UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

Q Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For The Fiscal Year Ended December 31, 2007

or

q Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ____________ to ____________

Commission File Number 001-32185
 INLAND REAL ESTATE CORPORATION
(Exact name of registrant as specified in its charter)

Maryland	36-3953261
(State or other jurisdiction	(I.R.S. Employer Identification No.)
of incorporation or organization)

2901 Butterfield Road, Oak Brook, Illinois	60523
(Address of principal executive offices)	(Zip code)

Registrant's telephone number, including area code:  630-218-8000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	Name of each exchange on which registered:
Common Stock, $0.01 par value	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

Title of each class:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  Q No  q

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  q No  Q

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  Q No  q

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Q

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.  (Check One):  Large accelerated filer Q Accelerated filer q   Non-accelerated filer q  Smaller reporting company q

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  q No Q

As of June 30, 2007, the aggregate market value of the shares of common stock held by non-affiliates of the registrant was $992,212,437.

As of February 27, 2008 there were 65,811,157 shares of common stock outstanding.

Documents Incorporated by Reference:  Portions of the registrant's proxy statement for the annual stockholders meeting to be held in 2008 are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14.

INLAND REAL ESTATE CORPORATION
(a Maryland corporation)

TABLE OF CONTENTS

		Page
	Part I
Item 1.	Business	2
Item 1A.	Risk Factors	5
Item 1B.	Unresolved Staff Comments	12
Item 2.	Properties	13
Item 3.	Legal Proceedings	28
Item 4.	Submission of Matters to a Vote of Security Holders	28
	Part II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases    of Equity Securities	29
Item 6.	Selected Financial Data	32
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operation	33
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	56
Item 8.	Financial Statements and Supplementary Data	57
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	93
Item 9A.	Controls and Procedures	93
Item 9B.	Other Information	93
	Part III
Item 10.	Directors, Executive Officers and Corporate Governance	94
Item 11.	Executive Compensation	94
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	94
Item 13.	Certain Relationships and Related Transactions, and Director Independence	94
Item 14.	Principal Accounting Fees and Services	94
	Part IV
Item 15.	Exhibits, Financial Statement Schedules	95
	SIGNATURES	96
	Exhibit Index	97

1

PART I

(In this Part I disclosure, all amounts are presented in thousands, except per share data and square footage amounts)

Item 1.  Business

General

Inland Real Estate Corporation, a Maryland Corporation, was formed on May 12, 1994.  We, collectively with our consolidated entities, are a publicly held real estate investment trust ("REIT") that acquires, owns, operates and develops (directly or through our consolidated entities) open-air neighborhood, community, power and lifestyle shopping centers and single-tenant retail properties located primarily in demographically strong upper Midwest markets.

More than sixty percent of Company-owned gross leasable area ("GLA") is located in the Chicago Metropolitan Statistical Area ("MSA"), with our second largest market concentration being in the Minneapolis-St. Paul MSA.  Our retail properties primarily provide "everyday" goods and services to consumers, with forty-five percent of the portfolio anchored by grocery stores.  The properties in our portfolio generate steady cash flows from rents and related revenues for the Company.  The primary drivers of our internal income growth are rental rate increases over expiring rates on new and renewal leases and cost savings from operational efficiencies.  As of December 31, 2007, we owned interests in 152 investment properties, including those owned through our unconsolidated joint ventures, comprised of:

·

Seventy neighborhood retail centers totaling approximately 4,397,000 gross leasable square feet;

·

Twenty community centers totaling approximately 3,007,000 gross leasable square feet;

·

Twenty-eight power centers totaling approximately 4,622,000 gross leasable square feet;

·

One lifestyle center totaling approximately 562,000 gross leasable square feet; and

·

Thirty-three single-user properties totaling approximately 2,139,000 gross leasable square feet.

We qualified as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") for federal income tax purposes commencing with the tax year ended December 31, 1995.  So long as we qualify for treatment as a REIT, we are generally not subject to federal income tax to the extent we meet the requirements of the tests imposed by the Code.  If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates.  Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income.

We are now permitted to participate in certain activities from which we were previously precluded in order to maintain our qualifications as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries (“TRS”) under the Code. In 2005, we formed a TRS, Inland Venture Corporation (“IVC”), to be a partner in many of our unconsolidated joint ventures.  As such, we are subject to federal and state income taxes on the income we receive from the activities of IVC. The provision for income tax relates to the taxable income of IVC and represents an effective federal and state income tax rate of 38%.

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We compete for tenants on the basis of rental rates, operating expenses and location with similar types of properties located in the vicinity of our investment properties.  In addition, our tenants compete against other forms of retailing such as catalog companies and e-commerce websites that offer similar retail products.  We do not own any real property investments located outside of the United States.  We compete with numerous other properties in attracting tenants.  Additionally, we compete with other REITs and real estate operating companies when seeking to acquire new investment properties.  There are several factors that could limit our ability to acquire additional investment properties.  We assess and measure operating results on an individual property basis.  Since all of our investment properties exhibit highly similar economic characteristics, generally have tenants that offer products catering to the day-to-day living needs of individuals, and offer similar degrees of risk and opportunities for growth, the shopping centers have been aggregated and reported as one operating segment.  See footnote 15 to the accompanying consolidated financial statements for a discussion on our segment reporting.  As of December 31, 2007, we employed a total of eighty-eight people, none of whom are represented by a union.

Management has implemented external growth initiatives that utilize our financing, acquisition, leasing and property management expertise to drive incremental income growth.  Our external growth initiatives consist of three types of unconsolidated joint venture activities:  a joint venture with Inland Real Estate Exchange Corporation ("IREX") through which we source, acquire and manage properties for 1031 tenant-in-common ("TIC") buyers; an asset-based joint venture with New York State Teachers Retirement System ("NYSTRS") through which we source, acquire and manage Midwest retail properties; and development joint ventures with established developers to build, lease and operate shopping centers primarily within our core Midwest markets.

