Company: INRE
Filing Date: 2025-03-11
Form Type: SC 14D9
Source: 0001193125-25-051923
Chunk: 3

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-03-11
Form: SC 14D9
Chunk 3
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 is filed as Exhibit 10.24 to the Form 10-K.

| Item 4. | The Solicitation or Recommendation. |

| (a) | Solicitation or Recommendation. |

The Company’s board of directors, in consultation with the Company’s business manager, has reviewed the terms of the Offer. Based on this review, the board of directors has unanimously determined that the Offer is not advisable or in the best interests of the Company’s stockholders as a whole. ACCORDINGLY, THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKHOLDERS REJECT THE OFFER AND NOT TENDER THEIR SHARES FOR PURCHASE BY THE OFFEROR PURSUANT TO THE OFFER TO PURCHASE. The Company’s board of directors cautions that each stockholder must individually evaluate whether to tender his, her or its shares of Common Stock to the Offeror pursuant to the Offer to Purchase and that an individual stockholder may determine whether to tender based on, among other things, his, her or its individual liquidity needs. Stockholders should consult with their legal, financial or tax advisor when considering the Offer. The board of directors cautions that, although it is reviewing strategic alternatives, including a sale of the Company, there is no assurance that the review will lead to a sale of the Company or some other liquidity event or the price that stockholders may receive in a sale or have available in an alternative liquidity event. The board noted that stockholders have limited alternatives available to sell some of or all their Common Stock which is not listed on a national securities exchange because the share repurchase plan (“SRP”) has been suspended during at least the pendency of the strategic review. There is no assurance of when, or if, the suspension will be lifted if the review of strategic alternatives does not result in a transaction or event that results in a liquidity event for stockholders. Even if reinstated, the SRP contains numerous restrictions that limit our stockholders’ ability to sell their shares even if the plan is reactivated. Moreover, even if stockholders are able to sell their shares of common stock back to the Company pursuant to the SRP, they may be forced to do so at a discount to the purchase price such stockholders paid for their shares.

| (b) | Reasons for the Recommendation. |

The board, in making its recommendation, observed that:

| • |     | As previously disclosed, the Company has announced the board’s decision to review strategic alternatives,                                                                          
 including sale of