Inland Real Estate Corporation (NYSE: IRC) today announced financial and operational results for the three and nine months ended September 30, 2012.
- Funds From Operations (FFO) per common share was $0.22 for the third quarter of 2012, compared to $0.22 for the third quarter of 2011.
- Consolidated same store net operating income (NOI) rose for the seventh consecutive quarter, increasing 5.5 percent for the quarter ended September 30, 2012, over the third quarter of 2011; consolidated same store NOI increased 5.0 percent for the nine months ended September 30, 2012, over the same period last year.
- Total portfolio leased occupancy was 93.1 percent and financial occupancy was 90.6 percent at September 30, 2012. Both rates improved 20 basis points over the second quarter and 40 basis points over the first quarter.
- Company executed 94 leases for 424,377 square feet within the total portfolio for the three months ended September 30, 2012, the third consecutive quarter of increased leasing volume. A total of 102,012 square feet, or nearly 50 percent of square feet leased under new and non-comparable leases signed during the quarter, was leased to anchor tenants.
- Company increased average base rent for new leases signed in the total portfolio by 39.7 percent and renewal leases by 14 percent over expiring average rents for the quarter.
- Following the close of the quarter, IRC-PGGM joint venture agreement upsized to provide for the acquisition of approximately $400 million of additional retail shopping centers within Midwestern U.S. markets.
- Company amended consolidated unsecured credit facilities to increase total capacity by $50 million to $350 million, secure improved rates and extend maturity dates.
Financial Results for the Quarter
For the quarter ended September 30, 2012, FFO attributable to common stockholders was $19.4 million, compared to $19.3 million for the third quarter of 2011. On a per share basis, FFO was $0.22 (basic and diluted) for both the third quarter of 2012 and the third quarter of 2011.