InvenTrust PropertiesCorp. finalized the spinoff of HighlandsREIT Inc. two weeks after announcing that the transaction was by the company's board.
The spinoffwas completed April 28 via a taxable pro rata distribution by InvenTrust of 100%of Highlands' outstanding common stock to InvenTrust common stockholders of recordas of the close of business April 25. As a result of the spinoff, each InvenTruststockholder received 1 Highlands common share for each common share held at theclose of business on the April 25 record date, according to a filing.
In conjunction with Highlands' separation from InvenTrust, thecompanies closed the internal reorganization transactions meant to consolidate theownership of Highlands' portfolio into the newly spun-off REIT.
Highlands' portfolio, as disclosed earlier, comprises seven single-and multitenant office assets, two industrial assets, six retail assets, two correctionalfacilities, four parcels of unimproved land and one bank branch.
Further, Highlands' board expanded its size to three membersfrom one. R. David Turner and Paul Melkus were selected to fill the two new boardseats, joining Richard Vance, who had been elected to the board, effective Dec.16, 2015. Turner and Melkus were both named to the board's audit and compensationcommittees, with Melkus chairing the former committee and Turner as chairman ofthe latter committee.