Inland Real Estate Corporation Announces Common Stock Offering

OAK BROOK, Ill.--(Business Wire)--
Inland Real Estate Corporation (NYSE:IRC) (the "Company") today announced that
it intends to offer 14.0 million shares of its common stock in an underwritten
public offering pursuant to the Company`s shelf registration statement filed
with the U.S. Securities and Exchange Commission. The Company intends to grant
the underwriters a 30-day option to purchase up to an additional 2.1 million
shares of common stock to cover over-allotments, if any.

Merrill Lynch & Co. and Wachovia Securities are acting as joint book-running
managers for the offering. BMO Capital Markets Corp. and KeyBanc Capital Markets
Inc. are acting as co-lead managers for the offering.

The Company intends to use the net proceeds from the offering to repay
outstanding debt under its line of credit and for other general corporate
purposes, which may include repurchasing 4.625% convertible notes due 2026 and
the repayment of the Company`s term loan, as more particularly described in the
prospectus supplement filed with the U.S. Securities and Exchange Commission.

To obtain a copy of the prospectus and the prospectus supplement for this
offering, please contact: Merrill Lynch & Co, Attention: Prospectus Department,
4 World Financial Center, New York, NY 10080, at (866) 500-5408; or Wachovia
Capital Markets, LLC, Attention: Equity Syndicate Dept., 375 Park Avenue, New
York, NY 10152, at (800) 326-5897, or email a request to
equity.syndicate@wachovia.com.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. The offering may be made
only by means of the prospectus and the prospectus supplement.

About Inland Real Estate Corporation

Inland Real Estate Corporation is a self-administered and self-managed publicly
traded real estate investment trust (REIT) that currently owns interests in 140
open-air 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.

This press release contains forward-looking statements.Forward-looking
statements are statements that are not historical, including statements
regarding management`s 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 Company`s
prospectus supplement to its effective registration statement on Form S-3(File
No. 333-158800) and the Company`s Annual Report on Form 10-K for the year ended
December 31, 2008, 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
Dawn Benchelt, 630-218-7364 (Investors/Analysts)
Investor Relations Director
benchelt@inlandrealestate.com
or
Inland Communications, Inc.
Matthew Tramel, 630-218-8000 ext. 4896 (Media)
Media Relations Director
tramel@inlandgroup.com

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