Hines REIT Pays Liquidating Distribution
Hines Real Estate Investment Trust Inc., a publicly registered non-traded REIT, declared a $0.30 per share liquidating distribution to all stockholders of record as of April 17, 2017. The distribution, which totals approximately $73.1 million, is expected to be paid in cash on or around April 18, 2017.
Stockholders approved the REIT’s plan of liquidation and dissolution in November 2016. Hines REIT completed the sale of its assets and declared an initial liquidating distribution of $6.20 per share in December 2016. The company previously distributed $1.01 per share from July 2011 through April 2013 which was also designated as a partial return of invested capital to stockholders.
Hines REIT established a reserve account of approximately $0.05 per share to pay on-going expenses of the liquidation, including litigation expenses associated with a case pending in the Circuit Court of Baltimore City. The REIT expects this to be the final liquidating distribution, but plans to distribute any unused funds from the reserve account if they exist.
The company also extended its advisory agreement with Hines Advisors LP and its operating partnership, Hines REIT Properties LP, for an additional year through March 31, 2018.
Hines REIT, which was formed in August 2003 to invest in commercial real estate with a focus on office properties, has raised $2.3 billion in investor equity prior to closing its offering in January 2010. Shares were originally priced between $10.00 and $10.40 each. Hines REIT was the first of three non-traded REITs sponsored by the international real estate firm.
