NEW YORK, June 12 /PRNewswire-FirstCall/ -- Cohen & Steers Premium Income Realty Fund, Inc. announced today that its board of directors has authorized the repurchase of up to 10% of the fund's outstanding common shares in the open market through the current fiscal year ending December 31, 2008. The amount and timing of the repurchases will be at the discretion of management and subject to market conditions and investment considerations. No assurance can be made that management will repurchase shares.
The board of directors also declared three monthly distributions of $0.16 per common share for July, August and September 2008.* Details are as follows:
The July 2008 distribution is payable on July 31, 2008 to shareholders of record on July 15, 2008. The ex-dividend date is July 11, 2008.
The August 2008 distribution is payable on August 29, 2008 to shareholders of record on August 15, 2008. The ex-dividend date is August 13, 2008.
The September 2008 distribution is payable on September 30, 2008 to shareholders of record on September 15, 2008. The ex-dividend date is September 11, 2008.
* Please note that the distributions paid by the fund to shareholders are subject to recharacterization for tax purposes. The final tax treatment of these distributions is reported to shareholders on their 1099-DIV forms, which are mailed to shareholders after the close of each fiscal year. In addition, the fund pays distributions pursuant to a level rate distribution policy. Under this policy, the fund may pay distributions in excess of the fund's net investment income, and this excess will be a tax-free return of capital distributed from the fund's assets. Distributions of capital decrease the fund's total assets and, therefore, could have the effect of increasing the fund's expense ratio. In addition, in order to make these distributions, the fund may have to sell portfolio securities during unfavorable market conditions. Information concerning the estimated composition of each fund distribution is available at cohenandsteers.com.
