InvenTrust Properties announces board, stock changes
DOWNERS GROVE - InvenTrust Properties Corp. said it has begun to investigate options for raising cash, including but not limited to a potential listing on a national securities exchange.
InvenTrust is a real estate investment trust that owns, leases, redevelops, acquires and manages premier multitenant shopping centers, often with a grocery store component in Sun Belt regions.
In connection with the board of directors' decision to evaluate a liquidity alternative, the company approved a one-for-ten reverse stock split on Thursday, with stockholders receiving one share of post-split common stock for every ten shares of pre-split common stock they held.
As previously announced, effective Friday, the company appointed Daniel J. (DJ) Busch to the position of chief executive officer upon the retirement of Thomas McGuinness. Busch was also appointed to the IVT board of directors. In connection with Busch's appointment, he stepped down as chief financial officer and treasurer and Mike Phillips was appointed to such positions, effective Friday.
"Our portfolio and strategy have been validated by the performance exhibited during COVID-19 and is well-positioned for the future," Busch said.
The Downers Grove-based REIT owns shopping centers in California, Colorado, texas and throughout the Southeast.