Cohen & Steers REIT and Preferred and Income Fund

RNP

Market cap $989M

I'm maintaining a buy on RNP, which now trades at a ~6.96% discount to NAV against a five-year average near 1.2%, one of the widest levels in years. RNP runs a blended portfolio, roughly 52% REIT common stock and 48% preferred and fixed-income, giving it a mechanism to generate income even when the REIT market trades sideways. RNP carries ~31% effective leverage with 40% of it at variable rates.

The equity benchmark indexes have shown a bit more volatility, but it wasn't enough to derail a strong first half to the year. As we are still knocking on all-time high levels, I still added to some positions in my CEF portfolio but have been less aggressive. In fact, we've recently been seeing rights offering announcements this year, and that has prompted sidestepping these ROs.

Retirement income requires more than just high yield. REIT funds may not be the best solution. A balanced REIT portfolio can offer income and growth.

Income-focused investors often appreciate distributions that are paid on a monthly basis, which can help to pay bills or compound a bit faster. In the CEF space, there is no lack of choices to consider, but we are also looking at two names that provide an attractive discount to NAV per share. In addition to paying monthly and trading at attractive discounts, these funds also pay out relatively tax-friendlier distributions as well.

NEW YORK, June 29, 2026 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers REIT and Preferred and Income Fund, Inc. (NYSE: RNP) (the "Fund") with information regarding the sources of the distribution to be paid on June 30, 2026 and cumulative distributions paid fiscal year-to-date. In December 2017, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission.

The article presents a rigorously screened list of 10 top closed-end funds, or CEFs, for income investors, offering an average 9.8% plus yield and nearly 7.5% NAV discount. Selections emphasize sector diversification, long-term outperformance, sustainable distributions, and attractive valuations, with a focus on both equity and credit-oriented CEFs. CEFs are generally characterized by higher volatility and deeper drawdowns than the broader market. For these reasons, they are not suited for everyone.

REITs have refused to break in 2026 despite oil-driven inflation pressure, rising Treasury yields, and a Fed narrative that flipped from multiple rate cuts to potential hikes. The “Rates Up, REITs Down” regime has weakened, with REIT-rate correlations falling sharply as fundamentals, strategy, capital allocation, and valuation catalysts increasingly drive performance. M&A has helped break the rate-driven narrative, validating public-market discounts to NAV and proving that REITs can unlock value through consolidation, privatizations, and strategic alternatives.

High-interest rates have completely chilled new development, making new commercial builds far too expensive to finance. Zoning, permits, and planning processes mean building supply takes years, creating a structural shortage. Established REITs already own the existing inventory, putting massive rent negotiation power back into landlords hands.

We will explain how to structure a new retirement portfolio in today's highly volatile market for sustainable income. We will present a balanced portfolio of funds and individual stocks with an initial yield of 5.7%. The portfolio presents 5 funds, supplemented with 10 individual stocks that offer reasonable growth, high income, and wide diversification.

Let me take you back to April 2001 for a second. Because that year brought a key turning point for income investors.