In a June 15 letter to stockholders, InPoint Commercial Real Estate Income, Inc., a nontraded REIT sponsored by Inland Real Estate Investment Corporation, announced that management intends to recommend to the REIT’s board of directors the resumption of cash distributions beginning in July for stockholders of record as of July 31, 2020. Ultimately, it is the REIT’s goal to reinstate the continuous public offering of shares of the Company’s common stock, the share repurchase plan, and the distribution reinvestment plan in the near future.
On March 24, 2020, the board of directors had unanimously approved the suspension of the sale of common shares in the continuous public offering effective immediately, as well as suspension of the share repurchase plan and the payment of distributions to stockholders effective immediately, and the distribution reinvestment plan, effective April 6, 2020.
The letter to stockholders also provides an update on the REIT’s portfolio. The following summarizes the status of the portfolio of loans and, CMBS and repurchase facilities:
• 29 of the 30 first mortgage loans, representing a principal balance of $463 million, are performing in accordance with their current terms. One loan, secured by a hospitality asset, with a current balance of $24.5 million, is non-performing.
• The REIT’s credit loan portfolio, comprised of three loans, are all performing, with a principal balance of $16.5 million. One credit loan, secured by a hospitality property, with a balance of $3.0 million, has a $1.5 million loan loss reserve.
• The Company’s CMBS portfolio had a face value of approximately $93 million as of May 31, 2020, and a fair value of approximately $72 million across 11 positions.
For the full letter to stockholders, click here.
Source: SEC
