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KBS REIT Files Articles of Dissolution

KBS Real Estate Investment Trust Inc., a publicly registered non-traded REIT, has filed articles of dissolution with the State Department of Assessments and Taxation of Maryland as part of its liquidation and dissolution plan, according to a filing with the Securities and Exchange Commission. KBS REIT stockholders approved the company’s plan of liquidation and dissolution in January.

The right of shareholders to receive distributions under the liquidation plan and Maryland general corporation law is not affected by the filing of the articles of dissolution. KBS REIT said that the net proceeds from the remaining asset sales will be distributed to stockholders by January 27, 2019.

The company estimates that if it successfully implements the liquidation plan, stockholders would receive between approximately $3.27 and $3.68 per share for each share of the common stock that they own. In March 2017, the company paid an initial liquidating distribution of $1.00 per share that will be deducted from this estimated range.

The company previously paid special distributions of $0.65 per share to stockholders for property sales from 2012 through 2015. Shares were originally sold for $10.00 each.

In other KBS REIT news, the company sold the Plaza in Clayton, a 16-story office building in the St. Louis suburb of Clayton, Missouri for $85.5 million.

KBS REIT went effective in January 2006 and closed its offering in May 2008 after raising $1.7 billion in investor equity. In May 2016, the REIT announced its intention to market its assets for sale.

For more KBS related news, visit their directory page here.

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