KBS Strategic Opportunity REIT Inc. released the preliminary results of its self-tender offer to purchase up to 8,234,217 shares of its common stock at $10.93 per share, or about $90 million in the aggregate.
The diversified real estate investment trust said roughly 9,895,880 shares were properly tendered in the offer, but it expects to buy only up to 8,234,217 shares for a total of approximately $90.0 million, excluding transaction costs.
The shares expected to be bought in the tender offer make up roughly 12.7% of the REIT's issued and outstanding shares as of May 21, based on the preliminary count.
The REIT expects to have about 56,511,388 shares outstanding after settlement of the offer.
