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                                                                    EXHIBIT 10.2

                           MASTER MANAGEMENT AGREEMENT

     This Master Management Agreement (this "Agreement"), dated as of February
[__], 2005, is entered into by and between INLAND AMERICAN REAL ESTATE TRUST,
INC., a Maryland corporation (the "Company"), and INLAND NORTH AMERICAN PROPERTY
MANAGEMENT CORP., a Delaware corporation (the "Property Manager").

                                   WITNESSETH:

     WHEREAS, the Company intends to operate as a "real estate investment trust"
(a "REIT"), as defined in Sections 856 through 860 of the Internal Revenue Code
of 1986, as amended (the "Code"), for federal and state income tax purposes and
expects to make investments in real estate assets of the type permitted to be
made by REITs under the Code and otherwise in accordance with the Articles of
Incorporation and Bylaws of the Company (such investments being referred to
herein collectively as the "Properties" and individually as a "Property"); and

     WHEREAS, the Company desires to have the Property Manager manage certain
Properties, and the Property Manager is willing to manage those Properties, on
the terms and conditions herein set forth.

     NOW THEREFORE, in consideration of the mutual covenants and conditions
herein set forth, the parties hereto agree as follows:

     1.   EFFECTIVE DATE. Effective as of February [__], 2005, the Company
hereby retains the Property Manager to manage certain Properties located in the
United States and Canada (collectively, the "Territory"). This Agreement is not
an exclusive management agreement and the Property Manager acknowledges and
agrees that the Company may engage other management companies to manage
Properties within the Territory.

     2.   TERMS AND CONDITIONS.

          (a)  The engagement of the Property Manager by the Company for any
     Property shall be pursuant to the terms and conditions of a separate
     management agreement in substantially the form attached hereto as EXHIBIT A
     (the "Management Agreement"). The initial term of each Management Agreement
     shall commence on the date of acquisition by the Company of the Property,
     if the Property will be managed by the Property Manager, and shall end on
     the first anniversary of the date of acquisition, with three successive
     three year renewal periods occurring immediately after this initial term.
     Notwithstanding the foregoing, the parties may mutually agree to vary the
     terms of the Management Agreement for any or all of the Properties or to
     not enter into a written Management Agreement for any Property.

          (b)  For each Property managed directly by entities other than the
     Property Manager or any of its affiliates, the Company shall pay the
     Property Manager a monthly oversight fee of up to one percent (1.0%) of the
     "gross income" attributable to the

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     Property for the month for which the oversight fee is paid. For these
     purposes, the term "gross income" means the aggregate amount of any and all
     rents, assessments and other items, including, but not limited to, tenant
     payments for real estate taxes, property liability and other insurance,
     damages and repairs, common area maintenance, tax reduction fees and all
     other tenant reimbursements, administrative charges, proceeds of rental
     interruption insurance, parking fees, income from coin operated machines
     and other miscellaneous income, collected by, paid to, or otherwise due and
     owing, the management company in a given month with respect to the
     Property. In no event shall the Property Manager receive both an oversight
     fee and a management fee pursuant to a Management Agreement for the same
     Property. Further, in no event shall the aggregate amount of the management
     fee paid to entities other than the Property Manager or its affiliates plus
     the oversight fee paid to the Property Manager exceed four and one-half
     percent (4.5%) of the "gross income" of a particular property. In no event
     shall an oversight fee for any Property be paid to the Property Manager for
     more than three years following the date that the Property or the Real
     Estate Operating Company (as defined below), as the case may be, was
     acquired by the Company or any of its affiliates. For purposes of this
     Agreement, the term "Real Estate Operating Company" means (i) any entity
     that has equity securities registered under Section 12(b) or 12(g) of the
     Securities Exchange Act of 1934, as amended (the "Exchange Act"); (ii) any
     entity that files periodic reports under Sections 13 or 15(d) of the
     Exchange Act; or (iii) any entity that, either itself or through its
     subsidiaries:

                    (1)  owns and operates interests in real estate on a going
               concern basis rather than as a conduit vehicle for investors to
               participate in the ownership of assets for a limited period of
               time;

                    (2)  has a policy or purpose of reinvesting sale, financing
               or refinancing proceeds or cash from operations;

                    (3)  has its own directors, managers or managing general
               partners, as applicable; and

                    (4)  either: (A) has its own officers and employees that, on
               a daily basis, actively operate the entity and its subsidiaries
               and businesses; or (B) has retained the services of an affiliate
               or sponsor of, or advisor to, the entity to, on a daily basis,
               actively operate the entity and its subsidiaries and businesses.

     3.   BUSINESS COMBINATION:

          (a)  BUSINESS COMBINATIONS. The Company shall consider becoming a
     self-administered REIT once the Company's assets and income are, in the
     view of the Board of Directors, of sufficient size such that internalizing
     the management functions performed by the Company's business manager,
     Inland American Business Manager & Advisor, Inc. (the "Business Manager"),
     and the Property Manager is in the best interests of the Stockholders.

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          If the Board of Directors should make this determination in the
     future, the Company shall pay one-half of the costs, and the Business
     Manager and the Property Manager shall pay the other half, of an investment
     banking firm. This firm shall jointly advise the Company and the Sponsor on
     the value of the Business Manager and the Property Manager. After the
     investment banking firm completes its analyses, the Company shall require
     it to prepare a written report and make a formal presentation to the Board
     of Directors.

          Following the presentation by the investment banking firm, the Board
     of Directors shall form a special committee comprised entirely of
     Independent Directors to consider a possible business combination with the
     Business Manager and the Property Manager. The Board of Directors shall,
     subject to applicable law, delegate all of its decision-making power and
     authority to the special committee with respect to these matters. The
     special committee also shall be authorized to retain its own financial
     advisors and legal counsel to, among other things, negotiate with
     representatives of the Business Manager and the Property Manager regarding
     a possible business combination.

          (b)  CONDITIONS TO COMPLETION OF BUSINESS COMBINATION. Before the
     Company may complete any business combination with either the Business
     Manager or the Property Manager in accordance with this SECTION 3, the
     following two conditions shall be satisfied:

               (i)  the special committee formed in accordance with SECTION 3(a)
          hereof receives an opinion from a recognized investment banking firm,
          separate and distinct from the firm jointly retained to provide a
          valuation analysis in accordance with SECTION 3(a) hereof, concluding
          that the consideration to be paid to acquire the Business Manager or
          the Property Manager, as the case may be, is fair to the Stockholders
          from a financial point of view; and

               (ii) the holders of a majority of the votes cast at a meeting of
          the Stockholders called for such purpose (if a quorum is present at
          the meeting) approves the acquisition; provided that, for these
          purposes only, any shares held by The Inland Group, Inc., the Sponsor
          or any of their Affiliates will be counted for purposes of determining
          the presence of quorum but will not, however, initially constitute a
          vote cast for purposes of determining the number of votes necessary to
          approve the acquisition. If the proposal receives the necessary votes
          to approve the acquisition, all shares held by The Inland Group, Inc.,
          the Sponsor or any of their Affiliates may then be voted in favor of
          the transaction.

