The board of Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has declared a net asset value per share of $20.12 for the company’s common stock.
“Our portfolio continues to perform well, including achieving an economic occupancy of 94.7 percent. In determining an estimated per share NAV, the board also considered factors such as shifting consumer preferences, volatility in the equity markets and the challenges facing big box retailers,” said Mitchell Sabshon, president and CEO of the REIT.
Inland Income Trust engaged CBRE Capital Advisors Inc. to conduct the valuation analysis, which complied with the industry’s guidelines, and determined an estimated per share NAV range of $19.57 – $21.79 per share.
In connection with its recently announced strategic plan, Inland Income Trust is moving toward a future liquidity event. As market conditions permit, the management team and the board will consider selling certain non-core assets in its current portfolio with the goal of redeploying capital into strategically located grocery-anchored centers.
The strategic plan centers around owning a portfolio of 100 percent grocery-anchored properties in secondary and tertiary markets with lower exposure to big box retailers.
Inland Real Estate Income Trust, sponsored by Inland Real Estate Investment Corporation, is focused on acquiring grocery-anchored retail assets. The company commenced operations in October 2012 and closed the offering in October 2015 after raising $834.4 million, excluding proceeds from the company’s distribution reinvestment plan. As of the third quarter of 2018, the REIT owned 59 retail properties with a total investment cost of more than $1.4 billion, according to Summit Investment Research.