Power / Community / Lifestyle
Inland Real Estate Corporation is one of the largest owners/operators of community, neighborhood, power, life-style and single-tenant retail centers in the Midwest, with approximately $2 billion in asset acquisition value. As of March 31, 2013, we owned interests in 154 properties totaling 15.3 million square feet of gross leasable area. Our shopping centers are largely value and necessity-based. Centers with a grocer, drug or discount component comprise approximately 79% of total portfolio retail square footage.
Approximately 60% of our retail portfolio is concentrated in the Chicago metropolitan area. We also have a substantial presence in the Minneapolis-St. Paul area, where approximately 18% of our assets are located. We also own retail assets in downstate Illinois, Wisconsin, Indiana, Ohio, Nebraska, Kentucky and Tennessee.
Leased occupancy of our total portfolio was 94.1% at 3/31/13. Our tenants range from large national retailers to local chains and small independent stores. For the total portfolio (excluding properties held through our joint venture with IPCC), our three largest tenants are Roundy’s which occupies 4.1% of our square footage and provides 4.0% of our annual base rent, AB Acquisitions LLC (Jewel-Osco) which occupies 4.3% of total portfolio square footage and represents 3.7% of annual base rent, and Supervalu Inc. (Cub Foods) which occupies 3.9% of our total portfolio square footage and provides 3.7% of our annual base rent.
The Company was formed in late 1994; qualified as a real estate investment trust (REIT) for federal income tax purposes commencing with the tax year ending December 31, 1995; became self-administered and self-managed in 2000; and listed on the NYSE under the ticker “IRC” in June 2004.