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Hines REIT Sets Date for Final Liquidating Distribution

Hines Real Estate Investment Trust Inc., a publicly registered non-traded real estate investment trust, has scheduled its final liquidating distribution, paid to shareholders of record as of March 2, 2018.

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Hines Real Estate Investment Trust Inc., a publicly registered non-traded real estate investment trust, plans to issue its final liquidating distribution on July 31, 2018. Although the board has not determined the exact amount of the distribution, the company previously disclosed it will be between $0.05 to $0.07 per share, paid to shareholders of record as of March 2, 2018.

As previously reported by The DI Wire, the REIT was waiting for the approval of a class action settlement by the Circuit Court of Maryland for Baltimore City before winding up its operations. The company has agreed to pay approximately $3.3 million to settle a lawsuit that was filed in August 2016.

Stockholders filed the lawsuit in the Circuit Court of Maryland for Baltimore City alleging that Hines REIT, its advisor, and directors breached their fiduciary duties, caused the waste of corporate assets, and misappropriated corporate assets in connection with certain payments made in connection with the company’s plan of liquidation.

The company previously told shareholders that it “strongly believes that the lawsuit has no merit.”

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. Stockholders approved the REIT’s plan of liquidation and dissolution in November 2016. Hines REIT was the first of three non-traded REITs sponsored by international real estate firm Hines.

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