Hines REIT Files Articles of Dissolution
Hines Real Estate Investment Trust, Inc., a publicly registered non-traded REIT, filed its articles of dissolution with the State Department of Assessments and Taxation of Maryland, according to a filing with the Securities and Exchange Commission. The articles, which became effective upon filing, relate to the company’s plan of liquidation that was approved by stockholders in November 2016.
The board of directors amended the plan of liquation to indicate that the REIT plans to remain in existence as a corporation for federal income tax purposes until it makes its final liquidating distribution.
The REIT will stop filing periodic reports with the SEC beginning with its annual report for 2016, but will continue to disclose any material developments relating to its liquidation, dissolution, and ongoing litigation. Additionally, the company will deregister its common stock when the dissolution and winding up of the company is complete.
Hines REIT has sold most of its assets and paid an initial liquidating distribution of $6.20 per share to stockholders in December 2016. The company previously paid special distributions totaling $1.01 per share from July 2011 through April 2013. Hines REIT is in the process of liquidating its few remaining assets.
Hines REIT was formed in August 2003 and has acquired interests in 66 properties, representing approximately 33 million square feet, since its inception and has sold its interests in 63 of those properties. The REIT, which invests in commercial real estate with a focus on office properties, has raised $2.3 billion in investor equity prior to closing its offering. Shares were originally priced between $10.00 and $10.40 each. Hines REIT was the first of three non-traded REITs sponsored by the international real estate firm.
