The board of KBS Real Estate Investment Trust Inc., a publicly registered non-traded REIT, authorized an initial liquidating distribution of $1.00 per share of common stock. The distribution will be paid by March 24th to its stockholders on record as of the close of business on March 21st.
KBS REIT stockholders recently approved a plan of complete liquidation and dissolution of the company. 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. The initial liquidating distribution will reduce this estimated range by $1.00 per share.
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.
KBS Real Estate Investment Trust launched its initial public offering in January 2006 for up to 200 million shares of common stock and 80 million DRIP shares. The REIT raised $1.7 billion in its primary offering before its closing in May 2008, and $233.7 million under its dividend reinvestment plan which closed in April 2012. The company’s portfolio consists of 186 real estate properties, three real estate loans receivable, and a participation interest in a real estate joint venture, as of September 30, 2016.