Oak Brook, Ill. - Inland Real Estate Income Trust, Inc. ("Inland Income Trust" or "the REIT"), a publicly registered, non-traded real estate investment trust, announced today a long-term strategic plan to move toward a liquidity event, most likely through a listing on a public securities exchange, in the next 24 to 36 months or sooner, market conditions permitting. The strategic plan centers around owning a portfolio of 100 percent grocery-anchored shopping centers with lower exposure to big box retailers.
"As some forms of retail real estate are in transition, grocery-anchored neighborhood shopping centers continue to deliver solid performance," said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. "Grocery-anchored centers have high levels of foot traffic and serve as a draw for smaller, necessity-based retailers. We believe that an expanded grocery-anchored portfolio will allow us to drive operating performance and better position the REIT for a successful liquidity event."
As part of this strategy, Inland Income Trust's management team and board will consider selling certain non-core assets in its current portfolio, with the goal of redeploying capital into strategically located grocery-anchored centers. Inland Income Trust currently owns 59 retail properties in 24 states, totaling more than six million square feet.
Mr. Sabshon added, "Inland Income Trust's Board of Directors and management team are committed to creating maximum value over the long-term for the benefit of our stockholders. Thus, in support of these strategic goals, Inland Income Trust's business manager has agreed to eliminate the payment of all the REIT's future acquisition and disposition fees, which we believe will further enhance entity-level performance."
About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States. Inland Real Estate Income Trust, Inc. is focused on acquiring grocery-anchored retail assets. Inland Real Estate Income Trust, Inc. is sponsored by Inland Real Estate Investment Corporation. For more information, please visit www.inland-investments.com.
This press release contains "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The statements may be identified by terminology such as "may", "can", "would", "will", "expect", "intend", "estimate", "anticipate", "plan", "seek", "appear", or "believe". Such statements reflect the current view of Inland Real Estate Income Trust, Inc. with respect to future events and are subject to certain risks, uncertainties and assumptions related to certain factors including, without limitation, the uncertainties related to the acquisition of any property, general economic conditions, unforeseen events affecting the real estate industry or particular markets, and other factors detailed under Risk Factors in our most recent Form 10-K and subsequent Form 10-Qs on file with the Securities and Exchange Commission.
Although Inland Real Estate Income Trust, Inc. believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. You should exercise caution when considering forward-looking statements and not place undue reliance on them. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Except as required by federal securities laws, Inland Real Estate Income Trust, Inc. undertakes no obligation to publicly update or revise any written or oral forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this press release. All subsequent written and oral forward-looking statements attributable to Inland Real Estate Income Trust, Inc. or persons acting on its behalf are expressly qualified in their entirety by the applicable cautionary statements.