Inland Real Estate Corporation Closes Unsecured Credit Facilities Totaling $360 Million

Inland Real Estate Corporation Closes Unsecured Credit Facilities Totaling $360 Million

OAK BROOK, Ill.--(BUSINESS WIRE)-- Inland Real Estate Corporation (NYS: IRC) , a leading real estate investment trust that owns and operates high quality, necessity and value based retail centers in select markets in the Midwest, today announced that it has closed amended and restated unsecured credit facilities totaling $360 million, which represents an increase of $10 million in total capacity. The amended and restated unsecured credit facilities (the "Facilities") include a $180 million unsecured revolving credit facility (the "Revolver") with a four-year term that has been extended to 2017 and a $180 million unsecured term loan (the "Term Loan") with a five-year term now expiring in 2018. In addition, the Company has the option to extend the Revolver for 12 months, subject to its continued compliance with the terms of the Facility and payment of an extension fee of 0.15% of the commitment amount of the Revolver.

Borrowings under the Facilities bear interest at rates subject to pricing grids that are based on the Company's leverage ratios at the time of borrowing. Based on the Company's leverage levels at June 30th, the interest rate on the Revolver improved 45 basis points to LIBOR plus 150 basis points and the interest rate on the Term Loan improved 50 basis points to LIBOR plus 145 basis points. The improved pricing is due to lower spreads, the Company's move to the lowest tier on the applicable pricing grids, and a 50 basis points reduction in the capitalization rate used to determine asset value under the Facilities to 7.25%.

"The expansion, extension and improved pricing of our Unsecured Credit Facilities demonstrates continued progress on the Company's strategic objectives to improve our access to and cost of capital, as well as extend our debt maturity profile," said Brett Brown, executive vice president, chief financial officer and treasurer for Inland Real Estate Corporation. "We appreciate the ongoing support of our bank group as we continue to strengthen our balance sheet and grow our portfolio, with the ultimate goal of achieving an investment grade rating."

KeyBanc Capital Markets, Wells Fargo Securities and Merrill Lynch, Pierce, Fenner & Smith served as co-lead arrangers and KeyBank, N.A. is the administrative agent for the Facilities. Wells Fargo Bank, N.A. and Bank of America, N.A. served as co-syndication agents and Bank of Montreal and RBS Citizens, N.A./Charter One served as co-documentation agents. Another key participant in the Facilities is PNC Bank, N.A.

About Inland Real Estate Corporation

Inland Real Estate Corporation is a self-administered and self-managed publicly traded real estate investment trust (REIT) that owns and operates open-air neighborhood, community, power and lifestyle retail centers and single-tenant properties located primarily in the Midwestern United States. As of June 30, 2013, the Company owned interests in 154 investment properties, including 40 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. For additional information, including a copy of the Company's supplemental financial information for the three and six months ended June 30, 2013, please visit www.inlandrealestate.com. To connect with Inland Real Estate Corporation via LinkedIn, please visit http://www.linkedin.com/company/inland-real-estate-corporation, or via Twitter at www.twitter.com/IRC_REIT.

Safe Harbor

Certain statements in this news release 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 "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 the 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. These statements are not guarantees of future performance, and investors should not place undue reliance on forward-looking statements. 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 factors listed and described under Item 1A"Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission (the "SEC") on February 28, 2013 as they may be revised or supplemented by us in subsequent Reports on Form 10-Q and other filings with the SEC.Among such risks, uncertainties and other factors are market and economic challenges experienced by the U.S. economy or real estate industry as a whole, including dislocations and liquidity disruptions in the credit markets; the inability of tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; competition for real estate assets and tenants; impairment charges; the availability of cash flow from operating activities for distributions and capital expenditures; our ability to refinance maturing debt or to obtain new financing on attractive terms; future increases in interest rates; actions or failures by our joint venture partners, including development partners; and factors that could affect our ability to qualify as a real estate investment trust. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Inland Real Estate Corporation
Dawn Benchelt, Assistant Vice President/Investor Relations Director
(630) 218-7364
ir@inlandrealestate.com

KEYWORDS: United States North America Illinois

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