N-2 - USD ($) | 6 Months Ended | | | | | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cover [Abstract] | | | | | | | |
Entity Central Index Key | | 0001268884 | | | | | |
Amendment Flag | | false | | | | | |
Document Type | | N-CSRS | | | | | |
Entity Registrant Name | | CBRE Global Real Estate Income Fund | | | | | |
Other Annual Expenses [Abstract] | | | | | | | |
Other Transaction Fees, Note [Text Block] | | As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. | | | | | |
Financial Highlights [Abstract] | | | | | | | |
Senior Securities [Table Text Block] | | Financial Highlights For the For the For the For the For the For the Per share operating performance for a share outstanding throughout the period Net asset value, beginning of period $6.31 $10.48 $8.11 $8.86 $7.55 $8.99 Income from investment operations Net investment income (1) 0.06 0.20 0.22 0.17 0.16 0.19 Net realized and unrealized gain (loss) on investments, written options and foreign currency transactions 0.11 (3.67) 2.75 (0.32) 1.75 (1.03) Total from investment operations 0.17 (3.47) 2.97 (0.15) 1.91 (0.84) Common Share transactions Dilutive effect on net asset value as a result of rights offering (2) (0.21) – – – – – Offering costs charged to paid-in-capital (0.01) – – – – – Total from Common Share transactions (0.22) – – – – – Distributions on Common Shares Net investment income (0.36) (0.21) (0.08) (0.21) (0.30) (0.17) Net realized gains – (0.49) (0.52) – – – Return of capital – – – (0.39) (0.30) (0.43) Total distributions to common shareholders (0.36) (0.70) (0.60) (0.60) (0.60) (0.60) NET ASSET VALUE, END OF PERIOD $5.90 $6.31 $10.48 $8.11 $8.86 $7.55 MARKET VALUE, END OF PERIOD $5.23 $5.73 $9.79 $6.88 $8.02 $6.16 Total investment return (3) Net asset value (1.04)% (33.97)% 37.88% (0.74)% 25.74% (9.75)% Market value (2.78)% (35.54)% 52.66% (5.52)% 40.87% (15.52)% Ratios and supplemental data Net assets, applicable to common shares, end of period (thousands) $826,411 $736,011 $1,221,609 $945,194 $1,032,890 $880,636 Borrowings (senior securities) outstanding, end of period (thousands) $353,677 $345,209 $320,489 $289,727 $121,020 $74,111 Asset Coverage per $1,000 (4) $3,337 $3,132 $4,812 $4,262 $9,535 $12,883 Ratios to average net assets applicable to common shares of: Net expenses 3.68% (5) 2.29% 1.46% 1.53% 1.57% 1.54% Net expenses, excluding interest on line of credit 1.41% (5) 1.39% 1.24% 1.26% 1.16% 1.17% Net investment income 1.81% (5) 2.49% 2.37% 2.25% 1.89% 2.30% Portfolio turnover rate 22.18% 53.88% 78.44% 72.50% 44.97% 70.38% (1) Based on average shares outstanding. (2) Shares issued at a 5% discount on a 5-day average market price from 3/31/2023 to 4/6/2023 (3) Total investment return does not reflect brokerage commissions. Dividends and distributions are assumed to be reinvested at the prices obtained under the Trust’s Dividend Reinvestment Plan. Net Asset Value (“NAV”) total return is calculated assuming reinvestment of distributions at NAV on the date of the distribution. (4) Asset Coverage per $1,000: Asset coverage per $1,000 of debt is calculated by subtracting the Trust’s liabilities and indebtedness not represented by senior securities from the Trust’s total assets, dividing the result by the aggregate amount of the Trust’s senior securities representing indebtedness then outstanding, and multiplying the result by 1,000. (5) Annualized. | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Investment Objectives and Practices [Text Block] | | Investment Objective The Trust’s primary investment objective is high current income. The Trust’s secondary investment objective is capital appreciation. The Trust’s investment objectives and certain investment policies are considered fundamental and may not be changed without shareholder approval. There can be no assurance that the Trust’s investment objectives will be achieved. Investment Policies The Trust has a policy of concentrating its investments in the real estate industry and not in any other industry. Under normal market conditions, the Trust will invest substantially all but no less than 80% of its total assets in income-producing global “Real Estate Equity Securities.” Real Estate Equity Securities include common stocks, preferred securities, warrants and convertible securities issued by real estate companies, such as real estate investment trusts (“REITs”). The Trust, under normal market conditions, will invest in Real Estate Equity Securities of companies domiciled primarily in developed countries. However, the Trust may invest up to 15% of its total assets in Real Estate Equity Securities of companies domiciled in emerging market countries. Under normal market conditions, the Trust expects to have investments in at least three countries, including the United States. The Trust may invest up to 25% of its total assets in preferred securities of global real estate companies. The Trust may invest up to 20% of its total assets in preferred securities that are rated below investment grade or that are not rated and are considered by the Trust’s investment adviser to be of comparable quality. Preferred securities of non‑investment grade quality are regarded as having predominantly speculative characteristics with respect to the capacity of the issuer of the preferred securities to pay interest and repay principal. Investment grade quality securities are those that are rated within the four highest grades by Moody’s Investors Service, Inc., S&P Global Ratings, or Fitch Ratings at the time of investment or are considered by the Trust’s investment adviser to be of comparable quality. Although it has no present intentions to do so, the Trust may invest up to 15% of its