Cohen & Steers REIT and Preferred Income Fund, Inc. Announces Pricing of $51 Million in Taxable Auction Market Preferred Shares

Cohen & Steers REIT and Preferred Income Fund, Inc. Announces Pricing of $51
Million in Taxable Auction Market Preferred Shares 


NEW YORK, Dec. 9  /PRNewswire/ -- Cohen & Steers REIT and Preferred Income Fund,
Inc.-a nondiversified, closed-end investment management company whose common
shares trade on the New York Stock Exchange under the symbol RNP-priced a total
of $51 million in auction market preferred shares (AMPS), for settlement on
December 10, 2003.  After the sale of the new shares, the fund's managed assets
will total approximately $1.9 billion.

Cohen & Steers REIT and Preferred Income Fund was launched in June with the
primary objective of delivering high income through investment in a combination
of REITs and corporate preferred securities.  The fund is managed by Cohen &
Steers Capital Management, Inc., a leading manager of closed-end,
exchanged-traded funds.  The firm serves both individual and institutional
investors through a wide range of open-end and closed-end funds, as well as
separate accounts.

The underwriters for the AMPS are Merrill Lynch, Pierce, Fenner & Smith
Incorporated; A.G. Edwards & Sons, Inc.; and UBS Securities LLC.  The auction
agent is The Bank of New York.  The fund's AMPS are rated "Aaa" by Moody's
Investors Service, Inc. and "AAA" by Standard & Poor's Ratings Services.

Investors may participate in the auctions through participating broker-dealers. 
To request a free prospectus containing more complete information about the
fund, including charges, expenses and risks, call 1-800-330-REIT or visit our
Web site at cohenandsteers.com.  Please read the prospectus carefully before
investing. 

DATASOURCE: Cohen & Steers Capital Management, Inc.



CONTACT:  John J.McCombe, Director of Marketing, Cohen & Steers REIT and

Preferred Income Fund, [phone]



Web site:  http://www.cohenandsteers.com/ 

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