Hines Global REIT Declares November Distributions and Increases Redemptions for October
November 1, 2017 | James Sprow | Blue Vault
The board of directors of Hines Global REIT, Inc. has authorized the Company to declare distributions for the month of November 2017. These distributions will be calculated based on stockholders of record on each day for the month of November 2017 in an amount equal to $0.0017808 per share, per day. All distributions will be paid in cash or reinvested in stock for those participating in the Company’s distribution reinvestment plan in December 2017. The daily rate, when annualized, equals a 6.50% yield based upon the original $10.00 per share offering price.
In addition, the board determined to waive the limitation on the share redemption plan and fully honor all redemption requests received for the month ended October 31, 2017. Funds available for redemption are limited to the amount of proceeds received from the Company’s distribution reinvestment plan in the prior month. However, the board has the discretion to redeem shares in excess of this amount if it determines there are sufficient available funds and it is appropriate to do so as long as the total amount redeemed does not exceed the amount required to redeem 5% of the Company’s shares outstanding as of the same date in the prior calendar year. Pursuant to this discretion, the board determined for the month ended October 31, 2017 to redeem shares in the amount of $10.8 million (including $1.5 million of shares to be redeemed in relation to the death or disability of stockholders), which was in excess of the $7.5 million received from the distribution reinvestment plan in the prior month.
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