INLAND REAL ESTATE CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 SUPPLEMENTAL 09/30/14

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 PRESS RELEASE 11/04/14 - INLAND REAL ESTATE CORP	exhibit991pressrelease11414.htm
8-K - 8-K - INLAND REAL ESTATE CORP	a8-ksupplemental09x30x14.htm

Supplemental Financial Information - September 30, 2014



Page		Table of Contents

2		Company Information

3		Other Information

5		Consolidated Balance Sheets

6		Consolidated Statements of Operations

7		Funds From Operations and Other Information

8		Earnings Before Interest Taxes Depreciation and Amortization

9		Same Store Net Operating Income

12		Pro Rata Consolidated Information

13		Selected Financial Ratios and Guidance

14		Summary of Outstanding Debt at September 30, 2014

17		Significant Retail Tenants

19		Portfolio Metrics

20		Lease Expiration Analysis

23		Leasing Activity

25		Leasing Activity - Anchors and Non-Anchors

26		Property Transactions

27		Unconsolidated Joint Venture Summary

29		Investment Properties



	1

Company Information

Inland Real Estate Corporation strives to be a leading owner and operator of high quality, necessity and value based retail centers in prime locations throughout the Central and Southeastern United States. We seek to provide predictable, sustainable cash flows and continually enhance shareholder value through the expert management and strategic improvement of our portfolio of premier retail assets. We have elected to be taxed as a real estate investment trust ("REIT") for federal income tax purposes. As of September 30, 2014, we owned interests in 136 investment properties, including 37 properties owned through our unconsolidated joint ventures.



		Corporate Headquarters
		2901 Butterfield Road
		Oak Brook, IL 60523
		www.inlandrealestate.com



Investor Relations/Media Relations				New York Stock Exchange
Dawn Benchelt				Preferred Stock Symbol IRC-PA
Investor Relations Director				Preferred Stock Symbol IRC-PB
(630) 218-7364				Common Stock Symbol IRC
benchelt@inlandrealestate.com



Transfer Agent				Stock Specialist
Registrar and Transfer Company				KCG
10 Commerce Drive				One Liberty Plaza
Cranford, NJ 07016				165 Broadway, 19th Floor
(800) 368-5948				New York, NY 10008

Analyst Coverage



Bank of America Merrill Lynch	BMO Capital Markets	Janney Capital Markets
Craig Schmidt	Paul E. Adornato	Michael P. Gorman
(646) 855-3640	(212) 885-4170	(215) 665-6224
craig.schmidt@baml.com	paul.adornato@bmo.com	mgorman@janney.com

Juan Sanabria
(646) 855-1589
juan.sanabria@baml.com

KeyBanc Capital Markets	Raymond James & Associates, Inc.	Wells Fargo Securities, LLC
Todd M. Thomas	Paul D. Puryear	Jeffrey J. Donnelly
(917) 368-2286	(727) 567-2253	(617) 603-4207
tthomas@key.com	paul.puryear@raymondjames.com	jeff.donnelly@wellsfargo.com

Grant Keeney	Richard J. Milligan	Tamara Fique
(917) 368-2329	(727) 567-2660	(443) 263-6568
gkeeney@key.com	richard.milligan@raymondjames.com	tamara.fique@wellsfargo.com



	2

Other Information

All items in the supplemental financial information are in thousands except per share data, square footage data and number of leases. All amounts shown in this report are unaudited.

Caution Regarding Forward Looking Statements

Certain information in this supplemental information may 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 "seek," “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 our 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. Forward-looking statements are not guarantees of future performance, and investors should not place undue reliance on them. 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 risks listed and described under Item 1A”Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2014, as they may be revised or supplemented by us in subsequent Reports on Form 10-Q and other filings with the SEC. Except as otherwise required by applicable law, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement in this release to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.

Funds From Operations ("FFO")

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. In addition, NAREIT has further clarified the FFO definition to add-back 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. Under U.S. GAAP, impairment charges reduce net income. While impairment charges are added back in the calculation of FFO, we caution that because impairments to the value of any property are typically based on reductions in estimated future undiscounted cash flows compared to current carrying value, declines in the undiscounted cash flows which led to the impairment charges reflect declines in property operating performance that may be permanent. We have adopted the NAREIT definition for computing FFO. Recurring FFO includes adjustments to FFO for the impact of lease termination income, certain gains and non-cash impairment charges of non-depreciable real estate, net of taxes recorded in comparable periods, in order to present the performance of our core portfolio operations. Management uses the calculation of FFO and Recurring FFO for several reasons. FFO is used in certain employment agreements we have with our executives to determine a portion of incentive compensation payable to them. Additionally, we use FFO and Recurring FFO to compare our performance to that of other REITs in our peer group. The calculation of FFO and Recurring 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 and Recurring FFO whereas items that are expensed reduce FFO and Recurring FFO. Consequently, our presentation of FFO and Recurring FFO may not be comparable to other similarly titled measures presented by other REITs. FFO and Recurring FFO do not represent cash flows from operations as defined by U.S. GAAP, are not indicative of cash available to fund 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.

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")

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.

We believe EBITDA is an important non-GAAP measure. We utilize EBITDA to calculate our interest expense coverage ratio, which equals EBITDA divided by total interest expense. We believe that using EBITDA, which excludes the effect of non-operating expenses and non-cash charges, all of which are based on historical cost and may be of limited significance in evaluating current performance, facilitates comparison of core operating profitability between periods and between REITs, particularly in light of the use of EBITDA by a seemingly large number of REITs in their reports on Forms 10-Q and 10-K. We believe that investors should consider EBITDA in conjunction with net income and the other required U.S. GAAP measures of our performance to improve their understanding of our operating results. Recurring EBITDA includes adjustments to EBITDA



	3

Other Information

for the impact of least termination income and non-cash impairment charges in comparable periods in order to present the performance of our core portfolio operations.

Same Store Net Operating Income ("NOI")

Same store net operating income, which is the net operating income of properties owned during the same periods during each year, is considered a non-GAAP financial measure because it does not include straight-line rental income, amortization of lease intangibles, lease termination income, interest, depreciation, amortization and bad debt expense. We provide same store net operating income as another metric to compare the results of property operations for the three and nine months ended September 30, 2014 and 2013. We also provide a reconciliation of these amounts to the most comparable GAAP measure, net income attributable to common stockholders.

Pro Rata Consolidated Information

These schedules present certain Non-GAAP pro-rata consolidated information as of and for the three and nine months ended September 30, 2014. These schedules are considered Non-GAAP because they include financial information related to consolidated joint ventures with an adjustment for the portion related to noncontrolling interests and unconsolidated joint ventures accounted for under the equity method of accounting. The Company provides the pro rata amounts of all properties owned through joint ventures to better compare our overall performance and operating metrics to those of other REITs in our peer group. The Company believes this Non-GAAP information provides supplementary information that is both useful to and has been requested by investors and analysts. Investors should not consider Non-GAAP information as a substitute for, or as superior to, U.S. GAAP information. Rather, Non-GAAP information may provide useful information in addition to information presented in accordance with U.S. GAAP.



	4

Consolidated Balance Sheets



	September 30, 2014			December 31, 2013
Assets:
Investment properties:
Land	$	381,404		387,010
Construction in progress	18,237			16,856
Building and improvements	1,091,591			1,130,004
Total investment properties	1,491,232			1,533,870
Less accumulated depreciation	328,929			327,684
Net investment properties	1,162,303			1,206,186
Cash and cash equivalents	15,409			11,258
Accounts receivable, net	36,788			37,155
Investment in and advances to unconsolidated joint ventures	170,809			119,476
Acquired lease intangibles, net	87,554			103,576
Deferred costs, net	19,436			19,638
Other assets	38,194			32,648
Total assets	$	1,530,493		1,529,937

Liabilities:
Accounts payable and accrued expenses	$	50,435		57,132
Acquired below market lease intangibles, net	40,999			43,191
Distributions payable	5,128			5,110
Mortgages payable	452,753			497,832
Unsecured credit facilities	390,000			325,000
Convertible notes	29,138			28,790
Other liabilities	20,849			17,413
Total liabilities	989,302			974,468

Stockholders’ Equity:
Preferred stock, $0.01 par value, 12,000 shares authorized; 4,400 8.125% Series A Cumulative Redeemable shares, with a $25.00 per share Liquidation Preference, issued and outstanding at September 30, 2014 and December 31, 2013, respectively	110,000			110,000
Common stock, $0.01 par value, 500,000 shares authorized; 100,108 and 99,721 Shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	1,001			997
Additional paid-in capital (net of offering costs of $74,997 and $74,749 at September 30, 2014 and December 31, 2013, respectively)	880,022			877,328
Accumulated distributions in excess of net income	(444,715		)	(427,953	)
Accumulated other comprehensive loss	(5,610		)	(4,904	)
Total stockholders’ equity	540,698			555,468

Noncontrolling interest	493			1
Total equity	541,191			555,469

Total liabilities and equity	$	1,530,493		1,529,937



	5

Consolidated Statements of Operations and Comprehensive Income



	Three months ended September 30,					Nine months ended September 30,
	2014			2013		2014		2013
Revenues:
Rental income	$	33,768		33,603		103,981		88,916
Tenant recoveries	12,306			13,031		44,476		33,510
Other property income	612			2,355		1,577		3,210
Fee income from unconsolidated joint ventures	1,524			1,578		4,090		5,133
Total revenues	48,210			50,567		154,124		130,769

Expenses:
Property operating expenses	6,127			5,924		25,082		18,479
Real estate tax expense	9,303			10,164		28,942		24,957
Depreciation and amortization	17,185			19,683		54,116		45,671
Provision for asset impairment	—			—		222		369
General and administrative expenses	5,553			4,843		17,638		14,817
Total expenses	38,168			40,614		126,000		104,293

Operating income	10,042			9,953		28,124		26,476
Other income	390			534		1,158		1,733
Gain from settlement of receivables	—			—		—		3,095
Gain from change in control of investment properties	—			—		—		95,378
Gain on sale of investment properties, net	—			—		22,828		1,440
Gain on sale of joint venture interest	313			475		427		1,209
Interest expense	(8,752		)	(9,163	)	(26,642	)	(25,427	)
Income before income tax benefit (expense) of taxable REIT subsidiaries, equity in earnings of unconsolidated joint ventures and discontinued operations	1,993			1,799		25,895		103,904

Income tax benefit (expense) of taxable REIT subsidiaries	(232		)	296		(670	)	(1,499	)
Equity in earnings of unconsolidated joint ventures	2,774			2,128		6,831		5,641
Income from continuing operations	4,535			4,223		32,056		108,046

Income from discontinued operations	31			1,440		552		8,503
Net income	4,566			5,663		32,608		116,549

Less: Net loss attributable to the noncontrolling interest	10			33		39		19
Net income attributable to Inland Real Estate Corporation	4,576			5,696		32,647		116,568

Dividends on preferred shares	(2,234		)	(2,209	)	(6,703	)	(6,715	)
Net income attributable to common stockholders	$	2,342		3,487		25,944		109,853

Basic and diluted earnings attributable to common shares per weighted average common share:

Income from continuing operations	$	0.02		0.02		0.25		1.08
Income from discontinued operations	—			0.01		0.01		0.09
Net income attributable to common stockholders per weighted average common share — basic	$	0.02		0.04		0.26		1.17

Weighted average number of common shares outstanding — basic	99,617			99,317		99,495		93,901

Income from continuing operations	$	0.02		0.02		0.25		1.08
Income from discontinued operations	—			0.01		0.01		0.09
Net income attributable to common stockholders per weighted average common share — diluted	$	0.02		0.03		0.26		1.17

Weighted average number of common shares outstanding — diluted	100,060			99,648		99,874		94,169

Comprehensive income:
Net income attributable to common stockholders	$	2,342		3,487		25,944		109,853
Unrealized loss on investment securities	—			(413	)	—		(799	)
Unrealized gain (loss) on derivative instruments	500			111		(706	)	3,952
Comprehensive income	$	2,842		3,185		25,238		113,006

Note: Basic and diluted Earnings Per Share may not foot due to rounding.



