Inland Real Estate Corporation Announces Acquisition of Westbury Square in Huntsville, Alabama

- Center Anchored by Stein Mart, TJMaxx and Michaels -

OAK BROOK, Ill.--(BUSINESS WIRE)-- Inland Real Estate Corporation (NYSE: IRC) today announced that it has acquired Westbury Square, a community shopping center aggregating approximately 115,000 square feet of leasable space, located in Huntsville, Alabama, for $23.4 million in cash. The 100-percent-leased center is anchored by Stein Mart, TJMaxx and Michaels, and features a vibrant mix of other national and local retailers, restaurants and service providers, including Jimmy John’s, Moe’s Southwest Grill, Jenny Craig, and BB&T.

“Westbury Square is well-positioned in a dominant location within an infill trade area and is fully-leased to a high-quality mix of retailers, attributes that should support strong tenant sales and sustained income growth at the center,” said Scott Carr, executive vice president and chief investment officer for Inland Real Estate Corporation. “In addition, the center is the fourth acquisition we have completed in the southeastern region of the United States over the past 15 months, and represents further progress toward our goal of enhancing the diversification of our operating platform.”

Westbury Square’s key position at the highly-trafficked intersection of Highway 53 (Memorial Parkway South) and Airport Road provides a permanent location advantage. Highway 53 is the primary north-south artery bringing traffic into downtown Huntsville from the affluent southern suburbs and is a main route used by commuters to the U.S. Army’s Redstone Arsenal. Airport Road is a major east-west thoroughfare providing direct access to Highway 53. In addition to commuters, Westbury Square serves a growing immediate trade area of upper-to-middle income neighborhoods with a 3-mile population of nearly 50,000 and average household income of approximately $68,000.

The Huntsville community is a primary economic engine for the northern Alabama and southern Tennessee regions. Huntsville, also known as “Rocket City”, is the heart of the northern Alabama industrial complex. In addition to the Redstone Arsenal, the Huntsville area is home to the NASA Marshall Space Flight Center, Cummings Research Park, and more than 90 companies representing nearly every major U.S. aerospace corporation. The economy in the Huntsville area is one of the strongest in the Southeast, with low unemployment and steady job growth. In 2013, the Huntsville metropolitan area became the 2nd largest MSA in Alabama.

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 United States. As of December 31, 2014, the Company owned interests in 132 fee simple investment properties, including 32 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. Additional information on Inland Real Estate Corporation is available at www.inlandrealestate.com. To connect with Inland Real Estate Corporation via LinkedIn, visit http://www.linkedin.com/company/inland-real-estate-corporation, or via Twitter at www.twitter.com/IRC_REIT.

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.

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Inland Real Estate Corporation
Dawn Benchelt, Director of Investor Relations
(630) 218-7364
[email protected]

Source: Inland Real Estate Corporation

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