Attached files
file | filename |
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EX-99 - INLAND REAL ESTATE CORP | supplemental.pdf |
EX-99 - INLAND REAL ESTATE CORP | pressrelease.htm |
8-K - INLAND REAL ESTATE CORP | form8kfor020812earningsrelea.htm |
Inland Real Estate Corporation
Supplemental Financial Information
For the Three and Twelve months Ended
December 31, 2011
2901 Butterfield Road
Oak Brook, Illinois 60523
Telephone: (630) 218-8000
Facsimile: (630) 218-7357
www.inlandrealestate.com
Inland Real Estate Corporation
Supplemental Financial Information
For the Three and Twelve months Ended December 31, 2011
TABLE OF CONTENTS
Page | |
Earnings Press Release | 2 – 12 |
Financial Highlights | 13 – 15 |
Debt Schedule | 16 – 18 |
Significant Retail Tenants | 19 – 20 |
Lease Expiration Analysis | 21 – 23 |
Leasing Activity | 24 – 32 |
Same Store Net Operating Income Analysis | 33 – 34 |
Property Transactions | 35 – 36 |
Unconsolidated Joint Ventures | 37 – 45 |
Property List | 46 – 57 |
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not reflect historical facts and instead reflect our management’s intentions, beliefs, expectations, plans or predictions of the future. Forward-looking statements can often be identified by words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Examples of forward-looking statements include, but are not limited to, statements that describe or contain information related to matters such as management’s intent, belief or expectation with respect to our financial performance, investment strategy or our portfolio, our ability to address debt maturities, our cash flows, our growth prospects, the value of our assets, our joint venture commitments and the amount and timing of anticipated future cash distributions. Forward-looking statements reflect the intent, belief or expectations of our management based on their knowledge and understanding of the business and industry and their assumptions, beliefs and expectations with respect to the market for commercial real estate, the U.S. economy and other future conditions. These statements are not guarantees of future performance, and investors should not place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or forecasted in forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the factors listed and described under Item 1A”Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2010, as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2011 as they may be revised or supplemented by us in subsequent Reports on Form 10-Q and other filings with the SEC. Among such risks, uncertainties and other factors are market and economic challenges experienced by the U.S. economy or real estate industry as a whole, including dislocations and liquidity disruptions in the credit markets; the inability of tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; competition for real estate assets and tenants; impairment charges; the availability of cash flow from operating activities for distributions and capital expenditures; our ability to refinance maturing debt or to obtain new financing on attractive terms; future increases in interest rates; actions or failures by our joint venture partners, including development partners; and factors that could affect our ability to qualify as a real estate investment trust. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Inland Real Estate Corporation |
2901 Butterfield Road |
Oak Brook, IL 60523 |
(888) 331-4732 |
www.inlandrealestate.com |
News Release
Inland Real Estate Corporation (Investors/Analysts): | Inland Communications, Inc. (Media): | |
Dawn Benchelt, Investor Relations Director | Joel Cunningham, Media Relations | |
(630) 218-7364 | (630) 218-8000 x4897 | |
benchelt@inlandrealestate.com | cunningham@inlandgroup.com |
Inland Real Estate Corporation
Reports Fourth Quarter and Year 2011 Results
OAK BROOK, IL (February 9, 2012) – Inland Real Estate Corporation (NYSE: IRC) today announced financial and operational results for the three and twelve months ended December 31, 2011.
Key Points
·
Funds From Operations (FFO) per common share was $0.21 and FFO adjusted for impairment of non-depreciable real estate and other non-cash adjustments, net of taxes, per common share was $0.22 for the fourth quarter of 2011, compared to FFO and FFO adjusted per share of $0.21 for the fourth quarter of 2010.
·
FFO per share was $0.67 for full year 2011, compared to $0.62 for 2010; FFO adjusted per share was $0.82 for 2011 compared to $0.84 for the prior year.
·
Consolidated same store net operating income (NOI) increased by 8.7 percent and 4.2 percent for the three and twelve months ended December 31, 2011, respectively, over the same periods last year.
·
Total portfolio financial occupancy was 90.3 percent and consolidated same store financial occupancy was 89.1 percent at year end 2011, representing increases of 110 basis points and 30 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 17.5 percent and 6.4 percent, respectively, over expiring rents for the quarter. For 2011, Company increased average base rent by 7.4 percent for new leases and 6.9 percent for renewal leases, over expiring rents.
·
Executed 91 leases within the total portfolio for 478,829 square feet for the quarter, representing an increase in square feet leased of 30.2 percent over prior quarter. For 2011, leased 1.9 million square feet, second only to 2010 for largest amount of square feet leased in a single year by the Company.
·
Closed new $50 million, seven-year unsecured term loan; utilized proceeds of loan, cash on hand and line of credit facility to repurchase entire $81 million in principal of 4.625% convertible senior notes that remained outstanding at beginning of quarter.
·
Recorded fee income from unconsolidated joint ventures of $6.0 million for 2011, an increase of more than 68 percent over 2010.
·
Acquired through the IRC-PGGM joint venture three retail properties for an aggregate price of $56 million during the quarter: 137,821-square-foot grocery-anchored center in Milwaukee, Wis. suburb; 88,218-square-foot grocery-anchored center in Chicago; and 105,471-square-foot national, big-box-anchored retail center in Cincinnati, Ohio market.
Financial Results for the Quarter
For the quarter ended December 31, 2011, Funds From Operations (FFO) attributable to common stockholders was $19.1 million, compared to $18.5 million for the fourth quarter of 2010. On a per share basis, FFO was $0.21 (basic and diluted) in each period.
For the quarter ended December 31, 2011, FFO adjusted for impairment of non-depreciable real estate and other non-cash adjustments, net of taxes was $19.2 million, compared to $18.7 million in the prior year quarter. On a per share basis, FFO adjusted for those items was $0.22 (basic and diluted) for the quarter, compared to $0.21 for the fourth quarter of 2010.
0
The increases in FFO and FFO adjusted were primarily due to higher consolidated same store net operating income (NOI) and lower interest expense, partially offset by decreased gains on the sale of joint venture interests through our IPCC joint venture, compared to the prior year quarter.
Net income attributable to common stockholders for the fourth quarter of 2011 was $0.9 million, compared to $4.0 million for the fourth quarter of 2010. On a per share basis, net income attributable to common stockholders was $0.01 (basic and diluted), compared to $0.05 for the prior year quarter. Net income for the quarter decreased primarily due to the recording of aggregate non-cash impairment charges of $2.8 million related to two consolidated single-tenant properties under contract to sell at prices below their current carrying value and by the aforementioned lower gains on the sale of joint venture interests. Net income attributable to common stockholders also was impacted by dividends declared during the quarter on the outstanding shares of the 8.125% Series A Cumulative Redeemable Preferred Stock (Preferred Stock) that were issued by the Company in October of 2011.
Financial Results for the Twelve Months Ended December 31, 2011
For the twelve months ended December 31, 2011, FFO attributable to common stockholders was $59.6 million, compared to $53.1 million for the same period in 2010. On a per share basis, FFO for the full year 2011 was $0.67 (basic and diluted), compared to FFO of $0.62 for the prior year.
For the year ended December 31, 2011, the Company recorded aggregate non-cash impairment charges of non-depreciable real estate and other non-cash adjustments, net of taxes, of $12.6 million related to the North Aurora Towne Center development joint venture project to reflect the property at its reduced fair value. By comparison, the Company recorded aggregate non-cash impairment charges of non-depreciable real estate, net of taxes, related to unconsolidated development joint venture projects and a gain on the extinguishment of debt, netting to $19.4 million for the year ended December 31, 2010.
FFO, adjusted for impairment of non-depreciable real estate and other non-cash adjustments, net of taxes, was $72.2 million for the year ended December 31, 2011, compared to $72.4 million for the full year 2010. On a per share basis, FFO adjusted for those items was $0.82 (basic and diluted) for 2011, compared to $0.84 for the prior year.
Net loss attributable to common stockholders for the twelve months ended December 31, 2011, was $8.1 million, compared to net income of $1.2 million for the same period in 2010. On a per share basis, net loss attributable to common stockholders was $0.09 (basic and diluted), compared to net income of $0.01 for the prior year. Net income decreased due to higher depreciation and amortization expense, higher interest expense, lower gains from the sale of interests in properties acquired through the joint venture with Inland Private Capital Corporation (IPCC), decreased gains on the sale of investment securities, and the impact in the prior year period of combined gains on the change in control of Algonquin Commons and extinguishment of debt totaling $6.5 million. Net income attributable to common stockholders also was impacted by dividends declared on the outstanding shares of Preferred Stock issued by the Company in the fourth quarter of 2011. The decrease in net income was partially offset by lower non-cash impairment charges compared to the prior year period.
The Company adjusts FFO for the impact of non-cash impairment of non-depreciable real estate and other non-cash adjustments, net of taxes recorded in comparable periods, in order to present the performance of its core portfolio operations. Reconciliations of FFO and FFO, adjusted, to net loss attributable to common stockholders, calculated in accordance with U.S. GAAP, as well as FFO per share and FFO, adjusted per share to net loss attributable to common stockholders per share, are provided at the end of this press release.
Commented Mark Zalatoris, Inland Real Estate Corporation's president and chief executive officer, “The momentum in portfolio operations is reflected in gains in NOI for the consolidated same store portfolio and average base rents for both the quarter and full year. Lease execution also was robust, with approximately 1.9 million square feet of retail space leased across the total portfolio in 2011. As well, we believe the deliberate improvements we have made to our tenant mix have increased the value of our real estate assets.
“Today, we are also better capitalized with enhanced liquidity and flexibility. In addition to a well-priced Preferred Stock offering, in 2011 we took advantage of market opportunities to secure improved terms for our credit facilities as well as lock in new financing with attractive rates to address secured debt maturities, finance acquisitions, and repurchase our 4.625% convertible senior notes.”
Zalatoris added, “As the markets recover, our stronger operating platform should provide continued momentum for growth. Our joint ventures are therefore a primary focus. Toward that end, in 2011 we doubled the amount of acquisitions for our IPCC joint venture over the prior year and added assets in the Chicago, Minneapolis, Milwaukee and Cincinnati markets to our venture with PGGM.”
Portfolio Performance
The Company evaluates its overall portfolio by analyzing the operating performance of properties that have been owned and operated for the same three and twelve-month periods during each year. A total of 104 of the Company’s investment properties within the consolidated portfolio satisfied this criterion during these periods and are referred to as “same store” properties. Same store net operating income (NOI) is a supplemental non-GAAP measure used to monitor the performance of the Company’s investment properties.
1
A reconciliation of consolidated same store NOI to net loss attributable to common stockholders, calculated in accordance with U.S. GAAP, is provided at the end of this news release.
Consolidated portfolio same store NOI was $24.2 million for the quarter and $90.8 million for the twelve months ended December 31, 2011, representing increases of 8.7 percent and 4.2 percent, respectively, over the prior year periods. The increases were primarily due to decreased property operating expense, including lower real estate tax bills.
As of December 31, 2011, same store financial occupancy for the consolidated portfolio was 89.1 percent, representing increases of 90 and 30 basis points, respectively, over same store financial occupancy at September 30, 2011, and December 31, 2010.
Leasing
For the quarter ended December 31, 2011, the Company executed 91 leases within the total portfolio aggregating 478,829 square feet of gross leasable area (“GLA”), an increase in square feet leased of 30.2 percent over the prior quarter. Leasing activity for this period included 56 renewal leases comprising 327,320 square feet of GLA with an average rental rate of $15.01 per square foot and representing an increase of 6.4 percent over the average expiring rent. Twelve new leases and 23 non-comparable leases aggregating 151,509 square feet of GLA were signed during the quarter. New leases executed during the quarter had an average rental rate of $12.52 per square foot, an increase of 17.5 percent over the expiring rent. The non-comparable leases were signed with an average rental rate of $13.58 per square foot. Non-comparable leases represent leases signed for expansion square footage or for space in which there was no former tenant in place for one year or more. On a blended basis, the 68 new and renewal leases signed during the quarter had an average rental rate of $14.59 per square foot, representing an increase of 7.9 percent over the average expiring rent. The calculations of former and new average base rents are adjusted for rent abatements on the included leases.
Leased occupancy for the total portfolio was 92.7 percent as of December 31, 2011, compared to 93.8 percent as of September 30, 2011, and 93.3 percent as of December 31, 2010. The decrease in total portfolio leased occupancy primarily was due to lease expirations on two big-box spaces that are currently being marketed for sale or lease, as well as the sales of 100-percent-occupied properties in the consolidated and unconsolidated portfolios during the quarter.
Financial occupancy for the total portfolio was 90.3 percent as of December 31, 2011, compared to 88.5 percent as of September 30, 2011, and 89.2 percent as of December 31, 2010. The increase in total portfolio financial occupancy was due to new tenants exiting abatement periods and beginning to pay rent during the quarter. Financial occupancy is defined as the percentage of total gross leasable area for which a tenant is obligated to pay rent under the terms of the lease agreement, regardless of the actual use or occupation by that tenant of the area being leased, and excludes tenants in abatement periods. All occupancy rates exclude seasonal leases.
As of December 31, 2011, the spread between leased and financial occupancy narrowed to 240 basis points from 410 basis points at the end of the fourth quarter of 2010. The decreased spread between leased and financial occupancy indicates that an increased number of new tenants are open for business and paying rent under leases signed earlier in 2011.
EBITDA, Balance Sheet, Liquidity and Market Value
Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for non-cash impairments of non-depreciable real estate and other non-cash adjustments, was $32.3 million for the quarter, compared to $31.3 million for the fourth quarter of 2010. For the year ended December 31, 2011, EBITDA, adjusted for those items, was $124.6 million, compared to $119.9 million for the prior year period. Definitions and reconciliations of EBITDA and adjusted EBITDA to income (loss) from continuing operations are provided at the end of this news release.
EBITDA coverage of interest expense, adjusted, was 2.8 times for the quarter ended December 31, 2011, compared to 2.5 times for the prior quarter and 2.4 times for the fourth quarter of 2010. The Company has provided EBITDA and related non-GAAP coverage ratios because it believes EBITDA and the related ratios provide useful supplemental measures in evaluating the Company’s operating performance in that expenses that may not be indicative of operating performance are excluded.
During the quarter, the Company closed a new $50 million, seven-year unsecured term loan with a rate of 3.5 percent. The Company utilized the term loan proceeds, cash on hand and its line of credit facility to repurchase the remaining $81 million in principal of 4.625% convertible senior notes outstanding as of October 2011 plus accrued interest. The Company expects to realize interest expense savings of approximately $2 million during 2012, due to the term loan’s lower interest rate, currently 3.5 percent, versus the 5.875 percent rate used in accordance with accounting rules to record interest expense for the 4.625% convertible senior notes.
As of December 31, 2011, the Company had an equity market capitalization (common shares) of $677.2 million, Preferred Stock (at face value) of $50.0 million, and total debt outstanding of $921.0 million (including the pro-rata share of debt in unconsolidated joint ventures and full face value of convertible notes) for a total market capitalization of approximately $1.6 billion and a debt-to-total market capitalization of 55.9 percent. Including the convertible notes, 52.2 percent of consolidated debt bears interest at fixed rates.
2
As of December 31, 2011, the weighted average interest rate on the fixed rate debt was 5.49 percent and the overall weighted average interest rate, including variable rate debt, was 4.33 percent. The Company had $80 million outstanding on its $150 million unsecured line of credit facility at the end of the quarter.
Acquisitions
On November 1, 2011, and as previously announced, IRC acquired for $25.8 million the 174,782-square-foot Bradley Commons shopping center, a regional power center located approximately 50 miles south of Chicago.
Dispositions
During the quarter the Company sold three unanchored neighborhood retail centers: Rose Plaza East and Rose Plaza West in Naperville, Ill., for a total sales price of $5.05 million, and Orland Park Retail in Orland Park, Ill., for $975,000.
Joint Venture Activity
In the fourth quarter, the joint venture with IPCC completed sales of all remaining interests in the 100-percent-leased National Net Leased Portfolio, comprised of 16 single-tenant retail properties in nine states aggregating approximately 108,000 square feet of GLA plus two ground leases.
During the quarter, the IRC-PGGM joint venture acquired the following assets: the 137,821-square-foot, 94 percent leased Brownstones Shopping Center anchored by Roundy’s Metro Market and TJ Maxx in Brookfield, Wis., for $24.1 million; the 88,218-square-foot, 95 percent leased Elston Plaza anchored by SuperValu’s Jewel-Osco in Chicago, Ill., for $18.9 million; and the 105,471-square-foot, 95 percent leased Turfway Commons anchored by Babies R Us, Michaels and Guitar Center and shadow-anchored by Sam’s Club, in the Cincinnati, Ohio market for $13 million. In conjunction with the acquisitions and according to the terms of the joint venture agreement with PGGM, IRC contributed the Quarry Retail shopping center in Minneapolis, Minn.; the Caton Crossing shopping center in Plainfield, Ill.; and the Woodfield Plaza shopping center in Schaumburg, Ill., to the venture.
Total fee income from unconsolidated joint ventures was $1.8 million for the fourth quarter and $6.0 million for the full year 2011, representing increases of 54.6 percent and 68.4 percent, respectively, over the prior year periods. The increases primarily were due to higher acquisition fee income from the IRC-IPCC joint venture and more assets under management through the joint ventures with IPCC and PGGM.
Distributions
On November 15, 2011, the Company paid a cash dividend of $0.220052 per share on the outstanding shares of its 8.125% Series A Cumulative Redeemable Preferred Stock to Preferred Stockholders of record as of November 1, 2011. In December 2011 and January 2012, the Company paid a monthly cash dividend to Preferred Stockholders of $0.169271 per share on the outstanding shares of its Preferred Stock. In addition, the Company has declared a cash dividend of $0.169271 per share on the outstanding shares of its Preferred Stock, payable on February 15, 2012, to Preferred Stockholders of record as of February 1, 2012.
In November and December 2011 and January 2012, the Company paid monthly cash distributions to Common Stockholders of $0.0475 per common share. The Company also declared a cash distribution of $0.0475 per common share, payable on February 17, 2012, to common stockholders of record as of January 31, 2012.
Guidance
For fiscal year 2012, the Company expects FFO per common share (basic and diluted), to range from $0.84 to $0.89, consolidated same store net operating income to increase by 1 percent to 3 percent, and average total portfolio financial occupancy to range from 90 percent to 91 percent.
Conference Call/Webcast
Management will host a conference call to discuss the Company’s financial and operational results on Thursday, February 9, 2012, at 2:00 p.m. CT (3:00 p.m. ET). Hosting the conference call will be Mark Zalatoris, President and Chief Executive Officer, Brett Brown, Chief Financial Officer, and Scott Carr, President of Property Management. The live conference call can be accessed by dialing 1-877-317-6789 (toll free) for callers within the United States, 1-866-605-3852 (toll free) for callers dialing from Canada, or 1-412-317-6789 for other international callers. A live webcast also will be available on the Company’s website at www.inlandrealestate.com. The conference call will be recorded and available for replay one hour after the end of the live event through 8:00 a.m. CT (9:00 a.m. ET) on February 20, 2012. Interested parties can access the replay of the conference call by dialing 1-877-344-7529 or 1-412-317-0088 for international callers, and entering the replay pass code 10008889. An online playback of the webcast will be archived for approximately one year within the investor relations section of the Company’s website.
