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SANTA ANA, CA-G REIT, which is managed by Triple Net Properties, plans to distribute $171.3 million to its stockholders from the sales of three properties this year for an aggregate of $270 million. The company’s distribution plan, outlined in a filing with the SEC, is the first such distribution after G REIT shareholders earlier this year approved a plan to sell the 25 properties in its portfolio over the next 24 months.

According to a G REIT proxy statement, the sales of its assets are expected to generate between $452.77 million and $504.93 million.

The cash to fund the $171.3-million distribution, which works out to $3.90 per share for the G REIT stockholders, comes from the sales of the 383,000-sf 600 B St. office building in San Diego, the 418,668-sf Hawthorne Plaza in San Francisco and the 282,000-sf Amber Oaks V in Austin, TX.

G REIT expects to pay the distribution on or about Oct. 11, according to Scott Peters, CEO and president of the REIT. Last year G REIT sold two properties, and this year in addition to selling three properties it has listed 22 additional properties for sale, with seven of them now under contract.

G REIT acquires properties separately from Triple Net, but Triple Net acts as adviser to the REIT and manages the latter’s day-to-day operations. The idea behind G REIT is that government-oriented tenants provide a stable source of rent and, when they grow, are likely to expand within the same buildings they already occupy.

G REIT is one of a number of investment entities that Triple Net manages in addition to its own portfolio. Among these are its new $1-billion apartment REIT, called NNN Apartment REIT, another called T-REIT and another new REIT that is in registration for $2 billion of capitalization.

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