In plain terms — Cohen & Steers REIT & Preferred & Income Fund
Shares currently cost about 10.5% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 4.5% discount, so today's level is somewhat wide for this fund (Z-score -1.9). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.9% a year of the share price (8.0% 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 $1.12 of assets — a ReinvestCapture™ rate of 10.0%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 3.6% 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 | -7.46% | 0.99% | -2.31 | 62 |
| 6 months | -6.68% | 1.48% | -2.06 | 124 |
| 1 year | -4.53% | 2.69% | -1.93 | 248 |
| 3 years | -0.60% | — | — | — |
| 5 years | -1.46% | — | — | — |
Current contemporaneous premium/discount -9.74% (close Oct 19, 2026 vs NAV Oct 15, 2026). 1-year range -10.13% to +2.00%. 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% | -11.21% | -7.91% | -15.05% | +4.47% | -7.26% |
| Market price total return | -4.53% | -9.34% | -1.57% | -7.99% | +12.95% | +1.08% |
| NAV return | -2.01% | -8.63% | -0.97% | -4.04% | +5.42% | -5.76% |
| NAV total return | -1.36% | -6.85% | +5.49% | +3.56% | +13.93% | +2.70% |
Through Oct 19, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Cohen & Steers REIT and Preferred Income Fund, Inc. is a closed-ended balanced mutual fund launched by Cohen & Steers Inc. It is managed by Cohen & Steers Capital Management, Inc. The fund invests in the public equity and fixed income markets of the United States. It seeks to invest in the stocks of companies operating in the real estate sector including real estate investment trusts. For its fixed income portfolio, the fund typically invests in debt and preferred securities of companies operating across diversified sectors. It employs fundamental analysis to create its fixed income portfolio with a focus on the issuer’s creditworthiness, corporate and capital structure, placement of the preferred or debt securities within that structure, momentum and other exogenous signals, and relative value versus other income security classes and for its equity portfolio also it employs fundamental analysis to create its portfolio with a focus on growth potential, earnings estimates, and the quality of management. The fund benchmarks the performance of its portfolio against the FTSE NAREIT Equity Index, S&P 500 Index, Merrill Lynch Fixed Rate Preferred Index, and FTSE NAREIT Equity REIT Index. It was formerly known as Cohen & Steers REIT & Preferred Balanced Income Fund. Cohen & Steers REIT and Preferred Income Fund, Inc. was formed on June 27, 2003 and is domiciled in the United States.
CEF Explorer research page for Cohen & Steers REIT & Preferred & Income 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.