3
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-administered and self-managed publicly traded real estate investment trust (REIT) that owns and operates open-air neighborhood, community, power and lifestyle retail centers and single-tenant properties located primarily in the Midwestern United States. As of December 31, 2011, the Company owned interests in 146 investment properties, including 38 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 14 million square feet. Additional information on Inland Real Estate Corporation, including a copy of the Company’s supplemental financial information for the three and twelve months ended December 31, 2011, is available at www.inlandrealestate.com.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not reflect historical facts and instead reflect our management’s intentions, beliefs, expectations, plans or predictions of the future. Forward-looking statements can often be identified by words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Examples of forward-looking statements include, but are not limited to, statements that describe or contain information related to matters such as management’s intent, belief or expectation with respect to our financial performance, investment strategy or our portfolio, our ability to address debt maturities, our cash flows, our growth prospects, the value of our assets, our joint venture commitments and the amount and timing of anticipated future cash distributions. Forward-looking statements reflect the intent, belief or expectations of our management based on their knowledge and understanding of the business and industry and their assumptions, beliefs and expectations with respect to the market for commercial real estate, the U.S. economy and other future conditions. These statements are not guarantees of future performance, and investors should not place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or forecasted in forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the factors listed and described under Item 1A”Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2010, as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2011 as they may be revised or supplemented by us in subsequent Reports on Form 10-Q and other filings with the SEC. Among such risks, uncertainties and other factors are market and economic challenges experienced by the U.S. economy or real estate industry as a whole, including dislocations and liquidity disruptions in the credit markets; the inability of tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; competition for real estate assets and tenants; impairment charges; the availability of cash flow from operating activities for distributions and capital expenditures; our ability to refinance maturing debt or to obtain new financing on attractive terms; future increases in interest rates; actions or failures by our joint venture partners, including development partners; and factors that could affect our ability to qualify as a real estate investment trust. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
4
INLAND REAL ESTATE CORPORATION
Consolidated Balance Sheets
December 31, 2011 and 2010
(In thousands except per share data)
December 31, 2011 (unaudited) | December 31, 2010 | |||
Assets: | ||||
Investment properties: | ||||
Land | $ | 314,384 | 345,637 | |
Construction in progress | 1,669 | 142 | ||
Building and improvements | 950,421 | 999,723 | ||
1,266,474 | 1,345,502 | |||
Less accumulated depreciation | 323,839 | 326,546 | ||
Net investment properties | 942,635 | 1,018,956 | ||
Cash and cash equivalents | 7,751 | 13,566 | ||
Investment in securities | 12,075 | 10,053 | ||
Accounts receivable, net | 30,097 | 37,755 | ||
Investment in and advances to unconsolidated joint ventures | 101,670 | 103,616 | ||
Acquired lease intangibles, net | 31,948 | 38,721 | ||
Deferred costs, net | 18,760 | 17,041 | ||
Other assets | 14,970 | 15,133 | ||
Total assets | $ | 1,159,906 | 1,254,841 | |
Liabilities: | ||||
Accounts payable and accrued expenses | $ | 33,165 | 34,768 | |
Acquired below market lease intangibles, net | 11,147 | 10,492 | ||
Distributions payable | 4,397 | 4,139 | ||
Mortgages payable | 391,202 | 483,186 | ||
Unsecured credit facilities | 280,000 | 195,000 | ||
Convertible notes | 27,863 | 107,360 | ||
Other liabilities | 21,719 | 18,898 | ||
Total liabilities | 769,493 | 853,843 | ||
Commitments and contingencies | ||||
Stockholders' Equity: | ||||
Preferred stock, $0.01 par value, 6,000 Shares authorized; 2,300 Series A shares issued and outstanding at December 31, 2011 and none issued and outstanding at December 31, 2010. | 50,000 | - | ||
Common stock, $0.01 par value, 500,000 Shares authorized; 88,992 and 87,838 Shares issued and outstanding at December 31, 2011 and 2010, respectively | 890 | 878 | ||
Additional paid-in capital (net of offering costs of $67,753 and $65,322 at December 31, 2011 and 2010, respectively) | 783,211 | 775,348 | ||
Accumulated distributions in excess of net income | (435,201) | (376,480) | ||
Accumulated other comprehensive income (expense) | (7,400) | 1,148 | ||
Total stockholders' equity | 391,500 | 400,894 | ||
Noncontrolling interest | (1,087) | 104 | ||
Total equity | 390,413 | 400,998 | ||
Total liabilities and stockholders' equity | $ | 1,159,906 | 1,254,841 |
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INLAND REAL ESTATE CORPORATION
Consolidated Balance Sheets (continued)
December 31, 2011 and 2010
(In thousands except per share data)
The following table presents certain assets and liabilities of consolidated variable interest entities (VIEs), which are included in the Consolidated Balance Sheet above as of December 31, 2010. There were no consolidated VIE assets and liabilities as of December 31, 2011. The assets in the table below include only those assets that can be used to settle obligations of consolidated VIEs. The liabilities in the table below include third-party liabilities of consolidated VIEs only, and exclude intercompany balances that are eliminated in consolidation.
December 31, 2010 | ||
Assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs: | ||
Investment properties: | ||
Land | $ | 7,292 |
Building and improvements | 22,283 | |
29,575 | ||
Less accumulated depreciation | 237 | |
Net investment properties | 29,338 | |
Acquired lease intangibles, net | 5,450 | |
Other assets | 403 | |
Total assets of consolidated VIEs that can only be used to settle obligations of consolidated VIEs | $ | 35,191 |
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of the Company: | ||
Mortgages payable | $ | 19,353 |
Other liabilities | 615 | |
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of the Company | $ | 19,968 |
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INLAND REAL ESTATE CORPORATION
Consolidated Statements of Operations
For the three and twelve months ended December 31, 2011 and 2010 (unaudited)
(In thousands except per share data)
Three months ended December 31, 2011 | Three months ended December 31, 2010 | Twelve months ended December 31, 2011 | Twelve months ended December 31, 2010 | ||||||
Revenues: | |||||||||
Rental income | $ | 28,617 | 30,407 | 119,100 | 116,796 | ||||
Tenant recoveries | 6,221 | 11,717 | 39,589 | 42,770 | |||||
Other property income | 549 | 508 | 2,510 | 2,029 | |||||
Fee income from unconsolidated joint ventures | 1,787 | 1,156 | 6,027 | 3,578 | |||||
Total revenues | 37,174 | 43,788 | 167,226 | 165,173 | |||||
Expenses: | |||||||||
Property operating expenses | 5,263 | 9,393 | 27,915 | 31,142 | |||||
Real estate tax expense | 3,486 | 7,463 | 28,530 | 32,472 | |||||
Depreciation and amortization | 12,096 | 11,847 | 50,303 | 44,188 | |||||
Provision for asset impairment | 2,841 | 200 | 8,064 | 18,190 | |||||
General and administrative expenses | 3,846 | 3,250 | 14,656 | 13,735 | |||||
Total expenses | 27,532 | 32,153 | 129,468 | 139,727 | |||||
Operating income | 9,642 | 11,635 | 37,758 | 25,446 | |||||
Other income | 257 | 365 | 2,438 | 4,563 | |||||
Gain (loss) on change in control of investment property | - | (104) | (1,400) | 5,018 | |||||
Gain on sale of joint venture interest | 453 | 1,693 | 1,366 | 4,555 | |||||
Gain on extinguishment of debt | - | - | - | 1,481 | |||||
Interest expense | (9,133) | (10,782) | (41,668) | (36,293) | |||||
Income (loss) before income tax benefit (expense) of taxable REIT subsidiaries, equity in earnings (loss) of unconsolidated joint ventures and discontinued operations | 1,219 | 2,807 | (1,506) | 4,770 | |||||
Income tax benefit (expense) of taxable REIT subsidiaries | (522) | 216 | 632 | (719) | |||||
Equity in earnings (loss) of unconsolidated joint ventures | 196 | (173) | (8,124) | (4,365) | |||||
Income (loss) from continuing operations | 893 | 2,850 | (8,998) | (314) | |||||
Income from discontinued operations | 978 | 1,242 | 1,944 | 1,838 | |||||
Net income (loss) | 1,871 | 4,092 | (7,054) | 1,524 | |||||
Less: Net income attributable to the noncontrolling interest | (19) | (74) | (130) | (306) | |||||
Net income (loss) attributable to Inland Real Estate Corporation | 1,852 | 4,018 | (7,184) | 1,218 | |||||
Dividends on preferred shares | (948) | - | (948) | - | |||||
Net income (loss) attributable to common stockholders | 904 | 4,018 | (8,132) | 1,218 | |||||
Other comprehensive income (expense): | |||||||||
Unrealized gain (loss) on investment securities | 779 | 211 | (1,053) | 1,549 | |||||
Reversal of unrealized gain to realized gain on investment securities | - | (104) | (1,191) | (2,080) | |||||
Unrealized loss on derivative instruments | (328) | (2,092) | (6,304) | (2,031) | |||||
Comprehensive income (loss) | $ | 1,355 | 2,033 | (16,680) | (1,344) | ||||
Basic and diluted earnings attributable to common shares per weighted average common share: | |||||||||
Income (loss) from continuing operations | $ | - | 0.03 | (0.11) | (0.01) | ||||
Income from discontinued operations | 0.01 | 0.02 | 0.02 | 0.02 | |||||
Net income (loss) attributable to common stockholders per weighted average common share – basic and diluted | $ | 0.01 | 0.05 | (0.09) | 0.01 | ||||
Weighted average number of common shares outstanding – basic | 88,838 | 87,251 | 88,530 | 85,951 | |||||
Weighted average number of common shares outstanding – diluted | 88,954 | 87,340 | 88,530 | 85,951 |
7
Non-GAAP Financial Measures
We consider FFO a widely accepted and appropriate measure of performance for a REIT. FFO provides a supplemental measure to compare our performance and operations to other REITs. Due to certain unique operating characteristics of real estate companies, NAREIT has promulgated a standard known as FFO, which it believes more accurately reflects the operating performance of a REIT such as ours. As defined by NAREIT, FFO means net income computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of operating property, plus depreciation and amortization and after adjustments for unconsolidated entities in which the REIT holds an interest, which NAREIT further elaborated to exclude impairment write-downs of depreciable real estate or of investments in unconsolidated entities that are driven by measurable decreases in the fair value of depreciable real estate. We have adopted the NAREIT definition for computing FFO. Management uses the calculation of FFO for several reasons. We use FFO in conjunction with our acquisition policy to determine investment capitalization strategy and we also use FFO to compare our performance to that of other REITs in our peer group. Additionally, FFO is used in certain employment agreements to determine incentives payable by us to certain executives, based on our performance. The calculation of FFO may vary from entity to entity since capitalization and expense policies tend to vary from entity to entity. Items that are capitalized do not impact FFO whereas items that are expensed reduce FFO. Consequently, our presentation of FFO may not be comparable to other similarly titled measures presented by other REITs. FFO does not represent cash flows from operations as defined by U.S. GAAP, it is not indicative of cash available to fund all cash flow needs and liquidity, including our ability to pay distributions and should not be considered as an alternative to net income, as determined in accordance with U.S. GAAP, for purposes of evaluating our operating performance. The following table reflects our FFO and adjusted FFO for the periods presented, reconciled to net income (loss) attributable to common stockholders for these periods. The Company adjusts FFO for the impact of non-cash impairment charges on non-depreciable real estate and other non-cash adjustments, net of taxes and gains on extinguishment of debt recorded in comparable periods in order to present the performance of its core portfolio operations.
Three months ended December 31, 2011 | Three months ended December 31, 2010 | Twelve months ended December 31, 2011 | Twelve months ended December 31, 2010 | |||||||
Net income (loss) attributable to common stockholders | $ | 904 | 4,018 | (8,132) | 1,218 | |||||
Gain on sale of investment properties | (955) | (1,108) | (1,510) | (1,490) | ||||||
(Gain) loss from change in control of investment property | - | 104 | 1,400 | (5,018) | ||||||
Impairment of depreciable operating property | 2,841 | - | 2,841 | - | ||||||
Equity in depreciation and amortization of unconsolidated joint ventures | 4,260 | 3,474 | 14,653 | 13,642 | ||||||
Amortization on in-place lease intangibles | 1,293 | 1,355 | 6,540 | 4,478 | ||||||
Amortization on leasing commissions | 372 | 313 | 1,423 | 1,120 | ||||||
Depreciation, net of noncontrolling interest | 10,399 | 10,300 | 42,415 | 39,123 | ||||||
Funds From Operations attributable to common stockholders | 19,114 | 18,456 | 59,630 | 53,073 | ||||||
Gain on extinguishment of debt | - | - | - | (1,481) | ||||||
Impairment loss, net of taxes: | ||||||||||
Provision for asset impairment | - | 200 | 5,223 | 18,190 | ||||||
Provision for asset impairment included in equity in loss of unconsolidated joint ventures | - | - | 7,824 | 2,498 | ||||||
Other non-cash adjustments | 99 | - | 940 | - | ||||||
Provision for income taxes: | ||||||||||
Tax (benefit) expense related to current impairment charges, net of valuation allowance | - | - | (1,368) | 147 | ||||||
Funds From Operations attributable to common stockholders, adjusted | $ | 19,213 | 18,656 | 72,249 | 72,427 | |||||
Net income (loss) attributable to common stockholders per weighted average common share – basic and diluted | $ | 0.01 | 0.05 | (0.09) | 0.01 | |||||
Funds From Operations attributable to common stockholders, per weighted average common share – basic and diluted | $ | 0.21 | 0.21 | 0.67 | 0.62 | |||||
Funds From Operations attributable to common stockholders, adjusted, per weighted average common share – basic and diluted | $ | 0.22 | 0.21 | 0.82 | 0.84 | |||||
Weighted average number of common shares outstanding, basic | 88,838 | 87,251 | 88,530 | 85,951 | ||||||
Weighted average number of common shares outstanding, diluted | 88,954 | 87,340 | 88,633 | 86,036 |
8
EBITDA is defined as earnings (losses) from operations excluding: (1) interest expense; (2) income tax benefit or expenses; (3) depreciation and amortization expense; and (4) gains (loss) on non-operating property. We believe EBITDA is useful to us and to an investor as a supplemental measure in evaluating our financial performance because it excludes expenses that we believe may not be indicative of our operating performance. By excluding interest expense, EBITDA measures our financial performance regardless of how we finance our operations and capital structure. By excluding depreciation and amortization expense, we believe we can more accurately assess the performance of our portfolio. Because EBITDA is calculated before recurring cash charges such as interest expense and taxes and is not adjusted for capital expenditures or other recurring cash requirements, it does not reflect the amount of capital needed to maintain our properties nor does it reflect trends in interest costs due to changes in interest rates or increases in borrowing. EBITDA should be considered only as a supplement to net earnings and may be calculated differently by other equity REITs.
Three months ended December 31, 2011 | Three months ended December 31, 2010 | Twelve months ended December 31, 2011 | Twelve months ended December 31, 2010 | ||||||
Net income (loss) | $ | 1,871 | 4,092 | (7,054) | 1,524 | ||||
Net income attributable to noncontrolling interest | (19) | (74) | (130) | (306) | |||||
Gain on sale of property | (955) | (1,108) | (1,510) | (1,536) | |||||
(Gain) loss from change in control of investment property | - | 104 | 1,400 | (5,018) | |||||
Income tax (benefit) expense of taxable REIT subsidiaries | 522 | (216) | (632) | 719 | |||||
Interest expense | 9,133 | 10,782 | 41,668 | 36,293 | |||||
Interest expense associated with discontinued operations | - | - | - | 575 | |||||
Interest expense associated with unconsolidated joint ventures | 2,511 | 2,072 | 8,865 | 9,774 | |||||
Depreciation and amortization | 12,096 | 11,847 | 50,303 | 44,188 | |||||
Depreciation and amortization associated with discontinued operations | 3 | 97 | 257 | 832 | |||||
Depreciation and amortization associated with unconsolidated joint ventures | 4,260 | 3,474 | 14,653 | 13,642 | |||||
EBITDA | 29,422 | 31,070 | 107,820 | 100,687 | |||||
Gain on extinguishment of debt | - | - | - | (1,481) | |||||
Provision for asset impairment | 2,841 | 200 | 8,064 | 18,190 | |||||
Provision for asset impairment included in equity in loss of unconsolidated joint ventures | - | - | 7,824 | 2,498 | |||||
Other non-cash adjustments | 99 | - | 940 | - | |||||
EBITDA, adjusted | $ | 32,362 | 31,270 | 124,648 | 119,894 | ||||
Total Interest Expense | $ | 11,644 | 12,854 | 50,533 | 46,642 | ||||
EBITDA: Interest Expense Coverage Ratio | 2.5 x | 2.4 x | 2.1 x | 2.2 x | |||||
EBITDA: Interest Expense Coverage Ratio, adjusted | 2.8 x | 2.4 x | 2.5 x | 2.6 x | |||||
Same Store Net Operating Income Analysis
The following schedules present same store net operating income, for our consolidated portfolio, which is the net operating income of properties owned in both the three and twelve months ended December 31, 2011 and 2010, along with other investment properties' net operating income. Same store net operating income is considered a non-GAAP financial measure because it does not include straight-line rental income, amortization of lease intangibles, interest, depreciation, amortization and bad debt expense. We provide same store net operating income as it allows investors to compare the results of property operations for the three and twelve months ended December 31, 2011 and 2010. We also provide a reconciliation of these amounts to the most comparable GAAP measure, net income (loss) attributable to common stockholders.
Consolidated | Three months ended December 31,2011 | Three months ended December 31, 2010 | % Change | Twelve months ended December 31,2011 | Twelve months ended December 31, 2010 | % Change | |
Rental income and additional income: | |||||||
"Same store" investment properties, 104 properties | |||||||
Rental income | $ | 24,793 | 24,562 | 0.9% | 98,132 | 97,268 | 0.9% |
Tenant recovery income | 5,129 | 9,541 | -46.2% | 33,393 | 35,315 | -5.4% | |
Other property income | 500 | 401 | 24.7% | 2,324 | 1,788 | 30.0% | |
"Other investment properties” | |||||||
Rental income | 3,505 | 5,304 | 18,981 | 18,102 | |||
Tenant recovery income | 1,092 | 2,176 | 6,196 | 7,455 | |||
Other property income | 49 | 107 | 186 | 241 | |||
Total rental income and additional income | $ | 35,068 | 42,091 | 159,212 | 160,169 | ||
Property operating expenses: | |||||||
"Same store" investment properties, 104 properties | |||||||
Property operating expenses | $ | 3,860 | 6,431 | -40.0% | 19,754 | 21,086 | -6.3% |
Real estate tax expense | 2,327 | 5,785 | -59.8% | 23,258 | 26,082 | -10.8% | |
"Other investment properties" | |||||||
Property operating expenses | 844 | 1,503 | 4,149 | 3,769 | |||
Real estate tax expense | 1,159 | 1,678 | 5,272 | 6,390 | |||
Total property operating expenses | $ | 8,190 | 15,397 | 52,433 | 57,327 | ||
Property net operating income | |||||||
"Same store" investment properties | $ | 24,235 | 22,288 | 8.7% | 90,837 | 87,203 | 4.2% |
"Other investment properties" | 2,643 | 4,406 | 15,942 | 15,639 | |||
Total property net operating income | $ | 26,878 | 26,694 | 106,779 | 102,842 | ||
Other income: | |||||||
Straight-line rents | $ | 277 | 514 | 1,631 | 1,522 | ||
Amortization of lease intangibles | 42 | 27 | 356 | (96) | |||
Other income | 257 | 365 | 2,438 | 4,563 | |||
Fee income from unconsolidated joint ventures | 1,787 | 1,156 | 6,027 | 3,578 | |||
Gain (loss) on change in control of investment property | - | (104) | (1,400) | 5,018 | |||
Gain on sale of joint venture interest | 453 | 1,693 | 1,366 | 4,555 | |||
Gain on extinguishment of debt | - | - | - | 1,481 | |||
Other expenses: | |||||||
Income tax benefit (expense) of taxable REIT subsidiaries | (522) | 216 | 632 | (719) | |||
Bad debt expense | (559) | (1,459) | (4,012) | (6,287) | |||
Depreciation and amortization | (12,096) | (11,847) | (50,303) | (44,188) | |||
General and administrative expenses | (3,846) | (3,250) | (14,656) | (13,735) | |||
Interest expense | (9,133) | (10,782) | (41,668) | (36,293) | |||
Provision for asset impairment | (2,841) | (200) | (8,064) | (18,190) | |||
Equity in earnings (loss) of unconsolidated ventures | 196 | (173) | (8,124) | (4,365) | |||
Income (loss) from continuing operations | 893 | 2,850 | (8,998) | (314) | |||
Income from discontinued operations | 978 | 1,242 | 1,944 | 1,838 | |||
Net income (loss) | 1,871 | 4,092 | (7,054) | 1,524 | |||
Less: Net income attributable to the noncontrolling interest | (19) | (74) | (130) | (306) | |||
Net income (loss) attributable to Inland Real Estate Corporation | 1,852 | 4,018 | (7,184) | 1,218 | |||
Dividends on preferred shares | (948) | - | (948) | - | |||
Net income (loss) attributable to common stockholders | $ | 904 | 4,018 | (8,132) | 1,218 |
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011 and 2010
(In thousands except per share and square footage data)
Financial Highlights - unaudited (1) | Three months ended December 31, 2011 | Three months ended December 31, 2010 | Twelve months ended December 31, 2011 | Twelve months ended December 31, 2010 | |||||
Total revenues, as reported | $ | 37,174 | 43,788 | 167,226 | 165,173 | ||||
Total revenues, including unconsolidated joint ventures at 100% | $ | 56,190 | 59,066 | 235,873 | 229,813 | ||||
Net income (loss) attributable to common stockholders (1) | $ | 904 | 4,018 | (8,132) | 1,218 | ||||
Gain on sale of investment properties | (955) | (1,108) | (1,510) | (1,490) | |||||
(Gain) loss from change in control of investment property | - | 104 | 1,400 | (5,018) | |||||
Impairment of depreciable operating property | 2,841 | - | 2,841 | - | |||||
Equity in depreciation and amortization of unconsolidated joint ventures | 4,260 | 3,474 | 14,653 | 13,642 | |||||
Amortization on in-place leases intangibles | 1,293 | 1,355 | 6,540 | 4,478 | |||||
Amortization on leasing commissions | 372 | 313 | 1,423 | 1,120 | |||||
Depreciation, net of noncontrolling interest | 10,399 | 10,300 | 42,415 | 39,123 | |||||
Funds From Operations attributable to common stockholders | 19,114 | 18,456 | 59,630 | 53,073 | |||||
Gain on extinguishment of debt | - | - | - | (1,481) | |||||
Impairment loss, net of taxes: | |||||||||
Provision for asset impairment | - | 200 | 5,223 | 18,190 | |||||
Provision for asset impairment included in equity in loss of unconsolidated joint venture | - | - | 7,824 | 2,498 | |||||
Other non-cash adjustments | 99 | - | 940 | - | |||||
Provision of income taxes: | |||||||||
Tax (benefit) expense related to current impairment charges, net of valuation allowance | - | - | (1,368) | 147 | |||||
Funds From Operations attributable to common stockholders, adjusted | $ | 19,213 | 18,656 | 72,249 | 72,427 | ||||
Net income (loss) attributable to common stockholders per weighted average common share – basic and diluted | $ | 0.01 | 0.05 | (0.09) | 0.01 | ||||
Funds From Operations attributable to common stockholders per weighted average common share – basic and diluted | $ | 0.21 | 0.21 | 0.67 | 0.62 | ||||
Funds From Operations attributable to common stockholders, adjusted per common share – basic and diluted | $ | 0.22 | 0.21 | 0.82 | 0.84 | ||||
Distributions Declared, common stock | $ | 12,678 | 12,628 | 50,589 | 49,008 | ||||
Distributions Per Common Share | $ | 0.14 | 0.14 | 0.57 | 0.57 | ||||
Distributions / Funds From Operations Payout Ratio, adjusted | 66.0% | 67.7% | 70.0% | 67.7% | |||||
Weighted Average Commons Shares Outstanding, diluted | 88,954 | 87,340 | 88,633 | 86,036 |
Three months ended December 31, 2011 | Three months ended December 31, 2010 | Twelve months ended December 31, 2011 | Twelve months ended December 31, 2010 | ||||||
Additional Information | |||||||||
Straight-line rents | $ | 277 | 514 | 1,631 | 1,522 | ||||
Amortization of lease intangibles | 42 | 27 | 356 | (96) | |||||
Amortization of deferred financing fees | 861 | 865 | 3,667 | 2,377 | |||||
Stock based compensation expense | 96 | 119 | 397 | 353 | |||||
Capital Expenditures | |||||||||
Maintenance / non-revenue generating cap ex | |||||||||
Building / Site improvements | $ | 2,353 | 2,453 | 8,277 | 8,296 | ||||
Redevelopment | 655 | - | 4,425 | - | |||||
Non-maintenance / revenue generating cap ex | |||||||||
Tenant improvements | 6,416 | 5,024 | 30,364 | 16,300 | |||||
Leasing commissions | 828 | 921 | 4,409 | 3,395 |
(1)
See detailed pages for reconciliation of non-GAAP financial information to the most comparable GAAP measures.
