Item 1.01. Entry into a Material Definitive Agreement
On May 9, 2013, the board of directors of Clarion Partners Property Trust Inc. (the “Company”) approved the renewal, effective May 16, 2013, of the Second Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the Company, CPT Real Estate LP, as the operating partnership of the Company, and CPT Advisors LLC, as the advisor to the Company, through May 16, 2014, upon terms that are identical to those of the Advisory Agreement as previously in effect.
Item 8.01. Other Events
Distributions
On May 9, 2013, the board of directors of the Company authorized and declared cash distributions for the period commencing on April 1, 2013 and ending on June 30, 2013, or the distribution period, for each share of the Company’s Class A and Class W common stock outstanding as of June 27, 2013. Both distributions will be paid on July 1, 2013. Holders of Class W shares will receive an amount equal to $0.1398 per share, and holders of Class A shares will receive an amount equal to $0.1398 per share, less an amount calculated at the end of the distribution period equal to the class-specific expenses incurred during the distribution period that are allocable to each Class A share.
A copy of the press release announcing the Company’s declaration of cash distributions on its common stock is included as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired
None.
(b) Pro Forma Financial Information
None.
(c) Shell Company Transactions
None.
(d) Exhibits
Exhibit No. | | Description |
99.1 | | Press Release dated May 15, 2013 |
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