LMP Real Estate Income Fund Inc. (NYSE:RIT) announced today that Legg Mason Partners Fund Advisor, LLC (“LMPFA”), the Fund’s investment manager, will assume primary responsibility for the day-to-day management of the Fund’s portfolio effective August 15, 2011. LMPFA currently provides management and administrative services to the Fund. Following LMPFA’s assumption of the day-to-day management of the Fund’s portfolio, the Fund will no longer have a subadviser.
Mark McAllister will serve as senior portfolio manager to the Fund. Mr. McAllister is a managing director and senior portfolio manager at LMPFA. Prior to 2011, Mr. McAllister was a partner and managing director at High Rise Capital Management, L.P. Prior to June 2007, Mr. McAllister was a managing director and senior portfolio manager at predecessor firms of LMPFA.
John Baldi, a director and senior research analyst at LMPFA, will serve as co-portfolio manager to the Fund. Mr. Baldi joined a predecessor firm of LMPFA in 2004.
LMPFA also agreed to a waiver in the amount of 0.05% of the investment advisory fee that is paid to it by the Fund. The waiver will commence with LMPFA’s assumption of the primary responsibility for the day-to-day management of the Fund’s portfolio and will extend through June 30, 2014.
LMP Real Estate Income Fund Inc. is a non-diversified management investment company. LMPFA, a wholly owned subsidiary of Legg Mason, Inc. (“Legg Mason”), currently serves as the Fund’s investment manager. AEW Capital Management, L.P. currently serves as the Fund’s subadviser.
An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. While LMPFA has experience analyzing investments in REITs and the real estate sector generally, the Fund will be LMPFA’s first portfolio comprised substantially of REITs. Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Fund.