The Board of Trustees of the ING Clarion Real Estate Income Fund
(NYSE:IIA) (the “Fund”), which trades on the New York Stock
Exchange under the symbol “IIA”, declared a monthly distribution of
$0.045 per share for the month of September 2009. The following
dates apply:
Ex-Dividend Date
Record Date
Payable Date
September 2009 09-22-2009 09-24-2009 09-30-2009
IIA’s current distribution rate represents an annualized yield
of 10.44% based on the closing market price of $5.17 on September
10, 2009 and a 9.6% yield on a closing NAV of $5.60 as of the same
date.
As announced today, substantially all of the assets and
liabilities of IIA will be acquired by the ING Clarion Global Real
Estate Income Fund (NYSE: IGR) in a tax-free reorganization. The
reorganization is expected to close prior to payment of IIA”s next
regular monthly distribution. Accordingly, IIA anticipates that the
distribution declared today will be the final distribution paid by
IIA.
For more information on the Fund, including the reorganization
transaction with IGR, please visit our website at
www.ingclarionres.com.
The Fund’s dividend policy is established by the Board of
Trustees. The dividend is set by the Board at regular intervals
with consideration of investment income and realized gains expected
for the year. Each distribution is expected to be paid from some or
all of the following sources: net investment income, realized
long-term gains and short-term gains, and unrealized gains or in
certain cases a return of capital (i.e., a non-taxable
distribution). The Fund’s distribution rate should not be confused
with pure income or yield. We strive to establish a level regular
dividend that over the course of the year will pay out all income
and realized gains with a minimum of special distributions.
ING Clarion Real Estate Income Fund is a closed-end fund, which
is traded on the New York Stock Exchange, which invests primarily
in real estate securities. Holdings are subject to change. Past
performance is no guarantee of future results. Closed-end funds,
unlike open-end funds, are not continuously offered. After a public
offering, once issued, shares of closed-end funds frequently trade
at a discount to net asset value. The price of the Fund’s shares is
determined by a number of factors, several of which are beyond the
control of the Fund. Therefore, the Fund cannot predict whether its
shares will trade at, below, or above net asset value. Investing in
closed-end funds involves risk including the possible loss of
principal.
While equities may offer the potential for greater long-term
growth than most debt securities, they generally have higher
volatility. This Fund is subject to risks similar to those
associated with the direct ownership of real estate. Because the
Fund’s investments are concentrated in the real estate industry,
the value of the Fund may be subject to greater volatility than a
fund with a portfolio that is less concentrated. These companies
are sensitive to factors such as changes in real estate values and
property taxes, interest rates, cash flow of underlying real estate
assets, supply and demand, and the management skill and credit
worthiness of the issuer. REITs may also be affected by tax and
regulatory requirements. The Fund may invest in small- and
mid-sized companies, which may be more susceptible to price swings
and less liquidity than larger companies.
The Fund invests primarily in real estate investment trusts
(REITs) and similar companies. When these companies make
distributions to the Fund during the year, the Fund uses past
disclosures and the estimates provided by the companies to provide
you with estimated sources of distributions paid to you. Until the
Fund receives a final determination from these companies as to the
source of distributions – generally around January 31 of the
following year – the Fund cannot provide you with a final
determination of the source of distributions paid.
The amounts and sources of distributions reported are only
estimates and are not provided for tax reporting purposes.
The actual amounts and sources of the amounts for accounting and
tax reporting purposes will depend upon the Fund’s investment
experience during the remainder of its fiscal year and may be
subject to changes based on tax regulations.
For the current 2009 fiscal year (January 1, 2009 to September
30, 2009) the Fund has made nine (9) regular monthly distributions
which in aggregate equal $0.405 per share. The source of the
distribution paid during the month and current fiscal year is
estimated as follows:
Estimated Source of Distributions: Distribution
Estimated Allocations
Net Investment
Income
Net Realized Short-
Term Capital Gains
Net Realized Long-
Term Capital Gains
Return of
Capital
Current $0.045 $0.017 (38%) -- (0%)
-- (0%) $0.028 (62%)
YTD $0.405
$0.154 (38%) -- (0%) -- (0%) $0.251 (62%)
SHAREHOLDERS SHOULD NOT USE THE INFORMATION PROVIDED IN
PREPARING THEIR TAX RETURNS. SHAREHOLDERS WILL RECEIVE A
FORM 1099-DIV FOR THE CALENDAR YEAR INDICATING HOW TO REPORT FUND
DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES. THE ABOVE
TABLES ARE ESTIMATED AND SHOULD NOT BE TAKEN TO DENOTE THE ACTUAL
BREAKDOWN OF DISTRIBUTIONS FOR TAX PURPOSES. THE
YEAR-TO-DATE ESTIMATES REFLECT CURRENT ESTIMATES AND MAY DIFFER
FROM PAST TABLES.
The Fund estimates that it has distributed more than its income
and capital gains; therefore, a portion of your distribution may be
a return of capital. A return of capital may occur, for example
when some or all of the money that you invested in the Fund is paid
back to you. A return of capital distribution does not necessarily
reflect the Fund’s investment performance and should not be
confused with “yield” or “income”.
Shareholders should not draw any conclusions about the Fund’s
investment performance from the amount of this distribution or from
the terms of the Fund’s managed distribution policy. Please
note that all performance figures below are based on the Fund’s net
asset value (“NAV”) and not the market price of the Fund’s
shares. Performance figures are not meant to represent
individual shareholder performance.
