UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  August 6, 2015

 

(Exact Name of Registrant as Specified in its Charter)

 

Maryland		001-32185		36-3953261
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

2901 Butterfield Road

Oak Brook, Illinois 60523

(Address of Principal Executive Offices)

 

(877) 206-5656

(Registrant’s Telephone Number, Including Area Code)

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02. Results of Operations and Financial Condition.

Item 7.01. Regulation FD Disclosure.

On August 6, 2015, Inland Real Estate Corporation (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2015. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item 2.02 and Item 7.01 disclosure. A copy of the supplemental financial information for the three and six months ended June 30, 2015, referenced in the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item 2.02 and Item 7.01 disclosure.

The information in this Item 2.02 and Item 7.01 disclosure, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. In addition, the information in this Item 2.02 and Item 7.01 disclosure, including Exhibits 99.1 and 99.2, shall not be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits.

 

(a)		Financial Statements of Businesses Acquired:  N/A
(b)		Pro Forma Financial Information:  N/A
(c)		Shell Company Transactions: N/A
(d)		Exhibits:
		Exhibit No.		Description
		99.1		Press release of Inland Real Estate Corporation, dated August 6, 2015
		99.2		Supplemental financial information of Inland Real Estate Corporation for the three and six months ended June 30, 2015

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

		INLAND REAL ESTATE CORPORATION
Date:	August 6, 2015	By:	/s/ Mark E. Zalatoris
		Name:	Mark E. Zalatoris
		Title:	President and Chief Executive Officer

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EXHIBIT INDEX

 

		Exhibit No.		Description
		99.1		Press release of Inland Real Estate Corporation, dated August 6, 2015
		99.2		Supplemental financial information of Inland Real Estate Corporation for the three and six months ended June 30, 2015

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Inland Real Estate Corporation

2901 Butterfield Road

Oak Brook, IL 60523

(888) 331-4732

NEWS RELEASE

Inland Real Estate Corporation Announces Second Quarter 2015 Results

− FFO per Share and Recurring FFO per Share Both Increase 4.3% −

OAK BROOK, IL (August 6, 2015) - Inland Real Estate Corporation (NYSE: IRC), a publicly traded real estate investment trust that owns and operates high-quality, necessity and value-based retail centers primarily in select markets within the Central and Southeastern United States, today announced financial and operational results for the three and six months ended June 30, 2015.

Highlights

•	Funds from Operations (FFO) per weighted average common share (basic and diluted) was $0.24 for the three months ended June 30, 2015, an increase of 4.3% over $0.23 for the second quarter of 2014.

•	Recurring FFO (defined as FFO adjusted for the impact of lease termination income, certain gains and non-cash impairment charges of non-depreciable real estate, net of taxes) per weighted average common share (basic and diluted) was $0.24 for the three months ended June 30, 2015, an increase of 4.3% over $0.23 for the second quarter of 2014.

•	Same-store net operating income (NOI) for the consolidated portfolio increased 5.7% for the quarter and 6.5% for the six months ended June 30, 2015, over the comparable periods in 2014.

•	Total portfolio leased occupancy was 95.3%, the seventh consecutive quarter with a rate of 95% or above.

•	Executed 82 leases within the total portfolio for 303,197 square feet of leasable space.

•	Average base rent for new and renewal leases signed in the total portfolio increased by 15.0% and 4.1%, respectively, over expiring average rents.

•	IRC’s joint venture with PGGM acquired the Cedar Center North and Creekside Commons shopping centers in the Cleveland MSA for $15.4 million and $28.3 million, respectively, and the Eastgate Crossing shopping center in the Cincinnati market for $21.1 million. The IRC-PGGM venture was fully invested at the close of the quarter, excluding development projects.

“We believe our strong second quarter results, including a 4.3% increase in FFO per share, demonstrate that we are continuing to execute on our strategic plan to enhance portfolio performance and quality, and strengthen our financial position,” said Mark Zalatoris, president and chief executive officer of Inland Real Estate Corporation. “Our pro-active portfolio management and leasing initiatives drove healthy rent increases and gains in same store net operating income, which have supported significant improvements in key financial metrics such as net debt-to-recurring EBITDA. In addition, during the quarter we completed the investment allocation for our unconsolidated PGGM joint venture, which now represents a $900 million pipeline of future high-quality additions to our consolidated portfolio.”

Financial Results for the Quarter

FFO attributable to common stockholders was $24.4 million for the quarter ended June 30, 2015, compared to $22.9 million for the second quarter of 2014. On a per share basis, FFO was $0.24 (basic and diluted) for the second quarter of 2015, compared to $0.23 for the same period of 2014. The increases in FFO and FFO per share were primarily due to higher net operating

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income from the consolidated same store portfolio, lower interest expense, and increased equity in earnings of unconsolidated joint ventures.

Recurring FFO (defined as FFO adjusted for the impact of lease termination income, certain gains and non-cash impairment charges of non-depreciable real estate, net of taxes) was $24.4 million for the second quarter of 2015, compared to $22.9 million for the prior year quarter. On a per share basis, recurring FFO was $0.24 (basic and diluted) for the three months ended June 30, 2015, compared to $0.23 for the three months ended June 30, 2014. The increases in recurring FFO and recurring FFO per share were due to the same items that impacted FFO for the quarter.

Net income attributable to common stockholders for the three months ended June 30, 2015 was $4.7 million, compared to $10.4 million for the second quarter of 2014. On a per common share basis, net income attributable to common stockholders (basic and diluted) was $0.05 for the second quarter of 2015, compared to $0.10 for the prior year quarter. Net income for the quarter decreased year over year primarily due to lower gains on sales of investment properties compared to the second quarter of 2014. The decrease was partially offset by the same items that impacted FFO, plus lower depreciation and amortization expense.

Financial Results for the Six Months Ended June 30, 2015

For the six months ended June 30, 2015, FFO attributable to common stockholders was $52.4 million, compared to $46.0 million for the same period in 2014. On a per share basis, FFO for the first six months of 2015 was $0.52 (basic and diluted), compared to $0.46 for the six months ended June 30, 2014. The increases in FFO and FFO per share were primarily due to the same items that impacted FFO performance for the quarter, as well as increased lease termination income recorded during the first half of 2015 compared to the first six months of 2014.

Recurring FFO was $49.7 million for the six months ended June 30, 2015, compared to $46.0 million for the prior year period. On a per share basis, recurring FFO was $0.50 (basic) and $0.49 (diluted) for the first six months of 2015, compared to $0.46 (basic and diluted) for the same period of 2014. The increases in recurring FFO and recurring FFO per share were due to the same items that impacted FFO for the six-month period, excluding the impact of lease termination income.

Net income attributable to common stockholders for the six months ended June 30, 2015, was $3.7 million, compared to $23.6 million for the same period in 2014. On a per share basis, net income attributable to common stockholders was $0.04 (basic and diluted), compared to $0.24 for the same period of 2014. Net income and net income per share decreased primarily due to decreased disposition activity compared to the first half of 2014, which resulted in lower gains on sales of investment properties, as well as impairments recorded during the first quarter of 2015 on assets sold or under contract for sale at prices that were below carrying values. The decrease in net income was partially offset by the same items that impacted FFO, plus lower depreciation and amortization expense.

 

Reconciliations of FFO and Recurring FFO to net income attributable to common stockholders, calculated in accordance with U.S. GAAP, as well as FFO and Recurring FFO per share to net income attributable to common stockholders per share, are provided at the end of this news release.

Portfolio Performance

Consolidated same-store NOI was $28.9 million for the quarter, representing an increase of 5.7% over the second quarter of 2014. The increase in same-store NOI for the quarter was primarily due to increased rental income and tenant recovery income true-up adjustments the Company recorded during the quarter, as well as lower real estate tax expense. For the six months ended June 30, 2015, consolidated same-store NOI was $58.1 million, representing an increase of 6.5% over the comparable period of 2014. The increase in same-store NOI for the first six months of 2015 was primarily due to the same items that impacted same-store NOI for the quarter, plus lower snow removal costs compared to the first half of 2014.

Same-store financial occupancy was 93.6% for the consolidated portfolio, representing a decrease of 10 basis points over one year ago.

The Company evaluates its overall portfolio by analyzing the operating performance of properties that have been owned and operated for the same three and six-month periods during each year. A total of 92 of the Company’s investment properties within the consolidated portfolio satisfied this criterion during the period and are referred to as “same-store” properties. Same-store NOI is a supplemental non-GAAP measure used to monitor the performance of the Company’s investment properties.

A reconciliation of consolidated same-store NOI to net income attributable to common stockholders, calculated in accordance with U.S. GAAP, is provided at the end of this news release.

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Leasing

For the quarter, the Company executed 82 leases within the total portfolio aggregating 303,197 square feet of gross leasable area (GLA). Total leases executed included:

•	Sixty-two renewal leases comprising 233,505 square feet, with an average rental rate of $16.59 per square foot, representing an increase of 4.1% over the average expiring rent;

•	Thirteen new leases comprising 43,554 square feet, with an average rental rate of $16.39 per square foot, representing an increase of 15.0% over the expiring rent; and

•	Seven non-comparable leases comprising 26,138 square feet, with an average rental rate of $15.99 per square foot. The Company defines non-comparable leases as leases signed for expansion square footage or for space in which there was no former tenant in place for a period of twelve months or more.

On a blended basis, the 75 new and renewal leases executed during the quarter had an average rental rate of $16.56 per square foot, representing an increase of 5.7% over the average expiring rent. The calculations of former and new average base rents are adjusted for rent abatements on the included leases.

For the total portfolio as of June 30, 2015, leased occupancy was 95.3% and financial occupancy was 93.7%, representing decreases of 50 basis points and 60 basis points, respectively, over one year ago. The decreases are primarily due to vacancies related to in-process redevelopment projects. Leased occupancy is defined as the percentage of total gross leasable area for which there is a signed lease regardless of whether the tenant is currently obligated to pay rent under the lease agreement. Financial occupancy is defined as the percentage of total gross leasable area for which a tenant is obligated to pay rent under the terms of the lease agreement, regardless of the actual use or occupation by that tenant of the area being leased, and excludes tenants in abatement periods.

EBITDA, Balance Sheet, Liquidity and Market Value

The Company reported recurring EBITDA (earnings before interest, taxes, depreciation and amortization), which is EBITDA adjusted for the impact of lease termination income, certain gains and non-cash impairment charges of non-depreciable real estate, of $38.2 million for the second quarter of 2015, compared to $36.0 million for the second quarter of 2014. Recurring EBITDA for the six months ended June 30, 2015, was $77.5 million, compared to $72.7 million for the same period in 2014.

Definitions and reconciliations of EBITDA and recurring EBITDA to net income attributable to Inland Real Estate Corporation are provided at the end of this news release.

Recurring EBITDA coverage of interest expense was 4.0 times for the quarter ended June 30, 2015 compared to 3.3 times for the second quarter of 2014. Net debt-to-recurring EBITDA, pro-rata consolidation, was 6.8 times for the quarter, compared to 7.0 times for the comparable prior year quarter. The Company has provided EBITDA and related non-GAAP coverage ratios because it believes EBITDA and the related ratios provide useful supplemental measures in evaluating the Company’s operating performance because expenses that may not be indicative of operating performance are excluded.

As of June 30, 2015, the Company had an equity market capitalization (common shares) of $0.9 billion, outstanding preferred stock of $210.0 million (at face value), and total debt outstanding of $1.1 billion (including the pro-rata share of debt in unconsolidated joint ventures), for a total market capitalization of approximately $2.2 billion. The Company’s debt-to-total market capitalization was 48.1% as of June 30, 2015. Approximately 54.0% of total debt bears interest at fixed rates. As of June 30, 2015, the weighted average interest rate on the fixed rate debt was 5.09% and the overall weighted average interest rate, including variable rate debt, was 3.57%.

Dispositions

During the quarter, the Company sold one shopping center, one single-user retail property, and an outlot parcel for a total price of $6.5 million. The dispositions included the 129,101-square-foot Eastgate Center in Lombard, Ill., for $4.1 million; the 5,620-square-foot Park Square Outlot in Brooklyn Park, Minn., for $1.6 million; and a 1.2-acre outlot parcel at Mokena Marketplace in Mokena, Ill., for $0.8 million.

Joint Venture Activity

The Company has formed joint ventures with institutions and established developers to advance its strategic goal to further enhance the size, quality and diversification of its operating platform.

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On April 2, 2015, the Company’s joint venture with PGGM acquired the 61,420-square-foot Cedar Center North retail center anchored by PetSmart and located in the Cleveland suburb of South Euclid, Ohio, for $15.4 million, excluding closing costs and adjustments and subject to future earnout payments. On May 7, 2015, the IRC-PGGM joint venture purchased the 201,893-square-foot Creekside Commons shopping center anchored by Kohl’s, Gordmans, Home Goods and Party City, and located in the Cleveland suburb of Mentor, Ohio, for $28.3 million, excluding closing costs and adjustments. On May 29, 2015, the IRC-PGGM joint venture acquired the Eastgate Crossing shopping center in Cincinnati, Ohio, for $21.1 million, excluding closing costs and adjustments and subject to future earnout payments. Eastgate Crossing is anchored by Kroger, Marshalls, Ashley Furniture, and Jo-Ann Fabrics.

On June 5, 2015, the Company’s joint venture with Inland Private Capital Corporation (IPCC) acquired for $15.8 million the University Center retail property in Jacksonville, Fla., which is anchored by Dollar Tree, TJMaxx, LA Fitness and Beall’s Outlet.

Distributions

In April, May, June and July of 2015, the Company paid a monthly cash dividend of $0.169271 per share on the outstanding shares of its 8.125% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock), and a monthly cash dividend of $0.144791667 per share on the outstanding shares of its 6.95% Series B Cumulative Redeemable Preferred Stock (Series B Preferred Stock). In July, the Company declared a cash dividend of $0.169271 per share on the outstanding shares of its Series A Preferred Stock, and a cash dividend of $0.144791667 per share on the outstanding shares of its Series B Preferred Stock, both dividends payable on August 17, 2015, to Series A and Series B Preferred Stockholders of record at the close of business on August 3, 2015.

In April, May, June and July of 2015, the Company paid monthly cash distributions to Common Stockholders of $0.0475 per common share. In July, the Company declared a cash distribution of $0.0475 per common share, payable on August 17, 2015, to common stockholders of record at the close of business on July 31, 2015.

Guidance

For fiscal year 2015, the Company continues to expect recurring FFO per common share (basic and diluted) to range from $0.96 to $1.00. The Company’s guidance incorporates assumptions for an increase in consolidated same-store NOI to range from 2% to 3%, and consolidated same-store financial occupancy at year-end 2015 to range from 92.5% to 93.5%.

Conference Call/Webcast

Management will host a conference call to discuss the Company’s financial and operational results for the quarter and six months ended June 30, 2015, on Thursday, August 6, 2015, at 1:00 p.m. CT (2:00 p.m. ET). Hosting the conference call will be Mark Zalatoris, President and Chief Executive Officer; Brett Brown, Chief Financial Officer; and Scott Carr, Chief Investment Officer. The live conference call can be accessed by dialing 1-877-509-5836 for callers within the United States, 1-855-669-9657 for callers dialing from Canada, or 1-412-902-4131 for other international callers. A live webcast also will be available on the Company’s website at www.inlandrealestate.com. The conference call will be recorded and available for replay one hour after the end of the live event until 12:01 a.m. ET on August 20, 2015. Interested parties can access the replay of the conference call by dialing 1-877-344-7529 or 1-412-317-0088 for international callers, and entering the conference number 10068517. An online playback of the webcast will be archived for approximately one year within the investor relations section of the Company’s website.

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 and Southeastern United States. As of June 30, 2015, the Company owned interests in 135 fee simple investment properties, including 36 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. Additional information on Inland Real Estate Corporation, including a copy of the Company’s supplemental financial information for the three and six months ended June 30, 2015, is available at www.inlandrealestate.com.

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

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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, 2014, as filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2015, 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.