The Company's asset-based venture with NYSTRS is an investment vehicle which enables us to increase our fee income via the acquisition, leasing, and property management services we provide through the venture.  The NYSTRS joint venture was formed in 2004 to acquire up to $400 million of stabilized retail assets in Midwest markets.  As of December 31, 2007, $320 million has been invested in Midwest retail assets and we continue to search the marketplace for opportunities that meet the return requirements of the venture.

Our development joint ventures with five independent partners enable us to leverage the unique strengths of each development team, while diversifying our risk.  Our development partners typically identify opportunities, assemble and complete the entitlement process for the land, and gauge national "big box" retailer interest in the location before they bring the project to us for right of first refusal.  We contribute financing, leasing, and property management expertise to enhance productivity of the new developments and typically earn a preferred return on our portion of invested capital.  The Company believes that our development joint venture strategy enables us to maximize our capital resources, potentially generates higher returns than we can achieve by buying stabilized properties at current market cap rates, and provides opportunities to add finished assets at below-market rates or sell them for a profit.  During the year ended December 31, 2007, we purchased 292 acres of vacant land through our development joint ventures and sold vacant land parcels to retailers through these joint ventures.  

The Company's joint venture with IREX, formed in 2006, leverages our respective skill sets to access the growth potential of the 1031 TIC market and increase our fee income.  We source properties and provide financing, acquisition and asset management expertise through the venture, while IREX provides syndication expertise and access to a large broker/dealer network which markets the properties to TIC buyers.  We believe our IREX joint venture enables us to effectively manage our resources due to the revolving nature of the investment capital.  The capital we deploy for properties sourced for the venture is generally recovered within six months through the sale of TIC interests to 1031 Exchange investors and can be recycled into other investment opportunities.  The Company believes that the IREX joint venture is a capital-efficient means to generate additional acquisition fee income and a long-term management fee income stream for managing properties for TIC owners.  

3

During the year ended December 31, 2007, we acquired a total of nine investment properties on behalf of our joint venture with IREX, comprising approximately 982,000 square feet with a purchase price of approximately $150,000. The joint venture is in various stages of selling these properties to TIC investors.  During the year ended December 31, 2007, we earned acquisition and management fees for these properties which are included in fee income from unconsolidated joint ventures on the accompanying consolidated statements of operations and other comprehensive income.  Additionally, in conjunction with the sales to the TIC investors, we recorded approximately $697 in gains, which are included in gain on sale of joint venture interests on the accompanying consolidated statements of operations and other comprehensive income.

Conflicts of Interest Policies

Our governing documents require a majority of our directors to be "independent," as defined by the New York Stock Exchange.  Further, any transactions between The Inland Group, Inc. or its affiliates, and us must be approved by a majority of our independent directors.  Two of our directors, Messrs. Goodwin and Parks, are directors of The Inland Group, Inc.

Environmental Matters

We review and monitor compliance with federal, state and local provisions, which have been enacted or adopted regulating the discharge of material into the environment, or otherwise relating to the protection of the environment.  For the year ended December 31, 2007, we did not incur any material capital expenditures for environmental control facilities nor do we anticipate incurring material amounts during the year ending December 31, 2008.

We believe that all of our investment properties comply in all material respects with all federal, state and local environmental laws, ordinances and regulations regarding hazardous or toxic substances.  The environmental condition of our investment properties may be adversely affected by our tenants, by conditions of near-by properties or by unrelated third parties.  All of our investment properties have been subjected to Phase I or similar environmental audits at the time they were acquired.  These audits, performed by independent consultants, generally involve a review of records and visual inspection of the property.  These audits do not include soil sampling or ground water analysis.  These audits have not revealed, nor are we aware of, any environmental liability that we believe will have a material adverse effect on our operations.  These audits may not, however, reveal all potential environmental liabilities.  Additionally, on an annual basis, we engage third party environmental specialists to complete site inspections on certain investment properties, namely those occupied by dry cleaners, oil change facilities and print shops, to ensure that the environmental condition of the respective property has not changed.

Access to Company Information

We make available, free of charge, through our website, and by responding to requests addressed to our director of investor relations, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports.  These reports are available as soon as reasonably practical after such material is electronically filed or furnished to the SEC.  Our website address is www.inlandrealestate.com.  The information contained on our website, or on other websites linked to our website, is not part of this document.

Executive Officers

The following sets forth certain information with regard to our executive officers as of January 1, 2008:

Robert D. Parks, 64.  President and Chief Executive Officer; Director.  Mr. Parks has been a director since 1994 and served as chairman of our board until May 2004.  Mr. Parks served as our president from 1994 to June 2000, reassuming the office of president and chief executive officer in March 2001.

Mark E. Zalatoris, 50.  Executive vice president, chief operating officer and treasurer.  Mr. Zalatoris became a full-time employee in July 2000 and was promoted to executive vice president and chief operating officer in April 2004.

4

Brett A. Brown, 43.  Chief financial officer and vice president.  Mr. Brown joined us in May 2004.

Beth Sprecher Brooks, 53.  Corporate secretary and general counsel.  Ms. Brooks joined us in November 2002 and became our general counsel in 2006.

William W. Anderson, 49.  Vice president – acquisitions and sales.  Mr. Anderson joined us in July 2000.

D. Scott Carr, 42.  President of Inland Commercial Property Management, Inc. ("ICPM").  Mr. Carr has been employed by ICPM since 1994.  We acquired ICPM in July 2000.

Kristi A. Rankin, 42.  Senior Vice President of ICPM.  Ms. Rankin has been employed by ICPM since 1994.  We acquired ICPM in July 2000.

Certifications

The Company has filed with the SEC the chief executive officer and chief financial officer certifications required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, which are attached as Exhibits 31.1 and 31.2 to this Annual Report on Form 10-K.  In addition, the Company has filed the certification of our chief executive officer with the New York Stock Exchange ("NYSE") for 2007 as required pursuant to Section 303A.12(a) of the NYSE Listed Company Manual.  Our chief executive officer certified that he was not aware of any violation by the Company of the NYSE's corporate governance listing standards as of the date of the certification.  

