PHILADELPHIA--(BUSINESS WIRE)--Please replace the release dated October 11, 2016 with the following corrected version due to multiple revisions.
The corrected release reads:
RESOURCE APARTMENT REIT III, INC. ANNOUNCES CASH DISTRIBUTION AND STOCK DIVIDEND
On October 7, 2016, the Board of Directors of Resource Apartment REIT III (the “REIT”) declared cash distributions on the outstanding shares of the REIT’s Class A and Class T common stock based on daily record dates for the periods from October 10, 2016 through October 30, 2016, from October 31, 2016 through November 29, 2016, and from November 30, 2016 through December 29, 2016, which distributions the REIT expects to pay on October 31, 2016, November 30, 2016 and December 30, 2016, respectively.
Distributions for these periods will be calculated based on stockholders of record each day during these periods as follows:
- Class A Common Stock – at a rate of $0.000547945 per share per day;
- Class T Common Stock – at a rate of $0.000547945 per share per day less the applicable daily distribution and shareholder servicing fees accrued for and allocable to the Class T common stock,
each divided by the number of shares of common stock of such class outstanding as of the close of business on the respective record dates.
Shareholders may choose to receive cash distributions or purchase additional shares through the REIT’s distribution reinvestment plan. Distributions reinvested pursuant to the distribution reinvestment plan will be reinvested in shares of the same class as the shares on which the distributions are made. Some or all of the cash distributions may be paid from sources other than cash flows from operations.
Also on October 7, 2016, the REIT’s Board of Directors authorized a stock dividend for the fourth quarter of 2016, in the amount of 0.005 shares of common stock on each outstanding share of common stock to all common stockholders of record as of the close of business on December 31, 2016. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend. The REIT expects to issue this stock dividend on or about January 13, 2017.
We believe that the stock dividend should be a tax-free transaction for U.S. federal income tax purposes under Section 305(a) of the Internal Revenue code of 1986, as amended, but stockholders should consult their own tax advisors regarding the tax consequences of this stock dividend.
All statements and information other than statements of historical fact included in this press release regarding strategy, future operations, financial position, estimated revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. When used, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. You should not place undue influence on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved because of the number of risks and uncertainties, many of which are beyond our control, including but not limited to uncertainties concerning the properties being operated and sold or refinanced, leverage and meeting debt service obligations, operating properties in different locations throughout the U.S., general, market or business conditions and changes in laws or regulations. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
About Resource Apartment REIT III, Inc.
Resource Apartment REIT III, Inc. intends to acquire and operate a portfolio of multifamily real estate throughout the United States. The REIT is sponsored by Resource Real Estate, Inc., a wholly owned subsidiary of Resource America, Inc. (“Resource”). Resource is an asset management company that specializes in real estate and credit investments. Resource’s investments emphasize consistent value and long-term returns with an income orientation.
Resource is a wholly owned subsidiary of C-III Capital Partners LLC, a leading real estate investment management and commercial property services company, with $13 billion in real estate and debt assets under management as of June 30, 2016.