Cohen & Steers Raises $154 Million in Transferable Rights Offering for Quality Income Realty Fund

Cohen & Steers Quality Income Realty Fund, Inc. (NYSE: RQI) announced Wednesday the preliminary results of a transferable rights offering that generated approximately $154 million in gross proceeds, with the firm estimating total investable capital of approximately $220 million after anticipated leverage is applied.

The offering, which commenced June 18, 2026, and expired July 15, 2026, is expected to result in the issuance of approximately 12,642,989 new common shares at a subscription price of $12.15 per share. UBS Investment Bank served as the sole dealer manager for the transaction.

Offering Structure and Pricing Mechanics

The subscription price of $12.15 per common share was determined using a formula equal to the higher of 92.5% of the five-day average last reported sales price on the New York Stock Exchange or 90% of the five-day average net asset value per common share — both measured at the close of trading on the expiration date and the four preceding trading days.

Cohen & Steers Capital Management, Inc., the fund's investment adviser, agreed to pay all expenses incurred in connection with the offering, meaning the fund will receive the entirety of the gross proceeds. Common shares are expected to be issued promptly following completion and receipt of all stockholder payments.

The fund is a diversified, closed-end management investment company registered under the Investment Company Act of 1940. Its primary investment objective is high current income through investment in real estate securities, including common stocks, preferred stocks, and other equity and debt securities issued by real estate companies, including real estate investment trusts and similar REIT-like entities. Capital appreciation is a secondary objective.

Strategic Rationale

Cohen & Steers Chief Executive Officer Joseph Harvey said the proceeds will be used to pursue investment opportunities across both listed and private real estate.

"With the continued support of our investors, we are supplying RQI with proceeds to further capitalize on the compelling investment opportunities emerging across both listed and private real estate," Harvey said. "I am grateful for all the investors who continue to place their trust in Cohen & Steers."

Mathew Kirschner, Portfolio Manager for U.S. Real Estate at Cohen & Steers, framed the capital raise within a broader view of the real estate market cycle.

"We believe that real estate is in the early stages of a new cycle," Kirschner said. "In addition, structural tailwinds including a retail renaissance, AI-driven digital transformation, and changing demographics including an aging population, are converging with limited supply to create compelling investment opportunities across real estate. With the support of our investors, this rights offering enables RQI to invest fresh capital at what we believe are attractive valuations into these opportunities."

About Cohen & Steers

Cohen & Steers, Inc. (NYSE: CNS) is a global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, and multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo, and Singapore. Cohen & Steers Capital Management, Inc. is a wholly owned subsidiary of Cohen & Steers, Inc.

This article is based on a press release issued by Cohen & Steers, Inc. This is not an offer to sell or a solicitation to buy securities. Investors should consider the fund's investment objectives, risks, charges, and expenses carefully before investing.

Sources: Cohen & Steers Quality Income Realty Fund, Inc. Announces Preliminary Results of Transferable Rights Offering, PR Newswire, July 16, 2026.