Inland Real Estate Earnings: Here’s Why the Stock is Down Now

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 0.19%.

Inland Real Estate Corp. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 27.27% to $0.28 in the quarter versus EPS of $0.22 in the year-earlier quarter.

Revenue: Rose 1.2% to $42.9 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Inland Real Estate Corp. reported adjusted EPS income of $0.28 per share. By that measure, the company beat the mean analyst estimate of $0.22. It beat the average revenue estimate of $38.88 million.

Quoting Management: “Our second quarter results reflect strong operational performance, including steady growth in consolidated same store NOI, substantial increases in occupancy, robust leasing volumes, and healthy increases in average base rent for leases signed within the total portfolio,” said Mark Zalatoris, Inland Real Estate Corporation’s president and chief executive officer. “In addition, we acquired NYSTRS’ interest in the IN Retail Fund joint venture, which includes 13 high quality shopping centers totaling 2.3 million square feet of retail space. This transaction demonstrates our strategy of leveraging institutional capital to grow our platform while enhancing our yield on investment, with the ultimate goal of full ownership. We are very pleased with the execution of this transaction, substantially funded with proceeds of our recent equity offering, which improves our consolidated portfolio, strengthens our balance sheet, and simplifies our ownership structure.”

Key Stats (on next page)…

Revenue decreased 1.2% from $43.42 million in the previous quarter. EPS increased 27.27% from $0.22 in the previous quarter.

Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.23 and has not changed. For the current year, the average estimate has moved down from a profit of $0.91 to a profit of $0.9 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)

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