KBS REIT Issues Liquidating Distribution

The board of KBS Real Estate Investment Trust Inc., a publicly registered non-traded REIT, authorized a $2.40 per share liquidating distribution to the company’s stockholders of record as of the close of business on December 14, 2017. The distribution is expected to be paid this week and will be funded from proceeds from asset sales.

In January 2017, REIT stockholders approved the liquidation and dissolution of the company, and the company sold the final property in its portfolio last month, as reported by The DI Wire.

The liquidating distribution will be included in each stockholder’s Form 1099 for 2017, along with the initial liquidating distribution of $1.00 per share of common stock paid in March 2017. All distributions paid by KBS REIT in 2017 will generally be characterized as a return of capital in each stockholder’s Form 1099.

As a result of the distribution, the board approved an estimated value of $0.00 per share for the company’s common stock, effective December 14, 2017.

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