Company: INRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000950170-25-065772
Chunk: 12

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 12
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March 31, 2025

(Unaudited, dollar amounts in thousands, except per share amounts)

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to the audited consolidated financial statements of Inland Real Estate Income Trust, Inc. (which may be referred to herein as the “Company,” “we,” “us,” or “our”) for the year ended December 31, 2024, which are included in the Company’s 2024 Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 5, 2025, as certain footnote disclosures contained in such audited consolidated financial statements have been omitted from this Quarterly Report on Form 10-Q.

NOTE 1 – ORGANIZATIONThe Company was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. The Company’s strategic plan, implemented with a view toward creating a liquidity event for stockholders, has recently focused primarily on acquiring and owning a portfolio substantially all of which is comprised of grocery-anchored properties. As of March 31, 2025, the Company owned 52 retail properties, totaling 7.2 million square feet. The properties are located in 24 states. A majority of the Company’s properties are multi-tenant, necessity-based retail shopping centers located primarily in major regional markets and growing secondary markets throughout the United States. As of March 31, 2025, the Company’s portfolio had physical and economic occupancy of 90.9% and 91.5%, respectively.The Company has no employees. The Company is managed by IREIT Business Manager & Advisor, Inc. (the “Business Manager”), an indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”). Various affiliates of the Sponsor provide services to the Company through the Business Manager, which is responsible for overseeing and managing the Company’s day-to-day operations. The Company’s president and chief executive officer, Mark Zalatoris, serves in these capacities pursuant to an agreement the Company entered into with Mr. Zalatoris referred to herein as the “CEO Agreement.” Under the CEO Agreement