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                                                                     EXHIBIT 4.1

                     INLAND AMERICAN REAL ESTATE TRUST, INC.
                         DISTRIBUTION REINVESTMENT PLAN

     Inland American Real Estate Trust, Inc. ("Inland American" or the
"Company"), as a service to its stockholders, hereby offers participation in its
Distribution Reinvestment Plan (the "Plan"). The Plan is designed to provide
participants with a simple, convenient and economical way to purchase shares of
the Company's common stock. Stockholders who choose not to participate in the
Plan will receive cash distributions, as declared and paid by the Company.

     To aid in your understanding of the question-and-answer statements set
forth below, you may find the following basic definitions useful:

     "SHARES REGISTERED IN YOUR NAME" means shares of the Company's common stock
for which you are the owner of record. If you own shares of the Company's common
stock but are not the owner of record for those shares, it is likely that the
shares you own are registered in the name of another (e.g., in the name of a
bank or trustee holding shares of common stock on your behalf) and are held for
you by the registered owner in an account in your name.

     "SHARES ENROLLED IN THE PLAN" means shares registered in your name that you
have chosen to enroll in the Plan. Distributions on all shares enrolled in the
Plan are automatically reinvested in additional shares of the Company's common
stock. You do not have to enroll all of your shares of common stock in the Plan.

     "SHARES HELD IN THE PLAN" or "PLAN SHARES" are shares of the Company's
common stock purchased by your reinvested distributions. Shares held in the Plan
are registered in the name of the Administrator, or its nominee, but are
credited to your individual Plan Account maintained by the Administrator.
Distributions on all shares held in the Plan are automatically reinvested in
additional shares of the Company's common stock.

     The following question-and-answer statements define the Company's
Distribution Reinvestment Plan, effective as of February [___], 2005.

PURPOSE

     1.   WHAT IS THE PURPOSE OF THE PLAN?

     The purpose of the Plan is to provide eligible stockholders (see Question
5) with a simple, convenient and economical way to invest cash distributions in
additional shares of the Company's common stock. The Plan is intended to be used
by you as a vehicle for long-term investment in the Company's common stock and
for building your holdings in the Company's common stock.

     MAXIMUM OWNERSHIP OF SHARES. To maintain our qualification as a REIT, no
more than 50% of our outstanding shares of common stock may be owned directly or
indirectly by five or fewer individuals at any time during July through December
of each year. To ensure that we meet this test, our articles of incorporation
provide that no person may own more than 9.8% of

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our issued and outstanding common stock. Therefore, to the extent that any
purchase of shares of common stock under the Plan would cause you to own in
excess of 9.8% of our issued and outstanding common stock, you may not reinvest
your distributions to purchase additional shares of common stock.

INVESTMENT OPTIONS

     2.   WHAT INVESTMENT OPTIONS ARE AVAILABLE TO PARTICIPANTS IN THE PLAN?

     The Plan provides two options for purchasing additional shares of common
stock. Cash distributions on all shares held in the Plan for you are
automatically reinvested to purchase additional shares of common stock
regardless of which investment option is selected:

     FULL DISTRIBUTION REINVESTMENT OPTION. You may have cash distributions on
all of your shares of common stock automatically reinvested; or

     PARTIAL DISTRIBUTION REINVESTMENT OPTION. You may reinvest distributions on
a portion of the shares of common stock you own and continue to receive cash
distributions on the other shares registered in your name. You can take
advantage of this option by enrolling in the Plan only those shares for which
you wish to reinvest distributions.

BENEFITS AND DISADVANTAGES

     3.   WHAT ARE THE BENEFITS AND DISADVANTAGES OF THE PLAN?

     BENEFITS. Before deciding whether to participate, you should consider the
following benefits of the Plan:

     -    You may purchase additional shares of the Company's common stock by
          automatically reinvesting cash distributions on all, or less than all,
          of the shares registered in your name. You will continue to receive
          cash distributions for those shares of common stock that you choose
          not to enroll in the Plan.

     -    No commissions, brokerage fees or service charges will be paid by you
          in connection with purchases under the Plan.

     -    Your funds will be fully invested because the Plan permits fractions
          of shares of common stock to be credited to your account.
          Distributions on such fractions, as well as on whole shares, will be
          reinvested in additional shares of common stock and credited to your
          account.

     -    You may direct the Administrator to transfer, at any time and at no
          cost to you, all or a portion of your shares held in the Plan to a new
          or existing Plan Account for another person.

     -    Regular statements from the Administrator reflecting all current
          activity in your account, including purchases, sales and latest
          balance, will simplify your recordkeeping.

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     DISADVANTAGES. Before deciding whether to participate, you should consider
the following disadvantages of the Plan:

     -    You will be treated for federal income tax purposes as receiving a
          distribution equal to the fair market value of the shares of common
          stock credited to your Plan Account as a result of the reinvestment of
          cash distributions. This distribution will be taxable to the extent of
          our earnings and profits. Accordingly, you may have a tax liability
          without a corresponding distribution of cash with which to pay the
          liability when it comes due.

     -    You may not know the actual number of shares of common stock credited
          to your Plan Account until after the applicable Distribution Payment
          Date, as defined in Question 15.

