SEC Company Response from INLAND RETAIL REAL ESTATE TRUST INC (CIK 0001070764) — Oct 4, 2005
INLAND RETAIL REAL ESTATE TRUST INC (CIK 0001070764)
Date: Oct. 4, 2005 · CIK: 0001070764 · Accession: 0001070764-05-000060
AI Filing Summary & Sentiment
File numbers found in text: 000-30413
Referenced dates: September 20, 2005
Letter
VIA EDGAR AND FACSIMILE Securities and Exchange Commission Inland Retail Real Estate Trust, Inc. Form 10-K for the year ended December 31, 2004 Filed March 15, 2005 File No. 000-30413
Dear Mr. Jacobs:
We are in receipt of your comment letter dated September 20, 2005 regarding the above-referenced filing. Please find below our response to your comments. For your convenience we have duplicated the text of each of your comments before our response.
Form 10-K for the year ended December 31, 2004
Management's Discussion and Analysis of Financial Condition and Results of Operations
1.
Include the information required by Item 303(a)(4) of Regulation S-K related to off-balance sheet arrangements.
We believe our disclosures in Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Form 10-K for the year ended December 31, 2004 was consistent with the requirements of Item 303(a)(4) of Regulation S-K because as of December 31, 2004, we did not have any off-balance sheet arrangements to disclose. We will include a separate captioned section for off-balance sheet arrangements in our future filings to the extent such arrangements are material.
2.
We note your disclosure on page 86 which indicates that you believe that you can achieve an optimum balance between risk and return by leveraging your properties (at approximately 50% of value) through the use of debt, of which the majority of your debt is interest only debt with maturities to substantially occur within the next ten years. In future filings, disclose within Management's Discussion and Analysis of Financial Condition and Results of Operations the potential risks and impact to future cash flows, capital resources, and liquidity should there be significant changes in interest rates or in the lending environment. We refer you to FR-72
We will expand our disclosure in our future filings within our Management’s Discussion and Analysis of Financial Condition and Results of Operations to include the potential risks and the impact to future cash flows, capital resources and liquidity should there be significant changes in interest rates or in the lending environment.
Mr. Steven Jacobs
Inland Retail Real Estate Trust, Inc. Response
October 4, 2005
Page 2
In connection with our response to your comments we acknowledge that:
·
we are responsible for the adequacy and accuracy of the disclosure in the fillings;
·
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filings; and
·
we may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
As requested, in addition to supplying our response to you directly via facsimile, the above comments and response has been filed on EDGAR. We believe our response in this letter fully addresses your concerns as articulated in your letter of September 20, 2005. Please feel free to contact me directly at 630-368-2204 if I can be of any further assistance. Thank you.
Sincerely,
INLAND RETAIL REAL ESTATE TRUST, INC.
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CORRESP 1 filename1.htm Converted by EDGARwiz October 4, 2005 VIA EDGAR AND FACSIMILE Mr. Steven Jacobs Branch Chief Securities and Exchange Commission 100 F. Street, NE Washington, DC 20549-4561 RE: Inland Retail Real Estate Trust, Inc. Form 10-K for the year ended December 31, 2004 Filed March 15, 2005 File No. 000-30413 Dear Mr. Jacobs: We are in receipt of your comment letter dated September 20, 2005 regarding the above-referenced filing. Please find below our response to your comments. For your convenience we have duplicated the text of each of your comments before our response. Form 10-K for the year ended December 31, 2004 Management's Discussion and Analysis of Financial Condition and Results of Operations 1. Include the information required by Item 303(a)(4) of Regulation S-K related to off-balance sheet arrangements. We believe our disclosures in Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Form 10-K for the year ended December 31, 2004 was consistent with the requirements of Item 303(a)(4) of Regulation S-K because as of December 31, 2004, we did not have any off-balance sheet arrangements to disclose. We will include a separate captioned section for off-balance sheet arrangements in our future filings to the extent such arrangements are material. 2. We note your disclosure on page 86 which indicates that you believe that you can achieve an optimum balance between risk and return by leveraging your properties (at approximately 50% of value) through the use of debt, of which the majority of your debt is interest only debt with maturities to substantially occur within the next ten years. In future filings, disclose within Management's Discussion and Analysis of Financial Condition and Results of Operations the potential risks and impact to future cash flows, capital resources, and liquidity should there be significant changes in interest rates or in the lending environment. We refer you to FR-72 We will expand our disclosure in our future filings within our Management’s Discussion and Analysis of Financial Condition and Results of Operations to include the potential risks and the impact to future cash flows, capital resources and liquidity should there be significant changes in interest rates or in the lending environment. Mr. Steven Jacobs Inland Retail Real Estate Trust, Inc. Response October 4, 2005 Page 2 In connection with our response to your comments we acknowledge that: · we are responsible for the adequacy and accuracy of the disclosure in the fillings; · staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filings; and · we may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. As requested, in addition to supplying our response to you directly via facsimile, the above comments and response has been filed on EDGAR. We believe our response in this letter fully addresses your concerns as articulated in your letter of September 20, 2005. Please feel free to contact me directly at 630-368-2204 if I can be of any further assistance. Thank you. Sincerely, INLAND RETAIL REAL ESTATE TRUST, INC. /s/ James W. Kleifges James W. Kleifges Vice President and Chief Financial Officer Copy: Barry L. Lazarus, Chief Executive Officer Robert J. Walner, Sr. V.P. and General Counsel David Kaufman, Duane Morris LLP Jeff Gordon, KPMG