DOWNERS GROVE, Ill.–(BUSINESS WIRE)–InvenTrust Properties today announced it has priced an underwritten registered public offering of 8,000,000 shares of its common stock at a price to the public of $28.00 per share for total gross proceeds of $224.0 million. As part of the offering, the Company also granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of the Company’s common stock at the public offering price, less the underwriting discount. The offering is expected to close on September 25, 2024 subject to customary closing conditions.
J.P. Morgan, BofA Securities, and Wells Fargo Securities are acting as joint-book-running managers for the public offering. Jefferies and KeyBanc Capital Markets are acting as additional bookrunners for the public offering. BTIG and Fifth Third Securities are acting as co-managers for the public offering.
The Company intends to use the net proceeds for general corporate purposes, including, but not limited to, funding the acquisition of additional properties, repayment of short-term and long-term indebtedness (including mortgage loans, including a $72.5 million loan with Bank of America, N.A, and amounts outstanding from time to time under the Company’s revolving credit facility) and providing for working capital.
The offering is being made pursuant to an effective shelf registration statement (containing a prospectus) filed with the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the SEC and is available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus, when available, may also be obtained by contacting J.P. Morgan Securities LLC, c/o: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, telephone: 1-800-294-1322, or by email at dg.prospectus_requests@bofa.com; and Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751 (option #5) or email a request to WFScustomerservice@wellsfargo.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company’s business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, maintaining a flexible capital structure, and enhancing environmental, social and governance practices and standards.
