Underperform - Price 11.59 on Nov. 5
by Wachovia Securities

The demographics of IRC's portfolio are 15% to 25% above peer average, yet we expect earnings growth will lag the peers due to growth in nonrecoverable operating expenses that should restrain internal growth....Reported Q3 [funds from operations] per share were 36 cents, one cent below our expectation, due to a slight decline in same-store [net operating income], down 0.2%. Consolidated financial occupancy declined 150 basis points on a same-store basis from 3Q07. Our concern is IREX [a joint venture] is acquiring assets away from Inland's core retail competency. Market cap: $767 million.

The Chairman and CEO of the company have recently purchased 212,900 shares or $4,053,293 worth of stock.

Real Estate

Several senior officers including the Chairman and CEO purchased 185,900 shares or $3,555,000 worth of stock.

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