# EDGAR Filing Document

**Accession Number:** 0001669664
**File Stem:** 0001493152-23-006703
**Filing Date:** 2023-3
**Character Count:** 32670
**Document Hash:** cf4d84bda6becb50df54d26d433964fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-006703.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001493152-23-006703

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230303

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RealtyMogul Income REIT, LLC
- **CENTRAL INDEX KEY:** 0001669664
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 320487554
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00025
- **FILM NUMBER:** 23705828

**BUSINESS ADDRESS:**
- **STREET 1:** 10573 W PICO BLVD
- **STREET 2:** PMB #603
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90064
- **BUSINESS PHONE:** (877) 781-7153

**MAIL ADDRESS:**
- **STREET 1:** 10573 W PICO BLVD
- **STREET 2:** PMB #603
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90064

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MogulREIT I, LLC
- **DATE OF NAME CHANGE:** 20160316

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 1-U**

**CURRENT REPORT**

**Pursuant to Regulation A of the Securities Act of 1933**

**March 3, 2023**

(Date of Report (Date of earliest event reported))

**RealtyMogul Income REIT, LLC**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Delaware** | **32-0487554** |
| (State or other jurisdiction | (I.R.S. Employer |
| of incorporation or organization) | Identification No.) |

---

**10573 W Pico Blvd., PMB #603**

**Los Angeles, CA, 90064**

(Full mailing address of

principal executive offices)

**(877) 781-7153**

(Issuer's telephone number, including area code)

**Common Shares**

(Title of each class of securities issued pursuant to Regulation A)

**Item 9. Other Events.**

On March 3, 2023, RealtyMogul Income REIT, LLC issued an investor communication relating to the quarter ended December 31, 2022. The text of the investor communication is set forth below.

Q4 2022\*

To discuss your REIT holdings, schedule a Call with Investor Relations at:

<u>https://calendly.com/realtymogul-investor-relations</u> or call 877-781-7062

RealtyMogul Income REIT

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| | | |
|:---|:---|:---|
| OFFERING OVERVIEW | TOTAL ASSET VALUE<sup>1</sup> | $354000000 |
|  | NUMBER OF REAL ESTATE INVESTMENTS<sup>2</sup> | 14 |
|  | LAST TWELVE MONTHS TOTAL RETURN<sup>3</sup> | 5.7% |
| RealtyMogul Income REIT is a non-traded REIT, focused on providing monthly income to investors through debt and equity investments in a diversified pool of commercial real estate property types, including multifamily, retail, and office. |  |  |
|  | Q4 ANNUALIZED DISTRIBUTION RATE<sup>4</sup> | 6.0% |
|  | DISTRIBUTION FREQUENCY | Monthly |
|  | TAX REPORTING FORM | 1099-DIV |
|  | CONSECUTIVE DISTRIBUTIONS<sup>4</sup> | 75 Months |

---

KEY OBJECTIVES

● To
 pay attractive and consistent cash distributions; and

● To
 preserve, protect, increase, and return your capital contribution.

PORTFOLIO STATISTICS<sup>5</sup>

![](form1-u_01.jpg)

\*All data as of December 31, 2022 unless otherwise specified.

<sup>1</sup> Aggregate value of properties owned by RealtyMogul Income REIT, LLC based on the most recent internal valuations as of the end of the fiscal quarter upon which our most recently announced net asset value ("NAV") per share is based pursuant to our valuation policies provided, however, the value of properties underlying investments acquired since the effective date of the most recently announced NAV per share is based on the most recent purchase price of such properties. The aggregate value of the properties underlying loans made by RealtyMogul Income REIT, LLC is based on independent appraisals dated within six months of the original acquisition dates by RM Adviser, LLC ("RM Adviser" or the "Manager"), Realty Mogul, Co. or Realty Mogul Commercial Capital, Co., as applicable. As with any methodology used to estimate value, the methodology employed by our affiliates' internal accountants or asset managers is based upon a number of estimates and assumptions about future events that may not be accurate or complete. For more information, see the section of our Offering Circular captioned "*Description of Our Common Shares – Valuation Policies."*

<sup>2</sup> As of March 3, 2023.

