| 词条 | Inland American Real Estate Investment Trust |
| 释义 |
| name = Inland American Real Estate Trust, Inc. | location = Oak Brook, Illinois | foundation = 2004 | type = Real estate investment trust | industry = Commercial Real Estate | homepage = http://www.inlandamerican.com }}InvenTrust Properties, Inc. (formerly Inland American Real Estate Trust, Inc. [Inland American]) was the largest non-traded real estate investment trust (REIT)[1] in the United States with over $9 billion raised.[2] The firm is one of several REITs that have been sponsored by affiliates of Oak Brook, Illinois-based Inland Real Estate Group of Companies, Inc.[3] As of March 31, 2014, Inland American had 183,000,[4] predominantly "mom-and-pop investors."[5] Formed in 2004, Inland American owns commercial real estate in the following asset classes: lodging, multi-tenant retail, and student housing.[5] By 2015, after spinning off a number of its hotel holdings, Inland American's value had fallen 60%, and its dividends were cut by 75%. That year, The Wall Street Journal called the trust a "Zombie REIT".[6] That year, trust president Tom McGuinness renamed the fund InvenTrust Properties, Inc.[7] As of 2016, InvenTrust was unusual for not having liquidated or listed 12 years after its original debut.[8] In 2016 and 2017, InvenTrust invested heavily in brick-and-mortar retrial properties.[8][7] StructureThe firm is a non-traded REIT, which is a company whose shares are not listed on an exchange. The shares are therefore relatively illiquid.[5] Shares were sold through broker-dealers.[9] While original investors bought in at $10/share,[10] Inland American estimated its shares had a value of $4.00 by 2015.[11][12] HistoryIn 2012, the Securities and Exchange Commission investigated Inland American's administration and fees, concluding the investigation in 2015 without recommending charges. The week the investigation was closed, Inland American became a plaintiff an ongoing lawsuit with its former business management firm as the defendant.[13] In March 2014, the firm announced that functions performed by its external, related-party managers would now be performed by the REIT itself.[14] The firm has charged its investors over $1.4 billion in fees and expenses to pay for services provided by these external, related-party managers.[15] It has also been observed that Inland American “bought a lot of property at the height of the market."[16] Liquidity and spin-offTen years after Inland American’s formation, original investors still had only limited options for liquidity. To date,{{when|date=January 2015}} Inland American has not announced any special distributions of proceeds from nearly $2.5 billion in assets already sold,[17] nor does it intend to distribute proceeds from the announced sale of its $1.1 billion select-service hotel portfolio.[18] In August 2014, Inland American announced that it would spin-off 46 of its upscale hotels into a REIT named Xenia Hotels & Resorts (proposed NYSE ticker: XHR). On February 4, 2015, Xenia began trading on the New York Stock Exchange under the ticker XHR.[19] In this transaction, Inland American shareholders received a proportional number of shares of XHR.[20] Following the spin-off, the estimated value of the REIT dropped 42.4% to about $4 a share.[21] The listing event was the first for the Inland Group since the "disastrous Wall Street debut" of its last REIT, Inland Western, in 2012; Inland Western had debuted at only 60% of its original price to investors.[22][23] By 2015, after spinning off a number of its hotel holdings, Inland American's value had fallen 60%, and its dividends were cut by 75%. That year, The Wall Street Journal called the trust a "Zombie REIT", noting the trust's inability to sell its assets and its unwillingness to let investors cash out.[24] Notes1. ^ ,“Huge non-traded REIT getting liquid?,” Investment News, January 30, 2014. 