Company: INRE
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000950170-25-033568
Chunk: 221

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 1A
Chunk 221
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he Company did not acquire any properties during the year ended December 31, 2024 and 2023.2022 AcquisitionsOn May 17, 2022, the Company acquired a portfolio of eight properties (the “IRPF Properties”) from certain subsidiaries of Inland Retail Property Fund, LP (the “Seller”). The acquisition of the IRPF Properties is referred to herein as the “IRPF Transaction.” The IRPF Properties are leased primarily to grocery, retail and restaurant tenants. More specifically, seven of the IRPF Properties are grocery-anchored. The IRPF Properties are located across seven states and aggregate approximately 686,851 square feet. The Seller was a fund managed by an affiliate of the Company’s sponsor and business manager. Because the IRPF Transaction was a related party transaction, it was required by the Company’s Related Party Transactions Policy to be approved by at least a majority of the Company’s independent directors and was approved by all of the Company’s independent directors.

85

INLAND REAL ESTATE INCOME TRUST, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024(Dollar amounts in thousands, except per share amounts) 

The following table provides further details of the properties acquired during the year ended December 31, 2022:

        DateAcquired
         
        Property Name
         
        Number of Transactions
         
        Number of Properties
        SquareFootage
         
        PurchasePrice (a)

        5/17/2022
         
        IRPF Properties
         
        1
         
        8
         
        686,851
         
        $
        278,153

        686,851
         
        $
        278,153

      (a)Contractual purchase price excluding closing credits.The above acquisition was accounted for as an asset acquisition. For the year ended December 31, 2022, the 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,

        202