Inland REIT Declares Special Distribution
Inland Residential Properties Trust, a publicly registered non-traded real estate investment trust, recently declared a special 1 percent dividend of each outstanding share of common stock, according to a filing with the Securities and Exchange Commission.
The dividend will be issued on June 7th to stockholders of record at the close of business on May 31st.
An Inland Residential representative declined to comment on the reason for the special dividend, since the REIT is currently raising capital and such a disclosure would constitute solicitation.
Inland Residential Properties Trust was declared effective in February 2015 and seeks to invest in multifamily properties located primarily in the top 100 U.S. metropolitan statistical areas, which generally contain populations greater than 500,000 people. The company owns one 206-unit multifamily property and has raised approximately $33.4 million in investor equity. Unless extended, the company intends to close its initial public offering on February 16, 2018.
