Company: INRE
Filing Date: 2025-10-14
Form Type: DEFA14A
Source: 0001193125-25-238846
Chunk: 1

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-10-14
Form: DEFA14A
Chunk 1
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 indicate flat job growth.

These conditions have led the Federal Reserve (Fed) to emphasize potential risks hidden behind headline numbers. On September 17, the Fed lowered the upper end of the federal funds rate to 4.25 percent, marking its first rate cut since December 2024. The 25-basis-point reduction spotlights the Fed’s growing concern over a weakening labor market, despite inflation remaining above target.

As of June 30, 2025, the Inland Income Trust portfolio was comprised of 816 tenants and was 87 percent anchored or shadow-anchored by grocers. Amid ongoing shifts in consumer behavior and economic pressures, we believe that grocery-anchored shopping centers have remained a favored asset class due to their essential service nature and consistent foot traffic. In addition, back-to-school retail sales for K-12 students are expected to reach an estimated $39.4 billion this year, up from $38.8 billion in 2024, supporting a diverse mix of retailers. College students and their families plan to spend an average of $1,325 in 2025, bringing expected total back-to-college spending to $88.8 billion, up from $86.6 billion last year.iWith a robust 91.6 percent occupancy rate across 52 retail centers as of June 30, 2025, the Inland Income Trust portfolio has continued to experience strong leasing activity.

I would also like to provide an update regarding our Board of Directors’ (the Board’s) review of strategic alternatives. As previously announced on September 18, 2024, the Board initiated a review of strategic alternatives, including the sale of the Company. Since that time, broader capital markets have been volatile and uncertain – impacted by factors such as tariff announcements, ongoing debates over federal spending, and geopolitical developments.

Although no timeline has been set for completing the review, the Board remains engaged in the process. In addition to a potential sale, the Board may decide to suspend or terminate the review of strategic alternatives as well as consider and engage in other steps such as refinancing maturing mortgage debt and evaluating other sources of capital including joint venture arrangements. We appreciate your support as we navigate this complex environment.

Finally, our Annual Meeting of Stockholders is scheduled for Wednesday, November 19, 2025, at 2:00 pm Central Standard Time at our office located at 2901 Butterfield Road, Oak Brook, Illinois. All stockholders of record as of September 23, 2025 should have received