     4.   TERM; TERMINATION OF AGREEMENT.

          (a)  This Agreement shall have an initial term of three years and,
     thereafter, will continue in force for successive one year renewals with
     the mutual consent of the parties including an affirmative vote of a
     majority of the Independent Directors. Each extension shall be executed in
     writing by both parties hereto prior to the expiration of this Agreement or
     of any extension thereof.

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          (b)  Notwithstanding any other provision of the Agreement to the
     contrary, this Agreement may be terminated at the mutual consent of the
     parties. The Company may terminate this Agreement upon a vote of a majority
     of the Independent Directors by providing no less than sixty (60) days'
     written notice to the Property Manager. In the event of the termination of
     the Agreement, the Property Manager will cooperate with the Company and
     take all reasonable steps requested to assist the Board of Directors in
     making an orderly transition of the functions performed hereunder by the
     Property Manager.

          (c)  If this Agreement is terminated pursuant to this SECTION 4, the
     parties shall have no liability or obligation to each other, except as
     provided in SECTION 6 hereof.

     5.   DEFAULT, BANKRUPTCY, ETC. At the sole option of the Company, this
Agreement shall be terminated immediately upon written notice of termination
from the Board of Directors of the Company to the Property Manager if any of the
following events occurs:

          (a)  the Property Manager violates any provisions of this Agreement
     and after notice of such violation fails to cure the default within thirty
     (30) days; or

          (b)  a court of competent jurisdiction enters a decree or order for
     relief in respect of the Property Manager in any involuntary case under the
     applicable bankruptcy, insolvency or other similar law now or hereafter in
     effect, or appoints a receiver liquidator, assignee, custodian, trustee,
     sequestrator (or similar official) of the Property Manager or for any
     substantial part of its property or orders the winding up or liquidation of
     the Property Manager's affairs; or

          (c)  the Property Manager commences a voluntary case under any
     applicable bankruptcy, insolvency or other similar law now or hereafter in
     effect, or consents to the entry of an order for relief in an involuntary
     case under any such law, or consents to the appointment of or taking
     possession by a receiver, liquidator, assignee, custodian, trustee,
     sequestrator (or similar official) of the Property Manager or for any
     substantial part of its property, or makes any general assignment for the
     benefit of creditors, or fails generally to pay its debts, as they become
     due.

The Property Manager agrees that if any of the events specified in subsections
(b) and (c) of this SECTION 5 occur, it will give written notice thereof to the
Company within seven days after the occurrence of the event.

     6.   ACTION UPON TERMINATION. The Property Manager shall not be entitled to
compensation after the date of termination of this Agreement for further
services hereunder, but shall be paid all compensation accruing to the date of
termination. Upon termination of this Agreement, the Property Manager shall:

          (a)  pay over to the Company all moneys collected and held for the
     account of the Company pursuant to this Agreement, after deducting any
     accrued compensation and reimbursement for expenses to which the Property
     Manager is entitled;

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          (b)  deliver to the Board of Directors of the Company a full
     accounting, including a statement showing all payments collected by the
     Property Manager and a statement of all money held by the Property Manager,
     covering the period following the date of the last accounting furnished to
     the Board of Directors of the Company;

          (c)  deliver to the Board of Directors of the Company all property and
     documents of the Company then in the custody of the Property Manager; and

          (d)  cooperate with the Company and take all reasonable steps
     requested by the Company to assist it in making an orderly transition of
     the functions performed by the Property Manager.

     7.   SUCCESSORS AND ASSIGNS. This Agreement shall bind any successors or
assigns of the parties hereto as herein provided.

     8.   LIABILITY AND INDEMNIFICATION.

          (a)  The Company shall indemnify the Property Manager and its
     officers, directors, employees and agents (individually an "Indemnitee",
     collectively the "Indemnitees") to the same extent as the Company may
     indemnify its officers, directors, employees and agents under its Articles
     of Incorporation and Bylaws so long as:

               (i)   the Indemnitee has determined, in good faith, that the
          course of conduct that caused the loss, liability or expense was in
          the best interests of the Company;

               (ii)  the Indemnitee was acting on behalf of, or performing
          services for the Company;

               (iii) the liability or loss was not the result of gross
          negligence or willful misconduct on the part of the Indemnitee; and

               (iv)  any amounts payable to the Indemnitee are paid only out of
          the Company's assets and not from any personal assets of any
          Stockholder.

          (b)  The Company shall not indemnify any person or entity for losses,
     liabilities or expenses arising from, or out of, an alleged violation of
     federal or state securities laws by any party seeking indemnity unless one
     or more of the following conditions are met:

               (i)   there has been a successful adjudication on the merits of
          each count involving alleged securities law violations as to the
          particular person or entity;

               (ii)  the claims have been dismissed with prejudice on the merits
          by a court of competent jurisdiction as to the particular person or
          entity; or

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               (iii) a court of competent jurisdiction approves a settlement of
          the claims and finds that indemnification of the settlement and
          related costs should be made and the court considering the request has
          been advised of the position of the Securities and Exchange Commission
          and the published opinions of any state securities regulatory
          authority in which securities of the Company were offered and sold
          with respect to the availability or propriety of indemnification for
          securities law violations.

          (c)  The Company shall advance amounts to persons entitled to
     indemnification hereunder for legal and other expenses and costs incurred
     as a result of any legal action for which indemnification is being sought
     only if all of the following conditions are satisfied:

               (i)   the legal action relates to acts or omissions with respect
          to the performance of duties or services by the Indemnitee for or on
          behalf of the Company;

               (ii)  the legal action is initiated by a third party and a court
          of competent jurisdiction specifically approves advance; and

               (iii) the Indemnitee receiving the advances undertakes to repay
          any monies advanced by the Company, together with the applicable legal
          rate of interest thereon, in any case(s) in which a court of competent
          jurisdiction finds that the party is not entitled to be indemnified.

     9.   NOTICES. Any notice, report or other communication required or
permitted to be given hereunder shall be in writing unless some other method of
giving such notice, report or other communication is accepted by the party to
whom it is given and shall be given by being delivered at the following
addresses of the parties hereto:

     IF TO THE COMPANY, TO:           Inland American Real Estate Trust, Inc.
                                      2901 Butterfield Road
                                      Oak Brook, IL 60523
                                      Attention:  Ms. Roberta S. Matlin,
                                                  Vice President, Administration
                                      Telephone:  (630) 218-8000
                                      Facsimile:  (630) 218-4955

     IF TO THE PROPERTY MANAGER, TO:  Inland North American Property
                                      Management Corp.
                                      2901 Butterfield Road
                                      Oak Brook, IL 60523
                                      Attention:  Mr. Thomas P. McGuinness,
                                                  President
                                      Telephone:  (630) 218-8000
                                      Facsimile:  (630) 218-4955

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Either party may at any time give notice in writing to the other party of a
change of its address for the purpose of this SECTION 9.

     10.  COUNTERPARTS. This Agreement may be executed in one or more
counterparts, all or which taken together shall constitute one and the same
agreement, and shall become effective when the counterparts have been signed by
each party hereto and delivered to the other party hereto.

     11.  GOVERNING LAW. This Agreement shall be construed, performed and
enforced in accordance with and governed by the internal laws of the State of
Illinois, without giving effect to the principles of conflicts of law thereof.

