The KBS Growth & Income REIT board of directors announced at their annual shareholder meeting that the board plans to seek approval for the complete liquidation and dissolution of the company.
The KBS Growth & Income REIT previously announced that its board has initiated a review of alternative strategies, which may lead down the path to liquidation. The board of directors and a special committee of its independent members unanimously determined that a liquidation would be in the stockholder’s and company’s best interest, according to the filing. KBS currently estimates that stockholders would receive liquidation proceeds ranging between $0.59 and $1.16 per share of their common stock.
The KBS Growth & Income REIT previously indicated that its portfolio was facing significant pressure and further reported that it was unlikely to “continue as a going concern”, according to a quarterly report filed with the Securities and Exchange Commission (SEC) in November 2022. According to sources, the company is combating near term loan maturities, which KBS might not be permitted to refinance. For example, KBS has a $45.7 million mortgage loan maturing in February 2023, which is tied to a Portland, Oregon office building that is currently only 51.8% occupied. KBS previously halted their distribution reinvestment plan in August 2020 to pursue liquidation.
Did your broker recommend the KBS Growth & Income REIT or other investments such as non-traded REITS without explaining the risks? If so, you have a right to file a FINRA Securities Claim.
For a free case evaluation, email attorney Mark A. Tepper at askmark@marktepper.com, telephone him at 954-961-0096. Remember, you have a limited time to file an investment loss recovery claim.
About Mark A. Tepper, P.A.
Attorney Mark A. Tepper has earned the reputation of “Investor Advocate” while practicing law for over 40 years representing individual investors. FINRA arbitrators have upheld stockbroker fraud Claims filed by Mr. Tepper against many brokerage firms. A member of the Florida, New York and California Bars, Mr. Tepper is peer-reviewed for 21 consecutive years as AV PREEMINENT® for ethical standards and legal ability. It’s the highest rating of lawyers in the Martindale-Hubbell Law Directory.
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