	6

Funds From Operations and Other Information



	Three months ended September 30,					Nine months ended September 30,
	2014			2013		2014		2013
Net income attributable to common stockholders	$	2,342		3,487		25,944		109,853
Gain on sale of investment properties	—			(524	)	(23,321	)	(5,266	)
Gain from change in control of investment properties	—			—		—		(95,378	)
Impairment of depreciable operating property	—			—		222		555
Equity in depreciation and amortization of unconsolidated joint ventures	4,400			3,835		13,013		14,925
Amortization on in-place lease intangibles	4,575			7,626		15,839		12,628
Amortization on leasing commissions	530			486		1,495		1,403
Depreciation, net of noncontrolling interest	12,080			12,169		36,782		33,495
Funds From Operations attributable to common stockholders	$	23,927		27,079		69,974		72,215

Gain from settlement of receivables	—			—		—		(3,095	)
Lease termination income	(131		)	(2,131	)	(146	)	(5,432	)
Lease termination income included in equity in earnings of unconsolidated joint ventures	(4		)	(5	)	(81	)	(21	)
Impairment loss, net of taxes:
Impairment of investment securities	—			—		—		98
Provision for asset impairment included in equity in earnings of unconsolidated joint ventures	—			—		—		506
Income tax adjustments	—			(1,021	)	—		(1,021	)
Recurring Funds From Operations attributable to common stockholders	$	23,792		23,922		69,747		63,250

Net income attributable to common stockholders per weighted average common share — basic	$	0.02		0.04		0.26		1.17

Net income attributable to common stockholders per weighted average common share — diluted	$	0.02		0.03		0.26		1.17

Funds From Operations attributable to common stockholders, per weighted average common share — basic and diluted	$	0.24		0.27		0.70		0.77

Recurring Funds From Operations attributable to common stockholders, per weighted average common share — basic and diluted	$	0.24		0.24		0.70		0.67

Weighted average number of common shares outstanding — basic	99,617			99,317		99,495		93,901
Weighted average number of common shares outstanding — diluted	100,060			99,648		99,874		94,169

Distributions declared, common	$	14,261		14,201		42,706		40,295
Distributions per common share	$	0.14		0.14		0.43		0.43
Distributions / Recurring Funds From Operations Payout Ratio	59.94		%	59.36	%	61.23	%	63.71	%

Additional Information
Straight-line rents	$	186		136		1,133		517
Amortization of lease intangibles	(108		)	(142	)	(276	)	(544	)
Amortization of deferred financing fees	676			710		2,145		2,173
Stock based compensation expense	417			254		1,180		656

Capital Expenditures
Maintenance / non-revenue generating cap ex
Building / Site improvements	$	5,192		3,097		7,815		4,446
Redevelopment / Construction	1,990			601		2,546		2,802
Non-maintenance / revenue generating cap ex
Tenant improvements	3,388			3,610		7,032		10,380
Leasing commissions	561			1,194		2,043		2,466



	7

Earnings Before Interest, Taxes, Depreciation and Amortization



	Three months ended September 30,					Nine months ended September 30,
	2014			2013		2014		2013
Net income attributable to Inland Real Estate Corporation	$	4,576		5,696		32,647		116,568
Gain on sale of investment properties	—			(524	)	(23,321	)	(5,266	)
Gain from change in control of investment properties	—			—		—		(95,378	)
Income tax (benefit) expense of taxable REIT subsidiaries	232			(296	)	670		1,499
Interest expense	8,752			9,163		26,642		25,427
Interest expense associated with discontinued operations	—			128		—		500
Interest expense associated with unconsolidated joint ventures	2,180			1,875		6,147		7,610
Depreciation and amortization	17,185			19,683		54,116		45,671
Depreciation and amortization associated with discontinued operations	—			581		—		1,901
Depreciation and amortization associated with unconsolidated joint ventures	4,400			3,835		13,013		14,925
EBITDA	37,325			40,141		109,914		113,457

Gain from settlement of receivables	—			—		—		(3,095	)
Lease termination income	(131		)	(2,131	)	(146	)	(5,432	)
Lease termination income included in equity in earnings of unconsolidated joint ventures	(4		)	(5	)	(81	)	(21	)
Impairment loss, net of taxes:
Impairment of depreciable operating property	—			—		222		555
Impairment of investment securities	—			—		—		98
Provision for asset impairment included in equity in earnings of unconsolidated joint ventures	—			—		—		506
Recurring EBITDA	$	37,190		38,005		109,909		106,068

Total Interest Expense	$	10,932		11,166		32,789		33,537

EBITDA: Interest Expense Coverage Ratio	3.4 x			3.6 x		3.4 x		3.4 x

Recurring EBITDA: Interest Expense Coverage Ratio	3.4 x			3.4 x		3.4 x		3.2 x



	8

Same Store Net Operating Income



	Three months ended September 30,							Nine months ended September 30,
Consolidated	2014			2013		% Change		2014		2013		% Change
Rental income and tenant recoveries:
"Same store" investment properties, 81 properties
Rental income	$	22,662		21,941		3.3	%	67,496		66,265		1.9	%
Tenant recovery income	7,549			7,984		-5.4	%	26,627		24,339		9.4	%
Other property income	304			290		4.8	%	953		946		0.7	%
"Other investment properties”
Rental income	11,028			11,668				35,628		22,678
Tenant recovery income	4,757			5,047				17,849		9,171
Other property income	177			109				479		307
Total property income	$	46,477		47,039				149,032		123,706

Property operating expenses:
"Same store" investment properties, 81 properties
Property operating expenses	$	3,670		3,737		-1.8	%	15,184		12,921		17.5	%
Real estate tax expense	5,686			5,980		-4.9	%	17,414		17,272		0.8	%
"Other investment properties"
Property operating expenses	1,980			1,871				8,717		3,928
Real estate tax expense	3,617			4,184				11,528		7,685
Total property operating expenses	$	14,953		15,772				52,843		41,806

Property net operating income
"Same store" investment properties	21,159			20,498		3.2	%	62,478		61,357		1.8	%
"Other investment properties"	10,365			10,769				33,711		20,543
Total property net operating income	$	31,524		31,267				96,189		81,900

Other income:
Straight-line rents	$	186		136				1,133		517
Amortization of lease intangibles	(108		)	(142	)			(276	)	(544	)
Lease termination income	131			1,956				145		1,957
Other income	390			534				1,158		1,733
Fee income from unconsolidated joint ventures	1,524			1,578				4,090		5,133
Gain from settlement of receivables	—			—				—		3,095
Gain from change in control of investment properties	—			—				—		95,378
Gain on sale of investment properties, net	—			—				22,828		1,440
Gain on sale of joint venture interest	313			475				427		1,209

Equity in earnings of unconsolidated joint ventures	2,774			2,128				6,831		5,641

Other expenses:
Income tax benefit (expense) of taxable REIT subsidiaries	(232		)	296				(670	)	(1,499	)
Bad debt expense	(477		)	(316	)			(1,181	)	(1,630	)
Depreciation and amortization	(17,185		)	(19,683	)			(54,116	)	(45,671	)
General and administrative expenses	(5,553		)	(4,843	)			(17,638	)	(14,817	)
Interest expense	(8,752		)	(9,163	)			(26,642	)	(25,427	)
Provision for asset impairment	—			—				(222	)	(369	)

Income from continuing operations	4,535			4,223				32,056		108,046
Income from discontinued operations	31			1,440				552		8,503
Net income	4,566			5,663				32,608		116,549

Less: Net loss attributable to the noncontrolling interest	10			33				39		19
Net income attributable to Inland Real Estate Corporation	4,576			5,696				32,647		116,568

Dividends on preferred shares	(2,234		)	(2,209	)			(6,703	)	(6,715	)

Net income attributable to common stockholders	$	2,342		3,487				25,944		109,853



	9

Same Store Net Operating Income



	Three months ended September 30,							Nine months ended September 30,
Unconsolidated (at 100%)	2014			2013		% Change		2014		2013		% Change
Rental income and tenant recoveries:
"Same store" investment properties, 24 properties
Rental income	$	12,234		11,771		3.9	%	36,559		35,256		3.7	%
Tenant recovery income	5,847			6,114		-4.4	%	18,730		17,942		4.4	%
Other property income	115			68		69.1	%	393		278		41.4	%
"Other investment properties”
Rental income	3,574			1,829				8,023		17,720
Tenant recovery income	1,169			192				2,841		6,776
Other property income	49			—				192		79
Total property income	$	22,988		19,974				66,738		78,051

Property operating expenses:
"Same store" investment properties, 24 properties
Property operating expenses	$	3,034		2,706		12.1	%	11,000		9,908		11.0	%
Real estate tax expense	4,006			3,974		0.8	%	11,406		11,036		3.4	%
"Other investment properties"
Property operating expenses	620			287				1,718		3,792
Real estate tax expense	929			168				2,538		5,454
Total property operating expenses	$	8,589		7,135				26,662		30,190

Property net operating income
"Same store" investment properties	$	11,156		11,273		-1.0	%	33,276		32,532		2.3	%
"Other investment properties"	3,243			1,566				6,800		15,329
Total property net operating income	$	14,399		12,839				40,076		47,861

Other income:
Straight-line rent	$	197		638				832		1,950
Amortization of lease intangibles	(110		)	77				(130	)	50
Lease termination income	8			9				148		41
Other income (expense)	(194		)	1,404				326		1,461

Other expenses:
Bad debt expense	(91		)	29				(134	)	(258	)
Depreciation and amortization	(7,836		)	(7,374	)			(23,566	)	(28,443	)
General and administrative expenses	(558		)	(612	)			(705	)	(1,825	)
Interest expense	(3,849		)	(3,761	)			(11,148	)	(14,889	)
Provision for asset impairment	—			—				—		(1,730	)

Net income from continuing operations	$	1,966		3,249				5,699		4,218



	10

Same Store Net Operating Income



	Three months ended September 30,							Nine months ended September 30,
Unconsolidated (at PRS)	2014			2013		% Change		2014		2013		% Change
Rental income and tenant recoveries:
"Same store" investment properties, 24 properties
Rental income	$	6,729		6,474		3.9	%	20,107		19,391		3.7	%
Tenant recovery income	3,216			3,363		-4.4	%	10,301		9,868		4.4	%
Other property income	63			38		65.8	%	217		153		41.8	%
"Other investment properties”
Rental income	2,164			460				4,540		8,018
Tenant recovery income	668			59				1,587		3,362
Other property income	27			—				105		39
Total property income	$	12,867		10,394				36,857		40,831

Property operating expenses:
"Same store" investment properties, 24 properties
Property operating expenses (1)	$	1,166		1,068		9.2	%	4,685		4,208		11.3	%
Real estate tax expense	2,203			2,185		0.8	%	6,274		6,070		3.4	%
"Other investment properties"
Property operating expenses (1)	266			94				735		1,534
Real estate tax expense	536			66				1,420		2,742
Total property operating expenses	$	4,171		3,413				13,114		14,554

Property net operating income
"Same store" investment properties	$	6,639		6,622		0.3	%	19,666		19,134		2.8	%
"Other investment properties"	2,057			359				4,077		7,143
Total property net operating income	$	8,696		6,981				23,743		26,277

Other income:
Straight-line rent	115			278				447		976
Amortization of lease intangibles	(59		)	66				(60	)	22
Lease termination income	4			5				81		22
Other income (expense)	712			628				1,565		2,182

Other expenses:
Bad debt expense	(50		)	16				(74	)	(139	)
Depreciation and amortization	(4,400		)	(3,835	)			(13,013	)	(14,925	)
General and administrative expenses	(64		)	(136	)			289		(472	)
Interest expense	(2,180		)	(1,875	)			(6,147	)	(7,610	)
Provision for asset impairment	—			—				—		(692	)

Net income from continuing operations	$	2,774		2,128				6,831		5,641



	Three months ended September 30,				Nine months ended September 30,
Same Store Net Operating Income ("NOI")	2014		2013	% Change	2014	2013	% Change

Consolidated Portfolio (81 properties)
Same Store NOI	$	21,159	20,498	3.2%	62,478	61,357	1.8%
Same Store NOI including lease termination income	$	21,290	22,448	-5.2%	62,619	63,308	-1.1%

Unconsolidated Portfolio (at 100%) (24 properties)
Same Store NOI	$	11,156	11,273	-1.0%	33,276	32,532	2.3%
Same Store NOI including lease termination income	$	11,164	11,282	-1.0%	33,424	32,559	2.7%

Unconsolidated Portfolio (at PRS) (24 properties)
Same Store NOI	$	6,639	6,622	0.3%	19,666	19,134	2.8%
Same Store NOI including lease termination income	$	6,643	6,627	0.2%	19.747	19.149	3.1%

Total Portfolio (including our pro rata share of unconsolidated NOI) (105 properties)
Same Store NOI	$	27,798	27,120	2.5%	82,144	80,491	2.1%
Same Store NOI including lease termination income	$	27,933	29,075	-3.9%	82.366	82.457	-0.1%


(1)	Property operating expenses excludes the Company's share of management fees.



