Exhibit (a)(24)


           HOREJSI TRUSTS EXTEND THEIR TENDER OFFER AND ANNOUNCE PLANS
                         TO APPEAL FEDERAL COURT ORDER
     UPHOLDING NEUBERGER BERMAN REAL ESTATE INCOME FUND INC.'S POISON PILL


BOULDER,  CO.,  October  26,  2004 - The Lola Brown  Trust No. 1B and the Ernest
Horejsi Trust No. 1B (the "Horejsi Trusts")  announced today that they expect to
appeal a federal  district  court order issued on October 22, 2004 upholding the
validity  of the  Stockholder  Rights  Agreement,  or "poison  pill"  adopted by
Neuberger  Berman Real Estate  Income Fund Inc.  (NYSE:  NRL) in response to the
Trusts'  tender  offer for shares of NRL. To allow time for the Trusts to pursue
their appeal,  the Trusts announced today that they are extending their offer to
5:00 p.m. New York City time on Tuesday, January 25, 2005.

The Trusts  initiated  their  tender offer on  September  10, 2004,  offering to
purchase up to 1,825,000  shares of the Fund's common stock at a price of $19.89
per share net to the seller in cash.  On  September  23,  2004 the Fund's  Board
announced its  opposition to the Trusts' tender offer and took a series of steps
designed  to defeat the offer,  including  issuing  shares of the Fund's  common
stock to its sub-adviser,  relying on that issuance in an attempt to subject the
Fund and the Trusts to two  anti-takeover  statutes under Maryland law, adopting
the poison pill,  authorizing a self tender for up to 943,704  shares at a price
of $20.00 per share,  and authorizing  litigation  against the Trusts in federal
district court in Maryland to prevent the  consummation of the offer. The Trusts
responded to these defensive measures by filing counter-claims  against the Fund
on October 6, 2004 seeking,  among other things,  to invalidate  both the poison
pill and the Fund's  attempt to apply  Maryland's  control  share statute to the
Trusts  and their  offer.  The Trusts do not expect to  consummate  their  offer
unless they are successful in obtaining a final judgment invalidating the poison
pill and finding that the Maryland  control  share statute does not apply to the
Trusts and their offer.

In its declaratory judgment order issued on October 22, 2004, the district court
upheld the  validity of the Fund's  poison  pill.  The court did not rule on the
applicability  of the Maryland  control share  statute,  but commented  that "it
would seem unfair to allow NRL to invoke [the control share statute] against the
Trusts under these circumstances."

The Trusts  announced today that they expect to appeal the declaratory  judgment
order to the United  States Court of Appeals for the Fourth  Circuit in order to
seek a reversal of the district  court's  decision  and obtain a final  judgment
invalidating the Fund's poison pill. In light of the court activity,  the Trusts
have  extended  their offer to 5:00 p.m. New York City time on Tuesday,  January
25, 2005. The Trusts are amending their tender offer  statement on file with the
Securities  and Exchange  Commission to reflect the extension of their offer and
other relevant information.

Each security  holder of Neuberger  Berman Real Estate  Income Fund Inc.  should
read  the  tender  offer  statement  filed  with  the  Securities  and  Exchange
Commission  by the Lola Brown Trust No. 1B and the Ernest  Horejsi  Trust No. 1B
and other relevant  documents filed with the Securities and Exchange  Commission
because they contain  important  information  about the tender  offer.  Security
holders of Neuberger  Berman Real Estate  Income Fund Inc. can obtain the tender
offer  statement  and other  documents  that are filed with the  Securities  and
Exchange  Commission for free on the Securities  and Exchange  Commission's  web
site at http://www.sec.gov.


Contact:
Stephen C. Miller
Lola Brown Trust No. 1B
Ernest Horejsi Trust No. 1B
(303) 442-2156