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KBS REIT to put liquidation plan to shareholder vote

KBS Real Estate Investment Trust Inc. will put its liquidation plan to a vote at its annual shareholder meeting, which will be held at a yet-to-be-determined date.

The company, as disclosed earlier, is planning to liquidate and dissolve in order to maximize stockholder value through asset sales, debt payments and distribution of the net proceeds to shareholders.

Additionally, KBS REIT is proposing three charter amendments, which will also be considered at the meeting. One is to remove certain charter provisions that were originally included to comply with the NASAA REIT Guidelines as required by state securities administrators in line with the company's best-efforts offering in order to allow KBS REIT to exculpate and indemnify its directors, adviser and its affiliates and to reimburse them for reasonable legal expenses and other costs as permitted by Maryland law.

Second is to remove the charter requirement to provide shareholders each year with a specific report with audited financial statements, related party and other information. Third is to exclude from the definition of a "roll-up transaction" the distribution of interests in a liquidating trust.

The board recommended that shareholders vote in favor of the liquidation plan and the charter amendment proposals.