Inland Real Estate Corporation Announces Acquisition of Power Center in South Bend-Mishawaka, Indiana MSA

Inland Real Estate Corporation (NYSE: IRC), a leading real estate investment trust that owns and operates high quality, necessity and value-based retail centers in select markets within the Central United States, today announced that its joint venture with PGGM has acquired the Princess City Plaza shopping center, located in Mishawaka, Indiana within the South Bend-Mishawaka MSA, for $28.6 million in cash, subject to future earnout payments.

Princess City Plaza (Mishawaka, IN) (Photo: Business Wire)

“Princess City Plaza is a Class-A power center, with a high quality tenant line up of national retailers and chain restaurants, situated in the vibrant University Park trade area near the University of Notre Dame,” said Mark Zalatoris, president and chief executive officer of Inland Real Estate Corporation. “These attributes, along with the center’s high occupancy rate, make it an excellent acquisition for our PGGM joint venture portfolio. In addition, we expect to achieve increased operating efficiencies and leasing flexibility by leveraging our expanded presence in the trade area.”

Princess City Plaza encompasses 178,500 square feet of retail space, including ground leases, and is nearly 99 percent leased to leading national retailers and chain restaurants including Dick’s Sporting Goods, Old Navy, PetSmart, Gordmans, Shoe Carnival, Noodles and Company, and Carrabba’s Italian Grill, among others. The center is shadow-anchored by Whole Foods Market and Kohl’s.

The city of Mishawaka is located in St. Joseph County, the second largest retail market in Indiana after Indianapolis. Princess City Plaza is well-positioned within the high-traffic University Park trade area less than three miles from the University of Notre Dame, which draws nearly 750,000 visitors annually spending over $92 million per year in the area. The power shopping center pulls from a population base of 161,000 with average household income of $59,500 within a five-mile radius.

Inland Real Estate Corporation first established a presence in the University Park trade area with its purchase in 2003 of University Crossings, a Target shadow-anchored power center which is 96 percent occupied and has a history of strong performance for the Company.

About Inland Real Estate Corporation

Inland Real Estate Corporation is a self-advised and self-managed publicly traded real estate investment trust (REIT) focused on owning and operating open-air neighborhood, community and power shopping centers located in well-established markets primarily in the Central United States. As of June 30, 2014, the Company owned interests in 135 investment properties, including 31 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. Additional information on Inland Real Estate Corporation is available at www.inlandrealestate.com. To connect with Inland Real Estate Corporation via LinkedIn, visit http://www.linkedin.com/company/inland-real-estate-corporation, or via Twitter at www.twitter.com/IRC_REIT.

Certain information in this supplemental information may constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not reflect historical facts and instead reflect our management's intentions, beliefs, expectations, plans or predictions of the future. Forward-looking statements can often be identified by words such as "seek," “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Examples of forward-looking statements include, but are not limited to, statements that describe or contain information related to matters such as management's intent, belief or expectation with respect to our financial performance, investment strategy or our portfolio, our ability to address debt maturities, our cash flows, our growth prospects, the value of our assets, our joint venture commitments and the amount and timing of anticipated future cash distributions. Forward-looking statements reflect the intent, belief or expectations of our management based on their knowledge and understanding of our business and industry and their assumptions, beliefs and expectations with respect to the market for commercial real estate, the U.S. economy and other future conditions. Forward-looking statements are not guarantees of future performance, and investors should not place undue reliance on them. Actual results may differ materially from those expressed or forecasted in forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the risks listed and described under Item 1A”Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2014, as they may be revised or supplemented by us in subsequent Reports on Form 10-Q and other filings with the SEC. Except as otherwise required by applicable law, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement in this release to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.

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