Inland Real Estate Corporation (NYSE: IRC) today announced financial and operational results for the three months ended March 31, 2012.
- Funds From Operations (FFO) per common share was $0.20 for the first quarter of 2012, compared to FFO per share of $0.18 for the first quarter of 2011.
- Consolidated same store net operating income (NOI) increased 5.7 percent for the three months ended March 31, 2012 over the prior year quarter.
- Same store financial occupancy was 88.6 percent for the consolidated portfolio and 89.4 percent for the total portfolio, representing increases of 110 basis points and 90 basis points, respectively, over occupancy rates one year ago.
- Company increased average base rent for new and renewal leases signed in the total portfolio by 8.6 percent and 5.3 percent, respectively, over expiring average rents for the quarter.
- Executed 82 leases within the total portfolio for 374,715 square feet during the quarter, representing an increase in leases signed of nearly 8 percent over the first quarter of 2011. Seventy-six leases, or more than 92 percent of total portfolio leases, were signed with non-anchor tenants, representing a 31 percent increase in lease executions with non-anchor tenants over the same three-month period in 2011.
- Issued 2,400,000 shares of 8.125% Series A Cumulative Redeemable Preferred Stock at $25.3906 per share, equal to an effective yield of 8 percent, for net proceeds of approximately $59.0 million.
- Company and its joint ventures (JVs) acquired 13 retail properties aggregating over 901,000 square feet excluding ground leases, for a total price of approximately $230 million.
Financial Results for the Quarter
For the quarter ended March 31, 2012, Funds From Operations (FFO) attributable to common stockholders was $17.7 million, compared to $15.5 million for the first quarter of 2011. On a per share basis, FFO was $0.20 (basic and diluted) for the quarter, compared to $0.18 for the first quarter of 2011. The increase in FFO was primarily due to lower interest expense and higher consolidated same store NOI.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV