Company: INRE
Filing Date: 2025-12-09
Form Type: 8-K
Source: 0001193125-25-312903
Chunk: 5

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-12-09
Form: 8-K
Item: Item 8.01
Chunk 5
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8.36                 8.16  

The following table summarizes the individual components presented to the board to estimate per share values as of the dates presented.

                                                           Per Share as of                     Per Share as of                
                                                           September 30, 2025                  December 31, 2023              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Total Real Estate Assets                                 $                        39.90      $                       42.08  
  Cash and Other Assets, Net of Other Liabilities (1)                               (0.03                               0.35  
  Fair Market Value of Debt (2)                                                    (22.98                             (23.26  
  Estimated Per Share NAV                                  $                        16.89      $                       19.17  

(1) Comprised of: (i) cash and cash equivalents; (ii) accounts and rent receivable; (iii) other assets; (iv) accounts payable and accrued expenses; (v) distributions payable; (vi) due to related parties and (vii) other liabilities. This does not consider any termination fee that would be paid to the Business Manager in the event the business management agreement is terminated prior to the term expiring on March 31, 2027, which would have been equal to $14.0 million (or approximately $0.39 per share) if the agreement had been terminated as of September 30, 2025.

(2) Comprised of mortgage loans and credit facility payable at fair market value.

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: (i) 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; (ii) 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 as they approach their maturity dates; and (iii) 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.

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