<sup>3</sup> Returns shown reflect the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. All returns shown assume reinvestment of distributions pursuant to RealtyMogul Income REIT's distribution reinvestment plan, are derived from unaudited financial information and are net of all RealtyMogul Income REIT expenses, including management fees. An individual shareholder's total return may vary from the total return, and there is no assurance that shareholders will be able to realize the estimated NAV per share upon attempting to sell their shares. Past performance is historical and not a guarantee of future results. Additional return metrics can be found at the RealtyMogul website.

<sup>4</sup> There is no guarantee that shareholders will receive a distribution, and distributions have been paid from sources other than cash flow from operations, including net proceeds from our offering, cash advances by our Manager, cash resulting from a waiver of fees or reimbursements due to our Manager, borrowings and the issuance of additional securities. Manager may in the future declare lower distributions or no distributions at all for any given period.

<sup>5</sup> Based on the then current outstanding real estate investment amounts as of March 3, 2023.

MARKET UPDATES

VIEWS FROM MANAGEMENT

Dear Investor,

Thank you for your continued support of RealtyMogul Income REIT. We have now provided ***<u>75 consecutive months of distributions</u>***, totaling over $26.5 million. To date, over 7,300 investors have invested, and RealtyMogul Income REIT holds investments in over $354 million of real estate.<sup>6</sup> Over 63% of investors have enrolled in the distribution reinvestment plan (the "DRIP"), allowing their distributions the potential to compound over time. If you would like to participate in the DRIP, simply log into your account and then select "<u>Reinvest Distributions</u>."

In 2022, RealtyMogul Income REIT achieved a total return of 5.7% over the last twelve months, with average daily distributions over the last twelve months equating to 6.1%.<sup>7</sup> Total return consists of two components: change in NAV per share and distributions. For Q4 2022, NAV per share decreased from $11.00 to $10.73, reflecting a 2.5% decrease quarter over quarter primarily due to the aggregate 1.5% distribution for the quarter, which exceeded the appreciation of the REIT's real estate investments. Q4 2022 distributions reflected an approximately 6.00% annual distribution rate based on a $11.00 NAV per share. NAV per share decreased largely due to softness in the multifamily sector during the second half of 2022 as the cost of debt capital (increase in interest rates) has put downward pressure on property valuations. As we head into 2023, we believe multifamily fundamentals are still strong, and we're hopeful that the decreased pricing will allow us more buying opportunities this year.

As of March 2023, RealtyMogul Income REIT has 14 real estate investments, including thirteen joint venture equity investments and one preferred equity investment, with the underlying real estate spread across seven states. Of the 23 debt or debt-like investments that we have originated since inception, 22 have paid off in full, totaling over $55 million. Moreover, 10 debt or debt-like investments have paid off since the COVID-19 pandemic, including five office assets, three retail assets and two multifamily assets.

We are seeing strong rental collections in our portfolio. During Q4 2022, rent collections for the properties in RealtyMogul Income REIT's portfolio remained high at 94%. The decreased collections to previous quarters were driven by two properties, Hamptons and Roosevelt Commons, as further described below. We have structured our current portfolio with significant concentrations in multifamily communities and office properties with strong tenancy, which we believe are economically resilient asset types.

In 2022, 100% of our distributions were classified as return of capital, which are non-taxable.<sup>8</sup> This classification was due in part to depreciation from our real estate investments.

During Q4 2022, the U.S. Bureau of Economic Analysis estimated that U.S. seasonally adjusted real GDP decreased 0.3% quarter over quarter. The Federal Reserve updated its forecast for 2023 growth in the nation's GDP from the 1.2% it projected in September 2022 to 0.5% as well as projected a 4.6% unemployment rate for 2023, up from the September 2022 estimate of 4.4%. The unemployment rate ended 2022 at 3.7%. Average hourly earnings for employees increased 7.4% year over year according to the U.S. Bureau of Labor Statistics. In addition, the Consumer Price Index ("CPI") rose year over year 7.7% in October, 7.1% in November, and 5.6% in December according to the U.S. Bureau of Labor Statistics. Shelter costs, which comprise approximately one-third of CPI, increased 7.0% year over year. Given the economic inflation, the Federal Reserve has taken steps to cool off the economy by increasing the Federal Funds Rate, the rate at which commercial banks borrow and lend their excess reserves to each other overnight, seven times in 2022 and one time in 2023 from a target rate of 0.00% to 0.25% to the current target rate of 4.50% to 4.75%. The Federal Reserve is reducing their balance sheet through quantitative tightening, allowing bonds to mature without reinvestment of the principal. As it relates to real estate purchases, the cost to finance a real estate investment with a mortgage has increased in each quarter of 2022, stabilizing in Q4 2022; however, we believe that real estate is positively correlated with inflation as property prices and rental income tend to rise as inflation rises. We like multifamily investments in an inflationary environment as the typical one-year lease term allows an owner to mark rents to market on an annual basis. Similarly, leases at office and retail assets typically include rent escalations to account for inflation as well, albeit not as effectively as shorter-term multifamily leases. We believe that RealtyMogul Income REIT is well positioned as it continues to seek a diversified portfolio of commercial real estate, which has a low or negative correlation to other major asset classes and over time has exhibited less volatility than other asset classes.<sup>9</sup>