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011 and 2010
(In thousands except per share and square footage data)
Financial Highlights - unaudited (continued)
As of December 31, 2011 | As of December 31, 2010 | |||
Total assets, as reported | $ | 1,159,906 | 1,254,841 | |
Total assets, including unconsolidated joint ventures at 100% | $ | 1,841,254 | 1,702,248 |
General and Administrative Expenses | Three months ended December 31, 2011 | Three months ended December 31, 2010 | Twelve months ended December 31, 2011 | Twelve months ended December 31, 2010 | |||||
General and Administrative Expenses (G&A) | $ | 3,846 | 3,250 | 14,656 | 13,735 | ||||
G&A Expenses as a Percentage of Total Revenue | 10.3% | 7.4% | 8.8% | 8.3% | |||||
G&A Expenses as a Percentage of Total Revenue, including unconsolidated joint ventures at 100% | 6.8% | 5.5% | 6.2% | 6.0% | |||||
Annualized G&A Expenses as a Percentage of Total Assets | 1.3% | 1.0% | 1.3% | 1.1% | |||||
Annualized G&A Expenses as a Percentage of Total Assets, including unconsolidated joint ventures at 100% | 0.8% | 0.8% | 0.8% | 0.8% |
Same Store Net Operating Income ("NOI")(Cash Basis) (1) | Three months ended December 31, 2011 | Three months ended December 31, 2010 | % Change | Twelve months ended December 31, 2011 | Twelve months ended December 31, 2010 | % Change | ||||||
Consolidated Portfolio (104 properties) | ||||||||||||
Same Store NOI | $ | 24,235 | 22,288 | 8.7% | 90,837 | 87,203 | 4.2% | |||||
Same Store NOI excluding lease termination income | $ | 24,235 | 22,262 | 8.9% | 90,279 | 87,021 | 3.7% | |||||
Unconsolidated Portfolio (at 100%) (13 properties) | ||||||||||||
Same Store NOI | $ | 6,421 | 6,516 | -1.5% | 25,693 | 25,517 | 0.7% | |||||
Same Store NOI excluding lease termination income | $ | 6,421 | 6,516 | -1.5% | 25,693 | 25,440 | 1.0% | |||||
Total Portfolio (including our pro rata share of unconsolidated NOI) (117 properties) | ||||||||||||
Same Store NOI | $ | 27,446 | 25,546 | 7.4% | 103,683 | 99,963 | 3.7% | |||||
Same Store NOI excluding lease termination income | $ | 27,446 | 25,520 | 7.5% | 103,125 | 99,742 | 3.4% |
(1)
Same store net operating income is considered a non-GAAP financial measure because it does not include straight-line rental income, amortization of intangible leases, interest, depreciation, amortization, bad debt and general and administrative expenses. A reconciliation of same store net operating income to net income (loss) attributable to common stockholders is provided on page 33 of this supplemental financial information.
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011 and 2010
(In thousands except per share and square footage data)
Financial Highlights - unaudited (continued)
Consolidated Occupancy (1) | As of December 31, 2011 | As of September 30, 2011 | As of December 31, 2010 | |||||
Leased Occupancy (2) | 92.0% | 93.4% | 92.9% | |||||
Financial Occupancy (3) | 89.3% | 87.5% | 88.6% | |||||
Same Store Financial Occupancy | 89.1% | 88.2% | 88.8% | |||||
Unconsolidated Occupancy (4) | As of December 31, 2011 | As of September 30, 2011 | As of December 31, 2010 | |||||
Leased Occupancy (2) | 95.7% | 95.9% | 95.8% | |||||
Financial Occupancy (3) | 94.4% | 93.4% | 93.0% | |||||
Same Store Financial Occupancy | 94.0% | 92.5% | 93.5% | |||||
Total Occupancy | As of December 31, 2011 | As of September 30, 2011 | As of December 31, 2010 | |||||
Leased Occupancy (2) | 92.7% | 93.8% | 93.3% | |||||
Financial Occupancy (3) | 90.3% | 88.5% | 89.2% | |||||
Same Store Financial Occupancy | 89.7% | 88.7% | 89.3% |
Capitalization | As of December 31, 2011 | As of December 31, 2010 | ||
Total Common Shares Outstanding | $ | 88,992 | 87,838 | |
Closing Price Per Share | 7.61 | 8.80 | ||
Equity Market Capitalization Common Shares | 677,229 | 772,974 | ||
Preferred Stock (at face value) | 50,000 | - | ||
Total Debt (5) | 921,036 | 956,864 | ||
Total Market Capitalization | $ | 1,648,265 | 1,729,838 | |
Debt to Total Market Capitalization | 55.9% | 55.3% |
(1)
All occupancy calculations exclude seasonal tenants.
(2)
Leased occupancy is defined as the percentage of total gross leasable area for which there is a signed lease regardless of whether the tenant is currently obligated to pay rent under their lease agreement.
(3)
Financial occupancy is defined as the percentage of total gross leasable area for which a tenant is obligated to pay rent under the terms of its lease agreement, regardless of the actual use or occupation by that tenant of the area being leased excluding tenants in their abatement period.
(4)
Unconsolidated occupancy is based on IRC percent ownership.
(5)
Includes pro-rata share of unconsolidated joint venture debt and full face value of convertible notes.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Consolidated Debt Schedule
The Company's mortgages payable are secured by certain of its investment properties and consist of the following at December 31, 2011:
Fixed rate debt | ||||||||||
Servicer | Property Name | Interest Rate at December 31, 2011 | Maturity Date | Balance at December 31, 2011 | Percent of Total Debt | |||||
Cohen Financial | Dunkirk Square | 5.19% | 08/2012 | $ | 4,050 | 0.58% | ||||
Cohen Financial | Park Place Plaza | 5.19% | 08/2012 | 6,500 | 0.93% | |||||
Cohen Financial | Riverdale Commons | 5.19% | 08/2012 | 9,850 | 1.41% | |||||
Cohen Financial | Downers Grove Market | 5.27% | 11/2012 | 12,500 | 1.78% | |||||
Principal Life Insurance | Big Lake Town Square | 5.05% | 01/2014 | 6,250 | 0.89% | |||||
Principal Life Insurance | Park Square | 5.05% | 01/2014 | 10,000 | 1.43% | |||||
Principal Real Estate | Iroquois Center | 5.05% | 04/2014 | 8,750 | 1.25% | |||||
Midland Loan Services (1) | Shoppes at Grayhawk | 5.17% | 04/2014 | 16,636 | 2.37% | |||||
Wachovia | Algonquin Commons | 5.45% | 11/2014 | 71,602 | 10.22% | |||||
Wachovia (1) | The Exchange at Algonquin | 5.24% | 11/2014 | 18,823 | 2.69% | |||||
Prudential Asset Resource (1) | Orland Park Place Outlots | 5.83% | 12/2014 | 5,403 | 0.77% | |||||
TCF Bank (1) | Grand/Hunt Center Outlot | 6.50% | 04/2015 | 1,511 | 0.21% | |||||
TCF Bank (1) | Dominick’s | 6.50% | 04/2015 | 6,835 | 0.98% | |||||
TCF Bank (1) | Dominick’s | 6.50% | 04/2015 | 1,504 | 0.21% | |||||
TCF Bank (1) | Cub Foods | 6.50% | 04/2015 | 3,903 | 0.56% | |||||
TCF Bank (1) | PetSmart | 6.50% | 04/2015 | 2,170 | 0.31% | |||||
TCF Bank (1) | Roundy’s | 6.50% | 04/2015 | 4,250 | 0.61% | |||||
Metlife Insurance Company (1) | Shakopee Valley Marketplace | 5.05% | 12/2017 | 7,883 | 1.12% | |||||
Metlife Insurance Company (1) | Crystal Point | 5.05% | 12/2017 | 17,638 | 2.52% | |||||
Metlife Insurance Company (1) | Shops at Orchard Place | 5.05% | 12/2017 | 24,635 | 3.52% | |||||
John Hancock Life Insurance (1) | Four Flaggs & Four Flaggs Annex | 7.65% | 01/2018 | 11,114 | 1.59% | |||||
John Hancock Life Insurance | Roundy’s | 4.85% | 12/2020 | 10,300 | 1.47% | |||||
Wells Fargo | Woodland Heights | 6.03% | 12/2020 | 4,175 | 0.60% | |||||
Wells Fargo | Salem Square | 6.03% | 12/2020 | 4,897 | 0.70% | |||||
Wells Fargo | Townes Crossing | 6.03% | 12/2020 | 6,289 | 0.90% | |||||
Wells Fargo | Hawthorne Village Commons | 6.03% | 12/2020 | 6,443 | 0.92% | |||||
Wells Fargo | Aurora Commons | 6.03% | 12/2020 | 6,443 | 0.92% | |||||
Wells Fargo | Deer Trace | 6.03% | 12/2020 | 9,691 | 1.38% | |||||
Wells Fargo | Pine Tree Plaza | 6.03% | 12/2020 | 10,825 | 1.54% | |||||
Wells Fargo | Joliet Commons | 6.03% | 12/2020 | 11,237 | 1.60% | |||||
Archon Group | Bradley Commons | 5.40% | 01/2022 | 14,330 | 2.05% | |||||
Total/Weighted Average Fixed Rate Secured | 5.54% | 336,437 | 48.03% | |||||||
Convertible Notes (2) | 5.00% | 11/2014 | 29,215 | 4.17% | ||||||
Total/Weighted Average Fixed Rate | 5.49% | 365,652 | 52.20% | |||||||
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Consolidated Debt Schedule (continued)
Variable rate debt | ||||||||||
Servicer | Property Name | Interest Rate at December 31, 2011 | Maturity Date | Balance atDecember 31, 2011 | Percent ofTotal Debt | |||||
Metropolitan Capital Bank | Corporate | 6.00% | 10/2012 | $ | 2,700 | 0.39% | ||||
Bank of America (1) | Edinburgh Festival | 4.24% | 12/2012 | 3,866 | 0.55% | |||||
Bank of America (1) | CarMax | 4.24% | 12/2012 | 9,711 | 1.39% | |||||
Bank of America (1) | Cliff Lake | 4.24% | 12/2012 | 3,955 | 0.56% | |||||
Bank of America (1) | Burnsville Crossing | 4.24% | 12/2012 | 3,778 | 0.54% | |||||
Bank of America (1) | Food 4 Less | 4.24% | 12/2012 | 2,711 | 0.39% | |||||
Bank of America (1) | Shingle Creek | 4.24% | 12/2012 | 1,933 | 0.28% | |||||
Bank of America (1) | Bohl Farm Marketplace | 4.24% | 12/2012 | 5,111 | 0.73% | |||||
Bank of America | Orchard Crossing | 3.24% | 08/2013 | 14,800 | 2.11% | |||||
Bank of America | Skokie Fashion Square | 0.51% | 12/2014 | 6,200 | 0.88% | |||||
Total/Weighted Average Variable Rate Secured | 3.63% | 54,765 | 7.82% | |||||||
Term Loan | 2.81% | 06/2014 | 150,000 | 21.42% | ||||||
Line of Credit Facility | 2.81% | 06/2014 | 80,000 | 11.42% | ||||||
Term Loan | 3.50% | 11/2018 | 50,000 | 7.14% | ||||||
Total/Weighted Average Variable Rate | 3.05% | 334,765 | 47.80% | |||||||
Total/Weighted Average Debt | 4.33% | $ | 700,417 | 100.00% |
(1)
These loans require payments of principal and interest monthly, all other loans listed are interest only.
(2)
Total convertible notes reflect the total principal amount outstanding. The consolidated balance sheet is presented including the remaining unamortized discount of $1,352.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Summary of Consolidated Debt
Schedule of Maturities by Year: | Scheduled Principal Payments | Mortgage Loan Maturities | Unsecured Maturities (1) | Total | Total Weighted Average Rate (2) | Percent of Total Debt | ||||||
2012 | $ | 3,427 | 66,208 | - | 69,635 | 4.80% | 9.94% | |||||
2013 | 3,963 | 14,800 | - | 18,763 | 3.24% | 2.68% | ||||||
2014 | 3,668 | 137,063 | 259,215 | (3)(4) | 399,946 | 3.79% | 57.10% | |||||
2015 | 1,294 | 19,270 | - | 20,564 | 6.50% | 2.94% | ||||||
2016 | 1,262 | - | - | 1,262 | - | 0.18% | ||||||
2017 | 1,250 | 44,895 | - | 46,145 | 5.05% | 6.59% | ||||||
2018 | - | 9,472 | 50,000 | 59,472 | 4.25% | 8.49% | ||||||
2019 | - | - | - | - | - | - | ||||||
2020 | - | 70,300 | - | 70,300 | 5.85% | 10.04% | ||||||
2021 | - | - | - | - | - | - | ||||||
2022 | - | 14,330 | - | 14,330 | 5.40% | 2.04% | ||||||
Total | $ | 14,864 | 376,338 | 309,215 | 700,417 | 4.33% | 100.00% | |||||
Total Debt Outstanding | December 31, 2011 | |
Mortgage loans payable: | ||
Fixed rate secured loans | $ | 336,437 |
Variable rate secured loans | 54,765 | |
Unsecured fixed rate convertible notes (3) (4) | 29,215 | |
Unsecured line of credit facility and term loan | 280,000 | |
Total | $ | 700,417 |
Percentage of Total Debt: | December 31, 2011 | |
Fixed rate loans | 52.20% | |
Variable rate loans | 47.80% |
Current Average Interest Rates (2): | December 31, 2011 | |
Fixed rate loans | 5.49% | |
Variable rate loans | 3.05% | |
Total weighted average interest rate | 4.33% |
(1)
Includes unsecured convertible notes, line of credit facility and term loan.
(2)
Interest rates are as of December 31, 2011 and exclude the impact of deferred loan fee amortization.
(3)
Total convertible notes reflect the total principal amount outstanding. The consolidated balance sheet is presented including the remaining unamortized discount of $1,352.
