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Inland FFO Swells Nearly 11% During Q2

OAK BROOK, IL-Shopping center REIT Inland Real Estate Corp. sees a 10.6% increase in its Q2 funds from operations, while FFO per common share increase to 34 cents, a 9.7% upswing compared to the same period last year.

By Dana Dubriwny | Updated on August 05, 2005

OAK BROOK, IL- Inland Real Estate Corp., buyer, owner and manager of midwestern neighborhood and community retail centers, rang in its one-year anniversary of being a public company with positive results in its second-quarter.

“The second quarter of 2005 was rewarding to the company and its shareholders on a number of fronts,” Bob Parks, president and chief executive officer said during Thursday’s earnings call. “The first the quarter marked the one-year anniversary of the listing and the public trading of Inland Real Estate Corp. shares on the NYSE, commenced on June 9 of last year. In one-year’s time investment and IRC shares produced an impressive 42%.”

Parks went on to report a 10.6% increase in the company’s Q2 funds from operations to $22.6 million, while FFO per common share increased to 34 cents, a 9.7% increase compared to the same period last year. Net income rang in at $10.7 million for the three-month period, marking a 4.8% decrease compared to a year ago, while net income per common share slipped 5.9% to 16 cents. In response to the decrease, Parks faulted the net-income effect of including additional properties previously held for sale, but now reclassified as held and used.

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