InvenTrust Properties Corp. announces an Equity Buyback for $100 million worth of its shares.
October 12, 2021 at 11:25 am
Share
InvenTrust Properties Corp. (OTCPK:IARE) announces a share repurchase program. Under the program, the company will repurchase up $100 million worth of its common stock. The shares will be repurchased at a price of not greater than $28 or less than $25 per share. The company intend to fund the purchase of shares in the offer and pay related costs by using cash on balance sheet. If more than $100 million in value of shares are properly tendered and not properly withdrawn, the company will first purchase all the shares properly tendered at or below the price ultimately determined to be the purchase price and not properly withdrawn by any odd lot holder that tenders all of such stockholder’s shares and then the company will purchase all other shares properly tendered and not properly withdrawn at or below the price ultimately determined to be the purchase price, on a pro rata basis with appropriate adjustments to avoid the purchase of fractional shares. In the event of an increase in the value of shares purchased in the offer, the number of shares accepted for payment in the offer increases by more than 2% of the outstanding shares. The offer will expire on November 8, 2021. As of September 30, 2021, the company had 71,261,403 shares issued and outstanding.
InvenTrust Properties Corp. is a Sun Belt, multi-tenant essential retail real estate investment trust (REIT). The Company owns, leases, redevelops, acquires, and manages grocery-anchored neighborhood and community centers, as well as power centers that often have a grocery component. It is focused on owning, leasing, redeveloping, acquiring, and managing a multi-tenant retail platform. The Company owns approximately 62 retail properties with a total gross leasable area (GLA) of approximately 10.3 million square feet. Its retail properties consist of community and neighborhood centers and power centers. Community and neighborhood centers are generally open-air and designed for tenants that offer a wide array of merchandise and services, including groceries, soft goods, and convenience-oriented offerings. Power centers are generally larger and consist of several anchors, such as discount department stores, off-price stores, specialty grocers and warehouse clubs.