InvenTrust Properties completes spin off of Highlands REIT

OAK BROOK - InvenTrust Properties Corp. announced that it has successfully completed the spinoff of Highlands REIT through the pro rata distribution of 100 percent of Highlands common stock to InvenTrust stockholders of record on April 25.

On April 28, the distribution date, each InvenTrust stockholder received one share of Highlands common stock for every share of InvenTrust common stock held of record on April 25. The board of directors of Highlands has established an estimated per share value of the Highlands common stock equal to 36 cents per share as of April 28.

Following the distribution, InvenTrust no longer owns any shares of common stock of Highlands.

"This is the next step in executing our long-term portfolio strategy," said Thomas P. McGuinness, President and CEO of InvenTrust. "This event brings InvenTrust closer to becoming a pure-play retail REIT, while also allowing the management teams at both companies to focus solely on their portfolio of assets to maximize value for the stockholders. I would also like to wish Richard Vance and his team at Highlands all the best as they embark on their future as an independent company."

Highlands is 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 consists 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.