Inland Diversified Real Estate Trust, Inc. (Inland Diversified), Inland Investments’ most recent full-cycle sponsored REIT, was a public, nonlisted REIT that owned a diversified portfolio of commercial real estate assets, including grocery-anchored shopping centers, necessity-based retail assets, single-tenant offices and multifamily properties. As of June 30, 2014, the last full quarter prior to the time that Inland Diversified merged with Kite Realty Group Trust (NYSE:KRG), the portfolio was comprised of 57 retail properties.
On July 2, 2014, Inland Diversified merged with KRG. As a result of the merger, each share of Inland Diversified common stock was converted into the right to receive 1.707 newly issued shares of KRG common stock.
Inland Diversified Formed
Capital Raise Begins
First Distribution Paid
Capital Raise Ends
Liquidity Event: Merger – NYSE:KRG
|Initial Per Share Purchase Price||$10.00|
|Primary Offering Gross Proceeds||$1.1 billion|
|Approximate Total Distributions||$193 million|
|Total Distributions Plus Liquidation Value||$1.5 billion|
Explanation of Calculations
Approximate Total Distributions = Summation of total program distributions through the date of the liquidity event described herein, unless otherwise noted.
Total Distributions Plus Liquidation Value = Approximate Total Distributions, plus the aggregate value of the KRG shares received by all Inland Diversified stockholders as of the date of the liquidity event described above, based upon a closing price of $6.40 per KRG share.
Inland Diversified suspended its share repurchase program, effective December 13, 2013, in connection with its merger with KRG.
Inland is not affiliated with KRG. This communication, which was prepared solely by Inland Investments, was neither authorized, directed nor approved by KRG. KRG has provided no opinion on its truth or accuracy.
With respect to any REIT that has not had a liquidity event, there is no guarantee that a liquidity event will occur. Past performance is not a guarantee of future results.