Hines Global REIT Inc., which is in the process of liquidating, declared a cash December liquidating distribution of approximately 5.42 cents per common share.
The nontraded diversified real estate investment trust will pay the distribution Jan. 2, 2019, to stockholders of record at the close of business Dec. 31.
Subject to board authorization and timely completion of its pending property sales, the company expects to make another liquidating distribution on or around Feb. 15, 2019. Hines Global noted that since July, it has sold or entered into contracts to sell 21 properties totaling 7.7 million square feet for $2.0 billion.
The REIT also decided to stop paying monthly distributions after December and suspend its share redemption program, effective Feb. 2, 2019, except for redemption requests related to the death or disability of a shareholder.