Inland Real Estate Q4 FFO Declines; But Adj. FFO Beats View - Quick Facts

(RTTNews) - Inland Real Estate Corp. (IRC) Thursday reported fourth-quarter Funds from Operations, or FFO, attributable to stockholders of $18.8 million or $0.19 per share, lower than $24.0 million or $0.27 per share in the previous year.

FFO, adjusted for non-cash items, was $0.26, while the company posted $0.24 per share last year.

On average, six analysts polled by Thomson Reuters expected earnings per share of $0.23 for the quarter. Analysts' estimates typically exclude one-time items.

According to the company, adjusted FFO increased mainly due to increased rental income, tenant recovery rates and net income from operations of unconsolidated joint ventures.

Net loss attributable to stockholders was $7.12 million or $0.07 per share, compared to a net income of $8.19 million or $0.09 per share in the prior year. Net income for the quarter decreased primarily due to the provision for asset impairment recorded during the quarter, the firm said.

Loss from continuing operations was $0.11 per share, in comparison with an income of $0.06 per share last year.

Total revenues for the quarter climbed to $52.61 million from $38.55 million a year earlier. Analysts estimated revenues of $47.91 million for the quarter.

Looking ahead, for fiscal year 2014, the company expects Recurring FFO per share to be in the range of $0.93 to $0.97. Street analysts currently expect earnings of $0.97 per share for the year.