The board of Pacific Oak Strategic Opportunity REIT Inc., a publicly registered non-traded real estate investment trust formerly known as KBS Strategic Opportunity REIT Inc., has declared a $1.17 per share special dividend to stockholders of record as of the close of business on December 30, 2021.
The special dividend is being made in connection with a deemed sale of land to a REIT subsidiary, which the company expects to “trigger a significant amount of capital gain in 2021.”
The special dividend will be paid in either cash or shares of the company’s common stock, at the election of stockholders provided that the total amount of cash to be distributed will be limited to a maximum of 10 percent of the total special dividend, with the remainder to be paid in shares.
Pacific Oak Strategic Opportunity REIT said that because the total amount of cash to be distributed is 10 percent of the total special dividend, the likely result of a cash election is the receipt of 10 percent cash and 90 percent shares, unless a significant number of stockholders elect to receive the special dividend as 100 percent stock. In no event will any stockholder electing cash receive less than 10 percent of the stockholder’s special dividend in cash, the company said.
The payment of the special dividend will be made in January 2022.
In other company news, Pacific Oak Strategic Opportunity REIT recently declared an estimated net asset value per share of $10.68 for its common stock as of September 30, 2021.
Pacific Oak Strategic Opportunity REIT invests in opportunistic real estate and other real estate-related investments and manages a portfolio valued in excess of $2 billion comprised primarily of office, land, apartment, single-family rental and hotel assets.
For details and further information, the recent 8K filing can be found here.
Original Article on thediwire.com