Key Developments: Inland Real Estate Corp (IRC)
10.23USD
18 Jun 2013
$0.09 (+0.89%)
$10.14
$10.17
$10.30
$10.10
352,865
705,774
$12.05
$6.05
Latest Key Developments (Source: Significant Developments)
Inland Real Estate Corp Pays June Cash Dividend To Preferred Stockholders
Inland Real Estate Corp announced that it has paid a cash dividend of $0.169271 per share on the outstanding shares of its 8.125% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (the Preferred Stock), to holders of record of Preferred Stock at the close of business on June 3, 2013. Full Article
Inland Real Estate Corp Declares July Cash Dividend To Preferred Stockholders
Inland Real Estate Corp announced that it has declared a cash dividend of $0.169271 per share on the outstanding shares of its 8.125% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share, payable on July 15, 2013, to holders of record of Preferred Stock at the close of business on July 1, 2013. Full Article
Inland Real Estate Corp Closes Acquisition of Joint Venture Partner’s Interest In Portfolio of 13 High Quality Shopping Centers
Inland Real Estate Corp announced that it has closed its acquisition of the 50% ownership interest of New York State Teachers` Retirement System (NYSTRS) in the parties` IN Retail Fund, L.L.C. (IN Retail) joint venture entity. The Company acquired the interests for approximately $121 million in cash. The Company now owns 1005 of the outstanding membership interests in IN Retail, and the assets, liabilities and results of operations of IN Retail will be included in the Company`s consolidated financial statements. IN Retail owns 13 shopping centers, aggregating approximately 2.3 million square feet of gross leasable area, with an estimated fair value (agreed upon by the parties for purposes of this transaction) of approximately $395.6 million. The Company previously announced its entry into the agreement to acquire NYSTRS` 50 % interest and provided additional information regarding the transaction on May 28, 2013. Full Article
Inland Real Estate Corp Announces Closing of Common Stock Offering
Inland Real Estate Corp closed previously announced equity offering of 9,000,000 shares of common stock. The Company received net proceeds, after the underwriting discount, of approximately $91.6 million. BofA Merrill Lynch, BMO Capital Markets, Wells Fargo Securities and KeyBanc Capital Markets acted as joint book-running managers for the offering. The Company used the net proceeds from the offering to partially fund its acquisition of the 50% ownership interest of its joint venture partner, New York State Teachers' Retirement System, in the IN Retail Fund, LLC joint venture for approximately $121.0 million in cash. Full Article
Inland Real Estate Corp Announces Pricing Of 9.0 Million Shares Of Common Stock
Inland Real Estate Corp announced that it has priced public offering of 9,000,000 shares of common stock at $10.60 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 shares of common stock. The Company expects the net proceeds from the offering, before offering expenses, to be approximately $91.6 million or approximately $105.3 million if the underwriters' option to purchase additional shares is exercised in full. BofA Merrill Lynch, BMO Capital Markets, Wells Fargo Securities and KeyBanc Capital Markets are acting as joint book-running managers for the offering. The Company intends to use the net proceeds from the offering to repay a portion of the amounts outstanding on line of credit that are drawn to fund acquisition of the 50% ownership interest of joint venture partner, New York State Teachers' Retirement System, in the IN Retail Fund, LLC joint venture for approximately $121.0 million in cash, as more particularly described in the prospectus supplement filed with the U.S. Securities and Exchange Commission. Full Article
Inland Real Estate Corp Announces Common Stock Offering
Inland Real Estate Corp announced that it intends to offer 9,000,000 shares of its common stock in an underwritten public offering. The Company intends to grant the underwriters a 30 day option to purchase up to an additional 1,350,000 shares of common stock to cover over allotments, if any. BofA Merrill Lynch, Wells Fargo Securities, BMO Capital Markets and KeyBanc Capital Markets are acting as joint book-running managers for the offering. The Company intends to use the net proceeds from the offering to repay a portion of the amounts outstanding on its line of credit that are drawn to fund its acquisition of the 50% ownership interest of its joint venture partner. Full Article
Inland Real Estate Corp To Acquire NYSTRS' 50% ownership interest And Joint Venture Partner’s Interest in Portfolio of 13 Shopping Centers
Inland Real Estate Corp announced that it has entered into an agreement with New York State Teachers Retirement System (NYSTRS) to acquire NYSTRS' 50% ownership interest in the IN Retail Fund, L.L.C. (IN Retail) for $121.0 million in cash. Upon the closing of this transaction, the Company will own 100% of the outstanding membership interests in IN Retail and the assets, liabilities and results of operations of IN Retail will be included in the Company's consolidated financial statements. IN Retail owns 13 shopping centers, aggregating approximately 2.3 million square feet of gross leasable area, with an estimated fair value (agreed upon by the parties for purposes of this transaction) of approximately $395.6 million, equating to an acquisition capitalization rate of 6.7%, and total current outstanding mortgage debt of approximately $152.2 million, plus other related assets and liabilities. The closing of the transaction must occur by June 14, 2013, provided, however, that the purchase price will increase by $22,500 for each day after May 31, 2013 that closing does not occur. If the closing does not occur on or before June 14, 2013 for any reason (including, without limitation, the willful failure or refusal of either party to close the transaction), the agreement will terminate and the parties will have no further rights or obligations thereunder. The Company would then continue to own a 50% interest in IN Retail. Full Article
Inland Real Estate Corp Pays May and Declares June Cash Distribution to Common Stockholders
Inland Real Estate Corp announced that it paid a cash distribution of $0.0475 per share on the outstanding shares of its common stock to common stockholders of record at the close of business on April 30, 2013. In addition, the Company has declared a cash distribution of $0.0475 per share on the outstanding shares of its common stock, payable on June 17, 2013, to common stockholders of record at the close of business on May 31, 2013. Full Article
Inland Real Estate Corp Declares June Cash Dividend To Preferred Stockholders
Inland Real Estate Corp announced that it has declared a cash dividend of $0.169271 per share on the outstanding shares of its Preferred Stock, payable on June 17, 2013, to Preferred Stockholders of record at the close of business on June 3, 2013. Full Article
Inland Real Estate Corp Reaffirms FY 2013 FFO Guidance
Inland Real Estate Corp reaffirmed the guidance originally provided for fiscal 2013 that fund from operation (FFO) adjusted per common share (basic and diluted) is expected to range from $0.88 to $0.92, consolidated same store NOI is expected to by 1% to 2%, and consolidated same store financial occupancy is expected to range from 89% to 90%. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $0.91 for fiscal 2013. Full Article
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