The Fund’s cumulative year-to-date total return for fiscal year
2009 (January 1, 2009 through August 31, 2009) is set forth
below. Shareholders should take note of the relationship between
the Year-to-date Cumulative Total Return on NAV and the Fund’s
Cumulative Distribution Rate for 2009. Moreover, the Fund’s Average
Annual Total Return (in relation to its NAV) for the preceding
five-year period (September 1, 2004 through August 31, 2009)
is set forth below. Shareholders should take note of the
relationship between the Fund’s Average Annual Total Return on NAV
for the preceding five-year period and the Fund’s Current
Annualized Distribution Rate for 2009 as well as its Average Annual
Distribution Rate for the preceding five-year period. The
performance and distribution rate information disclosed in the
table below is based on the Fund’s NAV. The Fund’s NAV is
calculated as the total market value of all the securities and
other assets held by the Fund minus the total liabilities, divided
by the total number of common shares outstanding. While NAV
performance may be indicative of the Fund’s investment performance,
it does not measure the value of a shareholder’s individual
investment in the Fund. The value of a shareholder’s investment in
the Fund is determined by the Fund’s market price, which is based
on the supply and demand for the Fund’s shares in the open-market.
Shareholders holding Fund shares indirectly with a broker dealer
should contact their financial advisor regarding the market price
performance of their investment in the Fund.
Fund Performance and Distribution Rate
Information:
Year-to-date 1/1/2009 to 8/31/2009
Year-to-date Cumulative Total Return on NAV1 28.35%
Cumulative Distribution Rate2 6.53%
Preceding Five-Year
Period 9/1/2004 to 8/31/2009 Average Annual Total
Return on NAV3 -4.34% Average Annual Distribution Rate4
13.33% Current Annualized Distribution Rate5 9.80%
1 Year-to-date Cumulative Total Return on NAV is the
percentage change in the Fund’s NAV over the year-to-date time
period including distributions paid and assuming reinvestment of
those distributions. 2 Cumulative Distribution Rate for the
Fund’s current fiscal period (January 1, 2009 through August 31,
2009) measured on the dollar value of distributions in the
year-to-date period as a percentage of the Fund’s NAV as of August
31, 2009. 3 Average Annual Total Return on NAV represents
the simple arithmetic average of the Annual NAV Total Returns of
the Fund for the preceding five-year period. Annual NAV Total
Return is the percentage change in the Fund’s NAV over a year
including distributions paid and assuming reinvestment of those
distributions. 4 Average Annual Distribution Rate is the
simple arithmetic average of the Annual Distribution Rates for the
preceding five-year period. The Annual Distribution Rates are
calculated by taking the total distributions paid during the period
divided by average daily NAV for the period. 5 The Current
Annualized Distribution Rate is the current monthly distribution
rate annualized as a percentage of the Fund’s NAV as of August 31,
2009.
Please refer to the chart below for information about the Fund’s
historical NAVs, change in NAVs, total returns, and distributions
paid.
End of
Period Average NAV Annualized Level Special Total Daily NAV Per
Change Total Distribution Distributions Distributions Distributions
for Period Share in NAV Returns Rate4
Paid Paid Paid IPO $ 15.00
20031
$ 14.80 $ 15.53 3.53 % 9.83 % 1.35 % $ 0.20 $ - $ 0.20 2004 $ 15.89
$ 17.76 14.36 % 23.38 % 7.68 % $ 1.22 $ - $ 1.22 2005 $ 17.45 $
17.85 0.51 % 11.25 % 10.31 % $ 1.38 $ 0.42 $ 1.80 2006 $ 19.71 $
19.87 11.32 % 31.02 % 16.74 % $ 1.38 $ 1.92 $ 3.30 2007 $ 17.41 $
12.34 -37.90 % -27.78 % 13.56 % $ 1.38 $ 0.98 $ 2.36 2008 $ 9.88 $
4.68 -62.07 % -56.77 % 12.55 % $ 1.24 $ - $ 1.24
20092
$ 4.21 $ 5.51 17.74 % 28.35 % 8.56 % $ 0.36 $ - $ 0.36
Average3 3.25 % 11.93 %
Since Inception Annualized Total
Return
-3.86
%
1 Figures for 2003 are from September 25, 2003, the
Fund’s inception date. 2 2009 figures are year-to-date
through August 31, 2009. 3 Average calculated on number of
months and years since inception. The Fund’s inception date was
September 25, 2003. 4 Distribution rate calculated by taking
the total distributions paid within the period divided by average
daily NAV for the period.
Sources: NAV per share amounts and annualized total returns are
published in the Fund’s audited annual reports for the respective
year.
About ING Clarion Real Estate Securities
ING Clarion Real Estate Securities is a registered investment
management firm specializing in the management of equity real
estate securities. Headquartered near Philadelphia, Pennsylvania
the firm has approximately USD 11 billion in assets under
management and over 70 employees located in offices in the United
States, United Kingdom, Hong Kong, and Japan
ING Clarion Real Estate Securities is the real estate equity
management arm of ING Real Estate Investment Management, a global
real estate investment management company. With a total business
portfolio of more than $87 billion and offices in 22 countries in
Europe, the Americas, Asia and Australia, ING Real Estate
Investment Management ranks among the world's strongest real estate
companies.
ING Real Estate Investment Management is part of ING Group, a
global financial institution of Dutch origin offering banking,
investments, life insurance and retirement services to over 85
million private, corporate and institutional clients in more than
40 countries.
More information on ING Clarion’s Closed-End Funds is available
at www.ingclarionres.com.
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