Highlands REIT will split out from InvenTrust Properties Corp

On April 14, 2016, Highlands REIT, Inc. (the “Company”) and InvenTrust Properties Corp. (“InvenTrust”), which owns all of the Company’s outstanding common stock, entered into a separation and distribution agreement (the “Separation and Distribution Agreement”) to effect the separation of the Company from InvenTrust through a pro rata distribution of 100% of the Company’s common stock to the InvenTrust stockholders of record on April 25, 2016 (the “Spin-Off”), and to provide for the allocation between the Company and InvenTrust of InvenTrust’s assets and liabilities.

Following the Spin-Off, the parties have agreed that Highlands will hold substantially all of InvenTrust’s remaining “non-core” assets. The Company’s real property assets will consist of seven single- and multi-tenant office assets, two industrial assets, six retail assets, two correctional facilities, four parcels of unimproved land and one bank branch, as further described in the Separation and Distribution Agreement (the “Highlands Portfolio”). Pursuant to the Separation and Distribution Agreement, the Company will assume all liabilities relating to or arising out of the Highlands Portfolio (excluding any liabilities relating to the properties previously owned and disposed by subsidiaries of the Company prior to the Spin-Off). Read more…

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