In plain terms — Cohen & Steers Total Return Realty Fund
Shares currently cost about 6.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 2.0% discount, so today's level is somewhat wide for this fund (Z-score -1.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 9.3% a year of the share price (8.6% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.07 of assets — a ReinvestCapture™ rate of 9.9%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 6.0% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -4.09% | 0.90% | -2.45 | 55 |
| 6 months | -3.99% | 1.26% | -1.82 | 106 |
| 1 year | -2.01% | 2.39% | -1.79 | 207 |
| 3 years | +0.90% | — | — | — |
| 5 years | +1.97% | — | — | — |
Current contemporaneous premium/discount -6.30% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -6.54% to +3.12%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -5.23% | -9.23% | -6.61% | -12.10% | +0.39% | -9.15% |
| Market price total return | -4.51% | -7.24% | +0.21% | -4.33% | +8.94% | -1.08% |
| NAV return | -2.11% | -6.56% | +0.18% | -2.46% | +2.00% | -6.22% |
| NAV total return | -1.41% | -4.58% | +7.32% | +5.98% | +10.78% | +2.29% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Cohen & Steers Total Return Realty Fund, Inc. is a closed-end equity mutual fund, originally established by Cohen & Steers, Inc. and currently managed by Cohen & Steers Capital Management, Inc. This fund primarily allocates capital to publicly traded companies within the United States real estate sector, encompassing Real Estate Investment Trusts (REITs), and considers firms across the entire spectrum of market capitalizations. To gauge its performance, the fund compares its results against several benchmarks: the FTSE NAREIT Equity REIT Index, the S&P 500 Index, and a custom blended index consisting of 80% FTSE NAREIT Equity REIT Index and 20% BofA Merrill Lynch REIT Preferred Securities Index. The fund commenced operations on September 4, 1992, and is domiciled in the United States.
CEF Explorer research page for Cohen & Steers Total Return Realty Fund Inc. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.