<sup>6</sup> Aggregate value of properties owned by RealtyMogul Income REIT, LLC based on the most recent internal valuations as of the end of the fiscal quarter upon which our most recently announced NAV per share is based pursuant to our valuation policies provided, however, the value of properties underlying investments acquired since the effective date of the most recently announced NAV per share is based on the most recent purchase price of such properties. The aggregate value of the properties underlying loans made by RealtyMogul Income REIT, LLC is based on independent appraisals dated within six months of the original acquisition dates by RM Adviser, Realty Mogul, Co. or Realty Mogul Commercial Capital, Co., as applicable. As with any methodology used to estimate value, the methodology employed by our affiliates' internal accountants or asset managers is based upon a number of estimates and assumptions about future events that may not be accurate or complete. For more information, see the section of our Offering Circular captioned *"Description of Our Common Shares – Valuation Policies."*

<sup>7</sup> Returns shown reflect the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. All returns shown assume reinvestment of distributions pursuant to RealtyMogul Income REIT's distribution reinvestment plan, are derived from unaudited financial information and are net of all RealtyMogul Income REIT expenses, including management fees. An individual shareholder's total return may vary from the total return, and there is no assurance that shareholders will be able to realize the estimated NAV per share upon attempting to sell their shares. Past performance is historical and not a guarantee of future results. Additional return metrics can be found at the RealtyMogul website.

<sup>8</sup> There is no guarantee that shareholders will receive a distribution, and distributions have been paid from sources other than cash flow from operations, including net proceeds from our offering, cash advances by our Manager, cash resulting from a waiver of fees or reimbursements due to our Manager, borrowings and the issuance of additional securities. Manager may in the future declare lower distributions or no distributions at all for any given period.

<sup>9</sup> Commercial real estate performs differently than other asset classes, such as stocks or bonds, and lacks liquidity. An investment in RealtyMogul Income REIT is not a direct investment in commercial real estate.

INVESTMENT ACTIVITY

DISTRIBUTIONS

Monthly distributions declared during the fourth quarter of 2022 equated to approximately 6.0% on an annualized basis based upon NAV as of 9/30/2022.<sup>10</sup>

PORTFOLIO OVERVIEW<sup>11</sup>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ASSET | LOCATION | ACQUISITION DATE | PROPERTY TYPE | INVESTMENT TYPE | INVESTMENT <br>AMOUNT AS OF 3/3/23 | INTEREST RATE <br>AS OF 3/3/23 |
| Texas Retail Portfolio | Multiple Locations, TX | 7/18/17 | Retail | Preferred Equity | $3325000 | 14.00% |
| La Privada Apartments | El Paso, TX | 5/31/19 | Multifamily | JV Equity | $4748228 | N/A |
| The Hamptons Apartments | Virginia Beach, VA | 10/9/19 | Multifamily | JV Equity | $9977966 | N/A |
| Columbus Office Portfolio | Columbus, OH | 11/5/19 | Office | JV Equity | $7000000 | N/A |
| Pohlig Box Factory & Superior Warehouse | Richmond, VA | 2/19/20 | Multifamily | JV Equity | $7424307 | N/A |
| Lubbock Medical Office Building | Lubbock, TX | 6/26/20 | Medical Office | JV Equity | $2926477 | N/A |
| Turtle Creek | Fenton, MO | 1/28/21 | Multifamily | JV Equity | $6000000 | N/A |
| Kings Landing | Creve Coeur, MO | 7/28/21 | Multifamily | JV Equity | $8000000 | N/A |
| Minnehaha Meadows | Vancouver, WA | 9/20/21 | Multifamily | JV Equity | $3355018 | N/A |
| Roosevelt Commons | Vancouver, WA | 9/20/21 | Multifamily | JV Equity | $3209112 | N/A |
| Bentley Apartments | Grove City, OH | 10/13/21 | Multifamily | JV Equity | $8000000 | N/A |
| Haverford Place | Georgetown, KY | 2/2/22 | Multifamily | JV Equity | $9000000 | N/A |
| Edison Apartments | Gresham, OR | 3/30/22 | Multifamily | JV Equity | $5500000 | N/A |
| Columbia Square | Cincinnati, OH | 8/23/22 | Mixed-Use | JV Equity | $4000000 | N/A |
| **Total** |  |  |  |  | $**82466108** |  |