Inland Real Estate Corporation Contact:

Dawn Benchelt, Director of Investor Relations

(888) 331-4732

ir@inlandrealestate.com

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Consolidated Balance Sheets

(in thousands, except per share data)

	June 30, 2015				December 31, 2014
Assets:	(unaudited)
Investment properties:
Land	$	382,806			385,432
Construction in progress	41,143				23,812
Building and improvements	1,126,728				1,110,360
Total Investment Properties	1,550,677				1,519,604
Less accumulated depreciation	345,715				338,141
Net investment properties	1,204,962				1,181,463
Cash and cash equivalents	14,579				18,385
Accounts receivable, net	41,028				38,211
Mortgages receivable	24,750				24,750
Investment in and advances to unconsolidated joint ventures	169,212				170,720
Acquired lease intangibles, net	84,207				85,858
Deferred costs, net	17,956				18,674
Other assets	35,460				34,890
Total assets	$	1,592,154			1,572,951
Liabilities:
Accounts payable and accrued expenses	$	64,432			56,188
Acquired below market lease intangibles, net	42,689				41,108
Distributions payable	5,435				5,420
Mortgages payable	380,339				384,769
Unsecured credit facilities	475,000				440,000
Other liabilities	21,346				22,290
Total liabilities	989,241				949,775
Stockholders’ Equity:
Preferred stock, $0.01 par value, 12,000 Shares authorized:
8.125% Series A Cumulative Redeemable shares, with a $25.00 per share Liquidation Preference, 4,400 issued and outstanding at June 30, 2015 and December 31, 2014, respectively	110,000				110,000
6.95% Series B Cumulative Redeemable shares, with a $25.00 per share Liquidation Preference, 4,000 issued and outstanding at June 30, 2015 and December 31, 2014, respectively	100,000				100,000
Common stock, $0.01 par value, 500,000 shares authorized; 100,517 and 100,151 Shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	1,005				1,002
Additional paid-in capital (net of offering costs of $78,544 and $78,372 at June 30, 2015 and December 31, 2014, respectively)	878,046				874,154
Accumulated distributions in excess of net income	(481,084		)		(456,120	)
Accumulated other comprehensive loss	(5,966		)		(6,338	)
Total stockholders’ equity	602,001				622,698
Noncontrolling interest	912				478
Total equity	602,913				623,176
Total liabilities and equity	$	1,592,154			1,572,951

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Consolidated Statements of Operations and Comprehensive Income (unaudited)

(in thousands, except per share data)

		Three months ended June 30,							Six months ended June 30,
		2015				2014			2015			2014
Revenues:
Rental income		$	34,276			34,914			68,231			70,212
Tenant recoveries		13,189				12,127			29,928			32,170
Other property income		430				459			4,069			965
Fee income from unconsolidated joint ventures		1,441				1,307			2,874			2,566
Total revenues		49,336				48,807			105,102			105,913
Expenses:
Property operating expenses		6,452				6,580			15,372			18,954
Real estate tax expense		9,364				9,558			19,726			19,639
Depreciation and amortization		16,069				17,817			32,244			36,931
Provision for asset impairment		27				222			9,355			222
General and administrative expenses		5,958				5,993			12,017			12,085
Total expenses		37,870				40,170			88,714			87,831
Operating income		11,466				8,637			16,388			18,082
Other income		372				666			785			768
Gain on sale of investment properties, net		1,319				9,978			2,933			22,828
Gain on sale of joint venture interest		80				6			189			114
Interest expense		(7,254		)		(8,900	)		(14,532	)		(17,890	)
Income before income tax expense of taxable REIT subsidiaries, equity in earnings of unconsolidated joint ventures and discontinued operations		5,983				10,387			5,763			23,902
Income tax expense of taxable REIT subsidiaries		(176		)		(45	)		(1,013	)		(439	)
Equity in earnings of unconsolidated joint ventures		2,836				2,263			6,926			4,057
Income from continuing operations		8,643				12,605			11,676			27,520
Income from discontinued operations		—				31			—			521
Net income		8,643				12,636			11,676			28,041
Less: Net (income) loss attributable to the noncontrolling interest		18				10			(75	)		30
Net income attributable to Inland Real Estate Corporation		8,661				12,646			11,601			28,071
Dividends on preferred shares		(3,972		)		(2,234	)		(7,944	)		(4,469	)
Net income attributable to common stockholders		$	4,689			10,412			3,657			23,602
Basic and diluted earnings attributable to common shares per weighted average common share:
Income from continuing operations		$	0.05			0.10			0.04			0.23
Income from discontinued operations		—				—			—			0.01
Net income attributable to common stockholders per weighted average common share — basic and diluted		$	0.05			0.10			0.04			0.24
Weighted average number of common shares outstanding — basic		100,000				99,455			99,966			99,433
Weighted average number of common shares outstanding — diluted		100,444				99,817			100,410			99,780
Comprehensive income:
Net income attributable to common stockholders		$	4,689			10,412			3,657			23,602
Unrealized gain (loss) on derivative instruments		1,004				(706	)		372			(1,206	)
Comprehensive income attributable to common stockholders		$	5,693			9,706			4,029			22,396

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Funds From Operations (unaudited)

(in thousands, except per share data)

Non-GAAP Financial Measures

We consider FFO a widely accepted and appropriate measure of performance for a REIT.  FFO provides a supplemental measure to compare our performance and operations to other REITs.  Due to certain unique operating characteristics of real estate companies, NAREIT has promulgated a standard known as FFO, which it believes more accurately reflects the operating performance of a REIT such as ours.  As defined by NAREIT, FFO means net income computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of operating property, plus depreciation and amortization and after adjustments for unconsolidated entities in which the REIT holds an interest.  In addition, NAREIT has further clarified the FFO definition to add-back impairment write-downs of depreciable real estate or of investments in unconsolidated entities that are driven by measurable decreases in the fair value of depreciable real estate.  Under U.S. GAAP, impairment charges reduce net income.  While impairment charges are added back in the calculation of FFO, we caution that because impairments to the value of any property are typically based on reductions in estimated future undiscounted cash flows compared to current carrying value, declines in the undiscounted cash flows which led to the impairment charges reflect declines in property operating performance that may be permanent.  We have adopted the NAREIT definition for computing FFO.  Recurring FFO includes adjustments to FFO for the impact of lease termination income, certain gains and non-cash impairment charges of non-depreciable real estate, net of taxes recorded in comparable periods, in order to present the performance of our core portfolio operations.  Management uses the calculation of FFO and Recurring FFO for several reasons.  Recurring FFO per weighted average common share outstanding is used in the employment agreements we have with our executives to determine a portion of incentive compensation payable to them.  Additionally, we use FFO and Recurring FFO to compare our performance to that of other REITs in our peer group.  The calculation of FFO and Recurring FFO may vary from entity to entity because capitalization and expense policies tend to vary from entity to entity.  Items that are capitalized do not impact FFO and Recurring FFO whereas items that are expensed reduce FFO and Recurring FFO.  Consequently, our presentation of FFO and Recurring FFO may not be comparable to other similarly titled measures presented by other REITs.  FFO and Recurring FFO do not represent cash flows from operations as defined by U.S. GAAP, are not indicative of cash available to fund cash flow needs and liquidity, including our ability to pay distributions, and should not be considered as an alternative to net income, as determined in accordance with U.S. GAAP, for purposes of evaluating our operating performance. The following table reflects our FFO and Recurring FFO for the periods presented, reconciled to net income (loss) attributable to common stockholders for these periods:

	Three months ended June 30,							Six months ended June 30,
	2015				2014			2015			2014
Net income attributable to common stockholders	$	4,689			10,412			3,657			23,602
Gain on sale of investment properties	(1,319		)		(9,978	)		(2,753	)		(23,321	)
Impairment of depreciable operating property	27				222			9,355			222
Equity in depreciation and amortization of unconsolidated joint ventures	4,967				4,420			9,945			8,612
Amortization on in-place lease intangibles	3,710				4,853			7,520			11,264
Amortization on leasing commissions	483				512			972			965
Depreciation, net of noncontrolling interest	11,876				12,452			23,752			24,702
Funds From Operations attributable to common stockholders	$	24,433			22,893			52,448			46,046
Lease termination income	(2		)		(10	)		(2,673	)		(14	)
Lease termination income included in equity in earnings of unconsolidated joint ventures	—				—			(106	)		(77	)
Recurring Funds From Operations attributable to common stockholders	$	24,431			22,883			49,669			45,955
Net income attributable to common stockholders per weighted average common share — basic and diluted	$	0.05			0.10			0.04			0.24
Funds From Operations attributable to common stockholders, per weighted average common share — basic and diluted	$	0.24			0.23			0.52			0.46
Recurring Funds From Operations attributable to common stockholders, per weighted average common share — basic	$	0.24			0.23			0.50			0.46
Recurring Funds From Operations attributable to common stockholders, per weighted average common share — diluted	$	0.24			0.23			0.49			0.46
Weighted average number of common shares outstanding — basic	100,000				99,455			99,966			99,433
Weighted average number of common shares outstanding — diluted	100,444				99,817			100,410			99,780

	8

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Earnings Before Interest, Taxes, Depreciation and Amortization (unaudited)

(in thousands, except per share data)

EBITDA is defined as earnings (losses) from operations excluding: (1) interest expense; (2) income tax benefit or expenses; (3) depreciation and amortization expense; and (4) gains (loss) on non-operating property.  We believe EBITDA is useful to us and to an investor as a supplemental measure in evaluating our financial performance because it excludes expenses that we believe may not be indicative of our operating performance.  By excluding interest expense, EBITDA measures our financial performance regardless of how we finance our operations and capital structure.  By excluding depreciation and amortization expense, we believe we can more accurately assess the performance of our portfolio.  Because EBITDA is calculated before recurring cash charges such as interest expense and taxes and is not adjusted for capital expenditures or other recurring cash requirements, it does not reflect the amount of capital needed to maintain our properties nor does it reflect trends in interest costs due to changes in interest rates or increases in borrowing.  EBITDA should be considered only as a supplement to net earnings and may be calculated differently by other REITs.
 
We believe EBITDA is an important supplemental non-GAAP measure.  We utilize EBITDA to calculate our interest expense coverage ratio, which equals EBITDA divided by total interest expense.  We believe that using EBITDA, which excludes the effect of non-operating expenses and non-cash charges, all of which are based on historical cost and may be of limited significance in evaluating current performance, facilitates comparison of core operating profitability between periods and between REITs, particularly in light of the use of EBITDA by a seemingly large number of REITs in their reports on Forms 10-Q and 10-K.  We believe that investors should consider EBITDA in conjunction with net income and the other required U.S. GAAP measures of our performance to improve their understanding of our operating results.  Recurring EBITDA includes adjustments to EBITDA for the impact of lease termination income and non-cash impairment charges in comparable periods in order to present the performance of our core portfolio operations. 

		Three months ended June 30,							Six months ended June 30,
		2015				2014			2015			2014
Net income attributable to Inland Real Estate Corporation		$	8,661			12,646			11,601			28,071
Gain on sale of investment properties		(1,319		)		(9,978	)		(2,753	)		(23,321	)
Gain on sale of development properties		—				—			(72	)		—
Income tax expense of taxable REIT subsidiaries		176				45			1,013			439
Interest expense		7,254				8,900			14,532			17,890
Interest expense associated with unconsolidated joint ventures		2,351				1,977			4,428			3,967
Depreciation and amortization		16,069				17,817			32,244			36,931
Depreciation and amortization associated with unconsolidated joint ventures		4,967				4,420			9,945			8,612
EBITDA		38,159				35,827			70,938			72,589
Lease termination income		(2		)		(10	)		(2,673	)		(14	)
Lease termination income included in equity in earnings of unconsolidated joint ventures		—				—			(106	)		(77	)
Impairment loss, net of taxes:
Provision for asset impairment		27				222			9,355			222
Recurring EBITDA		$	38,184			36,039			77,514			72,720
Total Interest Expense		$	9,605			10,877			18,960			21,857
EBITDA: Interest Expense Coverage Ratio		4.0		x		3.3	x		3.7	x		3.3	x
Recurring EBITDA: Interest Expense Coverage Ratio		4.0		x		3.3	x		4.1	x		3.3	x

	9

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Same Store Net Operating Income (unaudited)

(in thousands, except per share data)

Same store net operating income, which is the net operating income of properties owned during the same periods during each year ("same store" properties), is considered a non-GAAP financial measure because it does not include straight-line rental income, amortization of lease intangibles, lease termination income, interest, depreciation, amortization and bad debt expense. We provide same store net operating income as another metric to compare the results of property operations for the three and six months ended June 30, 2015 and 2014. We also provide a reconciliation of these amounts to the most comparable U.S. GAAP measure, net income attributable to common stockholders.

	Three months ended June 30,									Six months ended June 30,
Consolidated	2015				2014		% Change			2015			2014		% Change
Rental income and tenant recoveries:
"Same store" investment properties, 92 properties
Rental income	$	30,163			29,839		1.1	%		60,086			59,246		1.4	%
Tenant recovery income	11,490				10,874		5.7	%		26,291			26,808		-1.9	%
Other property income	385				305		26.2	%		1,158			686		68.8	%
"Other investment properties”
Rental income	3,899				4,898					7,866			10,129
Tenant recovery income	1,699				1,253					3,637			5,362
Other property income	43				144					238			265
Total property income	$	47,679			47,313					99,276			102,496
Property operating expenses:
"Same store" investment properties, 92 properties
Property operating expenses	$	4,930			4,927		0.1	%		12,134			14,757		-17.8	%
Real estate tax expense	8,237				8,785		-6.2	%		17,341			17,488		-0.8	%
"Other investment properties"
Property operating expenses	1,137				1,140					2,544			3,493
Real estate tax expense	1,127				773					2,385			2,151
Total property operating expenses	$	15,431			15,625					34,404			37,889
Property net operating income
"Same store" investment properties	28,871				27,306		5.7	%		58,060			54,495		6.5	%
"Other investment properties"	3,377				4,382					6,812			10,112
Total property net operating income	$	32,248			31,688					64,872			64,607
Other income:
Straight-line rents	$	166			275					172			1,010
Amortization of lease intangibles	48				(98	)				107			(173	)
Lease termination income	2				10					2,673			14
Other income	372				666					785			768
Fee income from unconsolidated joint ventures	1,441				1,307					2,874			2,566
Gain on sale of investment properties, net	1,319				9,978					2,933			22,828
Gain on sale of joint venture interest	80				6					189			114
Equity in earnings of unconsolidated joint ventures	2,836				2,263					6,926			4,057
Other expenses:
Income tax expense of taxable REIT subsidiaries	(176		)		(45	)				(1,013	)		(439	)
Bad debt expense	(385		)		(513	)				(694	)		(704	)
Depreciation and amortization	(16,069		)		(17,817	)				(32,244	)		(36,931	)
General and administrative expenses	(5,958		)		(5,993	)				(12,017	)		(12,085	)
Interest expense	(7,254		)		(8,900	)				(14,532	)		(17,890	)
Provision for asset impairment	(27		)		(222	)				(9,355	)		(222	)
Income from continuing operations	8,643				12,605					11,676			27,520
Income from discontinued operations	—				31					—			521
Net income	8,643				12,636					11,676			28,041
Less: Net (income) loss attributable to the noncontrolling interest	18				10					(75	)		30
Net income attributable to Inland Real Estate Corporation	8,661				12,646					11,601			28,071
Dividends on preferred shares	(3,972		)		(2,234	)				(7,944	)		(4,469	)
Net income attributable to common stockholders	$	4,689			10,412					3,657			23,602

	10

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Pro Rata Consolidated Information (unaudited)

(in thousands, except per share data)

These schedules present certain Non-GAAP pro-rata consolidated information as of and for the three and six months ended June 30, 2015. These schedules are considered Non-GAAP because they include financial information related to consolidated joint ventures with an adjustment for the portion related to noncontrolling interests and unconsolidated joint ventures accounted for under the equity method of accounting. Because we incur expenses to manage properties that are not on our balance sheet, we believe providing this information allows investors to better compare our overall performance, size and operating metrics to those of other REITs in our peer group. The Company believes this Non-GAAP information provides supplementary information that is both useful to and has been requested by investors and analysts. Investors should not consider Non-GAAP information as a substitute for, or as superior to, U.S. GAAP information. Rather, Non-GAAP information may provide useful information in addition to information presented in accordance with U.S. GAAP.

Reconciliation of GAAP Reported to Selected Non-GAAP Pro Rata Consolidated Information

	At June 30, 2015
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total investment properties	$	1,534,587		(1,222	)	413,764		2,092		360		1,949,581
Total assets	1,592,154			(2,860	)	299,203		2,468		243		1,891,208
Mortgages payable	380,339			(530	)	218,993		—		228		599,030
Total liabilities	989,241			(518	)	244,092		1,613		229		1,234,657

	At December 31, 2014
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total investment properties	$	1,519,604		(325	)	364,463		2,062		12,790		1,898,594
Total assets	1,572,951			(1,886	)	251,697		2,455		7,640		1,832,857
Mortgages payable	384,769			—		168,689		—		6,267		559,725
Total liabilities	949,775			19		196,082		1,607		6,823		1,154,306

	For the three months ended June 30, 2015
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total revenues	$	49,336		—		12,767		—		21		62,124
Total expenses	37,870			(18	)	8,797		2		10		46,661
Operating income (loss)	11,466			18		3,970		(2	)	11		15,463

	For the three months ended June 30, 2014
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total revenues	$	48,807		—		11,175		—		122		60,104
Total expenses	40,170			(10	)	7,415		(1	)	58		47,632
Operating income	8,637			10		3,760		1		64		12,472

	For the six months ended June 30, 2015
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total revenues	$	105,102		—		26,827		(1	)	182		132,110
Total expenses	88,714			(33	)	18,556		8		91		107,336
Operating income (loss)	16,388			33		8,271		(9	)	91		24,774

	For the six months ended June 30, 2014
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total revenues	$	105,913		—		24,217		—		180		130,310
Total expenses	87,831			(30	)	17,133		1		93		105,028
Operating income (loss)	18,082			30		7,084		(1	)	87		25,282

	11

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Supplemental Financial Information - June 30, 2015

    

Page		Table of Contents
2		Company Information
3		Other Information
5		Consolidated Balance Sheets
6		Consolidated Statements of Operations
7		Funds From Operations and Other Information
8		Earnings Before Interest, Taxes, Depreciation and Amortization
9		Same Store Net Operating Income
12		Pro Rata Consolidated Information
13		Selected Financial Ratios and Guidance
14		Summary of Outstanding Debt as of June 30, 2015
17		Significant Retail Tenants
19		Portfolio Metrics
20		Lease Expiration Analysis
23		Leasing Activity
25		Leasing Activity - Anchors and Non-Anchors
26		Property Transactions
27		Development Pipeline
28		Unconsolidated Joint Venture Summary
30		Investment Properties

	1

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Company Information

Inland Real Estate Corporation strives to be a leading owner and operator of high quality, necessity and value based retail centers in prime locations throughout the Central and Southeastern United States. We seek to provide predictable, sustainable cash flows and continually enhance shareholder value through the expert management and strategic improvement of our portfolio of premier retail assets. We have elected to be taxed as a real estate investment trust ("REIT") for federal income tax purposes. As of June 30, 2015, we owned interests in 148 investment properties, including 48 properties owned through our unconsolidated joint ventures.