Item 1A.  Risk Factors

Set forth below are the risk factors that we believe are material to our investors.  This section contains forward-looking statements.  You should refer to the explanation of the qualifications and limitations on forward-looking statements on page 33.

Our performance and value are subject to risks associated with our real estate assets and with the real estate industry.  Our economic performance and the value of our real estate assets, and consequently the value of your shares, are subject to the risk that if our properties do not generate revenues sufficient to meet our operating expenses, including debt service and capital expenditures, our cash flow and ability to pay distributions to you will be adversely affected.  The following factors, among others, may adversely affect the income generated by our properties:  

·

downturns in the national, regional and local economic climate;

·

competition from other retail properties;

·

local real estate market conditions, such as oversupply or reduction in demand for retail properties;

·

changes in interest rates and availability of financing;

·

vacancies, changes in market rental rates and the need to periodically repair, renovate and re-lease space;

·

increased operating costs, including, but not limited to, insurance expense, utilities, real estate taxes, state and local taxes, and heightened security costs;

·

civil disturbances, natural disasters, or terrorist acts or acts of war which may result in uninsured or underinsured losses;

5

·

significant expenditures associated with each investment, such as debt service payments, real estate taxes, insurance and maintenance costs which are generally not reduced when circumstances cause a reduction in revenues from properties; and

·

declines in the financial condition of our tenants and our ability to collect rents from our tenants.

We compete with numerous other parties or entities for real estate and tenants.  We compete with numerous other persons or entities seeking to buy real estate assets, or to attract tenants to properties we already own, including REITs or other real estate operating companies.  These persons or entities may have greater experience and financial strength.  There is no assurance that we will be able to acquire additional real estate assets or attract tenants on favorable terms, if at all.  For example, our competitors may be willing to purchase properties at prices that result in yields below what we believe is our minimum required yield or may offer space at properties that compete with ours at rental rates below our existing rates, causing us to lose existing or potential tenants and pressuring us to reduce our rental rates to retain existing tenants or convince new tenants to lease space at our properties.  All of these factors could adversely affect our results of operations, financial condition and ability to pay distributions.

We face risks associated with property acquisitions.  We have and intend to continue to acquire properties and portfolios of properties, including large properties that could increase our size and result in alterations to our capital structure.  Our acquisition activities and their success are subject to the following risks:  

·

we may be unable to obtain financing for acquisitions on favorable terms or at all;

·

acquired properties may fail to perform as expected;

·

the actual costs of repositioning and redeveloping acquired properties may be higher than our estimates;

·

acquired properties may be located in new markets where we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area and unfamiliarity with local governmental and permitting procedures; and

·

we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and thus could have an adverse effect on our results of operations and financial condition.

Acquired properties may expose us to unknown liability.  We may acquire properties subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown liabilities.  As a result, if a liability were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle it, which could adversely affect our results from operations and cash flow.  Unknown liabilities with respect to acquired properties might include:  

·

liabilities for clean-up of undisclosed environmental contamination;

·

claims by tenants, vendors or other persons against the former owners of the properties;

·

liabilities incurred in the ordinary course of business; and

·

claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.

6

Leases on approximately 7% of rentable square feet under management expire during 2008.  As leases expire, we may not be able to renew or re-lease space at rates comparable to, or better than, the rates contained in the expiring leases.  Leases on approximately 1,051,000 square feet, or approximately 7% of total rentable square feet of 14,727,167, will expire prior to December 31, 2008.  If we fail to renew or re-lease space at rates that are at least comparable to the rates on expiring leases, revenues at the impacted properties will decline.  Further, we may have to spend significant sums of money to renew or re-lease space covered by expiring leases.  

Tenants may fail to pay their rent, declare bankruptcy or seek to restructure their leases.  We derive substantially all of our revenue from leasing space at our investment properties.  Thus, our results may be negatively affected by the failure of tenants to pay rent when due.  We may experience substantial delays and expense enforcing rights against tenants who do not pay their rent or who seek the protection of the bankruptcy laws. Even if a tenant did not seek the protection of the bankruptcy laws, the tenant may from time to time experience a downturn in its business which may weaken its financial condition and its ability to make rental payments when due, leading these tenants to seek revisions to their leases.

We may not be able to quickly vary our portfolio.  Investments in real estate are relatively illiquid.  Except in certain circumstances, in order to continue qualifying as a REIT, we are subject to rules and regulations that limit the ability to sell investment properties within a short period of time.

Some potential losses are not covered by insurance.  We continue to monitor the state of the insurance market in general, and the scope and costs of coverage for acts of terrorism in particular, but we cannot anticipate what coverage will be available on commercially reasonable terms in future policy years.  There are other types of losses, such as from wars, acts of nuclear, biological or chemical terrorism or the presence of mold at our properties, for which we cannot obtain insurance at all or at a reasonable cost.  With respect to these losses and losses from acts of terrorism, earthquakes or other catastrophic events, if we experience a loss that is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties.  Depending on the specific circumstances of each affected property, it is possible that we could be liable for mortgage indebtedness or other obligations related to the property.  Any such loss could materially and adversely affect our business, financial condition and results of operations.

Potential liability for environmental contamination could result in substantial costs.  Under federal, state and local environmental laws, ordinances and regulations, we may be required to investigate and clean up the effects of releases of hazardous or toxic substances or petroleum products at our properties simply because of our current or past ownership or operation of our real estate.  If unidentified environmental problems arise, we may have to make substantial payments which could adversely affect our cash flow and our ability to make distributions to our stockholders because:

·

as owner or operator we may have to pay for property damage and for investigation and clean up costs incurred in connection with the contamination;

·

the law typically imposes clean up responsibility and liability regardless of whether the owner or operator knew of or caused the contamination;

·

even if more than one person may be responsible for the contamination, each person who shares legal liability under the environmental laws may be held responsible for all of the clean up costs; and

·

governmental entities and third parties may sue the owner or operator of a contaminated site for damages and costs.

