InvenTrust to move its corporate headquarters this summer of 2017

OAK BROOK, Ill., 2017-Apr-18 — /EPR Retail News/ — InvenTrust Properties Corp. (“InvenTrust”, “IVT” or “the Company”) today announced plans to relocate its corporate headquarters from 2809 Butterfield Road, Oak Brook, IL to Highland Landmark II building located at 3025 Highland Parkway, Downers Grove, IL. IVT will lease 22,000 square feet, down from the almost 50,000 sq. ft. the Company currently leases. InvenTrust is expected to complete the move during the summer of 2017.

“We believe this new location is an excellent fit for InvenTrust, and will enable us to reduce our operating expenses while working out of a more inventive office space,” said Thomas P. McGuinness, President and Chief Executive Officer of InvenTrust. “This smaller headquarters space directly reflects the values underlying our long-term strategy, under which InvenTrust has become a leaner, more disciplined organization focused solely on multi-tenant, open-air retail centers. With an open floor plan, InvenTrust’s employees will benefit from an office environment more conducive to collaboration and communication, better stimulating teamwork and efficiency throughout all levels of the organization.”

About InvenTrust Properties Corp.

InvenTrust Properties Corp. is a premier, multi-tenant retail company that owns, leases, redevelops, acquires and manages open-air centers in key growth markets with favorable demographics. Our disciplined acquisition strategy, along with our innovative and collaborative property management approach, drives the success of both our tenants and business partners and net operating income growth for the Company. InvenTrust became a self-managed REIT in 2014 and as of December 31, 2016, is an owner and manager of 86 multi-tenant retail properties, representing 15.2 million square feet of retail space, and one non-core office property.

Forward-Looking Statements Disclaimer

Forward-Looking Statements 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 that are not historical, including statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, our ability to manage our expenses and execute on long term strategy. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see our filings with the securities and Exchange Commission (“SEC”), including the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of 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 inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Contact:
Dan Lombardo
630-570-0605
dan.lombardo@inventrustproperties.com

Source: InvenTrust Properties Corp.

InvenTrust Properties Corp. to distribute 100% of Highlands REIT, Inc.’s outstanding shares of common stock to InvenTrust stockholders

Company Anticipates the Separation of Highlands to Occur on April 28, 2016

OAK BROOK, Ill., 2016-Apr-15 — /EPR Retail News/ — InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that its Board of Directors has formally authorized the distribution of 100% of the outstanding shares of common stock of Highlands REIT, Inc. (“Highlands”), a wholly owned subsidiary of InvenTrust, to InvenTrust stockholders. The distribution of shares of Highlands common stock is expected to occur on April 28, 2016. Each InvenTrust stockholder will be entitled to receive one share of Highlands common stock for every share of InvenTrust common stock held of record as of the close of business on April 25, 2016.

As previously announced, following the completion of the spin-off of Highlands and distribution of its shares, Highlands will be an independent, self-managed, non-traded REIT with a dedicated management team focused on preserving, protecting and maximizing the total value of its portfolio. Highlands’ portfolio is expected to 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. Upon completion of the spin-off, Highlands will announce its estimated share value, including a detailed explanation of the valuation method, analysis and process used to estimate the estimated per share value.

Highlands will be led by Richard Vance, who currently serves as InvenTrust’s Senior Vice President – Portfolio Management & Corporate Strategy, a role in which he has been responsible for managing InvenTrust’s “non-core” portfolio with regard to asset management, property operations and leasing. Mr. Vance will serve as Highlands’ President and Chief Executive Officer and a member of Highlands’ Board of Directors.

Terms of the Spin-Off

InvenTrust stockholders are not required to make any payment or take any action to receive the shares of Highlands common stock in the distribution, and they will not be required to surrender or exchange their InvenTrust shares.

Following the distribution, InvenTrust stockholders will own shares in both InvenTrust and Highlands. The number of InvenTrust shares held by stockholders will not change as a result of the distribution of Highlands common stock. Stockholder approval of the distribution is not required. Highlands’ shares of common stock will not be listed on any securities exchange or other market as part of the spin-off. Following the completion of the distribution, InvenTrust will cease to own any shares of Highlands common stock.

Although the distribution of the outstanding shares of Highlands common stock will be in the form of a taxable distribution to InvenTrust stockholders, InvenTrust does not anticipate recognizing taxable gain as a result of the distribution. Accordingly, so long as stockholders own InvenTrust common stock for the entire year in which the distribution occurs, InvenTrust anticipates that the spin-off and distribution of Highlands common stock will not increase the amount of dividend income stockholders would have recognized if the distribution had not occurred.