		Corporate Headquarters
		2901 Butterfield Road
		Oak Brook, IL 60523
		www.inlandrealestate.com

Investor Relations/Media Relations				New York Stock Exchange
Dawn Benchelt				Preferred Stock Symbol IRC-PA
Investor Relations Director				Preferred Stock Symbol IRC-PB
(630) 218-7364				Common Stock Symbol IRC
benchelt@inlandrealestate.com

Transfer Agent				Stock Specialist
Computershare Shareholder Services				KCG
P.O. Box 30170				One Liberty Plaza
College Station, TX 77842-3170				165 Broadway, 19th Floor
(800) 368-5948				New York, NY 10008

Analyst Coverage

Bank of America Merrill Lynch		BMO Capital Markets		KeyBanc Capital Markets
Craig Schmidt		Paul E. Adornato		Todd M. Thomas
(646) 855-3640		(212) 885-4170		(917) 368-2286
craig.schmidt@baml.com		paul.adornato@bmo.com		tthomas@key.com
Jane Wong				Grant Keeney
(646) 855-3378				(917) 368-2329
jane.wong1@baml.com				gkeeney@key.com
Raymond James & Associates, Inc.				Wells Fargo Securities, LLC
Paul D. Puryear				Jeffrey J. Donnelly
(727) 567-2253				(617) 603-4207
paul.puryear@raymondjames.com				jeff.donnelly@wellsfargo.com
				Tamara Fique
				(443) 263-6568
				tamara.fique@wellsfargo.com

	2

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Other Information

All items in the supplemental financial information are in thousands except per share data, square footage data and number of leases. All amounts shown in this report are unaudited.

Caution Regarding Forward Looking Statements

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, 2014, as filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2015, 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.

Funds From Operations ("FFO")

We consider FFO a widely accepted and appropriate measure of performance for a REIT.  FFO provides a supplemental measure to compare our performance and operations to other REITs.  Due to certain unique operating characteristics of real estate companies, NAREIT has promulgated a standard known as FFO, which it believes more accurately reflects the operating performance of a REIT such as ours.  As defined by NAREIT, FFO means net income computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of operating property, plus depreciation and amortization and after adjustments for unconsolidated entities in which the REIT holds an interest.  In addition, NAREIT has further clarified the FFO definition to add-back impairment write-downs of depreciable real estate or of investments in unconsolidated entities that are driven by measurable decreases in the fair value of depreciable real estate.  Under U.S. GAAP, impairment charges reduce net income.  While impairment charges are added back in the calculation of FFO, we caution that because impairments to the value of any property are typically based on reductions in estimated future undiscounted cash flows compared to current carrying value, declines in the undiscounted cash flows which led to the impairment charges reflect declines in property operating performance that may be permanent.  We have adopted the NAREIT definition for computing FFO.  Recurring FFO includes adjustments to FFO for the impact of lease termination income, certain gains and non-cash impairment charges of non-depreciable real estate, net of taxes recorded in comparable periods, in order to present the performance of our core portfolio operations.  Management uses the calculation of FFO and Recurring FFO for several reasons.  Recurring FFO per weighted average common share outstanding is used in the employment agreements we have with our executives to determine a portion of incentive compensation payable to them.  Additionally, we use FFO and Recurring FFO to compare our performance to that of other REITs in our peer group.  The calculation of FFO and Recurring FFO may vary from entity to entity because capitalization and expense policies tend to vary from entity to entity.  Items that are capitalized do not impact FFO and Recurring FFO whereas items that are expensed reduce FFO and Recurring FFO.  Consequently, our presentation of FFO and Recurring FFO may not be comparable to other similarly titled measures presented by other REITs.  FFO and Recurring FFO do not represent cash flows from operations as defined by U.S. GAAP, are not indicative of cash available to fund cash flow needs and liquidity, including our ability to pay distributions, and should not be considered as an alternative to net income, as determined in accordance with U.S. GAAP, for purposes of evaluating our operating performance.

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")

EBITDA is defined as earnings (losses) from operations excluding: (1) interest expense; (2) income tax benefit or expenses; (3) depreciation and amortization expense; and (4) gains (loss) on non-operating property.  We believe EBITDA is useful to us and to an investor as a supplemental measure in evaluating our financial performance because it excludes expenses that we believe may not be indicative of our operating performance.  By excluding interest expense, EBITDA measures our financial performance regardless of how we finance our operations and capital structure.  By excluding depreciation and amortization expense, we believe we can more accurately assess the performance of our portfolio.  Because EBITDA is calculated before recurring cash charges such as interest expense and taxes and is not adjusted for capital expenditures or other recurring cash requirements, it does not reflect the amount of capital needed to maintain our properties nor does it reflect trends in interest costs due to changes in interest rates or increases in borrowing.  EBITDA should be considered only as a supplement to net earnings and may be calculated differently by other REITs.
 
We believe EBITDA is an important supplemental non-GAAP measure.  We utilize EBITDA to calculate our interest expense coverage ratio, which equals EBITDA divided by total interest expense.  We believe that using EBITDA, which excludes the effect of non-operating expenses and non-cash charges, all of which are based on historical cost and may be of limited significance in evaluating current performance, facilitates comparison of core operating profitability between periods and between REITs, particularly in light of the use of EBITDA by a seemingly large number of REITs in their reports on Forms 10-Q and 10-K.  We believe that investors should consider EBITDA in conjunction with net income and the other required U.S. GAAP measures of our performance to improve their understanding of our operating results.  Recurring EBITDA includes adjustments to EBITDA

	3

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Other Information

for the impact of lease termination income and non-cash impairment charges in comparable periods in order to present the performance of our core portfolio operations. 

Same Store Net Operating Income ("NOI")

Same store net operating income, which is the net operating income of properties owned during the same periods during each year ("same store" properties), is considered a non-GAAP financial measure because it does not include straight-line rental income, amortization of lease intangibles, lease termination income, interest, depreciation, amortization and bad debt expense. We provide same store net operating income as another metric to compare the results of property operations for the three and six months ended June 30, 2015 and 2014. We also provide a reconciliation of these amounts to the most comparable U.S. GAAP measure, net income attributable to common stockholders.

Pro Rata Consolidated Information

These schedules present certain Non-GAAP pro-rata consolidated information as of and for the three and six months ended June 30, 2015. These schedules are considered Non-GAAP because they include financial information related to consolidated joint ventures with an adjustment for the portion related to noncontrolling interests and unconsolidated joint ventures accounted for under the equity method of accounting. Because we incur expenses to manage properties that are not on our balance sheet, we believe providing this information allows investors to better compare our overall performance, size and operating metrics to those of other REITs in our peer group. The Company believes this Non-GAAP information provides supplementary information that is both useful to and has been requested by investors and analysts. Investors should not consider Non-GAAP information as a substitute for, or as superior to, U.S. GAAP information. Rather, Non-GAAP information may provide useful information in addition to information presented in accordance with U.S. GAAP.

	4

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Consolidated Balance Sheets

	June 30, 2015				December 31, 2014
Assets:
Investment properties:
Land	$	382,806			385,432
Construction in progress	41,143				23,812
Building and improvements	1,126,728				1,110,360
Total Investment Properties	1,550,677				1,519,604
Less accumulated depreciation	345,715				338,141
Net investment properties	1,204,962				1,181,463
Cash and cash equivalents	14,579				18,385
Accounts receivable, net	41,028				38,211
Mortgages receivable	24,750				24,750
Investment in and advances to unconsolidated joint ventures	169,212				170,720
Acquired lease intangibles, net	84,207				85,858
Deferred costs, net	17,956				18,674
Other assets	35,460				34,890
Total assets	$	1,592,154			1,572,951
Liabilities:
Accounts payable and accrued expenses	$	64,432			56,188
Acquired below market lease intangibles, net	42,689				41,108
Distributions payable	5,435				5,420
Mortgages payable	380,339				384,769
Unsecured credit facilities	475,000				440,000
Other liabilities	21,346				22,290
Total liabilities	989,241				949,775
Stockholders’ Equity:
Preferred stock, $0.01 par value, 12,000 Shares authorized:
8.125% Series A Cumulative Redeemable shares, with a $25.00 per share Liquidation Preference, 4,400 issued and outstanding at June 30, 2015 and December 31, 2014, respectively	110,000				110,000
6.95% Series B Cumulative Redeemable shares, with a $25.00 per share Liquidation Preference, 4,000 issued and outstanding at June 30, 2015 and December 31, 2014, respectively	100,000				100,000
Common stock, $0.01 par value, 500,000 shares authorized; 100,517 and 100,151 Shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	1,005				1,002
Additional paid-in capital (net of offering costs of $78,544 and $78,372 at June 30, 2015 and December 31, 2014, respectively)	878,046				874,154
Accumulated distributions in excess of net income	(481,084		)		(456,120	)
Accumulated other comprehensive loss	(5,966		)		(6,338	)
Total stockholders’ equity	602,001				622,698
Noncontrolling interest	912				478
Total equity	602,913				623,176
Total liabilities and equity	$	1,592,154			1,572,951

	5

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Consolidated Statements of Operations and Comprehensive Income

		Three months ended June 30,							Six months ended June 30,
		2015				2014			2015			2014
Revenues:
Rental income		$	34,276			34,914			68,231			70,212
Tenant recoveries		13,189				12,127			29,928			32,170
Other property income		430				459			4,069			965
Fee income from unconsolidated joint ventures		1,441				1,307			2,874			2,566
Total revenues		49,336				48,807			105,102			105,913
Expenses:
Property operating expenses		6,452				6,580			15,372			18,954
Real estate tax expense		9,364				9,558			19,726			19,639
Depreciation and amortization		16,069				17,817			32,244			36,931
Provision for asset impairment		27				222			9,355			222
General and administrative expenses		5,958				5,993			12,017			12,085
Total expenses		37,870				40,170			88,714			87,831
Operating income		11,466				8,637			16,388			18,082
Other income		372				666			785			768
Gain on sale of investment properties, net		1,319				9,978			2,933			22,828
Gain on sale of joint venture interest		80				6			189			114
Interest expense		(7,254		)		(8,900	)		(14,532	)		(17,890	)
Income before income tax expense of taxable REIT subsidiaries, equity in earnings of unconsolidated joint ventures and discontinued operations		5,983				10,387			5,763			23,902
Income tax expense of taxable REIT subsidiaries		(176		)		(45	)		(1,013	)		(439	)
Equity in earnings of unconsolidated joint ventures		2,836				2,263			6,926			4,057
Income from continuing operations		8,643				12,605			11,676			27,520
Income from discontinued operations		—				31			—			521
Net income		8,643				12,636			11,676			28,041
Less: Net (income) loss attributable to the noncontrolling interest		18				10			(75	)		30
Net income attributable to Inland Real Estate Corporation		8,661				12,646			11,601			28,071
Dividends on preferred shares		(3,972		)		(2,234	)		(7,944	)		(4,469	)
Net income attributable to common stockholders		$	4,689			10,412			3,657			23,602
Basic and diluted earnings attributable to common shares per weighted average common share:
Income from continuing operations		$	0.05			0.10			0.04			0.23
Income from discontinued operations		—				—			—			0.01
Net income attributable to common stockholders per weighted average common share — basic and diluted		$	0.05			0.10			0.04			0.24
Weighted average number of common shares outstanding — basic		100,000				99,455			99,966			99,433
Weighted average number of common shares outstanding — diluted		100,444				99,817			100,410			99,780
Comprehensive income:
Net income attributable to common stockholders		$	4,689			10,412			3,657			23,602
Unrealized gain (loss) on derivative instruments		1,004				(706	)		372			(1,206	)
Comprehensive income attributable to common stockholders		$	5,693			9,706			4,029			22,396

	6

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Funds From Operations and Other Information

	Three months ended June 30,							Six months ended June 30,
	2015				2014			2015			2014
Net income attributable to common stockholders	$	4,689			10,412			3,657			23,602
Gain on sale of investment properties	(1,319		)		(9,978	)		(2,753	)		(23,321	)
Impairment of depreciable operating property	27				222			9,355			222
Equity in depreciation and amortization of unconsolidated joint ventures	4,967				4,420			9,945			8,612
Amortization on in-place lease intangibles	3,710				4,853			7,520			11,264
Amortization on leasing commissions	483				512			972			965
Depreciation, net of noncontrolling interest	11,876				12,452			23,752			24,702
Funds From Operations attributable to common stockholders	$	24,433			22,893			52,448			46,046
Lease termination income	(2		)		(10	)		(2,673	)		(14	)
Lease termination income included in equity in earnings of unconsolidated joint ventures	—				—			(106	)		(77	)
Recurring Funds From Operations attributable to common stockholders	$	24,431			22,883			49,669			45,955
Net income attributable to common stockholders per weighted average common share — basic and diluted	$	0.05			0.10			0.04			0.24
Funds From Operations attributable to common stockholders, per weighted average common share — basic and diluted	$	0.24			0.23			0.52			0.46
Recurring Funds From Operations attributable to common stockholders, per weighted average common share — basic	$	0.24			0.23			0.50			0.46
Recurring Funds From Operations attributable to common stockholders, per weighted average common share — diluted	$	0.24			0.23			0.49			0.46
Weighted average number of common shares outstanding — basic	100,000				99,455			99,966			99,433
Weighted average number of common shares outstanding — diluted	100,444				99,817			100,410			99,780
Distributions declared, common	$	14,314			14,231			28,621			28,445
Distributions per common share	$	0.14			0.14			0.29			0.29
Distributions / Recurring Funds From Operations Payout Ratio	58.6		%		62.2	%		57.6	%		61.9	%
Additional Information
Straight-line rents	$	166			275			172			1,010
Amortization of lease intangibles	48				(98	)		107			(173	)
Amortization of deferred financing fees	466				667			935			1,468
Stock based compensation expense	310				339			620			763
Capital Expenditures
Maintenance / non-revenue generating cap ex
Building / Site improvements	$	2,300			2,100			3,234			2,618
Redevelopment / Construction	2,705				556			3,583			556
Non-maintenance / revenue generating cap ex
Tenant improvements	3,627				902			8,645			3,644
Leasing commissions	342				520			1,310			1,482

	7

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Earnings Before Interest, Taxes, Depreciation and Amortization

		Three months ended June 30,							Six months ended June 30,
		2015				2014			2015			2014
Net income attributable to Inland Real Estate Corporation		$	8,661			12,646			11,601			28,071
Gain on sale of investment properties		(1,319		)		(9,978	)		(2,753	)		(23,321	)
Gain on sale of development properties		—				—			(72	)		—
Income tax expense of taxable REIT subsidiaries		176				45			1,013			439
Interest expense		7,254				8,900			14,532			17,890
Interest expense associated with unconsolidated joint ventures		2,351				1,977			4,428			3,967
Depreciation and amortization		16,069				17,817			32,244			36,931
Depreciation and amortization associated with unconsolidated joint ventures		4,967				4,420			9,945			8,612
EBITDA		38,159				35,827			70,938			72,589
Lease termination income		(2		)		(10	)		(2,673	)		(14	)
Lease termination income included in equity in earnings of unconsolidated joint ventures		—				—			(106	)		(77	)
Impairment loss, net of taxes:
Provision for asset impairment		27				222			9,355			222
Recurring EBITDA		$	38,184			36,039			77,514			72,720
Total Interest Expense		$	9,605			10,877			18,960			21,857
EBITDA: Interest Expense Coverage Ratio		4.0		x		3.3	x		3.7	x		3.3	x
Recurring EBITDA: Interest Expense Coverage Ratio		4.0		x		3.3	x		4.1	x		3.3	x

	8

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Same Store Net Operating Income

	Three months ended June 30,									Six months ended June 30,
Consolidated	2015				2014		% Change			2015			2014		% Change
Rental income and tenant recoveries:
"Same store" investment properties, 92 properties
Rental income	$	30,163			29,839		1.1	%		60,086			59,246		1.4	%
Tenant recovery income	11,490				10,874		5.7	%		26,291			26,808		-1.9	%
Other property income	385				305		26.2	%		1,158			686		68.8	%
"Other investment properties”
Rental income	3,899				4,898					7,866			10,129
Tenant recovery income	1,699				1,253					3,637			5,362
Other property income	43				144					238			265
Total property income	$	47,679			47,313					99,276			102,496
Property operating expenses:
"Same store" investment properties, 92 properties
Property operating expenses	$	4,930			4,927		0.1	%		12,134			14,757		-17.8	%
Real estate tax expense	8,237				8,785		-6.2	%		17,341			17,488		-0.8	%
"Other investment properties"
Property operating expenses	1,137				1,140					2,544			3,493
Real estate tax expense	1,127				773					2,385			2,151
Total property operating expenses	$	15,431			15,625					34,404			37,889
Property net operating income
"Same store" investment properties	28,871				27,306		5.7	%		58,060			54,495		6.5	%
"Other investment properties"	3,377				4,382					6,812			10,112
Total property net operating income	$	32,248			31,688					64,872			64,607
Other income:
Straight-line rents	$	166			275					172			1,010
Amortization of lease intangibles	48				(98	)				107			(173	)
Lease termination income	2				10					2,673			14
Other income	372				666					785			768
Fee income from unconsolidated joint ventures	1,441				1,307					2,874			2,566
Gain on sale of investment properties, net	1,319				9,978					2,933			22,828
Gain on sale of joint venture interest	80				6					189			114
Equity in earnings of unconsolidated joint ventures	2,836				2,263					6,926			4,057
Other expenses:
Income tax expense of taxable REIT subsidiaries	(176		)		(45	)				(1,013	)		(439	)
Bad debt expense	(385		)		(513	)				(694	)		(704	)
Depreciation and amortization	(16,069		)		(17,817	)				(32,244	)		(36,931	)
General and administrative expenses	(5,958		)		(5,993	)				(12,017	)		(12,085	)
Interest expense	(7,254		)		(8,900	)				(14,532	)		(17,890	)
Provision for asset impairment	(27		)		(222	)				(9,355	)		(222	)
Income from continuing operations	8,643				12,605					11,676			27,520
Income from discontinued operations	—				31					—			521
Net income	8,643				12,636					11,676			28,041
Less: Net (income) loss attributable to the noncontrolling interest	18				10					(75	)		30
Net income attributable to Inland Real Estate Corporation	8,661				12,646					11,601			28,071
Dividends on preferred shares	(3,972		)		(2,234	)				(7,944	)		(4,469	)
Net income attributable to common stockholders	$	4,689			10,412					3,657			23,602

