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Inland Real Estate Income Trust Makes Strategic Moves

November 27, 2017

Inland Real Estate Income Trust Makes Strategic Moves

November 27, 2017 | James Sprow | Blue Vault

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In a letter to stockholders November 22, 2017, the board of directors of Inland Real Estate Income Trust, Inc. announced a plan to implement a reverse stock split of 1 share for 2.5 shares and a move to quarterly distributions. The Company stated that the reverse stock split is intended to make its stock more attractive to institutional and other large investors. The reverse stock split is expected to take effect in January 2018 and will be reflected on a statement to each stockholder.

Also, effective January 1, 2018, distributions declared will be paid quarterly. Moving to a quarterly distribution schedule is typical of publicly traded companies and reduces processing and mailing costs. For the remainder of 2017, however, distributions will continue to be paid monthly, with the last monthly distribution to be paid in January 2018. Thereafter, the Company expects that the Board will choose a record date of the last business day of each calendar quarter, with the first quarterly distribution to be declared in March 2018 and payable in April 2018. As a result of the move to quarterly distributions, share repurchases pursuant to the Company’s share repurchase plan after January 1, 2018 will also be effected on a quarterly basis.

The Company intends to engage an investment bank to assist it in exploring and evaluating potential strategies to better position the Company for future growth and enhanced stockholder value. There can be no assurances that this process will result in any change in strategy or any specific transaction being announced or completed.

Inland Real Estate Income Trust is a nontraded REIT that owns 59 retail properties as of September 30, 2017. The properties are located in 24 states. The Company was formed in 2011 and raised approximately $834.4 million in its IPO. On March 29, 2017, the Company’s board of directors determined an estimated per share net asset value of the Company’s common stock of $9.05.

 

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