Ingles Markets, Incorporated issued a statement on April 16 responding to what it described as misleading claims by Summer Road LLC regarding the company’s real estate portfolio and strategic direction. The company urged shareholders to vote only for its director candidates, Rebekah Lowe and Dwight Jacobs, using the WHITE proxy card ahead of its 2026 annual meeting.
The dispute centers on differing views about Ingles’ undeveloped land holdings and proposed changes to its corporate structure. Ingles said that Summer Road has misunderstood the nature of its real estate assets and that the proposals put forward by Summer Road could be harmful to long-term value creation for shareholders.
According to Ingles, “Summer Road has a fundamentally flawed understanding of Ingles’ real estate portfolio. Further, the strategy it is proposing in connection with its attempt to nominate Sackler representative Rory Held to the Ingles Board of Directors is based on incorrect assumptions and is potentially value destructive.” The company stated that owning real estate provides operational control and growth opportunities vital for grocers.
Addressing specific points raised by Summer Road, Ingles clarified that while there are 29 undeveloped parcels in its portfolio, these are not all “grocery-anchored mall sites” as claimed. Seventeen parcels are reserved for potential future development by Ingles itself, while twelve others may be sold or developed through leases or build-to-suit arrangements. The company also disputed claims about holding 1,800 acres unrelated to grocery operations or rental business; instead, it said actual acreage is less than one-third of this figure and represents less than five percent of total net property values.
Ingles rejected suggestions from Summer Road about splitting into separate operating (OpCo) and property (PropCo) companies. It argued such a move would amount to a sale-leaseback arrangement that could reduce profitability and negatively impact store management compensation programs tied to operational performance.
The company reminded shareholders that voting with any card other than the WHITE proxy card would revoke prior instructions. It also emphasized reviewing official proxy materials filed with the Securities and Exchange Commission before making voting decisions.
Looking ahead, three out of four stores temporarily closed due to Hurricane Helene remain shut but are expected to reopen later in 2026. Additional information about board nominees or voting procedures can be found through SEC filings or at www.ingles-markets.com.
