UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For The Fiscal Year Ended December 31, 2002
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File #0-28382
INLAND REAL ESTATE CORPORATION
(Exact name of registrant as specified in its charter)
|
|
#36-3953261 |
|
(State or other jurisdiction |
(I.R.S. Employer Identification Number) |
|
of incorporation or organization) |
|
|
2901 Butterfield Road, Oak Brook, Illinois |
60523 |
|
(Address of principal executive office) |
(Zip code) |
Registrant's telephone number, including area code: 630-218-8000
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class: |
Name of each exchange on which registered: |
|
None |
None |
Securities registered pursuant to Section 12(g) of the Act:
|
Title of each class: |
Name of each exchange on which registered: |
|
Common Stock, $.01 par value |
None |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes X No__
As of March 24, 2003, the aggregate market value of the Shares of Common Stock held by of the registrant was $712,935,531.
As of March 24, 2003, there were 64,812,321 Shares of Common Stock outstanding.
Documents Incorporated by Reference: Portions of the Registrant's proxy statement for the annual stockholders meeting to be held in 2003 are incorporated by reference into Part III.
INLAND REAL ESTATE CORPORATION
(a Maryland corporation)
TABLE OF CONTENTS
|
|
|
Page |
|
|
Part I |
|
|
|
|
|
|
Item 1. |
Business |
3 |
|
|
|
|
|
Item 2. |
Properties |
5 |
|
|
|
|
|
Item 3. |
Legal Proceedings |
17 |
|
|
|
|
|
Item 4. |
Submission of Matters to a Vote of Security Holders |
17 |
|
|
|
|
|
|
Part II |
|
|
|
|
|
|
Item 5. |
Market for Registrant's Common Equity and Related Stockholder Matters |
17 |
|
|
|
|
|
Item 6. |
Selected Financial Data |
18 |
|
|
|
|
|
Item 7. |
Management's Discussion and Analysis of Financial Condition and Results of Operation |
20 |
|
|
|
|
|
Item 7(a). |
Quantitative and Qualitative Disclosures About Market Risk |
39 |
|
|
|
|
|
Item 8. |
Financial Statements and Supplementary Data |
40 |
|
|
|
|
|
Item 9. |
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
80 |
|
|
|
|
|
|
Part III |
|
|
|
|
|
|
Item 10. |
Directors and Executive Officers of the Registrant |
80 |
|
|
|
|
|
Item 11. |
Executive Compensation |
80 |
|
|
|
|
|
Item 12. |
Security Ownership of Certain Beneficial Owners and Management |
80 |
|
|
|
|
|
Item 13. |
Certain Relationships and Related Transactions |
80 |
|
|
|
|
|
Item 14. |
Controls and Procedures |
80 |
|
|
|
|
|
|
Part IV |
|
|
|
|
|
|
Item 15. |
Exhibits, Financial Statement Schedules and Reports on Form 8-K |
81 |
|
|
|
|
|
SIGNATURES |
|
83 |
|
|
|
|
|
CERTIFICATIONS |
|
84 |
PART I
Item 1. Business
General
Inland Real Estate Corporation is a self-administered real estate investment trust ("REIT") formed under Maryland law. We qualified as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") for federal income tax purposes commencing with the tax year ending December 31, 1995. Since we qualified for taxation as a REIT, we are generally not subject to federal income tax to the extent we satisfy certain tests. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income.
We own and acquire "Neighborhood Retail Centers" and "Community Centers" located primarily within an approximate 400-mile radius of our headquarters in Oak Brook, Illinois as well as single-user retail properties located throughout the United States, either directly or through sale and leaseback transactions. We are also permitted to construct or develop properties, or render services in connection with such development or construction, subject to our compliance with the rules governing real estate investment trusts under the Code. As of December 31, 2002, we had ownership interests in 134 investment properties comprised of:
During the year ended December 31, 2000, we completed the acquisition of Inland Real Estate Advisory Services, Inc., the former advisor, and Inland Commercial Property Management, Inc., the former property manager (the "Merger"). Each of these entities was merged into subsidiaries that we wholly own. We issued an aggregate of 6,181,818 shares of our common stock valued at $11.00 per share to Inland Real Estate Investment Corporation and The Inland Property Management Group, Inc. As a result of the merger, we are now "self-administered." We no longer pay advisory or property management fees but instead have hired an internal staff to perform these tasks.