(4)
The convertible notes, which mature in 2029, are included in the 2014 maturities because that is the earliest date these notes can be redeemed or the note holder can require us to repurchase their note.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Significant Retail Tenants (Consolidated) (1)
Tenant Name | Number of Stores | Annual Base Rent | Percentage of Annual Base Rent | GLA Square Feet | Percentage of Total Square Footage | |||||
Roundy’s (2) | 6 | $ | 4,915 | 4.54% | 417,116 | 4.30% | ||||
Dominick's Finer Foods | 6 | 4,746 | 4.38% | 394,377 | 4.06% | |||||
Carmax | 2 | 4,021 | 3.71% | 187,851 | 1.94% | |||||
Supervalu, Inc. (3) | 6 | 3,079 | 2.84% | 350,966 | 3.62% | |||||
TJX Companies, Inc. (4) | 10 | 2,676 | 2.47% | 320,295 | 3.30% | |||||
PetSmart | 8 | 2,477 | 2.29% | 189,337 | 1.95% | |||||
Best Buy | 4 | 2,465 | 2.28% | 183,757 | 1.89% | |||||
Kroger (5) | 3 | 2,086 | 1.93% | 193,698 | 2.00% | |||||
The Sports Authority | 3 | 1,851 | 1.71% | 134,869 | 1.39% | |||||
Gordman’s | 3 | 1,534 | 1.42% | 148,630 | 1.53% | |||||
Michael’s | 6 | 1,517 | 1.40% | 133,389 | 1.37% | |||||
Dollar Tree (6) | 15 | 1,430 | 1.32% | 153,874 | 1.59% | |||||
Staples | 5 | 1,421 | 1.31% | 112,428 | 1.16% | |||||
Ulta | 6 | 1,353 | 1.25% | 67,905 | 0.70% | |||||
Party City | 8 | 1,344 | 1.24% | 93,620 | 0.96% | |||||
Retail Ventures, Inc. (DSW Warehouse) | 3 | 1,327 | 1.22% | 70,916 | 0.73% | |||||
Petco | 6 | 1,234 | 1.14% | 85,532 | 0.88% | |||||
Bally Total Fitness | 2 | 1,140 | 1.05% | 88,803 | 0.92% | |||||
The Gap (7) | 7 | 1,116 | 1.03% | 97,763 | 1.01% | |||||
Ross Dress for Less | 5 | 1,102 | 1.02% | 150,693 | 1.55% | |||||
Total | $ | 42,834 | 39.55% | 3,575,819 | 36.85% |
Significant Retail Tenants (Unconsolidated) (1) (8)
Tenant Name | Number of Stores | Annual Base Rent | Percentage of Annual Base Rent | GLA Square Feet | Percentage of Total Square Footage | |||||
Supervalu, Inc. (3) | 13 | $ | 9,455 | 15.84% | 835,875 | 18.46% | ||||
TJX Companies, Inc. (4) | 6 | 2,550 | 4.27% | 193,002 | 4.26% | |||||
Walgreen’s | 7 | 2,437 | 4.08% | 101,423 | 2.24% | |||||
Roundy’s (2) | 3 | 2,150 | 3.60% | 184,991 | 4.09% | |||||
Bed Bath and Beyond (9) | 5 | 1,820 | 3.05% | 184,482 | 4.08% | |||||
Dominick's Finer Foods | 2 | 1,600 | 2.68% | 133,294 | 2.94% | |||||
Best Buy | 1 | 1,530 | 2.56% | 45,001 | 0.99% | |||||
Home Depot | 1 | 1,243 | 2.08% | 113,000 | 2.50% | |||||
Regal Cinemas | 1 | 1,210 | 2.03% | 73,000 | 1.61% | |||||
Michael’s | 3 | 1,084 | 1.82% | 71,883 | 1.59% | |||||
Retail Ventures, Inc. (DSW Warehouse) | 2 | 1,034 | 1.73% | 48,599 | 1.07% | |||||
Hobby Lobby | 1 | 1,015 | 1.70% | 56,390 | 1.25% | |||||
Dick's Sporting Goods | 1 | 1,000 | 1.68% | 100,000 | 2.21% | |||||
REI (Recreational Equipment Inc.) | 1 | 971 | 1.63% | 25,550 | 0.56% | |||||
Kroger (5) | 2 | 904 | 1.51% | 120,411 | 2.66% | |||||
Kohl’s | 1 | 878 | 1.47% | 83,000 | 1.83% | |||||
Barnes & Noble | 2 | 858 | 1.44% | 47,223 | 1.04% | |||||
The Gap (7) | 3 | 778 | 1.30% | 51,705 | 1.14% | |||||
Strack & Van Til | 1 | 733 | 1.23% | 56,192 | 1.24% | |||||
PetSmart | 2 | 664 | 1.11% | 53,620 | 1.18% | |||||
Harlem Furniture | 1 | 628 | 1.05% | 27,932 | 0.62% | |||||
Total | $ | 34,542 | 57.86% | 2,606,573 | 57.56% |
(1)
Significant tenants are tenants that represent 1% or more of our annual base rent
(2)
Includes Roundy’s (5), Pick ‘N Save (2), Super Pick ‘N Save (1), and Metro Market (1)
(3)
Includes Jewel (11) and Cub Foods (8)
(4)
Includes TJ Maxx (6), Marshall’s (9), and Home Goods Stores (1)
(5)
Includes Kroger (1) and Food 4 Less (4)
(6)
Includes Dollar Tree (14) and Deal$ (1)
(7)
Includes Old Navy (8), The Gap (1) and The Gap Factory Store (1)
(8)
Annualized rent shown includes joint venture partner’s pro rata share
(9)
Includes Bed Bath & Beyond (3) and Buy Buy Baby (2)
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Significant Retail Tenants (Total) (1) (2)
Tenant Name | Number of Stores | Annual Base Rent | Percentage of Annual Base Rent | GLA Square Feet | Percentage of Total Square Footage | |||||
Supervalu, Inc. (3) | 19 | $ | 12,534 | 7.46% | 1,186,841 | 8.34% | ||||
Roundy’s (4) | 9 | 7,065 | 4.21% | 602,107 | 4.23% | |||||
Dominick's Finer Foods | 8 | 6,345 | 3.78% | 527,671 | 3.71% | |||||
TJX Companies, Inc. (5) | 16 | 5,227 | 3.11% | 513,297 | 3.61% | |||||
Carmax | 2 | 4,021 | 2.39% | 187,851 | 1.32% | |||||
Best Buy | 5 | 3,995 | 2.38% | 228,758 | 1.61% | |||||
PetSmart | 10 | 3,141 | 1.87% | 242,957 | 1.71% | |||||
Walgreen’s | 10 | 3,088 | 1.84% | 144,135 | 1.01% | |||||
Kroger (6) | 5 | 2,990 | 1.78% | 314,109 | 2.21% | |||||
Bed Bath & Beyond (7) | 8 | 2,621 | 1.56% | 278,118 | 1.95% | |||||
Michael’s | 9 | 2,601 | 1.55% | 205,272 | 1.44% | |||||
Retail Ventures, Inc. (DSW Warehouse) | 5 | 2,361 | 1.41% | 119,515 | 0.84% | |||||
Dick's Sporting Goods | 3 | 2,065 | 1.23% | 215,000 | 1.51% | |||||
The Gap (8) | 10 | 1,893 | 1.13% | 149,468 | 1.05% | |||||
The Sports Authority | 3 | 1,851 | 1.10% | 134,869 | 0.95% | |||||
OfficeMax | 6 | 1,737 | 1.03% | 144,596 | 1.02% | |||||
Party City | 10 | 1,717 | 1.02% | 118,788 | 0.83% | |||||
Dollar Tree (9) | 17 | 1,692 | 1.01% | 175,559 | 1.23% | |||||
Total | $ | 66,944 | 39.86% | 5,488,911 | 38.57% |
(1)
Significant tenants are tenants that represent 1% or more of our annual base rent
(2)
Annualized rent shown includes joint venture partner’s pro rata share
(3)
Includes Jewel (11) and Cub Foods (8)
(4)
Includes Roundy’s (5), Pick ‘N Save (2), Super Pick ‘N Save (1) and Metro Market (1)
(5)
Includes TJ Maxx (6), Marshall’s (9), and Home Goods Stores (1)
(6)
Includes Kroger (1) and Food 4 Less (4)
(7)
Includes Bed Bath & Beyond (5) and Buy Buy Baby (3)
(8)
Includes Old Navy (8), The Gap (1) and The Gap Factory Store (1)
(9)
Includes Dollar Tree (16) and Deal$ (1)
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Lease Expiration Analysis
(Consolidated)
Lease Expiration Year | Number of Leases Expiring | GLA (Sq.Ft.) | Percent of Total GLA | Total Annualized Base Rent ($) (2) | Percent of Total Annualized Base Rent (%) | Annualized Base Rent ($/Sq.Ft.) (3) | ||||||
ALL ANCHOR LEASES (1) | ||||||||||||
2012 | 6 | 71,298 | 0.73% | $ | 897 | 0.77% | $ | 12.58 | ||||
2013 | 25 | 635,144 | 6.54% | 6,097 | 5.23% | 9.60 | ||||||
2014 | 24 | 869,075 | 8.95% | 9,384 | 8.06% | 10.80 | ||||||
2015 | 25 | 563,643 | 5.81% | 5,832 | 5.01% | 10.35 | ||||||
2016 | 23 | 466,312 | 4.80% | 5,706 | 4.90% | 12.24 | ||||||
2017 | 24 | 815,127 | 8.40% | 10,063 | 8.64% | 12.35 | ||||||
2018 | 9 | 319,565 | 3.29% | 3,791 | 3.25% | 11.86 | ||||||
2019 | 12 | 573,345 | 5.91% | 5,468 | 4.69% | 9.54 | ||||||
2020 | 13 | 376,421 | 3.88% | 3,024 | 2.60% | 8.03 | ||||||
2021+ | 50 | 1,501,005 | 15.47% | 19,471 | 16.71% | 12.97 | ||||||
Vacant | - | 407,655 | 4.20% | - | - | - | ||||||
TOTAL/WEIGHTED AVERAGE | 211 | 6,598,590 | 67.98% | $ | 69,733 | 59.86% | $ | 11.26 | ||||
ALL NON-ANCHOR LEASES (1) | ||||||||||||
M-T-M | 26 | 55,527 | 0.57% | $ | 849 | 0.73% | $ | 15.29 | ||||
2012 | 148 | 364,532 | 3.76% | 5,640 | 4.84% | 15.47 | ||||||
2013 | 159 | 426,885 | 4.40% | 7,618 | 6.54% | 17.85 | ||||||
2014 | 133 | 361,162 | 3.72% | 6,204 | 5.33% | 17.18 | ||||||
2015 | 136 | 374,129 | 3.86% | 7,199 | 6.18% | 19.24 | ||||||
2016 | 131 | 360,669 | 3.72% | 6,460 | 5.55% | 17.91 | ||||||
2017 | 59 | 190,006 | 1.96% | 3,216 | 2.76% | 16.93 | ||||||
2018 | 26 | 85,094 | 0.88% | 1,871 | 1.61% | 21.99 | ||||||
2019 | 19 | 79,517 | 0.82% | 1,640 | 1.41% | 20.62 | ||||||
2020 | 22 | 101,150 | 1.04% | 1,843 | 1.58% | 18.22 | ||||||
2021+ | 73 | 252,133 | 2.60% | 4,218 | 3.61% | 16.73 | ||||||
Vacant | - | 455,620 | 4.69% | - | - | - | ||||||
TOTAL/WEIGHTED AVERAGE | 932 | 3,106,424 | 32.02% | $ | 46,758 | 40.14% | $ | 17.64 | ||||
ALL LEASES | ||||||||||||
M-T-M | 26 | 55,527 | 0.57% | $ | 849 | 0.73% | $ | 15.29 | ||||
2012 | 154 | 435,830 | 4.49% | 6,537 | 5.61% | 15.00 | ||||||
2013 | 184 | 1,062,029 | 10.94% | 13,715 | 11.77% | 12.91 | ||||||
2014 | 157 | 1,230,237 | 12.67% | 15,588 | 13.39% | 12.67 | ||||||
2015 | 161 | 937,772 | 9.67% | 13,031 | 11.19% | 13.90 | ||||||
2016 | 154 | 826,981 | 8.52% | 12,166 | 10.45% | 14.71 | ||||||
2017 | 83 | 1,005,133 | 10.36% | 13,279 | 11.40% | 13.21 | ||||||
2018 | 35 | 404,659 | 4.17% | 5,662 | 4.86% | 13.99 | ||||||
2019 | 31 | 652,862 | 6.73% | 7,108 | 6.10% | 10.89 | ||||||
2020 | 35 | 477,571 | 4.92% | 4,867 | 4.18% | 10.19 | ||||||
2021+ | 123 | 1,753,138 | 18.07% | 23,689 | 20.32% | 13.51 | ||||||
Vacant | - | 863,275 | 8.89% | - | - | - | ||||||
TOTAL/WEIGHTED AVERAGE | 1,143 | 9,705,014 | 100.00% | $ | 116,491 | 100.00% | $ | 13.18 | ||||
(1)
The Company defines anchors as single tenants which lease 10,000 or more square feet. Non-anchors are defined as tenants which lease less than 10,000 square feet.
(2)
Annualized base rent for all leases financially occupied, including seasonal tenants and tenants in their abatement period at report date based on the rent as of the end of the lease.
(3)
Annualized base rent divided by gross leasable area as of report date.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Lease Expiration Analysis
(Unconsolidated) (1)
Lease Expiration Year | Number of Leases Expiring | GLA (Sq.Ft.) | Percent of Total GLA | Total Annualized Base Rent ($) (3) | Percent of Total Annualized Base Rent (%) | Annualized Base Rent ($/Sq.Ft.) (4) | ||||||
ALL ANCHOR LEASES (2) | ||||||||||||
M-T-M | 1 | 6,101 | 0.26% | $ | 7 | 0.02% | $ | 1.15 | ||||
2012 | 5 | 50,075 | 2.14% | 833 | 2.66% | 16.64 | ||||||
2013 | 8 | 122,142 | 5.23% | 1,436 | 4.59% | 11.76 | ||||||
2014 | 10 | 134,482 | 5.76% | 1,545 | 4.94% | 11.49 | ||||||
2015 | 6 | 91,492 | 3.92% | 984 | 3.15% | 10.76 | ||||||
2016 | 10 | 217,891 | 9.32% | 2,053 | 6.57% | 9.42 | ||||||
2017 | 6 | 131,294 | 5.62% | 1,880 | 6.01% | 14.32 | ||||||
2018 | 8 | 181,187 | 7.76% | 2,402 | 7.68% | 13.26 | ||||||
2019 | 7 | 192,465 | 8.24% | 2,759 | 8.84% | 14.34 | ||||||
2020 | 9 | 214,362 | 9.18% | 2,517 | 8.05% | 11.74 | ||||||
2021+ | 22 | 440,935 | 18.87% | 5,415 | 17.33% | 12.28 | ||||||
Vacant | - | 27,922 | 1.20% | - | - | - | ||||||
TOTAL/WEIGHTED AVERAGE | 92 | 1,810,348 | 77.50% | $ | 21,831 | 69.84% | $ | 12.25 | ||||
ALL NON-ANCHOR LEASES (2) | ||||||||||||
M-T-M | 11 | 8,539 | 0.37% | $ | 159 | 0.51% | $ | 18.62 | ||||
2012 | 60 | 69,613 | 2.98% | 1,410 | 4.51% | 20.25 | ||||||
2013 | 45 | 54,046 | 2.31% | 1,167 | 3.73% | 21.59 | ||||||
2014 | 54 | 72,549 | 3.11% | 1,333 | 4.26% | 18.37 | ||||||
2015 | 40 | 47,652 | 2.04% | 939 | 3.00% | 19.71 | ||||||
2016 | 60 | 85,711 | 3.67% | 1,817 | 5.81% | 21.20 | ||||||
2017 | 18 | 28,999 | 1.24% | 803 | 2.57% | 27.69 | ||||||
2018 | 11 | 19,959 | 0.85% | 481 | 1.54% | 24.10 | ||||||
2019 | 10 | 14,821 | 0.63% | 360 | 1.15% | 24.29 | ||||||
2020 | 5 | 6,224 | 0.27% | 162 | 0.52% | 26.03 | ||||||
2021+ | 24 | 33,356 | 1.43% | 799 | 2.56% | 23.95 | ||||||
Vacant | - | 84,018 | 3.60% | - | - | - | ||||||
TOTAL/WEIGHTED AVERAGE | 338 | 525,487 | 22.50% | $ | 9,430 | 30.16% | $ | 21.36 | ||||
ALL LEASES | ||||||||||||
M-T-M | 12 | 14,640 | 0.63% | $ | 166 | 0.53% | $ | 11.34 | ||||
2012 | 65 | 119,688 | 5.12% | 2,243 | 7.17% | 18.74 | ||||||
2013 | 53 | 176,188 | 7.54% | 2,603 | 8.32% | 14.77 | ||||||
2014 | 64 | 207,031 | 8.87% | 2,878 | 9.20% | 13.90 | ||||||
2015 | 46 | 139,144 | 5.96% | 1,923 | 6.15% | 13.82 | ||||||
2016 | 70 | 303,602 | 12.99% | 3,870 | 12.38% | 12.75 | ||||||
2017 | 24 | 160,293 | 6.86% | 2,683 | 8.58% | 16.74 | ||||||
2018 | 19 | 201,146 | 8.61% | 2,883 | 9.22% | 14.33 | ||||||
2019 | 17 | 207,286 | 8.87% | 3,119 | 9.99% | 15.05 | ||||||
2020 | 14 | 220,586 | 9.45% | 2,679 | 8.57% | 12.14 | ||||||
2021+ | 46 | 474,291 | 20.30% | 6,214 | 19.89% | 13.10 | ||||||
Vacant | - | 111,940 | 4.80% | - | - | - | ||||||
TOTAL/WEIGHTED AVERAGE | 430 | 2,335,835 | 100.00% | $ | 31,261 | 100.00% | $ | 14.06 | ||||
(1)
Amounts in table are based on IRC percent ownership
(2)
The Company defines anchors as single tenants which lease 10,000 or more square feet. Non-anchors are defined as tenants which lease less than 10,000 square feet.
(3)
Annualized base rent for all leases financially occupied, including seasonal tenants and tenants in their abatement period at report date based on the rent as of the end of the lease.
(4)
Annualized base rent divided by gross leasable area as of report date.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Lease Expiration Analysis
(Total) (1)
Lease Expiration Year | Number of Leases Expiring | GLA (Sq.Ft.) | Percent of Total GLA | Total Annualized Base Rent ($) (3) | Percent of Total Annualized Base Rent (%) | Annualized Base Rent ($/Sq.Ft.) (4) | ||||||
ALL ANCHOR LEASES (2) | ||||||||||||
M-T-M | 1 | 6,101 | 0.05% | $ | 7 | - | $ | 1.15 | ||||
2012 | 11 | 121,373 | 1.01% | 1,730 | 1.17% | 14.25 | ||||||
2013 | 33 | 757,286 | 6.29% | 7,533 | 5.10% | 9.95 | ||||||
2014 | 34 | 1,003,557 | 8.33% | 10,929 | 7.40% | 10.89 | ||||||
2015 | 31 | 655,135 | 5.44% | 6,816 | 4.61% | 10.40 | ||||||
2016 | 33 | 684,203 | 5.68% | 7,759 | 5.25% | 11.34 | ||||||
2017 | 30 | 946,421 | 7.86% | 11,943 | 8.08% | 12.62 | ||||||
2018 | 17 | 500,752 | 4.16% | 6,193 | 4.19% | 12.37 | ||||||
2019 | 19 | 765,810 | 6.36% | 8,227 | 5.57% | 10.74 | ||||||
2020 | 22 | 590,783 | 4.91% | 5,541 | 3.75% | 9.38 | ||||||
2021+ | 72 | 1,941,940 | 16.13% | 24,886 | 16.85% | 12.82 | ||||||
Vacant | - | 435,577 | 3.62% | - | - | - | ||||||
TOTAL/WEIGHTED AVERAGE | 303 | 8,408,938 | 69.84% | $ | 91,564 | 61.97% | $ | 11.48 | ||||
ALL NON-ANCHOR LEASES (2) | ||||||||||||
M-T-M | 37 | 64,066 | 0.53% | $ | 1,008 | 0.68% | $ | 15.73 | ||||
2012 | 208 | 434,145 | 3.61% | 7,050 | 4.77% | 16.24 | ||||||
2013 | 204 | 480,931 | 3.99% | 8,785 | 5.95% | 18.27 | ||||||
2014 | 187 | 433,711 | 3.60% | 7,537 | 5.10% | 17.38 | ||||||
2015 | 176 | 421,781 | 3.50% | 8,138 | 5.51% | 19.29 | ||||||
2016 | 191 | 446,380 | 3.71% | 8,277 | 5.60% | 18.54 | ||||||
2017 | 77 | 219,005 | 1.82% | 4,019 | 2.72% | 18.35 | ||||||
2018 | 37 | 105,053 | 0.87% | 2,352 | 1.59% | 22.39 | ||||||
2019 | 29 | 94,338 | 0.78% | 2,000 | 1.35% | 21.20 | ||||||
2020 | 27 | 107,374 | 0.89% | 2,005 | 1.36% | 18.67 | ||||||
2021+ | 97 | 285,489 | 2.37% | 5,017 | 3.40% | 17.57 | ||||||
Vacant | - | 539,638 | 4.49% | - | - | - | ||||||
TOTAL/WEIGHTED AVERAGE | 1,270 | 3,631,911 | 30.16% | $ | 56,188 | 38.03% | $ | 18.17 | ||||
ALL LEASES | ||||||||||||
M-T-M | 38 | 70,167 | 0.58% | $ | 1,015 | 0.68% | $ | 14.47 | ||||
2012 | 219 | 555,518 | 4.62% | 8,780 | 5.94% | 15.81 | ||||||
2013 | 237 | 1,238,217 | 10.28% | 16,318 | 11.05% | 13.18 | ||||||
2014 | 221 | 1,437,268 | 11.93% | 18,466 | 12.50% | 12.85 | ||||||
2015 | 207 | 1,076,916 | 8.94% | 14,954 | 10.12% | 13.89 | ||||||
2016 | 224 | 1,130,583 | 9.39% | 16,036 | 10.85% | 14.18 | ||||||
2017 | 107 | 1,165,426 | 9.68% | 15,962 | 10.80% | 13.70 | ||||||
2018 | 54 | 605,805 | 5.03% | 8,545 | 5.78% | 14.11 | ||||||
2019 | 48 | 860,148 | 7.14% | 10,227 | 6.92% | 11.89 | ||||||
2020 | 49 | 698,157 | 5.80% | 7,546 | 5.11% | 10.81 | ||||||
2021+ | 169 | 2,227,429 | 18.50% | 29,903 | 20.25% | 13.42 | ||||||
Vacant | - | 975,215 | 8.11% | - | - | - | ||||||
TOTAL/WEIGHTED AVERAGE | 1,573 | 12,040,849 | 100.00% | $ | 147,752 | 100.00% | $ | 13.35 |
(1)
Amounts in table are based on IRC percent ownership
(2)
The Company defines anchors as single tenants which lease 10,000 or more square feet. Non-anchors are defined as tenants which lease less than 10,000 square feet.
(3)
Annualized base rent for all leases financially occupied, including seasonal tenants and tenants in their abatement period at report date based on the rent as of the end of the lease.
(4)
Annualized base rent divided by gross leasable area as of report date.
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011
(In thousands except per share and square footage data)
Leasing Activity (Cash Basis) (1)
(Consolidated)
New Lease Summary
Increase/(Decrease) |
Number | GLA | Total Former Average Base Rent | Total New Average Base Rent | Total Dollar | Percent | |||||||
1Q 2011 | 15 | 165,270 | $ | 1,620 | $ | 1,736 | $ | 116 | 7.2% | |||
per square foot | $ | 9.80 | $ | 10.50 | $ | 0.70 | ||||||
2Q 2011 | 10 | 38,044 | $ | 413 | $ | 456 | $ | 43 | 10.4% | |||
per square foot | $ | 10.86 | $ | 11.99 | $ | 1.13 | ||||||
3Q 2011 (2) | 14 | 94,551 | $ | 1,048 | $ | 1,133 | $ | 85 | 8.1% | |||
per square foot | $ | 11.08 | $ | 11.98 | $ | 0.90 | ||||||
4Q 2011 | 12 | 67,147 | $ | 716 | $ | 841 | $ | 125 | 17.5% | |||
per square foot | $ | 10.66 | $ | 12.52 | $ | 1.86 | ||||||
2011 Total | 51 | 365,012 | $ | 3,797 | $ | 4,166 | $ | 369 | 9.7% | |||
per square foot | $ | 10.40 | $ | 11.41 | $ | 1.01 |
Renewal Lease Summary
Increase/(Decrease) |
Number | GLA | Total Former Average Base Rent | Total New Average Base Rent | Total Dollar | Percent | |||||||
1Q 2011 | 34 | 132,854 | $ | 1,845 | $ | 1,927 | $ | 82 | 4.4% | |||
per square foot | $ | 13.89 | $ | 14.50 | $ | 0.61 | ||||||
2Q 2011 | 40 | 265,068 | $ | 2,881 | $ | 3,207 | $ | 326 | 11.3% | |||
per square foot | $ | 10.87 | $ | 12.10 | $ | 1.23 | ||||||
3Q 2011 (2) | 34 | 145,375 | $ | 1,760 | $ | 1,852 | $ | 92 | 5.2% | |||
per square foot | $ | 12.11 | $ | 12.74 | $ | 0.63 | ||||||
4Q 2011 | 39 | 219,659 | $ | 2,806 | $ | 3,042 | $ | 236 | 8.4% | |||
per square foot | $ | 12.77 | $ | 13.85 | $ | 1.08 | ||||||
2011 Total | 147 | 762,956 | $ | 9,292 | $ | 10,028 | $ | 736 | 7.9% | |||
per square foot | $ | 12.18 | $ | 13.14 | $ | 0.96 |
Renewal leases include expiring leases renewed with the same tenant and the exercise of options. All other leases are categorized as new.
