Home Alts News Inland REIT Shareholders Approve Charter Amendments Geared Towards Public Listing

Inland REIT Shareholders Approve Charter Amendments Geared Towards Public Listing

Shareholders of Inland Real Estate Income Trust Inc., a publicly registered, non-traded real estate investment trust, have approved eleven charter amendment proposals that are intended to align the REIT's charter with those of publicly-traded REITs.

Shareholders of Inland Real Estate Income Trust Inc., a publicly registered, non-traded real estate investment trust, have approved eleven charter amendment proposals that are intended to align the REIT’s charter with those of publicly-traded REITs, according to a filing with the Securities and Exchange Commission.

The annual meeting was originally scheduled in early November but was adjourned until December 2nd to solicit additional votes.

In a letter to shareholders, the company said that the proposed amendments will provide “greater flexibility” in pursuing liquidity for stockholders, including a potential listing on a national securities exchange. The company noted that the changes would remove provisions that could prevent it from pursuing potentially advantageous opportunities or impose obligations that increase its operating expenses.

In addition, the REIT’s board appointed Daniel Zatloukal to serve as senior vice president of the company. Zatloukal serves as executive vice president and head of asset and portfolio management for all investment programs sponsored by Inland Real Estate Investment Corporation, a position he has held since 2015. He also serves as SVP of Inland Private Capital Corporation, a sponsor of 1031 exchanges and other investment offerings, and previously served as president of Inland Investment Real Estate Services from October 2015 through June 2017. Prior to Inland, Zatloukal was vice president of capital markets at Jones Lang LaSalle in Atlanta. He received his bachelor’s degree in finance from the University of Illinois at Urbana-Champaign.

In early 2019, Inland REIT announced its strategic plan to move toward a liquidity event, most likely through a listing on a public securities exchange within three years, market conditions permitting. The plan centered around owning a portfolio of 100 percent grocery-anchored shopping centers with lower exposure to big box retailers. As part of the strategy, the company sold 15 properties, and as of June 30, 2021, owned 44 retail properties totaling 6.5 million square feet located in 21 states.

The REIT also conducted a 1-for-2.5 reverse-stock split in 2018, where every 2.5 shares were converted into one share. The REIT’s most recent net asset value per share was $18.08 as of December 31, 2020. Shares were originally priced at $10.00 each, or $25.00 taking into account the reverse-stock split.

Inland Real Estate Income Trust, sponsored by Inland Real Estate Investment Corporation, invests in 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.

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