	9

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Same Store Net Operating Income

	Three months ended June 30,									Six months ended June 30,
Unconsolidated (at 100%)	2015				2014		% Change			2015			2014		% Change
Rental income and tenant recoveries:
"Same store" investment properties, 29 properties
Rental income	$	14,209			14,202		—	%		28,365			28,325		0.1	%
Tenant recovery income	5,126				5,670		-9.6	%		12,803			14,553		-12.0	%
Other property income	114				267		-57.3	%		279			420		-33.6	%
"Other investment properties”
Rental income	3,377				135					6,134			450
Tenant recovery income	905				—					1,633			1
Other property income	21				—					28			1
Total property income	$	23,752			20,274					49,242			43,750
Property operating expenses:
"Same store" investment properties, 29 properties
Property operating expenses	$	3,704			3,380		9.6	%		7,771			9,010		-13.8	%
Real estate tax expense	3,035				4,124		-26.4	%		7,825			9,010		-13.2	%
"Other investment properties"
Property operating expenses	555				7					957			53
Real estate tax expense	455				(6	)				615			—
Total property operating expenses	$	7,749			7,505					17,168			18,073
Property net operating income
"Same store" investment properties	$	12,710			12,635		0.6	%		25,851			25,278		2.3	%
"Other investment properties"	3,293				134					6,223			399
Total property net operating income	$	16,003			12,769					32,074			25,677
Other income:
Straight-line rent	$	247			201					457			635
Amortization of lease intangibles	(257		)		(25	)				263			(21	)
Lease termination income	—				—					192			140
Other income	1,388				(142	)				3,489			550
Other expenses:
Bad debt expense	(164		)		20					(274	)		(43	)
Depreciation and amortization	(9,260		)		(8,001	)				(18,567	)		(15,731	)
General and administrative expenses	(733		)		548					(1,559	)		(147	)
Interest expense	(4,419		)		(3,596	)				(8,367	)		(7,299	)
Net income from continuing operations	$	2,805			1,774					7,708			3,761

	10

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Same Store Net Operating Income

	Three months ended June 30,									Six months ended June 30,
Unconsolidated (at PRS)	2015				2014		% Change			2015			2014		% Change
Rental income and tenant recoveries:
"Same store" investment properties, 29 properties
Rental income	$	7,815			7,811		0.1	%		15,601			15,579		0.1	%
Tenant recovery income	2,819				3,118		-9.6	%		7,042			8,003		-12.0	%
Other property income	63				147		-57.1	%		153			231		-33.8	%
"Other investment properties”
Rental income	1,588				125					2,800			184
Tenant recovery income	498				—					898			—
Other property income	11				—					15			—
Total property income	$	12,794			11,201					26,509			23,997
Property operating expenses:
"Same store" investment properties, 29 properties
Property operating expenses (1)	$	1,524			1,338		13.9	%		3,290			3,975		-17.2	%
Real estate tax expense	1,669				2,268		-26.4	%		4,304			4,956		-13.2	%
"Other investment properties"
Property operating expenses (1)	205				5					356			13
Real estate tax expense	250				(2	)				338			(1	)
Total property operating expenses	$	3,648			3,609					8,288			8,943
Property net operating income
"Same store" investment properties	$	7,504			7,470		0.5	%		15,202			14,882		2.2	%
"Other investment properties"	1,642				122					3,019			172
Total property net operating income	$	9,146			7,592					18,221			15,054
Other income:
Straight-line rent	137				111					252			322
Amortization of lease intangibles	(144		)		(16	)				141			—
Lease termination income	—				—					106			77
Other income	1,210				415					3,000			855
Other expenses:
Bad debt expense	(90		)		11					(150	)		(24	)
Depreciation and amortization	(4,967		)		(4,420	)				(9,945	)		(8,612	)
General and administrative expenses	(105		)		547					(271	)		352
Interest expense	(2,351		)		(1,977	)				(4,428	)		(3,967	)
Net income from continuing operations	$	2,836			2,263					6,926			4,057

	Three months ended June 30,								Six months ended June 30,
Same Store Net Operating Income ("NOI")	2015				2014		% Change		2015			2014		% Change
Consolidated Portfolio (92 properties)
Same Store NOI	$	28,871			27,306		5.7%		58,060			54,495		6.5%
Same Store NOI including lease termination income	$	28,873			27,316		5.7%		58,113			54,505		6.6%
Unconsolidated Portfolio (at 100%) (29 properties)
Same Store NOI	$	12,710			12,635		0.6%		25,851			25,278		2.3%
Same Store NOI including lease termination income	$	12,710			12,635		0.6%		26,043			25,418		2.5%
Unconsolidated Portfolio (at PRS) (29 properties)
Same Store NOI	$	7,504			7,470		0.5%		15,202			14,882		2.2%
Same Store NOI including lease termination income	$	7,504			7,470		0.5%		15.308			14.959		2.3%
Total Portfolio (including our pro rata share of unconsolidated NOI) (121 properties)
Same Store NOI	$	36,375			34,776		4.6%		73,262			69,377		5.6%
Same Store NOI including lease termination income	$	36,377			34,786		4.6%		73.421			69.464		5.7%

(1)	Property operating expenses excludes the Company's share of management fees.

	11

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Pro Rata Consolidated Information

Reconciliation of GAAP Reported to Selected Non-GAAP Pro Rata Consolidated Information

	At June 30, 2015
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total investment properties	$	1,550,677		(1,222	)	413,764		2,092		360		1,965,671
Total assets	1,592,154			(2,860	)	299,203		2,468		243		1,891,208
Mortgages payable	380,339			(530	)	218,993		—		228		599,030
Total liabilities	989,241			(518	)	244,092		1,613		229		1,234,657

	At December 31, 2014
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total investment properties	$	1,519,604		(325	)	364,463		2,062		12,790		1,898,594
Total assets	1,572,951			(1,886	)	251,697		2,455		7,640		1,832,857
Mortgages payable	384,769			—		168,689		—		6,267		559,725
Total liabilities	949,775			19		196,082		1,607		6,823		1,154,306

	For the three months ended June 30, 2015
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total revenues	$	49,336		—		12,767		—		21		62,124
Total expenses	37,870			(18	)	8,797		2		10		46,661
Operating income (loss)	11,466			18		3,970		(2	)	11		15,463

	For the three months ended June 30, 2014
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total revenues	$	48,807		—		11,175		—		122		60,104
Total expenses	40,170			(10	)	7,415		(1	)	58		47,632
Operating income	8,637			10		3,760		1		64		12,472

	For the six months ended June 30, 2015
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total revenues	$	105,102		—		26,827		(1	)	182		132,110
Total expenses	88,714			(33	)	18,556		8		91		107,336
Operating income (loss)	16,388			33		8,271		(9	)	91		24,774

	For the six months ended June 30, 2014
	GAAP Reported			Noncontrolling Interest		INP Retail LP (PGGM)		Development Properties		IPCC Unconsolidated properties		Non-GAAP Pro-rata Consolidated Information
Total revenues	$	105,913		—		24,217		—		180		130,310
Total expenses	87,831			(30	)	17,133		1		93		105,028
Operating income (loss)	18,082			30		7,084		(1	)	87		25,282

	12

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Selected Financial Ratios and Guidance

Financial Ratios

		Three months ended June 30,
		2015							2014
		Consolidated				Pro-rata Consolidation (1)			Consolidated			Pro-rata Consolidation (1)
Fixed rate debt		$	373,256			577,702			472,255			632,736
Total debt		853,551				1,070,293			888,455			1,050,839
Fixed rate debt / Total debt		43.7		%		54.0	%		53.2	%		60.2	%
Unsecured debt		$	475,000			475,000			404,215			404,215
Total debt		853,551				1,070,293			888,455			1,050,839
Unsecured debt / Total debt		55.6		%		44.4	%		45.5	%		38.5	%
Total debt		$	853,551			1,070,293			888,455			1,050,839
Total gross assets (2)		1,895,180				2,204,350			1,858,807			2,110,914
Total debt / Total gross assets		45.0		%		48.6	%		47.8	%		49.8	%
Quarterly Recurring EBITDA		$	28,032			38,184			27,379			36,039
Quarterly fixed charges (3)		11,746				14,321			11,603			13,742
Fixed charge coverage ratio		2.4		x		2.7	x		2.4	x		2.6	x
Net debt (4)		$	838,972			1,044,913			861,267			1,015,547
Recurring EBITDA (Annualized)		112,128				152,736			109,516			144,156
Net debt / Recurring EBITDA		7.5		x		6.8	x		7.9	x		7.0	x

		Three months ended June 30,							Six months ended June 30,
		2015				2014			2015			2014
General and Administrative Expenses (G&A)		$	5,958			5,993			12,017			12,085
Total revenues of assets under management (5)		89,177				84,605			187,270			180,994
Total assets under management (5)		3,132,500				2,948,179			3,132,500			2,948,179
G&A Expenses as a Percentage of Total Revenue, including    unconsolidated joint ventures at 100%		6.7		%		7.1	%		6.4	%		6.7	%
Annualized G&A Expenses as a Percentage of Total Assets, including unconsolidated joint ventures at 100%		0.8		%		0.8	%		0.8	%		0.8	%

		As of June 30,
Capitalization		2015				2014
Total Common Shares Outstanding		$	100,517			100,022
Closing Price Per Share		9.42				10.63
Equity Market Capitalization Common Shares		946,870				1,063,234
Preferred Stock A (at face value)		110,000				110,000
Preferred Stock B (at face value)		100,000				—
Total Debt (6)		1,070,293				1,050,839
Total Market Capitalization		$	2,227,163			2,224,073
Debt to Total Market Capitalization		48.1		%		47.2	%

Guidance

		2015 Guidance
Recurring FFO per common share (basic and diluted) (7)		$0.96 to $1.00
Consolidated same-store NOI		+ 2% to + 3%
Consolidated same-store financial occupancy		92.5% to 93.5%

(1)	Pro-rata consolidation includes the Company's pro-rata share of unconsolidated joint ventures.

(2)	Total gross assets includes total assets plus accumulated depreciation and less acquired below market lease intangibles, net.

(3)	Quarterly fixed charges include interest expense, distributions to non-controlling members, dividends on preferred shares, and principal amortization.

(4)	Reflects debt net of the current cash and cash equivalents balance at the end of the period.

(5)	Assets under management include consolidated assets, unconsolidated assets at 100% and assets that we do not have an ownership interest in, but that we manage on behalf of a third party.

(6)	Includes pro-rata share of unconsolidated joint venture debt and full face value of convertible notes. Excludes unamortized mortgage premiums/discounts.

(7)	This guidance does not include any assumptions for impairments, other non-cash adjustments or the benefits of lease termination fees.

	13

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Summary of Outstanding Debt as of June 30, 2015

Total Outstanding Debt

		Outstanding Amount				Ratio			Weighted Average Interest Rate (1)			Weighted Average Maturity (in years)
Fixed Rate Debt:
Consolidated		$	373,256			34.9	%		5.17	%		4.0
Unconsolidated (pro rata)		204,446				19.1	%		4.92	%		6.2
Total Fixed Rate Debt		577,702				54.0	%		5.09	%		4.8
Variable Rate Debt:
Consolidated		5,295				0.5	%		2.44	%		1.3
Unconsolidated (pro rata)		12,296				1.1	%		2.33	%		0.9
Unsecured line of credit facility		225,000				21.0	%		1.59	%		3.1
Unsecured term loan		200,000				18.7	%		1.54	%		4.1
Unsecured term loan		50,000				4.7	%		3.50	%		3.4
Total Variable Rate Debt		492,591				46.0	%		1.79	%		3.4
Total		$	1,070,293			100.0	%		3.57	%		4.2
Remaining unamortized mortgages premium/discount, net		4,267
Total Outstanding Debt		$	1,074,560

Schedule of Maturities by Year

Schedule of Maturities by Year:		Scheduled Principal Payments				Mortgage Loan Maturities			Unsecured Maturities (2)			Total Consolidated Outstanding Debt				IRC Share of Unconsolidated Mortgage Debt			Total Consolidated and Unconsolidated Debt
2015		$	1,049			90,247		(3)	—			91,296				12,979			104,275
2016		2,090				12,936			—			15,026				12,296			27,322
2017		2,064				44,895			—			46,959				22,345			69,304
2018		1,195				—			275,000			276,195				5,636			281,831
2019		711				37,655			200,000			238,366				24,098			262,464
2020		582				69,256			—			69,838				—			69,838
2021		420				42,068			—			42,488				25,130			67,618
2022		110				61,373			—			61,483				77,583			139,066
2023		—				11,900			—			11,900				228			12,128
2024		—				—			—			—				9,075			9,075
2025		—				—			—			—				21,450			21,450
2039		—				—			—			—				5,922			5,922
Total		$	8,221			370,330			475,000			853,551				216,742			1,070,293
Remaining unamortized mortgages premium/discount, net												1,788				2,479			4,267
Total Outstanding Debt												$	855,339			219,221			1,074,560

(1)	Interest rates are as of June 30, 2015 and exclude the impact of deferred loan fee amortization.

(2)	Includes unsecured line of credit facility and term loans.

(3)	Included in the debt maturing in 2015 is outstanding principal of approximately $90,247 secured by the Company's Algonquin Commons property, which has matured and is currently subject to foreclosure litigation. The Company cannot currently predict the outcome of the litigation.

	14

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Summary of Outstanding Debt as of June 30, 2015

Consolidated Debt

Servicer		Property Name		Interest Rate at June 30, 2015			Maturity Date			Balance at June 30, 2015
Fixed rate debt
Secured
Wachovia (1) (2)		The Exchange at Algonquin		5.24	%		—			$	18,645
Wachovia (1) (2)		Algonquin Commons		5.45	%		—			71,602
Principal Life Insurance Co. (1)		Shoppes at Mill Creek		5.00	%		05/2016			7,747
Metlife Insurance Company (1)		Shakopee Valley Marketplace		5.05	%		12/2017			7,424
Metlife Insurance Company (1)		Crystal Point		5.05	%		12/2017			16,611
Metlife Insurance Company (1)		Shops at Orchard Place		5.05	%		12/2017			23,200
Prudential Insurance (1)		Randall Square		4.00	%		01/2019			16,381
GEMSA (1)		Woodfield Commons		4.75	%		06/2019			17,207
Cohen Financial		Cobbler Crossing		4.60	%		07/2019			6,350
John Hancock Life Insurance (1)		Roundy’s		4.85	%		12/2020			10,223
Wells Fargo		Woodland Heights		6.03	%		12/2020			4,175
Wells Fargo		Salem Square		6.03	%		12/2020			4,897
Wells Fargo		Townes Crossing		6.03	%		12/2020			6,289
Wells Fargo		Hawthorne Village Commons		6.03	%		12/2020			6,443
Wells Fargo		Aurora Commons		6.03	%		12/2020			6,443
Wells Fargo		Deertrace Kohler		6.03	%		12/2020			9,691
Wells Fargo		Pine Tree Plaza		6.03	%		12/2020			10,825
Wells Fargo		Joliet Commons		6.03	%		12/2020			11,237
Midland Loan Services		Orland Park Place		5.55	%		09/2021			42,068
Wells Fargo		Bradley Commons		5.40	%		01/2022			14,330
GEMSA (1)		Chatham Ridge		4.40	%		04/2022			17,018
Cohen Financial		Dunkirk Square		4.35	%		09/2022			4,050
Cohen Financial		Park Place Plaza		4.35	%		09/2022			6,500
Cohen Financial		Rivertree Court		4.35	%		09/2022			22,000
Midland Loan Services		Valparaiso Walk		4.11	%		02/2023			11,900
Total/Weighted Average Fixed Rate Secured				5.17	%					373,256
Variable rate debt
Secured
Keybank National Association		Tanglewood Pavilions		2.44	%		09/2016			5,295
Total/Weighted Average Variable Rate Secured				2.44	%					5,295
Unsecured
Line of Credit Facility				1.59	%		07/2018			225,000
Term Loan				3.50	%		11/2018			50,000
Term Loan				1.54	%		07/2019			200,000
Total/Weighted Average Variable Rate				1.78	%					480,295
Total/Weighted Average Consolidated Debt				3.26	%					853,551
Remaining unamortized mortgages premium/discount, net										1,788
Total Consolidated Debt										$	855,339

(1)	These loans require payments of principal and interest monthly, all other loans listed are interest only.

(2)	Included in the debt maturing in 2015 is outstanding principal of approximately $90,247 secured by the Company's Algonquin Commons property, which has matured and is currently subject to foreclosure litigation. The Company cannot currently predict the outcome of the litigation.

