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Inland REIT Names Financial Adviser to Conduct Review of Strategic Alternatives

By Mari Nicholson

Inland REIT Names Financial Adviser to Conduct Review of Strategic Alternatives

Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has engaged BMO Capital Markets Corp. to act as exclusive financial adviser in connection with the REIT board’s review of strategic alternatives.

As previously disclosed and reported by The DI Wire last month, the REIT’s board of directors initiated a process to review strategic alternatives, including the sale of the company. The REIT reminded those affiliated and interested that there is no certainty that the strategic review will result in a transaction.

The company also stated that it does not intend to discuss or disclose developments with respect to the process unless and until otherwise determined that further disclosure is appropriate or required by regulation or law. No formalized timetable has been established for completing the review.

According to the REIT, it had been focused on a strategic plan centered on both owning a portfolio of grocery-anchored properties with lower exposure to big box retailers and listing the company’s common stock on a national securities exchange.

In connection with the strategic review, the REIT suspended its distribution reinvestment plan and share repurchase program as it evaluates its options.

Inland Real Estate Income Trust, sponsored by Inland Real Estate Investment Corporation, 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 Dec. 31, 2023, it owned 52 retail properties, totaling 7.2 million square feet. A majority of the properties are multi-tenant, necessity-based retail shopping centers located primarily in major regional markets and growing secondary markets throughout the United States. Grocery-anchored or grocery shadow-anchored shopping center properties represented 87% of the REIT’s annualized base rent. Its portfolio had physical and economic occupancy of 91.6% and 92%, respectively.

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