GTJ REIT, INC. (OTCMKTS:GTTJ) Files An 8-K Other Events
Item 8.01 Other Events
On November 8, 2016, the Board of Directors (the Board) of GTJ
REIT, Inc. (the Company) approved a share redemption program (the
Program) authorizing redemption of the Companys shares of common
stock (the Shares), subject to certain conditions and
limitations.
The following is a summary of terms and provisions of the
Program:
the Company will redeem the Shares on a semi-annual basis (each
redemption period ending on May 31st and November 30th of each year), at a specified
price per share (which price will be equal to 90% of its net
asset value per Share for the most recently completed calendar
year, subject to adjustment) up to a yearly maximum of $1 million
in Shares, subject to sufficient funds being available.
the Program will be open to all stockholders, indefinitely with
no specific end date (although the Board may choose to amend,
suspend or terminate the Program at any time by providing 30 days
advance notice to stockholders).
stockholders can tender their Shares for redemption at any time
during the period in which the Program is open; stockholders can
also withdraw tendered Shares at any time prior to 10 days before
the end of the applicable semi-annual period.
if the annual volume limitation is reached in any given
semi-annual period or the Company determines to redeem fewer
shares than have been submitted for redemption in any particular
semi-annual period due to the insufficiency of funds, the Company
will redeem Shares on a pro rata basis in accordance with the
policy on priority of redemptions set forth in the Program.
the redemption price for the Shares will be paid in cash no later
than 3 business days following the last calendar day of the
applicable semi-annual period.
the Program will be terminated if the Shares are listed on a
national securities exchange or included for quotation in a
national securities market, or in the event a secondary market
for the Shares develops or if the Company merges with a listed
company.
the Companys transfer agent, American Stock Transfer Trust
Company, will act as the redemption agent in connection with the
Program.
The first semi-annual period under the Program will be open
commencing on June 1, 2016.
The foregoing is a summary of the terms and provisions of the
Program and is therefore subject to the full text of the Program
which is filed as Exhibit 99.1 hereto and will be made available
on the Companys corporate website.
The Company will prepare a newsletter addressed to its
stockholders detailing the Program which newsletter will be
posted on the Companys corporate website and will be mailed to
the Companys stockholders.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
NumberDescription
|
99.1 |
Share Redemption Program. |
About GTJ REIT, INC. (OTCMKTS:GTTJ)
GTJ REIT, Inc. is a self-administered and self-managed real estate investment trust (REIT), which owns and operates over 45 commercial properties in New York, New Jersey and Connecticut. The Company focuses primarily on the acquisition, ownership, management and operation of commercial real estate located in the New York tri-state area. The Company operates through the commercial real estate segment. The Company’s business objective is to maintain and increase, over time, the cash available for distribution to our stockholders and enhance stockholder value by identifying opportunistic and strategic property acquisitions consistent with its portfolio and acquisition strategies; obtaining mortgage indebtedness on favorable terms and maintaining access to capital to finance property acquisitions and its growth plans, and monitoring its portfolio, including leasing, tenant relations, operational and property management performance and property enhancements.
