InvenTrust Properties Corp. (InvenTrust) is an open-air retail REIT with grocery-anchored neighborhood and community centers throughout the Sun Belt.
InvenTrust was working with a transfer agent that provided services for the company as a non-traded REIT security. With a plan to list on the NYSE, InvenTrust wanted to improve the level of service they were offering their key stakeholders, while looking at ways to reduce costs as well as ensuring a smooth listing. They decided to investigate options for a new service provider.
“Computershare is more than a transfer agent for InvenTrust. They are a business partner and solution provider delivering an impressive range and depth of services. Computershare has always been willing to work with us to find solutions to match our complex corporate events. When we have a need, we can always count on our Computershare contacts to pick up the phone and respond promptly. Our team truly appreciates this excellent service.”
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SOLUTIONS
After a comprehensive vetting process that included touring the facilities and meeting the team, InvenTrust selected Computershare as their transfer agent, based on the wide range of services, technology offered, and the highly responsive, client-focused customer service. Computershare assisted with several events.
SITUATION
Dan Lombardo, Vice President of Investor Relations
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More than a transfer agent for InvenTrust Properties
InvenTrust
CASE STUDY
InvenTrust again enlisted the assistance of the Corporate Actions team to execute a Dutch auction, using the M&A digital portal for this event. Georgeson, a Computershare company, acted as information agent.
Dutch auction
To manage InvenTrust’s listing on the NYSE, Computershare developed a detailed project plan of all tasks, meeting weekly with the company to review the necessary activities and keep timelines on track. Tasks included drafting communications to custodians, shareholders and financial advisors, coordinating custodian positions, updating systems, and delivering reports. The result was a successful listing event.
Listing event
Prior to listing, InvenTrust also executed a reverse stock split. This event required the use of specialized services, all of which are available at Computershare, relying on the expertise of the Corporate Actions group to handle the details.
Reverse stock split
InvenTrust had initiated a share repurchase program with their former transfer agent, and Computershare’s Corporate Actions team took over this initiative. The use of the M&A digital portal helped streamline the process for shareholders, advisors and custodians. The team processed submissions, accurately completed payouts, and provided reporting, meeting the deadlines.
Share repurchase program
Computershare assisted InvenTrust and their counsel on their equity offering of 9.2 million shares, providing support with planning, collecting the appropriate legal documents, and recordkeeping the shares on the closing date.
Equity Issuance
After the listing, InvenTrust implemented an Employee Stock Purchase Plan (ESPP) and selected Computershare as their plan provider. They looked to Computershare for expertise in designing, implementing and administering the plan.
Employee Stock Purchase Plan
Computershare is a business partner and solution provider
InvenTrust is pleased with their decision to choose Computershare as their transfer agent for several reasons.
SUCCESSES
Cost savings
Using one vendor for multiple services has delivered significant cost savings.
Improved service
Throughout all the events InvenTrust has completed in the past few years, they have consistently received a high level of service from Computershare as their trusted partner.
Range of services under one roof
Outside the transfer agency space, InvenTrust has benefited from the simplicity of having one single provider for services from a share repurchase program to reverse stock split, listing event, Dutch auction, and ESPP implementation and administration.