     12.  AMENDMENTS. This Agreement may be amended or modified, and any of the
terms, covenants, representations, warranties or conditions hereof may be
waived, only by a written instrument executed by the parties hereto, or in the
case of a waiver, by the party waiving compliance.

     13.  HEADINGS. The descriptive headings in this Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this
Agreement.

     14.  SEVERABILITY. In the event that any part of this Agreement is declared
by any court or other judicial or administrative body to be null, void or
unenforceable, said provision shall survive to the extent it is not so declared,
and all of the other provisions of this Agreement shall remain in full force and
effect.

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     WHEREFORE, the undersigned have executed this Agreement by their duly
authorized officers as of the date first above written.

COMPANY:                                  PROPERTY MANAGER:

INLAND AMERICAN REAL ESTATE TRUST, INC.   INLAND NORTH AMERICAN PROPERTY
                                          MANAGEMENT CORP.

By:   ---------------------------------   By:   --------------------------------

Name: ---------------------------------   Name: --------------------------------

Its:  ---------------------------------   Its:  --------------------------------

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                                    EXHIBIT A

                          FORM OF MANAGEMENT AGREEMENT

     This Management Agreement (this "Agreement"), dated as of [__________]
[__], 20[__], is entered into by and between INLAND AMERICAN REAL ESTATE TRUST,
INC., a Maryland corporation ("Owner"), and INLAND NORTH AMERICAN PROPERTY
MANAGEMENT CORP., a Delaware corporation (the "Property Manager").

     NOW, THEREFORE, in consideration of the mutual covenants and conditions
herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

     1.   Owner hereby employs the Property Manager exclusively to rent, lease,
operate and manage the property commonly known as and located in and legally
described on EXHIBIT A attached hereto and made a part hereof (the "Premises"),
upon the terms and conditions hereinafter set forth, for a term beginning on
[__________] [__], 20[__] and ending on [__________] [__], 20[__] (the "Initial
Term") and thereafter for three successive three year renewal periods (each, a
"Renewal Term"), with the first such three year renewal period commencing on
[__________] [__], 20[__], and ending on [__________] [__], 20[__], unless,
between sixty (60) and ninety (90) days prior to the expiration of the Initial
Term or the current Renewal Term, if applicable, either Owner or the Property
Manager notifies the other party hereto in writing that it elects to terminate
this Agreement, in which case this Agreement shall be terminated on the last day
of the Initial Term or the current Renewal Term, if applicable. In addition, and
notwithstanding the foregoing, Owner may terminate this Agreement at any time
upon delivery of written notice to the Property Manager not less than thirty
(30) days prior to the effective date of termination, in the event of (and only
in the event of) a showing by Owner of willful misconduct, gross negligence,
malfeasance or unlawful acts by the Property Manager in the performance of
duties hereunder. In the event this Agreement is terminated for any reason prior
to the expiration of the Initial Term or any Renewal Term, Owner shall
indemnify, protect, defend, save and hold the Property Manager and all of its
shareholders, officers, directors, employees, agents, successors and assigns
harmless from and against any and all claims, causes of action, demands, suits,
proceedings, loss, judgments, damage, awards, liens, fines, costs, attorneys'
fees and expenses, of every kind and nature whatsoever that may be imposed on or
incurred by the Property Manager by reason of the willful misconduct, gross
negligence, malfeasance or unlawful acts (such unlawfulness having been
adjudicated by a court of proper jurisdiction) of Owner.

     2.   THE PROPERTY MANAGER AGREES:

          2.1  To accept the management of the Premises, to the extent, for the
period, and upon the terms herein provided and agrees to furnish the services of
its organization in connection with renting, leasing, operating and managing the
Premises, and, without limiting the generality of the foregoing, the Property
Manager agrees to be responsible for those specific duties and functions set
forth in SECTION 3 hereof. The Property Manager shall be entitled at all times
to manage the Premises in accordance with the Property Manager's standard
operating policies and procedures, except to the extent that any specific
provisions contained herein are to the contrary, in which case the Property
Manager shall manage the Premises consistent with the specific provisions of the
Agreement. The Property Manager agrees to use its best efforts to maintain the
highest occupancy at the highest rents for each space comprising the Premises.

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          2.2  To render monthly reports for the Premises to Owner, to the
attention of the individual and address as directed by Owner from time to time,
and to remit to Owner the excess of Gross Income (as defined in SECTION 3.3
hereof) over expenses paid pursuant to SECTION 3.4 hereof ("Net Proceeds") for
each month on or before the 15th day of the following month. The Property
Manager will remit the Net Proceeds to Owner at the address as stated in SECTION
6.1 hereof. The reports to be submitted shall consist of the Property Manager's
commercial income report and commercial budget variance report, and such other
monthly, quarterly and annual reports as are customary in commercial property
management relationships and as reasonably requested by Owner in writing from
time to time.

          2.4  In the event that expenses paid pursuant to SECTION 3.4 hereof
shall be in excess of Gross Income for any monthly period, to notify Owner of
same and Owner agrees to pay the excess amount immediately upon request from the
Property Manager, but nothing herein contained shall obligate the Property
Manager to advance its own funds on behalf of Owner. All advances by the
Property Manager on behalf of Owner shall be paid to the Property Manager by
Owner within ten (10) days after request.

          2.5  To prepare annualized budgets for operation of the Premises and
submit them to Owner for approval. Annualized budgets shall be for planning and
informational purposes only, and the Property Manager shall have no liability to
Owner for any failure to meet any budget. However, the Property Manager will use
its best efforts to operate the Premises pursuant to the annualized budget. The
parties acknowledge that the first annualized budget has been prepared and
approved for the year commencing [__________], [__] 20[__] and ending on
December 31, 20[__]. Notwithstanding the period covered by the first annualized
budget, all subsequent annualized budgets shall cover the period from January
1st of each year through December 31st of the same year. The proposed annualized
budget for each calendar year shall be submitted by the Property Manager to
Owner by December 1st of the year preceding the year for which it applies, and
Owner shall notify the Property Manager within fifteen (15) days as to whether
Owner has or has not approved the proposed annualized budget. If Owner does not
approve the proposed annualized budget, Owner shall notify the Property Manager
and the Property Manager shall make the necessary amendments to the annualized
budget. During the time the Property Manager is preparing these amendments, the
Property Manager will continue to operate the Premises according to the last
approved annualized budget. Owner's approval of the annualized budget shall
constitute approval for the Property Manager to expend sums for all budgeted
expenditures, without the necessity to obtain additional approval of Owner under
any other expenditure limitations as set forth elsewhere in this Agreement.