2. ^[https://www.sec.gov/Archives/edgar/data/1528985/000089262614000184/ireit-supp8.htm] Inland Real Estate Income Trust, Inc. Form 424B3 3. ^http://inland-investments.com/REITs/Inland 4. ^[https://www.sec.gov/Archives/edgar/data/1528985/000089262614000184/ireit-supp8.htm] Inland Real Estate Income Trust, Inc. Form 424B3 5. ^http://www.inland-investments.com/Funds/InlandAmerican/REITLanding.aspx?id=137 6. ^{{cite web|url=https://www.wsj.com/articles/latest-fear-for-property-investors-zombie-reits-1427221093|title=Property Investors’ Latest Horror: Zombie REITs|date=March 24, 2015|access-date=May 16, 2018|author=Robbie Whelan|work=The Wall Street Journal}} 7. ^1 {{cite web|url=https://www.cpexecutive.com/post/pure-play-inventrusts-tom-mcguinness-goes-all-in-on-retail/|title=Pure Play. InvenTrust’s Tom McGuinness Goes All In on Retail|author=Sanyu Kyeyune|access-date=May 16, 2018|date=September 11, 2017|work=Commercial Property Executive}} 8. ^1 {{cite web|url=http://www.chicagobusiness.com/article/20170324/ISSUE10/170329913/pity-the-investors-who-bought-into-this-real-estate-trust|title=Pity the investors who bought into this real estate trust|access-date=May 16, 2018|date=March 24, 2017|work=Crain's Chicago Business|author=Joe Cahill}} 9. ^ “Once-mighty nontraded REIT sponsor Inland Real Estate Investment Corp. plots a comeback,” Investment News, March 2,2014. 10. ^ ,“Huge non-traded REIT getting liquid?,” Investment News, January 30, 2014. 11. ^{{cite news|title=Inland American cuts NAV after asset sale|url=http://www.investmentnews.com/article/20150226/FREE/150229922/inland-american-cuts-nav-after-asset-sale|publisher=Investment News|date=Feb 28, 2015}} 12. ^[https://www.sec.gov/Archives/edgar/data/1307748/000119312513486436/d651145d8k.htm] Inland American Form 8-K 13. ^{{cite web|url=http://www.investmentnews.com/article/20150331/FREE/150339980/sec-drops-investigation-of-inland-american-but-giant-reit-raises-new|title=SEC drops investigation of Inland American but giant REIT raises new questions over fees|author=Bruce Kelly|work=Investment News|date=March 31, 2015|access-date=May 16, 2018}} 14. ^ "Inland American Real Estate Trust, Inc. Reaches Important Milestone – Signs Agreements to Become Self-Managed,"Inland American Press Release, March 13, 2014. 15. ^[https://www.sec.gov/cgi-bin/browse-edgar?company=inland+american&owner=exclude&action=getcompany] Inland American Forms 10-K and 2014 Q2 10-Q 16. ^ “What’s in store for Inland REIT shareholders?,” Investment News, March 24, 2014. 17. ^[https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001307748&type=10-K&dateb=&owner=exclude&count=40] Inland American Form 10-K 18. ^ "Inland American Announces Sale of Select Service Hotel Portfolio for $1.1 Billion," Inland American Press Release, September 18,2014. 19. ^"Inland American Completes Spin-off of Xenia Hotels and Resorts, Inc." 20. ^ "Inland American Announces Intent to Spin off Its Lodging Subsidiary," Inland American Press Release, August 11, 2014. 21. ^{{cite web|url=http://www.investmentnews.com/article/20150226/FREE/150229922/inland-american-cuts-nav-after-asset-sale|title=Inland American cuts NAV after asset sale|author=Bruce Kelly|work=Investment News|access-date=May 16, 2018|date=February 26, 2015}} 22. ^ “Stepping up the money chase.” Crain’s Chicago Business. October 17, 2013. Retrieved May 16, 2018. 23. ^1 2 {{cite web|url=http://www.chicagobusiness.com/article/20120331/ISSUE01/303319963/inlands-sword-of-damocles|title=Inland's Sword of Damocles|date=March 31, 2012|author=Alby Gallun|work=Crain's Chicago Business|access-date=May 16, 2018}} 24. ^{{cite web|url=https://www.wsj.com/articles/latest-fear-for-property-investors-zombie-reits-1427221093|title=Property Investors’ Latest Horror: Zombie REITs|date=March 24, 2015|access-date=May 16, 2018|author=Robbie Whelan|work=The Wall Street Journal}} External links
4 : Real estate investment trusts of the United States|Business organizations based in the United States|Real estate companies established in 2004|Companies based in DuPage County, Illinois |
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