MacKenzie Capital Management LP and its affiliates have launched an unsolicited tender offer to purchase up to 2 million shares of Inland Real Estate Income Trust Inc. common stock for $11.65 per share. The offer expires on October 31, 2018.
MacKenzie’s offer price is 48.5 percent less that Inland REIT’s most recent net asset value of $22.35 per share. Shares of Inland REIT 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 does not currently own any shares of the REIT, however if all shares in the current offer are tendered, they will pay $23.3 million and own 5.6 percent of the outstanding shares.
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.