Shares of Highlands common stock will be distributed in book-entry form only. No physical share certificates of Highlands will be issued. An information statement containing the details of the spin-off and important information about Highlands will be mailed to InvenTrust stockholders as of the record date. The completion of the distribution remains subject to certain conditions, as described in the information statement, and the InvenTrust Board of Directors may modify or abandon the spin-off at any time prior to the distribution.

InvenTrust stockholders are encouraged to consult their financial advisors and tax advisors regarding the particular consequences of the distribution in their situation, including, without limitation, the implication of selling InvenTrust common stock on or prior to the distribution and the applicability and effect of any U.S. federal, state, local and foreign tax laws.

InvenTrust Estimated Share Valuation

InvenTrust expects to announce its new estimated share value in early May 2016 which will reflect the spin-off of Highlands. InvenTrust has engaged an independent, third-party valuation firm to assist in the valuation. The valuation firm will provide a detailed explanation of the valuation method, analysis and process used to estimate the new per share value. As a result of the Highlands spin-off, InvenTrust expects the value of the shares of InvenTrust stock to be lower immediately following the transaction, as the value of InvenTrust common stock will no longer reflect the value of the Highlands portfolio. Once the new estimated share value is determined, InvenTrust will file a Current Report on Form 8-K and disclose to stockholders the new estimated share value and how the estimated share value was calculated and determined.

ABOUT INVENTRUST PROPERTIES CORP.
InvenTrust became a self-managed REIT in 2014 and as of December 31, 2015, is an owner and operator of 112 multi-tenant retail properties. InvenTrust’s total retail portfolio comprises of 18.5 million square feet of retail space in 24 states. As of December 31, 2015, the Company also owned 11,039 student housing beds and 5.7 million square feet of non-core space.

Forward-Looking Statements Disclaimer

Forward-Looking Statements 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 that are not historical, including statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. These statements include statements about our plans and strategies and future events, including the proposed spin-off of our “non-core” assets; the anticipated timing to close the spin-off; anticipated tax consequences of the spin-off; and anticipated timing with respect to publishing Highlands’ and our new estimated share value, among other things. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain and involve known and unknown risks that are difficult to predict. Factors that may cause actual results to differ materially from current expectations include, among others, our current expectations with respect to the timing of the potential spin-off and/or the potential failure to satisfy closing conditions with respect to the transaction; InvenTrust’s board of directors may determine that the completion of the spin-off is not in our best interests and determine not to consummate the spin-off; our ability to execute on our strategy; the timing of our new estimated share value; Highlands’ ability (or lack thereof) to operate successfully as a self-managed REIT and execute on its strategy; our ability to return value to our stockholders and the availability of cash flow from operating activities to fund distributions. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in the preliminary registration statement on Form 10 filed with the Securities and Exchange Commission by Highlands REIT, Inc. and InvenTrust’s most recent Annual Report on Form 10-K, 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 harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of 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 inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
dan.lombardo@InvenTrustProperties.com

Source: InvenTrust Properties Corp.

National Retail Properties, Inc. President and CEO Julian E. Whitehurst appointed to the InvenTrust Board of Directors

OAK BROOK, Ill., 2016-Mar-24 — /EPR Retail News/ — InvenTrust Properties Corp. (“InvenTrust” or “the Company”) today announced that Julian E. (“Jay”) Whitehurst, President and Chief Operating Officer of National Retail Properties, Inc. (NYSE:NNN) has been appointed to the InvenTrust Board of Directors, effective immediately. With this addition, the InvenTrust Board now consists of six directors.

“Jay brings to the InvenTrust Board more than 30 years of experience in the commercial real estate industry, with significant expertise in real estate transactions and operations,” said Thomas P. McGuinness, President and Chief Executive Officer of InvenTrust. “We believe that Jay’s experience as an executive at a successful retail-focused REIT will play a vital role on our Board as we move forward in executing on our pure-play retail platform strategy.”

“We are pleased to add a proven industry leader of Jay’s caliber and background to our Board of Directors,” said J. Michael Borden, Chairman of InvenTrust Properties. “We welcome Jay to the Board and look forward to benefiting from his contributions and insights.”

“This is an exciting time to join the InvenTrust Board following the significant progress the Company has made executing on its strategy in recent months,” said Mr. Whitehurst. “I look forward to leveraging my experience to help achieve the Company’s goals and objectives alongside the other members of the Board.”