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<sup>10</sup> The annualized basis return is not a guarantee or projection of future returns, and the Manager may in the future declare lower distributions or no distributions at all for any given period. While the Manager is under no obligation to do so, the annualized basis return assumes that the Manager will declare monthly distributions in the future similar to the distribution disclosed herein.

<sup>11</sup> All data as of March 3, 2023 unless otherwise specified. All assets are performing and paid current as of March 3, 2023.

INVESTMENT UPDATES

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| | |
|:---|:---|
| TEXAS RETAIL PORTFOLIO<br>![](form1-u_002.jpg)<br>**Location**: Multiple Locations, TX<br>**Property Type**: Retail<br>**Investment Amount:** $3,325,000<br>**Business Plan:** The borrower used the proceeds of the investment to refinance another loan and fund escrows and closing costs.<br>**Investment Type:** Preferred Equity<br>**Acquisition Date:** 7/18/2017<br>**Maturity Date:** 7/6/2027<br>**Asset Management Update:** Portfolio occupancy was static quarter over quarter, ending Q4 at 97% occupied, and the borrower is current on its interest payments as of December 2022. The portfolio is also reporting 98% rent collection for Q4 2022. | LA PRIVADA APARTMENTS<br>![](form1-u_003.jpg)<br>**Location**: El Paso, TX<br>**Property Type**: Multifamily<br>**Investment Amount:** $4,748,228<br>**Business Plan:** Acquire and renovate a Class B multifamily apartment community.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date:** 5/31/2019<br>**Asset Management Update:** Property occupancy was static quarter over quarter, ending Q4 at 93% occupied. Exterior capital items have been completed and the property is amenitized with new exterior paint, a new playground, new HVAC units, upgraded landscaping, new tables and benches, new BBQ grills, and new roofs. Further HVAC replacement is ongoing and comprises most of the remaining renovation budget. As of December 2022, 185 of the 240 units have been renovated since acquisition. Of those 185 units, 184 have been leased at an average premium of $95/month, or 15% over prior rents. In Q4 2022, the property averaged 98% rent collection. |

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|:---|:---|
| THE HAMPTONS APARTMENTS<br>![](form1-u_004.jpg)<br>**Location**: Virginia Beach, VA<br>**Property Type**: Multifamily<br>**Investment Amount:** $9,977,966<br>**Business Plan:** Acquire and renovate a Class B multifamily apartment community.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date:** 10/9/2019<br>**Asset Management Update:** Property occupancy decreased 4% quarter over quarter, ending Q4 at 90% occupied. Exterior capital items completed include new exterior paint and signage, landscaping upgrades, new laundry rooms, balcony and stairwell replacements, and a new gym and leasing office. As of December 2022, 91 of the 114 free-market units have been renovated since acquisition. Of those 91 units, 90 units have been leased at an average premium of $314/month, or 35% over prior rents. In Q4 2022, the property averaged 75% rent collection; rent collections during this quarter were impeded due to lack of rental payments by tenants. Eviction proceedings in connection with such tenants are currently in process in the appropriate courts. | COLUMBUS OFFICE PORTFOLIO<br>![](form1-u_005.jpg)<br>**Location**: Columbus, OH<br>**Property Type**: Office<br>**Investment Amount:** $7,000,000<br>**Business Plan:** Acquire a highly occupied office portfolio, perform capital improvements and execute a lease-up strategy.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date:** 11/5/2019<br>**Asset Management Update:** Portfolio occupancy was static quarter over quarter, ending Q4 at 75% occupied. The real estate company's long-term business plan is to redevelop the warehouse into office space but is evaluating options for short term leases in the interim. In Q4 2022, the portfolio averaged 99% rent collection. |

