Inland Real Estate Income Trust Declares $9.02 NAV Per Share
Inland Real Estate Income Trust, Inc., a publicly registered, non-traded real estate investment trust, announced that its board of directors approved an estimated net asset value of $9.02 per share of common stock. This is the first time that the board has determined an estimated per share NAV for the company.
Inland Income Trust engaged CBRE Capital Advisors, Inc., a FINRA registered broker-dealer firm that specializes in providing real estate financial services, to provide the valuation analysis of the company.
CBRE Cap’s methodology complied with the Investment Program Association’s guidelines and included a range of $8.60 – $9.44 per share. An estimated per share NAV of $9.02 represents the midpoint of the per share range.
The REIT commenced its initial public offering in October 2012 for up to 150 million shares of common stock at a price of $10.00 per share and 30 million shares of common stock for the distribution reinvestment plan at $9.50 per share. The IPO closed in October 2015.
As a result of the determination of the estimated per share NAV, effective April 7, 2016, distributions may be reinvested under the company’s distribution reinvestment plan in shares of common stock at a price equal to the estimated per share NAV.
Inland Real Estate Income Trust is focused on acquiring primarily core multi-tenant retail assets. As of December 31, 2015, the company has raised $834.4 million in investor equity, excluding proceeds from their distribution reinvestment plan. Inland Income Trust currently owns 54 retail properties in 22 states, totaling approximately six million square feet.
