InvenTrust Properties Corp. reduced its annual distribution rate to 6.75 cents per common share from 13 cents apiece, effective in the third quarter and payable to stockholders of record on Sept. 30.

The board-approved reduction follows the company's sale of its University House Communities Group Inc. student housing platform, which closed in June, and the spinoff of Highlands REIT Inc., which was finalized in April.

In addition to the completed transactions, the board also considered the company's retail platform capital rotation strategy and its initiative to achieve a flexible, low-levered balance sheet in approving the reduced distribution Sept. 22.