Businessweek

Inland Western Retail Real Estate Trust, Inc., a real estate investment trust (REIT), engages in the acquisition and management of real estate, primarily multi-tenant shopping centers and single-user net lease properties. As of December 31, 2006, the company’s portfolio of operating properties consisted of 288 properties wholly-owned by it (the wholly-owned properties), 18 properties of which it own between 45% and 95% (the consolidated joint venture properties) and two additional joint venture properties which it also consolidate and classify as other joint venture properties. The properties in the company’s portfolio are located in 38 states and one Canadian province. As of December 31, 2006, the portfolio (excluding the other joint venture properties) consisted of 179 multi-tenant shopping centers and 127 free-standing single-user net lease properties. The portfolio contained an aggregate of approximately 45 million square feet of gross leasable area, or GLA. The company has formed a joint venture to invest in United States retail properties with a state pension fund investor. Tenants The company’s tenants include grocers, discount retailers, financial companies, and other tenants who provide basic household goods and services. Its tenants include American Express, Mervyn's, PETsMART, Wal-Mart, Hewitt Associates, Home Depot, Ross Dress for Less, Kohl's, Zurich American Insurance Company, and Circuit City. Tax Status The company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended. Significant Events In September 2007, Inland Western Retail Real Estate Trust, Inc. announced the formation of a joint venture partnership with Hampton Partners LLC, and the joint venture's acquisition of 17 former Albertsons properties encompassing approximately 780,000 square feet in the Denver-Boulder MSA. The company has entered into a strategic joint venture with Juliet Companies to develop multi-tenant retail properties located in major MSAs throughout the Western United States. Juliet Companies is an existing joint venture partner with Inland Western in Lake Mead Crossing. The company and Juliet Cos. entered into a joint venture to develop multi-tenant retail properties in major metropolitan areas throughout the western U.S. History Inland Western Retail Real Estate Trust, Inc. was founded in 2003.