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|:---|:---|
| POHLIG BOX FACTORY & SUPERIOR<br> WAREHOUSE<br>![](form1-u_006.jpg)<br>**Location**: Richmond, VA<br>**Property Type**: Multifamily<br>**Investment Amount:** $7,424,307<br>**Business Plan:** Acquire and renovate a Class A- two-property, mixed-use apartment community.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date:** 2/19/2020<br>**Asset Management Update:** Portfolio occupancy increased 2% quarter over quarter, ending Q4 at 91% occupied. At the Pohlig Box Factory property, the real estate company is performing regular unit turns. At the Superior Warehouse property, the real estate company is performing full unit renovations, and as of December 2022, 25 of the 28 units were renovated. Of those 25 units, all have been leased at an average premium of $257/month, or 16% over prior rents. The remaining three units have not been renovated but are achieving post-renovation rents. Exterior capital projects have been completed, which included improvements to the roofs, courtyard, hallways and lobby. In Q4 2022, the portfolio averaged 99% rent collection. | LUBBOCK MEDICAL OFFICE BUILDING<br>![](form1-u_007.jpg)<br>**Location**: Lubbock, TX<br>**Property Type**: Medical Office<br>**Investment Amount:** $2,926,477<br>**Business Plan:** Acquire a medical office building that is triple-net leased to a credit tenant with a long-term lease.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date**: 6/26/2020<br>**Asset Management Update:** Property occupancy was static quarter over quarter, ending Q4 at 100% occupied by a credit tenant, Covenant Health System. As of December 2022, the tenant is current on its rent. |

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|:---|:---|
| TURTLE CREEK<br>![](form1-u_008.jpg)<br>**Location**: Fenton, MO<br>**Property Type**: Multifamily<br>**Investment Amount:** $6,000,000<br>**Business Plan:** Acquire a multifamily apartment community with steady cash flow.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date**: 1/27/2021<br>**Asset Management Update:** Property occupancy was static quarter over quarter, ending Q4 at 95% occupied. As of December 2022, 61 of the 96 classic units have been renovated and leased since acquisition. Of those 61 units, all have been leased at an average premium of $140/month, or 9% over prior rents, and unit renovation costs have been below budget. Signage, pergola, benches, and grills have been completed. In Q4 2022, the property averaged 96% rent collection. | KINGS LANDING<br>![](form1-u_009.jpg)<br>**Location**: Creve Coeur, MO<br>**Property Type**: Multifamily<br>**Investment Amount:** $8,000,000<br>**Business Plan:** Acquire and renovate a highly occupied multifamily apartment community.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date**: 7/28/2021<br>**Asset Management Update:** Property occupancy decreased 3% quarter over quarter, ending Q4 at 88% occupied. As of December 2022, 41 of the 152 units have been renovated since acquisition. Of those 41 units, 39 have been leased at an average premium of $262/month, or 18% over prior rents. Exterior paint/repairs, asphalt/concrete work, fitness center, and interior hallway improvements have been completed. Additional exterior and interior improvements, including updates to the amenity spaces, clubhouse, exterior, etc. are in progress. Finally, work is expected to commence early Q1 2023 in connection with opening the recently leased retail space for the breakfast/lunch operator. In Q4 2022, the property averaged 95% rent collection. |