We generally limit our indebtedness to an amount not to exceed fifty percent (50%) of the carrying value of our investment properties, as determined by appraisal at the time of financing the particular property and may not incur indebtedness exceeding three hundred percent (300%) of "net assets" as defined in our organizational documents. As of December 31, 2002, we had borrowed a total of approximately $582,282,000, of which approximately $104,837,000 bears interest at variable rates. Indebtedness at December 31, 2002 was approximately 48% of the book value of our investment properties.
Our business is not seasonal. We compete on the basis of rental rates and property operations with similar types of properties located in the vicinity of our investment properties. We have no real property investments located outside of the United States. We compete with numerous other properties in attracting tenants. Some of the competing properties may be newer, better located or owned by parties that are better capitalized. We believe that our investment properties will continue to attract tenants on a competitive basis. In additions, our properties compete against other forms of retailing such as catalog companies and e-commerce websites that offer similar retail products. We assess and measure operating results on an individual property basis for each of our investment properties. Since all of our investment properties exhibit highly similar economic characteristics, generally have tenants that offer products catering to the day-to-day living needs of individuals, and offer similar degrees of risk a nd opportunities for growth, the shopping centers have been aggregated and reported as one operating segment. As of December 31, 2002, we employed a total of fifty-three people, none of whom are represented by a union.
We review and monitor compliance with federal, state and local provisions, which have been enacted or adopted regulating the discharge of material into the environment, or otherwise relating to the protection of the environment. For the year ended December 31, 2002, we did not incur any material capital expenditures for environmental control facilities nor do we anticipate incurring material amounts during the year ending December 31, 2003.
During the year ended December 31, 2002, we acquired sixteen additional investment properties totaling approximately 1,800,000 square feet for $206,181,297 and sold two investment properties, Antioch Plaza, located in Antioch, Illinois, for $1,818,344, net of closing costs and Shorecrest Plaza, located in Racine, Wisconsin, for $6,085,261, net of closing costs. These sales resulted in gains, for accounting purposes, of $533,942 and $828,144, respectively. For federal and state income tax purposes, these sales qualified as part of tax deferred exchanges and, as a result, the tax gains are deferred until the replacement properties are disposed of in subsequent taxable transactions. Additionally, during the year ended December 31, 2002, we sold approximately 1/3 of an acre of land at one of our investment properties, Maple Grove Retail, located in Maple Grove, Minnesota, to the City of Maple Grove for $308,186, net of closing costs. This sale resulted in a gain, for accounting purposes, of $183,746.
We intend to continue to acquire new investment properties of the type previously described in this Item 1, utilizing our cash resources as well as acquisition indebtedness. We are also exploring additional growth strategies including participating in joint ventures with institutional investors such as pension funds to acquire and manage a pool of properties funded primarily with capital provided by the institutional investor.
Conflicts of Interest Policies
Our governing documents require that a majority of our directors to be independent. Further, any transactions between us and The Inland Group, Inc. or its affiliates must be approved by a majority of our independent directors.
Environmental Matters
We believe that our portfolio of investment properties complies in all material respects with all federal, state and local environmental laws, ordinances and regulations regarding hazardous or toxic substances. All of our investment properties have been subjected to Phase I or similar environmental audits. These audits, performed by independent consultants, generally involve a review of records and visual inspection of the property. These audits do not include soil sampling or ground water analysis. These audits have not revealed nor are we aware of, any environmental liability that we believe will have a material adverse effect on our operations. These audits may not, however, reveal all potential environmental liabilities. Further, the environmental condition of our investment properties may be adversely effected by our tenants, by conditions of near-by properties or by unrelated third parties.
