March 7, 2015 | by DI Wire
United Development Funding Income Fund V, a publicly registered non-traded real estate investment trust co-sponsored by UDF Holdings and American Realty Capital, is closing its offering to new investments and discontinuing its distribution reinvestment plan and share repurchase program.
The company sent a letter informing shareholders of the board’s decision not to seek a new dealer manager following Realty Capital Securities’ exit from the wholesale distribution business in December 2015.
The letter, which was sent on March 4th, indicated that the company’s DRIP campaign will terminate 10 days from the date of the letter, while the share repurchase program will terminate 30 days after. The letter also stated that the company has no intention of repurchasing any shares prior to the program’s official termination.