Hartman Short Term Income Properties XX Completes Mergers
November 4, 2020 | James Sprow | Blue Vault
The mergers of Hartman Income REIT Inc. and Hartman Short Term Income Properties XIX Inc. into Hartman Short Term Income Properties XX have been completed as of October 28, 2020.
Under the deal, the combination of two partnerships, namely Hartman XX LP and Hartman Income REIT Operating Partnership LP was also completed, with the former as the surviving entity.
Each issued and outstanding Hartman XIX common stock, and each issued and outstanding Hartman XIX preferred stock were converted into the right to receive 9,171.98 shares and 1.238477 shares of the new entity’s common stock, respectively.
Each of Hartman Income’s issued and outstanding common stock, as well as each of its issued and outstanding subordinated stock, were converted into the right to receive 0.752222 shares of the new company’s common stock.
On October 1, 2020, the Board of Directors of Hartman Short Term Income Properties XX, Inc. voted to establish a new compensation plan for independent directors of the Board, effective July 1, 2020, via unanimous written consent in lieu of a special meeting. The plan set new compensation arrangements for the independent directors based on meeting and committee attendance and included a one-time award of $100,000 in stock to the retired directors that participated in the mergers of Hartman Income REIT, Inc., and Hartman Short Term Income Properties XIX, Inc. with and into the Company.
On October 1, 2020, the Board of Directors of Hartman Short Term Income Properties XX, Inc. approved by unanimous written consent to pay a distribution of $0.05833 per common share to common shareholders as of August 31, 2020, and September 30, 2020, such payments to be issued on or about September 20, 2020, and October 20, 2020, respectively.
Source: SEC
