Case-by-case | |
Approve Merger Agreement
- Vote against if the company failed to directly or indirectly through a financial advisor contact other potential buyers as a market check before agreeing to the proposed deal being voted on. |
Case-by-case | |
Call Special Meeting of Shareholders | For |
As of: September 2021
END OF POLICY
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
CBRE Global Real Estate Income Fund (the Fund), formerly known as CBRE Clarion Global Real Estate Income Fund, has declared a monthly distribution of $0.05 per share for the month of January 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change through the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.05 per share to date in fiscal year 2022 (January 1, 2022 to January 31, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution includes a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2021 (January 1, 2021 through December 31, 2021) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2021, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (January 1, 2017 through December 31, 2021) is set forth below. Shareholders should take note of the relationship between the Funds 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 12/31/2021 |
| |||
Cumulative Total Return1 |
37.95 | % | ||
Cumulative Distribution Rate2 |
5.73 | % | ||
Preceding Five-Year Period 01/01/2017 to 12/31/2021 |
| |||
Average Annual Total Return3 |
12.88 | % | ||
Average Annual Distribution Rate4 |
7.09 | % | ||
Current Annualized Distribution Rate5 |
5.73 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year 2021 (January 1, 2021 through December 31, 2021) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of December 31, 2021. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of December 31, 2021. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
January 10, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
CBRE Global Real Estate Income Fund (the Fund) has declared a monthly distribution of $0.05 per share for the month of February 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change through the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.10 per share to date in fiscal year 2022 (January 1, 2022 to February 28, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution includes a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through January 31, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (February 1, 2017 through January 31, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 01/31/2022 |
| |||
Cumulative Total Return1 |
-9.07 | % | ||
Cumulative Distribution Rate2 |
0.53 | % | ||
Preceding Five-Year Period 02/01/2017 to 01/31/2022 |
| |||
Average Annual Total Return3 |
10.00 | % | ||
Average Annual Distribution Rate4 |
7.09 | % | ||
Current Annualized Distribution Rate5 |
6.33 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through January 31, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of January 31, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of January 31, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
February 11, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
The Board of Trustees of the CBRE Global Real Estate Income Fund (NYSE: IGR) (the Fund), announces that it has declared a 20% increase in the regular monthly distribution rate, from $0.05/share ($0.60/share annualized) to $0.06/share ($0.72/share annualized). In recognition of our 2021 investment performance, strong financial position, and confidence in the future outlook for global real estate stocks, the Board of Trustees has voted to increase the regular monthly distribution beginning in March 2022, said Joseph P. Smith, CEO of the Fund and CIO Listed Strategies of CBRE Investment Management Listed Real Assets.
The Fund has declared a monthly distribution of $0.06 per share for the month of March 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change through the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.16 per share to date in fiscal year 2022 (January 1, 2022 to March 31, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution includes a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through February 28, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (March 1, 2017 through February 28, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 02/28/2022 |
| |||
Cumulative Total Return1 |
-12.91 | % | ||
Cumulative Distribution Rate2 |
1.11 | % | ||
Preceding Five-Year Period 03/01/2017 to 02/28/2022 |
| |||
Average Annual Total Return3 |
8.11 | % | ||
Average Annual Distribution Rate4 |
7.09 | % | ||
Current Annualized Distribution Rate5 |
6.64 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through February 28, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of February 28, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of February 28, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
March 11, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
The Fund has declared a monthly distribution of $0.06 per share for the month of April 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change through the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.22 per share to date in fiscal year 2022 (January 1, 2022 to April 30, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution includes a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through March 31, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (April 1, 2017 through March 31, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 03/31/2022 |
| |||
Cumulative Total Return1 |
-7.79 | % | ||
Cumulative Distribution Rate2 |
1.68 | % | ||
Preceding Five-Year Period 04/01/2017 to 03/31/2022 |
| |||
Average Annual Total Return3 |
11.79 | % | ||
Average Annual Distribution Rate4 |
7.09 | % | ||
Current Annualized Distribution Rate5 |
7.58 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through March 31, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of March 31, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of March 31, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
April 8, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
The Fund has declared a monthly distribution of $0.06 per share for the month of May 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change through the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.28 per share to date in fiscal year 2022 (January 1, 2022 to May 31, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through April 30, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (May 1, 2017 through April 30, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 04/30/2022 |
