Inland American Real Estate Trust, Inc. (Inland American), a nonlisted REIT formed in October 2004, focused on acquiring and managing a diversified portfolio of commercial real estate, including primarily retail, lodging and student housing properties across the United States. As of December 31, 2013, the last full quarter prior to the time that Inland American internalized the functions performed by Inland, as the REIT's business manager, the portfolio was comprised of 277 properties including retail, hotel, student housing, office and industrial.
On March 12, 2014, Inland American became self-managed and was subsequently renamed as InvenTrust Properties Corp. (InvenTrust) in April 2015. The hotel portion of its portfolio was listed on February 4, 2015 as Xenia Hotels & Resorts, Inc. (NYSE:XHR). In addition, InvenTrust completed the disposition of 22 non-core assets through the spin-off of Highlands REIT, Inc. (Highlands).
Inland American Formed
Capital Raise Begins
First Distribution Paid
Capital Raise Ends
Inland American Becomes Self-Managed
- After Self-Management
Spin off of hotel portfolio – NYSE:XHR
Spin off of non-core assets – Highlands REIT, Inc.
|Initial Per Share Purchase Price||$10.00|
|Primary Offering Gross Proceeds||$7.9 billion|
|Approximate Total Distributions||$5.4 billion1|
|Total Distributions Plus Implied Value||$8.1 billion|
1 Inland American’s Approximate Total Distributions is a summation of the program’s cash distributions through March 31, 2017, plus distributions of XHR common stock and Highlands common stock pursuant to the spin-offs described above.
Total Distributions Plus Implied Value = Approximate Total Distributions, plus the aggregate value of all InvenTrust shares outstanding as of June 30, 2016, based upon the estimated value of $3.14 per InvenTrust share as of May 1, 2016.
Inland American suspended its share repurchase program, effective March 30, 2009, but later adopted an amended and restated program, which became effective on April 11, 2011, to repurchase shares upon the death of a beneficial owner, and again amended its program, effective February 1, 2012, for repurchases in connection with a qualifying disability or confinement to a long-term care facility. Inland American’s board voted to suspend the second amended program on January 29, 2014 in connection with its issuer tender offer as described in the prospectus of Inland Investments' current sponsored offering.
Inland is not affiliated with InvenTrust, XHR or Highlands. This communication, which was prepared solely by Inland Investments, was neither authorized, directed nor approved by InvenTrust, XHR or Highlands. InvenTrust, XHR and Highlands have provided no opinion on its truth or accuracy. Questions regarding InvenTrust should be directed to InvenTrust Investor Services at (855) 377-0510. For InvenTrust’s 2016 estimated per share value of its Common Stock, please refer to InvenTrust’s Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on May 9, 2016.
There is no guarantee that a liquidity event will occur. Past performance is not a guarantee of future results.