(1)
The calculations of former and new average base rents are adjusted for rent abatements on the included leases.
(2)
The 3Q 2011 includes a reclassification from non-comparable to comparable that was revised in 4Q 2011
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011
(In thousands except per share and square footage data)
Leasing Activity (Cash Basis) (1)
(Consolidated)
Non-Comparable Lease Summary
Number | GLA | Total Former Average Base Rent | Total New Average Base Rent | |||||||||
1Q 2011 | 17 | 159,313 | $ | - | $ | 1,432 | ||||||
per square foot | $ | - | $ | 8.99 | ||||||||
2Q 2011 (2) | 20 | 59,093 | $ | - | $ | 804 | ||||||
per square foot | $ | - | $ | 13.61 | ||||||||
3Q 2011 (3) | 21 | 79,983 | $ | - | $ | 881 | ||||||
per square foot | $ | - | $ | 11.01 | ||||||||
4Q 2011 | 14 | 64,741 | $ | - | $ | 817 | ||||||
per square foot | $ | - | $ | 12.62 | ||||||||
2011 Total | 72 | 363,130 | $ | - | $ | 3,934 | ||||||
per square foot | $ | - | $ | 10.83 |
Non-comparable leases represent leases signed for expansion square footage, or for space in which there was no former tenant in place for one year or more.
(1)
The calculations of former and new average base rents are adjusted for rent abatements on the included leases.
(2)
The 2Q 2011 non comparable lease information was revised in 3Q 2011 due to a lease that was canceled in 3Q 2011.
(3)
The 3Q 2011 includes a reclassification from non-comparable to comparable that was revised in 4Q 2011.
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011
(In thousands except per share and square footage data)
Leasing Activity (Cash Basis) (1) (2)
(Unconsolidated)
New Lease Summary
Increase/(Decrease) |
Number | GLA | Total Former Average Base Rent | Total New Average Base Rent | Total Dollar | Percent | |||||||
1Q 2011 | 2 | 15,607 | $ | 290 | $ | 238 | $ | (52) | -17.9% | |||
per square foot | $ | 18.58 | $ | 15.25 | $ | (3.33) | ||||||
2Q 2011 | 2 | 3,058 | $ | 62 | $ | 58 | $ | (4) | -6.5% | |||
per square foot | $ | 20.27 | $ | 18.97 | $ | (1.30) | ||||||
3Q 2011 | 2 | 4,927 | $ | 81 | $ | 80 | $ | (1) | -1.2% | |||
per square foot | $ | 16.44 | $ | 16.24 | $ | (0.20) | ||||||
4Q 2011 | - | - | $ | - | $ | - | $ | - | - | |||
per square foot | $ | - | $ | - | $ | - | ||||||
2011 Total | 6 | 23,592 | $ | 433 | $ | 376 | $ | (57) | -13.2% | |||
per square foot | $ | 18.35 | $ | 15.94 | $ | (2.41) |
Renewal Lease Summary
Increase/(Decrease) |
Number | GLA | Total Former Average Base Rent | Total New Average Base Rent | Total Dollar | Percent | |||||||
1Q 2011 | 6 | 86,647 | $ | 1,153 | $ | 1,223 | $ | 70 | 6.1% | |||
per square foot | $ | 13.31 | $ | 14.11 | $ | 0.80 | ||||||
2Q 2011 | 13 | 110,323 | $ | 1,063 | $ | 1,171 | $ | 108 | 10.2% | |||
per square foot | $ | 9.64 | $ | 10.61 | $ | 0.97 | ||||||
3Q 2011 | 9 | 25,950 | $ | 329 | $ | 298 | $ | (31) | -9.4% | |||
per square foot | $ | 12.68 | $ | 11.48 | $ | (1.20) | ||||||
4Q 2011 | 17 | 107,661 | $ | 1,813 | $ | 1,872 | $ | 59 | 3.3% | |||
per square foot | $ | 16.84 | $ | 17.39 | $ | 0.55 | ||||||
2011 Total | 45 | 330,581 | $ | 4,358 | $ | 4,564 | $ | 206 | 4.7% | |||
per square foot | $ | 13.18 | $ | 13.81 | $ | 0.63 |
Renewal leases include expiring leases renewed with the same tenant and the exercise of options. All other leases are categorized as new.
(1)
Includes leasing activity on unconsolidated properties owned in joint ventures.
(2)
The calculations of former and new average base rents are adjusted for rent abatements on the included leases.
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011
(In thousands except per share and square footage data)
Leasing Activity (Cash Basis) (1) (2)
(Unconsolidated)
Non-Comparable Lease Summary
Number | GLA | Total Former Average Base Rent | Total New Average Base Rent | |||||||||
1Q 2011 | 2 | 4,177 | $ | - | $ | 70 | ||||||
per square foot | $ | - | $ | 16.76 | ||||||||
2Q 2011 | 1 | 1,600 | $ | - | $ | 25 | ||||||
per square foot | $ | - | $ | 15.63 | ||||||||
3Q 2011 | 7 | 16,933 | $ | - | $ | 184 | ||||||
per square foot | $ | - | $ | 10.87 | ||||||||
4Q 2011 | 9 | 19,621 | $ | - | $ | 329 | ||||||
per square foot | $ | - | $ | 16.77 | ||||||||
2011 Total | 19 | 42,331 | $ | - | $ | 608 | ||||||
per square foot | $ | - | $ | 14.36 |
Non-comparable leases represent leases signed for expansion square footage, or for space in which there was no former tenant in place for one year or more.
(1)
Includes leasing activity on unconsolidated properties owned in joint ventures.
(2)
The calculations of former and new average base rents are adjusted for rent abatements on the included leases.
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011
(In thousands except per share and square footage data)
Leasing Activity (Cash Basis) (1) (2)
(Total)
New Lease Summary
Increase/(Decrease) |
Number | GLA | Total Former Average Base Rent | Total New Average Base Rent | Total Dollar | Percent | |||||||
1Q 2011 | 17 | 180,877 | $ | 1,910 | $ | 1,974 | $ | 64 | 3.4% | |||
per square foot | $ | 10.56 | $ | 10.91 | $ | 0.35 | ||||||
2Q 2011 | 12 | 41,102 | $ | 475 | $ | 514 | $ | 39 | 8.2% | |||
per square foot | $ | 11.56 | $ | 12.51 | $ | 0.95 | ||||||
3Q 2011 (3) | 16 | 99,478 | $ | 1,129 | $ | 1,213 | $ | 84 | 7.4% | |||
per square foot | $ | 11.35 | $ | 12.19 | $ | 0.84 | ||||||
4Q 2011 | 12 | 67,147 | $ | 716 | $ | 841 | $ | 125 | 17.5% | |||
per square foot | $ | 10.66 | $ | 12.52 | $ | 1.86 | ||||||
2011 Total | 57 | 388,604 | $ | 4,230 | $ | 4,542 | $ | 312 | 7.4% | |||
per square foot | $ | 10.89 | $ | 11.69 | $ | 0.80 |
Renewal Lease Summary
Increase/(Decrease) |
Number | GLA | Total Former Average Base Rent | Total New Average Base Rent | Total Dollar | Percent | |||||||
1Q 2011 | 40 | 219,501 | $ | 2,997 | $ | 3,150 | $ | 153 | 5.1% | |||
per square foot | $ | 13.65 | $ | 14.35 | $ | 0.70 | ||||||
2Q 2011 | 53 | 375,391 | $ | 3,944 | $ | 4,379 | $ | 435 | 11.0% | |||
per square foot | $ | 10.51 | $ | 11.67 | $ | 1.16 | ||||||
3Q 2011 (3) | 43 | 171,325 | $ | 2,089 | $ | 2,150 | $ | 61 | 2.9% | |||
per square foot | $ | 12.19 | $ | 12.55 | $ | 0.36 | ||||||
4Q 2011 | 56 | 327,320 | $ | 4,619 | $ | 4,914 | $ | 295 | 6.4% | |||
per square foot | $ | 14.11 | $ | 15.01 | $ | 0.90 | ||||||
2011 Total | 192 | 1,093,537 | $ | 13,649 | $ | 14,593 | $ | 944 | 6.9% | |||
per square foot | $ | 12.48 | $ | 13.34 | $ | 0.86 |
Renewal leases include expiring leases renewed with the same tenant and the exercise of options. All other leases are categorized as new.
(1)
Includes leasing activity on unconsolidated properties owned in joint ventures.
(2)
The calculations of former and new average base rents are adjusted for rent abatements on the included leases.
(3)
The 3Q 2011 includes a reclassification from non-comparable to comparable that was revised in 4Q 2011
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011
(In thousands except per share and square footage data)
Leasing Activity (Cash Basis) (1) (2)
(Total)
Non-Comparable Lease Summary
Number | GLA | Total Former Average Base Rent | Total New Average Base Rent | |||||||||
1Q 2011 | 19 | 163,490 | $ | - | $ | 1,502 | ||||||
per square foot | $ | - | $ | 9.19 | ||||||||
2Q 2011 (3) | 21 | 60,693 | $ | - | $ | 829 | ||||||
per square foot | $ | - | $ | 13.66 | ||||||||
3Q 2011 (4) | 28 | 96,916 | $ | - | $ | 1,065 | ||||||
per square foot | $ | - | $ | 10.99 | ||||||||
4Q 2011 | 23 | 84,362 | $ | - | $ | 1,146 | ||||||
per square foot | $ | - | $ | 13.58 | ||||||||
2011 Total | 91 | 405,461 | $ | - | $ | 4,542 | ||||||
per square foot | $ | - | $ | 11.20 |
Non-comparable leases represent leases signed for expansion square footage, or for space in which there was no former tenant in place for one year or more.
(1)
Includes leasing activity on unconsolidated properties owned in joint ventures.
(2)
The calculations of former and new average base rents are adjusted for rent abatements on the included leases.
(3)
The 2Q 2011 non comparable lease information was revised in 3Q 2011 due to a lease that was canceled in 3Q 2011.
(4)
The 3Q 2011 includes a reclassification from non-comparable to comparable that was revised in 4Q 2011
Inland Real Estate Corporation
Supplemental Financial Information
For the three months ended December 31, 2011
(In thousands except per share and square footage data)
4th Quarter 2011 Leasing Activity (1)
(Consolidated)
New Leases | Non- Anchors (2) | Anchors (2) | Total | |||
Number of Leases | 11 | 1 | 12 | |||
Gross Leasable Area (Sq.Ft.) | 40,862 | 26,285 | 67,147 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 16.47 | 6.40 | 12.52 |
Renewals | Non- Anchors | Anchors | Total | |||
Number of Leases | 34 | 5 | 39 | |||
Gross Leasable Area (Sq.Ft.) | 78,172 | 141,487 | 219,659 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 19.32 | 10.83 | 13.85 |
Non-Comparable Leases (3) | Non- Anchors | Anchors | Total | |||
Number of Leases | 13 | 1 | 14 | |||
Gross Leasable Area (Sq.Ft.) | 39,741 | 25,000 | 64,741 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 15.36 | 8.25 | 12.62 |
Total New, Renewal and Non- Comparable Leases | Non- Anchors | Anchors | Total | |||
Number of Leases | 58 | 7 | 65 | |||
Gross Leasable Area (Sq.Ft.) | 158,775 | 192,772 | 351,547 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 17.59 | 9.89 | 13.37 |
(1)
The calculations of average base rents per square foot are adjusted for rent abatements on the included leases.
(2)
The Company defines anchors as single tenants which lease 10,000 or more square feet. Non-anchors are defined as tenants which lease less than 10,000 square feet.
(3)
Non-comparable leases represent leases signed for expansion square footage, or for space in which there was no former tenant in place for one year or more.
Inland Real Estate Corporation
Supplemental Financial Information
For the three months ended December 31, 2011
(In thousands except per share and square footage data)
4th Quarter 2011 Leasing Activity (1) (2)
(Unconsolidated)
New Leases | Non- Anchors (3) | Anchors (3) | Total | |||
Number of Leases | - | - | - | |||
Gross Leasable Area (Sq.Ft.) | - | - | - | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | - | - | - |
Renewals | Non- Anchors | Anchors | Total | |||
Number of Leases | 16 | 1 | 17 | |||
Gross Leasable Area (Sq.Ft.) | 37,661 | 70,000 | 107,661 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 21.83 | 15.00 | 17.39 |
Non-Comparable Leases (4) | Non- Anchors | Anchors | Total | |||
Number of Leases | 9 | - | 9 | |||
Gross Leasable Area (Sq.Ft.) | 19,621 | - | 19,621 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 16.77 | - | 16.77 |
Total New, Renewal and Non- Comparable Leases | Non- Anchors | Anchors | Total | |||
Number of Leases | 25 | 1 | 26 | |||
Gross Leasable Area (Sq.Ft.) | 57,282 | 70,000 | 127,282 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 20.10 | 15.00 | 17.29 |
(1)
Includes leasing activity on unconsolidated properties owned in joint ventures.
(2)
The calculations of average base rents per square foot are adjusted for rent abatements on the included leases.
(3)
The Company defines anchors as single tenants which lease 10,000 or more square feet. Non-anchors are defined as tenants which lease less than 10,000 square feet.
(4)
Non-comparable leases represent leases signed for expansion square footage, or for space in which there was no former tenant in place for one year or more.
Inland Real Estate Corporation
Supplemental Financial Information
For the three months ended December 31, 2011
(In thousands except per share and square footage data)
4th Quarter 2011 Leasing Activity (1) (2)
(Total)
New Leases | Non- Anchors (3) | Anchors (3) | Total | |||
Number of Leases | 11 | 1 | 12 | |||
Gross Leasable Area (Sq.Ft.) | 40,862 | 26,285 | 67,147 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 16.47 | 6.40 | 12.52 |
Renewals | Non- Anchors | Anchors | Total | |||
Number of Leases | 50 | 6 | 56 | |||
Gross Leasable Area (Sq.Ft.) | 115,833 | 211,487 | 327,320 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 20.13 | 12.21 | 15.01 |
Non-Comparable Leases (4) | Non- Anchors | Anchors | Total | |||
Number of Leases | 22 | 1 | 23 | |||
Gross Leasable Area (Sq.Ft.) | 59,362 | 25,000 | 84,362 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 15.83 | 8.25 | 13.58 |
Total New, Renewal and Non- Comparable Leases | Non- Anchors | Anchors | Total | |||
Number of Leases | 83 | 8 | 91 | |||
Gross Leasable Area (Sq.Ft.) | 216,057 | 262,772 | 478,829 | |||
Base Rent/Sq.Ft. ($/Sq.Ft.) | $ | 18.26 | 11.25 | 14.41 |
(1)
Includes leasing activity on unconsolidated properties owned in joint ventures.
(2)
The calculations of average base rents per square foot are adjusted for rent abatements on the included leases.
(3)
The Company defines anchors as single tenants which lease 10,000 or more square feet. Non-anchors are defined as tenants which lease less than 10,000 square feet.
(4)
Non-comparable leases represent leases signed for expansion square footage, or for space in which there was no former tenant in place for one year or more.
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011 and 2010
(In thousands except per share and square footage data)
Same Store Net Operating Income Analysis
The following schedules present same store net operating income, for our consolidated and unconsolidated portfolios, which is the net operating income of properties owned in both the three and twelve months ended December 31, 2011 and 2010, along with other investment properties' net operating income. Same store net operating income is considered a non-GAAP financial measure because it does not include straight-line rental income, amortization of lease intangibles, interest, depreciation, amortization and bad debt expense. We provide same store net operating income as it allows investors to compare the results of property operations for the three and twelve months ended December 31, 2011 and 2010. We also provide a reconciliation of these amounts to the most comparable GAAP measure, net income (loss) attributable to common stockholders.