     -    Transfers or withdrawal of common stock held in your Plan Account may
          take up to five business days to process.

     -    You may incur brokerage commissions, fees and income taxes, as
          described in Question 23.

     -    You may not pledge shares of common stock deposited in your Plan
          Account unless you withdraw the shares from the Plan.

     -    We may amend, suspend, modify or terminate the Plan at any time,
          without prior notice to, or the prior consent of, participants in the
          Plan.

ADMINISTRATION

     4. WHO ADMINISTERS THE PLAN FOR PARTICIPANTS?

     Registrar and Transfer Company (the "Administrator") administers the Plan,
keeps records, sends statements of account to each participant, and performs
other duties related to the Plan. Shares purchased under the Plan will be
registered in the name of the Administrator, or its nominee, and the
Administrator will maintain an individual account for you to record your
interests in the Plan.

     The Company, in conjunction with the Administrator, may adopt rules and
regulations to facilitate the administration of the Plan. The Company reserves
the right to interpret the provisions of the Plan, and any rules and regulations
adopted in accordance therewith, in its sole discretion. The determination of
any matter with respect to the Plan made by the Company in good faith shall be
final and conclusive and binding on the Administrator and all participants in
the Plan. The Administrator currently acts as distribution disbursing and
transfer agent and registrar for the Company's common stock and may have other
business relationships with the Company from time to time.

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     The Administrator may be reached as shown below:

                           INFORMATION ABOUT THE PLAN

                   For answers to questions regarding the Plan
                    and to request Plan forms, please contact:

                         REGISTRAR AND TRANSFER COMPANY
                          INVESTOR RELATIONS DEPARTMENT
                                 (800) 368-5948
                              email: info@rtco.com
                          website: http://www.rtco.com

                   From outside the continental United States,
                               call (908) 497-2300

                            Send enrollment forms or
                            termination requests to:

                         REGISTRAR AND TRANSFER COMPANY
                      DISTRIBUTION REINVESTMENT DEPARTMENT
                                  P.O. Box 664
                           Cranford, New Jersey 07016

              Please include your account number or Social Security
         number on all correspondence. Also, please include a telephone
             number where you can be reached during business hours.

ELIGIBILITY AND ENROLLMENT

     5.   WHO IS ELIGIBLE TO PARTICIPATE?

     If you are a stockholder in the Company and have shares registered in your
name, you are eligible to participate in the Plan. If your shares of common
stock are registered in a name other than your own (e.g., in the name of a bank
or trustee holding shares of common stock on your behalf) and you want to
participate in the Plan, you should consult directly with the entity holding
your shares to determine if they can enroll in the Plan. If not, you should
become the owner of record by having your shares of common stock registered
directly in your own name. You will not be eligible to participate in the Plan,
however, if you reside in a jurisdiction in which it is unlawful or unduly
burdensome for the Company or the Administrator to let you participate.

     The Company reserves the right to reject the enrollment of any participant
who has abused the Plan through excessive sales, terminations and enrollments,
or otherwise (see Questions 1 and 29).

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     6.   WHEN MAY AN ELIGIBLE PERSON JOIN THE PLAN?

     If you are eligible to participate as described in Question 5 and have been
furnished a copy of the Company's Prospectus, you may join the Plan at any time.
Your enrollment will become effective as described below in Question 11.

     7.   HOW DOES AN ELIGIBLE PERSON JOIN THE PLAN?

     You may join the Plan by signing an Enrollment Form and returning it to the
Administrator. In the event you wish to enroll shares of common stock that are
registered in more than one name (i.e., joint tenants, trustees, etc.), all
registered stockholders must sign the Enrollment Form. You may obtain an
Enrollment Form at any time by calling the telephone number for the
Administrator set forth in Question 4.

     8.   IS PARTIAL PARTICIPATION POSSIBLE UNDER THE PLAN?

     Yes. You may elect to enroll in the Plan all, or less than all, of the
shares registered in your name. However, distributions on all Plan Shares will
be reinvested so long as those shares of common stock are held in the Plan.

     9.  FOR WHAT REINVESTMENT OPTIONS DOES THE ENROLLMENT FORM PROVIDE?

     The Enrollment Form authorizes the Administrator to invest in accordance
with the Plan all cash distributions paid on your shares then or subsequently
enrolled in the Plan. Cash distributions paid on your shares of common stock
held by the Administrator in your Plan Account will be reinvested in accordance
with the Plan. The Enrollment Form also provides for the partial enrollment in
the Plan of your shares of common stock. If you do not wish all of the shares of
common stock held in your name to be enrolled in the Plan, you may designate the
number of shares of common stock you do wish enrolled.

     10.  HOW MAY A PARTICIPANT CHANGE OPTIONS UNDER THE PLAN?

     As a participant, you may change your reinvestment options at any time by
requesting a new Enrollment Form and returning it to the Administrator at the
address set forth in Question 4. Any change in reinvestment option must be
received by the Administrator not later than the Record Date for the next
Distribution Payment Date in order to make a change with respect to that
distribution payment (see also Questions 11, 13 and 15).

