Company: INRE
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000950170-25-033568
Chunk: 145

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 1A
Chunk 145
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 do not expect to acquire any properties or redevelop existing properties although we may sell properties on an individual basis.

As of December 31, 2024, we owned 52 retail properties, totaling 7.2 million square feet located in 24 states. A majority of our properties are multi-tenant, necessity-based retail shopping centers located primarily in major regional markets and growing secondary markets throughout the United States. As of December 31, 2024, grocery-anchored or grocery shadow-anchored shopping center properties represented 87% of our annualized base rent. A grocery shadow-anchored shopping center is a shopping center near a grocery store that we do not own and is not a part of our shopping center but that we believe generates traffic for our shopping center. On September 18, 2024, we announced our board’s decision to review strategic alternatives including the sale of the Company. As of December 31, 2024, our portfolio had physical and economic occupancy of 93.1% and 93.4%, respectively. As of December 31, 2024, 2023 and 2022, annualized base rent (“ABR”) per square foot averaged $19.72, $19.61 and $19.10, respectively, for all owned properties. ABR is calculated by annualizing the monthly base rent for leases in-place as of the applicable date, excluding ground leases. ABR including ground leases averaged $16.93, $16.79 and $16.42 as of December 31, 2024, 2023 and 2022, respectively. There were no acquisitions or dispositions during the year ended December 31, 2024.

We have no employees and are externally managed and advised by the Business Manager to whom we pay fees and reimburse certain expenses for the services provided to us. Our president and chief executive officer, Mark Zalatoris, serves in these capacities pursuant to the terms of the CEO Agreement. The fee that we pay to the Business Manager is reduced dollar for dollar for amounts we pay to Mr. Zalatoris under the CEO Agreement. Mr. Zalatoris is not an employee of the Company and is not an officer or director of the Business Manager but has the authority under the CEO Agreement and the Fourth Business Management Agreement to direct the day-to day operations of the Business Manager. Our properties are managed by Inland Commercial Real Estate Services LLC, an indirect wholly owned subsidiary of our Sponsor.

Inflation and