MacKenzie Realty Capital Inc. and its affiliates have completed their unsolicited tender offer for shares of Inland Real Estate Income Trust Inc. common stock. In September, MacKenzie offered to purchase up to 2 million shares for $11.65 each.
MacKenzie purchased approximately 4,200 shares of Inland REIT for $48,930 and now owns approximately 0.012 percent of the outstanding shares.
Inland REIT has a net asset value per share of $22.35 as of March 20, 2018 and shares were originally sold for $10.00 each, but the company conducted a 1-for-2.5 reverse stock split earlier this year, resulting in a final offering price of $25.00 per share. MacKenzie’s offer price was 48.5 percent less than the REIT’s NAV per share.
Inland Real Estate Income Trust invests in commercial real estate located throughout the United States with a focus on core multi-tenant 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. As of the second quarter of 2018, the REIT owned 59 retail properties with a total investment cost of $1.4 billion.
Based in Moraga, California, MacKenzie has specialized in the area of discounted real estate securities and asset management since its formation in 1982.
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