     3.   OWNER AGREES, and does hereby give the Property Manager the following
exclusive authority and powers (all of which shall be exercised in the name of
the Property Manager, as the Property Manager for Owner) and Owner agrees to
assume and reimburse the Property Manager and its affiliates for all expenses
paid or incurred in connection therewith:

          3.1  To advertise the Premises or any part thereof and to display
signs thereon, as permitted by law; and to rent the same; to pay all expenses of
leasing the Premises, including but not limited to, newspaper and other
advertising, signage, banners, brochures, referral commissions, leasing
commissions, finder's fees, salaries, bonuses and other compensation of leasing
personnel responsible for the leasing of the Premises, salaries and benefit
expenses for on-site personnel and all other property-level expenses; to cause
references of prospective tenants to be investigated, it being understood and
agreed by the parties hereto that the Property Manager does not guarantee the
credit worthiness or collectibility of accounts receivable from

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tenants, users or lessees; and to negotiate new leases and renewals and
cancellations of existing leases, which shall be subject to the Property Manager
obtaining Owner's prior approval. The Property Manager may collect from tenants
all or any of the following: a late rent administrative charge; a non-negotiable
check charge; credit report fee; a subleasing administrative charge and/or
broker's commission and need not account for such charges and/or commission to
Owner; to terminate tenancies and to sign and serve in the name of Owner of the
Premises such notices as are deemed necessary by the Property Manager; to
institute and prosecute actions to evict tenants and to recover possession of
the Premises or portions thereof; with Owner's prior authorization, to sue for
in the name of Owner of the Premises and recover rent and other sums due; and to
settle, compromise, and release such actions or suits, or reinstate such
tenancies. All expenses of litigation including, but not limited to, attorneys'
fees, filing fees and court costs that the Property Manager shall incur in
connection with the collecting of rent and other sums, or to recover possession
of the Premises or any portion thereof shall be deemed to be an operational
expense of the Premises. The Property Manager and Owner shall concur on the
selection of the attorney to handle any litigation.

          3.2  To hire, supervise, discharge and pay salary and benefit expenses
for all labor required for the operation and maintenance of the Premises
including, but not limited to, on-site personnel, property managers, assistant
property managers, leasing consultants, engineers, janitors, maintenance
supervisors and other employees required for the operation and maintenance of
the Premises, including personnel spending a portion of their working hours (to
be charged on a pro rata basis) at the Premises (all of whom shall be deemed
employees of the Premises, not of the Property Manager). All expenses of such
employment shall be deemed operational expenses of the Premises. To make or
cause to be made all ordinary repairs and replacements necessary to preserve the
Premises in its present condition and for the operating efficiency thereof and
all alterations required to comply with lease requirements, and to do decorating
on the Premises; to negotiate and enter into, as the Property Manager for Owner
of the Premises, contracts for all items on budgets that have been approved by
Owner, any emergency services or repairs for items not exceeding $5,000.00,
appropriate service agreements and labor agreements for normal operation of the
Premises, which shall have terms not to exceed three years, and agreements for
all budgeted maintenance, minor alterations and utility services, including, but
not limited to, electricity, gas, fuel, water, telephone, window washing,
scavenger service, landscaping, snow removal, pest exterminating, decorating and
legal services in collection with the leases and service agreements relating to
the Premises, and other services or such of them as the Property Manager may
consider appropriate; and to purchase supplies and pay all bills. The Property
Manager shall use its best efforts to obtain the foregoing services and
utilities for the Premises at the most economical costs and terms available to
the Property Manager. Owner hereby appoints the Property Manager as Owner's
authorized Property Manager for the purpose of executing, as the managing
Property Manager for Owner, all of the foregoing types of agreements. In
addition, Owner agrees to specifically assume in writing all obligations under
all agreements so entered into by the Property Manager, on behalf of Owner of
the Premises, upon the termination of this Agreement and Owner shall indemnify,
protect, save, defend and hold the Property Manager and all of its shareholders,
officers, directors, employees, agents, successors and assigns harmless from and
against any and all claims, causes of action, demands, suits, proceedings, loss,
judgments, damage, awards, liens, fines, costs, attorneys' fees and expenses, of
every kind and nature whatsoever, resulting from, arising out of or in any way
related to those agreements and which relate to or concern matters occurring
after termination of this Agreement, but excluding matters arising out of the
Property Manager's willful misconduct, gross negligence, malfeasance or unlawful
acts. The Property Manager shall secure the approval

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of, and execution of appropriate agreements by, Owner for any non-budgeted and
non-emergency/contingency capital items, alterations or other expenditures in
excess of $5,000.00 for anyone item, securing for each item at least three (3)
written bids, if practicable, or providing evidence satisfactory to Owner that
the agreed amount is lower than industry standard pricing, from responsible
contractors. The Property Manager shall have the right from time to time during
the term hereof, to contract with and make purchases from subsidiaries and
affiliates of the Property Manager; provided that contract rates and prices are
competitive with other available sources. The Property Manager may at any time,
and from time to time, request and receive the prior written authorization of
Owner of the Premises of any one or more purchases or other expenditures,
notwithstanding that the Property Manager may otherwise be authorized hereunder
to make such purchases or expenditures.

          3.3  To collect rents and/or assessments and other items, including,
but not limited to, tenant payments for real estate taxes, property liability
and other insurance, damages and repairs, common area maintenance, tax reduction
fees and all other tenant reimbursements, administrative charges, proceeds of
rental interruption insurance, parking fees, income from coin operated machines
and other miscellaneous income, due or to become due (all such items being
referred to herein as "Gross Income") and give receipts therefore and to deposit
all such Gross Income collected hereunder in the Property Manager's custodial
account which the Property Manager will open and maintain, in a state or
national bank of the Property Manager's choice and whose deposits are insured by
the Federal Deposit Insurance Corporation, exclusively for the Premises and any
other properties owned by Owner (or any entity that is owned or controlled by
the general partner of Owner) and managed by the Property Manager. Owner agrees
that the Property Manager shall be authorized to maintain a reasonable minimum
balance (to be determined jointly from time to time) in the custodial account.
The Property Manager may endorse any and all checks received in connection with
the operation of the Premises and drawn to the order of Owner and Owner shall,
upon request, furnish the Property Manager's depository with an appropriate
authorization for the Property Manager to make the endorsement.

          3.4  To pay all expenses of the Premises from the Gross Income
collected in accordance with SECTION 3.3 hereof, from the Property Manager's
custodial account. It is understood that the Gross Income will be used first to
pay the compensation to the Property Manager as contained in SECTION 5 hereof,
then operational expenses and then any mortgage indebtedness, including real
estate tax and insurance impounds, but only as directed by Owner in writing and
only if sufficient Gross Income is available for such payments.

          3.5  Nothing in this Agreement shall be interpreted to obligate the
Property Manager to pay from Gross Income, any expenses incurred by Owner prior
to the commencement of this Agreement, except to the extent Owner advances
additional funds to pay the expenses.

          3.6  To collect and handle tenants' security deposits, including the
right to apply the security deposits to unpaid rent, and to comply, on behalf of
Owner of the Premises, with applicable state or local laws concerning security
deposits and interest thereon, if any.

          3.7  The Property Manager shall not be required to advance any monies
for the care or management of the Premises, and Owner agrees to advance all
monies necessary therefor. If the Property Manager shall elect to advance any
money in connection with the Premises, Owner agrees to reimburse the Property
Manager forthwith and hereby authorizes the Property Manager to deduct the
advanced amounts from any monies due Owner.

                                       A-4
<Page>

          3.8  To handle all steps necessary regarding any claim for insured
losses or damages; provided that the Property Manager will not make any
adjustments or settlements in excess of $10,000.00 without Owner's prior written
consent.

