This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Inland Real Estate Corporation Announces Fourth Quarter And Year 2012 Results

Inland Real Estate Corporation (NYSE: IRC), a publicly-traded real estate investment trust that owns and operates high quality, necessity and value based retail centers in select markets in the Midwest, today announced financial and operational results for the three and twelve months ended December 31, 2012.

Fourth Quarter and Full Year 2012 Highlights

  • Reported Funds from Operations (FFO) per common share of $0.27 and FFO adjusted for non-cash items net of taxes, per common share of $0.24 for the fourth quarter of 2012, representing increases of 28.6 percent and 9.1 percent, respectively, over the fourth quarter of 2011.
  • Reported FFO per share of $0.96 and FFO adjusted per share of $0.88 for full year 2012, representing increases of 43.3 percent and 7.3 percent, respectively, over the prior year.
  • Consolidated same store net operating income (NOI) for the full year 2012 rose by 3.2 percent over the prior year.
  • Total portfolio leased occupancy was 94.0 percent and financial occupancy was 91.6 percent at December 31, 2012, representing increases of 80 basis points and 70 basis points, respectively, over year end 2011.
  • Executed 105 leases for 561,051 square feet within the total portfolio in the fourth quarter of 2012, an increase in square feet leased of 17.2 percent over the year ago quarter. For 2012, executed 393 leases for 1.7 million square feet of retail space.
  • For the fourth quarter 2012, average base rent for new and renewal leases signed in the total portfolio increased by 11 percent and 2.7 percent, respectively, over expiring average rents for the quarter. For 2012, average base rent increased by 16.5 percent for new leases and 6.8 percent for renewal leases, over expiring rents.
  • Company acquired Valparaiso Walk, a 137,500-square-foot, fully leased power center in northwestern Indiana for $21.9 million, and sold three non-core consolidated assets for a total sales price of more than $12 million during the quarter.

“The year 2012 was a strong one for our Company, marked by record leasing, solid same store growth, increased occupancy and an enhanced balance sheet,” said Mark Zalatoris, Inland Real Estate Corporation's president and chief executive officer. "During the fourth quarter, we executed the largest number of leases since the first quarter of 2011, and importantly, our average base rent for new leases increased by 11 percent. We continued to benefit from our joint venture relationships which allow us to leverage institutional capital to pursue attractive acquisitions and generate recurring fee income. Finally, we made significant steps to improve our capital position and increase liquidity with a recast credit facility and strategic dispositions, recycling capital out of slower growth assets and into high-quality retail centers such as Valparaiso Walk.”

1 of 14

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs