Earnings Call Excerpt
Inland Real Estate Corp. (IRC)
Q3 2007 Earnings Call
November 7, 2007, 03:00 pm ET
Executives
Dawn Benchelt - Investor Relations, Director
Mark Zalatoris - EVP and Chief Operating Officer
Brett Brown - Chief Financial Officer and VP
Scott Carr, - President, Inland Commercial Property Management Inc.
Analysts
Paul Adornato - BMO Capital Markets
Jeff Donnelly - Wachovia Capital Markets
Bob Larson - Glenn Oak Capital
Presentation
Operator
Greetings, ladies and gentlemen. And Welcome to the Inland Real Estate Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions)
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Dawn Benchelt. Thank you. You may begin.
Dawn Benchelt
Thank you for joining us for Inland Real Estate Corporation’s third quarter 2007 earnings conference call. The third quarter earnings release and supplemental financial package have been filed with the SEC today, November 7th, 2007, and posted to our website www.inlandrealestate.com. In addition, we are hosting a live webcast of today’s call which is accessible on our website.
Before we begin, please note that today's discussion contains forward-looking statements, which are management's intentions, beliefs, expectations, representations, plans or predictions of the future and are typically identified by such words as believe, expect, anticipate, intend, estimate, may, will, should and could.
There are numerous risks and uncertainties that could cause actually results to differ materially from those set forth in the forward-looking statements. For a more complete discussion of these risks and uncertainties, please see our filing on Form 10-K for the year ended December 31, 2006.
I would now like to introduce Inland Real Estate Corporation's, Chief Operating Officer, Mark Zalatoris.
Mark Zalatoris
Thank you, Dawn. Welcome everyone. Joining me today are Chief Financial Officer, Brett Brown and Scott Carr, President of our Property Management Subsidiary. Bob Parks, our President and CEO was unable to participate today due to a case of laryngitis and asked me to lead off today's call with a few summary opening comments and then I'll provide more detail on our operations.
For the third quarter, we are pleased to report consistent overall performance in solid core operations. These results for the quarter indicate that we're on track to deliver full year results that are in line with the guidance we have provided.
Highlights for the quarter and nine months include quarterly funds from operations or FFO of $22.8 million or $0.35 per share, which mean first time our analyst meet expectations.
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