Industrial Property Trust to Terminate Primary Offering

Industrial Property Trust Inc., a publicly registered non-traded real estate investment trust, is planning to terminate its primary offering, according to a filing with the Securities and Exchange Commission. The REIT’s board of directors determined that the company will stop selling shares in the primary offering either on December 21st or after raising an additional $500 million, whichever occurs first.

Industrial Property Trust will transfer $325 million in shares previously allocated to the distribution reinvestment plan portion of the offering to the primary offering. The company said that it plans to continue the distribution reinvestment plan after it stops selling primary shares.

As reported by The DI Wire last month, the REIT filed an S-11 with the SEC for a proposed $600 million follow-on offering to meet its capital raising goals. IPT said that it does not intend on registering new shares for the follow-on, but instead, plans to carry forward any unsold securities registered in its current public offering.

The REIT’s initial public offering commenced in July 2013, and as of July 6, 2016, raised a total of $1.3 billion from the sale of common stock and DRIP shares.

Industrial Property Trust invests in distribution warehouses and other industrial properties and owns or has interest in a portfolio of 218 industrial properties with a total purchase price of $2.5 billion.

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