	15

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Summary of Outstanding Debt as of June 30, 2015

Unconsolidated Debt

Servicer		Property Name		Interest Rate at June 30, 2015			Maturity Date		Balance at June 30, 2015				IRC Share of Debt (3)
Fixed rate debt
Venture with PGGM
Principal Life Insurance Co.		Diffley Marketplace		3.94	%		11/2015		$	5,800			3,190
Wells Fargo Bank (1)		Cedar Center South		5.48	%		12/2015		17,798				9,789
Principal Life Insurance Co. (1)		Eastgate Crossing		5.66	%		05/2017		14,542				7,998
John Hancock Life Insurance		Point at Clark		5.05	%		09/2017		14,300				7,865
Metlife Insurance Company (1)		Woodfield Plaza		5.05	%		12/2017		11,785				6,482
John Hancock Life Insurance (1)		Four Flaggs		7.65	%		01/2018		10,248				5,636
Prudential Insurance		Brownstones Shopping Center		3.85	%		01/2019		13,255				7,290
Prudential Insurance		Elston Plaza		3.85	%		01/2019		10,560				5,808
Prudential Insurance		Silver Lake Village		5.85	%		02/2019		20,000				11,000
Midland Loan Services		Shops of Plymouth Town Center		5.83	%		03/2021		5,200				2,860
Wells Fargo Bank		Joffco Square		5.84	%		03/2021		13,090				7,200
Midland Loan Services		Village Ten Shopping Center		5.17	%		06/2021		8,300				4,565
Midland Loan Services		Caton Crossings		5.19	%		06/2021		7,700				4,235
Midland Loan Services		Red Top Plaza		5.55	%		09/2021		11,400				6,270
Midland Loan Services (1)		Champlin Marketplace		4.70	%		02/2022		7,085				3,897
Wells Fargo Bank		Turfway Commons		5.05	%		02/2022		7,150				3,933
Wells Fargo Bank (1)		Fort Smith Pavilion		5.81	%		02/2022		32,550				17,903
Wells Fargo Bank		Stone Creek Towne Center		5.04	%		03/2022		19,800				10,890
Wells Fargo Bank		Westgate		4.94	%		03/2022		40,373				22,205
Principal Life Insurance Co.		Quarry Retail		3.75	%		08/2022		18,100				9,955
Principal Life Insurance Co.		Riverdale Commons		3.75	%		08/2022		16,000				8,800
Bellwether Enterprise Real Est (1)		Creekside Commons		4.38	%		06/2024		16,500				9,075
John Hancock Life Insurance		Newport Pavilion		3.80	%		03/2025		39,000				21,450
Genworth Life Insurance (1)		Cedar Center North		5.39	%		04/2039		10,768				5,922
Total/Weighted Average				4.95	%				$	371,304			204,218
Venture with IPCC
Parkway Bank and Trust (1)		Family Dollar Portfolio (4)		3.95	%		12/2023		$	11,379			228
Total/Weighted Average				3.95	%				11,379				228
Total/Weighted Average Fixed Rate				4.92	%				$	382,683			204,446
Variable rate debt
Venture with PGGM
PNC Bank NA		Evergreen Promenade		2.19	%		05/2016		18,262				8,537
Associated Bank		Pulaski Promenade		2.93	%		09/2016		3,795				1,774
Associated Bank		Pulaski Promenade		2.43	%		09/2016		4,247				1,985
Total/Weighted Average Variable Rate				2.33	%				26,304				12,296
Total/Weighted Average Unconsolidated Debt				4.75	%				408,987				216,742
Remaining unamortized mortgages premium/discount, net									4,507				2,479
Total Unconsolidated Debt									$	413,494			219,221

(1)	These loans require payments of principal and interest monthly, all other loans listed are interest only.

(2)	Included in the debt maturing in 2015 is outstanding principal of approximately $90,247 secured by the Company's Algonquin Commons property, which has matured and is currently subject to foreclosure litigation. The Company cannot currently predict the outcome of the litigation.

(3)	IRC's pro rata share of debt is calculated using the pro rata allocation of the original equity contribution by each partner. This allocation is for presentation purposes and the Company is only financially obligated for any amounts guaranteed under the loan documents as all other amounts are non-recourse and secured by the underlying property.

(4)	This portfolio includes twelve Family Dollar stores, located in Fruitland Park, FL, Bell, FL, Ocala, FL, Citrus Springs, FL, Phenix City, AL, Ponchatoula, LA, Oklahoma City, OK, Tulsa, OK, Salisbury, NC, King George, VA, Farmington, NY and Independence, KY.

	16

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Significant Retail Tenants as of June 30, 2015

Consolidated (1) (2)

Tenant Name		Number of Stores			Annual Base Rent				Percentage of Annual Base Rent			GLA Square Feet			Percentage of Total Square Footage
AB Acquisitions LLC (Jewel-6, Dominick's-4)		10			$	7,879			5.8	%		669,132			6.4	%
TJX Companies, Inc. (TJ Maxx-8, Marshall's-9)		17			4,737				3.5	%		520,201			4.9	%
Carmax		2			4,021				2.9	%		187,851			1.8	%
PetSmart		11			3,223				2.4	%		228,570			2.2	%
Roundy's (Pick 'N Save-2, Super Pick 'N Save 1)		3			3,064				2.2	%		223,381			2.1	%
Ross Dress For Less		10			2,727				2.0	%		277,974			2.6	%
Bed Bath and Beyond (Bed, Bath & Beyond-6, Buy Buy Baby-2, World Market-1)		9			2,631				1.9	%		284,262			2.7	%
Kroger (Food 4 Less-3)		3			2,427				1.8	%		207,674			2.0	%
Ascena Retail Group (Justice-2, Dress Barn-8, Maurice's-7, Lane Bryant-5, Catherine's-2)		24			2,247				1.6	%		144,987			1.4	%
Dick's Sporting Goods (Dick's Sporting Goods-3, Golf Galaxy-1)		4			2,168				1.6	%		232,748			2.2	%
Best Buy		4			2,068				1.5	%		177,679			1.7	%
LA Fitness		3			1,833				1.3	%		128,253			1.2	%
Michaels		7			1,830				1.3	%		153,141			1.5	%
Supervalu, Inc. (Cub Foods-3)		3			1,806				1.3	%		192,487			1.8	%
Retail Ventures, Inc. (DSW Warehouse-4)		4			1,783				1.3	%		95,915			0.9	%
The Gap (Old Navy-7, The Gap-1, The Gap Factory-1)		9			1,735				1.3	%		130,290			1.2	%
The Sports Authority		3			1,687				1.2	%		127,522			1.2	%
Hobby Lobby		2			1,649				1.2	%		103,374			1.0	%
Dollar Tree (Dollar Tree-17)		17			1,626				1.2	%		169,344			1.6	%
Gordmans		3			1,550				1.1	%		148,642			1.4	%
Pier 1 Imports		8			1,529				1.1	%		82,851			0.8	%
Ulta		7			1,456				1.1	%		76,013			0.7	%
Regal Cinemas		1			1,331				1.0	%		73,000			0.7	%
Office Depot (Office Depot-3, OfficeMax-3)		6			1,314				1.0	%		96,115			0.9	%
Total					$	58,321			42.6	%		4,731,406			44.9	%

Unconsolidated (1) (2) (3)

Tenant Name		Number of Stores			Annual Base Rent				Percentage of Annual Base Rent			GLA Square Feet			Percentage of Total Square Footage
Supervalu, Inc. (Cub Foods-7)		7			$	5,277			7.2	%		447,786			8.9	%
Roundy's (Mariano's-2, Metro Market-1, Rainbow-1, Roundy's-1)		5			5,090				7.0	%		345,802			6.8	%
TJX Companies, Inc. (TJ Maxx-2, Marshall's-5, Home Goods-2)		9			2,927				4.0	%		247,028			4.9	%
Best Buy		3			2,786				3.8	%		111,001			2.2	%
AB Acquisitions LLC (Jewel-3)		3			2,101				2.9	%		192,397			3.8	%
Michaels		6			1,998				2.7	%		136,041			2.7	%
Kohl's		3			1,801				2.5	%		176,935			3.5	%
Dick's Sporting Goods (Dick's Sporting Goods-3)		3			1,764				2.4	%		145,000			2.9	%
PetSmart		6			1,734				2.4	%		113,605			2.2	%
Kroger (Kroger-2, Food 4 Less-1)		3			1,464				2.0	%		123,547			2.4	%
Home Depot		1			1,243				1.7	%		113,000			2.2	%
Bed Bath and Beyond (Bed, Bath & Beyond-3, Buy Buy Baby-1)		4			1,230				1.7	%		108,789			2.2	%
Family Dollar		12			1,178				1.6	%		97,076			1.9	%
Wal-Mart		3			1,164				1.6	%		38,093			0.8	%
Whole Foods Market		1			1,068				1.5	%		45,282			0.9	%
Gordmans		2			1,058				1.4	%		99,566			2.0	%
Lowe's		1			1,040				1.4	%		—			—	%
Petco		4			963				1.3	%		61,784			1.2	%
The Gap (Old Navy-4)		4			868				1.2	%		66,372			1.3	%
Office Depot (Office Depot-1, OfficeMax-2)		3			818				1.1	%		65,533			1.3	%
Party City		4			740				1.0	%		45,515			0.9	%
Ascena Retail Group (Justice-2, Dress Barn-2, Lane Bryant-2)		6			715				1.0	%		36,021			0.7	%
Total					$	39,027			53.4	%		2,816,173			55.7	%

(1)	Significant tenants are tenants that represent 1% or more of our annual base rent

(2)	Includes ground leases in number of stores and annual base rent, ground lease square footage is excluded from GLA as we do not own that square footage

(3)	Annualized rent shown includes joint venture partner's pro rata share

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Significant Retail Tenants as of June 30, 2015

Total (1) (2) (3)

Tenant Name		Number of Stores			Annual Base Rent				Percentage of Annual Base Rent			GLA Square Feet			Percentage of Total Square Footage
AB Acquisitions LLC (Jewel-9, Dominick's 4)		13			$	9,980			4.8	%		861,529			5.5	%
Roundy's (Mariano's-2, Metro Market-1, Pick 'N Save-2, Rainbow-1, Super Pick 'N Save-1, Roundy's-1)		8			8,154				3.9	%		569,183			3.6	%
TJX Companies, Inc. (TJ Maxx-10, Marshall's-14, Home Goods-2)		26			7,664				3.7	%		767,229			4.9	%
Supervalu, Inc. (Cub Foods-10)		10			7,083				3.4	%		640,273			4.1	%
PetSmart		17			4,957				2.4	%		342,175			2.2	%
Best Buy		7			4,854				2.3	%		288,680			1.9	%
Carmax		2			4,021				1.9	%		187,851			1.2	%
Dick's Sporting Goods (Dick's Sporting Goods-6, Golf Galaxy-1)		7			3,932				1.9	%		377,748			2.4	%
Kroger (Kroger-2, Food 4 Less-4)		6			3,890				1.9	%		331,221			2.1	%
Bed Bath & Beyond (Bed, Bath & Beyond-9, Buy Buy Baby-3, World Market-1)		13			3,861				1.8	%		393,051			2.5	%
Michaels		13			3,828				1.8	%		289,182			1.9	%
Ascena Retail Group (Justice-4, Dress Barn-10, Maurice's-7, Lane Bryant-7, Catherine's-2)		30			2,962				1.4	%		181,008			1.2	%
Ross Dress For Less		10			2,727				1.3	%		277,974			1.8	%
Gordmans		5			2,608				1.2	%		248,208			1.6	%
The Gap (Old Navy-11, The Gap-1, The Gap Factory-1)		13			2,602				1.2	%		196,662			1.3	%
Kohl's		4			2,391				1.1	%		263,519			1.7	%
Retail Ventures, Inc. (DSW Warehouse-5)		5			2,367				1.1	%		119,515			0.8	%
The Sports Authority		4			2,359				1.1	%		170,085			1.1	%
Dollar Tree (Dollar Tree-24)		24			2,285				1.1	%		237,218			1.5	%
Office Depot (Office Depot-4, OfficeMax-5)		9			2,132				1.0	%		161,648			1.0	%
Ulta		10			2,108				1.0	%		106,378			0.7	%
Petco		9			2,015				1.0	%		132,316			0.8	%
Party City		13			2,005				1.0	%		159,488			1.0	%
Total					$	90,785			43.3	%		7,302,141			46.8	%

Total excluding properties held through the joint venture with IPCC (1) (2) (3) (4)

Tenant Name		Number of Stores			Annual Base Rent				Percentage of Annual Base Rent			GLA Square Feet			Percentage of Total Square Footage
AB Acquisitions LLC (Jewel-9, Dominick's 4)		13			$	9,980			4.8	%		861,529			5.6	%
Roundy's (Mariano's-2, Metro Market-1, Pick 'N Save-2, Rainbow-1, Super Pick 'N Save-1, Roundy's-1)		8			8,154				3.9	%		569,183			3.7	%
TJX Companies, Inc. (TJ Maxx-9, Marshall's-14, Home Goods-2)		25			7,527				3.6	%		743,162			4.8	%
Supervalu, Inc. (Cub Foods-10)		10			7,083				3.4	%		640,273			4.2	%
PetSmart		17			4,957				2.4	%		342,175			2.2	%
Best Buy		7			4,854				2.3	%		288,680			1.9	%
Carmax		2			4,021				1.9	%		187,851			1.2	%
Dick's Sporting Goods (Dick's Sporting Goods-6, Golf Galaxy-1)		7			3,932				1.9	%		377,748			2.5	%
Kroger (Kroger-2, Food 4 Less-4)		6			3,890				1.9	%		331,221			2.2	%
Bed Bath & Beyond (Bed, Bath & Beyond-9, Buy Buy Baby-3, World Market-1)		13			3,861				1.9	%		393,051			2.6	%
Michaels		13			3,828				1.8	%		289,182			1.9	%
Ascena Retail Group (Justice-4, Dress Barn-10, Maurice's-7, Lane Bryant-7, Catherine's-2)		30			2,962				1.4	%		181,008			1.2	%
Ross Dress For Less		10			2,727				1.3	%		277,974			1.8	%
Gordmans		5			2,608				1.3	%		248,208			1.6	%
The Gap (Old Navy-11, The Gap-1, The Gap Factory-1)		13			2,602				1.3	%		196,662			1.3	%
Kohl's		4			2,391				1.2	%		263,519			1.7	%
Retail Ventures, Inc. (DSW Warehouse-5)		5			2,367				1.1	%		119,515			0.8	%
The Sports Authority		4			2,359				1.1	%		170,085			1.1	%
Dollar Tree (Dollar Tree-23)		23			2,154				1.0	%		224,770			1.5	%
Office Depot (Office Depot-4, OfficeMax-5)		9			2,132				1.0	%		161,648			1.1	%
Ulta		10			2,108				1.0	%		106,378			0.7	%
Petco		9			2,015				1.0	%		132,316			0.9	%
Party City		13			2,005				1.0	%		159,488			1.0	%
Total					$	90,517			43.5	%		7,265,626			47.5	%

(1)	Significant tenants are tenants that represent 1% or more of our annual base rent

(2)	Annualized rent shown includes joint venture partner's pro rata share

(3)	Includes ground leases in number of stores and annual base rent, ground lease square footage is excluded from GLA as we do not own that square footage.

(4)	Due to the tenant fluctuations produced by the temporary ownership of the properties within the IPCC joint venture, the Company has disclosed significant tenants excluding these properties. The Company believes the additional disclosure allows investors to evaluate the tenant mix of the portfolio of properties it expects to own longer term.

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Portfolio Metrics

Portfolio Occupancy

Consolidated Occupancy (1)		As of June 30, 2015			As of March 31, 2015			As of June 30, 2014
Leased Occupancy (2)		94.7	%		94.4	%		95.4	%
Financial Occupancy (3)		92.9	%		92.3	%		93.6	%
Same Store Leased Occupancy (2)		94.8	%		94.7	%		95.6	%
Same Store Financial Occupancy (3)		93.6	%		93.2	%		93.7	%
Unconsolidated Occupancy (1) (4)
Leased Occupancy (2)		96.7	%		96.4	%		96.7	%
Financial Occupancy (3)		95.4	%		94.7	%		96.2	%
Same Store Leased Occupancy (2)		96.2	%		96.1	%		96.6	%
Same Store Financial Occupancy (3)		95.1	%		94.4	%		96.1	%
Total Occupancy (1)
Leased Occupancy (2)		95.3	%		95.0	%		95.8	%
Financial Occupancy (3)		93.7	%		93.0	%		94.3	%
Same Store Leased Occupancy (2)		95.2	%		95.1	%		95.9	%
Same Store Financial Occupancy (3)		94.0	%		93.5	%		94.4	%
Leased Occupancy excluding properties held through the joint venture with IPCC (2) (5)		95.3	%		94.9	%		95.7	%
Financial Occupancy excluding properties held through the joint venture with IPCC (3) (5)		93.6	%		92.9	%		94.2	%
Anchor Leased Occupancy excluding properties held through the joint venture with IPCC (2) (5)		98.0	%		97.9	%		98.8	%
Non-Anchor Leased Occupancy excluding properties held through the joint venture with IPCC (2) (5)		89.0	%		88.1	%		88.7	%

Geographic Information

		Number of investment properties (6)			Gross leasable area (7)			Percent of gross leasable area			Total Portfolio NOI PRS for the three months ended June 30, 2015 (8)				Percent of NOI
Alabama		1			114,904			0.7	%		$	388			0.9	%
Arkansas		1			280,568			1.8	%		460				1.1	%
Florida		1			91,497			0.6	%		291				0.7	%
Illinois		76			8,531,326			55.4	%		25,049				60.8	%
Indiana		6			718,090			4.7	%		2,203				5.3	%
Kentucky		2			310,524			2.0	%		864				2.1	%
Minnesota		28			3,027,276			19.7	%		6,145				15.0	%
Nebraska		1			81,000			0.5	%		378				0.9	%
Ohio		8			1,170,781			7.6	%		2,642				6.4	%
Wisconsin		11			1,069,044			7.0	%		2,810				6.8	%
Total		135			15,395,010			100.0	%		$	41,230			100.0	%

(1)	All occupancy calculations exclude seasonal tenants.

(2)	Leased occupancy is defined as the percentage of total gross leasable area for which there is a signed lease regardless of whether the tenant is currently obligated to pay rent under their lease agreement.

(3)	Financial occupancy is defined as the percentage of total gross leasable area for which a tenant is obligated to pay rent under the terms of its lease agreement, regardless of the actual use or occupation by that tenant of the area being leased, excluding tenants in their abatement period.

(4)	Unconsolidated occupancy is calculated using 100% of the square footage of the respective properties.

