KBS Legacy Partners Apartment REIT

DISTRIBUTION HISTORY*

PERIOD	DISTRIBUTION PER SHARE	RECORD DATE	ANNUALIZED DISTRIBUTION RATE
December 16, 2010 – February 2013	$0.00178082	Daily	6.5%
March 2013 – February 2014	$0.00178082	Daily	6.5%/6.1%
March 2014 – December 2014	$0.00178082	Daily	6.5%/5.93%
January 2015 – December 2015	$0.00178082	Daily	6.5%/6.4%
January 2016 – December 2016	$0.00178082	Daily	6.5%/6.32%
January 2017 – February 2017	$0.00178082	Daily	6.5%/6.95%
March 2017	$0.05520548**	Monthly	6.5%/6.95%
May 2017 – September 2017	$0.22750892**	Monthly	6.5%

 

*Since January 2011, KBS Legacy Partners Apartment REIT has paid distributions on a monthly basis. For the periods from December 2010 through February 2017, distributions were calculated based on stockholders of record each day at a rate of $0.00178082 per share per day and if paid each day for a 365-day period would equal 6.5% annualized rate based on the purchase price of $10.00 per share in the REIT’s now-terminated initial public offering, 6.1% annualized rate based on the $10.68 share price between March 2013 and March 2014, 5.93% annualized rate based on the $10.96 per share price between March 2014 and December 2014, 6.4% annualized rate based on the $10.14 share price between January 2015 and December 2015, a 6.32% annualized rate based on the $10.29 share price between January 2016 and December 2016 or a 6.95% annualized rate based on the $9.35 share price between January 2017 and February 2017. For the month March 2017, distributions were calculated based on stockholders of record on monthly record dates and equaled a monthly amount that, if paid each month for a 12-month period, would equal a 6.95% annualized rate based on KBS Legacy Partners Apartment REIT’s estimated value per share of $9.35. For the periods from May 2017 through September 2017, distributions have been calculated based on stockholders of record on monthly record dates and equaled a monthly amount that, if paid each for a 12- month period, would equal a 6.5% annualized rate based on KBS Legacy Partners Apartment REIT’s estimated value per share of $8.35.

**Represents the total distribution per share for the period.

Distributions paid through September 2017, consisting of 59% paid in cash and 41% reinvested through the dividend reinvestment plan, have been funded with 81% coming from cash flows from operations, 12% from debt financing and 7% from cash on hand. For more information, please refer to the KBS Legacy Partners Apartment REIT’s public filings. KBS Legacy Partners Apartment REIT does not expect to pay regular distributions during the liquidation process.
 

SPECIAL DISTRIBUTION

PERIOD	DISTRIBUTION (Per Share)	RECORD DATE
April 2017***	$1.00	April 20, 2017

 
***The April 2017 special distribution was funded from net proceeds from the sale of Wesley Village on March 9, 2017.
 

LIQUIDATING DISTRIBUTIONS

PERIOD	DISTRIBUTION (Per Share)	RECORD DATE
December 2017****	$4.05	December 21, 2017
April 2018*****	$4.16	April 27, 2018

 

****Pursuant to the Plan of Liquidation, on December 20, 2017, the board of directors of KBS Legacy Partners Apartment REIT authorized an initial liquidating distribution in the amount of $4.05 per share of common stock to its stockholders of record as of the close of business on December 21, 2017. The initial liquidating distribution was paid on December 27, 2017 and was funded from proceeds from real estate property sales.

*****Pursuant to the Plan of Liquidation, on April 27, 2018, the board of directors of KBS Legacy Partners Apartment REIT authorized a second liquidating distribution in the amount of $4.16 per share of common stock to its stockholders of record as of the close of business on April 27, 2018 (the “Second Liquidating Distribution”). The Second Liquidating Distribution was paid on April 30, 2018 and was funded from proceeds from real estate property sales.

The Second Liquidating Distribution reporting totals will be included in each stockholder’s Form 1099 for the year ending December 31, 2018. Stockholders are advised to consult their tax advisors regarding the tax consequences of the Second Liquidating Distribution in light of his or her particular investment or tax circumstances.

Pursuant to the plan of liquidation, on December 17, 2018, KBS Legacy Partners Apartment REIT, Inc.’s (the Company”) board of directors authorized a Final Liquidating Distribution in the amount of $0.26492767 per share of common stock of the Company’s stockholders of record as of the close of business on December 17, 2018 (the “Final Liquidating Distribution”). The Final Liquidating Distribution was funded from the remaining net proceeds from the Company’s reserve fund established by the company pursuant to the Plan of Liquidation. The final distribution was paid on or about December 20, 2018.

Following the payment of the Final Liquidating Distribution, all shares of the Company’s outstanding common stock was cancelled and no longer deemed to be outstanding and all rights of the holders thereof as stockholders has ceased and terminated. The Company filed the appropriate notification with the Securities and Exchange Commission to fully terminate its obligations under the U.S. securities laws.