          3.9  Notwithstanding anything to the contrary contained in this
Agreement, Owner acknowledges and agrees that any or all of the duties of the
Property Manager as contained herein may be delegated by the Property Manager
and performed by a person or entity (a "SubProperty Manager") with whom the
Property Manager contracts for the purpose of performing such duties. Owner
specifically grants the Property Manager the authority to enter management
agreements with any SubProperty Manager; provided that Owner shall have no
liability or responsibility to any SubProperty Manager for the payment of the
SubProperty Manager's fee or for reimbursement to the SubProperty Manager of its
expenses or to indemnify the SubProperty Manager in any manner for any matter;
and provided further that the Property Manager shall require such SubProperty
Manager to agree, in the written agreement setting forth the duties and
obligations of such SubProperty Manager, to indemnify Owner for all loss, damage
or claims incurred by Owner as a result of the willful misconduct, gross
negligence, malfeasance or unlawful acts of the SubProperty Manager. Owner
further acknowledges and agrees that the Property Manager may assign this
Agreement and all of the Property Manager's rights and obligations hereunder, to
another management entity that is then managing other property for Owner
("Successor Property Manager"). Owner specifically grants the Property Manager
the authority to make an assignment of this Agreement to a Successor Property
Manager.

     4.   OWNER FURTHER AGREES:

          4.1  To indemnify, defend, protect, save and hold the Property Manager
and all of its shareholders, officers, directors, employees, agents, SubProperty
Managers, successors and assigns (collectively, "Indemnified Parties") harmless
from any and all claims, causes of action, demands, suits, proceedings, loss,
judgments, damage, awards, liens, fines, costs, attorneys' fees and expenses, of
every kind and nature whatsoever (collectively, "Losses") in connection with or
in any way related to the Premises and from liability for damage to the Premises
and injuries to or death of any person whomsoever, and damage to property;
provided, however, that any indemnification pursuant to this SECTION 4.1 shall
not extend to any such Losses arising out of the willful misconduct, gross
negligence, malfeasance or unlawful acts (such unlawfulness having been
adjudicated by a court of proper jurisdiction) of the Property Manager or any of
the other Indemnified Parties. Owner agrees to procure and carry at its own
expense public liability insurance, fire and extended coverage insurance,
burglary and theft insurance, rental interruption insurance, flood insurance (if
appropriate) and boiler insurance (if appropriate) naming Owner and the Property
Manager as insureds and adequate to protect their interests and in form,
substance, and amounts reasonably satisfactory to the Property Manager, and to
furnish to the Property Manager certificates and policies evidencing the
existence of this insurance. The premiums for all insurance maintained by Owner
shall be paid by either Owner directly or, provided sufficient Gross Income is
available, by the Property Manager from Gross Income. Unless Owner shall provide
insurance and furnish certificates and policies within ten (10) days from the
date of this Agreement, the Property Manager may, in its sole discretion, but
shall not be obligated to, purchase insurance and charge the cost thereof to the
account of Owner. All insurance policies shall provide that the Property Manager
shall receive thirty (30) days' written notice prior to cancellation of the
policy. The Property Manager shall not be liable for any error of judgment or
for any mistake of fact or law, or for any thing that it may do or refrain from

                                       A-5
<Page>

doing, except in cases of willful misconduct, gross negligence, malfeasance or
unlawful acts (such unlawfulness having been adjudicated by a court of proper
jurisdiction).

          4.2  Owner hereby warrants and represents to the Property Manager that
to the best of Owner's knowledge, neither the Premises, nor any part thereof,
has previously been or is presently being used to treat, deposit, store, dispose
of or place any hazardous substance, that may subject the Property Manager to
liability or claims under the Comprehensive Environmental Response, Compensation
and Liability Act of 1980 (42 U.S.C. Section 9607) or any constitutional
provision, statute, ordinance, law or regulation of any governmental body or of
any order or ruling of any public authority or official thereof, having or
claiming to have jurisdiction thereover. Furthermore, Owner agrees to indemnify,
protect, defend, save and hold the Property Manager and all of its shareholders,
officers, directors, employees, agents, successors and assigns harmless from any
and all claims, causes of action, demands, suits, proceedings, loss, judgments,
damage, awards, liens, fines, costs, attorneys' fees and expenses, of every kind
and nature whatsoever, involving, concerning or in any way related to any past,
current or future allegations regarding treatment, depositing, storage, disposal
or placement by any party other than the Property Manager of hazardous
substances on the Premises.

          4.3  To give adequate advance written notice to the Property Manager
if Owner desires that the Property Manager make payment, out of Gross Income, to
the extent funds are available after the payment of the Property Manager's
compensation as contained in SECTION 5 hereof and all operational expenses, of
mortgage indebtedness, general taxes, special assessments, or fire, boiler or
any other insurance premiums. In no event shall the Property Manager be required
to advance its own money in payment of any such indebtedness, taxes, assessments
or premiums.

     5.   OWNER AGREES TO PAY THE PROPERTY MANAGER, AS A MONTHLY MANAGEMENT FEE
HEREUNDER FOR MANAGING THE PREMISES DIRECTLY OR THROUGH AFFILIATES, an amount
equal to four and one-half percent (4.5%) of Gross Income for the month for
which the management fee is paid (each, a "Management Fee"), which shall be
deducted monthly by the Property Manager and retained by the Property Manager
from Gross Income prior to payment to Owner of Net Proceeds. The Management Fee
shall be compensation for all services specified herein and provided by the
Property Manager in connection with renting, leasing, operating and managing the
Premises. Any services beyond those specified herein, such as sales brokerage,
construction management, loan origination and servicing, property tax reduction
and risk management services, shall be performed by Property Manager and
compensated by Owner only if the parties agree on the scope of the services to
be performed; provided that the compensation to be paid therefor will not exceed
ninety percent (90.0%) of the market rate that would be paid to unrelated
parties providing these services; provided further that all compensation must be
approved by a majority of the independent directors of Owner. Owner acknowledges
and agrees that Property Manager may pay or assign all or any portion of its
Management Fee to a SubProperty Manager as described in SECTION 3.9 hereof.

          5.1  The Property Manager shall retain all administrative charges
actually collected from tenants in connection with annual common area
maintenance reconciliations and tenant chargebacks for same.

                                       A-6
<Page>

     6.   IT IS MUTUALLY AGREED THAT:

          6.1  Owner shall designate one (1) person to serve as Owner's
Representative in all dealings with the Property Manager hereunder. Whenever the
notification and reporting to Owner or the approval, consent or other action of
Owner is called for hereunder, any notification and reporting if sent to or
specified in writing to Owner's Representative, and any approval, consent or
action if executed by Owner's Representative, shall be binding on Owner. Owner's
Representative initially shall be:

<Table>
<Caption>
     Name                                  Address
     ----                                  -------
     <S>                                   <C>
     Ms. Roberta S. Matlin,                2901 Butterfield Road
     Vice President, Administration        Oak Brook, IL 60523
                                           Telephone:   (630) 218-8000
                                           Facsimile:   (630) 218-4955
</Table>

Owner's Representative may be changed at the discretion of Owner, at any time
and from time to time, and shall be effective upon the Property Manager's
receipt of written notice of the new Owner's Representative.

