InvenTrust Properties

InvenTrust Properties Corp.
Company typePublic company
NYSE: IVT
IndustryReal estate investment trust
Founded2004; 21 years ago (2004)
HeadquartersDowners Grove, Illinois
Key people
Daniel J. Busch,
President & CEO
Michael Phillips, CFO
ProductsShopping malls
RevenueIncrease $258 million (2023)
Decrease $5 million (2023)
Total assetsIncrease $2.487 billion (2023)
Total equityDecrease $1.554 billion (2023)
Number of employees
104 (2023)
Websitewww.inventrustproperties.com
Footnotes / references
[1]

InvenTrust Properties Corp. is a real estate investment trust that invests in shopping malls. As of December 31, 2023, the company owned interests in 62 properties comprising 10.3 million square feet.[1]

Timeline

The company was launched in 2005 as Inland American Real Estate Trust.[2]

In 2012, Inland Western completed an initial public offering.[3][4]

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.[5]

In September 2014, the company sold its select-service hotel portfolio to NorthStar Realty Finance (now DigitalBridge) for $1.1 billion. The proceeds of $480 million were invested in shopping malls and student housing.[6][7]

In February 2015, the company completed the corporate spin-off of Xenia Hotels & Resorts to its shareholders.[8][9]

In April 2015, the company changed its name to InvenTrust Properties.[10][11]

In April 2016, the company completed the corporate spin-off of Highlands REIT.[12]

In June 2016, the company sold its student housing division to a group including the CPP Investment Board for $1.4 billion.[13][14]

In October 2021, the company became a public company.[15][16]

References

  1. ^ a b "InvenTrust Properties Corp. 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 14, 2024.
  2. ^ a b Kelly, Bruce (February 10, 2014). "Huge non-traded REIT getting liquid?". Investment News.
  3. ^ GALLUN, ALBY (October 17, 2013). "Stepping up the money chase". Crain Communications.
  4. ^ Gallun, Alby (March 31, 2012). "Inland's Sword of Damocles". Crain Communications.
  5. ^ "Inland American Real Estate Trust, Inc. Reaches Important Milestone – Signs Agreements to Become Self-Managed" (Press release). Business Wire. March 13, 2014.
  6. ^ "Inland American Announces Sale of Select Service Hotel Portfolio for $1.1 Billion" (Press release). Business Wire. September 18, 2014.
  7. ^ WHITEMAN, LOU (September 18, 2014). "NorthStar Realty Finance Inks $1.1B Deal for Inland Properties". TheStreet.com.
  8. ^ "Inland American Completes Spin-off of Xenia Hotels & Resorts, Inc" (Press release). Business Wire. February 4, 2015.
  9. ^ "Xenia Hotels REIT Goes Public After Spinoff From Inland". Law360. February 4, 2015.
  10. ^ "Inland American Real Estate Trust Inc. Changes Its Name to InvenTrust Properties Corp" (Press release). Business Wire. April 16, 2015.
  11. ^ Borland, Kelsi Maree (April 27, 2015). "Inland American Becomes InvenTrust Properties". GlobeSt.com.
  12. ^ "InvenTrust Properties Corp. Completes Spin-off of Highlands REIT, Inc" (Press release). Business Wire. April 28, 2016.
  13. ^ "InvenTrust Properties Corp. Announces $1.4 Billion Purchase Agreement to Divest University House, Its Student Housing Platform" (Press release). Business Wire. January 4, 2016.
  14. ^ Morphy, Erika (July 1, 2016). "InvenTrust Closes UHC Student Housing Portfolio Sale". GlobeSt.com.
  15. ^ "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.
  16. ^ GALLUN, ALBY (October 14, 2021). "Will Wall Street warm to this Downers Grove shopping center owner?". Crain Communications.