Cohen & Steers Total Return Realty Fund, Inc. (RFI) Notification of Sources of Distribution Under Section 19(a)

Rhea-AI Summary

The press release from Cohen & Steers Total Return Realty Fund (NYSE: RFI) details the sources of its upcoming distribution on August 31, 2022. The Fund operates under a managed distribution policy initiated in December 2011, aiming to deliver long-term returns through monthly distributions. These may include capital gains and return of capital. The total current distribution for August is $0.0800 per share, consistent with the managed policy. The Fund reported a cumulative total return of -9.92% for 2022 to date, with a current annualized distribution rate of 6.78%.

Positive

• Managed distribution policy aims for long-term total return through regular monthly distributions.
• Current monthly distribution is $0.0800 per share, sustaining investor income.

Negative

• Year-to-date cumulative total return is -9.92%.
• Potential adverse effects if the managed distribution policy is amended or terminated.

NEW YORK, Aug. 29, 2022 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) (the "Fund") with information regarding the sources of the distribution to be paid on August 31, 2022 and cumulative distributions paid fiscal year-to-date.

In December 2011, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares. 

The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. In addition, distributions from the Fund's investments in real estate investment trusts (REITs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to the Fund after year-end by REITs held by the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.

At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.

DISTRIBUTION ESTIMATES	August 2022		YEAR-TO-DATE (YTD) August 31, 2022*
Source	Per Share Amount	% of Current Distribution	Per Share Amount	% of 2022 Distributions
Net Investment Income	$0.0800	100.00 %	$0.1698	26.53 %
Net Realized Short-Term Capital Gains	$0.0000	0.00 %	$0.3886	60.72 %
Net Realized Long-Term Capital Gains	$0.0000	0.00 %	$0.0816	12.75 %
Return of Capital (or other Capital Source)	$0.0000	0.00 %	$0.0000	0.00 %
Total Current Distribution	$0.0800	100.00 %	$0.6400	100.00 %

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The Fund's Year-to-date 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 Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2022. In addition, the Fund's Average Annual Total Return for the five-year period ending July 31, 2022 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2022. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

Fund Performance and Distribution Rate Information:

Year-to-date January 1, 2022 to July 31, 2022
Year-to-date Cumulative Total Return1	-9.92 %
Cumulative Distribution Rate2	4.52 %
Five-year period ending July 31, 2022
Average Annual Total Return3	8.78 %
Current Annualized Distribution Rate4	6.78 %

1.	Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.
2.	Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2022 through August 31, 2022) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of July 31, 2022.
3.	Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending July 31, 2022. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of those distributions.
4.	The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of July 31, 2022.

Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.

Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.

Website: https://www.cohenandsteers.com/
Symbol: (NYSE: CNS)

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, and Tokyo.

Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.

Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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SOURCE Cohen & Steers

FAQ

What are the distribution sources for Cohen & Steers Total Return Realty Fund (RFI) for August 2022?

Cohen & Steers Total Return Realty Fund's distribution for August 2022 comes from net investment income, long-term capital gains, and potentially return of capital.

What is the current annualized distribution rate for RFI?

The current annualized distribution rate for Cohen & Steers Total Return Realty Fund (RFI) is 6.78%.

What was the year-to-date performance of RFI as of July 31, 2022?

As of July 31, 2022, Cohen & Steers Total Return Realty Fund reported a year-to-date cumulative total return of -9.92%.

When will the distribution be paid by Cohen & Steers Total Return Realty Fund?

The distribution for Cohen & Steers Total Return Realty Fund will be paid on August 31, 2022.

How will distributions from RFI affect my tax reporting?

Distributions from Cohen & Steers Total Return Realty Fund are reported on Form 1099-DIV, detailing how to report them for federal income tax purposes.