<SEC-DOCUMENT>0001193125-20-002970.txt : 20200107
<SEC-HEADER>0001193125-20-002970.hdr.sgml : 20200107
<ACCEPTANCE-DATETIME>20200107154035
ACCESSION NUMBER:		0001193125-20-002970
CONFORMED SUBMISSION TYPE:	497AD
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200107
DATE AS OF CHANGE:		20200107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COHEN & STEERS QUALITY INCOME REALTY FUND INC
		CENTRAL INDEX KEY:			0001157842
		IRS NUMBER:				134189110
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		497AD
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-234813
		FILM NUMBER:		20513265

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128323232

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & STEERS INCOME REALTY FUND INC
		DATE OF NAME CHANGE:	20010821
</SEC-HEADER>
<DOCUMENT>
<TYPE>497AD
<SEQUENCE>1
<FILENAME>d862738d497ad.htm
<DESCRIPTION>COHEN & STEERS QUALITY INCOME REALTY FUND, INC.
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Cohen&nbsp;&amp; Steers, Inc.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">280 Park Avenue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">New York, NY 10017-1216</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">212 832 3232</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Contact:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Paul Zettl</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Senior Vice President</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Head of Global Marketing</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">212 446 9189</P></TD>
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</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Cohen&nbsp;&amp; Steers Quality Income Realty Fund, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Announces Terms of Rights Offering </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">NEW
YORK, January&nbsp;7, 2020&#151;Cohen&nbsp;&amp; Steers Quality Income Realty Fund, Inc. (NYSE: RQI) (the &#147;Company&#148;) today announced that its Board of Directors (the &#147;Board&#148;) has approved the terms of the issuance of transferable
rights (&#147;Rights&#148;) to the holders of the Company&#146;s common stock (par value $0.001 per share) (&#147;Common Stock&#148;), as of the record date, January&nbsp;17, 2020 (the &#147;Record Date&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Subject to the effectiveness of the Company&#146;s registration statement currently on file with the Securities and Exchange Commission (&#147;SEC&#148;),
holders of these Rights as of the Record Date will be entitled to subscribe for additional shares of Common Stock (the &#147;Offer&#148;) at a discount to market price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">After considering a number of factors, including potential benefits and costs, the Board and the Company&#146;s investment advisor, Cohen &amp; Steers Capital
Management, Inc. (the &#147;Advisor&#148;), have determined that it is in the best interests of both the Company and its stockholders to conduct the Offer and increase the assets of the Company available to take advantage of existing and future
investment opportunities that may be or may become available, consistent with the Company&#146;s primary investment objective of high current income through investment in real estate securities and secondary investment objective of capital
appreciation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The Advisor believes this is an attractive time to raise additional assets for the Company based on several factors, including the
following potential benefits: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Opportunities for incremental investments in U.S. real estate investment trusts (&#147;REITs&#148;) with strong
fundamentals that the Advisor believes represent value </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Investment opportunities in digital REIT sectors such as cell towers and data centers, in which the Advisor
believes significant opportunity exists </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Potential enhancement of long-term total return potential for the Company&#146;s net asset value
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Expected positive impact to total expense ratio by spreading fixed costs over a larger capital base
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Reduction in the Company&#146;s unrealized appreciation per share will allow the Company&#146;s Portfolio
Managers to rebalance the Company&#146;s portfolio with greater tax efficiency </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Potential for increased trading volume and liquidity of RQI common stock </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">&#147;We believe REITs are well positioned to help investors diversify their portfolios while providing a high level of income and the opportunity to
participate in capital appreciation,&#148; said Tom Bohjalian, Portfolio Manager for the Company and Head of U.S. </P>
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Real Estate at Cohen&nbsp;&amp; Steers. &#147;Property fundamentals in the U.S. are generally healthy, in our view, driven by a strong job market, limited new supply and low interest rates. In
addition, REIT investors can gain access to higher growth sectors such as cell towers, data centers and logistics facilities that are at the heart of key advancements in technology, including 5G wireless networks,
<FONT STYLE="white-space:nowrap">e-commerce</FONT> and IT outsourcing.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">All offering expenses, including sales commissions, will be borne by the
Advisor and not the Company or any of the Company&#146;s common stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The Company expects to maintain its current distribution level following
the Offer. <B>Additionally, the Company declared a regular monthly distribution payable on January</B><B></B><B>&nbsp;31, 2020, with a record date of January</B><B></B><B>&nbsp;10, 2020, and a regular monthly distribution payable on
February</B><B></B><B>&nbsp;28, 2020, with a record date of January</B><B></B><B>&nbsp;24, 2020, neither of which will be payable with respect to Common Stock that is issued pursuant to the Offer as such issuance will occur after these record
dates.</B> Common Stock issued pursuant to the Offer will be entitled to receive the monthly distribution expected to be payable in March. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Certain key
terms of the Offer include: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Holders of Common Stock on the Record Date (&#147;Record Date Stockholders&#148;) will receive one Right for each
outstanding share of Common Stock owned on the Record Date. The Rights entitle the holders to purchase one new share of Common Stock for every 3 Rights held <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(1-for-3);</FONT></FONT>
however, any Record Date Stockholder who owns fewer than three shares of Common Stock as of the Record Date will be entitled to subscribe for one share of Common Stock. Fractional shares of Common Stock will not be issued upon the exercise of
Rights; accordingly, Rights may be exercised only in ratios of 1 new share of Common Stock for every 3 Rights, except that any Record Date Stockholder who owns fewer than 3 Rights as of the Record Date may subscribe, at the Subscription Price
(defined below), for one full share of Common Stock. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">The subscription price per share of Common Stock (the &#147;Subscription Price&#148;) will be determined on the
expiration date of the Offer, which is currently expected to be February&nbsp;13, 2020, unless extended by the Company (the &#147;Expiration Date&#148;), and will be equal to 95% of the average of the last reported sales price of a share of Common
Stock of the Company on the New York Stock Exchange (the &#147;NYSE&#148;) on the Expiration Date and each of the four (4)&nbsp;immediately preceding trading days (the &#147;Formula Price&#148;). If, however, the Formula Price is less than 90.25% of
the Company&#146;s NAV per share of Common Stock at the close of trading on the NYSE on the Expiration Date, the Subscription Price will be 90.25% of the Company&#146;s NAV per share of Common Stock at the close of trading on the NYSE on that day.
