If you have suffered losses in KBS Growth & Income REIT, you may be able to pursue recovery of your losses through securities arbitration or class action litigation. Please call Kons Law Firm at (860) 920-5181 for a FREE, NO OBLIGATION consultation to discuss your investment loss recovery options.
KBS Growth & Income REIT Investment Loss Recovery Options
KBS Growth & Income REIT launched in January 2015 “and raised a combined $84.7 million in its private and public offerings”. Its public offering began in April 2016 and closed in June 2017, which was at a price of $10.00/share.
According to KBS’s website, the KBS Growth and Income REIT’s assets include properties in Portland, Oregon; Houston, Texas; and Chicago, Illinois.
In August 2020, KBS Growth & Income REIT terminated its distribution reinvestment plan and announced its intent to seek a liquidation strategy. Following a delay due to COVID-19, on May 9, 2023, the stockholders of KBS Growth & Income REIT, Inc (the “REIT”) approved the liquidation of all the REIT’s assets and the REIT’s dissolution pursuant to the terms of a plan of complete liquidation and dissolution.
On August 9, 2023, the board of directors of the REIT approved an updated estimated liquidation value per share of the REIT’s common stock of $0.14, which is equal to the REIT’s net assets in liquidation, divided by the number of shares outstanding, all as of June 30, 2023, and as disclosed in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 11, 2023.
According to the KBS Growth & Income REIT, the August 2023, estimated liquidation value per share decreased significantly compared to the December 15, 2022 estimated value per share for two main reasons. The August 2023 estimated liquidation value per share includes liquidation costs that are not included in the December 15, 2022, estimated value per share. The August 2023 estimated liquidation value per share was significantly impacted by the updated value of its real estate investments, which were generally based on offers the REIT received for the sale of the three remaining properties which we are marketing for sale.
As a result, KBS Growth & Income REIT investors will suffer a substantial loss of principal in the liquidation based on the $10.00/share sales price and $0.14/share liquidation proceeds. Fortunately, however, some investors may be able to pursue recovery of these losses through FINRA arbitration against the brokerage firm that sold KBS Growth & Income REIT.
Investors May be able to Pursue Recovery of KBS Growth and Income REIT Losses
Fortunately for investors, they may be able to pursue recovery of losses that they may have suffered (or may suffer) in KBS Growth & Income REIT through securities arbitration or securities litigation. Please call Kons Law Firm at (860) 920-5181 for a FREE, NO OBLIGATION consultation to discuss your legal options. All consultations are strictly confidential, and all representation of investors is on a contingency fee - meaning you owe no attorneys or costs fees if there is not a recovery of investment losses.
Kons Law Firm represents investors nationwide in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and arbitration practice, please visit www.investmentfraudattorneys.com.
