Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, announced a series of leadership changes this month. Robert D. Parks resigned from his position as a member and chairman of the company’s board of directors, as well as from his roles as a director and president of the company’s business manager, IREIT Business Manager & Advisor Inc. The REIT stated that Parks’ resignation was not due to any disagreement with the company.
Following Parks’ resignation, the board appointed Catherine L. Lynch to fill the resulting vacancy and elected her to serve as chairperson of the board, effective May 2, 2025. Lynch had served as the REIT’s chief financial officer and treasurer since 2014 and 2018, respectively. Concurrently with her new board appointment, she resigned from those roles.
To succeed Lynch, the board elected Jerry Kyriazis to serve as CFO and treasurer, also effective May 2.
Kyriazis, age 56, serves multiple Inland entities as the senior vice president, director of portfolio finance for Inland Real Estate Investment Corporation, the company’s sponsor. His background includes experience as CFO for other Inland trusts and their advisers, as well as prior finance and accounting leadership roles at firms including Citadel LLC, Trizec Properties Inc., LaSalle Hotel Properties, and PricewaterhouseCoopers LLP. Kyriazis is also a certified public accountant.
The REIT stated that the appointments of Lynch and Kyriazis were not made pursuant to any arrangement, and neither have a material direct or indirect interest in any transaction with the company.
In other REIT activity, the board authorized a distribution on the company’s common stock in the amount of $0.1356 per share to stockholders of record of the company as of March 31, 2025. The distribution was paid in cash in the first half of April 2025.
The company’s distribution reinvestment plan was suspended in October 2024 shortly after it initiated the process to review strategic alternatives, including listing the company’s common stock on a national securities exchange.
Inland Real Estate Income Trust, sponsored by Inland Real Estate Investment Corporation, commenced operations in October 2012 and closed the offering in October 2015 after raising $834.4 million, excluding proceeds from the company’s distribution reinvestment plan.
As of Dec. 31, 2024, it owned 52 retail properties, totaling 7.2 million square feet. A majority of the properties are multi-tenant, necessity-based retail shopping centers located primarily in major regional markets and growing secondary markets throughout the United States. Grocery-anchored or grocery shadow-anchored shopping center properties represented 87% of the REIT’s annualized base rent. Its portfolio had physical and economic occupancy of 93.1% and 93.4%, respectively. There were no acquisitions or dispositions in 2024.
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