- 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.
Inland Real Estate Corporation (NYSE: IRC) today announced financial and operational results for the three months ended March 31, 2012. Key Points