Summary Information
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Inland Retail Real Estate Trust, Inc. (Inland Retail) was a publicly-registered, non-traded real estate investment trust that was formed in February 1999. Through a total of three public offerings, the last of which was completed by Inland Securities Corporation in 2003, a total of approximately 213.7 million shares of common stock were sold at an offering price of $10.00 per share. In addition, through September 30, 2006, Inland Retail issued approximately 41.1 million shares through its distribution reinvestment program and repurchased a total of approximately 11.4 million shares through the share repurchase program. As a result, Inland Retail had realized total net offering proceeds of approximately $2.4 billion as of September 30, 2006.
Inland Retail focused on purchasing primarily neighborhood and community retail shopping centers located east of the Mississippi River, in addition to single-user retail properties in locations throughout the United States. As of September 30, 2006, Inland Retail owned 287 properties for an aggregate purchase price of approximately $4.1 billion. Inland Retail sought to provide investors with regular cash distributions and a hedge against inflation through capital appreciation. As of September 30, 2006, the properties owned by Inland Retail generated sufficient cash flow to pay operating expenses and an annual cash distribution of $0.83 per share, a portion of which was paid monthly.
On February 27, 2007, Inland Retail completed a merger with Developers Diversified Realty Corporation (NYSE: DDR). DDR acquired Inland Retail for a total merger consideration of $14.00 per share. The transaction had a total enterprise value of approximately $6.2 billion.
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| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
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Total Distribution |
| $1,396,861 |
| 6,615,454 |
| 17,491,342 |
| 58,061,491 |
| 160,350,811 |
| 190,630,575 |
| 193,733,000 |
| 162,705,000(1) |
| 790,894,534 |
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Ordinary Income(1)
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| $318,484 |
| 3,612,577 |
| 10,538,534 |
| 36,387,136 |
| 97,571,099 |
| 110,922,403 |
| 146,820,000 |
| 162,705,000(1) |
| 568,875,233 |
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Non Taxable
Distribution(2)
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| $1,078,377 |
| 3,002,877 |
| 6,952,808 |
| 21,674,355 |
| 62,779,712 |
| 79,708,172 |
| 45,713,000 |
| — (1) |
| 220,909,301 |
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Capital Gain
Distribution(3)
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| — |
| — |
| — |
| — |
| — |
| — |
| 1,200,000 |
| — (1) |
| 1,200,000 |
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Total
Distributions
per Share
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| $.49(4) |
| .77 |
| .80 |
| .82 |
| .83 |
| .83 |
| .76(5) |
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(1) The breakout between ordinary income and return of capital is finalized on an annual basis after the calendar year end. Because of the acquisition by DDR, this information reflects distributions as of September 30, 2006.
(2) Represents a reduction in basis for federal income tax purposes resulting from cash distributions (other than in respect of property sale proceeds) in excess of current or accumulated earnings and profits.
(3) Represents a capital gain distribution for federal income tax purposes.
(4) Inland Retail began paying monthly distributions in May 1999. This amount represents total distributions per share made during the period from May 1999 through December 1999.
(5) For the year ended December 31, 2005, Inland Retail declared distributions of $0.83 per diluted weighted average number of shares outstanding and distributed $0.76 per share for the eleven-month period February 7, 2005 through December 7, 2005.
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