InvenTrust Properties Corp, a publicly registered non-traded real estate investment trust, has completed its modified “Dutch auction” tender offer and purchased approximately 46.4 million shares of its common stock for $2.10 per share, for a total cost of approximately $97.5 million, excluding fees and expenses. The purchase represents approximately 6 percent of the company’s currently issued and outstanding shares of common stock.
“We believe this tender offer was an appropriate use of capital that balanced the execution of our long-term strategy and the ability to accommodate the desires of some of our stockholders looking for liquidity,” said Thomas McGuinness, president and CEO of InvenTrust Properties. “Overall, we believe the results show the majority of our stockholders have confidence in the company’s portfolio strategy and investment thesis.”
He added, “InvenTrust has put significant focus and effort, over the last 18 months, into transforming and concentrating our portfolio into a high-quality, grocery-anchored portfolio with a best-in-class capital structure.”
In other InvenTrust news, The DI Wire reported last month that Michael Podboy announced his plans to resign as executive vice president, chief financial officer, chief investment officer and treasurer to pursue other opportunities.
InvenTrust Properties, formerly known as Inland American Real Estate Trust, focuses on open air retail centers in growth markets. The offering was declared effective in August 2005 and closed in April 2009 after raising $8.4 billion, according to Summit Investment Research. The company became a self-managed REIT in 2014 and oversees a $3.7 billion portfolio of 78 retail properties, as of the second quarter of 2018.