UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
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NEUBERGER BERMAN REALTY INCOME FUND INC.
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NEUBERGER BERMAN MANAGEMENT INC. -------------------------
605 Third Avenue NEUBERGER BERMAN
New York, NY 10158-3698 ------------------------
Tel 212.476.9000 A Lehman Brothers Company
MEDIA CONTACT: INVESTOR INFORMATION:
Brian Finnegan (877) 461-1899
Lehman Brothers
(212) 526-0061
BOARDS OF NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME
FUND INC. AND NEUBERGER BERMAN REALTY INCOME FUND INC.
ANNOUNCE EXTENSION OF TIME TO SUBMIT
STOCKHOLDER PROPOSALS
NEW YORK, NY, January 16, 2008 ... Neuberger Berman Real Estate Securities
Income Fund Inc. (AMEX: NRO) and Neuberger Berman Realty Income Fund Inc. (NYSE:
NRI) announced today that in order to move the deadline beyond the scheduled
vote to reorganize NRI into NRO, the Boards of Directors have extended to
February 15, 2008 the deadline by which stockholder nominations and proposals
must be received to be considered at the 2008 annual stockholder meeting. The
Boards made this determination to simplify the dynamics of corporate governance
relating to the potential reorganization of the Funds.
In light of the current real estate market conditions and the upcoming
stockholder vote on the reorganization, the Investment Performance Committees
and Closed-End Fund Committees of the Funds' Boards of Directors today held the
latest in a series of meetings to review, among other things, performance of
real estate funds managed by Neuberger Berman Management Inc. ("Neuberger
Berman"). Among the factors that the Committees considered were the current real
estate markets, the tightness of credit, the general economic climate and
concerns over the possibility of a recession. The Committees, each of which
contains a majority of independent directors, noted that for the three-year
period and the quarter ending December 31, 2007, the Funds outperformed the
Lipper Real Estate Closed-End Funds Category average on both an NAV and a market
basis, and for the year ended December 31, outperformed the peer group on a
market basis. The Committees also found that for the same periods, both Funds
outperformed on both a market and an NAV basis a group of 12 real estate
closed-end funds selected by Neuberger Berman as being more comparable than the
Lipper group. Finally, the Committees considered performance of exchange traded
funds ("ETFs") relative to that of the Funds and concluded that such a
comparison is inappropriate because ETFs, unlike NRI and NRO, generally do not
invest to provide significant income nor do they typically make significant use
of leverage. The Committees discussed strategies, alternatives, and the
advisability of taking actions that would require significant selling of
portfolio securities into the current market.
The Committees, including all of the independent members, continue to be
satisfied with Neuberger Berman's appropriately careful and thoughtful approach
to a difficult market. The Boards determined to continue to recommend the
reorganization of NRI into NRO, which would result in a significantly larger
domestic real estate closed-end fund managed by Neuberger Berman.
Neuberger Berman Management Inc., each Fund's investment manager, is a
subsidiary of Neuberger Berman Inc., an investment advisory company serving
individuals, families, and taxable and non-taxable institutions with a broad
range of investment products, services and strategies. A Lehman Brothers
company, Neuberger Berman engages in wealth management services including
private asset management, tax and financial planning, and personal and
institutional trust services; mutual funds, institutional management and
alternative investments; and professional securities services. For further
information about Neuberger Berman please visit www.nb.com.
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the
financial needs of corporations, governments and municipalities, institutional
clients and high-net-worth individuals worldwide. Founded in 1850, Lehman
Brothers maintains leadership positions in equity and fixed income sales,
trading and research, investment banking, private investment management, asset
management and private equity. The Firm is headquartered in New York, with
regional headquarters in London and Tokyo, and operates in a network of offices
around the world. For further information about Lehman Brothers' services,
products and recruitment opportunities, visit the Firms' web site at
www.lehman.com.
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Statements made in this release that look forward in time involve risks and
uncertainties and are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such risks and uncertainties
include, without limitation, the adverse effect from a decline in the securities
markets or a decline in a Fund's performance, a general downturn in the economy,
competition from other closed-end investment companies, changes in government
policy or regulation, inability of a Fund's investment adviser to attract or
retain key employees, inability of a Fund to implement its investment strategy,
inability of a Fund to manage rapid expansion and unforeseen costs and other
effects related to legal proceedings or investigations of governmental and
self-regulatory organizations. A Fund's past performance is no guarantee of its
future performance on either an absolute or a relative basis.