Griffin Capital Essential Asset REIT Cuts Distributions, to Report NAVs Quarterly
April 2, 2020
In an April 2 letter to shareholders, Griffin Capital Essential Asset REIT announced that it would reduce its distributions to an annualized rate of $0.35 per share, all cash, subject to adjustments for class-specific expenses. The previous distribution rate was $0.585 annualized per share, before class-specific expenses.
The REIT also announced that it would cease publishing a daily updated estimate of its NAV per share as of March 31, 2020. Going forward, the REIT will calculate and publish NAV per share on a quarterly basis, with the first updated estimates of its NAV per share likely to be disclosed on or around June 30, 2020.
The letter to shareholders also stated that the current market environment may present “compelling investment opportunities which could serve to enhance the Company’s long-term value and performance.” The REIT’s ability to react quickly and effectively to these opportunities will be closely tied to its cash on hand and access to additional liquidity.
Source: SEC
