Inland American Real Estate Trust, the largest nonlisted REIT of them all by a longshot, has announced that it will stop selling shares other than shares sold in its dividend reinvestment plan. According to a letter dated March 27 (http://www.sec.gov/Archives/edgar/data/1307748/000110465909021044/a09-8889_1ex99d1.htm), management believes that the REIT has raised enough cash to execute its business plan, adding that stock sales for March were better than expected in light of current economic conditions. The REIT has raised over $8.2 billion since launching its IPO in August 2005 which is the most capital ever raised by a nonlisted REIT. In late February the company reported that it would stop redeeming shares from investors wanting liquidity, effective March 30, as it has already reached the maximum number of shares it is permitted to buy back for 2009. In February the company reduced its annualized dividend from $0.62 to $0.50 per share which spurred redemption requests. This announcement that the REIT will stop selling shares comes on the heels of a large dividend cut by Inland Western Retail Real Estate Trust.
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