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Inland Real Estate Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 8, 2010 05:49PM
Inland Real Estate Corp. (IRC) filed Quarterly Report for the period ended 2010-09-30.
Highlight of Business Operations:
In order to mitigate the decline in our revenues we will attempt to re-lease those spaces that are vacant, or may become vacant, at existing properties, at more favorable rental rates and generally will acquire additional investment properties, if circumstances allow. During the nine months ended September 30, 2010, we executed 33 new, 148 renewal and 40 non-comparable leases (expansion square footage or spaces for which no former tenant was in place for one year or more), aggregating approximately1,199,000 square feet on our consolidated portfolio. The 33 new leases comprise approximately 183,000 square feet with an average rental rate of $12.62 per square foot, a 1.9% decrease over the average expiring rate. The 148 renewal leases comprise approximately 680,000 square feet with an average rental rate of $14.06 per square foot, a 3.4% increase over the average expiring rate. The 40 non-comparable leases comprise approximately 336,000 square feet with an average base rent of $9.80. During the remainder of 2010, 66 leases will be expiring in our consolidated portfolio, which comprise approximately 333,000 square feet and account for approximately 2.0% of our annualized base rent. The weighted average expiring rate on these leases is $7.58 per square foot. We will attempt to renew or re-lease these spaces at more favorable rental rates to increase revenues and cash flow. Occupancy, excluding seasonal leases, at September 30, 2010 and 2009 for our consolidated and unconsolidated portfolio is summarized below:
We continue to monitor potential credit issues of our tenants, and analyze the possible effects on our consolidated financial statements. In some cases we have been required to record an allowance for doubtful accounts based on the collectability of outstanding amounts due from certain tenants. As of September 30, 2010 and December 31, 2009, we had recorded an allowance in the amount of approximately $4,500 and $4,100, respectively, during each period related to these uncollectible amounts which is included in accounts receivable on the accompanying consolidated balance sheets.