LMP Real Estate Income Fund Inc. (NYSE:RIT) today announced a monthly distribution of $0.0600 per common share for May 2016.
The following dates apply to the distribution schedule below:
| Month | Record Date | Ex-Dividend Date | Payable Date | |||||||||
| May | 5/20/2016 | 5/18/2016 | 5/27/2016 | |||||||||
| Ticker | Fund Name | Month | Amount | Change from | ||||
| RIT | LMP Real Estate Income Fund Inc. 1 | May | $0.06000 | - | ||||
1 – Please see table below for each Fund’s estimated source of distributions. |
On October 23, 2015 LMP Real Estate Income Fund Inc. (NYSE: RIT) (the “Fund”) announced that the Fund’s Board of Directors approved the conversion of the Fund from a closed-end fund to an open-end fund through a merger with and into ClearBridge Real Estate Opportunities Fund (“CRO”), a series of Legg Mason Funds Trust (“LM Trust”) (the “Merger”). If the Merger is approved by stockholders of the Fund at the special shareholder meeting and the Merger closes in early June 2016, the May 20, 2016 record date distribution will be the last monthly distribution paid by the LMP Real Estate Income Fund Inc. (RIT). ClearBridge Real Estate Opportunities Fund (CRO) intends to pay quarterly distributions subsequent to the close of the Merger.
Under the terms of the Fund’s managed distribution policy, the Fund seeks to maintain a consistent distribution level derived from the income and capital gains generated from the Fund’s investment portfolio. Shareholders should note that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distributions paid, the difference will be distributed from the Fund's assets and may constitute a return of the shareholder’s capital. The Board of Directors may modify, terminate or suspend the managed distribution policy at any time. Any such modification, termination or suspension could have an adverse effect on the market price of the Fund’s shares.
The Fund’s distributions have been set based on the current level of income generated from the Fund’s investment portfolio and accumulated capital gains, if any. Based on the Fund's tax accounting records, which also factors in currency fluctuations, the Fund’s estimated source of cumulative fiscal year-to-date distributions is presented in the table below:
| Fund | Fiscal | Income | Short-Term | Long-Term | Return | ||||||
| RIT | Dec 31 | 61.15% | - | 10.60% | 28.25% | a |
| a Sources of cumulative fiscal year-to-date distributions are estimated through May 31, 2016. |
The updated estimated components of the distributions announced today will be provided to shareholders of record in a separate notice when the distributions are paid.
This press release is not for tax reporting purposes but is being provided to announce the amount of the Fund’s distributions that have been declared by the Board of Directors. In early 2017, after definitive information is available, the Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital).
For more information about the Fund, please call 1-888-777-0102 or consult the Fund’s web site at www.lmcef.com. Hard copies of the Funds’ complete audited financial statements are available free of charge upon request.
Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Funds.
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Contacts:
Legg Mason, Inc.
Maria Rosati, (212)-805-6036
mrosati@leggmason.com
