OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Income Trust, Inc. (“Inland Income Trust” or the “Company”), a non-traded real estate investment trust (REIT), announced today the completion of its “best efforts” initial public offering on October 16, 2015. Inland Income Trust raised over $856 million of investor capital, including more than $122.1 million in the last 60 business days of the offering. The Company will continue to use the offering proceeds to acquire multi-tenant retail assets and, based on the current pipeline, expects to have the remaining capital invested by the end of 2016. Coupled with mortgage financing, the Company’s aggregate portfolio size is expected to grow to over $1.5 billion.
“I’m pleased that we raised more than $856 million of investor capital for Inland Income Trust,” said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “Inland Income Trust has built an excellent portfolio of stable properties, located in ideal markets with strong demographics and high occupancies, with the goal of generating sustainable distributions for its investors. At November 30, 2015, the properties in the portfolio had an aggregate purchase price of approximately $1.2 billion, and maintained a weighted average economic occupancy of 97 percent.”
As of November 30, 2015, Inland Income Trust’s portfolio of assets included 53 retail properties, in 22 states, totaling approximately 5.8 million square feet. Since its inception, the Company has paid 35 consecutive monthly distributions.
About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States. Inland Real Estate Income Trust, Inc. is focused on acquiring primarily core multi-tenant retail assets. Inland Real Estate Income Trust, Inc. is sponsored by Inland Real Estate Investment Corporation. For more information, please visit www.inland-investments.com.
This news release contains “forward-looking statements” made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The statements may be identified by terminology such as “may”, “can”, “would”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “seek”, “appear”, or “believe”. Such statements reflect the current view of Inland Income Trust with respect to future events and are subject to certain risks, uncertainties and assumptions related to certain factors including, without limitation, the uncertainties related to the acquisition of any property, general economic conditions, unforeseen events affecting the real estate industry or particular markets, and other factors detailed under Risk Factors in our most recent Form 10-K and subsequent Form 10-Qs on file with the Securities and Exchange Commission.
Although Inland Income Trust believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. You should exercise caution when considering forward-looking statements and not place undue reliance on them. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Except as required by federal securities laws, Inland Income Trust undertakes no obligation to publicly update or revise any written or oral forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this news release. All subsequent written and oral forward-looking statements attributable to Inland Income Trust or persons acting on its behalf are expressly qualified in their entirety by the applicable cautionary statements.