These costs could be substantial and in extreme cases could exceed the value of the contaminated property.  The presence of hazardous or toxic substances or petroleum products or the failure to properly remediate contamination may materially and adversely affect our ability to borrow against, sell or rent an affected property.  

7

In addition, applicable environmental laws create liens on contaminated sites in favor of the government for damages and costs it incurs in connection with a contamination.  Changes in laws increasing the potential liability for environmental conditions existing at our properties, or increasing the restrictions on the handling, storage or discharge of hazardous or toxic substances or petroleum products or other actions may result in significant unanticipated expenditures.

Environmental laws also govern the presence, maintenance and removal of asbestos.  These laws require that owners or operators of buildings containing asbestos:

·

properly manage and maintain the asbestos;

·

notify and train those who may come into contact with asbestos; and

·

undertake special precautions, including removal or other abatement, if asbestos would be disturbed during renovation or demolition of a building.

These laws may impose fines and penalties on building owners or operators who fail to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.

Some of our properties are located in urban, industrial and previously developed areas where fill or current or historic industrial uses of the areas have caused site contamination.  It is our policy to retain independent environmental consultants to conduct Phase I environmental site assessments and asbestos surveys for each property we seek to acquire.  These assessments generally include a visual inspection of the properties and the surrounding areas, an examination of current and historical uses of the properties and the surrounding areas and a review of relevant state, federal and historical documents, but do not involve invasive techniques such as soil and ground water sampling.  Where appropriate, on a property-by-property basis, our practice is to have these consultants conduct additional testing, including sampling for asbestos, for lead in drinking water, for soil contamination where underground storage tanks are or were located or where other past site usage create a potential environmental problem, and for contamination in groundwater.  Even though these environmental assessments are conducted, there is still the risk that:

·

the environmental assessments and updates did not identify all potential environmental liabilities;

·

a prior owner created a material environmental condition that is not known to us or the independent consultants preparing the assessments;

·

new environmental liabilities have developed since the environmental assessments were conducted; and

·

future uses or conditions such as changes in applicable environmental laws and regulations could result in environmental liability for us.

Inquiries about indoor air quality may necessitate special investigation and, depending on the results, remediation beyond our regular indoor air quality testing and maintenance programs.  Indoor air quality issues can stem from inadequate ventilation, chemical contaminants from indoor or outdoor sources, and biological contaminants such as molds, pollen, viruses and bacteria.  Indoor exposure to chemical or biological contaminants above certain levels can be alleged to be connected to allergic reactions or other health effects and symptoms in susceptible individuals.  If these conditions were to occur at one of our properties, we may need to undertake a targeted remediation program, including without limitation, steps to increase indoor ventilation rates and eliminate sources of contaminants.  These remediation programs could be costly, necessitate the temporary relocation of some or all of the property's tenants or require rehabilitation of the affected property.

8

Our objectives may conflict with those of our joint venture partners.  We own certain of our investment properties, through joint ventures with third parties.  In some cases, we control the joint venture and in some cases we are a minority partner.  Investments in joint ventures involve risks that are not otherwise present with properties which we own entirely.  For example, a joint venture partner may file for bankruptcy protection or may have economic or business interests or goals which are inconsistent with our goals or interests.  Further, although we may own a controlling interest in a joint venture and may have authority over major decisions such as the sale or refinancing of investment properties, we may have fiduciary duties to the joint venture partners or the joint venture itself that may cause, or require, us to take or refrain from taking actions that we would otherwise take if we owned the investment properties outright.  Certain joint venture commitments requires us to invest cash in non-operating property under development and in properties that do not necessarily meet our investment criteria but which are offered for syndication through our joint venture with IREX.  Capital could be committed for periods longer than expected if development timelines are longer or syndication velocity is slower than anticipated.

Compliance or failure to comply with the Americans with Disabilities Act or other safety regulations and requirements could result in substantial costs.  The Americans with Disabilities Act generally requires that public buildings, including shopping centers, be made accessible to disabled persons.  Noncompliance could result in the imposition of fines by the federal government or the award of damages to private litigants.  If, pursuant to the Americans with Disabilities Act, we are required to make substantial alterations and capital expenditures in one or more of our properties, including the removal of access barriers, it could adversely affect our financial condition and results of operations, as well as the amount of cash available for distributions to you.

Our properties are subject to various federal, state and local regulatory requirements, such as state and local fire and life safety requirements.  If we fail to comply with these requirements, we could incur fines or private damage awards.  We do not know whether existing requirements will change or whether compliance with future requirements will require significant unanticipated expenditures that will affect our cash flow, results of operations and ability to pay distributions to you.

We often need to borrow money to finance our business.  Our ability to internally fund operating or capital needs is limited since we must distribute at least 90% of our REIT taxable income (excluding net capital gains) to stockholders to qualify as a REIT.  Consequently, we may have to borrow money to fund operating or capital needs or to satisfy the distribution requirements, imposed by the Code, to maintain status as a REIT.  Borrowing money to fund operating or capital needs exposes us to various risks.  For example, the investment properties may not generate enough cash to pay the principal and interest obligations on loans or we may violate a loan covenant that results in the lender accelerating the maturity date of a loan.  As of December 31, 2007, we owed a total of approximately $886,680, secured by mortgages on our investment properties, our unsecured line of credit with KeyBank and the convertible notes issued in 2006.  If we fail to make timely payments on loans, including those cases where a lender has accelerated the maturity date due to a violation of a loan covenant, the lenders could foreclose on the investment properties securing the loan and we could lose our entire investment on any foreclosed properties.  Once a loan becomes due, we must either pay the remaining balance or borrow additional money to pay off the maturing loan.  We may not, however, be able to obtain a new loan, or the terms of the new loan, such as the interest rate or payment schedule, may not be as favorable as the terms of the maturing loan.  Thus, we may be forced to sell a property at an unfavorable price to pay off the maturing loan or agree to less favorable loan terms.  In addition, we have limited availability under our KeyBank line of credit which may reduce our ability to borrow funds.  A total of approximately $195,734 and $47,383, of our indebtedness matures on or before December 31, 2008 and 2009, respectively.  As of December 31, 2007, we owed approximately $141,907, or 16% of total outstanding debt, on indebtedness that bore interest at variable rates.  These rates are reset each month.  A 0.25% annualized increase in these variable rates would have increased our interest expense by approximately $355 for the year ended December 31, 2007.  We may borrow additional amounts that bear interest at variable rates.  If interest rates increase, the amount of interest that we would be required to pay on these borrowings will also increase.  Additionally, as lending requirements become stricter, we may find it difficult to encumber properties with terms similar to our current loan terms.  This could result in a decrease in the number of properties we are able to purchase or interest payments higher than what we have been accustomed to.

