NB Real Estate Income Fund Inc. Preferred Shares Rated 'AAA' by Fitch.
NEW YORK--(BUSINESS WIRE)--Oct. 30, 2003
Neuberger Berman Real Estate Income Fund Inc.'s auction preferred shares 420 shares Series A are rated 'AAA' by Fitch Ratings. In addition to the new rating, Fitch also affirms a rating of 'AAA' to the existing 1,260 shares of Series A. The ratings are based on asset coverage and preferred share basic maintenance amount tests, as well as the quality of the asset manager.
Neuberger Berman Real Estate Income Fund Inc. (NYSE: NRL) is a closed-end management investment company that invests primarily in a portfolio of income-producing real estate securities, including real estate investment trusts. The fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow up to 50% of the fund's value through the issuance of preferred shares. The fund's current preferred share issuance is about 33% of its value.
The asset manager for the fund is Neuberger Berman Management Inc. Neuberger Berman Management Inc. has retained Neuberger Berman, LLC to serve as the fund's sub-adviser. Together, the firms and their affiliates manage $56.3 billion in total assets (as of March 31, 2003) and have managed money since 1939. The company has provided clients with a broad range of investment products, services and strategies. The company engages in private asset management, wealth management services, tax planning and personal and institutional trust services, mutual funds and institutional management, and professional securities services for individuals, institutions, corporations, pension funds, foundations and endowments.
The additional preferred shares issuance closed on October 28, 2003.
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|Date:||Oct 30, 2003|
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