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KBS REITs II and III Authorize February Distributions

January 28, 2019

KBS REITs II and III Authorize February Distributions

January 23, 2019 | James Sprow | Blue Vault

On January 22, 2019, KBS Real Estate Investment Trust II, Inc.’s (the “Company”) board of directors authorized a February 2019 distribution in the amount of $0.02062500 per share on the outstanding shares of the Company’s common stock to stockholders of record as of the close of business on February 18, 2019, which the Company expects to pay in March 2019. The distribution would equal a rate of 4.50% annualized, based upon a $5.50 share price which is the original $10.00 offering price less the $4.50 partial liquidating distribution.  On December 3, 2018, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $4.95 based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, or net asset value, divided by the number of shares outstanding, all as of September 30, 2018. Based upon the most recent NAV of $4.95, the February distribution rate represents a 5.00% rate.

On January 22, 2019, KBS Real Estate Investment Trust III, Inc.’s (the “Company”) board of directors authorized a February 2019 distribution in the amount of $0.05416667 per share on the outstanding shares of the Company’s common stock to stockholders of record as of the close of business on February 18, 2019, which the Company expects to pay in March 2019. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan. Based upon the $10.00 per share offering price, the distribution represents a 6.50% rate.

Related: KBS REIT III Board Recommends Rejecting Two Third-Party Tender Offers

On December 3, 2018, KBS Real Estate Investment Trust III, Inc.’s board of directors approved an estimated value per share of the REIT’s common stock of $12.02, based on the estimated value of the REIT’s assets less the estimated value of the REIT’s liabilities, or net asset value, divided by the number of shares outstanding, all as of September 30, 2018, with the exception of an adjustment to the REIT’s net asset value for the acquisition and assumed loan costs related to the REIT’s buyout of a joint venture partner’s equity interest in a joint venture that closed subsequent to September 30, 2018 and a reduction to the REIT’s net asset value for deferred financing costs related to a portfolio revolving loan facility that closed subsequent to September 30, 2018.

Sources: SEC, Blue Vault

 

Learn more about KBS Capital Markets Group on the Blue Vault Investment Manager page

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