9

Covenants in our debt agreements could adversely affect our financial condition.  The mortgages on our properties contain customary covenants such as those that limit our ability, without the prior consent of the lender, to further mortgage the applicable property or to discontinue insurance coverage.  Our unsecured line of credit contains customary restrictions, requirements and other limitations on our ability to incur indebtedness, including total debt to asset ratios, secured debt to total asset ratios, debt service coverage ratios and minimum ratios of unencumbered assets to unsecured debt, which we must maintain.  Our continued ability to borrow under our line of credit is subject to compliance with our financial and other covenants.  In addition, our failure to comply with these covenants could cause a default under the applicable debt agreement, and we may then be required to repay this debt with capital from other sources.  Under those circumstances, other sources of capital may not be available to us, or be available only on unattractive terms.  Additionally, in the future our ability to satisfy current or prospective lenders' insurance requirements may be adversely affected if lenders generally insist upon greater insurance coverage against acts of terrorism than is available to us in the marketplace or on commercially reasonable terms.

We rely on debt financing, including borrowings under our unsecured line of credit and debt secured by individual properties, to finance our acquisition activities and for working capital.  If we are unable to obtain debt financing from these or other sources, or to refinance existing indebtedness upon maturity, our financial condition, results of operations and ability to pay distributions to you would likely be adversely affected. If we breach covenants in our debt agreements, the lenders can declare a default and, if the debt is secured, can take possession of the property securing the defaulted loan.  Defaults under our debt agreements could materially and adversely affect our financial condition, results of operations and ability to pay distributions to you.

Our degree of leverage could limit our ability to obtain additional financing or affect the market price of our common stock.  As of December 31, 2007, we had approximately $886,680 in total indebtedness outstanding on a consolidated basis (excluding unconsolidated joint venture debt.)  Debt to total market capitalization ratio, which measures total debt as a percentage of the aggregate of total debt plus the market value of outstanding equity securities, is often used by analysts to gauge leverage for REITs such as us.  Our debt to total market capitalization ratio was approximately 48.8%, excluding unconsolidated joint venture debt and 53.5%, including our pro rata share of unconsolidated joint venture debt as of December 31, 2007.  Our degree of leverage could affect our ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes.  Our degree of leverage could also make us more vulnerable to a downturn in business or the economy generally.  In addition, a greater amount of debt relative to our peer group could have a negative effect on our stock price.  

Further issuances of equity securities may be dilutive to current stockholders.  Our ability to execute our business strategy depends on our access to an appropriate blend of debt financing, including unsecured lines of credit and other forms of secured and unsecured debt and equity financing, including common and preferred equity.  The interests of our existing stockholders could be diluted if additional equity securities are issued to finance future acquisitions or to repay indebtedness.  

We may fail to qualify as a REIT.  If we fail to qualify as a REIT, we would not be allowed to deduct amounts distributed to our stockholders in computing taxable income and would incur substantially greater expenses for taxes and have less money available to distribute.  We would also be subject to federal, state and local income taxes at regular corporate rates as well as potentially the alternative minimum tax.  Unless we satisfied some exception, we could not elect to be taxed as a REIT for the four taxable years following the year during in which we were disqualified.

We may fail to qualify as a REIT if, among other things:

·

less than 75% of the value of our total assets consists of cash and cash items (including receivables), real estate assets (including mortgages and interests in mortgages) and government securities at the close of each fiscal quarter;

10

·

any one security owned represents more than 5% of the value of our total assets; however, up to 20% of the value of our total assets may be represented by securities of one or more taxable REIT subsidiaries;

·

we own more than 10% of the outstanding voting securities of any one issuer or more than 10% of the value of the outstanding securities of a single issuer other than securities in a taxable REIT subsidiary;

·

less than 75% of our gross income (excluding income from prohibited transactions) is derived from real estate sources.  These sources include mortgage interest, rents from real property, amounts received as consideration to enter into real estate leases or to make a loan secured by a mortgage and gains from the sale of real estate assets;

·

less than 95% of our gross income is derived from the income items included in the 75% test and also includes interest income, dividend income and gains from the sale of securities; or

·

we fail to distribute at least 90% of "REIT taxable income," which does not include the deduction for distributions paid and net capital gains, to stockholders.

In order to maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions.  In order to maintain our REIT status, we may need to borrow funds on a short-term basis to meet the real estate investment trust distribution requirements, even if the then prevailing market conditions are not favorable for these borrowings.  To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our "REIT taxable income," which does not include the deduction for distributions paid and net capital gains, each year.  In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years.  We may need short-term debt or long-term debt, proceeds from asset sales, creation of joint ventures or sale of common stock to fund required distributions as a result of differences in timing between the actual receipt of income and the recognition of income for federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of reserves or required debt or amortization payments.

