Item 8.01 Other Events.
July 2014 Distributions
The board of directors (the "Board") of Hines Real Estate Investment Trust, Inc. (the "Company") has authorized the Company to declare distributions for the month of July 2014. These distributions will be calculated based on shareholders of record each day during the month of July 2014 in an amount equal to $0.00073973 per share, per day and will be paid in October 2014 in cash or reinvested in stock for those participating in the Company's dividend reinvestment plan.
Share Redemption Plan
The Board determined to waive the limitation on the share redemption plan and fully honor all redemption requests received for the quarter ended June 30, 2014. Generally, funds available for redemption are limited to the amount of proceeds received from the Company's dividend reinvestment plan in the prior quarter. However, the Board has the discretion to redeem shares in excess of this amount if it determines there are sufficient available funds and it is appropriate to do so as long as the total amount redeemed does not exceed the amount required to redeem 10\% of the Company's shares outstanding as of the same date in the prior calendar year. Pursuant to this discretion, the Board determined for the quarter ended June 30, 2014 to redeem shares in the amount of $10.5 million, which was in excess of the $5.6 million received from the dividend reinvestment plan in the prior quarter.
Statements in this Current Report on Form 8-K, including intentions, beliefs, expectations or projections relating to items such as the timing of payment of distributions are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on current expectations and assumptions with respect to, among other things, future economic, competitive and market conditions and future business decisions that may prove incorrect or inaccurate. Important factors that could cause actual results to differ materially from those in the forward looking statements include the risks described in the "Risk Factors" section of Hines REIT's Annual Report on Form 10-K for the year ended December 31, 2013 and its other filings with the Securities and Exchange Commission.
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