     11.  WHEN DOES ENROLLMENT IN THE PLAN BECOME EFFECTIVE?

     Your signed Enrollment Form will be processed as quickly as practicable
after its receipt by the Administrator. Reinvestment of cash distributions on
your shares enrolled in the Plan will take place as follows:

     -    If your signed Enrollment Form is received by the Administrator on or
          prior to the Record Date for a Distribution Payment Date, reinvestment
          of distributions on your enrolled shares of common stock will begin
          with that Distribution Payment Date.

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     -    If your signed Enrollment Form is received by the Administrator after
          the Record Date for a Distribution Payment Date, that distribution
          payment will be made in cash and reinvestment of distributions on your
          enrolled shares of common stock will begin with the next following
          Distribution Payment Date.

For a discussion of Record Dates and Distribution Payment Dates, see Questions
13 and 15.

COSTS

     12.  ARE THERE ANY COSTS TO PARTICIPANTS IN THE PLAN?

     All costs to administer the Plan are paid by the Company, except that you
may incur brokerage commissions, fees and income taxes as a result of your
participation in the Plan (see Question 23).

PURCHASES

     13.  WHEN ARE THE RECORD DATES AND DISTRIBUTION PAYMENT DATES FOR THE
          COMPANY'S DISTRIBUTIONS?

     You should not assume that the Company will pay distributions or pay them
in any particular amount or on any particular date. For a given distribution,
the Company will announce the Distribution Payment Date and corresponding Record
Date at least ten days prior to the Record Date in question.

     The Company currently has no plans to declare any special or extraordinary
distributions. However, should any such special distribution be declared, the
Record Dates and Distribution Payment Dates for it will be announced by the
Company, and the amount due on shares enrolled in the Plan will be paid to your
account under the Plan and invested in accordance with the Plan, subject to your
right to withdraw at any time.

     14.  WHAT IS THE SOURCE OF SHARES PURCHASED UNDER THE PLAN?

     The sole source of shares purchased under the Plan is newly issued shares
of common stock purchased directly from the Company.

     15.  WHEN WILL SHARES BE PURCHASED UNDER THE PLAN?

     Cash distributions reinvested under the Plan will be applied to the
purchase of shares of common stock on the dates that cash distributions are paid
on the Company's common stock (each, a "Distribution Payment Date"). Your Plan
Account generally will be credited with purchased shares on the Distribution
Payment Date, and your distribution and voting rights as to purchased shares of
common stock generally will commence on that date.

     16.  WHAT WILL BE THE PRICE OF THE SHARES PURCHASED UNDER THE PLAN?

     The price per share for shares of common stock purchased for you under the
Plan on any Distribution Payment Date will be equal to $9.50 per share until the
earlier of:

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     -    the increase of the public offering price per share of common stock in
          the initial public offering of the Company's common stock from $10.00
          per share, if there is an increase; and

     -    termination of the initial public offering of the Company's common
          stock.

After the termination of the initial public offering of the Company's common
stock, the price per share for shares of common stock purchased for you under
the Plan on any Distribution Payment Date will be equal to ninety-five percent
(95.0%) of the "market price" of a share of the Company's common stock until the
shares become listed for trading on a national securities exchange or included
for quotation on an inter-dealer quotation system (a "liquidity event"). For
these purposes, "market price" means the last price at which shares were offered
by the Company in a public offering of its shares and until a liquidity event
occurs. If a liquidity event occurs, the price per share for shares of common
stock purchased for you under the Plan will be equal to one hundred percent
(100%) of the average daily open and close sales price per share, as reported by
the national securities exchange or inter-dealer quotation system, whichever is
applicable, on any Dividend Payment Date.

     17.  HOW MANY SHARES WILL BE PURCHASED FOR PARTICIPANTS?

The number of shares of common stock purchased for you depends on the aggregate
amount of your cash distributions and the purchase price per share, determined
in accordance with Question 16. Your account will be credited with that number
of shares of common stock, including fractions computed to four decimal places,
equal to the aggregate amount of your cash distributions on any particular
Distribution Payment Date, less taxes on distributions (if applicable, see
Question 23), divided by the applicable purchase price per share. The
Administrator and the Company will not accept orders to purchase a specific
number of shares or to purchase on days other than the applicable Distribution
Payment Date. WE WILL NOT PURCHASE SHARES OF COMMON STOCK FOR YOU UNDER THE PLAN
TO THE EXTENT THAT THE PURCHASE WOULD CAUSE YOU TO OWN IN EXCESS OF 9.8% OF OUR
ISSUED AND OUTSTANDING SHARES OF COMMON STOCK, UNLESS THAT LIMITATION IS WAIVED
BY OUR BOARD OF DIRECTORS.

     18.  WILL SHARES PURCHASED THROUGH THE PLAN EARN DISTRIBUTIONS?

     Yes. All Plan Shares held for your account under the Plan, including
fractional shares, will be entitled to any distributions when and as declared by
the Company. All cash distributions payable on all shares credited to your
account under the Plan will be automatically reinvested in additional shares at
a price as described in Question 16.

     Only shares of common stock held as of the Record Date for a given
distribution are entitled to that distribution. Thus, shares of common stock
acquired after the Record Date for a given distribution, but before the
Distribution Payment Date for that distribution, will not be entitled to that
particular distribution, but will be entitled to any subsequent distribution for
which they are shares of record on the Record Date (see also Question 13).

