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On November 15, 2012, the board of directors of Resource Real Estate Opportunity REIT (the “Company”) authorized a cash distribution of $0.075 per share and a stock distribution of 0.0075 shares of common stock per share, or 0.75 percent of each outstanding share of common stock, for stockholders of record as of the close of business on December 31, 2012. The Company expects to pay both distributions on January 15, 2013.
The Company seeks to continually capitalize on approximately $2 trillion in commercial real estate debt that is maturing over the next five years, approximately half of which is “underwater.” Additionally, approximately $35 billion of multifamily commercial real estate in the marketplace is considered “distressed,” meaning the loans on the property are in default, which potentially provides appealing investment opportunities.
About Resource Real EstateResource Real Estate is a national real estate firm specializing in opportunistic and value-add investing in, and financing of, commercial real estate assets with a particular emphasis on multifamily properties. Resource Real Estate has a long history of investing, managing and resolving distressed and other complicated real estate investments.
Resource Real Estate currently has an ownership interest in and manages a real estate portfolio with an aggregate value of approximately $1.7 billion, which includes approximately 24,000 apartment units and more than 500,000 square feet of office, retail, industrial and hotel space located throughout the United States. Resource Real Estate has over 525 employees with primary offices located in Philadelphia, New York City, Los Angeles, Denver and Omaha.
Resource Real Estate is a wholly owned subsidiary of
Resource America, Inc. (NASDAQ: REXI), a specialized asset manager. As of June 30, 2012, Resource America had $15 billion in assets under management.