Hines Global REIT to Pay Partial Liquidating Distribution
September 15, 2020
HGR Liquidating Trust, which is the successor to Hines Global REIT Inc., received board authorization to declare a special distribution of $2.45 per unit.
The dividend is payable in cash on or about September 24 to unit holders of record at business close September 14.
HGR will designate the distribution as a return of a portion of its unit holders’ invested capital, thereby reducing their remaining investment in the trust.
After this special distribution is paid on or about September 24, 2020, the Company and the Trust will have paid aggregate special distributions, including return of invested capital distributions and liquidating distributions of approximately $7.45 per share/unit between January 2018 and September 2020. These special distributions reduced investors’ remaining investment.
In addition to the $7.45 of special distributions, the Company paid $5.64 of regular operating distributions since the inception of the Company, for a combined total of $13.09 in aggregate distributions paid to investors since inception. The amount of regular operating distributions received by each investor depends on when the investment was made and will be lower for those who invested after inception.
Estimated Per Unit Net Asset Value
As disclosed in the July 15th 8-K, the Board determined a per unit net asset value (“NAV”) of $4.58 as of July 15, 2020. As a result of the declaration of the special distribution described above, the Trust’s per unit NAV of $4.58 will be reduced by $2.45 per unit to $2.13. The new estimated per unit NAV is not based on updated appraisals of the Trust’s remaining assets. There can be no assurances that investors will receive additional special distributions equal to the new estimated per unit NAV.
Source: SEC