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SALES AND TRANSFERS OF SHARES HELD IN THE PLAN

     19.  MAY A PARTICIPANT SELL SHARES HELD IN A PLAN ACCOUNT?

     Yes. You may request to have any whole number of shares held in your Plan
Account transferred out of your Plan Account and registered in your name. Once
the shares are registered in your name and no longer part of the Plan, you can
either sell them to a third party through efforts of your own or you can sell
them back to the Company by participating in the Company's Share Repurchase
Program. There is no guarantee, however, that you will be able to sell your
shares to the Company through the Share Repurchase Program.

     If shares are transferred out of your Plan Account on or after an
"ex-distribution date" but before the related Distribution Payment Date, the
transfer will be processed as described above and you will be entitled to
receive the distribution on those shares. This distribution will be reinvested
in the Plan unless the transfer is part of a termination (see Question 28). An
"ex-distribution date" is generally two business days before the Record Date for
the distribution.

     Distributions on shares of common stock remaining in your Plan Account
after a partial transfer will continue to be reinvested under the Plan. HOWEVER,
A REQUEST TO TRANSFER SHARES, THE EXECUTION OF WHICH WOULD RESULT IN LESS THAN
25 SHARES REMAINING IN YOUR PLAN ACCOUNT, WILL BE CONSIDERED BY THE
ADMINISTRATOR TO BE A REQUEST TO TERMINATE PARTICIPATION IN THE PLAN. Following
such a request, your Plan Account will be closed (see Question 29).

     20.  MAY A PARTICIPANT ASSIGN, TRANSFER OR PLEDGE TO ANOTHER PERSON ALL OR
          PART OF HIS OR HER SHARES HELD IN THE PLAN?

     You may change the ownership of all or part of your shares held in the Plan
through gift, private sale or otherwise. If you wish to transfer ownership, you
should contact the Administrator by telephone as set forth in Question 4. The
Administrator will provide you with instructions on how to complete the
transfer. This transfer generally will be completed at no cost to you.

     You may not pledge (e.g., use as security for a loan), assign or otherwise
encumber shares held in the Plan. If you wish to pledge, assign or encumber Plan
Shares, you must request that your Plan Shares be removed from the Plan and
registered in your name (see Question 27).

     21.  IF PLAN SHARES ARE TRANSFERRED TO ANOTHER PERSON, HOW WILL THE COMPANY
          DOCUMENT THE TRANSFER ON ITS BOOKS?

     The Administrator will remain the registered owner for the shares but the
shares will be credited to the transferee's Plan Account. If the transferee is
not already a Plan participant, the transfer will be accomplished as soon as the
Administrator receives a signed Enrollment Form (the transferee will be
considered a registered stockholder for purposes of enrollment whether or not he
or she owned shares of the Company's common stock prior to the transfer).
Distributions on all shares transferred to and held in the transferee's Plan
Account will be reinvested under the terms of the Plan.

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     22.  HOW WILL A TRANSFEREE BE ADVISED OF HIS OR HER STOCK OWNERSHIP?

     The transferee will begin to receive Statements of Account just like other
Plan participants.

TAXES

     23.  WHAT ARE THE INCOME TAX CONSEQUENCES OF PARTICIPATION IN THE PLAN?

     The Company believes the following to be an accurate summary of the federal
income tax consequences for Plan participants as of the effective date of this
Plan. You are urged to consult with your own tax advisor to determine the
particular tax consequences that may result from your participation in the Plan
and the subsequent disposition by you of shares of common stock purchased
pursuant to the Plan.

     (1) Cash distributions reinvested under the Plan are, in effect, treated
for federal income tax purposes as having been received in cash on the
Distribution Payment Date even though they are used to purchase additional
shares of common stock.

     (2) The tax basis per share of shares of common stock purchased under the
Plan is the average purchase price per share of the common stock as described in
Question 16.

     (3) The holding period for shares of common stock acquired with reinvested
distributions will begin on the day following the Distribution Payment Date on
which the shares were credited to your Plan Account (see Question 15).

     (4) You may realize a gain or loss if you withdraw from the Plan and
receive a cash payment for a fraction of a share credited to your Plan Account.
The amount of the gain or loss will be the difference between the amount you
receive for the fraction of a share and the tax basis attributable to the
fraction of a share, as defined in subsection (2) above.

     24.  HOW ARE INCOME TAX WITHHOLDING PROVISIONS APPLIED TO PARTICIPANTS IN
          THE PLAN?

     If you fail to furnish a valid taxpayer identification number to the
Administrator and to certify that you are not subject to backup withholding,
then the Administrator is required by law to withhold taxes from the amount of
distributions and the proceeds from any sale of your shares. The withheld amount
will be deducted from the amount of distributions and the remaining amount of
distributions reinvested. In the case of a sale, the withheld amount will be
deducted from the sale proceeds and the remaining amount will be sent to you.

     If you are a non-U.S. stockholder whose distributions are subject to United
States income tax withholding, the amount of tax to be withheld will be deducted
from the amount of distributions and the remaining amount of distributions will
be reinvested.