(5)	Due to the occupancy fluctuations produced by the temporary ownership of the properties within this venture, the Company discloses occupancy rates excluding these properties. The Company believes the additional disclosure allows investors to evaluate the occupancy of the portfolio of properties it expects to own longer term.

(6)	Includes properties held through our unconsolidated joint ventures and excludes properties held through the Company's development joint ventures and its joint venture with IPCC.

(7)	Gross leasable area shown includes joint venture partner's pro rata share.

(8)	Total portfolio NOI includes our pro rata share of unconsolidated NOI and excludes properties held through the Company's development joint ventures and its joint venture with IPCC.

	19

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Lease Expiration Analysis as of June 30, 2015

Consolidated

Lease Expiration Year		Number of Leases Expiring			GLA (Sq.Ft.)			Percent of Total GLA			Total Annualized Base Rent ($) (2)				Percent of Total Annualized Base Rent (%)			Annualized Base Rent ($/Sq.Ft.) (3)
All Anchor Leases (1)
2015		6			130,727			1.2	%		$	1,766			1.3	%		$	13.51
2016		19			461,179			4.4	%		5,131				3.7	%		11.13
2017		21			711,726			6.8	%		8,336				6.0	%		11.71
2018		20			554,714			5.3	%		6,188				4.4	%		11.16
2019		33			1,320,541			12.5	%		15,560				11.2	%		11.78
2020		24			689,554			6.5	%		7,777				5.6	%		11.28
2021		25			806,937			7.7	%		12,019				8.6	%		14.89
2022		27			608,958			5.8	%		6,651				4.8	%		10.92
2023		15			410,843			3.9	%		4,319				3.1	%		10.51
2024+		47			1,303,084			12.3	%		16,243				11.7	%		12.47
Vacant (4)		—			281,474			2.7	%		—				—			—
Total/Weighted Average		237			7,279,737			69.1	%		$	83,990			60.4	%		$	12.00
All Non-Anchor Leases (1)
MTM		18			25,668			0.2	%		$	443			0.3	%		$	17.26
2015		61			139,233			1.3	%		2,637				1.9	%		18.94
2016		146			398,294			3.8	%		7,663				5.5	%		19.24
2017		132			354,404			3.4	%		6,501				4.7	%		18.34
2018		162			401,229			3.8	%		8,276				6.0	%		20.63
2019		143			419,899			4.0	%		7,903				5.7	%		18.82
2020		128			395,466			3.8	%		7,982				5.7	%		20.18
2021		39			138,164			1.3	%		2,669				1.9	%		19.32
2022		45			182,659			1.7	%		3,311				2.4	%		18.13
2023		34			125,635			1.2	%		2,592				1.9	%		20.63
2024+		70			252,399			2.4	%		5,009				3.6	%		19.85
Vacant (4)		—			423,064			4.0	%		—				—			—
Total/Weighted Average		978			3,256,114			30.9	%		$	54,986			39.6	%		$	19.41
All Leases
MTM		18			25,668			0.2	%		$	443			0.3	%		$	17.26
2015		67			269,960			2.5	%		4,403				3.2	%		16.31
2016		165			859,473			8.2	%		12,794				9.2	%		14.89
2017		153			1,066,130			10.2	%		14,837				10.7	%		13.92
2018		182			955,943			9.1	%		14,464				10.4	%		15.13
2019		176			1,740,440			16.5	%		23,463				16.9	%		13.48
2020		152			1,085,020			10.3	%		15,759				11.3	%		14.52
2021		64			945,101			9.0	%		14,688				10.5	%		15.54
2022		72			791,617			7.5	%		9,962				7.2	%		12.58
2023		49			536,478			5.1	%		6,911				5.0	%		12.88
2024+		117			1,555,483			14.7	%		21,252				15.3	%		13.66
Vacant (4)		—			704,538			6.7	%		—				—			—
Total/Weighted Average		1,215			10,535,851			100.0	%		$	138,976			100.0	%		$	14.14

(1)	The Company defines anchors as single tenants which lease 10,000 or more square feet. Non-anchors are defined as tenants which lease less than 10,000 square feet.

(2)	Annualized base rent for all leases financially occupied, including seasonal tenants and tenants in their abatement period at report date based on the rent as of the end of the lease.

(3)	Annualized base rent divided by gross leasable area.

(4)	Leases executed but not commenced are included in the vacant totals.

	20

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Lease Expiration Analysis as of June 30, 2015

Unconsolidated (1)

Lease Expiration Year		Number of Leases Expiring			GLA (Sq.Ft.)			Percent of Total GLA			Total Annualized Base Rent ($) (3)				Percent of Total Annualized Base Rent (%)			Annualized Base Rent ($/Sq.Ft.) (4)
All Anchor Leases (2)
2015		1			13,498			0.3	%		$	243			0.3	%		$	18.00
2016		4			157,703			3.1	%		1,820				2.6	%		11.54
2017		16			455,233			9.0	%		6,116				8.7	%		13.43
2018		15			518,547			10.3	%		5,753				8.1	%		11.09
2019		16			440,443			8.7	%		5,479				7.8	%		12.44
2020		14			412,282			8.1	%		4,217				6.0	%		10.23
2021		5			73,172			1.4	%		784				1.1	%		10.71
2022		7			306,352			6.1	%		3,357				4.7	%		10.96
2023		10			285,783			5.6	%		3,677				5.2	%		12.87
2024+		22			893,511			17.7	%		12,694				18.0	%		14.21
Vacant (5)		—			12,044			0.2	%		—				—			—
Total/Weighted Average		110			3,568,568			70.5	%		$	44,140			62.5	%		$	12.41
All Non-Anchor Leases (2)
2015		20			42,997			0.8	%		$	755			1.1	%		$	17.56
2016		71			166,470			3.3	%		3,515				5.0	%		21.11
2017		52			130,249			2.6	%		2,732				3.9	%		20.98
2018		88			219,433			4.3	%		4,926				7.0	%		22.45
2019		71			156,319			3.1	%		3,170				4.5	%		20.28
2020		61			167,329			3.3	%		3,482				4.9	%		20.81
2021		23			74,466			1.5	%		1,583				2.2	%		21.26
2022		15			46,282			0.9	%		966				1.4	%		20.87
2023		19			66,960			1.3	%		1,647				2.3	%		24.60
2024+		44			216,826			4.3	%		3,665				5.2	%		16.90
Vacant (5)		—			203,221			4.1	%		—				—			—
Total/Weighted Average		464			1,490,552			29.5	%		$	26,441			37.5	%		$	20.54
All Leases
2015		21			56,495			1.1	%		$	998			1.4	%		$	17.67
2016		75			324,173			6.4	%		5,335				7.6	%		16.46
2017		68			585,482			11.6	%		8,848				12.6	%		15.11
2018		103			737,980			14.6	%		10,679				15.1	%		14.47
2019		87			596,762			11.8	%		8,649				12.3	%		14.49
2020		75			579,611			11.4	%		7,699				10.9	%		13.28
2021		28			147,638			2.9	%		2,367				3.3	%		16.03
2022		22			352,634			7.0	%		4,323				6.1	%		12.26
2023		29			352,743			6.9	%		5,324				7.5	%		15.09
2024+		66			1,110,337			22.0	%		16,359				23.2	%		14.73
Vacant (5)		—			215,265			4.3	%		—				—			—
Total/Weighted Average		574			5,059,120			100.0	%		$	70,581			100.0	%		$	14.57

(1)	Amounts in table include our joint venture partner's pro-rata share.

(2)	The Company defines anchors as single tenants which lease 10,000 or more square feet. Non-anchors are defined as tenants which lease less than 10,000 square feet.

(3)	Annualized base rent for all leases financially occupied, including seasonal tenants and tenants in their abatement period at report date based on the rent as of the end of the lease.

(4)	Annualized base rent divided by gross leasable area.

(5)	Leases executed but not commenced are included in the vacant totals.

	21

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Lease Expiration Analysis as of June 30, 2015

Total (1)

Lease Expiration Year		Number of Leases Expiring			GLA (Sq.Ft.)			Percent of Total GLA			Total Annualized Base Rent ($) (3)				Percent of Total Annualized Base Rent (%)			Annualized Base Rent ($/Sq.Ft.) (4)
All Anchor Leases (2)
2015		7			144,225			0.9	%		$	2,009			1.0	%		$	13.93
2016		23			618,882			4.0	%		6,951				3.3	%		11.23
2017		37			1,166,959			7.4	%		14,452				6.9	%		12.38
2018		35			1,073,261			6.9	%		11,941				5.7	%		11.13
2019		49			1,760,984			11.3	%		21,039				10.0	%		11.95
2020		38			1,101,836			7.1	%		11,994				5.7	%		10.89
2021		30			880,109			5.6	%		12,803				6.1	%		14.55
2022		34			915,310			5.9	%		10,008				4.8	%		10.93
2023		25			696,626			4.5	%		7,996				3.8	%		11.48
2024+		69			2,196,595			14.1	%		28,937				13.8	%		13.17
Vacant (5)		—			293,518			1.9	%		—				—			—
Total/Weighted Average		347			10,848,305			69.6	%		$	128,130			61.1	%		$	12.14
All Non-Anchor Leases (2)
MTM		18			25,668			0.2	%		$	443			0.2	%		$	17.26
2015		81			182,230			1.2	%		3,392				1.6	%		18.61
2016		217			564,764			3.5	%		11,178				5.3	%		19.79
2017		184			484,653			3.1	%		9,233				4.4	%		19.05
2018		250			620,662			4.0	%		13,202				6.3	%		21.27
2019		214			576,218			3.7	%		11,073				5.3	%		19.22
2020		189			562,795			3.6	%		11,464				5.5	%		20.37
2021		62			212,630			1.4	%		4,252				2.0	%		20.00
2022		60			228,941			1.5	%		4,277				2.1	%		18.68
2023		53			192,595			1.2	%		4,239				2.0	%		22.01
2024+		114			469,225			3.0	%		8,674				4.2	%		18.49
Vacant (5)		—			626,285			4.0	%		—				—			—
Total/Weighted Average		1,442			4,746,666			30.4	%		$	81,427			38.9	%		$	19.76
All Leases
MTM		18			25,668			0.2	%		$	443			0.2	%		$	17.26
2015		88			326,455			2.1	%		5,401				2.6	%		16.54
2016		240			1,183,646			7.5	%		18,129				8.6	%		15.32
2017		221			1,651,612			10.5	%		23,685				11.3	%		14.34
2018		285			1,693,923			10.9	%		25,143				12.0	%		14.84
2019		263			2,337,202			15.0	%		32,112				15.3	%		13.74
2020		227			1,664,631			10.7	%		23,458				11.2	%		14.09
2021		92			1,092,739			7.0	%		17,055				8.1	%		15.61
2022		94			1,144,251			7.4	%		14,285				6.9	%		12.48
2023		78			889,221			5.7	%		12,235				5.8	%		13.76
2024+		183			2,665,820			17.1	%		37,611				18.0	%		14.11
Vacant (5)		—			919,803			5.9	%		—				—			—
Total/Weighted Average		1,789			15,594,971			100.0	%		$	209,557			100.0	%		$	14.28

(1)	Amounts in table include our joint venture partner's pro-rata share.

(2)	The Company defines anchors as single tenants which lease 10,000 or more square feet. Non-anchors are defined as tenants which lease less than 10,000 square feet.

(3)	Annualized base rent for all leases financially occupied, including seasonal tenants and tenants in their abatement period at report date based on the rent as of the end of the lease.

(4)	Annualized base rent divided by gross leasable area.

(5)	Leases executed but not commenced are included in the vacant totals.

	22

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Leasing Activity for the three and six months ended June 30, 2015

Consolidated

		Number			GLA			Total Former Average Base Rent ($) (1)				Total Former Average Base Rent (psf) (1)				Total New Average Base Rent ($) (1)				Total New Average Base Rent (psf) (1)				Total Increase (Decrease) ($)				Total Increase (Decrease) (psf)				Percent
New Lease Summary
1Q 2015		7			38,432			$	583			$	15.17			$	720			$	18.73			$	137			$	3.56			23.5	%
2Q 2015		11			33,455			484				14.47				552				16.50				68				2.03				14.0	%
2015 Total		18			71,887			$	1,067			$	14.84			$	1,272			$	17.69			$	205			$	2.85			19.2	%
Renewal Lease Summary (2)
1Q 2015		40			236,560			$	3,220			$	13.61			$	3,491			$	14.76			$	271			$	1.15			8.4	%
2Q 2015		42			181,682			2,696				14.84				2,749				15.13				53				0.29				2.0	%
2015 Total		82			418,242			$	5,916			$	14.14			$	6,240			$	14.92			$	324			$	0.78			5.5	%
Non-Comparable Lease Summary (3)
1Q 2015		8			130,705			$	—			$	—			$	1,389			$	10.63
2Q 2015		4			19,346			—				—				265				13.70
2015 Total		12			150,051			$	—			$	—			$	1,654			$	11.02

Unconsolidated (4)

		Number			GLA			Total Former Average Base Rent ($) (1)				Total Former Average Base Rent (psf) (1)				Total New Average Base Rent ($) (1)				Total New Average Base Rent (psf) (1)				Total Increase (Decrease) ($)				Total Increase (Decrease) (psf)				Percent
New Lease Summary
1Q 2015		4			9,348			$	180			$	19.26			$	191			$	20.43			$	11			$	1.17			6.1	%
2Q 2015		2			10,099			137				13.57				162				16.04				25				2.47				18.2	%
2015 Total		6			19,447			$	317			$	16.30			$	353			$	18.15			$	36			$	1.85			11.4	%
Renewal Lease Summary (2)
1Q 2015		19			113,588			$	2,068			$	18.21			$	2,264			$	19.93			$	196			$	1.72			9.5	%
2Q 2015		20			51,823			1,024				19.76				1,125				21.71				101				1.95				9.9	%
2015 Total		39			165,411			$	3,092			$	18.69			$	3,389			$	20.49			$	297			$	1.80			9.6	%
Non-Comparable Lease Summary (3)
1Q 2015		2			4,710			$	—			$	—			$	144			$	30.57
2Q 2015		3			6,792			—				—				153				22.53
2015 Total		5			11,502			$	—			$	—			$	297			$	25.82

(1)	The calculations of former and new average base rents are adjusted for rent abatements on the included leases.

(2)	Renewal leases include expiring leases renewed with the same tenant and the exercise of options. All other leases are categorized as new.

(3)	Non-comparable leases represent leases signed for expansion square footage, or for space in which there was no former tenant in place for one year or more.

(4)	Includes leasing activity on unconsolidated properties owned by joint ventures.

	23

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Leasing Activity for the three and six months ended June 30, 2015

Total (4)

		Number			GLA			Total Former Average Base Rent ($) (1)				Total Former Average Base Rent (psf) (1)				Total New Average Base Rent ($) (1)				Total New Average Base Rent (psf) (1)				Total Increase (Decrease) ($)				Total Increase (Decrease) (psf)				Percent
New Lease Summary
1Q 2015		11			47,780			$	763			$	15.97			$	911			$	19.07			$	148			$	3.10			19.4	%
2Q 2015		13			43,554			621				14.26				714				16.39				93				2.13				15.0	%
2015 Total		24			91,334			$	1,384			$	15.15			$	1,625			$	17.79			$	241			$	2.64			17.4	%
Renewal Lease Summary (2)
1Q 2015		59			350,148			$	5,288			$	15.10			$	5,755			$	16.44			$	467			$	1.34			8.8	%
2Q 2015		62			233,505			3,720				15.93				3,874				16.59				154				0.66				4.1	%
2015 Total		121			583,653			$	9,008			$	15.43			$	9,629			$	16.50			$	621			$	1.07			6.9	%
Non-Comparable Lease Summary (3)
1Q 2015		10			135,415			$	—			$	—			$	1,533			$	11.32
2Q 2015		7			26,138			—				—				418				15.99
2015 Total		17			161,553			$	—			$	—			$	1,951			$	12.08

(1)	The calculations of former and new average base rents are adjusted for rent abatements on the included leases.

(2)	Renewal leases include expiring leases renewed with the same tenant and the exercise of options. All other leases are categorized as new.

(3)	Non-comparable leases represent leases signed for expansion square footage, or for space in which there was no former tenant in place for one year or more.

(4)	Includes leasing activity on unconsolidated properties owned by joint ventures.

	24

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Leasing Activity - Anchors and Non-Anchors for the three months ended June 30, 2015

Consolidated (1)

New Leases		Non-Anchors (2)				Anchors (2)			Total
Number of Leases		11				—			11
Gross Leasable Area (Sq.Ft.)		33,455				—			33,455
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	16.50			—			16.50
Renewals
Number of Leases		36				6			42
Gross Leasable Area (Sq.Ft.)		75,460				106,222			181,682
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	19.59			11.96			15.13
Non-Comparable Leases (3)
Number of Leases		4				—			4
Gross Leasable Area (Sq.Ft.)		19,346				—			19,346
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	13.70			—			13.70
Total New, Renewal and Non-Comparable Leases
Number of Leases		51				6			57
Gross Leasable Area (Sq.Ft.)		128,261				106,222			234,483
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	17.89			11.96			15.21

Unconsolidated (1) (4)

New Leases		Non-Anchors (2)				Anchors (2)			Total
Number of Leases		2				—			2
Gross Leasable Area (Sq.Ft.)		10,099				—			10,099
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	16.04			—			16.04
Renewals
Number of Leases		20				—			20
Gross Leasable Area (Sq.Ft.)		51,823				—			51,823
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	21.71			—			21.71
Non-Comparable Leases (3)
Number of Leases		3				—			3
Gross Leasable Area (Sq.Ft.)		6,792				—			6,792
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	22.53			—			22.53
Total New, Renewal and Non-Comparable Leases
Number of Leases		25				—			25
Gross Leasable Area (Sq.Ft.)		68,714				—			68,714
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	20.96			—			20.96

Total (1) (4)

New Leases		Non-Anchors (2)				Anchors (2)			Total
Number of Leases		13				—			13
Gross Leasable Area (Sq.Ft.)		43,554				—			43,554
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	16.39			—			16.39
Renewals
Number of Leases		56				6			62
Gross Leasable Area (Sq.Ft.)		127,283				106,222			233,505
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	20.45			11.96			16.59
Non-Comparable Leases (3)
Number of Leases		7				—			7
Gross Leasable Area (Sq.Ft.)		26,138				—			26,138
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	15.99			—			15.99
Total New, Renewal and Non-Comparable Leases
Number of Leases		76				6			82
Gross Leasable Area (Sq.Ft.)		196,975				106,222			303,197
Base Rent/Sq.Ft. ($/Sq.Ft.)		$	18.96			11.96			16.51

(1)	The calculations of average base rents per square foot are adjusted for rent abatements on the included leases.