total assets in securities and other instruments that, at the time of investment, are illiquid (i.e., securities that are not readily marketable). The Trust defines a real estate company as a company that derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or has at least 50% of its assets invested in such real estate. A common type of real estate company, a REIT, is a domestic corporation that pools investors’ funds for investment primarily in income-producing real estate or in real estate related loans (such as mortgages) or other interests. Therefore, a REIT normally derives its income from rents or from interest payments and may realize capital gains by selling properties that have appreciated in value. A REIT is not taxed on income distributed to its shareholders if it complies with several requirements of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, REITs tend to pay relatively high dividends (as compared to other types of companies), and the Trust intends to use these REIT dividends in an effort to meet its primary objective of high current income. Global real estate companies outside the U.S. include, but are not limited to, companies with similar characteristics to the REIT structure, in which revenue primarily consists of rent derived from owned, income-producing real estate properties, dividend distributions as a percentage of taxable net income are high (generally greater than 80%), debt levels are generally conservative and income derived from development activities is generally limited. The Trust may invest in securities of foreign issuers in the form of American Depositary Receipts (“ADRs”) and European Depositary Receipts (“EDRs”). Semiannual Report 2023 Confidential & Proprietary 9 The Trust may engage in foreign currency transactions, including foreign currency forward contracts, options, swaps, and other strategic transactions in connection with its investments in foreign Real Estate Equity Securities. Although not intended to be a significant element in the Trust’s investment strategy, from time to time the Trust may use various other investment management techniques that also involve certain risks and special considerations, including engaging in interest rate transactions and short sales. The Trust will invest in Real Estate Equity Securities where dividend distributions are subject to withholding taxes as determined by United States tax treaties with respective individual foreign countries. Generally, the Trust will invest in Real Estate Equity Securities that are excluded from the reduced tax rates as determined by the Jobs and Growth Tax Relief Reconciliation Act of 2003. | | | | | |
Risk Factors [Table Text Block] | | Risk Factors The Trust is a diversified, closed‑end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Trust is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Trust will achieve its investment objectives. Your common shares at any point in time may be worth less than you invested, even after taking into account the reinvestment of Trust dividends and distributions. GENERAL REAL ESTATE RISKS Because the Trust concentrates its assets in the global real estate industry, your investment in the Trust will be closely linked to the performance of the global real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments. The price of real estate company shares may drop because of falling property values, increased interest rates, poor management of the company or other factors. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company’s operations and market value in periods of rising interest rates. There are also special risks associated with particular sectors of real estate investments. – Retail Properties – Office Properties – Hotel Properties – Healthcare Properties – Multifamily Properties – Community Shopping Centers – Self-Storage Properties – Industrial Properties – Towers Companies – Data Centers Properties – Net Lease Properties Other factors that may contribute to the riskiness of all real estate investments include: – Lack of Insurance – Financial Leverage – Environmental Issues – Recent Events – Acts of God and Geopolitical Risks The extent of the impact of any such disruption on the Trust will depend on many factors, including the duration and scope of such disruption, the extent of any related travel advisories and restrictions implemented, the impact of such disruption on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. A disruption may materially and adversely impact the value and performance of any investment, the Adviser’s ability to source, manage and divest investments, and the Adviser’s ability to achieve the Trust’s investment objectives, ultimately resulting in significant losses to investors. In addition, there is a risk that a long disruption will significantly impact the operations of the Adviser, the Trust, and its portfolio investments, or even temporarily or permanently halt their operations. – REIT Issues Stock Market Risks Common Stock Risk Foreign Securities Risks Foreign Currency Risk Emerging Markets Risks Leverage Risk – the likelihood of greater volatility of net asset value and market price of the common shares because changes in the value of the Trust’s portfolio, including securities bought with the proceeds of the leverage, are borne entirely by the holders of common shares; and – the possibility either that common share net investment income will fall if the leverage expense rises or that common share net investment income will fluctuate because the leverage expense varies. Small Cap Risk Preferred Securities – Deferral – Subordination – Liquidity – Limited Voting Rights declaration of default occurs and is