Highlands REIT, Inc. announces an Equity Buyback for $25 million worth of its shares.
October 24, 2023 at 08:01 am EDT
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Highlands REIT, Inc. (OTCPK:HHDS) announces a share repurchase program. Under the program, the company will repurchase up to $20 million worth of its shares. The shares will repurchased at a per share purchase price of not less than $0.12 nor greater than $0.17 per share. The purpose of the offer is to obtain liquidity and to enhance stockholder value. The company expects to fund the repurchases with cash on hand. If the offer is oversubscribed, the company will purchase all the shares properly tendered by odd lot holders then prorate the number of shares accepted for payment. The company can exercise the Tender Clause to repurchase over and above of what it plans by 2%. The offer is valid until November 21, 2023. As of October 23, 2023, there were 888,599,872 shares issued and outstanding.
On November 20, 2023, the company increased the offer from up to $20 million to up to $25 million worth of its shares. The repurchase price range of not greater than $0.14 nor less than $0.12 per share. The Company has also extended the expiration date to December 6, 2023.
Highlands REIT, Inc. is a self-advised and self-administered real estate investment trust (REIT). The Company owns and manages substantially all of the non-core investment properties. The Company operates through two segments: multi-family and other. The Company's portfolio of investment properties consisted of 13 multi-family, three retail, one office and two industrial properties, one correctional facility and one parcel of unimproved land, which are all located in the United States. The Company's properties include 1620 Central, Buerger Brothers Lofts, Chamber Lofts, Kenilworth Court, Tennyson44, The Detroit and Detroit Terraces, The Lafayette, The Locale, The Muse, The Sterling, Hudson Correctional Facility, Market at Hilliard, The Q Lofts, Sherman Plaza and others.
HIGHLANDS REIT, INC. 
