InvenTrust Increases Annual Dividend Rate by 3%
The board of InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has approved a 3 percent increase to the company’s annual dividend rate, from $0.0737 per share to $0.0759 per share.
The board of InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, has approved a 3 percent increase to the company’s annual dividend rate, from $0.0737 per share to $0.0759 per share. The increase will go into effect for the April 2020 quarterly distribution.
Dividends paid on April 13, 2020 will be $0.018975 per share of common stock to each stockholder of record as of the close of business on March 31, 2020.
“This increase demonstrates the confidence the board continues to have in InvenTrust’s financial condition and in management’s ability to execute on the company’s strategy going forward,” said Thomas McGuinness, InvenTrust’s president and chief executive officer.
In other InvenTrust news, the company adopted a new share repurchase program, which replaces the previously suspended program, and will go into effect on December 1, 2019.
Shares will be redeemed on a semi-annual basis at a 25 percent discount to the most recently announced net asset value per share of $3.14, or $2.355 per share. The program will be funded through the quarterly dividend reinvestment program (DRP), with an additional $20 million provided by InvenTrust. DRP shares are also priced at a 25 percent discount to the company’s current estimated share value of $3.14.
InvenTrust Properties, formerly known as Inland American Real Estate Trust, focuses on acquiring grocery-anchored open-air centers in growth markets. The offering was declared effective in August 2005, and the company became a self-managed REIT in 2014, overseeing a multi-billion-dollar portfolio of 68 retail properties, representing 11.9 million square feet of retail space, as of September 30, 2019.
