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Nuveen Real Estate Income Fund Issues Second Round of At-Par Redemption Notices for Auction-Rate Securities
CHICAGO-(Business Wire)-May 6, 2008 - Nuveen Real Estate Income Fund (AMEX: JRS) today called for redemption at par outstanding shares of its auction-rate preferred shares (ARPS). The fund's Board of Trustees has approved the redemption, which is part of a refinancing expected to lower the relative costs of leverage for the fund over time while also providing liquidity at par for the holders of at least some of Nuveen Real Estate Income Fund's ARPS.
JRS is redeeming $70 million of its $142 million of currently outstanding ARPS. This represents the second of two planned redemptions approximately a month apart which together total $150 million. The table below lists the total number of shares, par amounts and scheduled redemption dates for this stage of redemptions: -0- *T Total Shares Total Amount Redemption Series Cusip # Redeemed Redeemed Date ——————————————————————————————————— M 67071B207 536 $13,400,000 May 27, 2008 ——————————————————————————————————— T 67071B306 536 $13,400,000 May 28, 2008 ——————————————————————————————————— W 67071B405 536 $13,400,000 May 29, 2008 ——————————————————————————————————— TH 67071B603 656 $16,400,000 May 23, 2008 ——————————————————————————————————— F 67071B504 536 $13,400,000 May 27, 2008 ——————————————————————————————————— *T
The ARPS in the Nuveen Real Estate Income Fund being redeemed will be replaced with new borrowings. With respect to the partial redemption for JRS, The Depository Trust Company (DTC), the securities' holder of record, determines how a partial series redemption will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn determines how redeemed shares are allocated among its underlying beneficial owners. The procedures used by different broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.
Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of NWQ, Santa Barbara, Tradewinds, Rittenhouse, Symphony and Nuveen, including the Nuveen HydePark Group. In total, the Company managed $164 billion in assets as of December 31, 2007.
FORWARD LOOKING STATEMENTS
Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: changes in securities or financial markets or general economic conditions, including changes in interest rates for borrowings, and other risks discussed from time to time in the fund's filings with the Securities and Exchange Commission. Nuveen Investments and the closed-end funds managed by Nuveen Investments and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.
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