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Inland American Real Estate Trust, Inc. (Inland American) is the largest non-traded real estate investment trust (REIT)〔(),“Huge non-traded REIT getting liquid?,” Investment News, January 30, 2014.〕 in the United States with over $9 billion raised.〔() Inland Real Estate Income Trust, Inc. Form 424B3〕 The firm is one of several REITs that have been sponsored by affiliates of Oak Brook, Illinois-based Inland Real Estate Group of Companies, Inc.〔http://inland-investments.com/REITs/Inland〕 As of March 31, 2014, Inland American had 183,000,〔() Inland Real Estate Income Trust, Inc. Form 424B3〕 predominantly "mom-and-pop investors."〔() “Inland’s sword of Damocles,” Crain’s Chicago Business, April 2, 2012.〕 Formed in 2004, Inland American owns commercial real estate in the following asset classes: lodging, multi-tenant retail, and student housing.〔http://www.inland-investments.com/Funds/InlandAmerican/REITLanding.aspx?id=137〕 The firm is a non-traded REIT, which is a company whose shares are not listed on an exchange. The shares are therefore relatively illiquid.〔()“Inland’s sword of Damocles,” Crain’s Chicago Business, April 2, 2012.〕 Shares were sold through broker-dealers.〔()“Once-mighty nontraded REIT sponsor Inland Real Estate Investment Corp. plots a comeback,” Investment News, March 2,2014.〕 While original investors bought in at $10/share,〔(),“Huge non-traded REIT getting liquid?,” Investment News, January 30, 2014.〕 Inland American estimated its shares had a value of $4.00.〔() Inland American Form 8-K〕 In March 2014, the firm announced that functions performed by its external, related-party managers would now be performed by the REIT itself.〔()"Inland American Real Estate Trust, Inc. Reaches Important Milestone – Signs Agreements to Become Self-Managed,"Inland American Press Release, March 13, 2014.〕 The firm has charged its investors over $1.4 billion in fees and expenses to pay for services provided by these external, related-party managers.〔() Inland American Forms 10-K and 2014 Q2 10-Q〕 It has also been observed that Inland American “bought a lot of property at the height of the market."〔()“What’s in store for Inland REIT shareholders?,” Investment News, March 24, 2014.〕 ==Liquidity and spin-off== Ten years after Inland American’s formation, original investors still have only limited options for liquidity. To date, Inland American has not announced any special distributions of proceeds from nearly $2.5 billion in assets already sold,〔() Inland American Form 10-K〕 nor does it intend to distribute proceeds from the announced sale of its $1.1 billion select-service hotel portfolio.〔()"Inland American Announces Sale of Select Service Hotel Portfolio for $1.1 Billion," Inland American Press Release, September 18,2014.〕 In August 2014, Inland American announced that it would spin-off 46 of its upscale hotels into a REIT named Xenia Hotels & Resorts (proposed NYSE ticker: XHR). On February 4, 2015 Xenia began trading on the NYSE under the ticker XHR.〔("Inland American Completes Spin-off of Xenia Hotels and Resorts, Inc." )〕 In this transaction Inland American shareholders received a proportional number of shares of XHR.〔()"Inland American Announces Intent to Spin off Its Lodging Subsidiary," Inland American Press Release, August 11, 2014.〕 The listing event was the first for the Inland Group since the “disastrous Wall Street debut” of its last REIT in 2012.〔()“Stepping up the money chase.” Crain’s Chicago Business. October 17, 2013.〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Inland American Real Estate Investment Trust」の詳細全文を読む スポンサード リンク
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