          6.2  Owner expressly withholds from the Property Manager any power or
authority to make any structural changes in any building or to make any other
major alterations or additions in or to any such building or equipment therein,
or to incur any expense chargeable to Owner, other than expenses related to
exercising the express powers above vested in the Property Manager without the
prior written direction of Owner's Representative, except that the Property
Manager shall make all emergency repairs as may be required to ensure the safety
of persons or property or which are immediately necessary for the preservation
and safety of the Premises or the safety of the tenants and occupants thereof or
are required to avoid the suspension of any necessary service to the Premises.

          6.3  The Property Manager shall be responsible for notifying Owner in
the event it receives notice that any building on the Premises or any equipment
therein does not comply with the requirements of any statute, ordinance, law or
regulation of any governmental body or of any public authority or official
thereof having or claiming to have jurisdiction thereover. The Property Manager
shall promptly forward to Owner any complaints, warnings, notices or summonses
received by the Property Manager relating to these matters. Owner represents
that to the best of its knowledge the Premises and such equipment comply with
all such requirements and authorizes the Property Manager to disclose Owner of
the Premises to any officials and agrees to indemnify, protect, defend, save and
hold the Property Manager and the other Indemnified Parties harmless of and from
any and all Losses which may be imposed on them or any of them by reason of the
failure of Owner to correct any present or future violation or alleged violation
of any and all present or future laws, ordinances, statutes, or regulations of
any public authority or official thereof, having or claiming to have
jurisdiction thereover, of which it has actual notice.

          6.4  In the event it is alleged or charged that any building on the
Premises or any equipment therein or any act or failure to act by Owner with
respect to the Premises or the sale, rental, or other disposition thereof fails
to comply with, or is in violation of, any of the requirements of any
constitutional provision, statute, ordinance, law or regulation of any
governmental body or any order or ruling of any public authority or official
thereof having or claiming to have jurisdiction thereover, and the Property
Manager, in its sole and absolute

                                       A-7
<Page>

discretion, considers that the action or position of Owner, with respect thereto
may result in damage or liability to the Property Manager, the Property Manager
shall have the right to cancel this Agreement at any time by written notice to
Owner of its election so to do, which cancellation shall be effective upon
delivery of the notice to Owner. Any notice may be delivered personally or by
registered mail, on or to the person named to receive the Property Manager's
monthly statement at the address provided in SECTION 6.1 hereof, and if
delivered by mail shall be deemed to have been delivered when deposited in the
mails. Any cancellation pursuant to this SECTION 6.4 shall not release the
indemnities of Owner set forth in this Agreement, including, but not limited to,
those set forth in SECTIONS 1, 3.2, 4.1, 4.2 and 6.3 above and shall not
terminate any liability or obligation of Owner to the Property Manager for any
payment, reimbursement, or other sum of money then due and payable to the
Property Manager hereunder.

          6.5  All personnel expenses, including but not limited to, wages,
salaries, insurance, benefits, employment related taxes and other governmental
charges, shall be charges incurred in connection with the Premises for purposes
of SECTION 3.4 hereof, to the extent that these expenses are apportioned by the
Property Manager to services rendered for the benefit of the Premises. The
number and classification of employees serving the Premises shall be as
determined by the Property Manager to be appropriate for the proper operation of
the Premises; provided that Owner may request changes in the number and/or
classifications of employees, and the Property Manager shall make all requested
changes unless in its judgment the resulting level of operation and/or
maintenance of the Premises will be inadequate. The Property Manager shall honor
any collective bargaining contract covering employment at the Premises which is
in effect upon the date of execution of this Agreement; provided that the
Property Manager shall not assume or otherwise become a party to any collective
bargaining contract for any purpose whatsoever and all personnel subject to a
collective bargaining contract shall be considered the employees of the Premises
and not the Property Manager.

     7.   Owner shall pay or reimburse the Property Manager for all amounts due
it under this Agreement for services and advances prior to termination of this
Agreement. All provisions of this Agreement that require Owner to have insured,
or to protect, defend, save, hold and indemnify or to reimburse the Property
Manager shall survive any expiration or termination of this Agreement and, if
the Property Manager is or becomes involved in any claim, proceeding or
litigation by reason of having been the Property Manager of Owner, such
provisions shall apply as if this Agreement were still in effect. The parties
understand and agree that the Property Manager may withhold funds for sixty (60)
days after the end of the month in which this Agreement is terminated to pay
bills previously incurred but not yet invoiced and to close accounts. Should the
funds withheld be insufficient to meet the obligation of the Property Manager to
pay bills previously incurred, Owner shall, upon demand, advance sufficient
funds to the Property Manager to ensure fulfillment of the Property Manager's
obligation to do so, within ten (10) days of receipt of notice and an
itemization of all unpaid bills.

     8.   Nothing contained herein shall be construed as creating any rights in
third parties who are not the parties to this Agreement, nor shall anything
contained herein be construed to impose any liability upon Owner or the Property
Manager for the performance by Owner or the Property Manager under any other
agreement they have entered into or may in the future enter into, without the
express written consent of the other having been obtained. Nothing contained in
this Agreement shall be deemed or construed to create a partnership or joint
venture between Owner and the Property Manager or to cause either party to be
responsible in any way for the debts or obligations of the other or any other
party (but nothing contained herein shall affect the

                                       A-8
<Page>

Property Manager's responsibility to transmit payments for the account of Owner
as provided herein), it being the intention of the parties that the only
relationship hereunder is that of the Property Manager and principal.

     9.   Wherever possible, each provision of this Agreement shall be
interpreted in a manner as to be effective and valid under applicable law, but
if any provision of this Agreement shall be prohibited or invalid under
applicable law, the provision shall be ineffective only to the extent of the
prohibition or invalidity, without invalidating the remainder of the provision
or the remaining provisions of this Agreement. This Agreement, its validity,
performance and enforcement shall be construed in accordance with, and governed
by, the internal laws of the State in which the Premises are located without
regard to that State's conflicts of law principles.

     10.  This Agreement shall be binding upon the successors and assigns of the
Property Manager and the heirs, administrators, executors, successors and
assignees of Owner. This Agreement contains the entire Agreement of the parties
relating to the subject matter hereof, and there are no understandings,
representations or undertakings by either party except as herein contained. This
Agreement may be modified solely by a written agreement executed by both parties
hereto.

     11.  If any party hereto defaults under the terms or conditions of this
Agreement, the defaulting party shall pay the non-defaulting party's court costs
and attorneys' fees incurred in the enforcement of any provision of this
Agreement.

     12.  The failure of either party to this Agreement to, in anyone or more
instances, insist upon the performance of any of the terms, covenants or
conditions of this Agreement, or to exercise any rights or privileges conferred
in this Agreement, shall not be construed as thereafter waiving any such terms,
covenants, conditions, rights or privileges, but the same shall continue in full
force and effect as if no the forbearance or waiver had occurred.

     13.  This Agreement is deemed to have been drafted jointly by the parties,
and any uncertainty or ambiguity shall not be construed for or against either
party as an attribution of drafting to either party.

