Inland Real Estate Corp. (NYSE:IRC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.68%.
Inland Real Estate Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 9.09% to $0.24 in the quarter versus EPS of $0.22 in the year-earlier quarter.
Revenue: Rose 8.12% to $40.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Inland Real Estate Corp. reported adjusted EPS income of $0.24 per share. By that measure, the company beat the mean analyst estimate of $0.23. It beat the average revenue estimate of $39.77 million.
Quoting Management: “The year 2012 was a strong one for our Company, marked by record leasing, solid same store growth, increased occupancy and an enhanced balance sheet,” said Mark Zalatoris, Inland Real Estate Corporation’s president and chief executive officer. “During the fourth quarter, we executed the largest number of leases since the first quarter of 2011, and importantly, our average base rent for new leases increased by 11 percent. We continued to benefit from our joint venture relationships which allow us to leverage institutional capital to pursue attractive acquisitions and generate recurring fee income. Finally, we made significant steps to improve our capital position and increase liquidity with a recast credit facility and strategic dispositions, recycling capital out of slower growth assets and into high-quality retail centers such as Valparaiso Walk.”
Key Stats (on next page)…