	11

Pro Rata Consolidated Information

Reconciliation of GAAP Reported to Selected Non-GAAP Pro Rata Consolidated Information



	At September 30, 2014
	GAAP Reported		Noncontrolling Interest		INP Retail LP (PGGM)	Development Properties	IPCC Unconsolidated properties	Non-GAAP Pro-rata Consolidated Information

Total investment properties	$	1,491,232	(170	)	345,559	2,062	32,826	1,871,509
Total assets	1,530,493		(1,844	)	248,959	2,455	19,649	1,799,712
Mortgages payable	452,753		—		165,476	—	16,305	634,534
Total liabilities	989,302		43		192,796	1,608	18,156	1,201,905



	For the three months ended September 30, 2014
	GAAP Reported		Noncontrolling Interest		INP Retail LP (PGGM)	Development Properties		IPCC Unconsolidated properties	Non-GAAP Pro-rata Consolidated Information

Total revenues	$	48,210	—		12,225	—		702	61,137
Total expenses	38,168		(10	)	8,273	3		408	46,842
Operating income (loss)	10,042		10		3,952	(3	)	294	14,295



	For the nine months ended September 30, 2014
	GAAP Reported		Noncontrolling Interest		INP Retail LP (PGGM)	Development Properties		IPCC Unconsolidated properties	Non-GAAP Pro-rata Consolidated Information

Total revenues	$	154,124	—		36,443	—		882	191,449
Total expenses	126,000		(39	)	25,406	4		502	151,873
Operating income (loss)	28,124		39		11,037	(4	)	380	39,576



	12

Selected Financial Ratios and Guidance

Financial Ratios



	Three months ended September 30,
	2014					2013
	Consolidated			Pro-rata Consolidation (1)		Consolidated		Pro-rata Consolidation (1)
Fixed rate debt	$	438,560		615,180		499,582		644,726
Total debt	869,760			1,049,098		875,782		1,029,180
Fixed rate debt / Total debt	50.4		%	58.6	%	57.0	%	62.6	%

Unsecured debt	$	419,215		419,215		364,215		364,215
Total debt	869,760			1,049,098		875,782		1,029,180
Unsecured debt / Total debt	48.2		%	40.0	%	41.6	%	35.4	%

Total debt	$	869,760		1,049,098		875,782		1,029,180
Total gross assets (2)	1,818,423			2,091,021		1,869,560		2,101,440
Debt / Total gross assets	47.8		%	50.2	%	46.8	%	49.0	%

Quarterly Recurring EBITDA	$	27,840		37,190		30,172		38,005
Quarterly fixed charges (3)	11,446			14,047		12,077		14,016
Fixed charge coverage ratio	2.4		x	2.6	x	2.5	x	2.7	x

Net debt (4)	$	854,351		1,024,278		856,891		1,002,352
Recurring EBITDA (Annualized)	111,360			148,760		120,688		152,020
Net debt / Recurring EBITDA	7.7		x	6.9	x	7.1	x	6.6	x



	Three months ended September 30,					Nine months ended September 30,
	2014			2013		2014		2013
General and Administrative Expenses (G&A)	$	5,553		4,843		17,638		14,817
Total revenues of assets under management (5)	86,476			85,347		267,469		250,350
Total assets under management (5)	2,938,658			2,812,027		2,938,658		2,812,027

G&A Expenses as a Percentage of Total Revenue, including unconsolidated joint ventures at 100%	6.4		%	5.7	%	6.6	%	5.9	%
Annualized G&A Expenses as a Percentage of Total Assets, including unconsolidated joint ventures at 100%	0.8		%	0.7	%	0.8	%	0.7	%



	As of September 30,
Capitalization	2014			2013
Total Common Shares Outstanding	$	100,108		99,672
Closing Price Per Share	9.91			10.23
Equity Market Capitalization Common Shares	992,070			1,019,645
Preferred Stock (at face value)	110,000			110,000
Total Debt (6)	1,049,098			1,029,180
Total Market Capitalization	$	2,151,168		2,158,825
Debt to Total Market Capitalization	48.8		%	47.7	%

Guidance



		2014 Guidance
Recurring FFO per common share (basic and diluted) (7)		$0.93 to $0.97

Consolidated same-store NOI		+ 2% to + 4%

Consolidated same-store financial occupancy		91% to 92%


(1)	Pro-rata consolidation includes the Company's pro-rata share of unconsolidated joint ventures.


(2)	Total gross assets includes total assets plus accumulated depreciation and less acquired below market lease intangibles, net.


(3)	Quarterly fixed charges includes interest expense, distributions to non-controlling members, dividends on preferred shares, and principal amortization.


(4)	Reflects debt net of the current cash and cash equivalents balance at the end of the period.


(5)	Assets under management include consolidated assets, unconsolidated assets at 100% and assets that we do not have an ownership interest in, but that we manage on behalf of a third party.


(6)	Includes pro-rata share of unconsolidated joint venture debt and full face value of convertible notes. Excludes unamortized mortgage premiums/discounts.


(7)	This guidance does not include any assumptions for impairments, other non-cash adjustments or the benefits of lease termination fees.



	13

Summary of Outstanding Debt as of September 30, 2014

Total Outstanding Debt



	Outstanding Amount			Ratio		Weighted Average Interest Rate (1)		Weighted Average Maturity (in years)
Fixed Rate Debt:
Consolidated	$	409,345		39.0	%	5.24	%	4.2
Unconsolidated (pro rata)	176,620			16.8	%	5.05	%	6.2
Unsecured convertible notes	29,215			2.8	%	5.00	%	0.1
Total Fixed Rate Debt	615,180			58.6	%	5.19	%	4.5
Variable Rate Debt:
Consolidated	41,200			3.9	%	2.23	%	1.5
Unconsolidated (pro rata)	2,718			0.3	%	2.40	%	1.6
Unsecured line of credit facility	140,000			13.3	%	1.74	%	3.8
Unsecured term loan	200,000			19.1	%	1.64	%	4.8
Unsecured term loan	50,000			4.8	%	3.50	%	4.2
Total Variable Rate Debt	433,918			41.4	%	1.95	%	4.1
Total	$	1,049,098		100.0	%	3.84	%	4.4
Remaining unamortized convertible notes discount	(77		)
Remaining unamortized mortgages premium/discount, net	4,651
Total Outstanding Debt	$	1,053,672

Schedule of Maturities by Year



Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities (2)		Total Consolidated Outstanding Debt		IRC Share of Unconsolidated Mortgage Debt	Total Consolidated and Unconsolidated Debt
2014	$	479	96,448	29,215	(3)	126,142		—	126,142
2015	1,713		34,523	—		36,236		13,102	49,338
2016	1,624		42,641	—		44,265		2,718	46,983
2017	1,578		44,895	—		46,473		14,439	60,912
2018	688		—	190,000		190,688		5,749	196,437
2019	523		38,862	200,000		239,385		24,098	263,483
2020	400		70,300	—		70,700		—	70,700
2021	420		42,068	—		42,488		25,130	67,618
2022	110		61,373	—		61,483		77,797	139,280
2023	—		11,900	—		11,900		—	11,900
2024	—		—	—		—		16,305	16,305
Total	$	7,535	443,010	419,215		869,760		179,338	1,049,098
Remaining unamortized convertible notes discount						(77	)	—	(77	)
Remaining unamortized mortgages premium/discount, net						2,208		2,443	4,651
Total Outstanding Debt						871,891		181,781	1,053,672


(1)	Interest rates are as of September 30, 2014 and exclude the impact of deferred loan fee amortization.


(2)	Includes unsecured convertible notes, line of credit facility and term loans.


(3)	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.



	14

Summary of Outstanding Debt as of September 30, 2014

Consolidated Debt



Servicer	Property Name	Interest Rate at September 30, 2014		Maturity Date	Balance at September 30, 2014
Fixed rate debt
Wachovia (1)	The Exchange at Algonquin	5.24	%	11/2014	18,645
Wachovia (1)	Algonquin Commons	5.45	%	11/2014	71,602
John Hancock Life Insurance	Thatcher Woods	5.83	%	02/2015	13,500
Cohen Financial	Forest Lake Marketplace	5.86	%	03/2015	8,500
TCF Bank (1)	Grand/Hunt Center Outlot	6.50	%	04/2015	1,287
TCF Bank (1)	Dominick’s	6.50	%	04/2015	5,874
TCF Bank (1)	PetSmart	6.50	%	04/2015	1,861
TCF Bank (1)	Roundy’s	6.50	%	04/2015	3,657
Principal Life Insurance Co. (1)	Shoppes at Mill Creek	5.00	%	05/2016	7,841
Metlife Insurance Company (1)	Shakopee Valley Marketplace	5.05	%	12/2017	7,529
Metlife Insurance Company (1)	Crystal Point	5.05	%	12/2017	16,847
Metlife Insurance Company (1)	Shops at Orchard Place	5.05	%	12/2017	23,529
Prudential Insurance	Randall Square	4.00	%	01/2019	16,500
GEMSA (1)	Woodfield Commons	4.75	%	06/2019	17,412
Cohen Financial	Cobbler Crossing	4.60	%	07/2019	6,350
John Hancock Life Insurance	Roundy’s	4.85	%	12/2020	10,300
Wells Fargo	Woodland Heights	6.03	%	12/2020	4,175
Wells Fargo	Salem Square	6.03	%	12/2020	4,897
Wells Fargo	Townes Crossing	6.03	%	12/2020	6,289
Wells Fargo	Hawthorne Village Commons	6.03	%	12/2020	6,443
Wells Fargo	Aurora Commons	6.03	%	12/2020	6,443
Wells Fargo	Deertrace Kohler	6.03	%	12/2020	9,691
Wells Fargo	Pine Tree Plaza	6.03	%	12/2020	10,825
Wells Fargo	Joliet Commons	6.03	%	12/2020	11,237
Midland Loan Services	Orland Park Place	5.55	%	09/2021	42,068
Wells Fargo	Bradley Commons	5.40	%	01/2022	14,330
GEMSA (1)	Chatham Ridge	4.40	%	04/2022	17,263
Cohen Financial	Dunkirk Square	4.35	%	09/2022	4,050
Cohen Financial	Park Place Plaza	4.35	%	09/2022	6,500
Cohen Financial	Rivertree Court	4.35	%	09/2022	22,000
Midland Loan Services	Valparaiso Walk	4.11	%	02/2023	11,900
Total/Weighted Average Fixed Rate Secured		5.24	%		409,345
Unsecured Convertible Notes (2)		5.00	%	11/2014	29,215
Total/Weighted Average Fixed Rate		5.23	%		438,560

Variable rate debt
Bank of America	Skokie Fashion Square	0.15	%	12/2014	6,200
Bank of America	North Aurora Towne Center	2.60	%	06/2016	2,163
Bank of America	Edinburgh Festival	2.60	%	06/2016	4,063
Bank of America	CarMax	2.60	%	06/2016	9,830
Bank of America	Cliff Lake	2.60	%	06/2016	4,439
Bank of America	Burnsville Crossing	2.60	%	06/2016	4,675
Bank of America	Food 4 Less	2.60	%	06/2016	2,665
Bank of America	Shingle Creek Center	2.60	%	06/2016	1,485
Bank of America	Bohl Farm Marketplace	2.60	%	06/2016	5,680
Total/Weighted Average Variable Rate Secured		2.23	%		41,200

Unsecured
Line of Credit Facility		1.74	%	07/2018	140,000
Term Loan		3.50	%	11/2018	50,000
Term Loan		1.64	%	07/2019	200,000
Total/Weighted Average Variable Rate		1.94	%		431,200
Total/Weighted Average Consolidated Debt		3.60	%		869,760
Remaining unamortized convertible notes discount					(77		)
Remaining unamortized mortgages premium/discount, net					2,208
Total Consolidated Debt					$	871,891



