Inland Real Estate Income Trust, Inc. (Inland REIT) Updates Investors on Rent Collections
The White Law Group continues to investigate potential FINRA arbitration claims involving brokerage firms who may have unsuitably recommended Inland Real Estate Income Trust to investors. If you have suffered investment losses, the securities attorneys at The White Law Group may be able to help you.
Inland REIT owns a portfolio of 44 properties consisting of shopping centers, power centers and single tenant retail properties. Inland REIT reported total assets of approximately $1.2 billion and debt to gross properties was 56% as of year-end 2019, according to FactRight.
According to recent filings with the SEC, the company has updated its shareholders on rent collections, noting that while 3 percent of its tenants remain fully closed as of June 30, 2020, many more are operating in a materially reduced capacity as a result of restrictions on non-essential businesses.
Rent collections for the month of April were reportedly at 75 percent, while May and June were 66 percent and 59 percent, respectively. The REIT further noted that it has negotiated rent deferral agreements with tenants representing 39 percent of its annualized base rent as of June 30, 2020.
As we told you in March, the company did not pay shareholder distributions in April, instead delaying payment to June 1, 2020.
NAV Continues Decline
According to SEC filings, the company’s Net Asset Value (NAV) per share continues to decline. Inland’s board announced a new NAV as of December 31, 2019 of $18.15 per share. Last March, the NAV per share was $20.12. Prior to that, it was reportedly $22.35 per share. Shares of the Inland REIT originally sold for $10.00 each, but the company conducted a 1-for-2.5 reverse stock split earlier this year, resulting in a final offering price of $25.00 per share.
The board indicated that it took into account the recent volatility in the retail market when determining the new NAV per share.
Inland REIT Shareholders may have Claims
Unfortunately for investors it appears that many financial advisors/brokerage firms that sold non-traded REITs such as Inland Real Estate Income Trust, may have understated or misrepresented the risks and liquidity problems.
Filing a Complaint against your Brokerage Firm
Prior to making recommendations to an individual investor, brokerage firms are required by the Financial Industry Regulatory Authority (FINRA) to disclose all the risks of an investment. Recommendations should only be made if the investment is suitable for an individual investor given their age, investment objections, investment experience and risk tolerance.
Brokerage firms that do not perform adequate due diligence on an investment and/or make unsuitable recommendations can be held accountable for investment losses through FINRA arbitration.
If you are concerned about your investment in Inland Real Estate Income Trust, you may be able to file a complaint against your brokerage firm. Please call the securities attorneys of The White Law Group at 888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit https://www.whitesecuritieslaw.com.
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