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VNQ - 3 Reasons Why RIF's 21% Discount To NAV Is Not Worth Buying
Vanguard Real Estate
The RMR Real Estate Income Fund (RIF) looks quite tempting at first glance thanks to its 7% dividend yield and enormous 21% discount to NAV, the greatest among all real estate CEFs. The thought of gaining access to a professionally-managed portfolio of mainly blue-chip REITs and REIT preferreds at a 21% discount is highly appealing. However, after looking beneath the surface at management's track record, poor use of leverage, and over-charging for their services, the fund does not appear as attractive as it does at first glance, explaining the discount.