Consolidated | Three months ended December 31,2011 | Three months ended December 31, 2010 | % Change | Twelve months ended December 31,2011 | Twelve months ended December 31, 2010 | % Change | |
Rental income and additional income: | |||||||
"Same store" investment properties, 104 properties | |||||||
Rental income | $ | 24,793 | 24,562 | 0.9% | 98,132 | 97,268 | 0.9% |
Tenant recovery income | 5,129 | 9,541 | -46.2% | 33,393 | 35,315 | -5.4% | |
Other property income | 500 | 401 | 24.7% | 2,324 | 1,788 | 30.0% | |
"Other investment properties” | |||||||
Rental income | 3,505 | 5,304 | 18,981 | 18,102 | |||
Tenant recovery income | 1,092 | 2,176 | 6,196 | 7,455 | |||
Other property income | 49 | 107 | 186 | 241 | |||
Total rental income and additional income | $ | 35,068 | 42,091 | 159,212 | 160,169 | ||
Property operating expenses: | |||||||
"Same store" investment properties, 104 properties | |||||||
Property operating expenses | $ | 3,860 | 6,431 | -40.0% | 19,754 | 21,086 | -6.3% |
Real estate tax expense | 2,327 | 5,785 | -59.8% | 23,258 | 26,082 | -10.8% | |
"Other investment properties" | |||||||
Property operating expenses | 844 | 1,503 | 4,149 | 3,769 | |||
Real estate tax expense | 1,159 | 1,678 | 5,272 | 6,390 | |||
Total property operating expenses | $ | 8,190 | 15,397 | 52,433 | 57,327 | ||
Property net operating income | |||||||
"Same store" investment properties | $ | 24,235 | 22,288 | 8.7% | 90,837 | 87,203 | 4.2% |
"Other investment properties" | 2,643 | 4,406 | 15,942 | 15,639 | |||
Total property net operating income | $ | 26,878 | 26,694 | 106,779 | 102,842 | ||
Other income: | |||||||
Straight-line rents | $ | 277 | 514 | 1,631 | 1,522 | ||
Amortization of lease intangibles | 42 | 27 | 356 | (96) | |||
Other income | 257 | 365 | 2,438 | 4,563 | |||
Fee income from unconsolidated joint ventures | 1,787 | 1,156 | 6,027 | 3,578 | |||
Gain (loss) on change in control of investment property | - | (104) | (1,400) | 5,018 | |||
Gain on sale of joint venture interest | 453 | 1,693 | 1,366 | 4,555 | |||
Gain on extinguishment of debt | - | - | - | 1,481 | |||
Other expenses: | |||||||
Income tax benefit (expense) of taxable REIT subsidiaries | (522) | 216 | 632 | (719) | |||
Bad debt expense | (559) | (1,459) | (4,012) | (6,287) | |||
Depreciation and amortization | (12,096) | (11,847) | (50,303) | (44,188) | |||
General and administrative expenses | (3,846) | (3,250) | (14,656) | (13,735) | |||
Interest expense | (9,133) | (10,782) | (41,668) | (36,293) | |||
Provision for asset impairment | (2,841) | (200) | (8,064) | (18,190) | |||
Equity in earnings (loss) of unconsolidated ventures | 196 | (173) | (8,124) | (4,365) | |||
Income (loss) from continuing operations | 893 | 2,850 | (8,998) | (314) | |||
Income from discontinued operations | 978 | 1,242 | 1,944 | 1,838 | |||
Net income (loss) | 1,871 | 4,092 | (7,054) | 1,524 | |||
Less: Net income attributable to the noncontrolling interest | (19) | (74) | (130) | (306) | |||
Net income (loss) attributable to Inland Real Estate Corporation | 1,852 | 4,018 | (7,184) | 1,218 | |||
Dividends on preferred shares | (948) | - | (948) | - | |||
Net income (loss) attributable to common stockholders | $ | 904 | 4,018 | (8,132) | 1,218 |
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011 and 2010
(In thousands except per share and square footage data)
Same Store Net Operating Income Analysis (continued)
Unconsolidated (at 100%) | Three months ended December 31, 2011 | Three months ended December 31, 2010 | % Change | Twelve months ended December 31, 2011 | Twelve months ended December 31, 2010 | % Change | |
Rental income and additional income: | |||||||
"Same store" investment properties, 13 properties | |||||||
Rental income | $ | 7,399 | 7,327 | 1.0% | 29,580 | 29,445 | 0.5% |
Tenant recovery income | 2,632 | 2,278 | 15.5% | 13,876 | 12,873 | 7.8% | |
Other property income | 69 | 63 | 9.5% | 282 | 319 | -11.6% | |
"Other investment properties” | |||||||
Rental income | 6,749 | 4,946 | 18,969 | 19,067 | |||
Tenant recovery income | 2,245 | 551 | 6,553 | 2,867 | |||
Other property income | 35 | 80 | 108 | 179 | |||
Total rental income and additional income | $ | 19,129 | 15,245 | 69,368 | 64,750 | ||
Property operating expenses: | |||||||
"Same store" investment properties, 13 properties | |||||||
Property operating expenses | $ | 1,434 | 1,773 | -19.1% | 6,636 | 6,476 | 2.5% |
Real estate tax expense | 2,245 | 1,379 | 62.8% | 11,409 | 10,644 | 7.2% | |
"Other investment properties" | |||||||
Property operating expenses | 1,415 | 546 | 4,257 | 3,152 | |||
Real estate tax expense | 1,879 | 218 | 5,150 | 2,238 | |||
Total property operating expenses | $ | 6,973 | 3,916 | 27,452 | 22,510 | ||
Property net operating income | |||||||
"Same store" investment properties | $ | 6,421 | 6,516 | -1.5% | 25,693 | 25,517 | 0.7% |
"Other investment properties" | 5,735 | 4,813 | 16,223 | 16,723 | |||
Total property net operating income | $ | 12,156 | 11,329 | 41,916 | 42,240 | ||
Other income: | |||||||
Straight-line rents | $ | 260 | 354 | 926 | 814 | ||
Amortization of lease intangibles | 46 | (58) | (278) | 145 | |||
Other income | 1,282 | 446 | 2,790 | 2,868 | |||
Gain on extinguishment of debt | - | - | - | 750 | |||
Other expenses: | |||||||
Bad debt expense | (343) | (175) | (1,113) | (589) | |||
Depreciation and amortization | (8,294) | (7,768) | (28,493) | (29,745) | |||
General and administrative expenses | (872) | (657) | (1,785) | (1,587) | |||
Interest expense | (4,995) | (4,957) | (17,333) | (21,736) | |||
Provision for asset impairment | - | - | (17,387) | (5,550) | |||
Loss from continuing operations | $ | (760) | (1,486) | (20,757) | (12,390) |
Inland Real Estate Corporation
Supplemental Financial Information
For the twelve months ended December 31, 2011
(In thousands except per share and square footage data)
Property Acquisitions
Date | Property | City | State | GLA Sq.Ft. | Purchase Price | Cap Rate (1) | Financial Occupancy | Anchors | Year Built / Renovated | |||||||||
01/11/11 | Joffco Square (2) | Chicago | IL | 95,204 | $ | 23,800 | 7.15% | 83% | Best Buy Bed, Bath and Beyond | 2008 | ||||||||
03/24/11 | Mariano’s Fresh Market (3) | Arlington Heights | IL | 66,393 | 20,800 | 7.41% | 100% | Mariano’s Fresh Market | 2010 | |||||||||
04/15/11 | Bank of America (3) (4) | Portland | OR | - | 2,420 | 6.00% | - | None | 2004 | |||||||||
04/15/11 | BB&T Bank (3) | Apopka | FL | 2,931 | 1,547 | 6.90% | 100% | None | 1986 | |||||||||
04/15/11 | AT&T (3) | Crestview | FL | 3,476 | 1,883 | 7.20% | 100% | None | 2010 | |||||||||
04/15/11 | CVS (3) | San Antonio | TX | 13,813 | 5,422 | 7.00% | 100% | CVS | 2003 | |||||||||
04/15/11 | Advance Auto Parts (3) | Lawrenceville | GA | 7,064 | 1,927 | 7.25% | 100% | None | 2007 | |||||||||
04/15/11 | Mimi’s Café (3) | Brandon | FL | 7,045 | 2,888 | 7.60% | 100% | None | 2003 | |||||||||
04/15/11 | Ryan’s Restaurant (3) | Columbia | SC | 10,162 | 3,208 | 7.95% | 100% | Ryan’s Steakhouse | 2002 | |||||||||
04/15/11 | Applebee’s (3) | Lewisville | TX | 5,911 | 3,181 | 7.85% | 100% | None | 1994 | |||||||||
04/15/11 | Capital One (3) (5) | Houston | TX | - | 1,500 | 6.00% | - | None | 2008 | |||||||||
04/15/11 | Walgreens (3) | St. Louis | MO | 14,490 | 5,405 | 6.84% | 100% | Walgreen’s | 2003 | |||||||||
04/15/11 | Verizon (3) | Monroe | NC | 4,500 | 2,979 | 7.25% | 100% | None | 2010 | |||||||||
04/15/11 | Walgreens (3) | Milwaukee | WI | 15,120 | 5,070 | 7.25% | 100% | Walgreen’s | 2000 | |||||||||
04/15/11 | Dollar General (3) | Fort Worth | TX | 9,142 | 1,419 | 7.35% | 100% | None | 2010 | |||||||||
04/15/11 | Applebee’s (3) | Eagan | MN | 5,285 | 2,432 | 7.40% | 100% | None | 1992 | |||||||||
04/15/11 | Taco Bell (3) | Port St. Lucie | FL | 2,049 | 2,623 | 7.70% | 100% | None | 2009 | |||||||||
04/15/11 | Buffalo Wild Wings (3) | San Antonio | TX | 6,974 | 3,027 | 7.70% | 100% | None | 2010 | |||||||||
06/02/11 | Red Top Plaza (2) | Libertyville | IL | 151,840 | 19,762 | 7.39% | 81% | Jewel Food Stores | 1981/1990 | |||||||||
06/14/11 | Walgreens (3) | Normal | IL | 14,490 | 5,055 | 7.22% | 100% | Walgreen’s | 2009 | |||||||||
06/14/11 | Walgreens (3) | Spokane | WA | 14,490 | 5,764 | 7.20% | 100% | Walgreen’s | 2002 | |||||||||
06/14/11 | Walgreens (3) | Villa Rica | GA | 13,650 | 4,583 | 7.20% | 100% | Walgreen’s | 2008 | |||||||||
06/14/11 | Walgreens (3) | Waynesburg | PA | 14,820 | 5,402 | 7.20% | 100% | Walgreen’s | 2008 | |||||||||
06/14/11 | Walgreens (3) | Somerset | MA | 13,650 | 6,549 | 7.10% | 100% | Walgreen’s | 2011 | |||||||||
06/14/11 | Walgreens (3) | Gallup | NM | 14,820 | 4,674 | 7.19% | 100% | Walgreen’s | 2005 | |||||||||
09/21/11 | Champlin Marketplace (2) | Champlin | MN | 88,577 | 13,200 | 6.40% | 89% | Cub Foods | 1999,2005 | |||||||||
11/01/11 | Bradley Commons | Bradley | IL | 174,782 | 25,820 | 7.45% | 93% | Shoe Carnival Ulta Bed, Bath & Beyond Dick’s Sporting Goods Petco | 2007/2011 |
Inland Real Estate Corporation
Supplemental Financial Information
For the twelve months ended December 31, 2011
(In thousands except per share and square footage data)
Property Acquisitions (continued)
Date | Property | City | State | GLA Sq.Ft. | Purchase Price | Cap Rate (1) | Financial Occupancy | Anchors | Year Built / Renovated | |||||||||
11/29/11 | Brownstones Shopping Center (2) | Brookfield | WI | 137,821 | $ | 24,100 | 7.0% | 96% | Metro Market TJ Maxx | 1989/2009 | ||||||||
12/07/11 | Elston Plaza (2) | Chicago | IL | 88,218 | 18,900 | 6.75% | 90% | Jewel Food Stores O’Reilly Auto Parts | 1983/2010 | |||||||||
12/15/11 | Turfway Commons (2) | Florence | KY | 105,471 | 12,980 | 8.37% | 95% | Babies R Us Michaels Guitar Center Half Price Books | 1993/2007 | |||||||||
1,102,188 | $ | 238,320 |
Property Dispositions
Date | Property | City | State | GLA Sq. Ft. | Sale Price | Gain on Sale | ||||||
02/14/11 | Schaumburg Golf Road Retail | Schaumburg | IL | 9,988 | $ | 2,150 | $ | 197 | ||||
08/24/11 | Park Center Plaza (partial) | Tinley Park | IL | 61,000 | 3,000 | 358 | ||||||
10/07/11 | Rose Plaza East and West | Naperville | IL | 25,993 | 5,050 | 895 | ||||||
10/28/11 | Orland Park Retail | Orland Park | IL | 8,500 | 975 | 59 | ||||||
105,481 | $ | 11,175 | $ | 1,509 |
Contribution to Joint Venture with PGGM
Date | Property | City | State | GLA Sq. Ft. | Contributed Value | ||||||
03/01/11 | Byerly’s Burnsville | Burnsville | MN | 72,339 | $ | 8,170 | |||||
03/08/11 | The Shops of Plymouth Town Center | Plymouth | MN | 84,003 | 9,489 | ||||||
06/02/11 | Village Ten Center | Coon Rapids | MN | 211,472 | 14,569 | ||||||
09/19/11 | Stuart’s Crossing | St. Charles | IL | 85,529 | 12,294 | ||||||
11/09/11 | Quarry Retail | Minneapolis | MN | 281,458 | 36,206 | ||||||
11/15/11 | Caton Crossing | Plainfield | IL | 83,792 | 12,269 | ||||||
11/18/11 | Woodfield Plaza | Schaumburg | IL | 177,160 | 26,966 | ||||||
995,753 | $ | 119,963 |
(1)
The cap rate disclosed is as of the time of acquisition.
(2)
This property was acquired through our joint venture with PGGM.
(3)
This property was acquired through our joint venture with IPCC.
(4)
The purchase price of this property includes a 4,700 square foot ground lease with Bank of America. Ground lease square footage is not included in our GLA.
(5)
The purchase price of this property includes a 5,300 square foot ground lease with Capital One. Ground lease square footage is not included in our GLA.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Unconsolidated Joint Ventures
Venture with New York State Teachers’ Retirement System
Date | Entity | Property | City | State | GLA | IRC % Interest | IRC Investment | IRC Share of Debt (1) | ||||||||
12/03/04 | IN Retail Fund, LLC | Cobbler Crossing | Elgin | IL | 102,643 | 50.0% | $ | (2,023) | $ | 4,100 | ||||||
12/03/04 | IN Retail Fund, LLC | Shoppes at Mill Creek | Palos Park | IL | 102,422 | 50.0% | (1,680) | 4,000 | ||||||||
12/03/04 | IN Retail Fund, LLC | Woodfield Commons | Schaumburg | IL | 207,452 | 50.0% | (936) | 8,750 | ||||||||
12/03/04 | IN Retail Fund, LLC | Marketplace at Six Corners | Chicago | IL | 116,975 | 50.0% | (38) | 5,844 | ||||||||
12/03/04 | IN Retail Fund, LLC | Chatham Ridge | Chicago | IL | 175,991 | 50.0% | (2,889) | 7,500 | ||||||||
12/23/04 | IN Retail Fund, LLC | Randall Square | Geneva | IL | 216,107 | 50.0% | (1,745) | 8,250 | ||||||||
04/01/05 | IN Retail Fund, LLC | Thatcher Woods | River Grove | IL | 188,213 | 50.0% | (1,200) | 6,750 | ||||||||
06/01/05 | IN Retail Fund, LLC | Forest Lake Marketplace | Forest Lake | MN | 93,853 | 50.0% | 177 | 4,250 | ||||||||
06/30/05 | IN Retail Fund, LLC | Orland Park Place | Orland Park | IL | 592,445 | 50.0% | 15,491 | 21,140 | ||||||||
09/01/05 | IN Retail Fund, LLC | Mapleview Shopping Center | Grayslake | IL | 105,642 | 50.0% | 2,478 | 6,583 | ||||||||
09/01/05 | IN Retail Fund, LLC | Regal Showplace | Crystal Lake | IL | 96,928 | 50.0% | 4,320 | 4,528 | ||||||||
09/07/06 | IN Retail Fund, LLC | Greentree | Caledonia | WI | 169,268 | 50.0% | 3,489 | 3,300 | ||||||||
09/07/06 | IN Retail Fund, LLC | Ravinia Plaza | Orland Park | IL | 101,384 | 50.0% | 2,860 | 5,472 | ||||||||
2,269,323 | $ | 18,304 | $ | 90,467 |
Debt Schedule | ||||||||
Servicer | Property Name | Rate / Type | Maturity | Balance | ||||
Midland Loan Services | Chatham Ridge | 4.94% Fixed | April 2012 | $ | 15,000 | |||
Midland Loan Services | Woodfield Commons | 4.94% Fixed | April 2012 | 17,500 | ||||
Cohen Financial | Cobbler Crossing | 5.21% Fixed | May 2012 | 8,200 | ||||
Principal Capital | Greentree | 5.29% Fixed | December 2012 | 6,600 | ||||
Wachovia Securities | Mapleview Shopping Center | 5.58% Fixed | April 2013 | 12,593 | ||||
Wachovia Securities | Mapleview Shopping Center / Regal Showplace | 5.66% Fixed | April 2013 | 2,484 | ||||
Wachovia Securities | Regal Showplace | 5.93% Fixed | April 2013 | 7,147 | ||||
Principal Capital | Ravinia Plaza | 6.08% Fixed | October 2013 | 10,943 | ||||
TCF Bank | Marketplace at Six Corners | 6.50% Fixed | September 2014 | 11,687 | ||||
John Hancock Life Ins. | Thatcher Woods | 5.83% Fixed | February 2015 | 13,500 | ||||
Cohen Financial | Forest Lake Marketplace | 5.86% Fixed | March 2015 | 8,500 | ||||
Principal Bank | Shoppes at Mill Creek | 5.00% Fixed | May 2016 | 8,000 | ||||
C-III Asset Management | Orland Park Place | 5.55% Fixed | September 2021 | 42,280 | ||||
Prudential Insurance | Randall Square | 4.00% Fixed | January 2019 | 16,500 | ||||
Total / Weighted Average | 5.40% Fixed | $ | 180,934 |
(1)
IRC’s pro rata share of debt is calculated using the pro rata allocation of the original equity contribution by each partner. This allocation is for presentation purposes and the Company is only financially obligated for any amounts guaranteed under the loan documents as all other amounts are non-recourse and secured by the underlying property.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Unconsolidated Joint Ventures (continued)
Venture with PGGM
Date | Entity | Property | City | State | GLA | IRC % Interest | IRC Investment | IRC Share of Debt (1) | ||||||||
07/01/10 | INP Retail LP | Mallard Crossing | Elk Grove Village | IL | 82,929 | 55% | $ | 2,203 | $ | - | ||||||
07/01/10 | INP Retail LP | Shannon Square Shoppes | Arden Hills | MN | 29,196 | 55% | 2,273 | - | ||||||||
07/01/10 | INP Retail LP | Cub Foods | Arden Hills | MN | 68,442 | 55% | 4,103 | - | ||||||||
07/01/10 | INP Retail LP | Woodland Commons | Buffalo Grove | IL | 170,122 | 55% | 3,538 | - | ||||||||
08/30/10 | INP Retail LP | The Point at Clark | Chicago | IL | 95,455 | 55% | 7,674 | 7,865 | ||||||||
10/25/10 | INP Retail LP | Diffley Marketplace | Eagan | MN | 62,656 | 55% | 3,275 | 3,190 | ||||||||
01/11/11 | INP Retail LP | Joffco Square | Chicago | IL | 95,204 | 55% | 5,648 | 7,200 | ||||||||
03/01/11 | INP Retail LP | Byerly’s Burnsville | Burnsville | MN | 72,339 | 55% | 2,022 | - | ||||||||
03/08/11 | INP Retail LP | The Shops of Plymouth Town Center | Plymouth | MN | 84,003 | 55% | (180) | 2,860 | ||||||||
06/02/11 | INP Retail LP | Red Top Plaza | Libertyville | IL | 151,840 | 55% | 4,229 | 6,270 | ||||||||
06/02/11 | INP Retail LP | Village Ten Center | Coon Rapids | MN | 211,472 | 55% | 2,027 | 4,565 | ||||||||
09/19/11 | INP Retail LP | Stuart’s Crossing | St. Charles | IL | 85,529 | 55% | (94) | 3,850 | ||||||||
09/21/11 | INP Retail LP | Champlin Marketplace | Champlin | MN | 88,577 | 55% | 7,466 | - | ||||||||
11/09/11 | INP Retail LP | Quarry Retail | Minneapolis | MN | 281,458 | 55% | (2,849) | 8,690 | ||||||||
11/15/11 | INP Retail LP | Caton Crossing | Plainfield | IL | 83,792 | 55% | (530) | 4,235 | ||||||||
11/18/11 | INP Retail LP | Woodfield Plaza | Schaumburg | IL | 177,160 | 55% | (5,086) | 6,883 | ||||||||
11/29/11 | INP Retail LP | Brownstones Shopping Center | Brookfield | WI | 137,821 | 55% | 13,556 | 7,290 | ||||||||
12/07/11 | INP Retail LP | Elston Plaza | Chicago | IL | 88,218 | 55% | 11,140 | 5,808 | ||||||||
12/15/11 | INP Retail LP | Turfway Commons | Florence | KY | 105,471 | 55% | 7,300 | - | ||||||||
2,171,684 | $ | 67,715 | $ | 68,706 |
Debt Schedule | ||||||||
Servicer | Property Name | Rate / Type | Maturity | Balance | ||||
Cohen Financial | Quarry Retail | 5.19% Fixed | August 2012 | $ | 15,800 | |||
Cohen Financial | Stuart’s Crossing | 5.27% Fixed | December 2012 | 7,000 | ||||
Principal Bank | Diffley Marketplace | 3.94% Fixed | November 2015 | 5,800 | ||||
John Hancock Life Ins. | The Point at Clark | 5.05% Fixed | September 2017 | 14,300 | ||||
Metlife Insurance Company | Woodfield Plaza | 5.05% Fixed | December 2017 | 12,514 | ||||
Prudential Insurance | Brownstones Shopping Center | 3.85% Fixed | January 2019 | 13,255 | ||||
Prudential Insurance | Elston Plaza | 3.85% Fixed | January 2019 | 10,560 | ||||
C-III Asset Management | The Shops of Plymouth Town Center | 5.83% Fixed | March 2021 | 5,200 | ||||
Wells Fargo | Joffco Square | 5.84% Fixed | March 2021 | 13,090 | ||||
C-III Asset Management | Village Ten Center | 5.17% Fixed | June 2021 | 8,300 | ||||
Midland Loan Services | Caton Crossing | 5.19% Fixed | June 2021 | 7,700 | ||||
C-III Asset Management | Red Top Plaza | 5.55% Fixed | September 2021 | 11,400 | ||||
Total / Weighted Average | 4.98% Fixed | $ | 124,919 | |||||
(1)
IRC’s pro rata share of debt is calculated using the pro rata allocation of the original equity contribution by each partner. This allocation is for presentation purposes and IRC is only financially obligated for the amounts guaranteed under the loan documents as all other amounts are non-recourse and secured by the underlying property.
(2)
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Unconsolidated Joint Ventures (continued)
Development Joint Venture with TMK Development
Date | Entity | Property | City | State | Acres | IRC % Interest | IRC Investment | IRC Share of Debt(1) | ||||||||
01/5/06 | TMK/Inland Aurora | Savannah Crossing | Aurora | IL | 10 Acres | 40.0% | $ | 2,320 | $ | - | ||||||
Development Joint Venture with North American Real Estate
Date | Entity | Property | City | State | Acres | IRC % Interest | IRC Investment | IRC Share of Debt (1) | ||||||||
06/06/06 | NARE/Inland North Aurora I | North Aurora Towne Centre I | North Aurora | IL | 28 Acres | 45.0% | $ | - | $ | 15,023 | ||||||
08/30/06 | NARE/Inland North Aurora II | North Aurora Towne Centre II | North Aurora | IL | 20 Acres | 45.0% | - | 3,017 | ||||||||
09/10/07 | NARE/Inland North Aurora III | North Aurora Towne Centre III | North Aurora | IL | 63 Acres | 45.0% | - | 11,470 | ||||||||
111 Acres | $ | - | $ | 29,510 |
Debt Schedule | ||||||
Servicer | Rate / Type | Maturity | Balance | |||
Bank of America (2) | 4.29% Variable | July 2011 | $ | 13,169 | ||
Bank of America | 1.80% Variable | September 2012 | 4,300 | |||
Bank of America (2) | 4.29% Variable | July 2011 | 3,549 | |||
Bank of America (2) | 4.29% Variable | July 2011 | 13,819 | |||
Total / Weighted Average | 3.98% Variable | $ | 34,837 |
Development Joint Venture with Pine Tree Institutional Realty LLC
Date | Entity | Property | City | State | Acres | IRC % Interest | IRC Investment | IRC Share of Debt (1) | ||||||||
09/26/07 | PTI Boise, LLC | Southshore Shopping Center | Boise | ID | 7 Acres | 85% | $ | 5,346 | $ | 2,295 | ||||||
12/21/07 | PTI Westfield, LLC | Lantern Commons | Westfield | IN | 64 Acres | 85% | 5,754 | 6,248 | ||||||||
71 Acres | $ | 11,100 | $ | 8,543 |
Debt Schedule | ||||||
Servicer | Rate / Type | Maturity | Balance | |||
PNC Bank (3) | 4.28% Variable | December 2011 | $ | 7,350 | ||
Inland Boise, LLC | 6.00% Variable | October 2012 | 2,700 | |||
Total / Weighted Average | 4.74% Variable | $ | 10,050 |
1)
IRC’s pro rata share of debt is calculated using the pro rata allocation of the original equity contribution by each partner. This allocation is for presentation purposes and IRC is only financially obligated for any amounts guaranteed under the loan documents as all other amounts are non-recourse and secured by the underlying property.