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REPORTS TO PARTICIPANTS

     25.  WHAT KINDS OF REPORTS WILL BE SENT TO PARTICIPANTS IN THE PLAN?

     As soon as practicable after each Distribution Payment Date, a summary
statement of your account will be mailed to you by the Administrator. These
statements are your continuing record of current activity including the cost of
your purchases and proceeds from your sales in the Plan. They also will include
the tax consequences of reinvestment, and should be retained for tax purposes.
In addition, you will be sent copies of other communications sent to holders of
the Company's common stock, including the Company's annual report, the notice of
annual meeting, proxy statement, and the information you will need for reporting
your distribution income for federal income tax purposes. If, after receiving
and reviewing this information, you no longer wish to participate in the Plan,
you may withdraw from the Plan in accordance with the terms set forth in
Questions 27 and 28 below.

     All notices, statements and reports from the Administrator and Company to
you will be addressed to your latest address of record with the Administrator.
Therefore, you must promptly notify the Administrator of any change of address.
To be effective with respect to mailings of distribution checks, address changes
must be received by the Administrator prior to the Record Date for the next
Distribution Payment Date.

CERTIFICATES FOR SHARES

     26.  WILL CERTIFICATES BE ISSUED FOR SHARES PURCHASED?

     No. Shares of our common stock purchased through the Plan will be issued in
book entry form only. This means that we will not issue actual share
certificates to you or any holders of our common stock. The use of book entry
only registration protects you against loss, theft or destruction of stock
certificates and reduces costs. Shares of common stock purchased through the
Plan will be credited to your Plan Account under your name, but they will not be
registered in your name. The number of shares of common stock credited to your
Plan Account will be shown on your statement of your account.

TERMINATION OF PARTICIPATION

     27.  HOW DOES A PARTICIPANT TERMINATE PARTICIPATION IN THE PLAN?

     To terminate your participation in the Plan, you must notify the
Administrator that you wish to do so. Notice of termination should be sent to
the address set forth in Question 4. To expedite your transaction request,
please use the tear-off stub and business reply envelope enclosed with your
summary statement. Upon termination, you will receive a check for the net
proceeds from the sale of all fractional shares of common stock held in your
Plan Account.

     On the termination date, the Administrator will convert to cash any
fractional shares held in your Plan Account at the same price that the shares
could be purchased through the Plan, calculated in accordance with Question 16
above, on the termination date.

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     28.  WHEN MAY A PARTICIPANT TERMINATE PARTICIPATION IN THE PLAN?

     You may request termination of your participation in the Plan at any time.
However, you should allow for several weeks from the time you request
termination until you receive a check for the net proceeds of any fractional
shares converted to cash, as described in Question 27. Any distributions earned
subsequent to the effective date of your termination will be paid to you by
check unless you re-enroll in the Plan.

     29.  MAY AN INDIVIDUAL'S PARTICIPATION BE TERMINATED BY THE COMPANY OR THE
          ADMINISTRATOR?

     The Company reserves the right to terminate the participation of any
participant who, in the Company's sole discretion, is abusing the Plan or
causing undue expense. Also, as described in Question 19, a request to transfer
shares, the transfer of which would result in less than 25 shares remaining in
your Plan Account, will be considered by the Administrator to be a request to
terminate participation in the Plan. The Company also reserves the right to
terminate the Plan with respect to participants in one or more jurisdictions
(see Question 36).

SALES OF SHARES REGISTERED IN YOUR NAME

     30.  WHAT HAPPENS WHEN A PARTICIPANT SELLS OR TRANSFERS ALL OF THE SHARES
          REGISTERED IN THE PARTICIPANT'S NAME?

     If you sell or transfer all the shares registered in your name, the
Administrator will continue to reinvest any distributions received after your
disposition of the shares (for example, if the shares of common stock are
disposed after the Record Date and before the Distribution Payment Date),
subject to your right to withdraw from the Plan at any time. Also, the
Administrator will continue to reinvest distributions on Plan Shares held in
your Plan Account.

     31.  WHAT HAPPENS WHEN A PARTICIPANT SELLS OR TRANSFERS SOME BUT NOT ALL OF
          THE SHARES REGISTERED IN THE PARTICIPANT'S NAME?

     If you have elected the "Full Distribution Reinvestment" option described
in Question 2, and you transfer or sell a portion of the shares registered in
your name, then the Administrator will continue to reinvest the distributions on
all remaining shares registered in your name.

     If you have elected the "Partial Distribution Reinvestment" option
described at Question 2 by enrolling in the Plan only a portion of the shares
you own, and you transfer or sell a portion of the shares registered in your
name, then the Administrator will continue to reinvest the distributions on the
remaining shares registered in your name up to the number of shares originally
enrolled in the Plan. For example, if you requested the Company to enroll in the
Plan 50 shares of the 100 shares registered in your name, and then you
transferred or sold 25 shares, the Company would continue to reinvest the
distributions on 50 shares. If instead, you transferred or sold 75 shares, the
Company would continue to reinvest the distributions on all of the remaining 25
shares. If you later acquire additional shares registered in your name, those
shares will automatically be enrolled in the Plan (and their distributions
reinvested) so long as your total enrollment is less than your original
enrollment request of 50.

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     In all cases, after a sale or transfer of shares registered in your name,
the Administrator will continue to reinvest distributions on Plan Shares held in
your Plan Account.

