Comrit Investments 1 LP made an offer to acquire an 5.1% stake in Inland Real Estate Income Trust, Inc. for $23.1 million.
October 30, 2022
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Comrit Investments 1 LP made an offer to acquire an 5.1% stake in Inland Real Estate Income Trust, Inc. (OTCPK:INRE) for $23.1 million on October 31, 2022. The Purchaser hereby offers to purchase 1,850,000 Shares at a purchase price equal to $12.51 per Share, in cash, without interest, upon the terms and subject to the conditions set forth in this document (the “Offer to Purchase”) and in the related Assignment Form as each may be supplemented or amended from time to time (which together constitute the “Offer”) by the Offeror with the Securities and Exchange Commission (the “SEC”) on October 31, 2022. This offer by Comrit is significantly below both Inland Income Trust's published estimated per-share net asset value of $20.20 and recent secondary market trading prices cited by Comrit, and is also less than the $14.02 price that Comrit stated it intended to offer to you and other stockholders in an initial notice it sent to our board of directors (the “Board”) on September 27, 2022, before decreasing the offer price to $12.51 per share. Comrit Investments intends to fund the transaction from cash on hand. The Purchaser will have rights as a shareholder to vote on all matters subject to a shareholder vote. The Purchaser will be subject to the ownership limitation of 9.8% set forth in the Corporation's charter.
The Offer is conditioned on satisfaction of certain conditions. The offer to purchase is not conditioned upon any minimum number of shares being tendered and As of the Offer Date, the Purchaser is unaware of any such required authorizations, approvals, or waiting periods relating to this Offer. The Purchaser shall not be required to accept for payment or pay for any Shares and may terminate or amend the Offer as to such Shares. The current transaction expiration date is set to December 29, 2022. Central Trade and Transfer, LLC, an affiliate of Orchard Securities, LLC, Member FINRA/SIPC (“CTT”), who will facilitate the settlement of and payment for the tendered Shares in conjunction with Corporation's transfer agent, is independent of the Purchaser. Amos W. Barclay of Holland & Hart LLP acted as legal advisor to Comrit.
Inland Real Estate Income Trust, Inc. is a real estate investment trust that acquires and manages a portfolio of commercial real estate investments located in the United States. The Company invests in joint ventures or acquires other real estate assets such as office and medical office buildings, multi-family properties and industrial/distribution and warehouse facilities. It is also focused on investing in real estate-related equity securities of both publicly traded and private real estate companies, as well as commercial mortgage-backed securities (CMBS). The Company's investment properties include Newington Fair, Wedgewood Commons, Park Avenue, North Hills Square, Mansfield Shopping Center, MidTowne Shopping Center, Settlers Ridge, Pick N Save Center, Wilson Marketplace, Regal Court, Pentucket Shopping Center, Blossom Valley Plaza, Branson Hills Plaza, Walgreens Plaza, and Fox Point Plaza. The Company owns approximately 52 retail properties, totaling 7.2 million square feet.
INLAND REAL ESTATE INCOME TRUST, INC. 
