Inland REIT Recommends Shareholders Reject Unsolicited Tender Offer
The board of Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, sent a letter to their shareholders recommending that they reject the unsolicited tender offer from Comrit Investments 1 LP.
The board of Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, sent a letter to their shareholders recommending that they reject the unsolicited tender offer from Comrit Investments 1 LP, a Tel Aviv-based investment fund. The tender offers expires on Dec. 29, 2022.
The REIT’s most recent estimated net asset value per share is $20.20, as of Dec. 31, 2021. Comrit is offering to purchase up to 1.85 million shares of Inland Real Estate Income Trust for $12.51 per share, a discount of approximately 38% from the estimated per-share NAV. Shares of the REIT most recently traded at $15.59 each on Realto, an online secondary trading platform for illiquid securities.
“We believe that unsolicited tender offers of this type are often an attempt to profit at your expense,” the letter from Inland stated. “For example, Comrit is offering no additional compensation to our stockholders who recently sold their shares to Comrit for $11.18 per share, even though Comrit notified us only a few days after acquiring shares from stockholders at the $11.18 price that Comrit intended to increase the price it expects to offer to $14.02 per share.”
If the total amount of shares sought is purchased, the capital commitment by Comrit will be approximately $25.9 million.
Inland Real Estate Income Trust Inc., sponsored by Inland Real Estate Investment Corporation, is focused on acquiring grocery-anchored retail assets. The company raised more than $834 million in investor equity via an initial public offering that commenced in October 2012 and concluded in October 2015. As of June 30, 2022, the company owned 52 retail properties located in 24 states.
