"The expected investment horizon is one to two years, to acquirethe $400 million in new properties," said Parks. "We have about$125 million in properties to bring to the venture right now, sowe're well on our way."

Though the multiproperty JV is something new for Inland, Parksadded that in some respects it's a continuation of the REIT'sacquisition strategies. "The acquisition perimeters that we'veagreed to run exactly in line with those properties we would buyfor our own account," he said. "When we're investing concurrentlywith our partner, we're benefiting from the same kinds ofproperties that we would buy for ourselves."

According to the company's latest report, its net income for thethird quarter of 2004 was $13.9 million ($0.21 per share), anincrease of 27.5% compared to the third quarter of 2003. FFO in thesame period was $20.2 million, an increase of 1.5% compared to Q32003, though the per-share FFO of $0.30 in the most recent quarterwas the same as it was in Q3 2003. Parks said that the estimatedFFO for all of 2004 now stands at $1.23 to $1.25, with the upperend of the estimate recently lowered to reflect the costs ofstarting the JV with Teachers' and the expense of complying withaccounting reform requirements of the Sarbanes-Oxley Act of2002.