Neuberger Berman Realty Income Fund Announces Additional Information on Special Distribution
December 19 2007 - 2:06PM
Business Wire
On December 4, 2007 the Neuberger Berman Realty Income Fund Inc.
(the �Fund�), which trades on the New York Stock Exchange under
ticker symbol NRI, issued a press release that on December 3, 2007
its Board of Directors declared a special distribution of $1.57110
per share, payable on December 31, 2007 to stockholders of record
on December 17, 2007. After the close of trading on December 13,
2007, NRI�s net asset value (NAV) reflected the special
distribution. The NYSE was not aware of NRI�s special distribution
declaration or the respective record and distribution dates. On
December 17, 2007, the NYSE set an ex date of December 18, 2007,
the day after the record date. This will result in due bills for
the distribution being issued with respect to trades that occurred
on December 13, 14 and 17. The effect of issuing due bills is that
sellers on those days will not receive the special distribution and
the buyers on those days will receive the special distribution. The
December 18th ex-date relates only to the $1.57110 special
distribution declared on December 3, 2007. Both the regular monthly
distribution and the special distribution will be paid on December
31, 2007. This distribution, as well as future distributions, may
consist of net investment income, realized capital gains and return
of capital. The Fund invests a significant portion of its assets in
securities issued by real estate investment trusts (�REITs�). The
distributions the Fund receives from REITs are generally comprised
of income, capital gains, and return of capital but the REITs do
not provide the Fund a final report on the character of their
distributions until the following calendar year. After calendar
year-end, when the Fund learns the actual nature of distributions
it received from the REITs during that year, distributions
previously identified as income are often recharacterized as a
return of capital and/or capital gain. In compliance with Section
19 of the Investment Company Act of 1940, as amended, a notice
would be provided for any distribution that does not consist solely
of net investment income. This notice would be for informational
purposes, and would disclose, among other things, estimated
portions of the distribution, if any, consisting of net investment
income, capital gains and return of capital. Neuberger Berman
Management Inc., the Fund�s investment manager, is a subsidiary of
Neuberger Berman Inc., an investment advisory company serving
individuals, families, and taxable and non-taxable institutions
with a broad range of investment products, services and strategies.
A Lehman Brothers company, Neuberger Berman engages in wealth
management services including private asset management, tax and
financial planning, and personal and institutional trust services;
mutual funds, institutional management and alternative investments;
and professional securities services. For further information about
Neuberger Berman please visit www.nb.com. Lehman Brothers (ticker
symbol: LEH), an innovator in global finance, serves the financial
needs of corporations, governments and municipalities,
institutional clients and high-net-worth individuals worldwide.
Founded in 1850, Lehman Brothers maintains leadership positions in
equity and fixed income sales, trading and research, investment
banking, private investment management, asset management and
private equity. The Firm is headquartered in New York, with
regional headquarters in London and Tokyo, and operates in a
network of offices around the world. For further information about
Lehman Brothers� services, products and recruitment opportunities,
visit the Firm's Web site at www.lehman.com. Statements made in
this release that look forward in time involve risks and
uncertainties and are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such risks
and uncertainties include, without limitation, the adverse effect
from a decline in the securities markets or a decline in the Fund's
performance, a general downturn in the economy, competition from
other closed-end investment companies, changes in government policy
or regulation, inability of the Fund�s investment adviser to
attract or retain key employees, inability of the Fund to implement
its investment strategy, inability of the Fund to manage rapid
expansion and unforeseen costs and other effects related to legal
proceedings or investigations of governmental and self-regulatory
organizations.
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