Hi TF,
I have traded in and out of RNP for years, have only a small hoding currently, but will probably add more in the near future. The fund sells for a discount, and I think it's a good holding. The company invests a minimum of 40% to a maximum of 60% in real estate stocks, the balance is made up of preferred securities and debt securities that can be in any industry. The fund is managed by Cohen & Steers, which specializes in real estate funds.
For those who are looking for a high yielding ETF, I do like RNP. The caveats are this fund will not have as high a growth rate in the underlying securities as a pure real estate ETF, which Cohen & Steers offers a number. In bull markets, RNP tends to lag the pure REIT funds. If interest rates rise, the preferred and debt securities are going to decline in value.
In summary this is not a great growth fund, but it does, in my opinion, reflect a great risk/reward profile. It is ideal for someone like me, who is retired and living principally off of their investments.