Corporate Technology Centre, San Jose, CA
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KBS Real Estate Investment Trust I
Closed On May 31, 2008
Liquidation Distribution – December 14, 2017
CASH DISTRIBUTION HISTORY*
|PERIOD||DAILY DISTRIBUTION |
|July 18, 2006 – June 30, 2009||$0.00191781||7.00%|
|July 1, 2009 – February 28, 2012||$0.00143836||5.25%|
*On March 20, 2012, the board of directors of KBS REIT I approved the suspension of monthly distribution payments. Effective April 10, 2012, KBS REIT I terminated its dividend reinvestment plan. See KBS REIT I’s Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC for more information. KBS REIT I’s organizational documents do not restrict it from paying distributions from any source and do not restrict the amount of distributions it may pay from any source. Distributions paid from sources other than current or accumulated earnings and profits may constitute a return of capital.
Distributions had been paid monthly and were calculated based on stockholders of record each day during the periods and equal a daily amount that, if paid each day for a 365-day period, would have equaled a 7.0% or a 5.25% annualized rate based on a purchase price of $10.00 per share in KBS REIT I’s now-terminated primary initial public offering. There is no assurance that KBS REIT I will declare and pay distributions in the future. Distributions paid during this time period were funded with 77% from operating cash flows and 23% from debt financing and proceeds from sale of assets.
|November 2013||$0.3950||November 8, 2013|
|December 2015||$0.2500||December 1, 2015|
*The November 2013 special distribution was funded from the proceeds from the sales of real estate and cash flow from operations and the December 2015 special distribution was funded from the proceeds from the sales of real estate.
|September 2014||$0.0250||September 30, 2014|
|December 2014||$0.0250||December 29, 2014|
|March 2015||$0.0250||March 20, 2015|
|June 2015||$0.0250||June 19, 2015|
|August 2015||$0.0250||September 18, 2015|
|December 2015||$0.0250||December 21, 2015|
|March 2016||$0.0250||March 21, 2016|
|June 2016||$0.0250||June 22, 2016|
|September 2016||$0.0250||September 22, 2016|
|December 2016||$0.0250||December 22, 2016|
|March 2017**||$1.0000||March 21, 2017|
|December 2017***||$2.4000||December 14, 2017|
|December 2018****||$0.02386814||December 18, 2018|
*Distributions paid from September 2014 through December 2016 have been funded with cash flow from operations.
**On March 10, 2017, the KBS REIT I’s Board of Directors authorized an initial liquidating distribution in the amount of $1.00 per share of common stock to the REIT’s stockholders of record as of the close of business on March 21, 2017. The initial liquidating distribution was paid on or about March 24, 2017, and was funded from proceeds from asset sales.
***On December 14, 2017, the Company’s board of directors authorized a liquidating distribution in the amount of $2.40 per share of common stock to the Company’s stockholders of record as of the close of business on December 14, 2017 (the “Liquidating Distribution”). The Liquidating Distribution was paid on December 19, 2017 and was funded from proceeds from asset sales.
****On December 18, 2018, the KBS REIT I’s board of directors authorized a final liquidating distribution in the amount of $0.02386814 per share of common stock to the REIT’s stockholders of record as of the close of business on December 18, 2018 (the “Final Liquidating Distribution”). The Final Liquidating Distribution was paid on December 20, 2018 and was funded from the remaining net proceeds from the reserve fund established by the REIT pursuant to the Plan of Liquidation.