Item 8.01 Other Events.
Declaration of Monthly Distributions
On March 28, 2022, our board of directors authorized distributions to our Class T and Class I stockholders of record as of the close of business on each of April 28, 2022, May 30, 2022 and June 29, 2022. The distribution for the months of April 2022, May 2022 and June 2022, will be equal to $0.033333333 per share of our common stock, which is equal to an annualized distribution rate of $0.40 per share. The distributions will be paid in cash or shares of our common stock pursuant to our distribution reinvestment plan, or DRIP. The distributions for the months of April 2022, May 2022 and June 2022 will be paid on or about May 2, 2022, June 1, 2022 and July 1, 2022, respectively, only from legally available funds.
Change in Distribution Policy
On March 28, 2022, our board of directors determined that it would be in the best interests of our company and its stockholders to approve a change to our distribution policy to transition the payment of distributions from a monthly basis to a quarterly basis. Management anticipates this amended policy will result in reducing transactional costs related to the monthly administration of distributions.
Beginning with the third quarter of 2022, distributions, if any, shall be authorized by our board of directors on a quarterly basis, in such amounts as our board shall determine, and each quarterly record date for purposes of such distributions shall be determined and declared by our board in the last month of each calendar quarter until such time as our board changes such policy. Stockholders who have elected to participate in our DRIP will continue to have their distributions reinvested to purchase additional shares of our common stock, but on a quarterly basis beginning with any third quarter 2022 distribution declared.
Notice of Annual Meeting
Our board of directors has set the date of our 2022 annual meeting of stockholders for June 15, 2022.