Changes in market conditions could adversely affect the market price of our common stock.  Since the listing of our shares on the New York Stock Exchange, the value of our shares, like other publicly traded equity securities, depends on various market conditions that may change from time to time.  Among the market conditions that could affect the value of our common stock are the following:

·

the extent of investor interest in our securities;

·

the general reputation of real estate investment trusts and the attractiveness of our equity securities in comparison to other equity securities, including securities issued by other real estate based companies;

·

material economic concerns;

·

changes in tax laws;

·

our financial performance; and

·

general stock and bond market conditions.

The market value of our common stock is based primarily upon the market's perception of our growth potential and our current and potential future earnings and cash distributions.  Consequently, our common stock may trade at prices that are higher or lower than our net asset value per share of common stock.  If our future earnings or cash distributions are less than expected, it is likely that the market price of our common stock will diminish.

11

We face possible adverse changes in tax laws.  From time to time, changes in state and local tax laws or regulations are enacted, which may result in an increase in our tax liability.  The shortfall in tax revenues for states and municipalities in recent years may lead to an increase in the frequency and size of these changes.  If these changes occur, we may be required to pay additional taxes on our assets or income and may be assessed interest and penalties on such additional taxes.  These increased tax costs could adversely affect our financial condition, results of operations and the amount of cash available to pay distributions to you.

Property taxes may increase.  We are required to pay taxes based on the assessed value of our investment properties determined by various taxing authorities such as state or local governments.  These taxing authorities may increase the tax rate imposed on a property or may reassess property value, either of which would increase the amount of taxes due on that property.

Third parties may be discouraged from making acquisition or other proposals that may be in stockholders' best interests.  Under our governing documents, no single person or group of persons (an entity is considered a person) may own more than 9.8% of our outstanding shares of common stock (unless permitted by the board).  Although the board may waive the application of these provisions to certain persons, they are not obligated to do so.  These provisions may prevent or discourage a third party from making a tender offer or other business combination proposal such as a merger, even if such a proposal would be in the best interest of the stockholders.

To hedge against interest rate fluctuations, we may use derivative financial instruments that may be costly and ineffective and may reduce the overall returns on your investment.  From time to time, we may use derivative financial instruments to hedge exposures to changes in interest rates on loans secured by our assets.  Derivative instruments may include interest rate swap contracts, interest rate cap or floor contracts, futures or forward contracts, options or repurchase agreements.  Our actual hedging decisions will be determined in light of the facts and circumstances existing at the time of the hedge and may differ from our currently anticipated hedging strategy.

To the extent that we use derivative financial instruments to hedge against interest rate fluctuations, we will be exposed to credit risk, basis risk and legal enforceability risks.  In this context, credit risk is the failure of the counterparty to perform under the terms of the derivative contract.  If the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us.  Basis risk occurs when the index upon which the contract is based is more or less variable than the index upon which the hedged asset or liability is based, thereby making the hedge less effective.   Finally, legal enforceability risks encompass general contractual risks including the risk that the counterparty will breach the terms of, or fail to perform its obligations under, the derivative contract.  If we are unable to manage these risks effectively, our results of operations, financial condition and ability to pay distributions to you will be adversely affected.

The use of derivative financial instruments may reduce the overall returns on your investments.  We have limited experience with derivative financial instruments and may recognize losses in our use of derivative financial instruments.  Any loss will adversely affect our results of operations, financial condition and ability to pay distributions to you.   During the year ended December 31, 2007, we entered into swap contracts to hedge our interest rate risk through our unconsolidated joint ventures.  Our pro rata share of the incurred losses was $368 from these swap contracts.  Additionally, we have recorded our pro rata share of unrealized losses in the amount of $81, which is included as a component of other comprehensive income on the accompanying consolidated financial statements.

Item 1B.  Unresolved Staff Comments

We have no outstanding unresolved comments from the Commission staff regarding our periodic or current reports.

12

Item 2.  Properties

As of December 31, 2007, we owned 134 investment properties, excluding unconsolidated joint ventures, comprised of 30 single-user retail properties, 62 Neighborhood Retail Centers, 17 Community Centers, and 25 Power Centers.  These investment properties are located in the states of Florida (1), Illinois (81), Indiana (7), Iowa (1), Michigan (1), Minnesota (28), Missouri (2), Nebraska (1), Ohio (3), Tennessee (1) and Wisconsin (8).  Tenants of the investment properties are responsible for the payment of some or all of the real estate taxes, insurance and common area maintenance.

Property		Gross Leasable Area (Sq Ft)		Date Acq.		Year Built/ Renovated		Financial Occupancy		Anchor Tenants (a)
Single-User Retail Properties
AT&T   Davenport, IA		75,000		12/07		2007		100%		AT &T
AT&T    Evansville, IN		102,530		12/07		1996/2007		100%		AT &T
AT&T   Joplin, MO		75,000		12/07		2007		100%		AT &T
Bally's Total Fitness   St. Paul, MN		43,000		09/99		1998		100%		Bally's Total Fitness
Carmax   Schaumburg, IL		93,333		12/98		1998		100%		Carmax
Carmax   Tinley Park, IL		94,518		12/98		1998		100%		Carmax
Circuit City   Traverse City, MI		21,337		01/99		1998		100%		Circuit City (b)
Cub Foods   Arden Hills, MN		68,442		03/04		2003		100%		Cub Foods
Cub Foods   Buffalo Grove, IL		56,192		06/99		1999		100%		Cub Foods (b)
Cub Foods   Hutchinson, MN		60,208		01/03		1999		100%		Cub Foods (b)
Cub Foods   Indianapolis, IN		67,541		03/99		1991		100%		Cub Foods (b)
Cub Foods   Plymouth, MN		67,510		03/99		1991		100%		Cub Foods
Disney   Celebration, FL		166,131		07/02		1995		100%		Walt Disney World
Dominick's   Countryside, IL		62,344		12/97		1975 / 2001		100%		Dominick's Finer Foods
Dominick's   Glendale Heights, IL		68,879		09/97		1997		100%		Dominick's Finer Foods (b)

