{"id":1004049032,"date":"2012-10-25T06:29:09","date_gmt":"2012-10-25T14:29:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004049032"},"modified":"2022-12-08T22:31:31","modified_gmt":"2022-12-09T06:31:31","slug":"inlands-newest-non-listed-reit-begins-ipo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/","title":{"rendered":"Inland\u2019s Newest Non-listed REIT Begins IPO"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

Inland Real Estate Income Trust, Inc., Oak Brook, Ill., a non-listed company, has begun selling $1.5 billion in common stock in connection with its initial public offering, Inland announced Wednesday. The IPO is pursuant to a registration statement declared effective by the U.S. Securities and Exchange Commission on Oct. 18.<\/p>\n

Inland Income Trust was formed in August 2011 and is sponsored by Inland Real Estate Investment Corp.<\/p>\n

The trust is offering up to 150 million shares of its common stock for sale at $10 per share and up to an additional 30 million shares of common stock for issuance under its distribution reinvestment plan at $9.50 per share. The trust is offering the shares of common stock on a \u201cbest efforts\u201d basis through Inland Securities Corp., the offering\u2019s dealer manager.<\/p>\n

The trust intends to use the proceeds from this offering primarily to acquire, directly or through joint ventures, a diversified portfolio of commercial real estate throughout the United States. The prospectus states that the trust intends \u201cto acquire retail properties, office buildings, multi-family properties and industrial\/distribution and warehouse facilities,\u201d with a focus on core assets.<\/p>\n

The trust might also invest in real estate\u2013related equity securities and\/or CMBS.<\/p>\n

The prospectus notes that there will be no internalization fee, nor debt financing fees, oversight fees, development fees or disposition fees. Excessive fees, of course, have been one of the bad raps against non-listed REITs<\/p>\n

Almost exactly a year ago, on Oct. 10, 2011, Commercial Property Executive<\/em> reported on a then-nascent trend toward non-listed REITs that focus on providing shareholders with more transparency, improved liquidity, better redemption options and in some cases lower up-front sales commissions and ongoing management fees. <www.commercialsearch.com\/news\/in-print\/radical-departure-the-latest-non-listed-reits-offer-enhanced-liquidity-transparency\/><\/p>\n

As to a liquidity event, the prospectus states that the Inland Income Trust board does not anticipate such an event until at least 2017.<\/p>\n

Although the prospectus notes that the trust qualifies as an \u201cemerging growth company\u201d under the JOBS Act of 2012, freeing it from certain reporting requirements and disclosures, it adds that this status is not expected to have a significant effect on the business.<\/p>\n

Finally, the prospectus gently touts Inland\u2019s track record, noting that in its more than 40 years of acquiring and managing real estate assets, Inland Real Estate Investment Corp. has completed 437 programs: eight public funds, 419 private partnerships, nine 1031 exchange programs and one public REIT. \u201cNo completed program has paid total distributions less than the total contributed capital to the program,\u201d according to the document.<\/p>\n","protected":false},"excerpt":{"rendered":"

Non-listed Inland Real Estate Income Trust has begun selling $1.5 billion in common stock in connection with its initial public offering.<\/p>\n","protected":false},"author":882,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,37775,21748,21783,13,21742,21747,37776,37777,21749,37778],"tags":[],"class_list":["post-1004049032","post","type-post","status-publish","format-standard","hentry","category-rc-dividend-yield","category-rc-forward-affo-payout-ratios","category-industrial","category-investment","category-midwest","category-latest","category-office","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-retail","category-rc-total-return"],"acf":[],"yoast_head":"\nInland\u2019s Newest Non-listed REIT Begins IPO - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inland\u2019s Newest Non-listed REIT Begins IPO\" \/>\n<meta property=\"og:description\" content=\"Non-listed Inland Real Estate Income Trust has begun selling $1.5 billion in common stock in connection with its initial public offering.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-25T14:29:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:31:31+00:00\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inlands-newest-non-listed-reit-begins-ipo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inlands-newest-non-listed-reit-begins-ipo\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Inland\u2019s Newest Non-listed REIT Begins IPO\",\"datePublished\":\"2012-10-25T14:29:09+00:00\",\"dateModified\":\"2022-12-09T06:31:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inlands-newest-non-listed-reit-begins-ipo\\\/\"},\"wordCount\":421,\"commentCount\":0,\"articleSection\":[\"Dividend Yield\",\"Forward AFFO Payout Ratios\",\"Industrial\",\"Investment\",\"Midwest\",\"News\",\"Office\",\"Premium\\\/Discount to NAV\",\"Price\\\/LTM FFO\",\"Retail\",\"Total Return\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inlands-newest-non-listed-reit-begins-ipo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inlands-newest-non-listed-reit-begins-ipo\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inlands-newest-non-listed-reit-begins-ipo\\\/\",\"name\":\"Inland\u2019s Newest Non-listed REIT Begins IPO - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"datePublished\":\"2012-10-25T14:29:09+00:00\",\"dateModified\":\"2022-12-09T06:31:31+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inlands-newest-non-listed-reit-begins-ipo\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inlands-newest-non-listed-reit-begins-ipo\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inlands-newest-non-listed-reit-begins-ipo\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Inland\u2019s Newest Non-listed REIT Begins IPO\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/scott-baltic\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Inland\u2019s Newest Non-listed REIT Begins IPO - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/","og_locale":"en_US","og_type":"article","og_title":"Inland\u2019s Newest Non-listed REIT Begins IPO","og_description":"Non-listed Inland Real Estate Income Trust has begun selling $1.5 billion in common stock in connection with its initial public offering.","og_url":"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2012-10-25T14:29:09+00:00","article_modified_time":"2022-12-09T06:31:31+00:00","author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/"},"author":{"name":"Scott Baltic","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"headline":"Inland\u2019s Newest Non-listed REIT Begins IPO","datePublished":"2012-10-25T14:29:09+00:00","dateModified":"2022-12-09T06:31:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/"},"wordCount":421,"commentCount":0,"articleSection":["Dividend Yield","Forward AFFO Payout Ratios","Industrial","Investment","Midwest","News","Office","Premium\/Discount to NAV","Price\/LTM FFO","Retail","Total Return"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/","url":"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/","name":"Inland\u2019s Newest Non-listed REIT Begins IPO - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2012-10-25T14:29:09+00:00","dateModified":"2022-12-09T06:31:31+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/inlands-newest-non-listed-reit-begins-ipo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Inland\u2019s Newest Non-listed REIT Begins IPO"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004049032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004049032"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004049032\/revisions"}],"predecessor-version":[{"id":1004626780,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004049032\/revisions\/1004626780"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004049032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004049032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004049032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}