DOWNERS GROVE, Ill., September 23, 2024--(BUSINESS WIRE)--InvenTrust Properties Corp. ("InvenTrust" or the "Company") (NYSE: IVT) today announced that it has commenced an underwritten registered public offering to sell 6,500,000 shares of its common stock. The Company expects to grant the underwriters in the offering a 30-day option to purchase up to an additional 975,000 shares of its common stock. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.
J.P. Morgan, BofA Securities, and Wells Fargo Securities will act as joint book-running 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"). The proposed offering will be made only by means of a preliminary prospectus supplement and accompanying prospectus, which will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. A copy of the preliminary 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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. When used in this press release, the words "expect" and "intend," or the negative of these words, or similar words, expressions or phrases that are predictions of or indicate future events and that do not relate solely to historical matters, are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise. InvenTrust does not guarantee that the transactions and events described will happen as described (or that they will happen at all). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. While forward-looking statements reflect InvenTrust’s good faith beliefs, they are not guarantees of future performance. InvenTrust undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur as described, or at all.
Additional information concerning factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in InvenTrust’s SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2023 and other documents subsequently filed by the Company with the SEC. Copies of each filing may be obtained from InvenTrust or the SEC. Such forward-looking statements should be regarded solely as reflections of InvenTrust’s current plans and estimates. Actual results may differ materially from what is expressed or forecast in this press release.
