InvenTrust to Pursue a Listing on the New York Stock Exchange
The board of InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, will pursue a listing on the New York Stock Exchange.
The board of InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, will pursue a listing on the New York Stock Exchange in order to provide liquidity to its shareholders. The company intends to list its common stock under the ticker symbol “IVT.”
InvenTrust also plans to meet with select investors to present the company’s business plan and objectives. BofA Securities Inc. and Wells Fargo Securities LLC will be acting as advisors with a potential listing to follow in October.
In connection with a potential listing, Inventrust plans to launch a $100 million modified “Dutch auction” tender offer; the price range of which has not yet been determined.
On August 5, 2021, the company effected a 1-for-10 reverse stock split of its common stock, where every 10 shares of outstanding common stock were changed into one share of common stock. Prior to the reverse stock split, the company’s most recent net asset value per share was $2.89 as of December 1, 2020, thus the new estimated value is $28.90 per share.
The company also reiterated their “commitment to increasing the dividend by 5 percent starting with the fourth quarter 2021 distribution due to be paid in January 2022.” The new dividend rate for the fourth quarter will be $0.205 per share, or an annualized rate of $0.821 per share.
“We believe InvenTrust’s portfolio of premier Sun Belt, grocery-anchored assets coupled with our flexible capital structure presents a unique investment opportunity within the traded strip center sector,” said Daniel Busch, president and chief executive officer. “We believe pursuing a direct listing at this time will provide immediate liquidity in the most efficient manner for our current shareholders.”
InvenTrust Properties, formerly known as Inland American Real Estate Trust, invests in grocery-anchored shopping 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 portfolio of 65 retail properties, representing 10.8 million square feet of retail space.
