Retail Properties of America Inc., the former Inland Western Retail Real Estate Trust Inc., expects to sell as much as $439 million in shares in a stock offering the company launched Friday.
The real estate investment trust (REIT) is offering 31.8 million Class A shares at an expected price of $10 to $12 a share, or $318 million to $381.6 million, according to a registration statement. The investment banks underwriting the offering also have the option to buy another 4.8 million shares, pushing the potential total to $438.8 million.
The shopping center owner, founded by the Inland Group Inc. in 2003, is a non-listed public REIT, meaning its shares don’t trade on a stock exchange. Retail Properties plans to sell the shares as part of a phased-in program to provide investors an opportunity to cash out. The company recently completed a reverse stock split and one-time stock dividend in preparation of the offering.
The company’s shares, which are set to trade on the New York Stock Exchange, are expected to price April 4, according to Bloomberg News. A company executive declines to comment.
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