<PAGE> 1
Inland Real Estate Corporation
Sticker Supplement
Supplement No. 9 to the Company's Prospectus discloses information
regarding a pending acquisition of property and updates certain information in
the sections of the Prospectus headed "Real Property Investments" and "Plan of
Distribution". Unless otherwise defined, capitalized terms used herein shall
have the same meaning as in the Prospectus.
The Company has entered into an agreement to purchase a 127,510 square
foot neighborhood retail facility known as Aurora Commons Shopping Center
located at Route 31 and Indian Trail Road in Aurora, Illinois for approximately
$11.5 million. The purchase of this center is conditioned on the Company
completing its due diligence.
The Company commenced the Offering on July 24, 1996 and as of January
15, 1997, the Company had accepted subscriptions for 3,407,762 shares
($30,840,251 net of Selling Commissions, the Marketing Contribution and the Due
Diligence Expense Allowance Fee) which are being offered on a best-efforts
basis. An Affiliate of the Advisor serves as dealer manager of the Offering
and is entitled to receive selling commissions and certain other amounts. As of
January 15, 1997, the Affiliate of the Advisor was entitled to receive
commissions, the Marketing Contribution and the Due Diligence Expense Allowance
Fee totalling $3,157,542. An Affiliate of the Advisor is also entitled to
receive Property Management Fees for management and leasing services.
<PAGE> 2
SUPPLEMENT NO. 9
DATED JANUARY 17, 1997
TO THE PROSPECTUS DATED JULY 24, 1996
OF INLAND REAL ESTATE CORPORATION
This Supplement No. 9 is provided for the purpose of supplementing the
Prospectus dated July 24, 1996 of Inland Real Estate Corporation (the
"Company") as previously supplemented by Supplement No. 8 dated January 7, 1997
(Supplement No. 8 was erroneously labeled and actually was the seventh
supplement to the Prospectus), Supplement No. 6 dated November 27, 1996 and
Supplement No. 5 dated November 1, 1996 (which superseded Supplements No. 1-4)
and must be read in conjunction therewith. Unless otherwise defined,
capitalized terms used herein shall have the same meaning as in the Prospectus,
as supplemented.
REAL PROPERTY INVESTMENTS
AURORA COMMONS SHOPPING CENTER, AURORA, ILLINOIS
The Company has entered into a non-binding letter of intent to purchase
a Neighborhood Retail Center located at Route 31 and Indian Trail Road in
Aurora, Illinois known as Aurora Commons Shopping Center ("Aurora Commons").
Under the proposed terms of the acquisition, the Company would purchase Aurora
Commons from Joseph Freed and Associates, an unaffiliated third party, for
approximately $11.5 million. The Company anticipates funding the purchase
using cash and cash equivalents as well as by assuming the existing Purchase
Money Wraparound Mortgage (the "Mortgage") granted in favor of the John Hancock
Life Insurance Company, which has a remaining principal balance of approximately
$9.58 million. The Mortgage requires the payment of interest only at a rate of
8.0% per annum until the maturity date of October 31, 2001 and is cross
defaulted with a separate mortgage on the Southpoint Shopping Center located in
Arlington Heights, Illinois, which is also currently owned by Joseph Freed and
Associates. Execution of a definitive agreement is subject to completion of
due diligence, which the Advisor is undertaking on behalf of the Company,
receipt of the final appraisal indicating the value of the property is not less
than $11.5 million and the receipt of a final environmental report indicating
no environmental concerns on the property. No acquistion fees will be payable
in connection with the acquistion of Aurora Commons. There can be no assurance
that the Company will complete the acquisition of Aurora Commons.
Aurora Commons was built in 1988 and consists of two outlot parcels and
a one-story building comprising a multi-tenant community retail facility
aggregating 127,510 rentable square feet. The center is anchored by
Jewel/Osco, a regional grocery/drugstore chain, which leases 64,965 square
feet.
PLAN OF DISTRIBUTION
The Company commenced the Offering on July 24, 1996 and as of January
15, 1997 the Company had accepted subscriptions for 3,407,762 shares
($30,840,251 net of Selling Commissions, the Marketing Contributions and the
Due Diligence Expense Allowance Fee) which are being offered on a best-efforts
basis.
Inland Securities Corporation, an Affiliate of the Advisor, serves as
dealer manager of the Offering and is entitled to receive selling commissions
and certain other amounts. As of January 15, 1997, Inland Securities
Corporation was entitled to receive commissions, the Marketing Contribution and
the Due Diligence Expense Allowance Fee totalling $3,157,542 in connection with
the Offering. An Affiliate of
<PAGE> 3
the Advisor is also entitled to receive Property Management Fees for management
and leasing services. The Company incurred and paid Property Management Fees
of $139,597 for the nine months ended September 30, 1996 and $46,791 for the
year ended December 31, 1995. The Advisor may also receive an annual Advisor
Asset Management Fee of not more than 1% of the Average Invested Assets, paid
quarterly. As of September 30, 1996, the Company had incurred Advisor Asset
Management Fees of $242,341, all of which remained unpaid on such date. As of
December 31, 1995, the Company had not incurred or paid any such fees.
2
