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Inland Real Estate Corp. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: February 27, 2012 08:00AM
Inland Real Estate Corp. (IRC) filed Annual Report for the period ended 2011-12-31. Inland Re Corp has a market cap of $794.25 million; its shares were traded at around $8.93 with a P/E ratio of 10.89 and P/S ratio of 4.75. The dividend yield of Inland Re Corp stocks is 6.38%.
Highlight of Business Operations:As of February 27, 2012, there were 4,366 stockholders of record of our common stock. Our shares have been listed on the New York Stock Exchange since June 9, 2004 under the symbol IRC. During the years ended December 31, 2011 and 2010, we paid distributions equal to $0.57 per common share. The distribution was paid on a monthly basis equal to the pro rata share of the per annum distribution. The following table sets forth, for the periods indicated, the high and low sales prices for our shares on the New York Stock Exchange.
This section describes our balance sheet and discusses our liquidity and capital commitments. Our most liquid asset is cash and cash equivalents which consists of cash and short-term investments. Cash and cash equivalents at December 31, 2011 and 2010 were $7,751 and $13,566, respectively. The higher cash balance at December 31, 2010 reflects higher prepaid rents and sales activity in our joint venture with IPCC at year-end, the proceeds of which were subsequently used to pay down the balance on our unsecured line of credit facility. See our discussion of the statements of cash flows for a description of our cash activity during the years ended December 31, 2011, 2010 and 2009.
Fee income from unconsolidated joint ventures increased $2,449 for the year ended December 31, 2011, as compared to the year ended December 31, 2010. This increase is mostly due to an increase in acquisition fees earned on sales of interests by our IPCC joint venture and increased management fees related to an increased number of properties under management through our unconsolidated joint ventures and the properties that have been fully sold through our IPCC joint venture.
Gain on sale of joint venture interest increased $1,789 for the year ended December 31, 2010, as compared to the year ended December 31, 2009 due to increased gains on sale in connection with sales of interest in properties through our joint venture with IPCC.
Equity in earnings (loss) of unconsolidated joint ventures decreased $3,759 for year ended December 31, 2011, as compared to the year ended December 31, 2010, respectively. The increase in losses for the year ended December 31, 2011 as compared to the year ended December 31, 2010 was due to impairment losses recorded related to development joint venture properties. The total impairment loss recorded during the year ended December 31, 2011 was $17,387 at the joint venture level. Our pro rata share of this loss, equal to $7,824, is included in this line item on the accompanying consolidated statements of operations and other comprehensive income. During the year ended December 31, 2010, the total impairment loss recorded was $5,550 at the joint venture level. Our pro rata share of this loss, equal to $2,498, is included in this line item on the accompanying consolidated statements of operations and other comprehensive income.
Stocks Discussed: IRC,