	15

Summary of Outstanding Debt as of September 30, 2014

Unconsolidated Debt



Servicer	Property Name	Interest Rate at September 30, 2014		Maturity Date	Balance at September 30, 2014		IRC Share of Debt (3)
Fixed rate debt
Venture with PGGM
Principal Life Insurance Co.	Diffley Marketplace	3.94	%	11/2015	$	5,800	3,190
Wells Fargo Bank (1)	Cedar Center South	5.48	%	12/2015	18,022		9,912
John Hancock Life Insurance	Point at Clark	5.05	%	09/2017	14,300		7,865
Metlife Insurance Company (1)	Woodfield Plaza	5.05	%	12/2017	11,953		6,574
John Hancock Life Insurance (1)	Four Flaggs	7.65	%	01/2018	10,454		5,749
Prudential Insurance	Brownstones Shopping Center	3.85	%	01/2019	13,255		7,290
Prudential Insurance	Elston Plaza	3.85	%	01/2019	10,560		5,808
Prudential Insurance	Silver Lake Village	5.85	%	02/2019	20,000		11,000
Midland Loan Services	Shops of Plymouth Town Center	5.83	%	03/2021	5,200		2,860
Wachovia Securities	Joffco Square	5.84	%	03/2021	13,090		7,200
Midland Loan Services	Village Ten Shopping Center	5.17	%	06/2021	8,300		4,565
Midland Loan Services	Caton Crossings	5.19	%	06/2021	7,700		4,235
Midland Loan Services	Red Top Plaza	5.55	%	09/2021	11,400		6,270
Midland Loan Services	Champlin Marketplace	4.70	%	02/2022	7,123		3,918
Wachovia Securities	Turfway Commons	5.05	%	02/2022	7,150		3,932
Wells Fargo Bank (1)	Fort Smith Pavilion	5.81	%	02/2022	32,904		18,097
Wells Fargo Bank	Stone Creek Towne Center	5.04	%	03/2022	19,800		10,890
Wells Fargo Bank	Westgate	4.94	%	03/2022	40,373		22,205
Principal Life Insurance Co.	Quarry Retail	3.75	%	08/2022	18,100		9,955
Principal Life Insurance Co.	Riverdale Commons	3.75	%	08/2022	16,000		8,800
Total/Weighted Average		5.09	%		$	291,484	160,315

Venture with IPCC
Wells Fargo	BJ's Wholesale Club	4.65	%	03/2024	$	15,900	9,222
KeyBank Real Estate Capital (1)	CVS	4.55	%	05/2024	2,313		1,342
KeyBank Real Estate Capital (1)	O'Reilly	4.55	%	05/2024	796		462
KeyBank Real Estate Capital (1)	Walgreens	4.55	%	05/2024	2,488		1,443
KeyBank Real Estate Capital	Academy Sports	4.68	%	05/2024	6,614		3,836
Total/Weighted Average		4.64	%		28,111		16,305
Total/Weighted Average Fixed Rate		5.05	%		$	319,595	176,620

Variable rate debt
Venture with PGGM
PNC Bank NA	Evergreen Promenade	2.40	%	05/2016	5,814		2,718
Total/Weighted Average Variable Rate		2.40	%		5,814		2,718
Total/Weighted Average Unconsolidated Debt		5.00	%		325,409		179,338
Remaining unamortized mortgages premium/discount, net					4,441		2,443
Total Unconsolidated Debt					$	329,850	181,781


(1)	These loans require payments of principal and interest monthly, all other loans listed are interest only.


(2)	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.


(3)	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.



	16

Significant Retail Tenants as of September 30, 2014

Consolidated (1) (2)



Tenant Name	Number of Stores	Annual Base Rent		Percentage of Annual Base Rent		GLA Square Feet	Percentage of Total Square Footage
TJX Companies, Inc. (TJ Maxx-6, Marshall's-9)	15	$	4,351	3.2	%	472,814	4.6	%
AB Acquisitions LLC (Jewel-6)	6	4,052		3.0	%	393,357	3.8	%
Carmax	2	4,021		3.0	%	187,851	1.8	%
Roundy's (Rainbow-1, Pick 'N Save-2, Super Pick 'N Save 1)	4	3,975		3.0	%	287,511	2.8	%
Safeway (Dominick's Finer Foods-4) (3)	4	3,827		2.8	%	275,775	2.7	%
PetSmart	10	2,950		2.2	%	220,604	2.1	%
Ross Dress For Less	9	2,433		1.8	%	251,496	2.4	%
Kroger (Food 4 Less-3)	3	2,407		1.8	%	207,441	2.0	%
Ascena Retail Group (Justice-3, Dress Barn-8, Maurice's-7, Lane Bryant-5, Catherine's-2)	25	2,297		1.7	%	150,587	1.5	%
Bed Bath and Beyond (Bed, Bath & Beyond-5, Buy Buy Baby-2, World Market-1)	8	2,283		1.7	%	259,262	2.5	%
Dick's Sporting Goods (Dick's Sporting Goods-3, Golf Galaxy-1)	4	2,168		1.6	%	232,748	2.2	%
Best Buy	4	2,066		1.5	%	177,679	1.7	%
Supervalu, Inc. (Cub Foods-3)	3	1,775		1.3	%	192,487	1.9	%
The Gap (Old Navy-7, The Gap-1, The Gap Factory-1)	9	1,769		1.3	%	130,290	1.3	%
Retail Ventures, Inc. (DSW Warehouse-4)	4	1,705		1.3	%	95,915	0.9	%
Hobby Lobby	2	1,649		1.2	%	103,374	1.0	%
Office Depot (Office Depot-3, OfficeMax-4)	7	1,647		1.2	%	121,615	1.2	%
Gordmans	3	1,547		1.1	%	148,642	1.4	%
Michaels	6	1,530		1.1	%	131,701	1.3	%
Pier 1 Imports	8	1,513		1.1	%	82,851	0.8	%
Ulta	7	1,456		1.1	%	76,013	0.7	%
Dollar Tree (Dollar Tree-15)	15	1,441		1.1	%	146,839	1.4	%
Regal Cinemas	1	1,331		1.0	%	73,000	0.7	%
Staples	5	1,300		1.0	%	103,296	1.0	%
Total		$	55,493	41.1	%	4,523,148	43.7	%

Unconsolidated (1) (2) (4)



Tenant Name	Number of Stores	Annual Base Rent		Percentage of Annual Base Rent		GLA Square Feet	Percentage of Total Square Footage
Supervalu, Inc. (Cub Foods-7)	7	$	5,277	8.1	%	447,786	9.9	%
Best Buy	3	2,786		4.3	%	111,001	2.5	%
Roundy's (Mariano's-1, Metro Market-1, Rainbow-1)	3	2,429		3.7	%	199,115	4.4	%
AB Acquisitions LLC (Jewel-3)	3	2,101		3.2	%	192,397	4.3	%
TJX Companies, Inc. (TJ Maxx-1, Marshall's-3, Home Goods-1)	5	2,061		3.2	%	148,483	3.3	%
Michaels	6	1,998		3.1	%	136,041	3.0	%
Kohl's	3	1,880		2.9	%	169,584	3.8	%
BJ's Wholesale Club	1	1,737		2.7	%	114,481	2.5	%
Home Depot	1	1,243		1.9	%	113,000	2.5	%
Bed Bath and Beyond (Bed, Bath & Beyond-3, Buy Buy Baby-1)	4	1,230		1.9	%	108,789	2.4	%
Dick's Sporting Goods (Dick's Sporting Goods-2)	2	1,213		1.9	%	100,000	2.2	%
PetSmart	4	1,201		1.8	%	85,509	1.9	%
Wal-Mart	3	1,164		1.8	%	38,093	0.8	%
Whole Foods Market	1	1,068		1.6	%	45,282	1.0	%
Lowe's	1	1,040		1.6	%	—	—	%
Petco	4	956		1.5	%	61,784	1.4	%
Kroger (Kroger-1, Food 4 Less-1)	2	949		1.5	%	56,668	1.3	%
The Gap (Old Navy-4)	4	910		1.4	%	66,372	1.5	%
Office Depot (Office Depot-1, OfficeMax-2)	3	818		1.3	%	65,533	1.5	%
Academy Sports + Outdoors	1	744		1.1	%	71,927	1.6	%
Ascena Retail Group (Justice-2, Dress Barn-2, Lane Bryant-2)	6	710		1.1	%	36,021	0.8	%
The Sports Authority	1	672		1.0	%	42,563	0.9	%
Ulta	3	652		1.0	%	30,365	0.7	%
Total		$	34,839	53.6	%	2,440,794	54.2	%


(1)	Significant tenants are tenants that represent 1% or more of our annual base rent


(2)	Includes ground leases in number of stores and annual base rent, ground lease square footage is excluded from GLA as we do not own that square footage


(3)	As previously announced, Safeway has exited the Chicago market. Although the stores have closed, the tenant is still financially obligated under their leases.


(4)	Annualized rent shown includes joint venture partner's pro rata share



	17

Significant Retail Tenants as of September 30, 2014

Total (1) (2) (3)



Tenant Name	Number of Stores	Annual Base Rent		Percentage of Annual Base Rent		GLA Square Feet	Percentage of Total Square Footage
Supervalu, Inc. (Cub Foods-10)	10	$	7,052	3.5	%	640,273	4.3	%
TJX Companies, Inc. (TJ Maxx-7, Marshall's-12, Home Goods-1)	20	6,413		3.2	%	621,297	4.2	%
Roundy's (Mariano's-1, Metro Market-1, Pick 'N Save-2, Rainbow-2, Super Pick 'N Save-1)	7	6,404		3.2	%	486,626	3.3	%
AB Acquisitions LLC (Jewel-9)	9	6,154		3.1	%	585,754	3.9	%
Best Buy	7	4,851		2.4	%	288,680	1.9	%
PetSmart	14	4,152		2.1	%	306,113	2.1	%
Carmax	2	4,021		2.0	%	187,851	1.3	%
Safeway (Dominick's Finer Foods-4) (4)	4	3,827		1.9	%	275,775	1.9	%
Michaels	12	3,527		1.8	%	267,742	1.8	%
Bed Bath & Beyond (Bed, Bath & Beyond-8, Buy Buy Baby-3, World Market-1)	12	3,513		1.8	%	368,051	2.5	%
Dick's Sporting Goods (Dick's Sporting Goods-5, Golf Galaxy-1)	6	3,381		1.7	%	332,748	2.2	%
Kroger (Kroger-1, Food 4 Less-4)	5	3,355		1.7	%	264,109	1.8	%
Ascena Retail Group (Justice-5, Dress Barn-10, Maurice's-7, Lane Bryant-7, Catherine's-2)	31	3,008		1.5	%	186,608	1.3	%
The Gap (Old Navy-11, The Gap-1, The Gap Factory-1)	13	2,679		1.3	%	196,662	1.3	%
Kohl's	4	2,470		1.2	%	256,168	1.7	%
Office Depot (Office Depot-4, OfficeMax-6)	10	2,465		1.2	%	187,148	1.3	%
Ross Dress For Less	9	2,433		1.2	%	251,496	1.7	%
Retail Ventures, Inc. (DSW Warehouse-5)	5	2,289		1.1	%	119,515	0.8	%
Ulta	10	2,108		1.1	%	106,378	0.7	%
Gordmans	4	2,108		1.1	%	202,051	1.4	%
Petco	9	2,009		1.0	%	132,316	0.9	%
Dollar Tree (Dollar Tree-20)	20	1,919		1.0	%	196,902	1.3	%
The Sports Authority	3	1,892		0.9	%	134,869	0.9	%
Total		$	82,030	41.0	%	6,595,132	44.5	%

Total excluding properties held through the joint venture with IPCC (1) (2) (3) (5)



Tenant Name	Number of Stores	Annual Base Rent		Percentage of Annual Base Rent		GLA Square Feet	Percentage of Total Square Footage
Supervalu, Inc. (Cub Foods-10)	10	$	7,052	3.6	%	640,273	4.4	%
TJX Companies, Inc. (TJ Maxx-7, Marshall's-12, Home Goods-1)	20	6,413		3.3	%	621,297	4.3	%
Roundy's (Mariano's-1, Metro Market-1, Pick 'N Save-2, Rainbow-2, Super Pick 'N Save-1)	7	6,404		3.3	%	486,626	3.3	%
AB Acquisitions LLC (Jewel-9)	9	6,154		3.1	%	585,754	4.0	%
Best Buy	7	4,851		2.5	%	288,680	2.0	%
PetSmart	14	4,152		2.1	%	306,113	2.1	%
Carmax	2	4,021		2.1	%	187,851	1.3	%
Safeway (Dominick's Finer Foods-4) (4)	4	3,827		2.0	%	275,775	1.9	%
Michaels	12	3,527		1.8	%	267,742	1.8	%
Bed Bath & Beyond (Bed, Bath & Beyond-8, Buy Buy Baby-3, World Market-1)	12	3,513		1.8	%	368,051	2.5	%
Dick's Sporting Goods (Dick's Sporting Goods-5, Golf Galaxy-1)	6	3,381		1.7	%	332,748	2.3	%
Kroger (Kroger-1, Food 4 Less-4)	5	3,355		1.7	%	264,109	1.8	%
Ascena Retail Group (Justice-5, Dress Barn-10, Maurice's-7, Lane Bryant-7, Catherine's-2)	31	3,008		1.5	%	186,608	1.3	%
The Gap (Old Navy-11, The Gap-1, The Gap Factory-1)	13	2,679		1.4	%	196,662	1.3	%
Office Depot (Office Depot-4, OfficeMax-6)	10	2,465		1.3	%	187,148	1.3	%
Ross Dress For Less	9	2,433		1.2	%	251,496	1.7	%
Retail Ventures, Inc. (DSW Warehouse-5)	5	2,289		1.2	%	119,515	0.8	%
Ulta	10	2,108		1.1	%	106,378	0.7	%
Gordmans	4	2,108		1.1	%	202,051	1.4	%
Petco	9	2,009		1.0	%	132,316	0.9	%
Dollar Tree (Dollar Tree-20)	20	1,919		1.0	%	196,902	1.4	%
The Sports Authority	3	1,892		1.0	%	134,869	0.9	%
Total		$	79,560	40.8	%	6,338,964	43.4	%


(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 ground leases in number of stores and annual base rent, ground lease square footage is excluded from GLA as we do not own that square footage.


