KBS REIT II Announces Final Liquidating Distribution

KBS Real Estate Investment Trust II Inc., a publicly registered non-traded real estate investment trust, announced the company’s board of directors authorized a final liquidating distribution in the amount of $0.73433444 per share of common stock to the company’s stockholders of record as of the close of business on April 25, 2023.

KBS says the final liquidating distribution will be funded from proceeds from the sale of Union Bank Plaza which closed on March 30, 2023, and the remaining net proceeds from the company’s liquidation. KBS says the final liquidating distribution was paid on April 28, 2023.

The final liquidating distribution will generally be characterized as a return of capital, to the extent the stockholder has sufficient basis, and will be included in each stockholder’s Form 1099 for the year ending Dec. 31, 2023.

KBS says following the payment of the final liquidating distribution, all shares of the company’s outstanding common stock will were cancelled and no longer deemed to be outstanding and all rights of the holders thereof as stockholders were terminated.

In connection with the distribution, KBS entered into an Assignment and Assumption Agreement with KBS Capital Advisors Sub REIT II Liquidation LLC, a wholly owned subsidiary of KBS Capital Advisors LLC, the company’s external advisor to transfer certain remaining assets and liabilities to the KBS Capital Advisors Sub REIT II Liquidation and the KBS Capital Advisors Sub REIT II Liquidation.

KBS Capital Advisors Sub REIT II Liquidation agreed to accept and perform all the obligations, liabilities, covenants, duties and agreements of the company entities and to assume all liabilities with respect to the assigned assets and liabilities which include cash, certain insurance and interest receivables and liabilities for transfer agent fees, legal expenses, audit fees, tax preparation fees and other miscellaneous expenses to wind down the company.

As previously reported by The DI Wire, the company’s liquidation plan was announced in March 2020 at its annual meeting of shareholders in which approximately 116.1 million shares voted in favor, 3.8 million voted against, 5.3 million abstained, and no votes from 20.9 million brokers.

KBS REIT II closed its primary offering in December 2010 after raising approximately $1.8 billion in investor equity.

Click here to visit The DI Wire directory page.