Resource Real Estate Opportunity REIT II Partially Suspends Share Redemption Program
The board of Resource Real Estate Opportunity REIT II Inc., a publicly registered non-traded real estate investment trust, has approved a partial suspension of the company’s share redemption program.
The board of Resource Real Estate Opportunity REIT II Inc., a publicly registered non-traded real estate investment trust, has approved a partial suspension of the company’s share redemption program.
According to a filing with the Securities and Exchange Commission, the board will not consider any redemption requests submitted for the first quarter of 2020 except for redemptions in connection with a stockholder’s death or qualifying disability which are not impacted by the suspension.
The company said that while the partial suspension is in effect, all other pending or new requests will not be honored or retained but will be cancelled with the ability to resubmit when and if the share redemption program is fully resumed.
“The board of directors will continue to consider the liquidity available to stockholders going forward, balanced with other long-term interests of the stockholders and the company,” the filing stated. “It is possible that in the future additional liquidity will be made available by the company through the full resumption of the share redemption program, though we can make no assurances as to whether that will happen, or the timing or terms of any resumption.”
Resource Real Estate Opportunity REIT II focuses primarily on underperforming or distressed and value-add real estate and real estate loans. The primary offering launched in February 2014, closed in February 2016 and raised $638.3 million in equity, as of the third quarter of 2019. As of September 30, 2019, the REIT owned 17 multifamily properties.
