Inland Residential Properties to Pay Last Regular Distribution

October 10, 2018 | James Sprow | Blue Vault

Inland Residential Properties Trust, Inc. is pursuing a liquidity event after the Company’s board of directors determined that the sale of the REIT’s residential assets and the distribution of all net cash proceeds is the best approach to maximize stockholder value within a reasonable period of time.

Cash Distributions for the Third Quarter of 2018
The cash distribution payable to stockholders of record each day during the months of July, August, and September 2018 were as follows:

$0.003424658 per Class A Share (which is equal to an annualized amount of $1.25); $0.002758356 per Class T Share (which is equal to an annualized amount of $1.01); and $0.003306849 per Class T-3 Share (which is equal to an annualized amount of $1.21).

As previously communicated, because the REIT is pursuing a liquidity event, it does not expect that the board will declare any further regular monthly distributions after payment of the October 2018 distributions on or about November 1, 2018.

Investors were sent a letter on September 26, 2018 that announced the termination of the Company’s distribution reinvestment plan and share repurchase program in connection with pursuing the liquidity event, effective immediately.

It is estimated that the net proceeds that may be distributed to stockholders as liquidating distributions will range from approximately $21.38 to $22.86 per share of Class A common stock (Class A Share). The components of this range include aggregate gross projected sales value of the Company’s properties, estimated transaction costs associated with the sale, amounts owed to related parties, estimated cash and other assets net of liabilities at liquidation and first mortgage debt on the Company’s properties that will be paid off or assumed. This estimate also assumes the conversion of shares of Class T common stock (Class T Shares) and shares of Class T-3 common stock (Class T-3 Shares) into Class A Shares. It’s important to be clear that this is an estimate and does not necessarily reflect the actual amount that stockholders will receive. The actual amount may be more or less than this estimated range, for various reasons discussed in detail in the REIT’s proxy statement.

Source: SEC

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