Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) was a publicly-registered, non-traded real estate investment trust that was formed in June 2008. On August 24, 2009, Inland Diversified commenced its initial public offering of up to 500,000,000 shares of its common stock to the public at a price of $10.00 per share on a “best efforts” basis and up to 50,000,000 shares of its common stock at a price of $9.50 per share to stockholders pursuant to its distribution reinvestment plan, or “DRP.” The dealer manager of its public offering was Inland Securities Corporation, a wholly owned subsidiary of its sponsor, Inland Investments. The "best efforts" portion of the offering was completed on August 23, 2012. In its initial public offering Inland Diversified sold 119,839,478 shares, including 9,353,542 shares pursuant to the DRP, generating $1,188,170 in aggregate gross offering proceeds.
Inland Diversified focused on acquiring a diversified portfolio of commercial real estate assets in various property categories, including: grocery-anchored shopping centers, necessity-based retail assets, single-tenant office, and multi-family assets. As of March 31, 2014, the company owned 89 properties, including 444 multi-family units, totaling approximately 11.5 million square feet with a portfolio of approximately $2.1 billion in total assets. As of March 31, 2014, the properties owned by Inland Diversified generated sufficient cash flow to pay operating expenses and an annual cash distribution of $0.60 per share, a portion of which was paid monthly.
On July 1, 2014, Inland Diversified completed a merger with Kite Realty Group Trust (NYSE: “KRG”) in an all-stock transaction. Using the closing price of Kite Realty stock on July 1, 2014, the day the merger closed, each former share of Inland Diversified common stock would be equal to a value of $10.67. The transaction had a total enterprise value of approximately $2.1 billion.
For more information, visit the Kite Realty Group Website at kiterealty.com.
Inland Diversified & Kite Realty Group Recent Merger Materials