(4)	As previously announced, Safeway has exited the Chicago market. Although the stores have closed, the tenant is still financially obligated under their leases.


(5)	Due to the tenant fluctuations produced by the temporary ownership of the properties within the IPCC joint venture, the Company has disclosed significant tenants excluding these properties. The Company believes the additional disclosure allows investors to evaluate the tenant mix of the portfolio of properties it expects to own longer term.



	18

Portfolio Metrics

Portfolio Occupancy



Consolidated Occupancy (1)	As of September 30, 2014		As of June 30, 2014		As of September 30, 2013
Leased Occupancy (2)	95.5	%	95.4	%	93.2	%
Financial Occupancy (3)	93.8	%	93.6	%	89.8	%
Same Store Leased Occupancy (2)	95.2	%	94.8	%	93.9	%
Same Store Financial Occupancy (3)	93.3	%	93.2	%	89.7	%

Unconsolidated Occupancy (1) (4)
Leased Occupancy (2)	96.9	%	96.7	%	97.4	%
Financial Occupancy (3)	95.5	%	96.2	%	95.6	%
Same Store Leased Occupancy (2)	97.3	%	97.4	%	97.4	%
Same Store Financial Occupancy (3)	95.8	%	97.0	%	95.6	%

Total Occupancy (1)
Leased Occupancy (2)	96.0	%	95.8	%	94.3	%
Financial Occupancy (3)	94.3	%	94.3	%	91.3	%
Same Store Leased Occupancy (2)	95.9	%	95.6	%	95.0	%
Same Store Financial Occupancy (3)	94.1	%	94.4	%	91.6	%
Leased Occupancy excluding properties held through the joint venture with IPCC (2) (5)	95.9	%	95.7	%	94.1	%
Financial Occupancy excluding properties held through the joint venture with IPCC (3) (5)	94.2	%	94.2	%	91.1	%
Anchor Leased Occupancy excluding properties held through the joint venture with IPCC (2) (5)	99.1	%	98.8	%	96.5	%
Non-Anchor Leased Occupancy excluding properties held through the joint venture with IPCC (2) (5)	88.7	%	88.7	%	88.9	%

Geographic Information



	Number of investment properties (6)	Gross leasable area (7)	Percent of gross leasable area		Total Portfolio NOI PRS for the three months ended September 30, 2014 (8)		Percent of NOI
Arkansas	1	275,414	1.9	%	$	478	1.2	%
Florida	1	91,497	0.6	%	324		0.8	%
Illinois	75	8,489,416	58.2	%	24,130		62.4	%
Indiana	6	718,090	4.9	%	1,970		5.1	%
Kentucky	2	200,871	1.4	%	539		1.4	%
Minnesota	28	2,926,246	20.1	%	6,073		15.7	%
Nebraska	1	81,000	0.6	%	420		1.1	%
Ohio	5	732,728	5.0	%	2,106		5.4	%
Wisconsin	11	1,069,044	7.3	%	2,661		6.9	%

Total	130	14,584,306	100.0	%	$	38,701	100.0	%


(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 calculated using 100% of the square footage of the respective properties.


(5)	Due to the occupancy fluctuations produced by the temporary ownership of the properties within this venture, the Company discloses occupancy rates excluding these properties. The Company believes the additional disclosure allows investors to evaluate the occupancy of the portfolio of properties it expects to own longer term.


(6)	Includes properties held through our unconsolidated joint ventures and excludes properties held through the Company's development joint ventures and its joint venture with IPCC.


(7)	Gross leasable area shown includes joint venture partner's pro rata share.


(8)	Total portfolio NOI includes our pro rata share of unconsolidated NOI and excludes properties held through the Company's development joint ventures and its joint venture with IPCC.



	19

Lease Expiration Analysis as of September 30, 2014

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)
2014	3	129,504	1.2	%	$	557	0.4	%	4.30
2015	13	291,236	2.8	%	3,511		2.6	%	12.06
2016	24	600,091	5.8	%	6,905		5.0	%	11.51
2017	23	776,423	7.5	%	9,357		6.8	%	12.05
2018	21	648,689	6.2	%	7,311		5.4	%	11.27
2019	29	1,192,092	11.5	%	13,841		10.1	%	11.61
2020	22	629,604	6.1	%	6,926		5.1	%	11.00
2021	22	728,340	7.0	%	11,036		8.1	%	15.15
2022	24	558,817	5.4	%	6,105		4.5	%	10.92
2023+	52	1,436,990	13.8	%	17,001		12.5	%	11.83
Vacant (4)	—	130,729	1.3	%	—		—		—
Total/Weighted Average	233	7,122,515	68.6	%	$	82,550	60.5	%	$	11.81

All Non-Anchor Leases (1)
MTM	12	14,741	0.1	%	$	251	0.2	%	$	17.03
2014	49	101,499	1.0	%	1,908		1.4	%	18.80
2015	145	365,014	3.5	%	6,910		5.1	%	18.93
2016	147	403,625	3.9	%	7,629		5.6	%	18.90
2017	129	355,655	3.4	%	6,316		4.6	%	17.76
2018	156	395,710	3.8	%	8,015		5.9	%	20.25
2019	130	401,430	3.9	%	7,457		5.5	%	18.58
2020	55	198,816	1.9	%	3,961		2.9	%	19.92
2021	30	113,090	1.1	%	2,150		1.6	%	19.01
2022	38	168,465	1.6	%	2,931		2.1	%	17.40
2023+	93	344,657	3.4	%	6,274		4.6	%	18.20
Vacant (4)	—	395,666	3.8	%	—		—		—
Total/Weighted Average	984	3,258,368	31.4	%	$	53,802	39.5	%	$	18.79

All Leases
MTM	12	14,741	0.1	%	$	251	0.2	%	$	17.03
2014	52	231,003	2.2	%	2,465		1.8	%	10.67
2015	158	656,250	6.3	%	10,421		7.7	%	15.88
2016	171	1,003,716	9.7	%	14,534		10.6	%	14.48
2017	152	1,132,078	10.9	%	15,673		11.4	%	13.84
2018	177	1,044,399	10.0	%	15,326		11.3	%	14.67
2019	159	1,593,522	15.4	%	21,298		15.6	%	13.37
2020	77	828,420	8.0	%	10,887		8.0	%	13.14
2021	52	841,430	8.1	%	13,186		9.7	%	15.67
2022	62	727,282	7.0	%	9,036		6.6	%	12.42
2023+	145	1,781,647	17.2	%	23,275		17.1	%	13.06
Vacant (4)	—	526,395	5.1	%	—		—		—
Total/Weighted Average	1,217	10,380,883	100.0	%	$	136,352	100.0	%	$	13.84


(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.


(4)	Leases executed but not commenced are included in the vacant totals.



	20

Lease Expiration Analysis as of September 30, 2014

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)
2014	1	12,044	0.3	%	$	282	0.5	%	$	23.41
2015	2	38,643	0.9	%	589		0.9	%	15.24
2016	5	194,291	4.3	%	2,605		4.2	%	13.41
2017	16	455,233	10.1	%	6,116		9.8	%	13.43
2018	13	428,680	9.5	%	4,847		7.7	%	11.31
2019	16	440,443	9.8	%	5,480		8.7	%	12.44
2020	11	331,609	7.3	%	3,402		5.4	%	10.26
2021	5	73,172	1.6	%	860		1.4	%	11.75
2022	6	289,622	6.4	%	3,202		5.1	%	11.06
2023+	25	1,018,433	22.6	%	13,673		21.8	%	13.43
Vacant (5)	—	32,177	0.7	%	—		—		—
Total/Weighted Average	100	3,314,347	73.5	%	$	41,056	65.5	%	$	12.51

All Non-Anchor Leases (2)
MTM	2	3,243	0.1	%	$	81	0.1	%	$	24.98
2014	5	7,585	0.2	%	146		0.2	%	19.25
2015	48	121,705	2.7	%	2,283		3.7	%	18.76
2016	65	155,008	3.4	%	3,192		5.1	%	20.59
2017	46	110,670	2.5	%	2,518		4.0	%	22.75
2018	79	214,012	4.7	%	4,661		7.4	%	21.78
2019	62	136,713	3.0	%	2,661		4.2	%	19.46
2020	26	73,190	1.6	%	1,559		2.5	%	21.30
2021	17	53,735	1.2	%	1,238		2.0	%	23.04
2022	8	28,893	0.6	%	574		0.9	%	19.87
2023+	33	137,626	3.1	%	2,749		4.4	%	19.97
Vacant (5)	—	154,943	3.4	%	—		—		—
Total/Weighted Average	391	1,197,323	26.5	%	$	21,662	34.5	%	$	20.78

All Leases
MTM	2	3,243	0.1	%	$	81	0.1	%	$	24.98
2014	6	19,629	0.5	%	428		0.7	%	21.80
2015	50	160,348	3.6	%	2,872		4.6	%	17.91
2016	70	349,299	7.7	%	5,797		9.3	%	16.60
2017	62	565,903	12.6	%	8,634		13.8	%	15.26
2018	92	642,692	14.2	%	9,508		15.1	%	14.79
2019	78	577,156	12.8	%	8,141		12.9	%	14.11
2020	37	404,799	8.9	%	4,961		7.9	%	12.26
2021	22	126,907	2.8	%	2,098		3.4	%	16.53
2022	14	318,515	7.0	%	3,776		6.0	%	11.86
2023+	58	1,156,059	25.7	%	16,422		26.2	%	14.21
Vacant (5)	—	187,120	4.1	%	—		—		—
Total/Weighted Average	491	4,511,670	100.0	%	$	62,718	100.0	%	$	14.50


(1)	Amounts in table include our joint venture partner's pro-rata share.


(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.


(5)	Leases executed but not commenced are included in the vacant totals.



	21

Lease Expiration Analysis as of September 30, 2014

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)
2014	4	141,548	1.0	%	$	839	0.4	%	$	5.93
2015	15	329,879	2.2	%	4,100		2.0	%	12.43
2016	29	794,382	5.3	%	9,510		4.8	%	11.97
2017	39	1,231,656	8.3	%	15,473		7.8	%	12.56
2018	34	1,077,369	7.2	%	12,158		6.1	%	11.28
2019	45	1,632,535	11.0	%	19,321		9.7	%	11.83
2020	33	961,213	6.5	%	10,328		5.2	%	10.74
2021	27	801,512	5.4	%	11,896		6.0	%	14.84
2022	30	848,439	5.7	%	9,307		4.7	%	10.97
2023+	77	2,455,423	16.5	%	30,674		15.4	%	12.49
Vacant (5)	—	162,906	1.1	%	—		—		—
Total/Weighted Average	333	10,436,862	70.2	%	$	123,606	62.1	%	$	12.03

All Non-Anchor Leases (2)
MTM	14	17,984	0.1	%	$	332	0.2	%	$	18.46
2014	54	109,084	0.7	%	2,054		1.0	%	18.83
2015	193	486,719	3.3	%	9,193		4.6	%	18.89
2016	212	558,633	3.8	%	10,821		5.4	%	19.37
2017	175	466,325	3.1	%	8,834		4.4	%	18.94
2018	235	609,722	4.1	%	12,676		6.4	%	20.79
2019	192	538,143	3.6	%	10,118		5.1	%	18.80
2020	81	272,006	1.8	%	5,520		2.8	%	20.29
2021	47	166,825	1.1	%	3,388		1.7	%	20.31
2022	46	197,358	1.3	%	3,505		1.8	%	17.76
2023+	126	482,283	3.2	%	9,023		4.5	%	18.71
Vacant (5)	—	550,609	3.7	%	—		—		—
Total/Weighted Average	1,375	4,455,691	29.8	%	$	75,464	37.9	%	$	19.32

All Leases
MTM	14	17,984	0.1	%	$	332	0.2	%	$	18.46
2014	58	250,632	1.7	%	2,893		1.4	%	11.54
2015	208	816,598	5.5	%	13,293		6.6	%	16.28
2016	241	1,353,015	9.1	%	20,331		10.2	%	15.03
2017	214	1,697,981	11.4	%	24,307		12.2	%	14.32
2018	269	1,687,091	11.3	%	24,834		12.5	%	14.72
2019	237	2,170,678	14.6	%	29,439		14.8	%	13.56
2020	114	1,233,219	8.3	%	15,848		8.0	%	12.85
2021	74	968,337	6.5	%	15,284		7.7	%	15.78
2022	76	1,045,797	7.0	%	12,812		6.5	%	12.25
2023+	203	2,937,706	19.7	%	39,697		19.9	%	13.51
Vacant (5)	—	713,515	4.8	%	—		—		—
Total/Weighted Average	1,708	14,892,553	100.0	%	$	199,070	100.0	%	$	14.04


(1)	Amounts in table include our joint venture partner's pro-rata share.