Access to Company Information
We electronically file the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports with the Securities and Exchange Commission (SEC). The public may read and copy any of the reports that are filed with the SEC at the SEC's Public Reference Room at 450 Fifth Street, NW, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at (800)-SEC-0330. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically.
We make available, free of charge, through our website, and by responding to requests addressed to our director of investor relations, the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports. These reports are available as soon as reasonably practical after such material is electronically filed with or furnished to the SEC. Our website address is inlandrealestate.com. The information contained on our website, or on other websites linked to our website, is not part of this document.
Item 2. Properties
As of December 31, 2002, we owned, outright or through joint ventures, 134 investment properties, comprised of 30 single-user retail properties, 82 "Neighborhood Retail Centers" and 22 "Community Centers." These investment properties are located in the states of Florida (1), Illinois (97), Indiana (5), Michigan (1), Minnesota (19), Missouri (1), Ohio (3), Tennessee (1) and Wisconsin (6). Tenants of the investment properties are responsible for the payment of some or all of the real estate taxes, insurance and common area maintenance.
|
Property |
|
Gross Leasable Area (Sq Ft) |
|
Date Acq. |
|
Year Built/ Renovated |
|
Mortgages Payable at 12/31/02 |
|
Current No. of Tenants |
|
Anchor Tenants (a) |
|
Lease Expiration Date |
|
|
||||||||||||||
|
Single-User Retail Properties |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ameritech Joliet, IL |
|
4,504 |
|
05/97 |
|
1995 |
|
$ 522,375 |
|
1 |
|
Verizon Wireless |
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakers Shoes Chicago, IL |
|
20,000 |
|
09/98 |
|
1891 |
|
N/A |
|
1 |
|
Bakers Shoes |
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bally's Total Fitness St. Paul, MN |
|
43,000 |
|
09/99 |
|
1998 |
|
3,145,300 |
|
1 |
|
Bally's Total Fitness |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carmax Schaumburg, IL |
|
93,333 |
|
12/98 |
|
1998 |
|
7,260,000 |
|
1 |
|
Carmax |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carmax Tinley Park, IL |
|
94,518 |
|
12/98 |
|
1998 |
|
9,450,000 |
|
1 |
|
Carmax |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circuit City Traverse City, MI |
|
21,337 |
|
01/99 |
|
1998 |
|
1,603,000 |
|
1 |
|
Circuit City |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cub Foods Buffalo Grove, IL |
|
56,192 |
|
06/99 |
|
1999 |
|
3,650,000 |
|
0(b) |
|
Cub Foods (b) |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cub Foods Indianapolis, IN |
|
67,541 |
|
03/99 |
|
1991 |
|
2,867,000 |
|
0(b) |
|
Cub Foods (b) |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cub Foods Plymouth, MN |
|
67,510 |
|
03/99 |
|
1991 |
|
2,732,000 |
|
1 |
|
Cub Foods |
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disney Celebration, FL |
|
166,131 |
|
07/02 |
|
1995 |
|
13,600,000 |
|
1 |
|
Walt Disney World |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominick's Countryside, IL |
|
62,344 |
|
12/97 |
|
1975 / 2001 |
|
1,150,000 |
|
1 |
|
Dominick's Finer Foods |
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominick's Glendale Heights, IL |
|
68,879 |
|
09/97 |
|
1997 |
|
4,100,000 |
|
1 |
|
Dominick's Finer Foods |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominick's Hammond, IN |
|
71,313 |
|
05/99 |
|
1999 |
|
4,100,000 |
|
1 |
|
Food 4 Less |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominick's Highland Park, IL |
|
71,442 |
|
06/97 |
|
1996 |
|