2)
This loan matured in July 2011. The joint venture is currently working with the lender to extend this debt. The joint venture has continued to make monthly debt service payments and the lender has not taken any negative actions with regards to this matured debt.
3)
This loan matured in December 2011. The joint venture is currently working with the lender to extend this debt. The joint venture has continued to make monthly debt service payments and the lender has not taken any negative actions with regards to this matured debt.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Unconsolidated Joint Ventures (continued)
Development Joint Venture with Tucker Development Corporation
Date | Entity | Property | City | State | Acres | IRC % Interest | IRC Investment | IRC Share of Debt (1) | ||||||||
05/12/07 | TDC Inland Lakemoor | Shops at Lakemoor | Lakemoor | IL | 74 Acres | 48% | $ | - | $ | 21,663 | ||||||
Debt Schedule | ||||||
Servicer | Rate / Type | Maturity | Balance | |||
Bank of America | 3.30% Variable | October 2012 | $ | 22,105 | ||
Joint Venture with Inland Private Capital Corporation (“IPCC”)
Date | Entity | Property | City | State | GLA | IRC % Interest | IRC Investment | IRC Share of Debt (1) | ||||||||
06/14/11 | IRC/IREX Venture II | Pharmacy Portfolio II (2) | Various | Various | 85,920 | 8% | $ | 767 | $ | 1,730 | ||||||
Debt Schedule | ||||||
Servicer | Rate / Type | Maturity | Balance | |||
Starwood Capital Trust | 5.65% Fixed | June 2021 | $ | 21,636 | ||
1)
IRC’s pro rata share of debt is calculated using the pro rata allocation of the original equity contribution by each partner. This allocation is for presentation purposes and IRC is only financially obligated for any amounts guaranteed under the loan documents as all other amounts are non-recourse and secured by the underlying property.
2)
The interests in the Pharmacy Portfolio II, which includes the six properties Walgreens, Normal IL, Walgreens, Spokane WA, Walgreens, Villa Rica GA, Walgreens, Waynesburg PA, Walgreens, Somerset MA, and Walgreens, Gallup NM, were sold together as a package.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Unconsolidated Joint Ventures (continued)
IPCC Joint Venture Property Status
Property (1) | Location | % Sold | Pro Rata Share of Acquisition Fee | Acquisition Fee Earned for the twelve months ended December 31, 2011 | ||||
University of Phoenix | Meridian, ID | 100% | $ | 221 | $ | 201 | ||
National Retail Portfolio (2) | Various | 100% | 551 | 551 | ||||
Mariano’s Fresh Market | Arlington Heights, IL | 100% | 510 | 510 | ||||
National Net Leased Portfolio (3) | Various | 100% | 1,154 | 1,154 | ||||
Pharmacy Portfolio II (4) | Various | 92% | 800 | 738 | ||||
$ | 3,236 | $ | 3,154 | |||||
(1)
These properties are not consolidated because upon the first sale of equity interest by the joint venture through the private placement offerings, the Company begins accounting for its equity interest under the equity method of accounting.
(2)
The interests in the National Retail Portfolio, which includes the four properties Copp’s, Sun Prairie WI, Harbor Square, Port Charlotte FL, Walgreen’s, Island Lake IL, and CVS, Elk Grove CA, were sold together as a package.
(3)
The interests in the National Net Leased Portfolio, which includes the 16 properties, Bank of America, Portland OR, BB&T Bank, Apopka FL, AT&T, Crestview FL, CVS, San Antonio TX, Advance Auto Parts, Lawrenceville GA, Mimi’s Café, Brandon FL, Ryan’s Restaurant, Columbia SC, Applebee’s, Lewisville TX, Capital One, Houston TX, Walgreens, St. Louis MO, Verizon, Monroe NC, Walgreens, Milwaukee WI, Dollar General, Fort Worth TX, Applebee’s, Eagan MN, Taco Bell, Port St. Lucie FL, and Buffalo Wild Wings, San Antonio TX, were sold together as a package.
(4)
The interests in the Pharmacy Portfolio II, which includes the six properties Walgreens, Normal IL, Walgreens, Spokane WA, Walgreens, Villa Rica GA, Walgreens, Waynesburg PA, Walgreens, Somerset MA, and Walgreens, Gallup NM, were sold together as a package.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Unconsolidated Joint Ventures – Balance Sheets
(Joint ventures at 100%)
December 31, 2011 (unaudited) | December 31, 2010 | |||
Balance Sheet: | ||||
Assets: | ||||
Cash | $ | 47,007 | 16,415 | |
Investment in real estate | 630,223 | 470,556 | ||
Acquired lease intangibles, net | 71,955 | 36,253 | ||
Accounts and rents receivable | 20,010 | 20,573 | ||
Restricted cash | 13,475 | 16,080 | ||
Deferred costs, net | 5,288 | 3,913 | ||
Other assets | 6,491 | 4,262 | ||
Total assets | $ | 794,449 | 568,052 | |
Liabilities: | ||||
Accounts payable and accrued expenses | $ | 31,122 | 19,795 | |
Acquired lease intangibles, net | 17,021 | 8,797 | ||
Mortgage payable | 394,481 | 281,496 | ||
Other liabilities | 11,028 | 16,384 | ||
Total liabilities | 453,652 | 326,472 | ||
Total equity | 340,797 | 241,580 | ||
Total liabilities and equity | $ | 794,449 | 568,052 | |
Investment in and advances to unconsolidated joint ventures | $ | 101,670 | 103,616 |
Unconsolidated joint ventures had mortgages payable of $394,481 and $281,496 as of December 31, 2011 and 2010, respectively. The Company’s proportionate share of these loans was $220,619 and $168,678 as of December 31, 2011 and 2010, respectively. The Company's proportionate share of debt is calculated using the pro rata allocation of the original equity contribution by each partner. This allocation is for financial statement purposes and the Company is only financially obligated for the amounts guaranteed under the loan documents.
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011
(In thousands except per share and square footage data)
Unconsolidated Joint Ventures – Statements of Operations (unaudited)
(Joint ventures at 100%)
Three months ended December 31, 2011 | Three months ended December 31, 2010 | Twelve months ended December 31, 2011 | Twelve months ended December 31, 2010 | ||||||
Revenues: | |||||||||
Rental income | $ | 14,454 | 12,569 | 49,197 | 49,471 | ||||
Tenant recoveries | 4,877 | 2,829 | 20,429 | 15,740 | |||||
Other property income | 104 | 143 | 390 | 498 | |||||
Total revenues | 19,435 | 15,541 | 70,016 | 65,709 | |||||
Expenses: | |||||||||
Property operating expenses | 3,192 | 2,494 | 12,006 | 10,217 | |||||
Real estate tax expense | 4,124 | 1,597 | 16,559 | 12,882 | |||||
Depreciation and amortization | 8,294 | 7,768 | 28,493 | 29,745 | |||||
Provision for impairment | - | - | 17,387 | 5,550 | |||||
General and administrative expenses | 872 | 657 | 1,785 | 1,587 | |||||
Total expenses | 16,482 | 12,516 | 76,230 | 59,981 | |||||
Operating income (loss) | 2,953 | 3,025 | (6,214) | 5,728 | |||||
Other income | 1,282 | 446 | 2,790 | 3,618 | |||||
Interest expense | (4,995) | (4,957) | (17,333) | (21,736) | |||||
Loss from continuing operations | $ | (760) | (1,486) | (20,757) | (12,390) | ||||
IRC’s pro rata share (a) | $ | 196 | (173) | (8,124) | (4,365) |
(a)
IRC's pro rata share includes the amortization of certain basis differences and an elimination of IRC's pro rata share of the management fee expense.
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
(In thousands except per share and square footage data)
Unconsolidated Joint Ventures – Balance Sheets
(IRC pro rata share)
December 31, 2011 (unaudited) | December 31, 2010 | |||
Balance Sheet: | ||||
Assets: | ||||
Cash | $ | 23,346 | 8,393 | |
Investment in real estate | 346,501 | 280,335 | ||
Acquired lease intangibles, net | 37,007 | 19,467 | ||
Accounts and rents receivable | 9,495 | 9,273 | ||
Restricted cash | 3,872 | 5,640 | ||
Deferred costs, net | 2,570 | 2,332 | ||
Other assets | 2,328 | 2,048 | ||
Total assets | $ | 425,119 | 327,488 | |
Liabilities: | ||||
Accounts payable and accrued expenses | $ | 15,030 | 11,213 | |
Acquired lease intangibles, net | 8,968 | 4,594 | ||
Mortgage payable | 220,619 | 168,678 | ||
Other liabilities | 5,268 | 6,708 | ||
Total liabilities | 249,885 | 191,193 | ||
Total equity | 175,234 | 136,295 | ||
Total liabilities and equity | $ | 425,119 | 327,488 | |
Investment in and advances to unconsolidated joint ventures | $ | 101,670 | 103,616 |
Inland Real Estate Corporation
Supplemental Financial Information
For the three and twelve months ended December 31, 2011
(In thousands except per share and square footage data)
Unconsolidated Joint Ventures – Statements of Operations (unaudited)
(IRC pro rata share)
Three months ended December 31, 2011 | Three months ended December 31, 2010 | Twelve months ended December 31, 2011 | Twelve months ended December 31, 2010 | ||||||
Revenues: | |||||||||
Rental income | $ | 7,277 | 5,308 | 25,030 | 21,997 | ||||
Tenant recoveries | 2,541 | 1,431 | 10,526 | 8,028 | |||||
Other property income | 54 | 40 | 198 | 215 | |||||
Total revenues | 9,872 | 6,779 | 35,754 | 30,240 | |||||
Expenses: | |||||||||
Property operating expenses | 1,201 | 796 | 4,754 | 4,098 | |||||
Real estate tax expense | 2,148 | 818 | 8,535 | 6,566 | |||||
Depreciation and amortization | 4,260 | 3,485 | 14,653 | 13,642 | |||||
Provision for impairment | - | - | 7,824 | 2,498 | |||||
General and administrative expenses | 356 | 486 | 628 | 970 | |||||
Total expenses | 7,965 | 5,585 | 36,394 | 27,774 | |||||
Operating income (loss) | 1,907 | 1,194 | (640) | 2,466 | |||||
Other income | 800 | 705 | 1,381 | 2,943 | |||||
Interest expense | (2,511) | (2,072) | (8,865) | (9,774) | |||||
Income (loss) from continuing operations | $ | 196 | (173) | (8,124) | (4,365) | ||||
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property List
As of December 31, 2011, we owned 108 investment properties, comprised of 22 single-user retail properties, 45 Neighborhood Retail Centers, 15 Community Centers, 1 Lifestyle Center and 25 Power Centers. These investment properties are located in the states of Florida (1), Illinois (66), Indiana (7), Michigan (1), Minnesota (22), Missouri (1), Nebraska (1), Ohio (2), 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 | Financial Occupancy (1) | Anchor Tenants (2) | |||||
Single-User | ||||||||||
10th Street Center (f/k/a Cub Foods) Indianapolis, IN | 67,541 | 03/99 | 1991 | 0% | None | |||||
Bally Total Fitness St. Paul, MN | 43,000 | 09/99 | 1998 | 100%(3) | Bally Total Fitness (3) | |||||
Carmax Schaumburg, IL | 93,333 | 12/98 | 1998 | 100% | Carmax | |||||
Carmax Tinley Park, IL | 94,518 | 12/98 | 1998 | 100% | Carmax | |||||
Cub Foods Buffalo Grove, IL | 56,192 | 06/99 | 1999 | 100% | Cub Foods (sublet to Great Escape) | |||||
Cub Foods Hutchinson, MN | 60,208 | 01/03 | 1999 | 100% (3) | Cub Foods (3) | |||||
Disney Celebration, FL | 166,131 | 07/02 | 1995 | 100% | Walt Disney World | |||||
Dominick's Countryside, IL | 62,344 | 12/97 | 1975/2001 | 100% | Dominick's Finer Foods | |||||
Dominick's Schaumburg, IL | 71,400 | 05/97 | 1996 | 100% | Dominick's Finer Foods | |||||
Food 4 Less Hammond, IN | 71,313 | 05/99 | 1999 | 100% | Dominick’s Finer Foods (sublet to Food 4 Less) | |||||
Glendale Heights Retail Glendale Heights, IL | 68,879 | 09/97 | 1997 | 100% (3) | Dominick's Finer Foods (3) | |||||
Grand Traverse Crossings Traverse City, MI | 21,337 | 01/99 | 1998 | 0% | None | |||||
Home Goods Coon Rapids, MN | 25,145 | 10/05 | 2005 | 100% | Home Goods | |||||
Michael’s Coon Rapids, MN | 24,240 | 07/02 | 2001 | 100% | Michael’s | |||||
PetSmart Gurnee, IL | 25,692 | 04/01 | 1997 | 100% | PetSmart | |||||
Pick 'N Save Waupaca, WI | 63,780 | 03/06 | 2002 | 100% | Pick ‘N Save |
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property | Gross Leasable Area (Sq Ft) | Date Acq. | Year Built/ Renovated | Financial Occupancy (1) | Anchor Tenants (2) |
| |||||
| |||||||||||
Single-User |
| ||||||||||
| |||||||||||
Rite-Aid Chattanooga, TN | 10,908 | 05/02 | 1999 | 100% | Rite Aid |
| |||||
| |||||||||||
Riverdale Commons Outlot Coon Rapids, MN | 6,566 | 03/00 | 1999 | 100% | None |
| |||||
| |||||||||||
Roundy’s Menomonee Falls, WI | 103,611 | 11/10 | 2010 | 100% | Super Pick ‘N Save |
| |||||
| |||||||||||
Staples Freeport, IL | 24,049 | 12/98 | 1998 | 100% | Staples |
| |||||
| |||||||||||
Verizon Joliet, IL | 4,504 | 05/97 | 1995 | 100% | None |
| |||||
| |||||||||||
Walgreens Jennings, MO | 15,120 | 10/02 | 1996 | 100% | Walgreen’s (4) |
| |||||
| |||||||||||
Neighborhood Retail Centers |
| ||||||||||
| |||||||||||
22nd Street Plaza Outlot Oakbrook Terrace, IL | 9,970 | 11/97 | 1985/2004 | 100% | None |
| |||||
| |||||||||||
Aurora Commons Aurora, IL | 126,908 | 01/97 | 1988 | 85% | Jewel Food Stores |
| |||||
| |||||||||||
Berwyn Plaza Berwyn, IL | 15,726 | 05/98 | 1983 | 100% | Deal$ |
| |||||
| |||||||||||
Big Lake Town Square Big Lake, MN | 67,858 | 01/06 | 2005 | 100% | Coborn’s Super Store |
| |||||
| |||||||||||
Brunswick Market Center Brunswick, OH | 119,540 | 12/02 | 1997/1998 | 97% | Buehler’s Food Markets |
| |||||
| |||||||||||
Butera Market Naperville, IL | 67,632 | 03/95 | 1991 | 97% | Butera Finer Foods |
| |||||
| |||||||||||
Cliff Lake Centre Eagan, MN | 74,182 | 09/99 | 1988 | 96% | None |
| |||||
| |||||||||||
Downers Grove Market Downers Grove, IL | 103,419 | 03/98 | 1998 | 99% | Dominick’s Finer Foods |
| |||||
| |||||||||||
Dunkirk Square Maple Grove, MN | 79,130 | 09/99 | 1998 | 97% | Rainbow |
| |||||
| |||||||||||
Eastgate Center Lombard, IL | 129,101 | 07/98 | 1959/2000 | 78% | Schroeder's Ace Hardware |
| |||||
Illinois Secretary of State |
| ||||||||||
Illinois Dept. of Employment |
|
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property | Gross Leasable Area (Sq Ft) | Date Acq. | Year Built/ Renovated | Financial Occupancy (1) | Anchor Tenants (2) |
| |||||
| |||||||||||
Neighborhood Retail Centers |
| ||||||||||
| |||||||||||
Edinburgh Festival Brooklyn Park, MN | 91,536 | 10/98 | 1997 | 93% | Knowlan's Super Market |
| |||||
| |||||||||||
Elmhurst City Centre Elmhurst, IL | 39,090 | 02/98 | 1994 | 81% | Walgreen’s (4) |
| |||||
| |||||||||||
Gateway Square Hinsdale, IL | 40,115 | 03/99 | 1985 | 80% | None |
| |||||
| |||||||||||
Golf Road Plaza Niles, IL | 25,992 | 04/97 | 1982 | 100% | None |
| |||||
| |||||||||||
Grand Hunt Center Outlot Gurnee, IL | 21,194 | 12/96 | 1996 | 100% | None |
| |||||
| |||||||||||
Hammond Mills Hammond, IN | 7,488 | 12/98 | 1998/2011 | 73% | None |
| |||||
| |||||||||||
Hartford Plaza Naperville, IL | 43,762 | 09/95 | 1995 | 82% | The Tile Shop |
| |||||
| |||||||||||
Hawthorn Village Commons Vernon Hills, IL | 98,806 | 08/96 | 1979 | 90% | Dominick's Finer Foods |
| |||||
Deal$ |
| ||||||||||
Hickory Creek Marketplace Frankfort, IL | 55,831 | 08/99 | 1999 | 74% | None |
| |||||
| |||||||||||
Iroquois Center Naperville, IL | 140,981 | 12/97 | 1983 | 72% | Planet Fitness |
| |||||
Xilin Association |
| ||||||||||
Big Lots |
| ||||||||||
Medina Marketplace Medina, OH | 92,446 | 12/02 | 1956/2010 | 100% | Giant Eagle, Inc. |
| |||||
| |||||||||||
Mundelein Plaza Mundelein, IL | 16,803 | 03/96 | 1990 | 100% | None |
| |||||
| |||||||||||
Nantucket Square Schaumburg, IL | 56,981 | 09/95 | 1980 | 88% | Go Play |
| |||||
| |||||||||||
Oak Forest Commons Oak Forest, IL | 108,330 | 03/98 | 1998 | 81% | Food 4 Less |
| |||||
O’Reilys Automotive |
| ||||||||||
Oak Forest Commons III Oak Forest, IL | 7,424 | 06/99 | 1999 | 40% | None |
| |||||
| |||||||||||
Oak Lawn Town Center Oak Lawn, IL | 12,506 | 06/99 | 1999 | 85% | None |
| |||||
| |||||||||||
Orland Greens Orland Park, IL | 45,031 | 09/98 | 1984 | 88% | Dollar Tree |
| |||||
Spree Look Good, Do Good |
|
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property | Gross Leasable Area (Sq Ft) | Date Acq. | Year Built/ Renovated | Financial Occupancy (1) | Anchor Tenants (2) |
| |||||
| |||||||||||
Neighborhood Retail Centers |
| ||||||||||
| |||||||||||
Park Square Brooklyn Park, MN | 136,664 | 08/02 | 1986/1988/ 2006 | 100% | Rainbow |
| |||||
Planet Fitness |
| ||||||||||
Park St. Claire Schaumburg, IL | 11,859 | 12/96 | 1994 | 100% | None |
| |||||
| |||||||||||
Plymouth Collection Plymouth, MN | 45,915 | 01/99 | 1999 | 100% | Golf Galaxy |
| |||||
| |||||||||||
Quarry Outlot Hodgkins, IL | 9,650 | 12/96 | 1996 | 100% | None |
| |||||
| |||||||||||
River Square Naperville, IL | 58,260 | 06/97 | 1988/2000 | 81% | None |
| |||||
| |||||||||||
Riverplace Center Noblesville, IN | 74,414 | 11/98 | 1992 | 98% (3) | Food 4 Less |
| |||||
Fashion Bug |
| ||||||||||
Rose Plaza Elmwood Park, IL | 24,204 | 11/98 | 1997 | 100% | Binny’s Beverage Depot |
| |||||
| |||||||||||
Schaumburg Plaza Schaumburg, IL | 61,485 | 06/98 | 1994 | 65% | None |
