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

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

Business Wire

OAK BROOK, Ill. -- May 1, 2013

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

“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

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.

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Inland American
Dan Lombardo, 630-586-6314
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