(2)	The Company defines anchors as single tenants which lease 10,000 or more square feet. Non-anchors are defined as tenants which lease less than 10,000 square feet.

(3)	Non-comparable leases represent leases signed for expansion square footage, or for space in which there was no former tenant in place for one year or more.

(4)	Includes leasing activity on unconsolidated properties owned by joint ventures.

	25

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Property Transactions for the six months ended June 30, 2015

Property Acquisitions

Date		Property		City		State		GLA Sq.Ft.			Approx. Ground Lease Sq. Ft. (1)			Purchase Price				Cap Rate (2)			Financial Occupancy			Anchors		Year Built / Renovated
Consolidated Portfolio
03/10/15		Westbury Square		Huntsville		AL		114,904			—			$	23,417			6.50	%		100	%		Michaels, TJ Maxx, Stein Mart		1990
PGGM Joint Venture
05/29/15		Eastgate Crossing		Cincinnati		OH		174,740			—			21,060				6.60	%		97	%		Marshall's, Ashley Furniture, Kroger, Jo-Ann Fabrics		1991 / 2007
05/07/15		Creekside Commons		Mentor		OH		201,893			6,519			28,300				6.88	%		99	%		Kohl's Gordmans, Home Goods, Party City		1995
04/02/15		Cedar Center North		South Euclid		OH		61,420			—			15,415				7.18	%		90	%		PetSmart		2012
02/02/15		Argonne Village		Lakeville		MN		109,869			—			26,304				6.61	%		100	%		Roundy's (subleased to Cub Foods)		2005
IPCC Joint Venture
06/05/15		University Center		Jacksonville		FL		102,885			2,866			15,750				6.95	%		100	%		Dollar Tree, TJ Maxx, Beall's Outlet, LA Fitness,		1974 / 2014
IRC-NARE Joint Venture
02/12/15		1300 Meacham Road (3)		Schaumburg		IL		—			—			4,500				(3)			(3)			(3)		(3)
								765,711			9,385			$	134,746

Property Dispositions

Date		Property		City		State		GLA Sq.Ft.			Approx. Ground Lease Sq. Ft. (4)			Sales Price				Gain on Sale				Provision for Asset Impairment
Consolidated Portfolio
06/30/15		Mokena Marketplace (partial)		Mokena		IL		—			—			$	775			$	329			$	—
06/05/15		Eastgate Center		Lombard		IL		129,101			—			4,100				—				2,397
05/14/15		Park Square Outlot		Brooklyn Park		MN		5,620			—			1,600				912				—
02/26/15		Mokena Marketplace (partial)		Mokena		IL		—			4,305			5,325				1,434				—
								134,721			4,305			$	11,800			$	2,675			$	2,397

Development Property Dispositions

Date		Property		City		State		Acres			Sales Price				Gain on Sale (4)
TTDI Joint Venture
01/16/15		Tanglewood Pavilion (partial)		Elizabeth City		NC		1.1			$	515			$	72
								1.1			$	515			$	72

(1)	The purchase price of these properties includes square footage subject to ground leases. Ground lease square footage is not included in our GLA.

(2)

The cap rate disclosed is as of the time of acquisition and is calculated by dividing the forecasted net operating income ("NOI") by the purchase price. Forecasted NOI is defined as forecasted net income for the twelve months following the acquisition of the property, calculated in accordance with U.S. GAAP, excluding straight-line rental income, amortization of lease intangibles, interest, depreciation, amortization and bad debt expense, less a vacancy factor to allow for potential tenant move-outs or defaults.

(3)	Our joint venture with North American Real Estate acquired land to develop three pad sites which will be ground lease or build-to-suit opportunities.

(4)	The sales price of these properties includes square footage subject to ground leases. Ground lease square footage is not included in our GLA.

(5)	Amounts shown are our pro-rata share.

	26

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Development Pipeline as of June 30, 2015

Project / Entity		Major Tenants		Anticipated Construction Completion Date			Estimated Budget Costs				Estimated IRC Equity to be Invested				Project Costs to Date				IRC Equity Invested to Date				Projected GLA upon completion
Active Development Projects
Pulaski Promenade Chicago, IL INP Retail LP (1)		Michaels, Ross Dress for Less, Marshall's, Shoe Carnival, PetSmart		Q4 2015			$	26,458			$	3,871			$	16,282			$	3,853			133,281
Tanglewood Pavilion Elizabeth City, NC IRC/Thompson Thrift		TJ Maxx, Ross Dress for Less, Hobby Lobby, Wal-Mart(non-owned)		Q4 2015			22,126				3,945				9,913				3,945				157,847
Shoppes at Rainbow Landing Rainbow City, AL Consolidated		Publix		Q4 2015			12,679				12,679				7,682				7,682				64,759
1300 Meacham Road Schaumburg, IL IRC/NARE		None		Q3 2016			8,500				8,075				4,592				4,378				10,000-18,000
Southshore Shopping Center Boise, ID Consolidated		Gordmans, Albertsons (non-owned)		—			—				—				5,910				5,910				106,972
Redevelopment Projects
Joliet Commons Ph I & II Joliet, IL Consolidated		Dick's Sporting Goods, DSW Shoe Warehouse		Q3 2015			6,630				6,630				1,072				1,072				—
Dunkirk Square Maple Grove, MN Consolidated		Hobby Lobby		Q3 2015			1,600				1,600				348				348				—
Land Held for Future Development
Savannah Crossing Aurora, IL TMK/Inland Aurora Venture LLC		Wal-Mart (non-owned), Walgreens (non-owned)		—			—				—				2,067				—				—
North Aurora Towne Centre North Aurora, IL Consolidated		Best Buy, Target (non-owned), JC Penney (non-owned)		—			—				—				12,171				12,171				—
Shops at Lakemoor Lakemoor, IL Consolidated		None		—			—				—				11,009				11,009				—

(1)	The estimated budget is shown net of approximately $5,900 of anticipated TIF proceeds, the final amount of which will be determined upon project completion.

	27

---

Unconsolidated Joint Venture Summary as of June 30, 2015

Venture with PGGM Private Real Estate Fund (INP Retail LP)

Date		Property		City		State		GLA			IRC % Interest			IRC Investment
07/01/10		Mallard Crossing Shopping Center		Elk Grove Village		IL		82,920			55	%		$	2,580
07/01/10		Shannon Square Shoppes		Arden Hills		MN		97,638			55	%		5,242
07/01/10		Woodland Commons		Buffalo Grove		IL		170,034			55	%		3,694
08/30/10		Point at Clark		Chicago		IL		95,455			55	%		5,224
10/25/10		Diffley Marketplace		Egan		MN		71,903			55	%		3,720
01/11/11		Joffco Square		Chicago		IL		95,204			55	%		4,915
03/01/11		Byerly's Burnsville		Burnsville		MN		72,339			55	%		1,856
03/08/11		Shops of Plymouth Town Center		Plymouth		MN		84,003			55	%		(779		)
06/02/11		Red Top Plaza		Libertyville		IL		151,840			55	%		4,624
06/02/11		Village Ten Shopping Center		Coon Rapids		MN		208,127			55	%		1,757
09/19/11		Stuart's Crossing		St. Charles		IL		85,529			55	%		(842		)
09/21/11		Champlin Marketplace		Champlin		MN		91,970			55	%		2,990
11/09/11		Quarry Retail		Minneapolis		MN		281,472			55	%		(3,324		)
11/15/11		Caton Crossings		Plainfield		IL		83,792			55	%		(1,388		)
11/18/11		Woodfield Plaza		Schaumburg		IL		177,160			55	%		(5,293		)
11/29/11		Brownstones Shopping Center		Brookfield		WI		137,816			55	%		4,241
12/07/11		Elston Plaza		Chicago		IL		87,946			55	%		3,833
12/15/11		Turfway Commons		Florence		KY		105,471			55	%		1,922
02/21/12		Riverdale Commons		Coon Rapids		MN		231,753			55	%		(1,020		)
02/24/12		Silver Lake Village		St. Anthony		MN		162,737			55	%		7,949
02/29/12		Stone Creek Towne Center		Cincinnati		OH		142,824			55	%		6,363
04/10/12		Four Flaggs		Niles		IL		325,972			55	%		8,936
04/13/12		Woodbury Commons		Woodbury		MN		116,196			55	%		5,925
12/11/12		Westgate		Fairview Park		OH		241,838			55	%		15,808
08/20/13		Evergreen Promenade		Evergreen Park		IL		92,423			55	%		1,730
09/11/13		Capitol and 124th Shopping Center		Wauwatosa		WI		54,204			55	%		5,403
09/11/13		Pilgrim Village		Menomonee Falls		WI		31,331			55	%		4,857
09/11/13		Timmerman Plaza		Milwaukee		WI		40,343			55	%		2,790
10/08/13		Cedar Center South		University Heights		OH		136,080			55	%		4,219
12/19/13		Fort Smith Pavilion		Fort Smith		AR		280,568			55	%		4,972
06/30/14		Newport Pavilion		Newport		KY		205,053			55	%		19,291
08/19/14		Princess City Plaza		Mishawaka		IN		172,181			55	%		15,348
09/10/14		Pulaski Promenade (1)		Chicago		IL		—			55	%		3,406
02/02/15		Argonne Village		Lakeville		MN		109,869			55	%		14,327
04/02/15		Cedar Center North		South Euclid		OH		61,420			55	%		2,374
05/07/15		Creekside Commons		Mentor		OH		201,893			55	%		6,364
05/29/15		Eastgate Crossing		Cincinnati		OH		174,740			55	%		3,540
								4,962,044						$	167,554

Development Joint Venture with TMK Development (TMK/Inland Aurora Venture, LLC)

Date

Property

City

State

Acres

IRC % Interest

IRC Investment

01/05/06

Savannah Crossing

Aurora

IL

5 Acres

40

%

$

(314

)

1)	Our joint venture with PGGM acquired vacant land to develop approximately 133,000 square feet of retail space through a development partnership that is 80% pre-leased to Marshall's, Ross Dress for Less, Michaels, PetSmart and Shoe Carnival.

	28

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Unconsolidated Joint Venture Summary as of June 30, 2015

Joint Venture with Inland Private Capital Corporation ("IPCC") (IRC/IREX Venture II, LLC)

Date

Property (1)

City

State

GLA

IRC % Interest

IRC Investment

10/14/14

Family Dollar Portfolio (2)

Various

Various

97,076

2

%

128

97,076

$

128

IPCC Joint Venture Property Status

Property (1)		Location		% DST Ownership			Pro Rata Share of Acquisition Fee				Acquisition Fee Earned for the three months ended June 30, 2015
Mountain View Square		Wausau, WI		100	%		$	143			$	38
Family Dollar Portfolio (2)		Various		98	%		225				73
Family Dollar Portfolio (3)		Various		100	%		274				41
							$	642			$	152

1)	These properties are not consolidated because upon the first sale of equity interest by the joint venture through a private placement offering with respect to a particular property, the Company begins accounting for its equity interest in that property under the equity method of accounting.

2)	This portfolio includes twelve Family Dollar stores, located in Fruitland Park, FL, Bell, FL, Ocala, FL, Citrus Springs, FL, Phenix City, AL, Ponchatoula, LA, Oklahoma City, OK, Tulsa, OK, Salisbury, NC, King George, VA, Farmington, NY and Independence, KY.

3)	This portfolio includes fourteen Family Dollar stores, located in Rice, TX, Fort Worth, TX, Bremond, TX, Sardis, GA, McDonough, GA, Leesburg, GA, Mableton, GA, Macon (Mercer), GA, Clarkston, GA, Columbus, GA, Macon (Rocky Creek), GA, Huber Heights, OH, Pacolet, SC, Chaffee, MO.

	29

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Investment Properties as of June 30, 2015

As of June 30, 2015, we owned fee simple interests in 99 investment properties (excluding properties owned by unconsolidated joint ventures) and we owned Delaware Statutory Trust interests in the 1 property owned through our IPCC joint venture. Total properties are comprised of 11 single-user retail properties, 34 Neighborhood Retail Centers, 27 Community Centers, 27 Power Centers and 1 Lifestyle Center. These investment properties are located in the states of Alabama (1), Florida (2), Illinois (65), Indiana (5), Minnesota (17), Nebraska (1), Ohio (2) and Wisconsin (7). Most tenants of the investment properties are responsible for the payment of some or all of the real estate taxes, insurance and common area maintenance.

Property

City

State

Gross Leasable Area (Sq Ft)

Date Acq.

Year Built/ Renovated

Financial Occupancy (1)

Anchor Tenants (2)

Single-User

Carmax

Schaumburg

IL

93,333

12/98

1998

100

%

Carmax

Carmax

Tinley Park

IL

94,518

12/98

1998

100

%

Carmax

Cub Foods

Hutchinson

MN

60,208

01/03

1999

100% (3)

Cub Foods (3)

Freeport Commons

Freeport

IL

24,049

12/98

1998

100

%

Staples

Fresh Market

Lincolnshire

IL

20,414

10/12

2013

100

%

The Fresh Market

Glendale Heights Retail

Glendale Heights

IL

68,879

09/97

1997

100% (3)

Dominick's (3)

Mosaic Crossing

West Chicago

IL

78,271

01/98

1990/2013

100

%

Old Time Pottery

PetSmart

Gurnee

IL

25,692

04/01

1997

100

%

PetSmart

Pick 'N Save

Waupaca

WI

63,780

03/06

2002

100

%

Pick 'N Save

Roundy's

Menomonee Falls

WI

103,611

11/10

2010

100

%

Super Pick 'N Save

Verizon

Joliet

IL

4,504

05/97

1995

100

%

None

Neighborhood Retail Centers

22nd Street Plaza Outlot

Oakbrook Terrace

IL

9,970

11/97

1985/2004

100

%

None

Big Lake Town Square

Big Lake

MN

67,858

01/06

2005

100

%

Coborn's Super Store

Brunswick Market Center

Brunswick

OH

119,540

12/02

1997/1998

96

%

Buehler's Fresh Foods

Cliff Lake Centre

Eagan

MN

74,182

09/99

1988

95

%

None

Cobbler Crossing

Elgin

IL

102,643

05/97

1993

92

%

Jewel Osco

Downers Grove Market

Downers Grove

IL

103,419

03/98

1998

100

%

Angelo Caputo's

Dunkirk Square

Maple Grove

MN

89,352

09/99

1998/2014

28

%

Dollar Tree

Edinburgh Festival

Brooklyn Park

MN

91,563

10/98

1997

95

%

Festival Foods

Elmhurst City Centre

Elmhurst

IL

39,090

02/98

1994/2002

100

%

Walgreens (4)

Forest Lake Marketplace

Forest Lake

MN

93,853

09/02

2001

97% (3)

Cub Foods

Grand Hunt Center Outlot

Gurnee

IL

21,194

12/96

1996

100

%

None

Hammond Mills

Hammond

IN

78,801

12/98 05/99

1998/1999/2011

100

%

Food 4 Less

Hickory Creek Market Place

Frankfort

IL

55,831

08/99

1999

90

%

Goodwill

Iroquois Center

Naperville

IL

140,981

12/97

1983

64% (3)

Planet Fitness, Xilin Association

Maple View

Grayslake

IL

105,642

03/05

2000/2005

100

%

Jewel Osco

Medina Marketplace

Medina

OH

92,446

12/02

1956/1999/ 2010

98

%

Giant Eagle

Mundelein Plaza

Mundelein

IL

16,803

03/96

1990

100

%

None

Nantucket Square

Schaumburg

IL

56,981

09/95

1980/2011

91

%

Go Play/Kidtown USA

Oak Forest Commons

Oak Forest

IL

108,563

03/98

1998

82

%

Food 4 Less, O'Reilly Auto Parts

Oak Forest Commons III

Oak Forest

IL

7,424

06/99

1999

40

%

None

Plymouth Collection

Plymouth

MN

45,915

01/99

1999

100

%

Golf Galaxy

Ravinia Plaza

Orland Park

IL

101,605

10/06

1990/2012

98

%

Whole Foods Market, Pier 1 Imports, Eva's Bridal

Regal Showplace

Crystal Lake

IL

89,928

03/05

1998

100

%

Regal Cinemas

Rose Plaza

Elmwood Park

IL

24,204

11/98

1997

100

%

Binny's Beverage Depot

Schaumburg Plaza

Schaumburg

IL

61,282

06/98

1994/2012

93

%

Jo-Ann, Party City

Shoppes at Mill Creek

Palos Park

IL

102,422

03/98

1989

94% (3)

Jewel Osco

Shops at Cooper's Grove

Country Club Hills

IL

72,518

01/98

1991

18

%

None

Six Corners Plaza

Chicago

IL

80,596

10/96

1966/2005

96

%

L.A. Fitness, Fallas

St. James Crossing

Westmont

IL

49,994

03/98

1990

82

%

None

Townes Crossing

Oswego

IL

105,989

08/02

1988

87

%

Jewel Osco

Wauconda Crossings

Wauconda

IL

90,167

08/06

1997

97% (3)

Dominick's (3), Walgreens

Wauconda Shopping Center

Wauconda

IL

34,286

05/98

1988

88

%

Dollar Tree

Westriver Crossings

Joliet

IL

32,452

08/99

1999

90

%

None

Woodland Heights

Streamwood

IL

120,436

06/98

1956/1997

94

%

Jewel Osco, U.S. Postal Service

	30

---

Investment Properties as of June 30, 2015

Property

City

State

Gross Leasable Area (Sq Ft)

Date Acq.

