ITEM 8.01 OTHER EVENTS. Estimated Value Per Share OnJanuary 26, 2022 , the board of directors ofPacific Oak Strategic Opportunity REIT, Inc. (the "Company") approved an updated estimated value per share of$9.51 . The updated estimated value per share is based on the previous estimated value per share of$10.68 , which was approved onDecember 2, 2021 less the special dividend of$1.17 , which was approved onDecember 28, 2021 . Share Redemption Program In accordance with the Company's share redemption program, except for redemptions made upon a stockholder's death, "qualifying disability" or "determination of incompetence" (each as defined in the share redemption program), the price at which the Company will redeem shares is 95% of the Company's most recent estimated value per share as of the applicable redemption date. Upon the death, "qualifying disability" or "determination of incompetence" of a stockholder, the redemption price will continue to be equal to the Company's most recent estimated value per share. Generally, the Company redeems all shares in connection with a stockholder's death, "qualifying disability" or "determination of incompetence" on the last business day of each month and redeems all other shares on the last business day of the quarter. The redemption price based on the updated estimated value per share of$9.51 will be effective for theJanuary 2022 redemption date, which isJanuary 31, 2022 . Excluding redemption requests made upon a stockholder's death, "qualifying disability" or "determination of incompetence," the redemption price is$9.03 per share. For a stockholder's shares to be eligible for redemption in a given month or to withdraw a redemption request, the Company must receive a written notice from the stockholder or from an authorized representative of the stockholder in good order and on a form approved by the Company at least five business days before the redemption date. Dividend Reinvestment Plan In accordance with its dividend reinvestment plan, at such time as the Company announces an updated estimated value per share, participants in the dividend reinvestment plan will acquire shares of common stock under the plan at a price equal to the updated estimated value per share of the Company's common stock. The updated estimated value per share of the Company's common stock is$9.51 and commencing on the next purchase date, which the Company expects to be during the first quarter of 2022, participants will acquire shares under the dividend reinvestment plan at$9.51 per share. If a participant wishes to terminate participation in the dividend reinvestment plan effective as of the next purchase date, participants must notify the Company in writing of such decision, and the Company must receive the notice at least four business days prior to the last business day prior to the next purchase date. Share Redemption Program Suspension OnJanuary 26, 2022 , the board of directors of the Company approved the temporary suspension of processing redemptions under the share redemption program. The temporary suspension will be in effect forJanuary 2022 redemptions and will resume at the end ofFebruary 2022 . The temporary suspension will allow stockholders an opportunity to review the updated estimated value per share. This will impact redemption requests made in connection with a stockholder's death, disability or determination of incompetence, but has no impact on ordinary redemption requests, which are typically made only at quarter end. 1
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