     14.  All notices given under this Agreement shall be sent by certified
mail, return receipt requested, sent by facsimile transmission, or hand
delivered at:

     IF TO OWNER, TO:            Inland American Real Estate Trust, Inc.
                                 2901 Butterfield Road
                                 Oak Brook, IL 60523
                                 Attention:    Ms. Roberta S. Matlin,
                                               Vice President, Administration
                                 Telephone:    (630) 218-8000
                                 Facsimile:    (630) 218-4955

                                       A-9
<Page>

     IF TO PROPERTY MANAGER, TO: Inland North American Property Management Corp.
                                 2901 Butterfield Road
                                 Oak Brook, IL 60523
                                 Attention:    Mr. Thomas P. McGuinness,
                                               President
                                 Telephone:    (630) 218-8000
                                 Facsimile:    (630) 218-4955

                [THE REMAINDER OF THIS PAGE INTENTIONALLY BLANK]

                                      A-10
<Page>

     WHEREFORE, the undersigned have executed this Agreement by their duly
authorized officers as of the date first above written.

PROPERTY MANAGER:                       OWNER:

INLAND NORTH AMERICAN PROPERTY
MANAGEMENT CORP., a Delaware            INLAND AMERICAN REAL ESTATE TRUST, INC.,
corporation                             a Maryland corporation

By:   -------------------------------   By:   ----------------------------------

Name: -------------------------------   Name: ----------------------------------

Its:  -------------------------------   Its:  ----------------------------------<Page>

                                                                    EXHIBIT 10.3

                         PROPERTY ACQUISITION AGREEMENT

     THIS PROPERTY ACQUISITION AGREEMENT (this "Agreement") is entered into as
of February [__], 2005 by and between Inland Real Estate Acquisitions, Inc., an
Illinois corporation ("Acquisitions"), and Inland American Real Estate Trust,
Inc., a Maryland corporation (the "Company"). Acquisitions and the Company are
sometimes referred to herein individually as a "Party" and collectively as the
"Parties."

     WHEREAS, the Company is in the business, among other things, of acquiring
and managing real estate, primarily retail properties and multi-family, office
and industrial buildings located in the United States and Canada;

     WHEREAS, Acquisitions is in the business of acquiring and assisting certain
third parties in acquiring assets, such as the Real Estate Assets (as defined
below);

     WHEREAS, Acquisitions is an indirect wholly-owned subsidiary of The Inland
Group, Inc., an Illinois corporation ("The Inland Group");

     WHEREAS, Robert D. Parks is an officer and director of the Company and a
stockholder and director of The Inland Group;

     WHEREAS, concurrent herewith, the Company is entering into the Business
Management Agreement (as defined below) with an affiliate of Acquisitions; and

     WHEREAS, Acquisitions is willing to grant the Company certain rights to
acquire Real Estate Assets identified by Acquisitions.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, and in consideration of the amounts payable to affiliates of
Acquisition under the Business Management Agreement, the Parties agree as
follows:

     1.   INCORPORATION OF RECITALS. By this reference, the recitals set forth
above are hereby incorporated into this Agreement as if fully set forth herein.

     2.   DEFINITIONS. The following capitalized terms used in this Agreement
shall have the following meanings:

          (a)  "Business Manager" means Inland American Business Manager &
     Advisor, Inc., an Illinois corporation.

          (b)  "Business Management Agreement" means that certain Business
     Management Agreement of even date herewith by and between the Company and
     the Business Manager.

<Page>

          (c)  "Community Center" means real estate improved for use as a
     multi-tenant shopping center with gross leasable retail area exceeding
     150,000 square feet but less than 300,000 square feet.

          (d)  "Covered Property" means a Community Center, Neighborhood Retail
     Facility and Single User Property.

          (e)  "Market Area" means the United States and Canada.

          (f)  "Neighborhood Retail Facility" means real estate improved for use
     as a multi-tenant shopping center with gross leasable retail area of not
     less than 5,000 square feet and not more than 150,000 square feet.

          (g)  "Real Estate Asset" means a Covered Property, Subject Property
     and Real Estate Operating Company.

          (h)  "Real Estate Operating Company" means: (i) any entity that has
     equity securities registered under Section 12(b) or 12(g) of the Securities
     Exchange Act of 1934, as amended (the "Exchange Act"); (ii) any entity that
     files periodic reports under Sections 13 or 15(d) of the Exchange Act; or
     (iii) any entity that, either itself or through its subsidiaries:

               (i)   owns and operates interests in real estate on a going
          concern basis rather than as a conduit vehicle for investors to
          participate in the ownership of assets for a limited period of time;

               (ii)  has a policy or purpose of reinvesting sale, financing or
          refinancing proceeds or cash from operations;

               (iii) has its own directors, managers or managing general
          partners, as applicable; and

               (iv)  either: (A) has its own officers and employees that, on a
          daily basis, actively operate the entity and its subsidiaries and
          businesses; or (B) has retained the services of an affiliate or
          sponsor of, or advisor to, the entity to, on a daily basis, actively
          operate the entity and its subsidiaries and businesses.

          (i)  "Single User Property" means real estate improved for use as a
     single tenant or commercial property.

          (j)  "Subject Property" means any commercial real estate located in
     the Market Area but excluding Covered Properties.

     3.   RIGHT OF REFUSAL. For and during the term of this Agreement, and until
the occurrence of a Right of First Refusal Termination Event (as defined below)
with respect to the subject Real Estate Asset, Acquisitions hereby grants to the
Company: (i) an exclusive right of first refusal to acquire each and every
Subject Property or Real Estate Operating Company identified by Acquisitions;
and (ii) subject to the exercise of any prior rights vested in third

                                        2
<Page>

parties and previously granted by Acquisitions, a right of first refusal to
acquire each and every Covered Property.

     4.   During the pendency of a right of first refusal granted under SECTION
3 above, Acquisitions covenants and agrees that it shall not (a) present or
offer for sale the subject Real Estate Asset to, (b) forward any information
regarding the subject Real Estate Asset to, or (c) pursue the acquisition of the
subject Real Estate Asset on behalf or for the benefit of, any other person,
entity or client except the Company.

     5.   Upon identifying a Real Estate Asset subject to the provisions of
SECTION 3 above, Acquisitions shall deliver written notice to the Company (in
form and substance attached hereto as EXHIBIT A, each an "Acquisition Notice")
that Acquisitions has identified, or entered into a letter of intent or
acquisition agreement with respect to, the applicable Real Estate Asset. The
Company shall have ten (10) business days after the date of its receipt of an
Acquisition Notice (the "Notice Period") to inform Acquisitions in writing (a
"Company Notice") whether the Company desires to acquire the subject Real Estate
Asset. Upon the occurrence of a Right of First Refusal Termination Event with
respect to the subject Real Estate Asset, the Company shall be deemed to have
waived any and all rights to acquire the subject Real Estate Asset, including
any corporate opportunity with respect thereto. If the Company delivers a
Company Notice electing to pursue the acquisition, but thereafter the Company
determines not to pursue the acquisition, then the Company shall deliver to
Acquisitions written notice of termination (each, a "Property Termination
Notice"). The Company shall, upon request, provide Acquisitions with evidence
setting forth the authority of the designated officers of the Company to cause
the Company to send a Company Notice or a Property Termination Notice.

