Inland Real Estate Corporation Prices Public Offering Of 6.95% Series B Cumulative Redeemable Preferred Stock

Inland Real Estate Corporation

(the “Company”) today announced that it has priced an underwritten public offering of 4,000,000 shares of its 6.95% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) at a public offering price of $25.00 per share, for net proceeds of approximately $96.85 million, after deducting the underwriting discount but before expenses. The offering, which is subject to customary closing conditions, is expected to close on October 16, 2014. The Company intends to use the net proceeds of the offering to purchase additional properties to be owned by the Company or one or more of its joint ventures and for general corporate purposes, including the repayment of indebtedness, which may include repaying amounts outstanding on the Company's unsecured line of credit facility, which matures on August 22, 2017, as described under “Use of Proceeds” in the prospectus supplement for the offering. The Company is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933. The Company intends to file an application to list the Series B Preferred Stock on the New York Stock Exchange under the symbol “IRCPrB.” If listing is approved, the Company expects trading to commence within 30 days after initial delivery of the shares of Series B Preferred Stock. Wells Fargo Securities is acting as sole book-running manager for the offering. BMO Capital Markets Corp. is acting as co-manager for the offering. The Company is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933. The offering is being made solely by means of a prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission. Copies of the prospectus supplement and the accompanying prospectus may be obtained for free by accessing the Securities and Exchange Commission's website at http://www.sec.gov, by contacting Wells Fargo Securities, LLC Attn: Capital Markets Client Support, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, by emailing cmclientsupport@wellsfargo.com, or by calling toll-free at 1-800-326-5897. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Proskauer Rose LLP and Venable LLP are acting as legal counsel to the Company, and Sidley Austin LLP is acting as legal counsel to the underwriters, in connection with the offering.