Year Built/ Renovated

Financial Occupancy (1)

Anchor Tenants (2)

Community Centers

Apache Shoppes

Rochester

MN

60,780

12/06

2005/2006/ 2010

100

%

Trader Joe's, Chuck E. Cheese's

Aurora Commons

Aurora

IL

126,088

01/97

1988/2013

78

%

Ross Dress for Less, Dollar Tree, Fallas

Bergen Plaza

Oakdale

MN

262,525

04/98

1978

62

%

Cub Foods, Dollar Tree

Bohl Farm Marketplace

Crystal Lake

IL

97,287

12/00

2000

98

%

Dress Barn, Barnes & Noble, Buy Buy Baby

Burnsville Crossing

Burnsville

MN

97,210

09/99

1989/2010

96

%

PetSmart, Becker Furniture World

Chatham Ridge

Chicago

IL

175,991

02/00

1999/2009

100

%

Food 4 Less, Marshall's, Anna's Linens

Chestnut Court

Darien

IL

172,918

03/98

1987/2009/ 2012

97

%

X-Sport Fitness, Tuesday Morning, Jo-Ann, Oakridge Hobbies & Toys, Ross Dress for Less, Salvation Army Family Store

Goldenrod Marketplace

Orlando

FL

91,497

12/13

2013

92

%

LA Fitness, Marshall's

Greentree Centre & Outlot

Racine

WI

169,268

02/05

1990/1993

94

%

Pick 'N Save, K-Mart

Hawthorn Village Commons

Vernon Hills

IL

98,806

08/96

1979/2012

94

%

Dollar Tree, Hobby Lobby

Lansing Square

Lansing

IL

56,613

12/96

1991/2014

31

%

None

Marketplace at Six Corners

Chicago

IL

116,941

11/98

1997

100

%

Jewel Osco, Marshall's

Mokena Marketplace

Mokena

IL

49,058

03/14

2008

76

%

Party City, PetSmart

Orchard Crossing

Ft. Wayne

IN

130,131

04/07

2008

92

%

Gordmans, Dollar Tree

Park Avenue Centre

Highland Park

IL

64,943

06/97

1996/2005/ 2010

100

%

Staples, TREK Bicycle Store, Illinois Bone and Joint

Park Center

Tinley Park

IL

132,288

12/98

1988

83

%

Charter Fitness, Chuck E. Cheese's, Old Country Buffet, Sears Outlet

Park St. Claire

Schaumburg

IL

83,259

12/96 05/97

1994/1996

100% (3)

Dominick's (3)

Shingle Creek Center

Brooklyn Center

MN

39,146

09/99

1986

75

%

None

Shops at Orchard Place

Skokie

IL

159,091

12/02

2000

98

%

DSW Shoe Warehouse, Ulta, Pier 1 Imports, Petco, Walter E Smithe, Party City, Nordstrom Rack

Skokie Fashion Square

Skokie

IL

84,857

12/97

1984/2010

98

%

Ross Dress for Less, Produce World

Skokie Fashion Square II

Skokie

IL

7,151

11/04

1984/2010

100

%

None

Thatcher Woods Center

River Grove

IL

187,710

04/02

1969/1999

86

%

Walgreens, Hanging Garden Banquet, Binny's Beverage Depot, Sears Outlet, Dominick's (subleased to Rich's Fresh Market), Ross Dress for Less

The Plaza

Brookfield

WI

107,952

02/99

1985

86

%

CVS, Guitar Center, Hooters

Two Rivers Plaza

Bolingbrook

IL

57,900

10/98

1994

100

%

Marshall's, Pier 1 Imports

University Center

St. Paul

MN

43,645

09/99

1998/2013

100

%

High School for the Recording Arts

Westbury Square

Huntsville

AL

114,904

03/15

1990

99

%

Michaels, TJ Maxx, Stein Mart

Community Centers (IPCC Joint Venture)

University Center

Jacksonville

FL

102,885

06/15

1974/2014

100

%

Dollar Tree, LA Fitness, Beal's Outlet, TJ Maxx

Power Centers

Baytowne Shoppes/Square

Champaign

IL

118,305

02/99

1993

100% (3)

Staples, PetSmart, Party City, Citi Trends, Ulta

Bradley Commons

Bourbonnais

IL

174,348

11/11

2007/2011

99

%

Shoe Carnival, Ulta, Bed, Bath & Beyond, Dick's Sporting Goods, Petco

Crystal Point

Crystal Lake

IL

357,914

07/04

1976/1998/ 2012

97% (3)

Best Buy, K-Mart (3), Bed, Bath & Beyond, The Sports Authority, World Market, Ross Dress for Less, The Fresh Market

Deertrace Kohler

Kohler

WI

149,924

07/02

2000

98

%

The Boston Store, TJ Maxx, Dollar Tree, Ulta, Jo-Ann

Deertrace Kohler II

Kohler

WI

24,292

08/04

2003/2004

100

%

None

Joliet Commons

Joliet

IL

123,963

10/98

1995

100

%

PetSmart, Barnes & Noble, Old Navy, Party City, Jo-Ann, BC Osaka Hibachi Grill

Joliet Commons Phase II

Joliet

IL

40,395

02/00

1999

42

%

None

Mankato Heights Plaza

Mankato

MN

155,173

04/03

2002

96

%

TJ Maxx, Michaels, Old Navy, Pier 1 Imports, Petco

Maple Park Place

Bolingbrook

IL

210,746

01/97

1992/2004

98

%

X-Sport Fitness, The Sports Authority, Best Buy, Ross Dress for Less, Party City

Orland Park Place

Orland Park

IL

592,495

04/05

1980/1999

100

%

K & G Superstore, Old Navy, Stein Mart, Tiger Direct, Barnes & Noble, DSW Shoe Warehouse, Bed, Bath & Beyond, Binny's Beverage Depot, Nordstrom Rack, Dick's Sporting Goods, Marshall's, Buy Buy Baby, HH Gregg, Ross Dress for Less, Penny Mustard Furnishings

Orland Park Place Outlots

Orland Park

IL

11,900

08/07

2007

100

%

Dao

Orland Park Place Outlots II

Orland Park

IL

22,966

04/12

2007

91

%

None

	31

---

Investment Properties as of June 30, 2015

Property

City

State

Gross Leasable Area (Sq Ft)

Date Acq.

Year Built/ Renovated

Financial Occupancy (1)

Anchor Tenants (2)

Power Centers

Park Place Plaza

St. Louis Park

MN

88,999

09/99

1997/2006

100

%

Office Max, PetSmart

Pine Tree Plaza

Janesville

WI

186,523

10/99

1998

98

%

Gander Mountain, TJ Maxx, Staples, Michaels, Old Navy, Petco

Prairie Crossings Shopping Center

Frankfort

IL

109,079

10/14

2003

99

%

Office Depot, The Sports Authority, Bed, Bath & Beyond

Randall Square

Geneva

IL

216,674

05/99

1999

95

%

Marshall's, Bed, Bath & Beyond, PetSmart, Michaels, Party City, Old Navy

Rivertree Court

Vernon Hills

IL

308,610

07/97

1988/2011

98% (3)

Best Buy, Discovery Clothing, TJ Maxx, Michaels, Harlem Furniture, Gordmans, Old Navy, Pier 1 Imports, Ross Dress for Less, Shoe Carnival

Rochester Marketplace

Rochester

MN

70,213

09/03

2001/2003

100

%

Staples, PetSmart

Salem Square

Countryside

IL

116,992

08/96

1973/1985/ 2009

100

%

TJ Maxx/Home Goods, Marshall's

Schaumburg Promenade

Schaumburg

IL

91,831

12/99

1999

100

%

Ashley Furniture, DSW Shoe Warehouse, Destination XL

Shakopee Outlot

Shakopee

MN

12,285

03/06

2007

100

%

None

Shakopee Valley Marketplace

Shakopee

MN

146,362

12/02

2000/2001

99% (3)

Kohl's, Office Max

Shoppes at Grayhawk

Omaha

NE

81,000

02/06

2001/2004

84

%

Michaels, Lowe's (5)

University Crossings

Granger

IN

111,651

10/03

2003

94

%

Marshall's, Petco, Dollar Tree, Pier 1 Imports, Ross Medical Education Center, Babies R Us (5)

Valparaiso Walk

Valparaiso

IN

137,500

12/12

2005

100

%

Best Buy, Michaels, Marshall's, Bed, Bath & Beyond

Warsaw Commons

Warsaw

IN

87,826

04/13

2012

96

%

Dollar Tree, TJ Maxx, PetSmart, Ulta

Woodfield Commons E/W

Schaumburg

IL

208,148

10/98

1973/1975/ 1997/2007/ 2012

100

%

Toys R Us, Discovery Clothing, REI, Hobby Lobby, Ross Dress for Less, Half Price Books

Lifestyle Centers

Algonquin Commons

Algonquin

IL

563,704

02/06

2004/2005

91% (3)

PetSmart, Office Max, Pottery Barn, Old Navy, DSW Shoe Warehouse, Discovery Clothing, Dick's Sporting Goods, Trader Joe's, Ulta, Charming Charlie, Ross Dress for Less, Gordmans

Total

10,535,851

93

%

	32

---

Investment Properties as of June 30, 2015

As of June 30, 2015, we owned fee simple interests in 36 investment properties through our unconsolidated joint ventures and we owned Delaware Statutory Trust interests in the 12 properties owned through our IPCC joint venture. Total properties are comprised of 12 single-user retail properties, 14 Neighborhood Retail Centers, 9 Community Centers and 13 Power Centers. These investment properties are located in the states of Alabama (1), Arkansas (1), Florida (4), Illinois (11), Indiana (1), Kentucky (3), Louisiana (1), Minnesota (11), North Carolina (1), New York (1), Ohio (6), Oklahoma (2), Virginia (1) and Wisconsin (4). Most tenants of the investment properties are responsible for the payment of some or all of the real estate taxes, insurance and common area maintenance.

Property

City

State

Gross Leasable Area (Sq Ft)

Date Acq.

Year Built/ Renovated

Financial Occupancy (1)

Anchor Tenants (2)

Single-User (IPCC Joint Venture)

Family Dollar

Bell

FL

7,958

10/14

2014

100

%

None

Family Dollar

Citrus Springs

FL

7,958

10/14

2014

100

%

None

Family Dollar

Farmington

NY

7,647

10/14

2014

100

%

None

Family Dollar

Fruitland Park

FL

7,958

10/14

2013

100

%

None

Family Dollar

Independence

KY

7,958

10/14

2012

100

%

None

Family Dollar

King George

VA

8,320

10/14

2014

100

%

None

Family Dollar

Ocala

FL

7,958

10/14

2014

100

%

None

Family Dollar

Oklahoma City

OK

7,958

10/14

2014

100

%

None

Family Dollar

Phenix City

AL

8,320

10/14

2013

100

%

None

Family Dollar

Ponchatoula

LA

8,320

10/14

2013

100

%

None

Family Dollar

Salisbury

NC

8,763

10/14

2013

100

%

None

Family Dollar

Turley

OK

7,958

10/14

2014

100

%

None

Neighborhood Retail Centers

Argonne Village

Lakeville

MN

109,869

02/15

2005

100

%

Roundy's (subleased to Cub Foods)

Byerly's Burnsville

Burnsville

MN

72,339

09/99

1988

100

%

Byerly's Food Store, Erik's Bike Shop

Capitol and 124th Shopping Center

Wauwatosa

WI

54,204

09/13

1998/2012

100

%

Wal-Mart, Petco

Caton Crossings

Plainfield

IL

83,792

06/03

1998

98

%

Tony's Finer Foods

Champlin Marketplace

Champlin

MN

91,970

09/11

1999/2005

95

%

Cub Foods

Diffley Marketplace

Egan

MN

71,903

10/10

2008

91

%

Cub Foods

Elston Plaza

Chicago

IL

87,946

12/11

1983/2010

100

%

Jewel Osco, O'Reilly Auto Parts

Mallard Crossing Shopping Center

Elk Grove Village

IL

82,920

05/97

1993

94% (3)

Food 4 Less (3)

Pilgrim Village

Menomonee Falls

WI

31,331

09/13

1984/2012

100

%

Wal-Mart (5), Friends of Nature

Red Top Plaza

Libertyville

IL

151,840

06/11

1981/2008

93

%

Jewel Osco

Shannon Square Shoppes

Arden Hills

MN

97,638

03/04 06/04

2003

90

%

Cub Foods

Shops of Plymouth Town Center

Plymouth

MN

84,003

03/99

1991

100

%

The Foursome, Inc., Cub Foods

Stuart's Crossing

St. Charles

IL

85,529

08/98

1999

98

%

Jewel Osco

Timmerman Plaza

Milwaukee

WI

40,343

09/13

1965/2013

68

%

Dollar Tree

Community Centers

Brownstones Shopping Center

Brookfield

WI

137,816

11/11

1989/2009

96

%

Metro Market, TJ Maxx

Cedar Center North

South Euclid

OH

61,420

04/15

2012

90

%

PetSmart

Cedar Center South

University Heights

OH

136,080

10/13

1960/2006

81

%

Tuesday Morning, Whole Foods Market, CVS, Dollar Tree

Creekside Commons

Mentor

OH

201,893

05/15

1995

99

%

Home Goods, Party City, Kohl's, Gordmans

Eastgate Crossing

Cincinnati

OH

174,740

05/15

1991/2007

97

%

Marshall's, Jo-Ann, Kroger, Ashley Furniture

Evergreen Promenade

Evergreen Park

IL

92,423

08/13

2014

96

%

Mariano's, PetSmart

Village Ten Shopping Center

Coon Rapids

MN

208,127

08/03

2002

100

%

Dollar Tree, Life Time Fitness, Cub Foods

Woodbury Commons

Woodbury

MN

116,196

02/12

1992/2004/ 2012

97% (3)

Hancock Fabrics, Schuler Shoes, Dollar Tree, Becker Furniture World

Woodland Commons

Buffalo Grove

IL

170,034

02/99

1991/2013

89

%

Mariano's, Marshall's

	33

---

Investment Properties as of June 30, 2015

Property

City

State

Gross Leasable Area (Sq Ft)

Date Acq.

Year Built/ Renovated

Financial Occupancy (1)

Anchor Tenants (2)

Power Centers

Fort Smith Pavilion

Fort Smith

AR

280,568

12/13

2009/2011/ 2013

94

%

Dick's Sporting Goods, Best Buy, Michaels, Books-A-Million, Old Navy, Shoe Carnival, Ulta, Bed Bath & Beyond, Petco

Four Flaggs

Niles

IL

325,972

11/02

1973/1998/ 2001/2010

98% (3)

Fresh Farms, Party City, Marshall's, PetSmart, Office Depot, Old Navy, Global Clinic, Ashley Furniture, Sears Outlet, Jo-Ann, Shoe Carnival

Joffco Square

Chicago

IL

95,204

01/11

2008

100

%

Bed, Bath & Beyond, Best Buy, Jo-Ann

Newport Pavilion

Newport

KY

205,053

06/14

2009/2011

91

%

Kroger (5), TJ Maxx, Dick's Sporting Goods, Michaels, PetSmart, Ulta

Point at Clark

Chicago

IL

95,455

06/10

1996

95

%

DSW Shoe Warehouse, Marshall's, Michaels

Princess City Plaza

Mishawaka

IN

172,181

08/14

1998/2002

99

%

Gordmans, PetSmart, Dick's Sporting Goods, Old Navy, Shoe Carnival

Quarry Retail

Minneapolis

MN

281,472

09/99

1997

100

%

Home Depot, Cub Foods, PetSmart, Office Max, Party City, Michaels

Riverdale Commons

Coon Rapids

MN

231,753

09/99

1999

99% (3)

Rainbow (3), The Sports Authority, Office Max, Petco, Party City, Home Goods, Michaels

Silver Lake Village

St. Anthony

MN

162,737

02/12

1996/2005

91

%

North Memorial Healthcare, Cub Foods, Wal-Mart (5)

Stone Creek Towne Center

Cincinnati

OH

142,824

02/12

2008/2010

98

%

Bed, Bath & Beyond, Best Buy, Old Navy

Turfway Commons

Florence

KY

105,471

12/11

1993/2007

100

%

Babies 'R' Us, Half Price Books, Guitar Center, Michaels

Westgate

Fairview Park

OH

241,838

03/12

2007/2011

90

%

Books-A-Million, Lowe's (5), Petco, Marshall's, Kohl's (5), Earth Fare

Woodfield Plaza

Schaumburg

IL

177,160

01/98

1992

92

%

Kohl's, Barnes & Noble, Buy Buy Baby, David's Bridal

Total

5,059,120

95

%

Total/Weighted Average

15,594,971

94

%

(1)	Financial Occupancy is defined as the percentage of total gross leasable area for which a tenant is obligated to pay rent under the terms of its lease agreement, regardless of the actual use or occupation by that tenant of the area being leased excluding tenants in their abatement period.

(2)	Anchor tenants are defined as any tenant occupying 10,000 or more square feet. The trade name used in this table may be different than the tenant name on the lease.

(3)	Tenant has vacated their space but is still contractually obligated under their lease to pay rent.

(4)	Beginning with the earlier date listed, pursuant to the terms of the lease, the tenant has a right to terminate prior to the lease expiration date.

(5)	Ground lease tenants, ground lease square footage is excluded from GLA as we do not own that square footage.

	34