Hines Global REIT to Pay $1.05 Special Distribution and Announces $8.98 NAV per Share
January 3, 2018 | James Sprow | Blue Vault
In December 2017, the board of directors of Hines Global REIT, Inc. authorized the Company to declare a distribution of $1.05 per share to all stockholders of record as of December 30, 2017, to be funded in part from the net proceeds received from the strategic sale of six assets during 2017. The distribution will be designated by the Company as a special distribution which represents a return of a portion of the stockholders’ invested capital from sales of investment property and, as such, will reduce their remaining investment in the Company. The special distribution is expected to be paid to stockholders in two cash payments in mid-January 2018; one payment will be allocated to the 2017 tax year and one payment will be allocated to the 2018 tax year. The designation of the distribution as a special distribution will not impact the tax treatment of the distribution to stockholders.
The special distribution described above reduces the per share NAV by $1.05, resulting in a new estimated per share NAV of $8.98, effective December 30, 2017. The previous NAV per share was $10.03 as of December 31, 2016.
The Company cautions that the new NAV of $8.98 has only been updated to reflect the declaration of the $1.05 special distribution and is not indicative of any new valuation of the Company’s real estate portfolio. It is currently anticipated that the estimated per share NAV will next be determined in the first quarter of 2018.
Learn more about Hines Securities, Inc. on the Blue Vault Sponsor Focus page.
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