DOWNERS GROVE, Illinois – (COMMERCIAL THREAD) – InvenTrust Properties Corp. (InvenTrust, IVT or the company) announced today that the board of directors and management will seek to list on the New York Stock Exchange in order to provide liquidity to its shareholders. Listing is subject to, among other things, the Company’s compliance with NYSE listing requirements and approval for NYSE listing as well as market conditions and changes, and may not there can be no assurance as to whether, or when, registration can be completed. The Company intends to list its common shares on the New York Stock Exchange under the symbol IVT.
InvenTrust also plans to meet with selected investors to present the business plan and goals of the company. BofA Securities, Inc. and Wells Fargo Securities, LLC will act as advisors to management and the board of directors with a potential listing to follow in October.
We believe that InvenTrusts’ portfolio of leading Sun Belt assets anchored in grocery stores, coupled with our flexible capital structure, presents a unique investment opportunity in the traded strip center industry, has said Daniel (DJ) Busch, President and CEO of InvenTrust. We believe that the pursuit of a direct listing at this time will provide immediate liquidity in the most efficient manner for our current shareholders.
In addition, the Company has announced that, in connection with a possible listing on the NYSE, it intends to launch a modified Dutch auction takeover bid of $ 100 million. The price range of the tender offer has not yet been determined. The Company also reiterated its commitment to increase the dividend by 5% as of the fourth quarter 2021 distribution due in January 2022. The new dividend rate for the fourth quarter will be $ 0.205 per share, which is an annualized rate. of $ 0.821 per share. .
About InvenTrust Properties Corp.
InvenTrust Properties Corp. (IVT) is a leading Sun Belt multi-tenant retail REIT that owns, leases, remodels, acquires and operates neighborhood and community centers anchored in grocery stores as well as high quality energy hubs that often have a grocery component. The Company continues to execute its strategy by investing in Sun Belt markets in assets with a critical retail profile, while demonstrating a focused and disciplined capital allocation. IVT is also committed to playing a leading role in environmental, social and governance (ESG) issues and has been a member of the Global Real Estate Sustainability Benchmark (“GRESB”) since 2018. As of June 30, 2021, the company is owner and manager of 65 commercial properties, representing 10.8 million square feet of commercial space.
Disclaimer Regarding Forward-Looking Statements
The forward-looking statements contained in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements which are not historical, including statements concerning management’s intentions, beliefs, expectations, representations, plans or predictions for the future and are usually identified by words such as can, might, expect, intend, plan, seek, anticipate, believe, estimate , predict, potential, continue, probable, will, would, and variations of these similar terms and expressions, or the negative of these similar terms or expressions. These statements include, without limitation, statements regarding the company’s intention to continue, and the anticipated timing and authorization of the NYSE listing and the related takeover bid and the size of takeover bid. These forward-looking statements are necessarily based on estimates and assumptions which, while believed to be reasonable by us and our management, are inherently uncertain. The following factors, among others, could cause actual results, financial condition and timing of certain events to differ materially from those described in forward-looking statements: the effects and duration of the COVID-19 pandemic; interest rate movements; local, regional, national and global economic performance; competitive factors; the impact of electronic commerce on the retail sector; future retail store closures; grouping of retailers; retailers are reducing store sizes; retailer bankruptcies; the company’s ability to meet and then maintain the listing requirements of a national stock exchange; obtaining authorization to list from the New York Stock Exchange; changes in government policy; and any material market changes and trends that could affect the Company’s decision or ability to pay quarterly dividends or to complete the NYSE listing and takeover bid. For more information on the factors that could significantly affect the result of our forward-looking statements, our future results and our financial position, see the risk factors included in the latest annual report of InvenTrusts on Form 10-K, such as updated by any subsequent quarterly report on Form 10-Q, in each case as filed with the Securities and Exchange Commission. InvenTrust intends that such forward-looking statements be subject to the safe harbor rules created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, unless the law applicable requires it. . We caution you not to place undue reliance on forward-looking statements, which are made as of the date of this press release. We do not undertake to publicly update these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no conclusion should be drawn that we will make any further updates with respect to such or other forward-looking statements.
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell any securities of the Company. The potential takeover bid described herein has not yet commenced and there can be no assurance that the Company will initiate the takeover bid on the terms and conditions described herein or at all. If the Company launches the tender offer, the tender offer will be made only through an offer to purchase, the letter of transmittal and related documents, as they may be amended or supplemented. Shareholders should read the company’s take-over bid statement on Schedule TO, which is expected to be filed with the Securities and Exchange Commission (SEC) as part of the take-over bid, which will include as exhibits the offer to purchase, letter of transmittal and documents, as well as any amendments or additions to Annex TO when they become available, as they will contain important information relating to the public offer of potential purchase. If the Company initiates the take-over bid, each of these documents will be filed with the SEC and, when available, shareholders will be able to obtain them free of charge from the SEC on its website (http://www.sec.gov), or the company’s information agent, who will be identified in documents filed with the SEC at the start of the takeover bid.
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