Inland American Real Estate Trust, Inc. Announces New $600 Million Institutional Joint Venture with PGGM Private Real Estate Fund

Oak Brook, Ill. - IAGM Retail Fund I Member, L.L.C., a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (“Inland American”), announced today that it has formed a new retail joint venture with PGGM Private Real Estate Fund. PGGM is a €133 billion Dutch pension fund service provider. The joint venture will focus on investing in stabilized necessity-based, multi-tenant retail shopping centers in Texas and Oklahoma.

The new joint venture is anticipated to have a total levered enterprise value in excess of $600 million in which Inland American will have a majority equity stake of 55%, function as the managing member and retain property management rights. Simultaneous with the closing of the new joint venture, PGGM contributed approximately $79.4M of equity and Inland American contributed a portfolio of 13 stabilized necessity-based retail assets, totaling approximately 2.3 million square feet, located in Houston, Dallas, San Antonio and Oklahoma City. PGGM will contribute an additional $50.7M for a total of $130M of equity towards new acquisitions in the targeted markets of Texas and Oklahoma.

“We are delighted to establish this partnership with PGGM, one of the world’s largest and most respected pension fund administrators and asset managers,” said Michael Podboy, senior vice president of non-core asset management for Inland American Business Manager & Advisor, Inc. “This partnership is a strategic fit with Inland American’s long-term business and investment strategies and provides a strong platform for future growth in our core retail sector, while maximizing the benefits to our stockholders,” added Podboy. “We look forward to working with PGGM on this joint venture.” “We are excited to start this relationship with Inland American,” said Steven Zeeman, senior investment manager of PGGM Private Real Estate. “Our clients expect responsible, stable investments and we believe this new joint venture with Inland American fits our investment criteria. The contributed assets, the targeted markets and Inland American’s management experience and platform make this a high-quality partnership.”

Inland Institutional Capital Partners Corporation assisted Inland American with the transaction. Jones Lang LaSalle assisted PGGM for property due diligence on contributed Inland American properties.

About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of December 31, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 794 properties, representing approximately 46 million square feet of retail, industrial and office properties, 10,523 multi-family units and 16,345 lodging rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.

About PGGM
PGGM is a cooperative Dutch pension fund service provider. PGGM offers its institutional clients: pension fund management, comprehensive asset management, policy advice and management support. Currently – on behalf of five pension funds – PGGM manages slightly in excess of EUR 133 billion for 2.5 million people. As a co-operation with more than 578,000 members, PGGM is helping to achieve a valuable future. Either alone or with strategic partners, PGGM is developing innovative future provisions by linking together pensions, care, housing and work.