ITEM 8.01 OTHER EVENTS
Distributions Declared
On
Suspension of Ordinary Redemptions
On
The Company has concluded that it is critical to preserve capital given the current state of the markets. Doing so will allow the Company to manage the real estate portfolio more effectively in an effort to create the best outcome for stockholders. The Company will continue to evaluate the markets and its overall liquidity profile as it determines when to potentially remove the suspension on Ordinary Redemptions, though the Company can give no assurance in this regard.
Ordinary Redemptions are all redemptions that do not meet the requirements for a
Special Redemptions. Special Redemptions are redemptions sought in connection
with a stockholder's death, "Qualifying Disability" or "Determination of
Incompetence" (each as defined in the share redemption program and together with
redemptions sought in connection with a stockholder's death, "Special
Redemptions). All Ordinary Redemption requests that have been received will be
canceled and no Ordinary Redemption requests will be processed on the
In addition, there are several other limitations on the Company's ability to
redeem shares under the share redemption program. The complete share redemption
program document is filed as an exhibit to the Company's Current Report on Form
8-K filed with the
IMPORTANT DISCLOSURES
The information contained herein should be read in conjunction with, and is
qualified by, the information in the Company's Annual Report on Form 10-K for
the year ended
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Forward-Looking Statements
The foregoing includes forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding the intent, belief or current expectations of the Company and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. Such statements are subject to known and unknown risks and uncertainties which could cause actual results to differ materially from those contemplated by such forward-looking statements. The Company makes no representation or warranty (express or implied) about the accuracy of any such forward-looking statements. These statements are based on a number of assumptions involving the judgment of management.
The Company may fund distributions from any source including, without
limitation, from offering proceeds or borrowings. Distributions paid through
These statements also depend on other risks identified in Part I, Item 1A of the Company's Annual Report and in Part II, Item 1A of the Company's Quarterly Report.
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