On December 27, 2011, Inland American’s board of directors adopted a Second Amended and Restated Share Repurchase Program, referred to herein as the “Amended Program,” which will be effective February 1, 2012. The purpose of the Amended Program is to authorize Inland American to repurchase shares of its common stock, on a quarterly basis, from the beneficiary of a stockholder that has died or from stockholders that have a “qualifying disability” or are confined to a “long-term care facility”.
The terms of Amended Program are summarized in the following 8-K: Inland American 8-K dated December 29, 2011
On December 19, 2012, Inland American established an estimated value per share of common stock equal to $6.93.Under the SRP, any reinvestments or purchases made after December 19, 2012, and until we announce a new estimated value will be executed at a price equal to $6.93 per share. Accordingly, based upon the current distribution rate, the new distribution return will be 7.2%. If you would like to make any changes, please don’t hesitate to contact Inland’s Investor Services group at 800.826.8228.
(For share repurchases regarding a death, disability, or confinement to a long-term care facility)
For questions or additional information contact us at:
Inland Investor Services
Hours: 8:00 am to 6:00 pm CT Monday-Friday
Inland American’s shares are not listed for trading on any national securities exchange and does not expect to list the shares in the near future. A public market may never develop. A stockholder may not be able to sell its shares when it is desired or at a price equal to or greater than the offering price. Inland American’s share repurchase program is designed to provide stockholders with limited, interim liquidity by enabling them to sell their shares back.
Inland American’s obligation to repurchase shares under the share repurchase program is conditioned upon having sufficient funds available to complete the repurchase. It will use offering proceeds from its public offerings, as well as proceeds from its distribution reinvestment plan and other operating funds, as its board of directors, in its sole discretion, may reserve for the purpose of funding the share repurchase program. In addition, Inland American will limit the number of shares repurchased during any consecutive twelve month period to 5% of the number of outstanding shares of common stock at the beginning of that twelve-month period. The share repurchase program will be terminated if its shares become listed for trading on a national securities exchange or if its board determines that it is in our best interest to terminate the share repurchase program. Inland American may amend or modify any provision of the program at any time in its board’s discretion.