Concerned about investment losses in Hines REIT?
Have you suffered investment losses in Hines REIT? If so, The White Law Group may be able to help you recover your losses by filing a FINRA Dispute Resolution claim against the brokerage firm that sold you the investment.
Hines Real Estate Investment Trust Inc., a publicly registered non-traded REIT, which invests in commercial real estate with a focus on multifamily properties, went effective in June 2004 and raised $2.3 billion in investor equity prior to closing its offering. In total, the company has acquired interests in 66 properties since its inception and has sold its interests in 42 of those properties, as of June 30, 2016.
The White Law Group continues to investigate potential securities fraud claims on behalf of investors involving broker-dealers recommendation that investors purchase risky REIT investments, including Hines REIT.
Hines REIT Plan of liquidation
According to recent SEC filings, Hines REIT filed its articles of dissolution with the State Department of Assessments and Taxation of Maryland. The articles, which became effective upon filing, relate to the company’s plan of liquidation. Stockholders approved the plan in November 2016.
The board of directors recently amended the plan of liquidation. The REIT plans to remain in existence as a corporation for federal income tax purposes until it makes its final liquidating distribution.
The REIT will stop filing periodic reports with the SEC beginning with its annual report for 2016. The company will continue to disclose any material developments relating to its liquidation, dissolution, and ongoing litigation. Additionally, the company will de-register its common stock when the dissolution and winding up of the company is complete.
In early July, the Hines REIT board of directors unanimously approved a plan of liquidation. They estimated that shareholders would receive distributions of $6.35 to $6.65 per share of common stock if the plan is executed.
Hines REIT previously distributed $1.01 per share from July 2011 through April 2013 which was designated as partial return of invested capital. Shares were originally priced between $10.00 and $10.40 each, with a final offering price of $10.08.
Hines previously announced that it will stop paying regular quarterly distributions after the second quarter of 2016 and expected to make final distributions to its stockholders on or before December 31, 2016.
To determine whether you may be able to recover investment losses incurred as a result of your purchase of a risky REIT investment like the Hines Real Estate Investment Trust (REIT) please contact The White Law Group at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.