923284--3/2/2009--INLAND_REAL_ESTATE

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{tax, income, asset}

{investment, property, distribution}

{loan, real, estate}

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{loss, insurance, financial}

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{debt, indebtedness, cash}

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ompete with numerous other parties or entities for real estate and tenants. Our performance and value are subject to risks associated with our real estate assets and with the real estate industry. Severe dislocation in global market will likely have a negative impact on our performance. Tenants may fail to pay their rent, declare bankruptcy or seek to restructure their leases. Leases on approximately 9% of total leased square feet in our consolidated portfolio and approximately 3% in our unconsolidated portfolio expire during 2009. Property taxes may increase. Our investment in preferred and common equity securities have, and may in the future, negatively impact our results. We face risks associated with property acquisitions. Acquired properties may expose us to unknown liability. We may not be able to quickly vary our portfolio. Failure to Qualify as a REIT. If we fail to qualify as a REIT in any taxable year, our operations and distributions to stockholders will be adversely affected. We face possible adverse changes in tax laws. In certain circumstances, we may be subject to federal and state income taxes as a REIT, which would reduce our cash available to pay distributions. Distributions to tax-exempt investors may be classified as unrelated business tax income. If we pay distributions that exceed our cash flow from operations, we will have less funds available for other purposes and the amount of distributions may not be sustainable. In order to maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions. We often need to borrow money to finance our business. Our degree of leverage could limit our ability to obtain additional financing or affect the market price of our common stock. Covenants in our debt agreements could adversely affect our financial condition. To hedge against interest rate fluctuations, we may use derivative financial instruments that may be costly and ineffective and may reduce the overall returns on your investment. Our objectives may conflict with those of our joint venture partners. Third parties may be discouraged from making acquisition or other proposals that may be in Changes in market conditions could adversely affect the market price of our common stock. Further issuances of equity securities may be dilutive to current stockholders. Some potential losses are not covered by insurance. Potential liability for environmental contamination could result in substantial costs. Compliance or failure to comply with the Americans with Disabilities Act or other safety regulations and requirements could result in substantial costs.

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923284--3/2/2009--INLAND_REAL_ESTATE_CORP