OTHER INFORMATION

     32.  IF THE COMPANY HAS A RIGHTS OFFERING, HOW WILL THE RIGHTS ON THE PLAN
          SHARES BE HANDLED?

     You will participate in any rights offering, based upon your total holdings
of whole shares, including whole shares enrolled in the Plan and whole shares
credited to your Plan Account.

     33.  WHAT HAPPENS IF THE COMPANY ISSUES A DISTRIBUTION PAYABLE IN STOCK OR
          DECLARES A STOCK SPLIT?

     Any distribution payable in stock or split shares distributed by the
Company on shares enrolled in the Plan and on shares of common stock held in
your Plan Account will be credited to your account.

     34.  HOW WILL A PARTICIPANT'S SHARES HELD BY THE ADMINISTRATOR BE VOTED AT
          STOCKHOLDERS' MEETINGS?

     Shares of common stock held by the Administrator for you will be voted as
you direct. A proxy card will be sent to you in connection with any annual or
special meeting of stockholders, as in the case of stockholders not
participating in the Plan. This proxy will apply to all whole shares registered
in your own name including those enrolled in the Plan, if any, as well as to all
whole shares credited to your account under the Plan and, if properly signed,
will be voted in accordance with the instructions that you give on the proxy
card. If the proxy card is not returned, or if it is returned unsigned by you,
none of your shares will be voted.

     As in the case of non-participating stockholders, if no instructions are
indicated on a properly signed and returned proxy card, all of your whole shares
- those shares registered in your name (including those enrolled in the Plan),
and those credited to your account under the Plan - will be voted in accordance
with the recommendation of the Company's management.

     35.  WHAT ARE THE RESPONSIBILITIES OF THE ADMINISTRATOR AND THE COMPANY
          UNDER THE PLAN?

     The Administrator and the Company will not be liable under the Plan for any
act done in good faith or for any good faith omission to act, including, without
limitation, any claim of liability arising with respect to the prices or times
at which shares are purchased for you or from failure to terminate your Plan
Account upon your death or any change in the market value of the Company's
common stock.

     You should not assume that the Company will pay distributions or pay them
in any particular amount or on any particular date.

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     You should recognize that neither the Administrator nor the Company can
assure you of a profit or protect you against a loss on the shares of common
stock purchased by you under the Plan.

     36.  MAY THE PLAN BE CHANGED OR DISCONTINUED?

     Notwithstanding any other provisions of the Plan, the Company reserves the
right to amend, modify, suspend or terminate the Plan at any time, in whole or
in part, or in respect to participants in one or more jurisdictions, without
prior notice to, or the prior consent of, participants in the Plan. Notice of
any material amendment or modification, or of any suspension or termination,
will be mailed to all affected participants following the date of such
amendment, modification, suspension or termination.

                                       13<Page>

                                                                     EXHIBIT 4.2

                            SHARE REPURCHASE PROGRAM

     The Board of Directors (the "Board") of Inland American Real Estate Trust,
Inc., a Maryland corporation (the "Company"), has adopted this Share Repurchase
Program (this "Repurchase Program") to permit and authorize the Company to
repurchase shares of its common stock, par value $0.001 per share (the
"Shares"), from its stockholders, in all cases subject to the terms, conditions
and limitations set forth herein. The effective date of this Repurchase Program
is February [__], 2005.

     1.   REPURCHASE PRICE.

          (a)    The Company is authorized to repurchase Shares from its
     stockholders at the following prices per Share:

          (i)    If the Shares are beneficially owned by the requesting
                 stockholder continuously for at least one (1) year, the
                 repurchase price shall be equal to $9.25 per Share;

          (ii)   If the Shares are beneficially owned by the requesting
                 stockholder continuously for at least two (2) years, the
                 repurchase price shall be equal to $9.50 per Share;

          (iii)  If the Shares are beneficially owned by the requesting
                 stockholder continuously for at least three (3) years, the
                 repurchase price shall be equal to $9.75 per Share; or

          (iv)   If the Shares are beneficially owned by the requesting
                 stockholder continuously for at least four (4) years, the
                 repurchase price per Share shall be determined by the Board in
                 its sole and absolute discretion, but in no event less than
                 $10.00 per Share.

          (b)    Notwithstanding SECTION 1(a) above, during periods when the
     Company is engaged in a public offering of its Shares, the repurchase price
     per Share under this Repurchase Program shall be less than the per share
     price of the Shares offered in the public offering.

     2.   TREATMENT OF REPURCHASED SHARES. All Shares repurchased by the Company
pursuant to this Repurchase Program shall be canceled and shall have the status
of authorized but unissued shares. The Company shall not reissue any Shares
repurchased by it pursuant to this Repurchase Program unless those Shares are
first registered with the Securities and Exchange Commission under the
Securities Act of 1933, as amended, and under appropriate state securities laws
or otherwise issued in compliance with these laws.

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     3.   TIME OF REPURCHASE; FUNDING; REPURCHASE LIMITATIONS.

