Inland Real Estate (Inland Real Estate) Net-Net Working Capital : $-11.08 (As of Dec. 2015)

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What is Inland Real Estate Net-Net Working Capital?

In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.

Inland Real Estate's Net-Net Working Capital for the quarter that ended in Dec. 2015 was $-11.08.

The industry rank for Inland Real Estate's Net-Net Working Capital or its related term are showing as below:

IRC's Price-to-Net-Net-Working-Capital is not ranked ^*
in the REITs industry.
Industry Median: 10.44
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Inland Real Estate Net-Net Working Capital Historical Data

The historical data trend for Inland Real Estate's Net-Net Working Capital can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Inland Real Estate Net-Net Working Capital Chart

Inland Real Estate Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Net-Net Working Capital

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-2.67

-10.05

-10.48

-11.12

-11.08

Inland Real Estate Quarterly Data
	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15
Net-Net Working Capital	Get a 7-Day Free Trial															-11.12	-11.23	-11.49	-11.19	-11.08

Competitive Comparison of Inland Real Estate's Net-Net Working Capital

For the REIT - Retail subindustry, Inland Real Estate's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Inland Real Estate's Price-to-Net-Net-Working-Capital Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Inland Real Estate's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Inland Real Estate's Price-to-Net-Net-Working-Capital falls into.

Inland Real Estate Net-Net Working Capital Calculation

Inland Real Estate's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2015 is calculated as

	Net-Net Working Capital		(A: Dec. 2015 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(9.523	+	0.75 * 36.195	+	0.5 * 0	-	938.973
-	210	-	1.897)	/	100.598
=	-11.08

Inland Real Estate's Net-Net Working Capital (NNWC) per share for the quarter that ended in Dec. 2015 is calculated as

	Net-Net Working Capital		(Q: Dec. 2015 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(9.523	+	0.75 * 36.195	+	0.5 * 0	-	938.973
-	210	-	1.897)	/	100.598
=	-11.08

In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.

This is a conservative way of estimating the company's value.

Inland Real Estate (NYSE:IRC) Net-Net Working Capital Explanation

One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.

Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.

Inland Real Estate Net-Net Working Capital Related Terms

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Inland Real Estate (Inland Real Estate) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Inland Real Estate Corp (NYSE:IRC) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.inlandrealestate.com

Inland Real Estate Corp was formed on May 12, 1994. It is a publicly held real estate investment trust ("REIT") that owns, operates and develops open-air neighborhood, community and power shopping centers and single-tenant retail properties located in Midwest markets. Approximately fifty-nine percent of its total retail portfolio gross leasable area is located in the Chicago Metropolitan Statistical Area, with its second largest market concentration being approximately seventeen percent in the Minneapolis-St. Paul MSA. Tenants at the Company's retail properties primarily provide "everyday" goods and services to consumers. The primary drivers of its internal income growth are rental rate increases over expiring rates on new and renewal leases and cost savings from operational efficiencies. The Company's business is competitive. It competes with other property owners on the basis of location, rental rates, operating expenses, visibility, quality of the property, volume of traffic, strength and name recognition of other tenants at each location and other factors. These competitive factors affect the level of occupancy and rental rates that it is able to achieve at its investment properties. In addition, the Company's tenants compete against other forms of retailing such as catalog companies and e-commerce websites that offer similar retail products. The Company competes with other real estate companies, and at its current investment properties, it competes with other owners of similar properties for tenants. Inland Real Estate's properties are also subject to various federal, state and local regulatory requirements, such as state and local fire and life safety requirements.

Executives

Brett A Brown	officer: Chief Financial Officer	C/O INLAND REAL ESTATE CORPORATION, 2901 BUTTERFIELD ROAD, OAK BROOK IL 60523
Meredith W. Mendes	director	2901 BUTTERFIELD ROAD, OAK BROOK IL 60523
Beth Sprecher Brooks	officer: Sr VP & General Counsel	C/O INLAND REAL ESTATE CORPORATION, 2901 BUTTERFIELD RD, OAK BROOK IL 60523
D Arcy Thomas P	director	C/O INLAND REAL ESTATE CORPORATION, 2901 BUTTERFIELD ROAD, OAK BROOK IL 60523
Thomas R Mcwilliams	director	C/O INLAND REAL ESTATE CORPORATION, 2901 BUTTERFIELD ROAD, OAK BROOK IL 60523
Mark E Zalatoris	director, officer: Chief Executive Officer	2901 BUTTERFIELD RD, OAK BROOK IL 60523
D Scott Carr	officer: Chief Investment Officer	C/O INLAND REAL ESTATE CORP, 2901 BUFTTERFIELD ROAD, OAK BROOK IL 60523
William W Anderson	officer: Senior Vice President	C/O INLAND REAL ESTATE CORP, 2901 BUFTTERFIELD ROAD, OAK BROOK IL 60523
Joel D Simmon	director	C/O INLAND REAL ESTATE CORP, 2901 BUFTTERFIELD ROAD, OAK BROOK IL 60523
Heidi N Lawton	director	C/O INLAND REAL ESTATE CORP, 2901 BUFTTERFIELD ROAD, OAK BROOK IL 60523
Joel G Herter	director	C/O INLAND REAL ESTATE CORP, 2901 BUFTTERFIELD ROAD, OAK BROOK IL 60523
Daniel L Goodwin	director, 10 percent owner	2901 BUTTERFIELD RD, OAK BROOK IL 60523
Thomas H Mcauley	director	3095 BRANDY STATION, ATLANTA GA 30339-4425
Inland Group Inc	director, 10 percent owner	2901 BUTTERFIELD, OAK BROOK IL 60523
Inland Real Estate Investment Corp	10 percent owner	2901 BUTTERFIELD ROAD, OAK BROOK IL 60523