Company: INRE
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000950170-25-033568
Chunk: 261

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 6
Chunk 261
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 to the agreement that reduced the base fee, partially offset by the acquisition of the IRPF Properties which increased the amount on which the base fee is determined. 

Depreciation and amortization. Depreciation and amortization increased $4,223 in 2023 compared to 2022. The increase is primarily due to the acquisition of the IRPF Properties completed in May 2022, partially offset by fully amortized assets in 2023 compared to 2022.

Interest expense. Interest expense increased $9,382 in 2023 compared to 2022. The increase is primarily due to an increase in average outstanding debt resulting from the acquisition of the IRPF Properties completed in May 2022 and rising interest rates on the unhedged variable portion of the Credit Facility. 

Interest and other income. Interest and other income increased $198 in 2023 compared to 2022 primarily due to interest earned on cash held in bank accounts. 

Leasing Activity

The following table sets forth leasing activity during the year ended December 31, 2024. Leases with terms of less than 12 months have been excluded from the table.

    Numberof LeasesSigned
     
    GrossLeasableArea
     
    NewContractualRent perSquare Foot
     
    PriorContractualRent perSquare Foot
     
    % Changeover PriorAnnualizedBase Rent
     
    WeightedAverageLeaseTerm
     
    TenantAllowancesper SquareFoot

    Comparable Renewal Leases
     
    123

    779,792
     
    $
    21.47
     
    $
    20.25

    6.0
    %
     
    4.9
     
    $
    0.37

    Comparable New Leases
     
    14

    46,817
     
    $
    20.60
     
    $
    19.70

    4.6
    %
     
    7.6
     
    $
    43.18

    Non-Comparable New and   Renewal Leases (a)
     
    45

    332,109
     
    $
    15.76
     
    N/A
     
    N/A

    6.9
     
    $
    17.60

    Total
     
    182

    1