OAK BROOK, IL—InvenTrust Properties Corp. said Wednesday that it will spin off what it calls "non-core" assets through the pro rata distribution of 100% of the outstanding shares of common stock of Highlands REIT, Inc. a wholly-owned subsidiary that InvenTrust formed to hold its "non-core" assets. Richard Vance, currently an InvenTrust senior vice president who manages the company's "non-core" portfolio, will lead Highlands as its president and chief executive officer.
"We are pleased to announce the disposition of our remaining 'non-core' assets in a manner that is expected to maximize the value of these assets," says Thomas McGuinness, president and chief executive officer of InvenTrust. "Through this spin-off, we expect Highlands will be better-positioned to provide stockholders with a return of their investment by liquidating and distributing net proceeds from the disposition of their assets in a more efficient manner."
It has been a year of big changes for the Oak Brook, IL-based firm. Founded in 2005, it established its independence from the Inland group of companies on December 31, 2014 and adopted a new name and logo. Furthermore, in November, 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. The personnel changes were effective on November 23.
"The formation of Highlands is consistent with our previously disclosed strategy to focus on our multi-tenant retail and student housing platforms," McGuinness adds. "Moving forward, InvenTrust will continue to refine and tailor our retail portfolio into key growth markets with favorable demographics and expected above-average net operating income growth and to continue to build our student housing platform through acquisitions and developments at top universities."
Highlands will operate as an independent, self-managed, non-traded REIT. Company officials expect its portfolio will consist 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.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
