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Inland Real Estate Corp. (IRC) – Putting its Trust in Properties

Headquartered in Oak Brook, Illinois, Inland Real Estate Corporation (IRC) is a self-administered and self-managed real estate investment trust (REIT). Established in 1994, they have a current market capitalization of $987.65M as part of the REIT-Retail industry and trade on the NYSE. They have $1.8B in asset acquisition values, and aggregate leasable space of approximately 14.4 million square feet.

Inland Real Estate currently owns interests in 152 neighborhood, community, lifestyle, and single-tenant retail centers which are mainly in the US Midwest. Sixty-percent of their assets are in the metropolitan Chicago area and northwest Indiana. They have 26 properties totaling over two million square feet in Minneapolis-St.Paul as well, along with properties in Florida. Overall, they have assets in 11 states.

Many of the company’s centers have grocery stores as their anchors. These and other necessity-type businesses help ensure great traffic flow to these locations and high occupancy rates for the centers. Inland’s properties have a consistent occupancy rate of 95.6% or higher. In total, 45 percent of their centers have grocery store-anchors.

Their tenants include large national retailers, local chains, and small independents. Supervalu Inc. occupies 7.4 percent of their space and provides 6.2 percent of their base rental income. Dominick’s Finer Foods (a Safeway Subsidiary) occupies 4.8 percent of Inland’s space and provides 4.5 percent of their base rental income.

The company currently pays annual cash distributions of $0.98 per share. They continue to work to acquire both single assets and entire portfolios. Their focus is on great locations with optimum tenancy levels. They involve themselves in outright purchases or joint ventures for both existing and properties yet to be built. They hope this business model will continue to provide shareholder value on a consistent basis every year.

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