Inland Real Estate Corporation (NYSE: IRC) today announced that its Board of Directors has authorized a debt repurchase program under which the Company may from time to time repurchase in open market or private transactions up to $30.0 million in principal amount of the Company's outstanding 4.625% convertible senior notes due 2026.

The Company also announced that, pursuant to the Board's authorization, it has repurchased in a privately negotiated transaction $10.5 million in principal amount of its convertible senior notes using available funds on hand.
Subsequent to the debt repurchase, approximately $169.5 million in principal amount of convertible senior notes remains outstanding. Holders of the convertible senior notes may require the Company to repurchase all or a portion of the notes for cash at a purchase price equal to the principal amount plus accrued and unpaid interest, if any, beginning in November 2011. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated in its entirety in this Item 8.01 disclosure by reference.

(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 December 8, 2008