Earnings Call Excerpt
Inland Real Estate Corp. (IRC)
Q4 2008 Earnings Call
February 12, 2009 3:00 pm ET
Executives
Dawn Benchelt – Investor Relations Director
Mark E. Zalatoris – President & Chief Executive Officer
Brett A. Brown – Chief Financial Officer, Vice President and Treasurer
D. Scott Carr – President of Inland Commercial Property Management, Inc.
Analysts
Paul E. Adornato – BMO Capital Markets
Jeffrey J. Donnelly – Wachovia Securities
Alex Barron – Agency Trading Group
Stephen Everett – Multi-Financial Securities
Presentation
Operator
Welcome to the Inland Real Estate Corporation 2008 fourth quarter earnings conference call. (Operator Instructions) Now, I would like to turn the conference over to Dawn Benchelt.
Dawn Benchelt
Thank you for joining us for Inland Real Estate Corporation fourth quarter 2008 earnings conference call. The fourth quarter earnings release and supplemental financial package have been filed with the SEC today, February 12, 2009, and posted to our website which is www.inlandrealestate.com we’re hosting a live webcast of today 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. There are numerous risks and uncertainties that could cause the actual results to differ materially from those set forth in the forward looking statements. For a complete discussion of these risks and uncertainties, please refer to the documents filed by the company with the SEC, specifically our annual report on Form 10-K for year ended December 31, 2007.
Participating on today’s call will be Mark Zalatoris, Inlands President and Chief Executing Officer, Chief Financial Officer, Brett Brown, and Scott Carr, President of Property management.
Now I’ll turn the call over the Mark.
Mark Zalatoris
I’d like to start the call with a few comments on the business environment and the steps we’ve been taking to protect and position the company. Beginning in 2007, we recognized that retailers were beginning to slowdown there leasing decisions. We also noted a growing back log of non-secured ties CMBS debt indicating diminished appétit for this investment vehicle.
These were two clear indicators to us in the significantly more challenging business climate ahead. Accordingly, we took the following actions over the last 18 months. We organized our leasing and property management teams to maximums there effectiveness in an increasingly difficult operating environment. We enhanced our internal reporting and analyze capabilities by adding to our software tools. We limited new development joint venture projects, and we further strengthened our balance sheet.
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