Neuberger Berman Real Estate Securities Income Fund Inc. announces an Equity Buyback for 8,368,177 shares, representing 15% of its issued share capital.
December 09, 2016 at 12:00 am
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Neuberger Berman Real Estate Securities Income Fund Inc. announces a share repurchase program. Under the program, the company will repurchase up to 8,368,177 shares, representing 15% of its outstanding shares. The price to be paid for the common stock will be equal to 98% of the NAV as determined by the Fund at the close of trading on January 9, 2017, or such later date to which the Offer is extended. The Fund intends to use cash on hand and also may sell portfolio securities to fund the offer. The offer could provide Stockholders with the opportunity to tender all or a portion of their shares at a price that is greater than what they could realize in the secondary market at that time. The offer will expire on January 9, 2017. As of December 1, 2016, the company had 55,787,847 outstanding shares of Common Stock.
Neuberger Berman Real Estate Securities Income Fund Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's primary objective is to provide high current income with capital appreciation. It has a portfolio with a mix of equity securities of real estate investment trusts (REITs) and other real estate companies. Its investments are concentrated in income producing common equity securities, preferred securities, convertible securities, and non-convertible debt securities issued by companies deriving their revenue from the ownership, construction, financing, management and/or sale of commercial, industrial, and/or residential real estate. It invests in various sectors, which include apartments, commercial financing, data center, healthcare, home financing, industrial, infrastructure, office, manufactured homes, regional malls, self-storage, single family homes and shopping centers. The Fund's investment manager is Neuberger Berman Investment Advisers LLC.
Neuberger Berman Real Estate Securities Income Fund Inc. announces an Equity Buyback for 8,368,177 shares, representing 15% of its issued share capital.