The real estate investment trust plans to file a preliminary proxy statement with the Securities and Exchange Commission to secure necessary shareholder approval for the liquidation. Chief Executive Stuart Rothstein noted that the board determined this path serves the best interests of shareholders after a exhaustive review of potential mergers and alternative transactions. While the dissolution process is now the primary focus, the board retains the flexibility to pursue a business combination should a more favorable offer emerge before the final wind-down.

To facilitate the distribution of value, the company declared a special dividend of $3.75 per share, payable on July 15 to shareholders of record as of June 30. Management indicated that this payout will be classified primarily as a return of capital, marking a significant milestone in the firm's exit strategy.