(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.


(5)	Leases executed but not commenced are included in the vacant totals.



	22

Leasing Activity for the three and nine months ended September 30, 2014

Consolidated



	Number	GLA	Total Former Average Base Rent ($) (1)		Total Former Average Base Rent (psf) (1)		Total New Average Base Rent ($) (1)		Total New Average Base Rent (psf) (1)		Total Increase (Decrease) ($)		Total Increase (Decrease) (psf)	Percent
New Lease Summary
1Q 2014	8	17,704	$	293	$	16.55	$	352	$	19.88	$	59	3.33	20.1	%
2Q 2014	7	54,214	653		12.04		713		13.15		60		1.11	9.2	%
3Q 2014	6	27,084	309		11.41		417		15.40		108		3.99	35.0	%

2014 Total	21	99,002	$	1,255	$	12.68	$	1,482	$	14.97	$	227	2.29	18.1	%

Renewal Lease Summary (2)
1Q 2014	41	258,456	$	3,351	$	12.97	$	3,609	$	13.96	$	258	0.99	7.7	%
2Q 2014	37	295,028	3,740		12.68		4,045		13.71		305		1.03	8.2	%
3Q 2014	45	261,638	3,708		14.17		4,058		15.51		350		1.34	9.4	%

2014 Total	123	815,122	$	10,799	$	13.25	$	11,712	$	14.37	$	913	1.12	8.5	%

Non-Comparable Lease Summary (3)
1Q 2014	12	34,122	$	—	$	—	$	561	$	16.44
2Q 2014	10	32,320	—		—		547		16.92
3Q 2014	10	48,930	—		—		546		11.16

2014 Total	32	115,372	$	—	$	—	$	1,654	$	14.34

Unconsolidated (4)



	Number	GLA	Total Former Average Base Rent ($) (1)		Total Former Average Base Rent (psf) (1)		Total New Average Base Rent ($) (1)		Total New Average Base Rent (psf) (1)		Total Increase (Decrease) ($)			Total Increase (Decrease) (psf)		Percent
New Lease Summary
1Q 2014	2	2,680	$	46	$	17.16	$	54	$	20.15	$	8		2.99		17.4	%
2Q 2014	3	15,923	162		10.17		223		14.00		61			3.83		37.7	%
3Q 2014	4	26,772	258		9.64		299		11.17		41			1.53		15.9	%

2014 Total	9	45,375	$	466	$	10.27	$	576	$	12.69	$	110		2.42		23.6	%

Renewal Lease Summary (2)
1Q 2014	14	49,487	$	913	$	18.45	$	857	$	17.32	$	(56	)	(1.13	)	-6.1	%
2Q 2014	16	126,513	866		6.85		1,057		8.35		191			1.50		22.1	%
3Q 2014	16	38,799	582		15.00		661		17.04		79			2.04		13.6	%

2014 Total	46	214,799	$	2,361	$	10.99	$	2,575	$	11.99	$	214		1.00		9.1	%

Non-Comparable Lease Summary (3)
1Q 2014	2	3,379	$	—	$	—	$	83	$	24.56
2Q 2014	3	5,159	—		—		73		14.15
3Q 2014	4	11,829	—		—		213		18.01

2014 Total	9	20,367	$	—	$	—	$	369	$	18.12


(1)	The calculations of former and new average base rents are adjusted for rent abatements on the included leases.


(2)	Renewal leases include expiring leases renewed with the same tenant and the exercise of options. All other leases are categorized as new.


(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.


(4)	Includes leasing activity on unconsolidated properties owned by joint ventures.



	23

Leasing Activity for the three and nine months ended September 30, 2014

Total (1)



	Number	GLA	Total Former Average Base Rent ($) (2)		Total Former Average Base Rent (psf) (2)		Total New Average Base Rent ($) (2)		Total New Average Base Rent (psf) (2)		Total Increase (Decrease) ($)		Total Increase (Decrease) (psf)	Percent
New Lease Summary
1Q 2014	10	20,384	$	339	$	16.63	$	406	$	19.92	$	67	3.29	19.8	%
2Q 2014	10	70,137	815		11.62		936		13.35		121		1.73	14.8	%
3Q 2014	10	53,856	567		10.53		716		13.29		149		2.76	26.3	%

2014 Total	30	144,377	$	1,721	$	11.92	$	2,058	$	14.25	$	337	2.33	19.6	%

Renewal Lease Summary (3)
1Q 2014	55	307,943	$	4,264	$	13.85	$	4,466	$	14.50	$	202	0.65	4.7	%
2Q 2014	53	421,541	4,606		10.93		5,102		12.10		496		1.17	10.8	%
3Q 2014	61	300,437	4,290		14.28		4,719		15.71		429		1.43	10.0	%

2014 Total	169	1,029,921	$	13,160	$	12.78	$	14,287	$	13.87	$	1,127	1.09	8.6	%

Non-Comparable Lease Summary (4)
1Q 2014	14	37,501	$	—	$	—	$	644	$	17.17
2Q 2014	13	37,479	—		—		620		16.54
3Q 2014	14	60,759	—		—		759		12.49

2014 Total	41	135,739	$	—	$	—	$	2,023	$	14.90


(1)	Includes leasing activity on unconsolidated properties owned by joint ventures.


(2)	The calculations of former and new average base rents are adjusted for rent abatements on the included leases.


(3)	Renewal leases include expiring leases renewed with the same tenant and the exercise of options. All other leases are categorized as new.


(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.



	24

Leasing Activity - Anchors and Non-Anchors for the three months ended September 30, 2014

Consolidated (1)



New Leases	Non-Anchors (2)		Anchors (2)	Total
Number of Leases	6		—	6
Gross Leasable Area (Sq.Ft.)	27,084		—	27,084
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	15.40	—	15.40

Renewals
Number of Leases	37		8	45
Gross Leasable Area (Sq.Ft.)	133,536		128,102	261,638
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	18.39	12.51	15.51

Non-Comparable Leases (3)
Number of Leases	8		2	10
Gross Leasable Area (Sq.Ft.)	17,417		31,513	48,930
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	14.47	9.34	11.16

Total New, Renewal and Non-Comparable Leases
Number of Leases	51		10	61
Gross Leasable Area (Sq.Ft.)	178,037		159,615	337,652
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	17.55	11.89	14.87

Unconsolidated (1) (4)



New Leases	Non-Anchors (2)		Anchors (2)	Total
Number of Leases	3		1	4
Gross Leasable Area (Sq.Ft.)	5,687		21,085	26,772
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	24.72	7.50	11.17

Renewals
Number of Leases	15		1	16
Gross Leasable Area (Sq.Ft.)	28,786		10,013	38,799
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	20.09	8.25	17.04

Non-Comparable Leases (3)
Number of Leases	4		—	4
Gross Leasable Area (Sq.Ft.)	11,829		—	11,829
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	18.01	—	18.01

Total New, Renewal and Non-Comparable Leases
Number of Leases	22		2	24
Gross Leasable Area (Sq.Ft.)	46,302		31,098	77,400
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	20.12	7.74	15.16

Total (1) (4)



New Leases	Non-Anchors (2)		Anchors (2)	Total
Number of Leases	9		1	10
Gross Leasable Area (Sq.Ft.)	32,771		21,085	53,856
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	17.01	7.50	13.29

Renewals
Number of Leases	52		9	61
Gross Leasable Area (Sq.Ft.)	162,322		138,115	300,437
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	18.69	12.20	15.71

Non-Comparable Leases (3)
Number of Leases	12		2	14
Gross Leasable Area (Sq.Ft.)	29,246		31,513	60,759
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	15.89	9.34	12.49

Total New, Renewal and Non-Comparable Leases
Number of Leases	73		12	85
Gross Leasable Area (Sq.Ft.)	224,339		190,713	415,052
Base Rent/Sq.Ft. ($/Sq.Ft.)	$	18.08	11.21	14.92


(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.


(4)	Includes leasing activity on unconsolidated properties owned by joint ventures.



	25

Property Transactions for the nine months ended September 30, 2014

Property Acquisitions



Date	Property	City	State	GLA Sq.Ft.	Approx. Ground Lease Sq. Ft. (1)	Purchase Price		Cap Rate (2)		Financial Occupancy		Anchors	Year Built / Renovated

01/01/14	CVS (3)	Port St. Joe	FL	13,225	—	$	4,303	6.28	%	100	%	CVS	2010
01/01/14	O'Reilly (3)	Kokomo	IN	7,210	—	1,475		6.39	%	100	%	None	2013
01/02/14	Walgreens (3)	Trenton	OH	14,820	—	4,462		6.50	%	100	%	Walgreens	2007
02/12/14	BJ's Wholesale Club (3)	Framingham	MA	114,481	—	26,500		6.43	%	100	%	BJ's Wholesale Club	1993
02/26/14	Academy Sports (3)	Olathe	KS	71,927	—	11,024		6.62	%	100	%	Academy Sports + Outdoors	2013
03/19/14	Mountain View Square (3)	Wausau	WI	86,584	7,600	11,425		6.64	%	100	%	Kohl's	2000
03/27/14	Mokena Marketplace	Mokena	IL	49,058	4,300	13,737		7.25	%	76	%	Party City, PetSmart	2008
06/30/14	Newport Pavilion (4)	Newport	KY	95,400	126,938	43,279		6.50	%	94	%	Michaels, Kroger, PetSmart, Ulta	2009
08/19/14	Princess City Plaza (4)	Mishawaka	IN	172,181	6,327	28,608		7.37	%	99	%	Gordmans, PetSmart, Dick's Sporting Goods, Old Navy, Shoe Carnival	1998
09/10/14	Pulaski Promenade (4) (5)	Chicago	IL	—	—	5,734		(5)		(5)		(5)	(5)
09/26/14	Tanglewood Pavilions (6)	Elizabeth City	NC	—	—	850		(6)		(6)		(6)	(6)

				624,886	145,165	$	151,397

Property Dispositions



Date	Property	City	State	GLA Sq. Ft.	Sale Price		Gain (Loss) on Sale			Provision for Asset Impairment

01/24/14	Dominick's	Countryside	IL	62,344	$	3,000	$	1,167		$	—
02/04/14	Golf Road Plaza	Niles	IL	25,992	3,300		742			—
03/11/14	River Square	Naperville	IL	58,260	16,750		10,941			—
04/18/14	Disney	Celebration	FL	166,131	25,700		7,030			—
05/16/14	Lake Park	Michigan City	IN	114,867	3,900		—			222
06/16/14	Winfield Pointe Center	Winfield	IL	19,888	2,500		(346		)	—
06/26/14	Gateway Square	Hinsdale	IL	39,710	10,000		3,295			—

				487,192	$	65,150	$	22,829		$	222


(1)	The purchase price of these properties includes square footage subject to ground leases. Ground lease square footage is not included in our GLA.

(2)

The cap rate disclosed is as of the time of acquisition and is calculated by dividing the forecasted net operating income ("NOI") by the purchase price. Forecasted NOI is defined as forecasted net income for the twelve months following the acquisition of the property, calculated in accordance with U.S. GAAP, excluding straight-line rental income, amortization of lease intangibles, interest, depreciation, amortization and bad debt expense, less a vacancy factor to allow for potential tenant move-outs or defaults.


(3)	This property was acquired through our joint venture with IPCC.


(4)	This property was acquired through our joint venture with PGGM.


(5)	Our joint venture with PGGM acquired vacant land to develop approximately 133,000 square feet of retail space through a development partnership that is 80% pre-leased to Marshall's, Ross Dress for Less, Michaels, PetSmart and Shoe Carnival.


(6)	Our joint venture with Thompson Thrift Development, Inc. acquired vacant land to develop a 158,000 square foot retail building that is approximately 70% pre-leased.