6,400,000 |
|
1 |
|
Dominick's Finer Foods |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominick's Schaumburg, IL |
|
71,400 |
|
05/97 |
|
1996 |
|
5,345,500 |
|
1 |
|
Dominick's Finer Foods |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominick's West Chicago, IL |
|
78,158 |
|
01/98 |
|
1990 |
|
3,150,000 |
|
0(b) |
|
Dominick's Finer Foods (b) |
|
2010 |
|
Property |
|
Gross Leasable Area (Sq Ft) |
|
Date Acq. |
|
Year Built/ Renovated |
|
Mortgages Payable at 12/31/02 |
|
Current No. of Tenants |
|
Anchor Tenants (a) |
|
Lease Expiration Date |
|
|
||||||||||||||
|
Single-User Retail Properties, cont. |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Country Market Roselle, IL |
|
42,283 |
|
11/97 |
|
1990 |
|
$ 1,450,000 |
|
1 |
|
Eagle Foods |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Ridge Center Lindenhurst, IL |
|
56,142 |
|
04/99 |
|
1998 |
|
3,000,000 |
|
1 |
|
Eagle Foods |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eckerd Drug Store Chattanooga, TN |
|
10,908 |
|
05/02 |
|
1999 |
|
N/A |
|
1 |
|
Eckerd Drug Store |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hollywood Video Hammond, IN |
|
7,488 |
|
12/98 |
|
1998 |
|
740,000 |
|
1 |
|
Hollywood Video |
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michael's Coon Rapids, MN |
|
24,317 |
|
07/02 |
|
2001 |
|
N/A |
|
1 |
|
Michael's |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Party City Oakbrook Terrace, IL |
|
10,000 |
|
11/97 |
|
1985 |
|
987,500 |
|
1 |
|
Party City |
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Petsmart Gurnee, IL |
|
25,692 |
|
04/01 |
|
1997 |
|
N/A |
|
1 |
|
Petsmart |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverdale Commons Outlot Coon Rapids, MN |
|
6,566 |
|
03/00 |
|
1999 |
|
N/A |
|
1 |
|
Mandarin Buffet |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Staples Freeport, IL |
|
24,049 |
|
12/98 |
|
1998 |
|
1,480,000 |
|
1 |
|
Staples |
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Audio Center Schaumburg, IL |
|
9,988 |
|
09/99 |
|
1998 |
|
1,240,000 |
|
1 |
|
Tweeter Home Entertainment |
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walgreens Decatur, IL |
|
13,500 |
|
01/95 |
|
1988 |
|
651,145 |
|
1 |
|
Walgreens (c) |
|
2008 / 2028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walgreens Jennings, MO |
|
15,120 |
|
10/02 |
|
1996 |
|
N/A |
|
1 |
|
Walgreens (c) |
|
2016 / 2056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walgreens Woodstock, IL |
|
15,856 |
|
06/98 |
|
1973 |
|
569,610 |
|
1 |
|
Walgreens (c) |
|
2010 / 2030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zany Brainy Wheaton, IL |
|
12,499 |
|
07/96 |
|
1995 |
|
1,245,000 |
|
1 |
|
Zany Brainy |
|
2006 |
|
|
||||||||||||||
|
Neighborhood Retail Centers |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aurora Commons Aurora, IL |
|
126,908 |
|
01/97 |
|
1988 |
|
8,000,000 |
|
24 |
|
Jewel Food Store |
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baytowne Square Champaign, IL |
|
118,842 |
|
02/99 |
|
1993 |
|
7,027,000 |
|
20 |
|
Staples |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Berean Bookstore |
|
2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Petsmart |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Famous Footwear |
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Factory Card Outlet |
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Jenny Craig Weight Loss Ctr |
|
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Baytowne Dental Center |
|
2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo Wild Wings |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
Gross Leasable Area (Sq Ft) |
|
Date Acq. |
|
Year Built/ Renovated |
|
Mortgages Payable at 12/31/02 |
|
Current No. of Tenants |
|
Anchor Tenants (a) |
