Pacific Oak terminates $500M private offering; amends advisory and property management agreements

Pacific Oak Strategic Opportunity REIT, Inc.

PORT subsidiary terminated private offering of up to $500M common stock and $50M DRP; no shares sold.
Amended advisory agreement removes provision that would reduce asset management fee if liquidity event not achieved within 2 years.
Quarterly NAV calculation and performance fee on private offering capital eliminated as immaterial changes.
Dealer manager agreement with affiliate Pacific Oak Capital Markets terminated effective April 2, 2024.
Bondholder presentation for BVI subsidiary (Series B/C bonds) furnished, showing AA- rating and Q4 2023 data.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Pacific Oak Strategic Opportunity REIT, Inc. terminated PORT Dealer Manager Agreement with Pacific Oak Capital Markets, LLC valued at Terminated dealer manager agreement for Private Offering (effective 2024-04-02).

Action: termination
Counterparty: Pacific Oak Capital Markets, LLC
Value: Terminated dealer manager agreement for Private Offering
Effective: 2024-04-02

Exact text from the filing

ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT Termination of PORT Dealer Manager Agreement – Exhibit 10.3 PORT previously engaged Pacific Oak Capital Markets, LLC (“POCM”), an affiliate of the Company’s advisor, PORA and DHM Realty, to be the dealer manager for the Private Offering, pursuant to an amended and restated dealer manager agreement effective as of January 13, 2023 (the “PORT Dealer Manager Agreement”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Pacific Oak Strategic Opportunity REIT, Inc. entered into Amended and Restated PORT Advisory Agreement with Pacific Oak Residential Advisors, LLC valued at Amends asset management fee provision; removes liquidity event trigger for fee reduction; immaterial (effective 2024-04-02).

Action: entry
Counterparty: Pacific Oak Residential Advisors, LLC
Value: Amends asset management fee provision; removes liquidity event trigger for fee reduction; immaterial
Effective: 2024-04-02

Exact text from the filing

PORT Amended and Restated Advisory Agreement – Exhibit 10.1 In connection with the termination of the Private Offering, PORT entered into an amended and restated advisory agreement with Pacific Oak Residential Advisors, LLC (“PORA”) on April 2, 2024, (the “Amended and Restated PORT Advisory Agreement”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Pacific Oak Strategic Opportunity REIT, Inc. entered into Second Amended and Restated PORT Property Management Agreement with DMH Realty, LLC valued at Makes immaterial changes to reflect PORT will no longer calculate quarterly net asset value (effective 2024-04-02).

Action: entry
Counterparty: DMH Realty, LLC
Value: Makes immaterial changes to reflect PORT will no longer calculate quarterly net asset value
Effective: 2024-04-02

Exact text from the filing

The Second Amended and Restated PORT Property Management Agreements makes immaterial changes to reflect that PORT will no longer be calculating a quarterly net asset value (as it is not necessary without an ongoing offering) .

View on SEC.gov

419 material agreements filed in the last 30 days. Browse all material agreements →

Source: SEC EDGAR

accession 0001452936-24-000048

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.