	26

Unconsolidated Joint Venture Summary as of September 30, 2014

Venture with PGGM Private Real Estate Fund (INP Retail LP)



Date	Property	City	State	GLA	IRC % Interest		IRC Investment
07/01/10	Mallard Crossing Shopping Center	Elk Grove Village	IL	82,920	55	%	$	2,234
07/01/10	Shannon Square Shoppes	Arden Hills	MN	97,638	55	%	5,496
07/01/10	Woodland Commons	Buffalo Grove	IL	170,034	55	%	3,312
08/30/10	Point at Clark	Chicago	IL	95,455	55	%	5,718
10/25/10	Diffley Marketplace	Eagan	MN	71,903	55	%	3,910
01/11/11	Joffco Square	Chicago	IL	95,204	55	%	5,252
03/01/11	Byerly's Burnsville	Burnsville	MN	72,339	55	%	1,894
03/08/11	Shops of Plymouth Town Center	Plymouth	MN	84,003	55	%	(678		)
06/02/11	Red Top Plaza	Libertyville	IL	151,840	55	%	4,428
06/02/11	Village Ten Shopping Center	Coon Rapids	MN	211,472	55	%	1,777
09/19/11	Stuart's Crossing	St. Charles	IL	85,529	55	%	(820		)
09/21/11	Champlin Marketplace	Champlin	MN	88,577	55	%	2,770
11/09/11	Quarry Retail	Minneapolis	MN	281,472	55	%	(3,332		)
11/15/11	Caton Crossings	Plainfield	IL	83,792	55	%	(1,504		)
11/18/11	Woodfield Plaza	Schaumburg	IL	177,160	55	%	(5,669		)
11/29/11	Brownstones Shopping Center	Brookfield	WI	137,816	55	%	4,571
12/07/11	Elston Plaza	Chicago	IL	87,946	55	%	4,125
12/15/11	Turfway Commons	Florence	KY	105,471	55	%	2,239
02/21/12	Riverdale Commons	Coon Rapids	MN	231,753	55	%	(198		)
02/24/12	Silver Lake Village	St. Anthony	MN	159,316	55	%	7,668
02/29/12	Stone Creek Towne Center	Cincinnati	OH	142,824	55	%	6,824
04/10/12	Four Flaggs	Niles	IL	325,972	55	%	9,401
04/13/12	Woodbury Commons	Woodbury	MN	116,196	55	%	6,184
12/11/12	Westgate	Fairview Park	OH	241,838	55	%	16,266
08/20/13	Evergreen Promenade (1)	Evergreen Park	IL	—	55	%	1,939
09/11/13	Capitol and 124th Shopping Center	Wauwatosa	WI	54,204	55	%	5,463
09/11/13	Pilgrim Village	Menomonee Falls	WI	31,331	55	%	4,957
09/11/13	Timmerman Plaza	Milwaukee	WI	40,343	55	%	2,586
10/08/13	Cedar Center South	University Heights	OH	136,080	55	%	3,755
12/19/13	Fort Smith Pavilion	Fort Smith	AR	275,414	55	%	5,135
06/30/14	Newport Pavilion	Newport	KY	95,400	55	%	24,480
08/19/14	Princess City Plaza	Mishawaka	IN	172,181	55	%	15,742
09/10/14	Pulaski Promenade (2)	Chicago	IL	—	55	%	4,004

				4,203,423			$	149,929

Development Joint Venture with TMK Development (TMK/Inland Aurora Venture, LLC)

Date

Property

City

State

Acres

IRC %

Interest

IRC

Investment

01/05/06

Savannah Crossing

Aurora

5 Acres

(300

)


1)	Our joint venture with PGGM acquired vacant land to develop approximately 92,500 square feet of retail space through a development partnership that is 96% pre-leased to Mariano's Fresh Market and PetSmart.


2)	Our joint venture with PGGM acquired vacant land to develop approximately 133,000 square feet of retail space through a development partnership that is 80% pre-leased to Marshall's, Ross Dress for Less, Michaels, PetSmart and Shoe Carnival.



	27

Unconsolidated Joint Venture Summary as of September 30, 2014

Joint Venture with Inland Private Capital Corporation ("IPCC") (IRC/IREX Venture II, LLC)



Date	Property (1)	City	State	GLA	IRC % Interest		IRC Investment
03/19/14	Mountain View Square	Wausau	WI	86,584	78	%	$	8,847
Various	Net Lease Portfolio (2)	Various	Various	221,663	58	%	10,799

				308,247			$	19,646

IPCC Joint Venture Property Status



Property (1)	Location	% DST Ownership		Pro Rata Share of Acquisition Fee		Acquisition Fee Earned for the nine months ended September 30, 2014
7-Eleven Portfolio (4)	Various	100	%	$	362	$	192
Mountain View Square	Wausau, WI	22	%	143		31
Net Lease Portfolio (2)	Various	42	%	476		203

				$	981	$	426


1)	These properties are not consolidated because upon the first sale of equity interest by the joint venture through a private placement offering with respect to a particular property, the Company begins accounting for its equity interest in that property under the equity method of accounting


2)	This portfolio includes five net leased properties; Academy Sports, Olathe KS, BJ's Wholesale Club, Framingham MA, CVS, Port St. Joe FL, O'Reily, Kokomo IN, and Walgreens, Trenton OH.


3)	This portfolio includes twelve 7-Eleven stores, located in Akron, Brunswick, Chagrin Falls, Cleveland, Mentor, Painesville, Stow, Streetsboro, Strongsville, Twinsburg, Willoughby and Willoughby Hills OH.



	28

Investment Properties as of September 30, 2014

As of September 30, 2014, we owned fee simple interests in 99 investment properties (excluding properties owned by unconsolidated joint ventures). Total properties are comprised of 11 single-user retail properties, 36 Neighborhood Retail Centers, 25 Community Centers, 26 Power Centers and 1 Lifestyle Center. These investment properties are located in the states of Florida (1), Illinois (65), Indiana (5), Minnesota (18), Nebraska (1), Ohio (2) and Wisconsin (7). Most 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	City	State	Gross Leasable Area (Sq Ft)	Date Acq.	Year Built/ Renovated	Financial Occupancy (1)		Anchor Tenants (2)
Single-User
Carmax	Schaumburg	IL	93,333	12/98	1998	100	%	Carmax
Carmax	Tinley Park	IL	94,518	12/98	1998	100	%	Carmax
Cub Foods	Hutchinson	MN	60,208	01/03	1999	100% (3)		Cub Foods (3)
Freeport Commons	Freeport	IL	24,049	12/98	1998	100	%	Staples
Fresh Market	Lincolnshire	IL	20,414	10/12	2013	100	%	The Fresh Market
Glendale Heights Retail	Glendale Heights	IL	68,879	09/97	1997	100% (3)		Dominick's Finer Foods (3)
Mosaic Crossing	West Chicago	IL	78,271	01/98	1990/2013	100	%	Old Time Pottery
PetSmart	Gurnee	IL	25,692	04/01	1997	100	%	PetSmart
Pick 'N Save	Waupaca	WI	63,780	03/06	2002	100	%	Pick 'N Save
Roundy's	Menomonee Falls	WI	103,611	11/10	2010	100	%	Super Pick 'N Save
Verizon	Joliet	IL	4,504	05/97	1995	100	%	None

Neighborhood Retail Centers
22nd Street Plaza Outlot	Oakbrook Terrace	IL	9,970	11/97	1985/2004	100	%	None
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	96	%	Buehler's Fresh Foods
Cliff Lake Centre	Eagan	MN	74,182	09/99	1988	87	%	None
Cobbler Crossing	Elgin	IL	102,643	05/97	1993	96	%	Jewel Food Stores
Downers Grove Market	Downers Grove	IL	103,419	03/98	1998	95	%	Angelo Caputo's
Dunkirk Square	Maple Grove	MN	89,340	09/99	1998	80% (3)		Rainbow (3), Dollar Tree
Eastgate Center	Lombard	IL	129,101	07/98	1959/2000	85	%	Ace Hardware, Illinois Secretary of State, Illinois Dept. of Employment
Edinburgh Festival	Brooklyn Park	MN	91,563	10/98	1997	95	%	Festival Foods
Elmhurst City Centre	Elmhurst	IL	39,090	02/98	1994	100	%	Walgreens (4)
Forest Lake Marketplace	Forest Lake	MN	93,853	09/02	2001	98	%	Cub Foods
Grand Hunt Center Outlot	Gurnee	IL	21,194	12/96	1996	100	%	None
Hammond Mills	Hammond	IN	78,801	05/99 12/98	1998/1999/2011	100	%	Food 4 Less
Hickory Creek Market Place	Frankfort	IL	55,831	08/99	1999	55	%	None
Iroquois Center	Naperville	IL	140,981	12/97	1983	88	%	Planet Fitness, Xilin Association, Big Lots
Maple View	Grayslake	IL	105,642	03/05	2000/2005	98	%	Jewel Food Stores
Medina Marketplace	Medina	OH	92,446	12/02	1956/1999/ 2010	100% (3)		Giant Eagle
Mundelein Plaza	Mundelein	IL	16,803	03/96	1990	90	%	None
Nantucket Square	Schaumburg	IL	56,981	09/95	1980	91	%	Go Play/Kidtown USA
Oak Forest Commons	Oak Forest	IL	108,563	03/98	1998	82	%	Food 4 Less, O'Reilly Auto Parts
Oak Forest Commons III	Oak Forest	IL	7,424	06/99	1999	24	%	None
Park Square	Brooklyn Park	MN	12,320	08/02	1986/1988/ 2006	100	%	None
Plymouth Collection	Plymouth	MN	45,915	01/99	1999	100	%	Golf Galaxy
Ravinia Plaza	Orland Park	IL	101,605	10/06	1990	97	%	Whole Foods Market, Pier 1 Imports, Eva's Bridal
Regal Showplace	Crystal Lake	IL	89,928	03/05	1998	100	%	Regal Cinemas
Rose Plaza	Elmwood Park	IL	24,204	11/98	1997	100	%	Binny's Beverage Depot
Schaumburg Plaza	Schaumburg	IL	57,965	06/98	1994	95	%	Jo-Ann Stores, Party City
Shoppes at Mill Creek	Palos Park	IL	102,422	03/98	1989	99	%	Jewel Food Stores
Shops at Cooper's Grove	Country Club Hills	IL	72,518	01/98	1991	18	%	None
Six Corners Plaza	Chicago	IL	80,596	10/96	1966/2005	96	%	L.A. Fitness, CW Price
St. James Crossing	Westmont	IL	49,994	03/98	1990	97	%	None
Townes Crossing	Oswego	IL	105,989	08/02	1988	90	%	Jewel Food Stores
Wauconda Crossings	Wauconda	IL	90,167	08/06	1997	97% (3)		Dominick's Finer Foods (3), Walgreens
Wauconda Shopping Center	Wauconda	IL	34,286	05/98	1988	100	%	Dollar Tree
Westriver Crossings	Joliet	IL	32,452	08/99	1999	90	%	None
Woodland Heights	Streamwood	IL	120,436	06/98	1956/1997	94	%	Jewel Food Stores, U.S. Postal Service



	29

Investment Properties as of September 30, 2014

Property

City

State

Gross

Leasable

Area

(Sq Ft)

Date

Acq.