     The Company's election, whether in response to, or at any time after, its
receipt of an Acquisition Notice, not to pursue the acquisition of a particular
Real Estate Asset shall not affect or impair any of the Company's rights set
forth in this Agreement with respect to any other Real Estate Asset.

     For the purposes hereof, the term "Right of First Refusal Termination
Event" means the first to occur of: (i) the Company's failure to deliver to
Acquisitions a Company Notice with respect to the subject Real Estate Asset
prior to the expiration of the Notice Period; (ii) delivery by the Company of a
Company Notice with respect to the subject Real Estate Asset; and (iii) failure
of the Company to diligently pursue acquisition of the subject Real Estate Asset
or delivery by the Company of a Property Termination Notice.

     6.   ACQUISITION AGREEMENTS. Acquisitions may, from time to time, enter
into a letter of intent or other acquisition agreement with respect to a subject
Real Estate Asset in its own name to facilitate, among other things, the offer
to, and possible purchase by, the Company of the subject Real Estate Asset. In
any such case, if the Company exercises its right of first refusal with respect
to, and elects to pursue the acquisition of, the subject Real Estate Asset, and
the Company is willing to enter into an agreement to acquire the subject Real
Estate Asset, then upon the Company's request Acquisitions shall assign the
letter of intent or other acquisition agreement to the Company or its designee.

     7.   REIMBURSEMENTS. SECTION 9(b)(ii) of the Business Management Agreement
shall be, and hereby is, incorporated into this Agreement by reference with the
same force and effect

                                        3
<Page>

as if set forth herein. Notwithstanding the earlier termination, if any, of the
Business Management Agreement, the Company hereby agrees to reimburse
Acquisitions in accordance with SECTION 9 of the Business Management Agreement
in the manner specified thereunder. The Parties agree that there shall be no
duplication of payment for any services rendered with respect to any subject
Real Estate Asset under this Agreement and the Business Management Agreement.

     8.   NO PARTNERSHIP OR JOINT VENTURE. The Parties to this Agreement are
independent contractors. Nothing in this Agreement is intended or shall be
deemed to constitute a partnership, agency, franchise or joint venture
relationship between the Parties.

     9.   TERM. This term of this Agreement shall commence on the date hereof
and shall continue until the date that none of the directors affiliated with The
Inland Group, Inc., Acquisitions, or the Business Manager or their affiliates
are then serving as officers and directors of the Company.

     10.  ASSIGNMENTS. This Agreement may not be assigned except with the
written consent of each Party hereto, except in the case of assignment by a
Party to a corporation, trust or other organization which is a successor to such
Party. Any assignment of this Agreement shall bind the assignee hereunder in the
same manner as the assignor is bound hereunder.

     11.  AMENDMENTS. This Agreement shall not be amended, changed, modified,
terminated or discharged in whole or in part except by an instrument in writing
signed by each Party hereto or their respective successors or assigns.

     12.  SUCCESSORS AND ASSIGNS. This Agreement shall bind any successors or
assigns of the Parties hereto as herein provided.

     13.  GOVERNING LAW. The provisions of this Agreement shall be governed,
construed and interpreted in accordance with the internal laws of the State of
Illinois without regard to its conflicts of law principles.

     14.  NOTICES. All notices or other communications required or permitted
hereunder shall be in writing and shall be deemed given or delivered: (i) when
delivered personally or by commercial messenger; (ii) one business day following
deposit with a recognized overnight courier service, provided the deposit occurs
prior to the deadline imposed by the overnight courier service for overnight
delivery; (iii) when transmitted, if sent by facsimile copy, provided
confirmation of receipt is received by sender and is sent by an additional
method provided hereunder, in each case above provided the notice of
communication is addressed to the intended recipient thereof as set forth below:

IF TO ACQUISITIONS:
Inland Real Estate Acquisitions, Inc.
2901 Butterfield Road
Oak Brook, IL 60523
Attention:   G. Joseph Cosenza
Telephone:   (630) 218-8000
Facsimile:   (630) 218-4955

                                        4
<Page>

IF TO THE COMPANY:                           WITH A COPY TO:
Inland American Real Estate Trust, Inc.      Shefsky & Froelich Ltd.
2901 Butterfield Road                        444 N. Michigan Avenue, Suite 2500
Oak Brook, IL 60523                          Chicago, IL 60611
Attention:   Robert D. Parks                 Attention:   Michael J. Choate
Telephone:   (630) 218-8000                  Telephone:   (312) 836-4066
Facsimile:   (630) 218-4955                  Facsimile:   (312) 527-5921

Any Party may at any time give notice in writing to the other Party of a change
of its address for the purpose of this SECTION 14.

     15.  HEADINGS. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

     16.  EQUITABLE RELIEF. Each Party hereto recognizes and acknowledges that a
breach by the other party of this Agreement will cause irreparable damage to the
non-breaching party which cannot be readily remedied in monetary damages in an
action at law. In the event of any default or breach by either party, the
non-breaching party shall be entitled to seek immediate injunctive relief to
prevent such irreparable harm or loss, in addition to any other remedies
available at law and in equity.

                [THE REMAINDER OF THIS PAGE INTENTIONALLY BLANK]

                                        5
<Page>

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first above written.

INLAND REAL ESTATE ACQUISITIONS, INC.    INLAND AMERICAN REAL ESTATE TRUST, INC.

By:   -------------------------------    By:   ---------------------------------

Name: -------------------------------    Name: ---------------------------------

Its:  -------------------------------    Its:  ---------------------------------

<Page>

                                    EXHIBIT A
                           FORM OF ACQUISITION NOTICE

                               ACQUISITION NOTICE

                       [NAME OF SUBJECT REAL ESTATE ASSET]
                               [GENERAL LOCATION]
                                  [CITY, STATE]
                          [DATE OF ACQUISITION NOTICE]

Inland American Real Estate Trust, Inc.
2901 Butterfield Road
Oak Brook, IL 60523
Attention:     Robert D. Parks

     Reference is made to that certain Property Acquisition Agreement, dated as
of February [__], 2005 (the "Agreement"), by and between Inland Real Estate
Acquisitions, Inc., an Illinois corporation ("Acquisitions"), and Inland
American Real Estate Trust, Inc., a Maryland corporation (the "Company").
Capitalized terms used in this Acquisition Notice but not defined herein shall
have the meanings ascribed to such terms in the Agreement.

     Pursuant to SECTION 3 of the Agreement, Acquisitions has identified the
following Real Estate Asset: [DESCRIBE REAL ESTATE ASSET].

     Attached hereto for your review is our standard, preliminary "deal sheet"
for the subject Real Estate Asset.

     This letter constitutes the Acquisition Notice under and pursuant to the
Agreement with respect to the subject Real Estate Asset.

     Please direct all correspondence with respect to the subject Real Estate
Asset to Acquisitions as follows:

     Inland Real Estate Acquisitions, Inc.
     2901 Butterfield Road
     Oak Brook, IL 60523
     Attention:   G. Joseph Cosenza
     Telephone:   (630) 218-8000
     Facsimile:   (630) 218-4955

                                          Sincerely,

                                          INLAND REAL ESTATE ACQUISITIONS, INC.

                                          By:   --------------------------------

                                          Name: --------------------------------

                                          Its:  --------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]