continuing. In such an event, rights of holders of trust preferred securities generally would include the right to appoint and authorize a trustee to enforce the trust or special purpose entity’s rights as a creditor under the agreement with its operating company. – Special Redemption Rights – New Types of Securities Illiquid Securities Lower-Rated Securities The values of lower-rated securities often reflect individual corporate developments and have a higher sensitivity to economic changes than do higher rated securities. Issuers of lower-rated securities are often in the growth stage of their development and/or involved in a reorganization or takeover. The companies are often highly leveraged (have a significant amount of debt relative to shareholders’ equity) and may not have available to them more traditional financing methods, thereby increasing the risk associated with acquiring these types of securities. In some cases, obligations with respect to lower-rated securities are subordinated to the prior repayment of senior indebtedness, which will potentially limit the Trust’s ability to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in lower-rated securities have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. During an economic downturn, a substantial period of rising interest rates or a recession, issuers of lower-rated securities may experience financial distress possibly resulting in insufficient revenues to meet their principal and interest payment obligations, to meet projected business goals and to obtain additional financing. An economic downturn could also disrupt the market for lower-rated securities and adversely affect the ability of the issuers to repay principal and interest. If the issuer of a security held by the Trust defaults, the Trust may not receive full interest and principal payments due to it and could incur additional expenses if it chose to seek recovery of its investment. Interest Rate Risk Strategic Transactions Inflation Risk Deflation Risk Market Discount Risk not upon the Trust’s net asset value but entirely upon whether the market price of the shares at the time of sale is above or below the investor’s purchase price for the shares. Because the market price of the shares will be determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Trust, we cannot predict whether the shares will trade at, below or above net asset value, or at, below or above the initial public offering price. Investment Risk Anti-Takeover Provisions Market Disruption Risk Concentration Risk | | | | | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | | | | | | | |
Outstanding Security, Held [Shares] | | 139,968,594 | | | | | |
Stock Market Risks [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Stock Market Risks | | | | | |
Common Stock Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Common Stock Risk | | | | | |
Foreign Securities Risks [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Foreign Securities Risks | | | | | |
Foreign Currency Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Foreign Currency Risk | | | | | |
Emerging Markets Risks [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Emerging Markets Risks | | | | | |
Leverage Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Leverage Risk – the likelihood of greater volatility of net asset value and market price of the common shares because changes in the value of the Trust’s portfolio, including securities bought with the proceeds of the leverage, are borne entirely by the holders of common shares; and – the possibility either that common share net investment income will fall if the leverage expense rises or that common share net investment income will fluctuate because the leverage expense varies. | | | | | |
Small Cap Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Small Cap Risk | | | | | |
Inflation Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Inflation Risk | | | | | |
Deflation Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Deflation Risk | | | | | |
Market Discount Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Market Discount Risk not upon the Trust’s net asset value but entirely upon whether the market price of the shares at the time of sale is above or below the investor’s purchase price for the shares. Because the market price of the shares will be determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Trust, we cannot predict whether the shares will trade at, below or above net asset value, or at, below or above the initial public offering price. | | | | | |
Investment Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Investment Risk Anti-Takeover Provisions | | | | | |
Market Disruption Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Market Disruption Risk | | | | | |
Concentration Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Concentration Risk | | | | | |
Interest Rate Risk [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | Interest Rate Risk | | | | | |
Senior Securities [Member] | | | | | | | |
Financial Highlights [Abstract] | | | | | | | |
Senior Securities Amount | | $ 353,677 | $ 345,209 | $ 320,489 | $ 289,727 | $ 121,020 | $ 74,111 |
Senior Securities Coverage per Unit | [1] | $ 3,337 | $ 3,132 | $ 4,812 | $ 4,262 | $ 9,535 | $ 12,883 |
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[1]Asset Coverage per $1,000: Asset coverage per $1,000 of debt is calculated by subtracting the Trust’s liabilities and indebtedness not represented by senior securities from the Trust’s total assets, dividing the result by the aggregate amount of the Trust’s senior securities representing indebtedness then outstanding, and multiplying the result by 1,000. | |