Inland Diversified Real Estate Trust Inc. has said that it has agreed to merge with Kite Reality Group Trust, a publicly traded REIT in a $2.1 billion all-stock deal. The merger is expected to close between the second or third quarter will be based on a $6.15 a share closing price for Kite Realty Group Trust (KRG).
The Peiffer Wolf securities lawyers have represented a number of investors in the Inland family of REITs in cases against securities broker-dealer firms, arising out of unsuitable investment recommendations.
The outstanding shares of Inland Diversified Real Estate Trust will be converted into 1.7 KRG each, giving them a value of $10.50 a share. The majority of investors in Inland Diversified Real Estate Trust bought their shares at $10/share.
The Kite Realty Group Trust’s valuation of Inland Diversified Real Estate Trust takes into account an earlier deal.
Last December, Inland Diversified Real Estate Trust announced a sale of a portfolio of single-tenant, net lease properties to Realty Income Corp. for about $500 million. Inland Diversified Real Trust is one of several REITs under the Inland Real Estate Group of Companies Inc.
The company assured stockholders that once the merger is complete they will have access to full liquidity.
Inland American Real Estate Trust Inc., the largest non-traded REIT with $9.5 billion in assets, told investors that it was suspending its share buyback program, an indication that it may be in line for a liquidity event.
Last week, publicly traded REIT W.P. Carey Inc. said that it had completed its acquisition of an affiliated non-traded REIT, Corporate Property Associates 16 Global Inc.
Last year, six non-traded REITs announced or transacted “liquidity events,” including Corporate Property Associates 16 Global.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of investments in non-traded REITs. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.