Behringer Harvard Opportunity REIT I Declares Final Distribution
The board of Behringer Harvard Opportunity REIT I Inc., a publicly registered non-traded real estate investment trust, has declared a final cash distribution of $1.90 per share in accordance with its liquidation and dissolution plan that was approved by its stockholders on January 30, 2017.
The board of Behringer Harvard Opportunity REIT I Inc., a publicly registered non-traded real estate investment trust, has declared a final cash distribution of $1.90 per share in accordance with its liquidation and dissolution plan that was approved by its stockholders on January 30, 2017.
The distribution will be paid by the end of August to shareholders of record as of August 15, 2018, and will be the first and only distribution made under the company’s liquidation plan. The distribution will be reflected in each stockholder’s Form 1099 for the 2018 partial tax year.
As reported by The DI Wire in February 2018, the REIT filed articles of dissolution with the State Department of Assessments and Taxation of Maryland, which were effective upon filing.
Behringer Harvard Opportunity REIT most recent disclosed net asset value was $3.58 per share as of November 10, 2014. According to Summit Investment Research, the company “faced heavy losses due to the market correction in 2008 and 2009.”
The company lost one property to bankruptcy and another was transferred to the lender via a deed-in-lieu of foreclosure in May 2016. In February 2017, the REIT terminated its external advisor, Behringer Harvard Holdings, and named the Lightstone Group as its new external advisor.
Behringer Harvard Opportunity REIT I’s offering was declared effective in September 2005 and closed in December 2007 after raising $559 million in investor equity. In January 2017, stockholders approved the company’s plan of liquidation.
