InvenTrust Properties

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InvenTrust Properties, Inc.
TypePublic company
NYSE: IVT
IndustryReal estate investment trust
Founded2004; 18 years ago (2004)
HeadquartersOak Brook, Illinois
Key people
Thomas P. McGuinness, CEO
Daniel Busch, CFO
ProductsShopping malls
Websitewww.inventrustproperties.com

InvenTrust Properties, Inc. is a real estate investment trust that invests in shopping malls. The company owns and manages 65 properties comprising 10.8 million square feet.[1]

History[]

The company was launched in 2005. Brokers sold shares to investors for $10 each, raising $9 billion.[2]

In 2012, the U.S. Securities and Exchange Commission investigated the company's administration and fees, concluding the investigation in 2015 without recommending charges. The week the investigation was closed, the company sued its former management team.[3]

In 2012, Inland Western completed an initial public offering but debuted at only 60% of its original price to investors.[4][5]

As of February 2014, the company was the largest non-publicly traded real estate investment trust in the United States.[2]

In March 2014, the firm announced that functions performed by its external, related-party managers would now be performed by the REIT itself.[6]

In September 2014, the company sold its select-service hotel portfolio to NorthStar Realty Finance (now Colony Capital) for $1.1 billion. The proceeds of $480 million were invested in shopping malls and student housing.[7][8]

In February 2015, the company completed the corporate spin-off of Xenia Hotels & Resorts to its shareholders.[9][10]

In April 2015, the company changed its name to InvenTrust Properties.[11][12]

In April 2016, the company completed the corporate spin-off of Highlands REIT.[13]

In June 2016, the company sold its student housing division to a group including the CPP Investment Board for $1.4 billion.[14][15]

In October 2021, the company became a public company.[16][17]

References[]

  1. ^ "About Us". InvenTrust Properties.
  2. ^ a b Kelly, Bruce (February 10, 2014). "Huge non-traded REIT getting liquid?". Investment News.
  3. ^ Kelly, Bruce (March 31, 2015). "SEC drops investigation of Inland American but giant REIT raises new questions over fees". Investment News.
  4. ^ GALLUN, ALBY (October 17, 2013). "Stepping up the money chase". Crain Communications.
  5. ^ Gallun, Alby (March 31, 2012). "Inland's Sword of Damocles". Crain Communications.
  6. ^ "Inland American Real Estate Trust, Inc. Reaches Important Milestone – Signs Agreements to Become Self-Managed" (Press release). Business Wire. March 13, 2014.
  7. ^ "Inland American Announces Sale of Select Service Hotel Portfolio for $1.1 Billion" (Press release). Business Wire. September 18, 2014.
  8. ^ WHITEMAN, LOU (September 18, 2014). "NorthStar Realty Finance Inks $1.1B Deal for Inland Properties". TheStreet.com.
  9. ^ "Inland American Completes Spin-off of Xenia Hotels & Resorts, Inc" (Press release). Business Wire. February 4, 2015.
  10. ^ "Xenia Hotels REIT Goes Public After Spinoff From Inland". Law360. February 4, 2015.
  11. ^ "Inland American Real Estate Trust Inc. Changes Its Name to InvenTrust Properties Corp" (Press release). Business Wire. April 16, 2015.
  12. ^ Borland, Kelsi Maree (April 27, 2015). "Inland American Becomes InvenTrust Properties". GlobeSt.com.
  13. ^ "InvenTrust Properties Corp. Completes Spin-off of Highlands REIT, Inc" (Press release). Business Wire. April 28, 2016.
  14. ^ "InvenTrust Properties Corp. Announces $1.4 Billion Purchase Agreement to Divest University House, Its Student Housing Platform" (Press release). Business Wire. January 4, 2016.
  15. ^ Morphy, Erika (July 1, 2016). "InvenTrust Closes UHC Student Housing Portfolio Sale". GlobeSt.com.
  16. ^ "InvenTrust Properties Corp. Announces Listing of its Common Stock on the NYSE and Ringing of the Closing Bell" (Press release). Business Wire. October 12, 2021.
  17. ^ GALLUN, ALBY (October 14, 2021). "Will Wall Street warm to this Downers Grove shopping center owner?". Crain Communications.

External links[]

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