Company: INRE
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000950170-25-033568
Chunk: 80

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 80
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 utilities, common area maintenance, management fees, and certain building repairs paid by the Company and recoverable under the terms of the lease. Under these leases, the Company pays all expenses and is reimbursed by the tenant for the tenant’s pro rata share of recoverable expenses paid. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent as well as all costs and expenses associated with occupancy. Under net leases where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included on the consolidated statements of operations and comprehensive income (loss). Under leases where all expenses are paid by the Company, subject to reimbursement by the tenant, the expenses are included within property operating expenses. Reimbursements for common area maintenance are considered non-lease components that are permitted to be combined with rental income. The combined lease component and reimbursements for insurance and taxes are reported as rental income on the consolidated statements of operations and comprehensive income (loss). Rental income related to the Company’s operating leases is comprised of the following for the years ended December 31, 2024, 2023 and 2022:

        Year Ended December 31,

        2024

        2023

        2022

        Rental income - fixed payments
         
        $
        118,177

        $
        115,092

        $
        106,422

        Rental income - variable payments (a)

        31,724

        32,221

        26,192

        Amortization of acquired lease intangibles, net

        (72
        )

        2,323

        818

        Rental income
         
        $
        149,829

        $
        149,636

        $
        133,432

       (a)Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.The future base rent payments to be received under operating leases including ground leases as of December 31, 2024 for the years indicated, assuming no expiring leases are renewed, are as follows: 

        LeasePayments

        2025
         
        $
        108,982

        2026

        99,145

        2027

        85,655

        2028

        69,809

        2029

        52,725

        Thereafter

        136,139