InvenTrust Maintains Dividend Rate, Suspends SRP and DRP
June 11, 2020
In a June 11 letter to shareholders, nontraded REIT InvenTrust announced that its board of directors, as of now, has elected to maintain the REIT’s current dividend rate, but will suspend the share repurchase program (“SRP”) and the dividend reinvestment program (“DRP”) for the time being. With the heightened uncertainty around the economy and the low participation level in the DRP, which funds the SRP, the Board decided the most prudent course of action would be to suspend the two programs.
For shareholders currently in the SRP queue, the Company will be redeeming shares on June 27, 2020, as the program states. The DRP fund collected with which to repurchase shares in the SRP are limited. The REIT does not anticipate sufficient funds to redeem shareholders from the “General” category. All SRP requests will remain in the queue in the event InvenTrust reinstates the SRP.
The letter to shareholders can be accessed here.
Source: SEC