Company: INRE
Filing Date: 2025-12-09
Form Type: DEFA14A
Source: 0001193125-25-312915
Chunk: 3

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-12-09
Form: DEFA14A
Chunk 3
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 Services, LLC (SitusAMC), an independent consultant, to provide an estimated per share net asset value range. Based on information provided by SitusAMC and taking into consideration the valuation methodology and assumptions, the Company’s board of directors (the Board) determined the estimated net asset value to be approximately $609.9 million, or $16.89 per share.

Q3: What was the range of values considered, and what is the change from the prior per share value?

The valuation report provided by SitusAMC 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 was $16.89. This mid-point represented a decrease of $2.28, or approximately 11.9%, 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.

Q4: What factors impacted the per share estimated NAV?

A: The changes in the components that impacted the Board’s determination of the Company’s estimated per share NAV as compared to the Company’s prior estimated per share NAV determination as of December 31, 2023 were: (a) a decrease in the value of the total real estate assets due to higher terminal capitalization rates and higher discount rates applied to certain assets, primarily because of higher market interest rates, greater capital expenditure assumptions and market uncertainty; (b) a decrease in cash and other assets, net of other liabilities, primarily as a result of a decrease in the value of interest rate swap derivatives due to the passage of time; and (c) a decrease in the fair market value of debt as a result of the decreased balance on the line-of-credit payable due to the pay downs with cash available, offset by a decrease in the fair market value of debt due to a decrease in the fair value as maturity dates approach.

Q5: Is the NAV compliant with IPA standards?

SitusAMC advised the board that the NAV analysis including the estimated range of per share NAV was developed in compliance with the Institute for Portfolio Alternatives (“IPA”) Valuation

Inland Income Trust Valuation FAQs

December 2025

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of Non-Listed REITs Practice Guide