Company: INRE
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000950170-25-033568
Chunk: 68

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 68
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 Company incurred $710 of total acquisition costs. All of the acquisition costs are capitalized in the accompanying consolidated balance sheets. These costs include third party due diligence costs such as appraisals, environmental studies, and legal fees as well as time and travel expense reimbursements to the Sponsor and its affiliates.The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2022. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows:

        Year Ended December 31,

        2022

        Land
         
        $
        62,510

        Building and improvements

        192,722

        Acquired lease intangible assets

        33,285

        Acquired intangible liabilities

        (9,654
        )

        Assumed liabilities, net

        (983
        )

        Total
         
        $
        277,880

NOTE 5 – ACQUIRED INTANGIBLE ASSETS AND LIABILITIESThe following table summarizes the Company’s identified intangible assets and liabilities as of December 31, 2024 and 2023: 

        December 31, 2024

        December 31, 2023

        Intangible assets:

        Acquired in-place lease value
         
        $
        183,305

        $
        183,305

        Acquired above market lease value

        52,640

        52,640

        Accumulated amortization

        (186,893
        )

        (174,118
        )

        Acquired lease intangibles, net
         
        $
        49,052

        $
        61,827

        Intangible liabilities:

        Acquired below market lease value
         
        $
        79,914

        $
        79,914

        Accumulated amortization

        (45,858
        )

        (42,494
        )

        Acquired below market lease intangibles, net
         
        $
        34,056

        $
        37,420

      The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value is amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in