13

Property		Gross Leasable Area (Sq Ft)		Date Acq.		Year Built/ Renovated		Financial Occupancy		Anchor Tenants (a)
Single-User Retail Properties
Dominick's   Hammond, IN		71,313		05/99		1999		100%		Food 4 Less
Dominick's   Schaumburg, IL		71,400		05/97		1996		100%		Dominick's Finer Foods
Eckerd Drug Store   Chattanooga, TN		10,908		05/02		1999		100%		Eckerd Drug Store
Hollywood Video   Hammond, IN		7,488		12/98		1998		100%		None
Home Goods Store   Coon Rapids, MN		25,145		10/05		2005		100%		Home Goods
Michael's   Coon Rapids, MN		24,240		07/02		2001		100%		Michael's
Petsmart   Gurnee, IL		25,692		04/01		1997		100%		Petsmart
Pik 'N Save   Waupaca, WI		63,780		03/06		2002		100%		Pic 'N Save
Riverdale Commons Outlot   Coon Rapids, MN		6,566		03/00		1999		100%		None
Spingbrook Market   West Chicago, IL		78,158		01/98		1990		100%		Springbrook Market
Staples   Freeport, IL		24,049		12/98		1998		100%		Staples
Tweeter Home Entertainment   Schaumburg, IL		9,988		09/99		1998		100%		None
Verizon   Joliet, IL		4,504		05/97		1995		100%		None
Walgreens   Decatur, IL		13,500		01/95		1988		100%		Walgreens (b)
Walgreens   Jennings, MO		15,120		10/02		1996		100%		Walgreens
Neighborhood Retail Centers
22nd Street Plaza Outlot   Oakbrook Terrace, IL		9,970		11/97		1985/2004		100%		None
Aurora Commons   Aurora, IL		126,908		01/97		1988		100%		Jewel Food Stores
Berwyn Plaza   Berwyn, IL		18,138		05/98		1983		100%		Justice Produce

14

Property		Gross Leasable Area (Sq Ft)		Date Acq.		Year Built/ Renovated		Financial Occupancy		Anchor Tenants (a)
Neighborhood Retail Centers
Big Lake Town Square   Big Lake, MN		67,858		01/06		2005		100%		Coborn's Super Store
Brunswick Market Center   Brunswick, OH		119,540		12/02		1997 / 1998		98%		Buehler's Food Markets
Butera Market   Naperville, IL		67,632		03/95		1991		100%		Butera Finer Foods
Byerly's Burnsville   Burnsville, MN		72,365		09/99		1988		96%		Byerly's Food Store
										Erik's Bike Shop
Caton Crossing   Plainfield, IL		83,792		06/03		1998		96%		Strack & Van Til
Cliff Lake Center   Eagan, MN		73,582		09/99		1988		92%		None
Downers Grove Market   Downers Grove, IL		104,449		03/98		1998		100%		Dominick's Finer Foods
Eastgate Shopping Ctr   Lombard, IL		131,601		07/98		1959 / 2000		82%		Schroeder's Ace Hardware
										Illinois State of  Secretary
Edinburgh Festival   Brooklyn Park, MN		91,536		10/98		1997		94%		Knowlan's Super Market
Elmhurst City Center   Elmhurst, IL		39,090		02/98		1994		100%		Walgreens
Gateway Square   Hinsdale, IL		40,170		03/99		1985		100%		None
Golf Road Shopping Center   Niles, IL		26,109		04/97		1982		86%		None
Goodyear   Montgomery, IL		12,903		09/95		1991		100%		None
Grand and Hunt Club   Gurnee, IL		21,222		12/96		1996		54%		None
Greenfield Commons   Aurora, IL		32,258		10/07		2006		100%		Factory Card Outlet
										Office Depot
Hartford Plaza   Naperville, IL		43,762		09/95		1995		100%		The Tile Shop
Hawthorn Village   Vernon Hills, IL		98,806		08/96		1979		96%		Dominick's Finer Foods
										Deal's
Hickory Creek Marketplace   Frankfort, IL		55,831		08/99		1999		91%		None
High Point Center   Madison, WI		86,004		04/98		1984		70%		None

15

Property		Gross Leasable Area (Sq Ft)		Date Acq.		Year Built/ Renovated		Financial Occupancy		Anchor Tenants (a)
Neighborhood Retail Centers
Homewood Plaza   Homewood, IL		19,000		02/98		1993		100%		Office Depot
Iroquois Center   Naperville, IL		140,981		12/97		1983		98%		Sears Logistics Services
										Planet Fitness
										Big Lots
Mallard Crossing   Elk Grove Village, IL		82,929		05/97		1993		97%		Food 4 Less
Maple Grove Retail   Maple Grove, MN		79,130		09/99		1998		91%		Rainbow
Medina Marketplace   Medina, OH		72,781		12/02		1956 / 1999		100%		Giant Eagle, Inc
Mundelein Plaza   Mundelein, IL		16,803		03/96		1990		89%		None
Nantucket Square   Schaumburg, IL		56,981		09/95		1980		95%		Go Play
Northgate Center   Sheboygan, WI		73,647		04/05		2003		98%		Piggly Wiggly
Oak Forest Commons   Oak Forest, IL		108,330		03/98		1998		93%		Food 4 Less
Oak Forest Commons Ph III   Oak Forest, IL		7,424		06/99		1999		38%		None
Oak Lawn Town Center   Oak Lawn, IL		12,506		06/99		1999		100%		None
Orland Greens   Orland Park, IL		45,031		09/98		1984		97%		Shoe Carnival
										Dollar Tree
Orland Park Retail   Orland Park, IL		8,500		02/98		1997		100%		None
Park Square   Brooklyn Park, MN		137,109		08/02		1986 / 1988		94%		Fashion Bug
										Rainbow
Park St. Claire   Schaumburg, IL		11,859		12/96		1994		35%		None
Plymouth Collection   Plymouth, MN		45,915		01/99		1999		100%		Golf Galaxy
Quarry Outlot   Hodgkins, IL		9,650		12/96		1996		100%		None
Riverplace Center   Noblesville, IN		74,414		11/98		1992		98%		Kroger
										Fashion Bug