          (a)    TIME OF REPURCHASE. Except as otherwise provided from time to
     time by the Board, the Company shall make repurchases of Shares under this
     Repurchase Program on or about the last business day of each calendar
     month. As soon as reasonably practicable following the date of each monthly
     repurchase hereunder, the Company shall send to the applicable stockholder
     all cash proceeds resulting from the repurchase of the stockholder's Shares
     LESS the cost of any UCC search (as described in SECTION 4(d) below)
     completed by, or on behalf of, the Company with respect to those Shares.

          (b)    FUNDING. The Company is authorized, for the purpose of
     repurchasing Shares under this Repurchase Program in a particular calendar
     month, to use (i) offering proceeds from any public offerings of its
     Shares, (ii) proceeds from its Distribution Reinvestment Plan
     ("Reinvestment Plan") or (iii) any operating funds that the Board in its
     sole discretion may reserve for this purpose (collectively, the "Available
     Funds").

          (c)    EXCESS AVAILABLE FUNDS. In any calendar month, if the aggregate
     amount of Available Funds exceeds the aggregate amount needed to repurchase
     all Shares for which repurchase requests have been received by the Company,
     the Company may, but shall not be obligated to, carry over the excess
     amount of Available Funds to a subsequent calendar month(s) for use in
     addition to the amount of Available Funds otherwise available for
     repurchases during that subsequent calendar month(s).

          (d)    INSUFFICIENT AVAILABLE FUNDS; OTHER LIMITATIONS. The Company
     cannot guarantee that it will be able to repurchase all Shares for which a
     repurchase request is received. In any calendar month, if the aggregate
     amount of Available Funds (including any excess amount carried over
     pursuant to SECTION 3(c) above) is less than the aggregate amount needed to
     repurchase all Shares for which repurchase requests have been received by
     the Company, the Company shall repurchase Shares on a PRO RATA basis up to,
     but not in excess of, the aggregate amount of Available Funds (including
     any excess amount carried over pursuant to SECTION 3(c) above). In any
     calendar month, if repurchasing all Shares for which repurchase requests
     have been received by the Company would exceed the Aggregate Number of
     Shares Limit (as defined below), the Company shall, to the extent it has
     Available Funds (including any excess amount carried over pursuant to
     SECTION 3(c) above), repurchase Shares on a PRO RATA basis up to, but not
     in excess of, the Aggregate Number of Shares Limit. Any stockholder whose
     repurchase request has been partially accepted by the Company in a
     particular calendar month shall have the remainder of his or her request
     included with all new repurchase requests received by the Company in the
     immediately following calendar month.

          (e) PERCENTAGE LIMITATION. Notwithstanding anything to the contrary
     herein, at no time during any consecutive twelve (12) calendar month period
     shall the number of Shares repurchased by the Company under this Repurchase
     Program exceed five percent (5.0%) of the aggregate number of Shares issued
     and outstanding as of the beginning of the twelve (12) calendar month
     period (the "Aggregate Number of Shares Limit").

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<Page>

          (f)    INEFFECTIVE WITHDRAWAL. In the event the Company receives a
     written notice of withdrawal, as described in SECTION 4(e) below, from a
     stockholder after the Company has repurchased all or a portion of the
     stockholder's Shares, the notice of withdrawal shall not be effective with
     respect to the Shares repurchased, but shall be effective with respect to
     any of that stockholder's Shares not repurchased. The Company shall provide
     the stockholder with prompt written notice of the ineffectiveness or
     partial ineffectiveness of that stockholder's written notice of withdrawal.

     4.   STOCKHOLDER REQUIREMENTS.

          (a)    GENERAL. Any stockholder may elect to participate in the
     Repurchase Program with respect to all or a designated portion of the
     stockholder's whole Shares; provided, however, Shares must be beneficially
     owned by the presenting stockholder continuously for at least one (1) year
     to be eligible for repurchase by the Company under this Repurchase Program.
     If a stockholder dies prior to beneficially owning Shares for at least one
     (1) year, the Board may, in its sole discretion, waive the holding period
     for the stockholder's beneficiaries or heirs, as applicable. Fractional
     Shares, if any, shall not be accepted by the Company for repurchase under
     this Repurchase Program.

          (b)    WRITTEN REQUESTS. A stockholder may request that the Company
     repurchase the stockholder's Shares by submitting a written repurchase
     request to: Ms. Roberta S. Matlin, Vice President of Administration, Inland
     American Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook,
     Illinois 60523. The written repurchase request must state the name of the
     person/entity who beneficially owns the Shares, the date of purchase of the
     Shares and the number of Shares requested to be repurchased. Written
     repurchase requests will be accepted by the Company on a calendar month
     basis, subject to the terms, conditions and other limitations set forth in
     this Repurchase Program. To be effective in a particular calendar month,
     the Company must receive a stockholder's written repurchase request prior
     to the date that the Company repurchases Shares in that calendar month. No
     written repurchase request shall be given preference over any other written
     repurchase request.

          (c)    ASSIGNMENT FORM. As soon as reasonably practicable following
     receipt of a written repurchase request, the Company shall send an
     assignment form to the applicable stockholder. The assignment form must be
     properly executed by the beneficial owner and returned to the Company
     before the Company may repurchase any Shares.

