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.
Inland Retail Formed
Capital Raise Begins
First Distribution Paid
Capital Raise Ends
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.