16

Property		Gross Leasable Area (Sq Ft)		Date Acq.		Year Built/ Renovated		Financial Occupancy		Anchor Tenants (a)
Neighborhood Retail Centers
River Square S/C   Naperville, IL		58,260		06/97		1988		92%		None
Rose Plaza   Elmwood Park, IL		24,204		11/98		1997		100%		Binny's
Rose Plaza East   Naperville, IL		11,658		01/00		1999		88%		None
Rose Plaza West   Naperville, IL		14,335		09/99		1997		41%		None
Schaumburg Plaza   Schaumburg, IL		61,485		06/98		1994		92%		Sears Hardware
Shannon Square Shoppes   Arden Hills, MN		29,196		06/04		2003		97%		None
Shingle Creek   Brooklyn Center, MN		39,456		09/99		1986		91%		None
Shops at Coopers Grove   Country Club Hills, IL		72,518		01/98		1991		23%		None
Six Corners   Chicago, IL		80,650		10/96		1966/2005		97%		Bally Total Fitness
										Office Depot
St. James Crossing   Westmont, IL		49,994		03/98		1990		92%		None
Stuart's Crossing   St. Charles, IL		85,529		07/99		1999		93%		Jewel Food Stores
Terramere Plaza Arlington Heights, IL		40,965		12/97		1980		94%		None
Townes Crossing Oswego, IL		105,989		08/02		1988		100%		Jewel Food Stores
V. Richard's Plaza   Brookfield, WI		107,952		02/99		1985		98%		V. Richards Market
										Guitar Center
Wauconda Crossing   Wauconda, IL		90,290		09/06		1997		99%		Dominicks (b)
										Walgreens
Wauconda Shopping Ctr   Wauconda, IL		31,037		05/98		1988		76%		Dollar Tree
West River Crossing   Joliet, IL		32,452		08/99		1999		96%		None
Western & Howard   Chicago, IL		11,974		04/98		1985		100%		None
Wilson Plaza   Batavia, IL		11,160		12/97		1986		88%		None

17

Property		Gross Leasable Area (Sq Ft)		Date Acq.		Year Built/ Renovated		Financial Occupancy		Anchor Tenants (a)
Neighborhood Retail Centers
Winnetka Commons   New Hope, MN		42,415		07/98		1990		91%		Frattalone's Hardware
Wisner/Milwaukee Plaza   Chicago, IL		14,677		02/98		1994		72%		None
Woodland Heights   Streamwood, IL		120,436		06/98		1956/1997		94%		Jewel Food Stores
										U.S. Postal Service
Community Centers
Apache Shoppes   Rochester, MN		60,780		12/06		2005/2006		100%		Cost Plus World Market
										Linens 'N Things
Bergen Plaza   Oakdale, MN		262,720		04/98		1978		91%		K-Mart
										Rainbow
										Dollar Tree
Bohl Farm Marketplace   Crystal Lake, IL		97,287		12/00		2000		100%		Linens & Things
										Barnes & Noble
										Dress Barn
Burnsville Crossing   Burnsville, MN		97,310		09/99		1989		89%		Schneiderman's Furniture
										Petsmart
Chestnut Court Darien, IL		170,027		03/98		1987		99%		Office Depot
										Powerhouse Gym
										Just Ducky
										Loyola Medical Center
										Stein Mart
Delavan Crossing   Delavan, WI		60,930		05/07		2006		100%		Petsmart
										MC Sports
										Staples
Fashion Square   Skokie, IL		84,580		12/97		1984		96%		Cost Plus World Market
										Office Depot
Fashion Square II   Skokie, IL		7,151		11/04		1984		100%		None
Four Flaggs Annex   Niles, IL		21,425		11/02		1973 / 2001		100%		Factory Card Outlet
Four Flaggs   Niles, IL		306,661		11/02		1973 / 1998		74%		Wickes Furniture
										Jewel Food Stores
										Office Depot
										Petsmart
										Jo-Ann Fabrics
										Books-A-Million
Lake Park Plaza   Michigan City, IN		229,639		02/98		1990		95%		Wal-Mart
										Valuland (b)
										Jo Ann Fabrics
										Factory Card Outlet

18

Property		Gross Leasable Area (Sq Ft)		Date Acq.		Year Built/ Renovated		Financial Occupancy		Anchor Tenants (a)
Community Centers
Park Center Plaza   Tinley Park, IL		194,599		12/98		1988		90%		Central Grocers
										Bally's Total Fitness
										The Furniture Box
										Chuck E. Cheese
Quarry Retail   Minneapolis, MN		281,648		09/99		1997		99%		Home Depot
										Rainbow
										Petsmart
										Office Max
										Old Navy
										Party City
Springboro Plaza Springboro, OH		154,034		11/98		1992		100%		K-Mart
										Kroger
Two Rivers Plaza   Bolingbrook, IL		57,900		10/98		1994		100%		Marshall's
										Factory Card Outlet
										Kay Bee Toys
Village Ten   Coon Rapids, MN		211,472		08/03		2002		98%		Lifetime Fitness
										Cub Foods
										Dollar Tree Stores
Woodland Commons   Buffalo Grove, IL		170,398		02/99		1991		97%		Dominick's Finer Foods
										Jewish Community Center
Power Centers
Baytowne Shoppes/Square   Champaign, IL		118,542		02/99		1993		100%		Staples
										Berean Bookstore
										Petsmart
										Famous Footwear
Crystal  Point   Crystal Lake, IL		339,898		07/04		1976/1998		100%		Best Buy
										K-Mart
										Bed, Bath & Beyond
										The Sports Authority
										Cost Plus
										Borders Books
										Office Depot
Deer Trace   Kohler, WI		149,881		07/02		2000		98%		Elder Beerman
										TJ Maxx
										Michael's
										Dollar Tree
Deer Trace II   Kohler, WI		24,410		08/04		2003/2004		100%		None