About Julian E. Whitehurst
Mr. Whitehurst has served as President of National Retail Properties, a publicly-traded single-tenant retail property REIT, since 2006, and as Chief Operating Officer since 2004. In these roles, he is responsible for all aspects of operations for the REIT, including acquisitions, dispositions, development, asset management, underwriting, human resources and legal. Mr. Whitehurst also served as Executive Vice President, General Counsel and Secretary of National Retail Properties from 2003 to 2006.

Prior to joining National Retail Properties, Mr. Whitehurst was a shareholder at the law firm of Lowndes, Drosdick, Doster, Kantor & Reed, P.A., where he practiced business and real estate law for over 20 years. He specialized in the representation of institutional investors in general business and real estate acquisition, disposition, finance and development.

ABOUT INVENTRUST PROPERTIES CORP.
InvenTrust became a self-managed REIT in 2014 and as of December 31, 2015, it owned 97 multi-tenant retail properties. The Company also maintains a 55% ownership stake in a joint venture with PGGM containing 15 open-air centers. InvenTrust’s total retail portfolio comprises of 18.5 million square feet of retail space in 24 states. As of December 31, 2015, the Company also owned 11,039 student housing beds and 5.7 million square feet of non-core space.

Forward-Looking Statements Disclaimer

Forward-looking statements 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 that are not historical, including statements regarding management’s intentions, beliefs, expectations, representation, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, our ability to execute on our strategy and our ability to build our core multi-tenant retail and position our Company for growth. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in our most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the Securities and Exchange Commission. We intend that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this release. We undertake no obligation to update publicly any of 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 inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

MEDIA:
InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
dan.lombardo@InvenTrustProperties.com

Source: InvenTrust Properties Corp.

InvenTrust divests its student housing platform University House for $1.4 Billion to UHC Acquisition Sub LLC

  • Positions InvenTrust to Become a Pure-Play Retail REIT
  • Transaction Expected to Close in Mid-2016

OAK BROOK, Ill., 2016-1-5 — /EPR Retail News/ — InvenTrust Properties Corp. (“InvenTrust” or the “Company”) today announced that it has entered into a definitive purchase agreement (“Purchase Agreement”) with UHC Acquisition Sub LLC, a subsidiary of a joint venture formed between Canada Pension Plan Investment Board, GIC and Scion Communities Investors LLC (together “the Joint Venture”), under which the Joint Venture’s subsidiary will acquire InvenTrust’s student housing platform, University House Communities Group Inc. (“University House”).

“The sale of University House marks the culmination of our portfolio evolution strategy to focus our energies and investment capital into our multi-tenant retail platform,” said Thomas McGuinness, Chief Executive Officer and President of InvenTrust. “While University House has been a valuable component of InvenTrust’s portfolio, we are very excited about this transaction, which represents the conclusion of a robust evaluation process to maximize the value we receive for the platform. Following this important step and the recently announced spin-off of our non-core portfolio, we remain committed to our strategy of refining and tailoring our pure-play retail platform.”

“The sale of University House is another great example of our ability to negotiate and act on large, complex transactions,” said Michael Podboy, Chief Financial Officer and Chief Investment Officer of InvenTrust. “After a thorough assessment of the landscape for student housing, we believe now is the right time to sell our student housing platform.”

The Purchase Agreement’s gross all-cash value is $1.4 billion. Under the terms of the Purchase Agreement, the final net proceeds will be determined at the closing of the transaction following the determination of several events and closing considerations. The transaction is expected to close in mid-2016 subject to certain closing conditions. InvenTrust intends to explore all options regarding the use of the net proceeds from the University House transaction.

Advisors

Citigroup and JP Morgan are acting as financial advisors to InvenTrust. Skadden, Arps, Slate, Meagher & Flom LLP and Hunton & Williams LLP are acting as legal counsel to InvenTrust.

ABOUT INVENTRUST PROPERTIES CORP.
As of September 30, 2015, InvenTrust owned 128 multi-tenant retail properties (including 18 JV assets), comprising 19 million square feet of retail space in 24 states.

Forward-Looking Statements Disclaimer

Forward-Looking Statements 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 that are not historical, including statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. These statements include statements about our plans and strategies and future events, including the sale of University House; the consideration for the University House transaction the anticipated timing to close the University House transaction; the retail strategy; and the use of proceeds, among other things. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain and involve known and unknown risks that are difficult to predict. Factors that may cause actual results to differ materially from current expectations include, among others, the potential failure to satisfy closing conditions with respect to the transaction; and our ability to execute on our strategy. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in InvenTrust’s most recent Annual Report on Form 10-K, 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 harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of 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 inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

InvenTrust Properties Corp.
Dan Lombardo, 630-570-0605
dan.lombardo@InvenTrustProperties.com

Source: InvenTrust Properties Corp.