InvenTrust Reinstates Share Repurchases
InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, will reinstate its share repurchase program on May 14th.
InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, will reinstate its share repurchase program on May 14th. The REIT previously suspended share repurchases and its distribution reinvestment plan on July 11, 2020.
According to a letter to shareholders, the REIT will repurchase shares twice in 2021 on June 25th and September 27th. Shares will be repurchased at a 25 percent discount to the then current net asset value per share. The current repurchase value will be $2.17.
Going forward, the semi-annual redemption periods will run from September 28 to March 27, and March 28th to September 27, or the last business day of each period. InvenTrust must receive repurchase requests or withdrawals at least five business days before the repurchase date.
For each semi-annual period, the REIT will purchase up to 5 percent of the weighted-average number of shares outstanding during the prior semi-annual period.
There are five categories of repurchase requests. Category 1 relates to the death of a shareholder and will be the first to be repurchased. Category 2 relates to a classified disability, category 3 relates to an investor in need of a required minimum distribution out of an IRA investment account, category 4 relates to investors that hold 1,300 shares or less, and category five is a general category and will be the last shares to be repurchased.
The dividend reinvestment plan remains suspended.
In February, InvenTrust announced that Thomas McGuinness, president and chief executive officer, will be retiring from the company, and the board approved a succession plan for the REIT’s executive team.
Daniel (DJ) Busch was appointed as president on February 22, 2021 and will succeed McGuinness as CEO upon his retirement on August 6, 2021. He will continue to serve as chief financial officer and treasurer until August 6, 2021.
Christy David was appointed chief operating officer on February 22, 2021, and Mike Phillips to chief financial officer and treasurer effective August 6, 2021. Prior to the new appointments, David served as InvenTrust’s chief investment officer, general counsel and corporate secretary, while Phillips served as senior vice president and chief accounting officer of InvenTrust.
InvenTrust Properties, formerly known as Inland American Real Estate Trust, invests in grocery-anchored open-air centers in the Sun Belt region of the U.S. The offering launched in August 2005, became a self-managed REIT in 2014, and oversees a multi-billion-dollar portfolio of 65 retail properties, representing 10.8 million square feet of retail space, as of December 31, 2020.