| |||
Cumulative Total Return1 |
-12.87 | % | ||
Cumulative Distribution Rate2 |
2.47 | % | ||
Preceding Five-Year Period 05/01/2017 to 04/30/2022 |
| |||
Average Annual Total Return3 |
9.55 | % | ||
Average Annual Distribution Rate4 |
7.10 | % | ||
Current Annualized Distribution Rate5 |
8.07 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through April 30, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of April 30, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of April 30, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
May 10, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
The Fund has declared a monthly distribution of $0.06 per share for the month of June 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.34 per share to date in fiscal year 2022 (January 1, 2022 to June 30, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
Estimated Source of Distributions: | ||||||||||
Distribution |
Estimated Allocations | |||||||||
Net Investment Income |
Net Realized Short- |
Net Realized Long-Term Capital |
Return of Capital | |||||||
Current |
$0.06 |
$0.018 (30%) | 0.000 (0%) | 0.042 (70%) | $0.000 (0%) | |||||
YTD |
$0.34 |
$0.103 (30%) | 0.000 (0%) | 0.237 (70%) | $0.000 (0%) |
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 may also be 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through May 31, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (June 1, 2017 through May 31, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 05/31/2022 |
| |||
Cumulative Total Return1 |
-17.33 | % | ||
Cumulative Distribution Rate2 |
3.33 | % | ||
Preceding Five-Year Period 06/01/2017 to 05/31/2022 |
| |||
Average Annual Total Return3 |
8.21 | % | ||
Average Annual Distribution Rate4 |
7.12 | % | ||
Current Annualized Distribution Rate5 |
8.57 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through May 31, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of May 31, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of May 31, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
June 10, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
The Fund has declared a monthly distribution of $0.06 per share for the month of July 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.40 per share to date in fiscal year 2022 (January 1, 2022 to July 31, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
Estimated Source of Distributions: | ||||||||||
Distribution |
Estimated Allocations | |||||||||
Net Investment Income |
Net Realized Short- |
Net Realized Long-Term |
Return of Capital | |||||||
Current |
$0.06 | $0.018 (30%) | 0.000 (0%) | 0.042 (70%) | $0.000 (0%) | |||||
YTD |
$0.40 | $0.121 (30%) | 0.000 (0%) | 0.279 (70%) | $0.000 (0%) |
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 may also be 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through June 30, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (July 1, 2017 through June 30, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 06/30/2022 |
| |||
Cumulative Total Return1 |
-27.05 | % | ||
Cumulative Distribution Rate2 |
4.63 | % | ||
Preceding Five-Year Period 07/01/2017 to 06/30/2022 |
| |||
Average Annual Total Return3 |
5.80 | % | ||
Average Annual Distribution Rate4 |
7.15 | % | ||
Current Annualized Distribution Rate5 |
9.80 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through June 30, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of June 30, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of June 30, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
July 7, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
The Fund has declared a monthly distribution of $0.06 per share for the month of August 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.46 per share to date in fiscal year 2022 (January 1, 2022 to August 31, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
Estimated Source of Distributions: | ||||||||||
Distribution |
Estimated Allocations | |||||||||
Net Investment Income |
Net Realized Short- |
Net Realized Long-Term |
Return of Capital | |||||||
Current |
$0.06 | $0.018 (30%) | 0.000 (0%) | 0.042 (70%) | $0.000 (0%) | |||||
YTD |
$0.46 | $0.139 (30%) | 0.000 (0%) | 0.321 (70%) | $0.000 (0%) |
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 may also be 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through July 31, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (August 1, 2017 through July 31, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 07/31/2022 |
| |||
Cumulative Total Return1 |
-17.87 | % | ||
Cumulative Distribution Rate2 |
4.87 | % | ||
Preceding Five-Year Period 08/01/2017 to 07/31/2022 |
| |||
Average Annual Total Return3 |
7.47 | % | ||
Average Annual Distribution Rate4 |
7.18 | % | ||
Current Annualized Distribution Rate5 |
8.77 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through July 31, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of July 31, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of July 31, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
August 9, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
The Fund has declared a monthly distribution of $0.06 per share for the month of September 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.52 per share to date in fiscal year 2022 (January 1, 2022 to September 30, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
Estimated Source of Distributions: | ||||||||||
Distribution |
Estimated Allocations | |||||||||
Net Investment Income |
Net Realized Short- |
Net Realized Long-Term |
Return of Capital | |||||||
Current |
$0.06 | $0.018 (30%) | 0.000 (0%) | 0.042 (70%) | $0.000 (0%) | |||||
YTD |
$0.52 | $0.157 (30%) | 0.000 (0%) | 0.363 (70%) | $0.000 (0%) |
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 may also be 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through August 31, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (September 1, 2017 through August 31, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 08/31/2022 |
| |||
Cumulative Total Return1 |
-24.82 | % | ||
Cumulative Distribution Rate2 |
6.17 | % | ||
Preceding Five-Year Period 09/01/2017 to 08/31/2022 |
| |||
Average Annual Total Return3 |
5.87 | % | ||
Average Annual Distribution Rate4 |
7.21 | % | ||
Current Annualized Distribution Rate5 |
9.65 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through August 31, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of August 31, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of August 31, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
September 9, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
