PHILADELPHIA--(BUSINESS WIRE)--On February 16, 2017, the Board of Directors of Resource Innovation Office REIT, Inc. (the “REIT”) declared cash distributions on the outstanding shares of the REIT’s Class A and Class T shares based on daily record dates for the periods from February 28, 2017 to March 30, 2017, from March 31, 2017 to April 27, 2017, and from April 28, 2017, to May 30, 2017, which distributions the REIT expects to pay on March 31, 2017, April 28, 2017, and May 31, 2017, respectively.
Distributions for these periods will be calculated based on shareholders 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 each respective record date.
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 February 16, 2017, the REIT’s Board of Directors authorized a stock dividend for the first quarter of 2017, in the amount of 0.01 shares of common stock on each outstanding share of common stock to all common shareholders of record as of the close of business on March 31, 2017. Stock dividends are issued in the same class of shares as the shares for which such shareholder received the stock dividend. The REIT expects to issue this stock dividend on or about April 14, 2017.
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 shareholders 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 Innovation Office REIT, Inc.
Resource Innovation Office REIT, Inc. seeks to address the next generation of office space needs for creative companies and their employees. With an improving economy, today’s U.S. office market is underdeveloped in the face of growing demand driven by current urbanization trends. The REIT seeks to acquire innovative office assets located in cities that attract top talent and that are experiencing employment growth.
The REIT is sponsored by Resource Real Estate, Inc., a subsidiary of Resource America, Inc. (“Resource”). Resource is a wholly owned subsidiary of C-III Capital Partners, a leading real estate investment management and commercial property services company, with $13 billion in real estate and debt assets under management as of December 31, 2016.