The Subscription Price will be determined by the Company on the Expiration Date. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Record Date Stockholders who fully exercise all Rights issued to them can subscribe, subject to certain
limitations and allotment, for any additional shares of Common Stock which were not subscribed for by other holders of Rights at a discount to the market price. Investors who are not Record Date Stockholders but who otherwise acquire Rights, are not
entitled to subscribe for any additional shares of Common Stock. If sufficient shares of Common Stock are available, all Record Date Stockholders&#146; over-subscription requests will be honored in full. If these requests exceed available shares of
Common Stock, they will be allocated pro rata among Record Date Stockholders based on the number of Rights originally issued to them by the Company. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Rights are transferable and are expected to be admitted for trading on the NYSE under the symbol &#147;RQI
RT&#148; during the course of the Offer, January&nbsp;17 through February&nbsp;13, 2020. During this time, Record Date Stockholders may also choose to sell their Rights. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The Offer is subject to the effectiveness of the Company&#146;s registration statement currently on file with the
SEC and will be made only by means of a prospectus supplement and accompanying prospectus. The Company expects to mail subscription certificates evidencing the Rights and a copy of the prospectus supplement and accompanying prospectus for the Offer
to Record Date Stockholders within the United States shortly following the Record Date. To exercise their Rights, common stockholders who hold their Common Stock through a broker, custodian or trust company should contact such entity to forward
their instructions to either exercise or sell their Rights on their behalf. Common stockholders who do not hold Common Stock through a broker, custodian, or trust company should forward their instructions to either exercise or sell their Rights by
completing the subscription certificate and delivering it to the subscription agent for the Offer, together with their payment, at one of the locations indicated on the subscription certificate or in the prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>The information in this press release is not complete and is subject to change. The Company may not sell these securities until the Company&#146;s
registration statement currently on file with the SEC is effective. A final registration statement relating to the securities has not been filed with the SEC as of the date of this press release. This document is not an offer to sell any securities
and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Company&#146;s investment
objectives, risks, charges and expenses carefully before investing. The Company&#146;s prospectus supplement and accompanying prospectus will contain this and additional information about the Company and additional information about the Offer, and
should be read carefully before investing. For further information regarding the Offer, or to obtain a prospectus supplement and the accompanying prospectus, when available, please contact the Company&#146;s information agent: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Georgeson Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">1290 Avenue of the Americas, 9th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">New York, NY 10104 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">866 482 5136 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>About Cohen</B><B></B><B>&nbsp;&amp; Steers Quality Income Realty Fund, Inc. </B>The Company&#146;s primary investment objective is high current income
through investment in real estate securities. The Company&#146;s secondary objective is capital appreciation. Under normal market conditions, at least 80% of the Company&#146;s total assets are invested in income producing equity securities issued
by high quality REITs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>About Cohen</B><B></B><B>&nbsp;&amp; Steers. </B>Cohen&nbsp;&amp; 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, Hong
Kong and Tokyo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The Advisor is a wholly owned subsidiary of Cohen&nbsp;&amp; Steers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Safe Harbor Statement </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">This press release shall not
constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of
such state or jurisdiction. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">This press release contains certain statements that may include &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the Securities
Act of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are &#147;forward-looking statements.&#148; Although the Company and the Advisor believe the
expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors, including those discussed in the Company&#146;s reports that are filed with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the
date of this press release. Other than as required by law, the Company and the Advisor do not assume a duty to update any forward-looking statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Risks of Investing in Real Estate Securities </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The risks
of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or
technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. Foreign securities involve special risks, including currency fluctuations, lower
liquidity, political and economic uncertainties, and differences in accounting standards. Some international securities may represent small- and <FONT STYLE="white-space:nowrap">medium-sized</FONT> companies, which may be more susceptible to price
volatility and be less liquid than larger companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Risks of Investing in <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Shares of many <FONT STYLE="white-space:nowrap">closed-end</FONT> funds frequently trade at a discount from their asset value. Funds are subject to stock
market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in a fund. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOURCE: Cohen&nbsp;&amp; Steers </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTACT: Paul Zettl </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Vice President, Head of Global Marketing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">212 446 9189
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Website: <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff">https://www.cohenandsteers.com</FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Symbols: NYSE: RQI, CNS </P>
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