Company: INRE
Filing Date: 2025-12-09
Form Type: 8-K
Source: 0001193125-25-312903
Chunk: 2

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-12-09
Form: 8-K
Item: Item 8.01
Chunk 2
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 (the “ Valuation Date”). The discounted cash flow analysis uses future cash flow projections based on (i) both market and our contractual base rents, (ii) both market and our contractual reimbursements, (iii) both market and our historical operating expenses and (iv) both market and our projected capital expenditures, and discounts them to arrive at a present value estimate. The board was advised by the Business Manager that, in its view, there have been no changes between September 30, 2025 and the date of the Valuation Report that the Business Manager believes would materially impact on the overall Estimated Per Share NAV as of September 30, 2025.

The board reviewed the Valuation Report, met with representatives from SitusAMC and considered the material assumptions and valuation methodologies applied and described therein, as well as the Business Manager’s assumptions regarding portfolio valuation. Taking into consideration the conclusions contained in the Valuation Report, on December 8, 2025, the board determined the Company’s total estimated net asset value to be approximately $609.9 million, or $16.89 per share, based on a share count of approximately 36.1 million shares issued and outstanding as of the Valuation Date. The Valuation Report contained a range for the Company’s Estimated Per Share NAV of $15.76 to $18.02. The mid-point of the range of values provided by SitusAMC was $16.89. This mid-point represented a decrease of $2.28 compared to the last Estimated Per Share NAV published by the Company as of December 31, 2023. We believe

that the decrease in the value of the real estate assets was largely attributable to an increase in the discount rates and terminal capitalization rates primarily because of higher market interest rates, greater capital expenditure assumptions and market uncertainty, including the effects of tariffs.

The board’s determination of the Estimated Per Share NAV was undertaken in accordance with the Company’s valuation policy and the recommendations and methodologies of the Institute for Portfolio Alternatives, a trade association for non-listed direct investment vehicles (“ IPA”), as set forth in IPA Practice Guideline 2013-01 “ Valuations of Publicly Registered Non-Listed REITs” (the “ IPA Practice Guideline”). In accordance with the valuation policy and the IPA Practice Guideline, the Estimated Per Share NAV excludes any value adjustments due to the size and diversification of the Company’s portfolio of assets.

The Estimated Per Share NAV represents a snapshot in time, will likely change over time