| |||||
| |||||||||||
Shingle Creek Brooklyn Center, MN | 39,456 | 09/99 | 1986 | 91% | None |
| |||||
| |||||||||||
Shops at Coopers Grove Country Club Hills, IL | 72,518 | 01/98 | 1991 | 100% (3) | Michael’s Fresh Market |
| |||||
| |||||||||||
Six Corners Plaza Chicago, IL | 80,596 | 10/96 | 1966/2005 | 99% | Bally Total Fitness |
| |||||
Conway |
| ||||||||||
St. James Crossing Westmont, IL | 49,994 | 03/98 | 1990 | 56% | None |
| |||||
| |||||||||||
Townes Crossing Oswego, IL | 105,989 | 08/02 | 1988 | 89% | Jewel Food Stores |
| |||||
| |||||||||||
Wauconda Crossings Wauconda, IL | 90,290 | 08/06 | 1997 | 96% (3) | Dominick's Finer Foods (3) |
| |||||
Walgreen’s |
| ||||||||||
Wauconda Shopping Center Wauconda, IL | 34,137 | 05/98 | 1988 | 100% | Dollar Tree |
| |||||
| |||||||||||
Westriver Crossings Joliet, IL | 32,452 | 08/99 | 1999 | 72% | None |
| |||||
| |||||||||||
Winnetka Commons New Hope, MN | 42,415 | 07/98 | 1990 | 80% | Walgreen’s (sublet to Frattalone’s Hardware) |
| |||||
| |||||||||||
Woodland Heights Streamwood, IL | 120,436 | 06/98 | 1956/1997 | 88% | Jewel Food Stores |
| |||||
U.S. Postal Service |
|
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property | Gross Leasable Area (Sq Ft) | Date Acq. | Year Built/ Renovated | Financial Occupancy (1) | Anchor Tenants (2) |
| |||||
| |||||||||||
Community Centers |
| ||||||||||
| |||||||||||
Apache Shoppes Rochester, MN | 60,780 | 12/06 | 2005/2006 | 73% | Trader Joe’s |
| |||||
Chuck E. Cheese |
| ||||||||||
Bergen Plaza Oakdale, MN | 258,720 | 04/98 | 1978 | 90% | K-Mart |
| |||||
Rainbow |
| ||||||||||
Dollar Tree |
| ||||||||||
Bohl Farm Marketplace Crystal Lake, IL | 97,287 | 12/00 | 2000 | 99% | Dress Barn |
| |||||
Barnes & Noble |
| ||||||||||
Buy Buy Baby |
| ||||||||||
Burnsville Crossing Burnsville, MN | 97,210 | 09/99 | 1989/2010 | 93% | PetSmart |
| |||||
Becker Furniture World |
| ||||||||||
Chestnut Court Darien, IL | 169,915 | 03/98 | 1987/2009 | 86% (3) | Office Depot (3) |
| |||||
X-Sport Gym |
| ||||||||||
Tuesday Morning |
| ||||||||||
Factory Card Outlet |
| ||||||||||
JoAnn Stores |
| ||||||||||
Oakridge Hobbies & Toys |
| ||||||||||
Four Flaggs Niles, IL | 304,603 | 11/02 | 1973/1998/ 2010 | 100% | Ashley Furniture |
| |||||
Jewel Food Stores |
| ||||||||||
Global Rehabilitation |
| ||||||||||
Sweet Home Furniture |
| ||||||||||
JoAnn Stores |
| ||||||||||
Office Depot |
| ||||||||||
PetSmart |
| ||||||||||
Marshall's |
| ||||||||||
Old Navy Shoe Carnival |
| ||||||||||
Four Flaggs Annex Niles, IL | 21,425 | 11/02 | 1973/2001/ 2010 | 100% | Party City |
| |||||
| |||||||||||
Lake Park Plaza Michigan City, IN | 114,867 | 02/98 | 1990 | 82% | Jo Ann Stores |
| |||||
Hobby Lobby |
| ||||||||||
Factory Card Outlet |
| ||||||||||
Oliver Square West Chicago, IL | 77,637 | 01/98 | 1990 | 66% | Tampico Fresh Market |
| |||||
| |||||||||||
Orchard Crossing Ft. Wayne, IN | 118,244 | 04/07 | 2008 | 85% | Gordman’s |
| |||||
Dollar Tree |
| ||||||||||
Park Center Tinley Park, IL | 128,390 | 12/98 | 1988 | 81% | Charter Fitness |
| |||||
Chuck E. Cheese |
| ||||||||||
Old Country Buffet |
| ||||||||||
Sears Outlet |
| ||||||||||
Skokie Fashion Square Skokie, IL | 84,580 | 12/97 | 1984/2010 | 46% | Ross Dress for Less |
| |||||
|
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property | Gross Leasable Area (Sq Ft) | Date Acq. | Year Built/ Renovated | Financial Occupancy (1) | Anchor Tenants (2) |
| |||||
| |||||||||||
Community Centers |
| ||||||||||
| |||||||||||
Skokie Fashion Square II Skokie, IL | 7,151 | 11/04 | 1984/2010 | 100% | None |
| |||||
| |||||||||||
The Plaza Brookfield, WI | 107,952 | 02/99 | 1985 | 93% | CVS |
| |||||
Guitar Center |
| ||||||||||
Hooters of America |
| ||||||||||
Stan's Bootery |
| ||||||||||
Two Rivers Plaza Bolingbrook, IL | 57,900 | 10/98 | 1994 | 91% (3) | Marshall’s |
| |||||
Party City (3) |
| ||||||||||
|
| ||||||||||
Power Centers |
| ||||||||||
| |||||||||||
Baytowne Shoppes/Square Champaign, IL | 118,305 | 02/99 | 1993 | 90% | Staples |
| |||||
PetSmart |
| ||||||||||
Party City |
| ||||||||||
Citi Trends |
| ||||||||||
Ulta |
| ||||||||||
Bradley Commons Bradley, IL | 174,782 | 11/11 | 2007/2011 | 93% | Shoe Carnival |
| |||||
Ulta |
| ||||||||||
Bed, Bath & Beyond |
| ||||||||||
Dick’s Sporting Goods |
| ||||||||||
Petco |
| ||||||||||
| |||||||||||
Crystal Point Crystal Lake, IL | 357,914 | 07/04 | 1976/1998 | 95% | Best Buy |
| |||||
K-Mart |
| ||||||||||
Bed, Bath & Beyond |
| ||||||||||
The Sports Authority |
| ||||||||||
Cost Plus |
| ||||||||||
Ross Dress for Less |
| ||||||||||
The Fresh Market |
| ||||||||||
Deer Trace Kohler, WI | 149,924 | 07/02 | 2000 | 98% | Elder Beerman |
| |||||
TJ Maxx |
| ||||||||||
Michael's |
| ||||||||||
Dollar Tree Ulta |
| ||||||||||
Deer Trace II Kohler, WI | 24,292 | 08/04 | 2003/2004 | 100% | None |
| |||||
| |||||||||||
Joliet Commons Joliet, IL | 158,853 | 10/98 | 1995 | 100% | Cinemark |
| |||||
PetSmart |
| ||||||||||
Barnes & Noble |
| ||||||||||
Old Navy |
| ||||||||||
Party City |
| ||||||||||
Old Country Buffet Jo Ann Stores |
| ||||||||||
Joliet Commons Phase II Joliet, IL | 40,395 | 02/00 | 1999 | 100% | Office Max |
| |||||
| |||||||||||
Lansing Square Lansing, IL | 233,508 | 12/96 | 1991 | 8% | None |
|
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property | Gross Leasable Area (Sq Ft) | Date Acq. | Year Built/ Renovated | Financial Occupancy (1) | Anchor Tenants (2) |
| |||||
| |||||||||||
Power Centers |
| ||||||||||
| |||||||||||
Mankato Heights Mankato, MN | 155,173 | 04/03 | 2002 | 94% | TJ Maxx |
| |||||
Michael’s |
| ||||||||||
Old Navy |
| ||||||||||
Pier 1 Imports |
| ||||||||||
Petco |
| ||||||||||
Famous Footwear |
| ||||||||||
Maple Park Place Bolingbrook, IL | 214,455 | 01/97 | 1992/2004 | 98% (3) | X-Sport Gym |
| |||||
Office Depot (3) |
| ||||||||||
The Sports Authority |
| ||||||||||
Best Buy |
| ||||||||||
Ross Dress for Less |
| ||||||||||
Naper West Naperville, IL | 214,109 | 12/97 | 1985/2009 | 88% | Barrett’s Home Theater Store |
| |||||
JoAnn Stores |
| ||||||||||
Sears Outlet |
| ||||||||||
Ross Dress for Less |
| ||||||||||
Orland Park Place Outlots Orland Park, IL | 11,900 | 08/07 | 2007 | 0% | Olympic Flame |
| |||||
| |||||||||||
Park Avenue Centre Highland Park, IL | 64,943 | 06/97 | 1996/2005 | 100% | Staples |
| |||||
TREK Bicycle Store |
| ||||||||||
Illinois Bone and Joint |
| ||||||||||
Park Place Plaza St. Louis Park, MN | 88,999 | 09/99 | 1997/2006 | 100% | Office Max |
| |||||
PetSmart |
| ||||||||||
Pine Tree Plaza Janesville, WI | 187,413 | 10/99 | 1998 | 98% | Gander Mountain |
| |||||
TJ Maxx |
| ||||||||||
Staples |
| ||||||||||
Michaels |
| ||||||||||
Old Navy |
| ||||||||||
Petco |
| ||||||||||
Famous Footwear |
| ||||||||||
Riverdale Commons Coon Rapids, MN | 175,802 | 09/99 | 1999 | 100% | Rainbow |
| |||||
The Sports Authority |
| ||||||||||
Office Max |
| ||||||||||
Petco |
| ||||||||||
Party City |
| ||||||||||
Rivertree Court Vernon Hills, IL | 308,862 | 07/97 | 1988/2011 | 90% | Best Buy |
| |||||
Discovery Clothing |
| ||||||||||
Office Depot |
| ||||||||||
TJ Maxx |
| ||||||||||
Michaels Stores |
| ||||||||||
Ulta Salon |
| ||||||||||
Old Country Buffet |
| ||||||||||
Harlem Furniture |
| ||||||||||
Gordman’s |
|
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property | Gross Leasable Area (Sq Ft) | Date Acq. | Year Built/ Renovated | Financial Occupancy (1) | Anchor Tenants (2) | |||||
Power Centers | ||||||||||
Rochester Marketplace Rochester, MN | 70,213 | 09/03 | 2001/2003 | 100% | Staples | |||||
PetSmart | ||||||||||
Salem Square Countryside, IL | 116,992 | 08/96 | 1973/1985/ 2009 | 100% | TJ Maxx | |||||
Marshall’s | ||||||||||
Schaumburg Promenade Schaumburg, IL | 91,831 | 12/99 | 1999 | 100% | Ashley Furniture | |||||
DSW Shoe Warehouse | ||||||||||
Casual Male | ||||||||||
Shakopee Outlot Shakopee, MN | 12,285 | 03/06 | 2007 | 85% | None | |||||
Shakopee Valley Marketplace Shakopee, MN | 146,362 | 12/02 | 2000/2001 | 100% | Kohl's | |||||
Office Max | ||||||||||
Shoppes at Grayhawk Omaha, NE | 81,000 | 02/06 | 2001/2004 | 90% | Michael’s | |||||
Shops at Orchard Place Skokie, IL | 159,091 | 12/02 | 2000 | 97% | Best Buy | |||||
DSW Shoe Warehouse | ||||||||||
Ulta Salon | ||||||||||
Pier 1 Imports | ||||||||||
Petco | ||||||||||
Walter E Smithe | ||||||||||
Party City | ||||||||||
University Crossings Mishawaka, IN | 111,651 | 10/03 | 2003 | 97% | Marshall’s | |||||
Petco | ||||||||||
Dollar Tree Stores | ||||||||||
Pier 1 Imports | ||||||||||
Ross Medical Education Center | ||||||||||
Babies ‘R’ Us | ||||||||||
Lifestyle Centers | ||||||||||
Algonquin Commons Algonquin, IL | 560,972 | 02/06 | 2004/2005 | 90% | PetSmart | |||||
Office Max | ||||||||||
Pottery Barn | ||||||||||
Old Navy | ||||||||||
DSW Show Warehouse | ||||||||||
Discovery Clothing | ||||||||||
Dick's Sporting Goods | ||||||||||
Trader Joe's | ||||||||||
Ulta | ||||||||||
Charming Charlie | ||||||||||
Sears Outlet | ||||||||||
Ross Dress for Less | ||||||||||
Gordman’s | ||||||||||
Total | 9,705,014 | 89% | ||||||||
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
As of December 31, 2011, we owned 38 investment properties through our joint ventures, comprised of 7 Single User, 16 Neighborhood Retail Centers, 8 Community Centers and 7 Power Centers. These investment properties are located in the states of Georgia (1), Illinois (21), Kentucky (1), Massachusetts (1), Minnesota (9), New Mexico (1), Pennsylvania (1), Washington (1) and Wisconsin (2). 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 | Financial Occupancy (1) | Anchor Tenants (2) | |||||
Single User | ||||||||||
Cub Foods Arden Hills, MN | 68,442 | 03/04 | 2003 | 100% | Cub Foods | |||||
Walgreens Gallup, NM | 14,820 | 06/11 | 2005 | 100% | Walgreen’s (4) | |||||
Walgreens Normal, IL | 14,490 | 06/11 | 2010 | 100% | Walgreen’s (4) | |||||
Walgreens Somerset, MA | 13,650 | 06/11 | 2011 | 100% | Walgreen’s (4) | |||||
Walgreens Spokane, WA | 14,490 | 06/11 | 2002 | 100% | Walgreen’s (4) | |||||
Walgreens Villa Rica, GA | 13,650 | 06/11 | 2008 | 100% | Walgreen’s (4) | |||||
Walgreens Waynesburg, PA | 14,820 | 06/11 | 2008 | 100% | Walgreen’s (4) | |||||
Neighborhood Retail Centers | ||||||||||
Byerly’s Burnsville Burnsville, MN | 72,339 | 09/99 | 1988 | 98% | Byerly’s Food Store | |||||
Erik’s Bike Shop | ||||||||||
Caton Crossing Plainfield, IL | 83,792 | 06/03 | 1998 | 95%(3) | Strack & Van Til | |||||
Champlin Marketplace Champlin, MN | 88,577 | 09/11 | 1999/2005 | 89% | Cub Foods | |||||
Cobbler Crossing Elgin, IL | 102,643 | 05/97 | 1993 | 91% | Jewel Food Stores | |||||
Diffley Marketplace Eagan, MN | 62,656 | 10/10 | 2008 | 98% | Cub Foods | |||||
Forest Lake Marketplace Forest Lake, MN | 93,853 | 09/02 | 2001 | 95% | Cub Foods | |||||
Mallard Crossings Elk Grove Village, IL | 82,929 | 05/97 | 1993 | 95% | Food 4 Less | |||||
Mapleview Grayslake, IL | 105,642 | 03/05 | 2000/2005 | 83% | Jewel Food Stores | |||||
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property | Gross Leasable Area (Sq Ft) | Date Acq. | Year Built/ Renovated | Financial Occupancy (1) | Anchor Tenants (2) |
| |||||
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Neighborhood Retail Centers |
| ||||||||||
| |||||||||||
Marketplace at Six Corners Chicago, IL | 116,975 | 11/98 | 1997 | 100% | Jewel Food Stores |
| |||||
Marshall’s |
| ||||||||||
Ravinia Plaza Orland Park, IL | 101,384 | 11/06 | 1990 | 70% | Pier 1 Imports |
| |||||
House of Brides |
| ||||||||||
Red Top Plaza Libertyville, IL | 151,840 | 06/11 | 1981/2008 | 81% | Jewel Food Stores |
| |||||
| |||||||||||
Regal Showplace Crystal Lake, IL | 96,928 | 03/05 | 1998 | 98% | Regal Cinemas |
| |||||
| |||||||||||
Shannon Square Shoppes Arden Hills, MN | 29,196 | 06/04 | 2003 | 100% (3) | None |
| |||||
| |||||||||||
Stuart's Crossing St. Charles, IL | 85,529 | 08/98 | 1999 | 98% | Jewel Food Stores |
| |||||
| |||||||||||
The Shoppes at Mill Creek Palos Park, IL | 102,422 | 03/98 | 1989 | 91% | Jewel Food Stores |
| |||||
| |||||||||||
The Shops of Plymouth Town Center Plymouth, MN | 84,003 | 03/99 | 1991 | 100% | The Foursome, Inc. |
| |||||
Cub Foods |
| ||||||||||
| |||||||||||
Community Centers |
| ||||||||||
| |||||||||||
Brownstones Shopping Center Brookfield, WI | 137,821 | 11/11 | 1989/2009 | 96% | Metro Market |
| |||||
TJ Maxx |
| ||||||||||
Chatham Ridge Chicago, IL | 175,991 | 02/00 | 1999 | 100% | Food 4 Less |
| |||||
Marshall’s |
| ||||||||||
Bally Total Fitness |
| ||||||||||
Elston Plaza Chicago, IL | 88,218 | 12/11 | 1983/2010 | 90% | Jewel Food Stores |
| |||||
O’Reilly Auto Parts |
| ||||||||||
Greentree Centre & Outlot Racine, WI | 169,268 | 02/05 | 1990/1993 | 94% | Pick ‘N Save |
| |||||
K - Mart |
| ||||||||||
Quarry Retail Minneapolis, MN | 281,458 | 09/99 | 1997 | 100% | Home Depot |
| |||||
Rainbow |
| ||||||||||
PetSmart |
| ||||||||||
Office Max |
| ||||||||||
Old Navy |
| ||||||||||
Party City |
| ||||||||||
Thatcher Woods Center River Grove, IL | 188,213 | 04/02 | 1969/1999 | 98% | Walgreen's |
| |||||
Conway |
| ||||||||||
Hanging Garden Banquet |
| ||||||||||
Binny’s Beverage Depot |
| ||||||||||
Dominick’s Finer Foods |
| ||||||||||
|
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property | Gross Leasable Area (Sq Ft) | Date Acq. | Year Built/ Renovated | Financial Occupancy (1) | Anchor Tenants (2) |
| |||||
| |||||||||||
Community Centers |
| ||||||||||
| |||||||||||
Village Ten Center Coon Rapids, MN | 211,472 | 08/03 | 2002 | 96% | Dollar Tree |
| |||||
Life Time Fitness Cub Foods |
| ||||||||||
| |||||||||||
Woodland Commons Buffalo Grove, IL | 170,122 | 02/99 | 1991 | 96% | Dominick’s Finer Foods |
| |||||
Jewish Community Center |
| ||||||||||
Power Centers |
| ||||||||||
| |||||||||||
Joffco Square Chicago, IL | 95,204 | 01/11 | 2008 | 83% | Bed, Bath & Beyond |
| |||||
Best Buy |
| ||||||||||
Orland Park Place Orland Park, IL | 592,445 | 04/05 | 1980/1999 | 99% | K & G Superstore |
| |||||
Old Navy |
| ||||||||||
Stein Mart |
| ||||||||||
Tiger Direct |
| ||||||||||
Barnes & Noble |
| ||||||||||
DSW Shoe Warehouse |
| ||||||||||
Bed, Bath & Beyond |
| ||||||||||
Binny’s Beverage Depot |
| ||||||||||
Office Depot |
| ||||||||||
Nordstrom Rack |
| ||||||||||
Dick’s Sporting Goods |
| ||||||||||
Marshall’s |
| ||||||||||
Buy Buy Baby |
| ||||||||||
HH Gregg |
| ||||||||||
Ross Dress for Less |
| ||||||||||
Randall Square Geneva, IL | 216,107 | 05/99 | 1999 | 91% | Marshall’s |
| |||||
Bed, Bath & Beyond |
| ||||||||||
PetSmart |
| ||||||||||
Michael’s |
| ||||||||||
Party City |
| ||||||||||
Old Navy |
| ||||||||||
| |||||||||||
The Point at Clark Chicago, IL | 95,455 | 06/10 | 1996 | 100% (3) | DSW Shoe Warehouse |
| |||||
Marshall’s |
| ||||||||||
Michael’s |
| ||||||||||
| |||||||||||
Turfway Commons Florence, KY | 105,471 | 12/11 | 1993/2007 | 95% | Babies ‘R’ Us |
| |||||
Half Price Books |
| ||||||||||
Guitar Center |
| ||||||||||
Michael’s |
| ||||||||||
Woodfield Commons E/W Schaumburg, IL | 207,452 | 10/98 | 1973/1975/ 1997/2007 | 89% | Toys R Us |
| |||||
Harlem Furniture |
| ||||||||||
Discovery Clothing |
| ||||||||||
REI |
| ||||||||||
Hobby Lobby |
| ||||||||||
|
Inland Real Estate Corporation
Supplemental Financial Information
As of December 31, 2011
Property | Gross Leasable Area (Sq Ft) | Date Acq. | Year Built/ Renovated | Financial Occupancy (1) | Anchor Tenants (2) | |||||
Power Centers | ||||||||||
Woodfield Plaza Schaumburg, IL | 177,160 | 01/98 | 1992 | 95% | Kohl's | |||||
Barnes & Noble | ||||||||||
Buy Buy Baby | ||||||||||
Joseph A. Banks Clothiers (sublet to David's Bridal) | ||||||||||
Tuesday Morning | ||||||||||
Total | 4,526,927 | 95% | ||||||||
Total/Weighted Average | 14,231,941 | 91% |
(1) | Financial Occupancy is defined as the percentage of total gross leasable area for which a tenant is obligated to pay rent under the terms of its lease agreement, regardless of the actual use or occupation by that tenant of the area being leased excluding tenants in their abatement period. |
(2) | Anchor tenants are defined as any tenant occupying 10,000 or more square feet. The trade name is used which maybe different than the tenant name on the lease. |
(3) | Tenant has vacated their space but is still contractually obligated under their lease to pay rent. |
(4) | Beginning with the earlier date listed, pursuant to the terms of the lease, the tenant has a right to terminate prior to the lease expiration date. |
9