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Inland Real Estate Corporation Announces Joint Venture Acquisition of Four Bank of America Office Buildings

2008-07-15 07:45:00

OAK BROOK, Ill.–(EMWNews)–Inland Real Estate Corporation (NYSE: IRC) today announced the

acquisition, through its joint venture with Inland Real Estate Exchange

Corporation (IREX), of four office buildings in sale-leaseback

transactions from Bank of America, N.A. The Company contributed

approximately $60.8 million, net prorations, to the venture to purchase

the buildings for an aggregate purchase price of $152.6 million. The

office properties comprise a total of 839,808 square feet of space and

are located in Pennsylvania, Nevada, Maryland and New Mexico. The

Company financed its contribution with a five-year, interest-only 5.6

percent fixed rate bank loan of $90.3 million, as well as a draw on the

Companys existing $155.0 million line of

credit and cash on hand.

In accordance with the existing joint venture agreement with IREX, the

Company expects to earn acquisition and annual asset management fees.

The transaction is another example of the

benefits the Company obtains from its joint venture with IREX,

said Mark Zalatoris, Inland Real Estate Corporations

president and chief executive officer. We

believe the joint venture provides us with a capital-efficient method to

generate valuable long-term fee income for the Company.

About Inland Real Estate Corporation

Inland Real Estate Corporation is a self-administered and self-managed

publicly traded real estate investment trust that owns interests in 146

neighborhood, community, power and lifestyle retail centers and

single-tenant properties located primarily in the Midwestern United

States, with aggregate leasable space of more than 14 million square

feet. Additional information on Inland Real Estate Corporation is

available at

This press release contains forward-looking statements.

Forward-looking statements are statements that are not historical,

including statements regarding managements

intentions, beliefs, expectations, representations, plans or predictions

of the future, and are typically identified by such words as believe,

expect, anticipate,

intend, estimate,

may, will,

should and could.

The Company intends that such forward-looking statements be subject

to the safe harbors created by Section 27A of the Securities Act of 1933

and Section 21E of the Securities Exchange Act of 1934. There are

numerous risks and uncertainties that could cause actual results to

differ materially from those set forth in the forward-looking

statements. Please refer to the documents filed by Inland Real Estate

Corporation with the SEC, specifically the Form 10K for the year ended

December 31, 2007, for a more complete discussion of these risks and

uncertainties. Inland Real Estate Corporation disclaims any intention or

obligation to update or revise any forward-looking statements whether as

a result of new information, future events or otherwise.

Inland Real Estate Corporation (Investors/Analysts):
Dawn Benchelt,

Investor Relations Director
(630) 218-7364
[email protected]

Communications, Inc. (Media):
Matthew Tramel, Media Relations

(630) 218-8000 x4896
[email protected]

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