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InvenTrust gains board approval for Highlands REIT spinoff

InvenTrust PropertiesCorp.'s board of directors formally authorized the of the company's noncoreassets into Highlands REIT Inc., a new nontraded REIT.

The company said April 14 that each InvenTrust stockholder willbe entitled to receive 1 share of Highlands common stock for every share of InvenTrustcommon stock held of record as of the close of business April 25. The distributionof shares of Highlands common stock to InvenTrust stockholders is expected to takeplace April 28.

Completion of the distribution remains subject to certain conditions.

Highlands will announce its estimated share value upon completionof the spinoff, while InvenTrust expects to unveil its new estimated share valuein early May, to reflect the spinoff of Highlands. The company expects the valueof the shares of its stock to be lower immediately following the transaction.

As previously disclosed, Highlands' portfolio is expected toconsist of seven single- and multitenant office assets, two industrial assets, sixretail assets, two correctional facilities, four parcels of unimproved land andone bank branch.