Resource Real Estate Opportunity REIT Increases Cash Distributions
PHILADELPHIA--(BUSINESS WIRE)-- On May 10, 2013, the board of directors of Resource Real Estate Opportunity REIT (the "Company") authorized cash distributions in the amount of $0.033 per share of common stock to stockholders of record as of the close of business on May 31, 2013 and June 28, 2013. If distributions in this amount are paid for 12 consecutive months, they would equal a 4.0 percent annualized rate based on a purchase price of $10.00 per share. The Company expects to pay these distributions on June 3, 2013 and July 1, 2013, respectively. These distributions will be paid in cash or, for investors enrolled in the Company's distribution reinvestment plan, reinvested in additional shares of common stock. The amount of these distributions is an increase over the distributions of $0.0025 per share of common stock paid in previous months.
Additionally, on May 10, 2013, the Company's board of directors authorized a stock distribution of 0.00585 shares of common stock, or 0.585 percent of each outstanding share of common stock to the stockholders of record at the close of business on June 28, 2013. This stock distribution is to be issued on July 15, 2013.
For stockholders of record on each of the distribution record dates in the first six months of 2013, the combination of cash and stock distributions declared by the Company during the first six months of 2013 equates to a 6.0 percent annualized rate based on a purchase price of $10.00 per share.
About Resource Real Estate
Resource Real Estate ("RRE") is a firm that specializes in direct real estate investments, commercial real estate lending and global real estate securities. Through an entrepreneurial culture, RRE implements a distinctive approach to investing in and managing complex real estate assets. For over two decades RRE and its affiliates have acquired, managed and harvested real estate assets for institutional and individual investors, joint venture partnerships as well as for their own accounts.
RRE owns and manages a real estate portfolio with an aggregate value of approximately $1.8 billion. There are over 600 employees from coast-to-coast with headquarters in Philadelphia and additional offices located in New York City, Los Angeles, Denver and Omaha. RRE is a wholly owned subsidiary of Resource America, Inc. (NAS: REXI) , a specialized asset management company. As of March 31, 2012, Resource America managed $15.3 billion across various asset classes.
Gregory FCA for Resource Real Estate
Jimmy Moock, 610-228-2125
Director of Marketing at Resource Real Estate
Marianne McGuire, 267-256-5964
KEYWORDS: United States North America Pennsylvania
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