Highlands REIT Board unanimously rejects MacKenzie Capital's $0.04/share mini-tender offer

Highlands REIT, Inc.

Offer price of $0.04/share plus $25 transfer fee per transaction reduces net proceeds.
Board cites price below long-term value; offer structured first-come, first-buy with no withdrawal rights.
No directors, officers, or affiliates intend to tender their shares.
Offer lacks independent receiving agent; shares routed to offeror before payment received.
Stockholders advised to reject; shares have no established public trading market.

item 8.01item 9.01

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