|
Lease Expiration Date |
|
|
||||||||||||||
|
Neighborhood Retail Centers, cont. |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Berwyn Plaza Berwyn, IL |
|
18,138 |
|
05/98 |
|
1983 |
|
$ 708,638 |
|
4(b) |
|
Radio Shack |
|
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Walgreens (b) (c) |
|
2003 / 2023 |
|
Bohl Farm Marketplace Crystal Lake, IL |
|
97,287 |
|
12/00 |
|
2000 |
|
7,833,000 |
|
14 |
|
Linens & Things |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dress Barn |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Barnes & Noble |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brunswick Market Center Brunswick, OH |
|
119,540 |
|
12/02 |
|
1997 / 1998 |
|
N/A |
|
14 |
|
Tops |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Burnsville Crossing Burnsville, MN |
|
91,015 |
|
09/99 |
|
1989 |
|
2,858,100 |
|
14 |
|
Petsmart |
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Schneiderman's Furniture |
|
2009 |
|
Byerly's Burnsville Burnsville, MN |
|
72,365 |
|
09/99 |
|
1988 |
|
2,915,900 |
|
7 |
|
Byerly's Food Store |
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Zany Brainy |
|
2011 |
|
Calumet Square Calumet City, IL |
|
39,936 |
|
06/97 |
|
1967 / 1994 |
|
1,032,920 |
|
2 |
|
Aronson Furniture |
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cliff Lake Center Eagan, MN |
73,582 |
09/99 |
1988 |
4,952,560 |
33 |
None |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cobblers Crossing Elgin, IL |
|
102,643 |
|
05/97 |
|
1993 |
|
5,476,500 |
|
17 |
|
Jewel Food Store |
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crestwood Plaza Crestwood, IL |
|
20,044 |
|
12/96 |
|
1992 |
|
904,380 |
|
1 |
|
Mattress Giant |
|
2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deer Trace Kohler, WI |
|
149,881 |
|
07/02 |
|
2000 |
|
7,400,000 |
|
11 |
|
Michael's |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TJ Maxx |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Elder Beerman |
|
2022 |
|
Downers Grove Market Downers Grove, IL |
|
104,449 |
|
03/98 |
|
1998 |
|
10,600,000 |
|
14(b) |
|
Dominick's Finer Foods |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Crest Naperville, IL |
|
67,632 |
|
03/95 |
|
1991 |
|
2,350,000 |
|
14 |
|
Eagle Foods |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eastgate Shopping Ctr Lombard, IL |
|
132,145 |
|
07/98 |
|
1959 |
|
3,345,000 |
|
37(b) |
|
Schroeder's Ace Hardware |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Dept of Employment |
|
2012 |
|
Edinburgh Festival Brooklyn Park, MN |
|
91,536 |
|
10/98 |
|
1997 |
|
4,625,000 |
|
13 |
|
Knowlan's Super Market |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elmhurst City Center Elmhurst, IL |
|
39,560 |
|
02/98 |
|
1994 |
|
2,513,765 |
|
11 |
|
Walgreens (c) |
|
2014 / 2044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Egg Harbor Cafe |
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo Wild Wings |
|
2012 |
|
Fashion Square Skokie, IL |
|
84,580 |
|
12/97 |
|
1984 |
|
6,200,000 |
|
14 |
|
Cost Plus World Market |
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Crown Shoes |
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
Gross Leasable Area (Sq Ft) |
|
Date Acq. |
|
Year Built/ Renovated |
|
Mortgages Payable at 12/31/02 |
|
Current No. of Tenants |
|
Anchor Tenants (a) |
|
Lease Expiration Date |
|
|
||||||||||||||
|
Neighborhood Retail Centers, cont. |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forest Lake Marketplace Forest Lake, MN |
|
93,853 |
|
09/02 |
|
2001 |
|
$ 6,589,000 |
|
8 |
|
MGM Liquor Warehouse |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cub Foods |
|
2022 |
|
Four Flaggs Annex Niles, IL |
|
21,790 |
|
11/02 |
|
1973 |
|
N/A |
|
5 |
|
Panera Bread |
|
2008 |
|
|
|
|
|
|
|
|||||||||