HONG KONG, Oct. 30, 2020 /PRNewswire/ -- Stan Group (the "Group") has organised a special project "Make a Mask" earlier this year to produce and distribute fabric face masks to those in need. The project was chosen among numerous entries and was awarded bronze award for "Public...
NEW YORK, Oct. 23, 2020 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Infrastructure Fund, Inc. (NYSE: UTF) (the "Fund") with information regarding the sources of the distribution to be paid on October 30, 2020 and cumulative distributions paid fiscal year-to-date.
In March 2015, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. This policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.
The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. In addition, distributions from the Fund's investments in MLPs are attributed to various sources, including net investment income and return of capital. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.
At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.
The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.
October 31, 2020*
Per Share Amount
% of Current Distribution
Per Share Amount
% of 2020 Distributions
Net Investment Income
Net Realized Short-Term Capital Gains
Net Realized Long-Term Capital Gains
Return of Capital (or other Capital Source)
Total Current Distribution
You 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. 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'. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being 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. The amounts and sources of distributions year-to-date may be subject to additional adjustments.
*THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.
The Fund's Year-to-date Cumulative Total Return for fiscal year 2020 (January 1, 2020 through September 30, 2020) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2020. In addition, the Fund's Average Annual Total Return for the five-year period ending September 30, 2020 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2020. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (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 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.
Fund Performance and Distribution Rate Information:
Year-to-date January 1, 2020 to September 30, 2020
Year-to-date Cumulative Total Return1
Cumulative Distribution Rate2
Five-year period ending September 30, 2020
Average Annual Total Return3
Current Annualized Distribution Rate4
Year-to-date Cumulative Total Return 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.
Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2020 through October 31, 2020) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of
September 30, 2020.
Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending September 30, 2020. 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.
The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of September 30, 2020.
Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.
Shareholders should not use the information provided here 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.
Symbol: (NYSE: CNS)
About Cohen & Steers. Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, and Tokyo.
Forward-Looking StatementsThis press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
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SOURCE Cohen & Steers
Global investment firm KKR today announced the launch of Virescent Infrastructure ("Virescent” or the "Company”), a newly created platform to acquire renewable energy assets in India.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201029006392/en/
Headquartered in Mumbai, Virescent aims to expand its diversified portfolio of operational renewable energy assets, facilitated by investments predominantly made through KKR’s infrastructure fund. Virescent looks to identify investment opportunities that have stable cash flows stemming from long-term contracts with state and central government counterparties across India.
Virescent currently owns 317MWp of solar assets located in Maharashtra and Tamil Nadu. KKR has also entered into definitive agreements to acquire other operating solar projects across three different states. Once closed, these projects will also become part of the Virescent platform.
Virescent’s launch comes as renewables are expected to become an increasingly important energy source for citizens across India. Renewable energy is estimated to comprise approximately 60% of India’s installed power capacity by 2030, from around 24% at present, according to India’s Ministry of Power and New & Renewable Energy.
Hardik Shah, a Managing Director on KKR’s Infrastructure team, said, "The launch of Virescent is a meaningful milestone for KKR’s Asia Pacific infrastructure strategy amid India’s ambitions to install 175GW of renewable energy capacity by 2022 and 450GW by 2030. We look forward to playing a part in meeting these goals and supporting the Government’s Green Energy Corridor initiative through our investment in Virescent.”
Virescent is led by CEO Sanjay Grewal, who brings to the Company more than 30 years of experience in the Indian and global infrastructure sector. He will be responsible for identifying, planning, and executing investment opportunities for Virescent.
Mr. Grewal said, "Positive government initiatives have created a number of long-term investment opportunities in India’s rapidly transforming renewable energy sector. We are thrilled that Virescent will seek to invest in many of these great opportunities, in addition to achieving stable returns by acquiring high-quality, low-risk, and income-yielding assets with stable and long-term cashflows. I am truly excited to be part of this dynamic industry and for the chance to enhance KKR’s infrastructure strategy by building Virescent’s renewables portfolio.”
KKR takes a flexible approach to infrastructure investment in Asia Pacific, and combines the capabilities of its local teams in Asia Pacific with the Firm’s global industry and operational expertise to add value to companies. Today, KKR’s global infrastructure portfolio spans sectors such as energy, transportation, telecom, oil and gas, and water. Renewable energy represents a key vertical within KKR’s infrastructure strategy, having invested in renewable energy businesses with more than 10,000 MW of total operational capacity.
Virescent additionally deepens KKR’s presence in the Indian market. KKR has been investing in India since 2006, and has since honed its strategy to combine KKR’s global network with the local team’s market knowledge and investment expertise. Today, KKR aims to be a patient capital provider able to help bring flexible financial solutions to meet the needs of India’s private and public sectors. The Firm is extensively engaged in the operations and strategies of its portfolio companies across asset classes, including infrastructure, private equity and credit, to corporations and real estate businesses. KKR’s recently announced investments across asset classes includes, but is not limited to, Reliance Jio, Reliance Retail, IndiGrid, JB Chemicals, Max Healthcare and Ramky Envirotech.
About Virescent Infrastructure
Virescent Infrastructure (Virescent) is a renewable energy company in India. Headquartered in Mumbai, Virescent will expand its diversified portfolio of operational renewable energy assets by identifying investment opportunities that have stable cash flows stemming from long-term contracts with state and central government counterparties across India.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201029006392/en/