Inland REIT Reinstates Distributions for Second Quarter 2021
The board of Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has reinstated distributions for the second quarter of 2021.
The board of Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has reinstated distributions for the second quarter of 2021, and has lifted the suspension of the company’s distribution reinvestment plan and its amended share repurchase program, according to a filing with the Securities and Exchange Commission.
A distribution in the amount of $0.135600 per share will be paid on July 26, 2021 to stockholders of record as of June 30, 2021, in either cash or reinvested in shares.
During the second quarter of 2020, citing uncertainty surrounding the COVID-19 pandemic, the REIT’s board rescinded the nearly $0.23 per share distribution that was declared in the first quarter of 2020, and suspended distributions, the distribution reinvestment plan, and share repurchases until further notice.
The effective date of the distribution reinvestment plan reinstatement is July 22, 2021, while the effective date for the amended share repurchase program is August 12, 2021.
The board amended the share repurchase program primarily to accommodate requests for “exceptional repurchases,” meaning a stockholder’s death or qualifying disability, since the deadline overlapped with the June 2020 suspension.
Exceptional repurchase requests due to the death or qualifying disability of a shareholder that occurred between June 1, 2019 and May 31, 2020 will be timely received if received by the company no later than January 31, 2022. Exceptional repurchase requests that occurred between June 1, 2020, and July 31, 2021 will be timely received if received by the company no later than July 31, 2022.
The company expects to repurchase shares, subject to the funding limit, on or about August 16, 2021. Repurchase requests received on or before July 30, 2021 in good order will be eligible to be considered for repurchase in the August 16, 2021, repurchase.
According to the company’s letter to stockholders in May 2020, any unfulfilled repurchase requests that were in good order and accepted for processing have automatically rolled over and remain as repurchase requests under the SRP following the reinstatement, unless the stockholder has withdrawn the request.
Exceptional repurchase requests have priority over ordinary repurchases, and the company expects that exceptional repurchases will consume all of the funds available for the August 16, 2021 repurchase.
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. Inland Income Trust owns 44 retail properties totaling 6.5 million square feet, as of March 31, 2021. The REIT’s most recent net asset value per share was $18.08 as of December 31, 2020.
