Inland Diversified Real Estate Trust, Inc.
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 in various categories, including grocery-anchored shopping centers, necessity-based retail assets, single-tenant office and multifamily assets. 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 Western Retail Real Estate Trust, Inc.
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 high quality, strategically located shopping centers in the United States. Inland Western internalized the functions performed by the business manager in November of 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, its portfolio was comprised of 305 retail operating properties with approximately 46.2 million square feet of gross leasable area.
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.
Inland Retail Real Estate Trust, Inc.
Inland Retail Real Estate Trust, Inc. (Inland Retail) was a publicly-registered, nonlisted REIT formed in September of 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 the business manager in December of 2004. As of September 30, 2004, the last full quarter prior to the time Inland Retail internalized the functions performed by the business manager, the portfolio was comprised of 274 retail properties.
On February 27, 2007, Inland Retail completed the sale of its portfolio 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 Real Estate Corporation
Inland Real Estate Corporation (IRC), the first REIT sponsored by Inland Investments and the first nonlisted REIT to be listed on the NYSE, was formed in May 1994. IRC, now known as IRC Retail Centers LLC, is a privately held real estate company owned by funds managed by DRA Advisors LLC that acquires, owns and manages high-quality, open-air shopping centers primarily in the Central and Southeastern United States. IRC internalized the functions performed by the business manager in July of 2000. As of June 30, 2004, the last full quarter prior to the time that IRC internalized the functions performed by the business manager, the portfolio was comprised of ownership interests in 119 retail properties. IRC shared the Inland name during the time that it was listed on the NYSE solely due to a licensing agreement and was otherwise an independent company.
On June 9, 2004, IRC listed its shares on the NYSE (NYSE: IRC). The acquisition of IRC by funds managed by DRA Advisors LLC was completed in March of 2016.
Inland Investments has sponsored seven public nonlisted REITs since 1994 and was the first sponsor to list a nonlisted REIT on the New York Stock Exchange (NYSE). Inland Investments has completed four full-cycle nonlisted REIT programs.
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.