KBS Real Estate Investment Trust Inc.'s shareholders approved the company's liquidation and dissolution plan at its Jan. 27 annual shareholder meeting.

The plan is aimed at maximizing shareholder value through the sale of the REIT's assets, the payment of debts and the distribution of the net proceeds to stockholders.

In conjunction with the liquidation plan's approval, the board approved the company's amended share redemption program, which sets the price of common shares eligible for redemption at $3.475 apiece, less any liquidating distributions.

Under the amended program, the redemption price for common shares that may be redeemed Feb. 28 will equate to $3.475.