Inland Retail Real Estate Trust, Inc.

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Inland Retail Real Estate Trust, Inc. (Inland Retail) was a publicly-registered, nonlisted REIT formed in September 1998 to acquire and manage a diversified portfolio of shopping centers located east of the Mississippi River and single-tenant retail properties in locations throughout the United States. Inland Retail internalized the functions performed by Inland, as the REIT's business manager, in December 2004. As of September 30, 2004, the last full quarter prior to the time Inland Retail internalized the functions performed by its business manager, the portfolio was comprised of 274 retail properties.

On February 27, 2007, Inland Retail completed a sale of substantially all of its assets to Developers Diversified Realty Corporation, now known as DDR Corp. (NYSE:DDR). As a result of the sale, Inland Retail stockholders received $12.50 in cash and $1.50 in common shares of DDR for each share of common stock held, which equated to a 0.021569 common share of DDR. Inland Retail was self-managed as of the date of the liquidity event.

  • September 1998

    Inland Retail Formed

  • February 1999

    Capital Raise Begins

  • May 1999

    First Distribution Paid

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  • August 2003

    Capital Raise Ends

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  • February 2007

    Liquidity Event: Sale – NYSE:DDR with stock component

Initial Per Share Purchase Price $10.00
Primary Offering Gross Proceeds $2.1 billion
Approximate Total Distributions $827 million
Total Distributions Plus Liquidation Value $4.5 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 consideration received by all Inland Retail stockholders as of the date of the liquidity event described above.

On January 22, 2004, the Inland Retail board of directors increased the limitation on the number of shares that could be acquired by the company through the share repurchase program to two percent (2%) of the weighted average of the company’s outstanding shares as of the end of the prior calendar year. Inland Retail adopted an amended and restated share repurchase program, effective March 15, 2005, and again amended and restated the program, effective February 7, 2006, each time to set the repurchase price of shares. Inland Retail suspended its share repurchase program, effective October 20, 2006, and terminated the program at the time it sold its portfolio to DDR in February 2007, as described in the prospectus of Inland Investments' current sponsored offering.

Inland is not affiliated with DDR Corp. This communication, which was prepared solely by Inland Investments, was neither authorized, directed nor approved by DDR Corp. DDR Corp. 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.

This website is neither an offer to sell nor a solicitation of an offer to buy any security which can be made only by a prospectus, or offering memorandum, which has been filed or registered with appropriate state and federal regulatory agencies, and sold only by broker dealers authorized to do so.

The Inland name and logo are registered trademarks being used under license. "Inland" refers to The Inland Real Estate Group of Companies, Inc. which is comprised of a group of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by subsidiaries of Inland Real Estate Investment Corporation (Inland Investments). Inland Securities Corporation, member FINRA/SIPC, is dealer manager for investment programs sponsored by Inland Investments. For more information on Inland Securities Corporation, visit FINRA BrokerCheck.