Pacific Oak Residential Trust, Inc. announced Agreement and Plan of Merger, dated as of August 30, 2019, as amended on September 20, 2019 and October 21, 2019 by and among the Company, SOR PORT Holdings, LLC, a Maryland limited liability company and SOR PORT, LLC, a Maryland limited liability company and a wholly owned subsidiary of Parent. Pursuant to the Merger Agreement, each of Chad M. Carpenter, Jon Haahr, Richard P. Imperiale, Xiaofan Bai, Xiaohang Bai, Yifeng Huang, Xinghua Wang and Zhen Luo resigned as a director of the Company, effective as of the Effective Time. These resignations were in connection with the Merger and not due to any disagreement with the Company on any matter.

Pursuant to the Merger Agreement, Parent has designated Keith Hall and Peter McMillan to become the directors of the Company as of the Effective Time. In connection with the Merger, Chad M. Carpenter, the Company's President and Chief Executive Officer, and Thad L. Meyer, the Company's Chief Financial Officer, Chief Operating Officer and Secretary, ceased to be employed by the Company, effective as of November 4, 2019.