          (d)    NO ENCUMBRANCES. All Shares requested to be repurchased under
     this Repurchase Program must be (i) beneficially owned by the
     stockholder(s) of record making the presentment, or the party presenting
     the Shares must be authorized to do so by the owner(s) of record of the
     Shares, and (ii) fully transferable and not be subject to any liens or
     other encumbrances. Upon receipt of a properly completed and executed
     assignment form, as described in SECTION 4(c) above, the Company will
     conduct a Uniform Commercial Code ("UCC") search for a fee of $100.00 to
     ensure that no liens or other encumbrances are held against the Shares. The
     requesting stockholder shall have sole responsibility and liability for
     payment of the UCC search fee, which, except as

                                        3
<Page>

     otherwise provided herein, will be deducted from the proceeds of the Shares
     repurchased. In lieu of a UCC search, the requesting stockholder may
     provide evidence satisfactory to the Company, in its sole discretion, that
     the Shares requested for repurchase are free from liens and other
     encumbrances. If the requesting stockholder provides this evidence, no UCC
     search will be conducted and no UCC search fee will be charged to the
     stockholder. If the UCC search determines that a lien or other encumbrance
     exists against the Shares, the Company shall have no obligation to
     repurchase, and shall not repurchase, any of the Shares subject to the lien
     or other encumbrance, in which case the Company shall remit an invoice to
     the requesting stockholder for, and the requesting stockholder shall be
     responsible for the payment of, the UCC search fee.

          (e)    WITHDRAWAL OF WRITTEN REPURCHASE REQUEST. In the event a
     stockholder wishes to withdraw his, her or its written repurchase request
     to have Shares repurchased under this Repurchase Program, the stockholder
     shall provide the Company with a written request of withdrawal. The Company
     will not repurchase a stockholder's Shares so long as the Company receives
     the written request of withdrawal prior to the time payment is sent to the
     applicable stockholder. If the Company conducts a UCC search prior to
     receiving a stockholder's written request of withdrawal, the stockholder
     nevertheless shall be responsible for the payment of the UCC search fee.

     5.   TERMINATION OF REPURCHASE PROGRAM. This Repurchase Program shall
be suspended or terminated, as the case may be, and the Company shall not accept
Shares for repurchase upon the occurrence of any of the following:

          (a)    This Repurchase Program shall immediately terminate, without
     further action by the Board or any notice to the Company's stockholders, in
     the event the Shares are listed on any national securities exchange, or are
     subject to bona fide quotes on any inter-dealer quotation system or
     electronic communications network, or are subject to bona fide quotes in
     the pink sheets; or

          (b)    Subject to complying with the notice provisions set forth in
     SECTION 7(a) below, this Repurchase Program may be suspended or terminated
     in the event the Board determines that it is in the best interests of the
     Company to suspend or terminate the Repurchase Program.

     6.   AMENDMENT.  Notwithstanding  anything to the contrary herein,  this
Repurchase Program may be amended, in whole or in part, by the Board, in its
sole discretion, at any time or from time to time.

     7.   MISCELLANEOUS.

          (a)    NOTICE. In the event of any amendment, suspension or
     termination of this Repurchase Program pursuant to SECTION 6 or SECTION
     5(b) hereof, as the case may be, the Company shall provide written notice
     to its stockholders at least thirty (30) days prior to the effective date
     of the amendment, suspension or termination. In addition, the Company shall
     disclose the amendment, suspension or termination in a report filed by the

                                        4
<Page>

     Company with the Securities and Exchange Commission on either Form 8-K,
     Form 10-Q or Form 10-K, or any successor forms, as appropriate.

          (b)    LIABILITY. Neither the Company nor the Repurchase Agent (as
     defined below) shall have any liability to any stockholder for the value of
     the stockholder's Shares, the repurchase price of the stockholder's Shares,
     or for any damages resulting from the stockholder's presentation of Shares
     for repurchase or the repurchase of Shares under this Repurchase Program or
     for the Company's determination not to repurchase Shares under the
     Repurchase Program, except as a result of the Company's or the Repurchase
     Agent's gross negligence, recklessness, or violation of applicable law;
     provided, however, that nothing contained herein shall constitute a waiver
     or limitation of any rights or claims that a stockholder may have under
     federal or state securities laws.

          (c)    TAXES. Stockholders shall have sole responsibility and
     liability for the payment of all taxes, assessments and other applicable
     obligations resulting from the repurchase of Shares pursuant to this
     Repurchase Program and neither the Company nor the Repurchase Agent shall
     have any such responsibility or liability.

          (d)    REPURCHASE AGENT. The Company may appoint a repurchase agent,
     as the Company's agent under this Repurchase Program (a "Repurchase
     Agent"), to effect all repurchases of Shares and to disburse funds to the
     respective stockholders in accordance with the terms, conditions and
     limitations set forth herein. The Repurchase Agent shall at all times be a
     member in good standing of the National Association of Securities Dealers,
     Inc. Initially, the Repurchase Agent shall be Inland Securities
     Corporation, a Delaware corporation.

          (e)    ADMINISTRATION AND COSTS. The Repurchase Agent shall perform
     all recordkeeping and other administrative functions involved in operating
     and maintaining the Repurchase Program. The Company shall bear all costs
     involved in organizing, administering and maintaining the Repurchase
     Program.

                                        5

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