OAK BROOK, IL—InvenTrust Properties Corp. has just successfully completed the spin-off of Highlands REIT, Inc., part of a long-term strategy to shed non-core assets and transform itself into a retail REIT.
On April 28 each InvenTrust stockholder received one share of Highlands common stock for every share of InvenTrust common stock held on April 25. Following the distribution, InvenTrust no longer owns any shares of common stock of Highlands.
“This is the next step in executing our long-term portfolio strategy,” says Thomas P. McGuinness, president and chief executive officer of InvenTrust. “This event brings InvenTrust closer to becoming a pure-play retail REIT, while also allowing the management teams at both companies to focus solely on their portfolio of assets to maximize value for the stockholders.”
Highlands is now an independent, self-managed, non-traded REIT. Its portfolio consists of seven single- and multi-tenant office assets, two industrial assets, six retail assets, two correctional facilities, four parcels of unimproved land and one bank branch.
InvenTrust has undergone a lot of changes since 2014. Founded in 2005, the Oak Brook, IL-based firm established its independence from the Inland group of companies on December 31, 2014 and adopted a new name and logo. In November 2015, Michael E. Podboy, who most recently held the title of chief investment officer, was appointed executive vice president – chief financial officer, chief investment officer and treasurer. The appointment followed the resignation of Jack Potts as the company's chief financial officer and treasurer.
As reported in GlobeSt.com, InvenTrust was also a very active retail buyer in 2015, snapping up significant properties in the metro areas of Dallas, Richmond and Denver.
OAK BROOK, IL—InvenTrust Properties Corp. has just successfully completed the spin-off of Highlands REIT, Inc., part of a long-term strategy to shed non-core assets and transform itself into a retail REIT.
On April 28 each InvenTrust stockholder received one share of Highlands common stock for every share of InvenTrust common stock held on April 25. Following the distribution, InvenTrust no longer owns any shares of common stock of Highlands.
“This is the next step in executing our long-term portfolio strategy,” says Thomas P. McGuinness, president and chief executive officer of InvenTrust. “This event brings InvenTrust closer to becoming a pure-play retail REIT, while also allowing the management teams at both companies to focus solely on their portfolio of assets to maximize value for the stockholders.”
Highlands is now an independent, self-managed, non-traded REIT. Its portfolio consists of seven single- and multi-tenant office assets, two industrial assets, six retail assets, two correctional facilities, four parcels of unimproved land and one bank branch.
InvenTrust has undergone a lot of changes since 2014. Founded in 2005, the Oak Brook, IL-based firm established its independence from the Inland group of companies on December 31, 2014 and adopted a new name and logo. In November 2015, Michael E. Podboy, who most recently held the title of chief investment officer, was appointed executive vice president – chief financial officer, chief investment officer and treasurer. The appointment followed the resignation of Jack Potts as the company's chief financial officer and treasurer.
As reported in GlobeSt.com, InvenTrust was also a very active retail buyer in 2015, snapping up significant properties in the metro areas of Dallas, Richmond and Denver.
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