Inland Real Estate Corporation (IRC), the first REIT sponsored by Inland Investments and the first nonlisted REIT to be listed on the NYSE, was formed in May 1994. IRC, now known as IRC Retail Centers LLC, is a privately held real estate company owned by funds managed by DRA Advisors LLC that acquires, owns and manages open-air shopping centers primarily in the Central and Southeastern United States. IRC internalized the functions performed by Inland, as the REIT's business manager, in July 2000. As of June 30, 2000, the last full quarter prior to the time that IRC internalized the functions performed by the business manager, the portfolio was comprised of ownership interests in 119 retail properties. IRC shared the Inland name during the time that it was listed on the NYSE solely due to a licensing agreement and was otherwise an independent company.
On June 9, 2004, IRC listed its shares on the NYSE (NYSE:IRC). IRC was self-managed as of the date of the liquidity event. The acquisition of IRC by funds managed by DRA Advisors LLC was completed in March 2016.
Inland Real Estate Corporation Formed
Capital Raise Begins
First Distribution Paid
Capital Raise Ends
Liquidity Event: Listing-NYSE:IRC
|Initial Per Share Purchase Price||$10.001|
|Primary Offering Gross Proceeds||$533 million|
|Approximate Total Distributions||$365 million|
|Total Distributions Plus Liquidation Value||$1.0 billion|
Explanation of Calculations
Approximate Total Distributions = Summation of total program distributions through the date of the liquidity event described herein, unless otherwise noted.
Total Distributions Plus Liquidation Value = Approximate Total Distributions, plus the aggregate value of all IRC shares outstanding as of the date of the liquidity event described above, based upon the stock’s closing price of $11.95.
1Purchase price per share in IRC’s follow-on offering prior to listing was $11.00 per share.
IRC terminated its share repurchase program at the time it listed its shares in June 2004.
Inland is not affiliated with IRC Retail Centers LLC. This communication, which was prepared solely by Inland Investments, was neither authorized, directed nor approved by IRC Retail Centers LLC. IRC Retail Centers LLC has provided no opinion on its truth or accuracy.
With respect to any REIT that has not had a liquidity event, there is no guarantee that a liquidity event will occur. Past performance is not a guarantee of future results.