Inland Residential Properties Trust Inactive
Filed: 18 May 17, 12:00am
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
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| [ ] | Soliciting Material Pursuant to Section 240.14a-12 | |||
Inland Residential Properties Trust, Inc. | ||||
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May 18, 2017
Dear Stockholder:
Thank you for your investment in Inland Residential Properties Trust, Inc. (the “Company”).
We are pleased to share our most recent acquisition. On May 3, 2017, we, through IRESI Vernon Hills Commons, L.L.C., our indirect wholly-owned subsidiary (the “Commons Subsidiary”), acquired a fee simple interest in a 105,442 square foot, 85-unit apartment community with a 10,609 square foot extended first floor retail space known as Commons at Town Center, located in Vernon Hills, Illinois. The Commons Subsidiary purchased this property from VHTC Lot 10 LLC, an unaffiliated third party, for $23 million, plus closing costs. We funded the purchase by obtaining two fixed rate loans in an aggregate principal amount equal to $23 million.
Some characteristics we found attractive in determining to acquire Commons at Town Center include:
• The residential portion of the property was 96.5% occupied, with 82 out of 85 residential units leased, as of March 31, 2017.
• The retail portion of the property was 100% occupied, with all five retail units leased, as of March 31, 2017.
• The property is located in an area with desirable schools.
• The property provides easy access to shopping and public transportation.
• The surrounding one- and three- mile area has home values over $500,000.
Please be advised that, for the trailing 12 months ended March 31, 2017, our total operating expenses as a percentage of average invested assets was approximately 3.1%. Our board of directors, including all of our independent directors, has reviewed our total operating expenses for this period and unanimously determined that, because we are in the early stages of acquiring properties, the amount in excess of 2% of our average invested assets was justified. Likewise, the board determined that, to the extent the Business Manager paid such operating expenses on our behalf, the Business Manager is entitled to reimbursement.
Annual Stockholders Meeting and Proxy Statement
All stockholders of record as of March 31, 2017 should have received their Notice of Annual Meeting of Stockholders and Proxy Statement. The meeting will take place in our offices, located at 2901 Butterfield Road, Oak Brook, Illinois, on June 20, 2017 at 10:00 AM Central Time. Stockholders may vote in person at the meeting or by proxy. If you have not done so already, we encourage you to vote your proxy as soon as possible as every vote matters. If you have any questions about the Annual Stockholders Meeting or the Proxy Statement, please contact our Investor Services team at 1.800.826.8228.
Sincerely,
INLAND RESIDENTIAL PROPERTIES TRUST, INC.
Mitchell A. Sabshon, President and Chief Executive Officer |
(Please see reverse side for an important disclosure.)
This letter contains "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The statements may be identified by terminology such as "may", “can”, "would", “will”, "expect", "intend", "estimate", "anticipate", "plan", "seek", "appear", or "believe". Such statements reflect the current view of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions related to certain factors including, without limitation, the uncertainties related to the acquisition of any property, general economic conditions, unforeseen events affecting the real estate industry or particular markets, and other factors detailed under Risk Factors in our most recent Form 10-K and subsequent Form 10-Qs on file with the Securities and Exchange Commission.
Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. You should exercise caution when considering forward-looking statements and not place undue reliance on them. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Except as required by federal securities laws, the Company undertakes no obligation to publicly update or revise any written or oral forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this letter. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the applicable cautionary statements.