The Fund has declared a monthly distribution of $0.06 per share for the month of October 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.58 per share to date in fiscal year 2022 (January 1, 2022 to October 31, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
Estimated Source of Distributions: | ||||||||||
Distribution |
Estimated Allocations | |||||||||
Net Investment Income |
Net Realized Short- |
Net Realized Long-Term |
Return of Capital | |||||||
Current |
$0.06 | $0.018 (30%) | 0.000 (0%) | 0.042 (70%) | $0.000 (0%) | |||||
YTD |
$0.58 | $0.175 (30%) | 0.000 (0%) | 0.405 (70%) | $0.000 (0%) |
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 may also be 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through September 30, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (October 1, 2017 through September 30, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 09/30/2022 |
| |||
Cumulative Total Return1 |
-38.20 | % | ||
Cumulative Distribution Rate2 |
8.55 | % | ||
Preceding Five-Year Period 10/01/2017 to 09/30/2022 |
| |||
Average Annual Total Return3 |
2.24 | % | ||
Average Annual Distribution Rate4 |
7.27 | % | ||
Current Annualized Distribution Rate5 |
11.84 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through September 30, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of September 30, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of September 30, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
October 10, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
The Fund has declared a monthly distribution of $0.06 per share for the month of November 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.64 per share to date in fiscal year 2022 (January 1, 2022 to November 30, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
Estimated Source of Distributions: |
||||||||||||||||||
Distribution |
Estimated Allocations | |||||||||||||||||
Net Investment Income |
Net Realized Short- Term Capital Gains |
Net Realized Long-Term Capital Gains |
Return of Capital | |||||||||||||||
Current |
$0.06 | $ | 0.018 (30%) | 0.000 (0%) | 0.042 (70%) | $ | 0.000 (0%) | |||||||||||
YTD |
$0.64 | $ | 0.193 (30%) | 0.000 (0%) | 0.447 (70%) | $ | 0.000 (0%) |
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 may also be 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through October 31, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (November 1, 2017 through October 31, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 10/31/2022 |
| |||
Cumulative Total Return1 |
-37.14 | % | ||
Cumulative Distribution Rate2 |
9.48 | % | ||
Preceding Five-Year Period 11/01/2017 to 10/31/2022 |
| |||
Average Annual Total Return3 |
4.66 | % | ||
Average Annual Distribution Rate4 |
7.34 | % | ||
Current Annualized Distribution Rate5 |
11.76 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through October 31, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of October 31, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of October 31, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
November 10, 2022
CBRE Global Real Estate Income Fund
(NYSE: IGR)
CUSIP: 12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
The Fund has declared a monthly distribution of $0.06 per share for the month of December 2022. You are receiving this notice as a requirement of the Funds managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Funds estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.70 per share to date in fiscal year 2022 (January 1, 2022 to December 31, 2022). The source of the distributions declared for the month and current fiscal year is estimated as follows:
Estimated Source of Distributions: |
||||||||||||||||||
Distribution |
Estimated Allocations | |||||||||||||||||
Net Investment Income |
Net Realized Short- Term Capital Gains |
Net Realized Long-Term Capital Gains |
Return of Capital |
|||||||||||||||
Current |
$0.06 | $ | 0.018 (30%) | 0.000 (0%) | 0.042 (70%) | $ | 0.000 (0%) | |||||||||||
YTD |
$0.70 | $ | 0.212 (30%) | 0.000 (0%) | 0.488 (70%) | $ | 0.000 (0%) |
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Funds 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 Funds monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Funds 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 Funds 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 may also be 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 Funds 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 Funds net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Funds monthly distribution is set by its Board of Trustees. The Board reviews the Funds 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 Funds net investment income and net realized capital gains during the year.
Shareholders should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Funds net asset value (NAV). The Funds 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 shareholders investment in the Fund is determined by the market price of the Funds shares.
The Funds Cumulative Total Return for fiscal year 2022 (January 1, 2022 through November 30, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Funds Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Funds Average Annual Total Return for the preceding five-year period (December 1, 2017 through November 30, 2022) is set forth below. Shareholders should take note of the relationship between the Funds 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 01/01/2022 to 11/30/2022 |
| |||
Cumulative Total Return1 |
-30.96 | % | ||
Cumulative Distribution Rate2 |
9.61 | % | ||
Preceding Five-Year Period 12/01/2017 to 11/30/2022 |
| |||
Average Annual Total Return3 |
3.70 | % | ||
Average Annual Distribution Rate4 |
7.42 | % | ||
Current Annualized Distribution Rate5 |
10.81 | % |
1 | Cumulative Total Return is the percentage change in the Funds NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions. |
2 | Cumulative Distribution Rate for fiscal year to date 2022 (January 1, 2022 through November 30, 2022) is determined by dividing the dollar value of distributions in the period by the Funds NAV as of November 30, 2022. |
3 | 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 Funds NAV over a year including distributions paid and assuming reinvestment of those distributions. |
4 | 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. |
5 | The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Funds NAV as of November 30, 2022. |
For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.
As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.
CBRE Global Real Estate Income Fund
December 9, 2022