The board of KBS Growth & Income Real Estate Investment Trust, a publicly registered non-traded REIT, has approved an increase to the company’s dividend.
The new daily distribution rate of $0.00144493 per share is payable to stockholders of record each day commencing May 1, 2018 through May 31, 2018. This daily amount would equal a 6.0 percent annualized rate based on the December 8, 2017 estimated value per share of $8.79 if paid each day for a 365-day period. The company is currently paying a 5.5 percent annualized dividend.
“The strong performance of KBS Growth & Income REIT has enabled us to reward shareholders with an increase to our regular dividend,” said KBS CEO Chuck Schreiber. “This is a direct reflection of the success of our active asset management and underscores the excellent execution of our strategy to acquire properties in premier locations, effectively manage these assets, and secure top tier tenants.”
KBS Growth & Income REIT, a $1 billion Regulation D offering, is distributed to investors directly via KBSDirect.com, an online portal that enables accredited investors to invest directly in professionally managed real estate portfolios.
KBS Growth & Income REIT was formed in January 2015 and raised a combined $84.7 million in its private and public offerings, the latter of which commenced in April 2016. The REIT terminated its public offering on June 30, 2017 to prepare for and market the online private offering. As of the fourth quarter 2018, the company owned four properties with an investment cost of $185 million, according to Summit Investment Research.