Company: INRE
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000950170-25-033568
Chunk: 338

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 6
Chunk 338
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 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

        Total
         
        $
        552,455

       Lease ExpenseThe Company is the lessee under one ground lease. The ground lease, which commenced on July 1, 2007, was assumed as part of a property purchased in October 2015 and extends through June 30, 2037 with six 5-year renewal options which the Company assumes will be exercised. When the Company acquired the lease, the Company considered the lease terms and lease classification. As reassessment was not required under practical expedients accorded in ASC 842, the Company has continued to account for the ground lease as an operating lease with an established lease term and payment