Inland Western Retail Real Estate Trust, Inc.





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Inland Western Retail Real Estate Trust, Inc. (Inland Western) was the third nonlisted REIT sponsored by Inland Investments. Inland Western, now known as Retail Properties of America, Inc. (NYSE:RPAI), is a fully integrated, self-administered and self-managed real estate company that owns and operates strategically located shopping centers in the United States. Inland Western internalized the functions performed by Inland, as the REIT's business manager, in November 2007. As of September 30, 2007, the last full quarter prior to the time that Inland Western internalized the functions performed by the business manager, the portfolio was comprised of 305 retail properties.

On March 20, 2012, RPAI effectuated a 10-to-1 reverse stock split of its then outstanding common stock. On March 21, 2012, RPAI paid a stock dividend pursuant to which each then-outstanding share of RPAI’s Class A Common Stock entitled the holder to receive one share of Class B-1 Common Stock, one share of Class B-2 Common Stock and one share of Class B-3 Common Stock. The Class B-1, Class B-2 and Class B-3 Common Stock automatically converted into Class A Common Stock on October 5, 2012, April 5, 2013 and October 7, 2013, respectively. As a result of these transactions, RPAI essentially effectuated a 2.5-to-1 reverse stock split and phased-in liquidity program. Inland Western was self-managed as of the date of the liquidity event.

RPAI Class A Common Stock began trading on the NYSE under the symbol RPAI on April 5, 2012, and October 7, 2013 was the first day on which all of its Class A Common Stock was traded on the NYSE.

  • March 2003

    Inland Western Formed

  • September 2003

    Capital Raise Begins

  • November 2003

    First Distribution Paid

  • September 2005

    Capital Raise Ends





  • October 2013

    Liquidity Event: Listing – NYSE:RPAI

Initial Per Share Purchase Price $10.00
Primary Offering Gross Proceeds $4.2 billion
Approximate Total Distributions $1.7 billion
Total Distributions Plus Liquidation Value $5.0 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 all RPAI shares outstanding as of the date the stock was fully listed on the NYSE, based upon the stock’s closing price of $13.75 (which, without giving effect to the reverse stock split or stock dividend described above, is equivalent to $5.50 per share).

Inland Western suspended its share repurchase program, until further notice, effective November 19, 2008, and terminated the program at the time it listed its Class A Common Stock in April 2012.

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

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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 such entities or subsidiaries thereof including the Inland Real Estate Investment Corporation (Inland Investments) and Inland Securities Corporation. Inland Securities Corporation, member FINRA/SIPC, is dealer manager and placement agent for programs sponsored by Inland Investments and Inland Private Capital, respectively. For more information on Inland Securities Corporation, visit FINRA BrokerCheck.