Year Built/

Renovated

Financial

Occupancy

(1)

Anchor Tenants (2)

Community Centers

Apache Shoppes

Rochester

60,780

12/06

2005/2006

100

Trader Joe's, Chuck E. Cheese's

Aurora Commons

Aurora

126,908

01/97

1988/2013

Ross Dress for Less, Fallas Paredes

Bergen Plaza

Oakdale

262,525

04/98

1978

91% (3)

K-Mart (3), Cub Foods, Dollar Tree

Bohl Farm Marketplace

Crystal Lake

97,287

12/00

2000

Dress Barn, Barnes & Noble, Buy Buy Baby

Burnsville Crossing

Burnsville

97,210

09/99

1989/2010

PetSmart, Becker Furniture World

Chatham Ridge

Chicago

175,991

02/00

1999

100

Food 4 Less, Marshall's, Anna's Linens

Chestnut Court

Darien

172,918

03/98

1987/2009

X-Sport Fitness, Tuesday Morning, Jo-Ann Stores, Oakridge Hobbies & Toys, Ross Dress for Less, Salvation Army Family Store

Goldenrod Marketplace

Orlando

91,497

12/13

2013

LA Fitness, Marshall's

Greentree Centre & Outlot

Racine

169,268

02/05

1990/1993

Pick 'N Save, K-Mart

Hawthorn Village Commons

Vernon Hills

98,806

08/96

1979

Dollar Tree, Hobby Lobby

Lansing Square

Lansing

56,613

12/96

1991

None

Marketplace at Six Corners

Chicago

116,975

11/98

1997

Jewel Food Stores, Marshall's

Mokena Marketplace

Mokena

49,058

03/14

2008

Party City, PetSmart

Orchard Crossing

Ft. Wayne

130,131

04/07

2008

Gordmans, Dollar Tree

Park Avenue Centre

Highland Park

64,943

06/97

1996/2005

100

Staples, TREK Bicycle Store, Illinois Bone and Joint

Park Center

Tinley Park

132,288

12/98

1988

86% (3)

Charter Fitness, Chuck E. Cheese's, Old Country Buffet, Sears Outlet

Park St. Claire

Schaumburg

83,259

05/97 12/96

1994/1996

100% (3)

Dominick's Finer Foods (3)

Shingle Creek Center

Brooklyn Center

39,146

09/99

1986

None

Shops at Orchard Place

Skokie

159,091

12/02

2000

DSW Shoe Warehouse, Ulta, Pier 1 Imports, Petco, Walter E Smithe, Party City, Nordstrom Rack

Skokie Fashion Square

Skokie

84,857

12/97

1984/2010

Ross Dress for Less, Produce World

Skokie Fashion Square II

Skokie

7,151

11/04

1984/2010

100

None

Thatcher Woods Center

River Grove

187,710

04/02

1969/1999

86% (3)

Walgreens, Hanging Garden Banquet, Binny's Beverage Depot, Sears Outlet, Dominick's Finer Foods (subleased to Rich's Food) (3)

The Plaza

Brookfield

107,952

02/99

1985

94% (3)

CVS, Guitar Center, Hooters

Two Rivers Plaza

Bolingbrook

57,900

10/98

1994

Marshall's, Pier 1 Imports

University Center

St. Paul

43,645

09/99

1998

100

High School for the Recording Arts

Power Centers

Baytowne Shoppes/Square

Champaign

118,305

02/99

1993

99% (3)

Staples, PetSmart, Party City, Citi Trends, Ulta

Bradley Commons

Bourbonnais

174,348

11/11

2007/2011

Shoe Carnival, Ulta, Bed, Bath & Beyond, Dick's Sporting Goods, Petco

Crystal Point

Crystal Lake

357,914

07/04

1976/1998/ 2012

Best Buy, K-Mart, Bed, Bath & Beyond, The Sports Authority, World Market, Ross Dress for Less, The Fresh Market

Deertrace Kohler

Kohler

149,924

07/02

2000

The Boston Store, TJ Maxx, Dollar Tree, Ulta, Jo-Ann Stores

Deertrace Kohler II

Kohler

24,292

08/04

2003/2004

100

None

Joliet Commons

Joliet

158,853

10/98

1995

100

Movies 10, PetSmart, Barnes & Noble, Old Navy, Party City, Jo-Ann Stores, BC Osaka Hibachi Grill

Joliet Commons Phase II

Joliet

40,395

02/00

1999

100

Office Max

Mankato Heights Plaza

Mankato

155,173

04/03

2002

TJ Maxx, Michaels, Old Navy, Pier 1 Imports, Petco

Maple Park Place

Bolingbrook

210,746

01/97

1992/2004

98% (3)

X-Sport Fitness, Office Depot (3), The Sports Authority, Best Buy, Ross Dress for Less

Orland Park Place

Orland Park

592,495

04/05

1980/1999

100

K & G Superstore, Old Navy, Stein Mart, Tiger Direct, Barnes & Noble, DSW Shoe Warehouse, Bed, Bath & Beyond, Binny's Beverage Depot, Nordstrom Rack, Dick's Sporting Goods, Marshall's, Buy Buy Baby, HH Gregg, Ross Dress for Less, Penny Mustard Furnishings

Orland Park Place Outlots

Orland Park

11,900

08/07

2007

—

Dao

Orland Park Place Outlots II

Orland Park

22,966

04/12

2007

None

Park Place Plaza

St. Louis Park

88,999

09/99

1997/2006

100

Office Max, PetSmart

Pine Tree Plaza

Janesville

186,523

10/99

1998

Gander Mtn., TJ Maxx, Staples, Michaels, Old Navy, Petco



	30

Investment Properties as of September 30, 2014

Property

City

State

Gross

Leasable

Area

(Sq Ft)

Date

Acq.

Year Built/

Renovated

Financial

Occupancy

(1)

Anchor Tenants (2)

Power Centers

Randall Square

Geneva

216,738

05/99

1999

Marshall's, Bed, Bath & Beyond, PetSmart, Michaels, Party City, Old Navy

Rivertree Court

Vernon Hills

308,610

07/97

1988/2011

100

Best Buy, Discovery Clothing, TJ Maxx, Michaels, Harlem Furniture, Gordmans, Old Navy, Pier 1 Imports, Ross Dress for Less, Shoe Carnival

Rochester Marketplace

Rochester

70,213

09/03

2001/2003

100

Staples, PetSmart

Salem Square

Countryside

116,992

08/96

1973/1985/ 2009

100

TJ Maxx/Home Goods, Marshall's

Schaumburg Promenade

Schaumburg

91,831

12/99

1999

100

Ashley Furniture, DSW Shoe Warehouse, Destination XL

Shakopee Outlot

Shakopee

12,285

03/06

2007

100

None

Shakopee Valley Marketplace

Shakopee

146,362

12/02

2000/2001

Kohl's, Office Max

Shoppes at Grayhawk

Omaha

81,000

02/06

2001/2004

Michaels, Lowe's (5)

University Crossings

Granger

111,651

10/03

2003

Marshall's, Petco, Dollar Tree, Pier 1 Imports, Ross Medical Education Center, Babies R Us (5)

Valparaiso Walk

Valparaiso

137,500

12/12

2005

100

Best Buy, Michaels, Marshall's, Bed, Bath & Beyond

Warsaw Commons

Warsaw

87,826

04/13

2012

Dollar Tree, TJ Maxx, PetSmart, Ulta

Woodfield Commons E/W

Schaumburg

206,148

10/98

1973/1975/ 1997/2007/ 2012

100

Toys R Us, Discovery Clothing, REI, Hobby Lobby, Ross Dress for Less, Half Price Books

Lifestyle Centers

Algonquin Commons

Algonquin

563,704

02/06

2004/2005

91% (3)

PetSmart, Office Max, Pottery Barn, Old Navy, DSW Shoe Warehouse, Discovery Clothing, Dick's Sporting Goods, Trader Joe's, Ulta, Charming Charlie, Ross Dress for Less, Gordmans

Total

10,380,883

As of September 30, 2014, we owned fee simple interests in 31 investment properties through our unconsolidated joint ventures and we owned Delaware Statutory Trust interests in the 6 properties owned through our IPCC joint venture. Total properties are comprised of 5 single-user retail properties, 13 Neighborhood Retail Centers, 6 Community Centers and 13 Power Centers. These investment properties are located in the states of Arkansas (1), Florida (1), Illinois (10), Indiana (2), Kansas (1), Kentucky (2), Minnesota (10), Ohio (4) and Wisconsin (5). Most 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

City

State

Gross

Leasable

Area

(Sq Ft)

Date

Acq.

Year Built/

Renovated

Financial

Occupancy

(1)

Anchor Tenants (2)

Single-User (IPCC Joint Venture)

Academy Sports

Olathe

71,927

02/14

2013

100

Academy Sports + Outdoors

BJ's Wholesale Club

Framingham

114,481

02/14

1993

100

BJ's Wholesale Club

CVS

Port St. Joe

13,225

01/14

2010

100

CVS

O'Reilly

Kokomo

7,210

01/14

2013

100

None

Walgreens

Trenton

14,820

01/14

2007

100

Walgreens (4)

Neighborhood Retail Centers

Byerly's Burnsville

Burnsville

72,339

09/99

1988

100

Byerly's Food Store, Erik's Bike Shop

Capitol and 124th Shopping Center

Wauwatosa

54,204

09/13

1998/2012

100

Wal-Mart, Petco

Caton Crossings

Plainfield

83,792

06/03

1998

Tony's Finer Foods

Champlin Marketplace

Champlin

88,577

09/11

1999/2005

Cub Foods

Diffley Marketplace

Egan

71,903

10/10

2008

Cub Foods

Elston Plaza

Chicago

87,946

12/11

1983/2010

100

Jewel Food Stores, O'Reilly Auto Parts

Mallard Crossing Shopping Center

Elk Grove Village

82,920

05/97

1993

Food 4 Less

Pilgrim Village

Menomonee Falls

31,331

09/13

1984/2012

Wal-Mart (5), Friends of Nature

Red Top Plaza

Libertyville

151,840

06/11

1981/2008

Jewel Food Stores

Shannon Square Shoppes

Arden Hills

97,638

03/04 06/04

2003

Cub Foods

Shops of Plymouth Town Center

Plymouth

84,003

03/99

1991

100

The Foursome, Inc., Cub Foods

Stuart's Crossing

St. Charles

85,529

08/98

1999

Jewel Food Stores

Timmerman Plaza

Milwaukee

40,343

09/13

1965/2013

Dollar Tree



	31

Investment Properties as of September 30, 2014

Property

City

State

Gross

Leasable

Area

(Sq Ft)

Date

Acq.

Year Built/

Renovated

Financial

Occupancy

(1)

Anchor Tenants (2)

Community Centers

Brownstones Shopping Center

Brookfield

137,816

11/11

1989/2009

96% (3)

Metro Market, TJ Maxx

Cedar Center South

University Heights

136,080

10/13

1950/2006

Tuesday Morning, Whole Foods Market, CVS, Dollar Tree

Village Ten Shopping Center

Coon Rapids

211,472

08/03

2002

Dollar Tree, Life Time Fitness, Cub Foods

Woodbury Commons

Woodbury

116,196

02/12

1992/2004/ 2012

100% (3)

Hancock Fabrics, Schuler Shoes, Dollar Tree, Becker Furniture World

Woodland Commons

Buffalo Grove

170,034

02/99

1991

Mariano's

Community Centers (IPCC Joint Venture)

Mountain View Square

Wausau

86,584

03/14

2000

100

Kohl's

Power Centers

Fort Smith Pavilion

Fort Smith

275,414

12/13

2009/2011

Dick's Sporting Goods, Best Buy, Michaels, Books-A-Million, Old Navy, Shoe Carnival, Ulta, Bed Bath & Beyond, Petco

Four Flaggs

Niles

325,972

11/02

1973/1998/ 2010

Fresh Farms, Party City, Marshall's, PetSmart, Office Depot, Old Navy, Global Clinic, Ashley Furniture, Sears Outlet, Jo-Ann Stores, Shoe Carnival

Joffco Square

Chicago

95,204

01/11

2008

100

Bed, Bath & Beyond, Best Buy, Jo-Ann Stores

Newport Pavilion

Newport

95,400

06/14

2009

Michaels, Kroger (5), PetSmart, Ulta

Point at Clark

Chicago

95,455

06/10

1996

DSW Shoe Warehouse, Marshall's, Michaels

Princess City Plaza

Mishawaka

172,181

08/14

1998

99% (3)

Gordmans, PetSmart, Dick's Sporting Goods, Old Navy, Shoe Carnival

Quarry Retail

Minneapolis

281,472

09/99

1997

100

Home Depot, Cub Foods, PetSmart, Office Max, Party City, Michaels

Riverdale Commons

Coon Rapids

231,753

09/99

1999

100% (3)

Rainbow (3), The Sports Authority, Office Max, Petco, Party City, Home Goods, Michaels

Silver Lake Village

St. Anthony

159,316

02/12

1996/2005

North Memorial Healthcare, Cub Foods, Wal-Mart (5)

Stone Creek Towne Center

Cincinnati

142,824

02/12

2008

100

Bed, Bath & Beyond, Best Buy, Old Navy

Turfway Commons

Florence

105,471

12/11

1993/2007

Babies 'R' Us, Half Price Books, Guitar Center, Michaels

Westgate

Fairview Park

241,838

03/12

2007/2011

Books-A-Million, Lowe's (5), Petco, Marshall's, Kohl's (5), Earth Fare

Woodfield Plaza

Schaumburg

177,160

01/98

1992

Kohl's, Barnes & Noble, Buy Buy Baby, David's Bridal

Total

4,511,670

Total/Weighted Average

14,892,553



(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 used in this table may be 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.
(5)	Ground lease tenants, ground lease square footage is excluded from GLA as we do not own that square footage.



	32

INLAND REAL ESTATE CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 SUPPLEMENTAL 09/30/14 - November 4, 2014

Attached files

INLAND REAL ESTATE CORP Reports