InvenTrust set to spin off Highlands on April 28

Business Wire

OAK BROOK - InvenTrust Properties' board of directors has authorized the distribution of 100 percent of the outstanding shares of common stock of Highlands REIT, Inc., a wholly owned subsidiary of InvenTrust, to InvenTrust stockholders.

The distribution of shares of Highlands common stock is expected to occur on April 28. 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.

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 "noncore" 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.