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|:---|:---|
| MINNEHAHA MEADOWS<br>![](form1-u_010.jpg)<br>**Location**: Vancouver, WA<br>**Property Type**: Multifamily<br>**Investment Amount:** $3,355,018<br>**Business Plan:** Acquire a highly occupied multifamily apartment community.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date**: 9/20/2021<br>**Asset Management Update:** Property occupancy decreased 10% quarter over quarter, ending Q4 at 86% occupied due to lease expiration schedules. The property's average rent has increased from $2,118/unit in Q3 to $2,134/unit through Q4. During Q4, the property signed five renewal leases. The five renewal leases were signed at an average increase of $218, or 11% over prior rents. New property signage was completed in Q2, while the BBQ area was completed in Q3. Package lockers and playground equipment were installed in Q4. In Q4 2022, the property averaged 96% rent collection. | ROOSEVELT COMMONS<br>![](form1-u_011.jpg)<br>**Location**: Vancouver, WA<br>**Property Type**: Multifamily<br>**Investment Amount:** $3,209,112<br>**Business Plan:** Acquire a highly occupied multifamily apartment community.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date**: 9/20/2021<br>**Asset Management Update:** Property occupancy decreased 11% quarter over quarter, ending Q4 at 89% occupied due to lease expiration schedules. The property's average rent has increased from $2,070/unit in Q3 to $2,118/unit through Q4. During Q4, the property signed seven renewal leases. The seven renewal leases were signed at an average increase of $303, or 16% over prior rents. Pet stations were completed in Q3 2022. The new BBQ area and package lockers were completed in Q4. In Q4 2022, the property averaged 78% rent collection; rent collections during this quarter were impeded due to evictions and tenant move outs without notice. We expect rent collection to increase in light of recent evictions. |

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|:---|:---|
| BENTLEY APARTMENTS<br>![](form1-u_012.jpg)<br>**Location**: Grove City, OH<br>**Property Type**: Multifamily<br>**Investment Amount:** $8,000,000<br>**Business Plan:** Acquire and renovate a highly occupied multifamily apartment community.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date**: 10/13/2021<br>**Asset Management Update:** Property occupancy increased 2% quarter over quarter, ending Q4 at 98% occupied. Exterior upgrade scope and bidding are underway for the landscaping, draining, as well as a storage shed. The dog park and pool furniture were installed in Q4 2022. As of December 2022, 58 of the 138 units have been renovated since acquisition. Of those 58 units, all have been leased at an average premium of $209/month, or 14% over prior rents. In Q4 2022, the property averaged 98% rent collection. | HAVERFORD PLACE<br>![](form1-u_013.jpg)<br>**Location**: Georgetown, KY<br>**Property Type**: Multifamily<br>**Investment Amount:** $9,000,000<br>**Business Plan:** Acquire and renovate a highly occupied multifamily apartment community.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date**: 2/2/2022<br>**Asset Management Update:** Property occupancy increased 3% quarter over quarter, ending Q4 at 93% occupied. As of December 2022, 52 of the 160 units have been renovated since acquisition. Of those 52 units, 51 have been leased at an average premium of $217/month, or 13% over prior rents. Exterior upgrades are underway including a new playground. The pool renovation and enhanced dog park were completed Q2 2022. Additional signage was added in Q3 2022, while the fitness center, BBQ area, and clubhouse/business center was completed in Q4 2022. In Q4 2022, the property averaged 94% rent collection. |

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|:---|:---|
| EDISON APARTMENTS<br>![](form1-u_014.jpg)<br>**Location**: Gresham, OR<br>**Property Type**: Multifamily<br>**Investment Amount:** $5,500,000<br>**Business Plan:** Acquire a highly occupied multifamily apartment community.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date**: 3/30/2022<br>**Asset Management Update:** Property occupancy increased 1% quarter over quarter, ending Q4 at 95% occupied. The property's average rent has increased from $1,670/unit in Q3 to $1,672/unit through Q4. During Q4, the property signed seven new leases and one renewal leases. The seven new leases were signed at an average increase of $130, or 9% over prior rents. The renewal lease was signed at an increase of $0. Exterior upgrades are in progress for the dog park and package lockers. Exterior wood re-staining completed in Q3 2022, while the pergola, benches, and grills were completed in Q4 2022. In Q4 2022, the property averaged 92% rent collection. | COLUMBIA SQUARE<br>![](form1-u_015.jpg)<br>**Location**: Cincinnati, OH<br>**Property Type**: Mixed-Use<br>**Investment Amount:** $4,000,000<br>**Business Plan:** Acquire a highly occupied mixed-use asset consisting of an office property and retail center, perform capital improvements and execute a lease renewal strategy.<br>**Investment Type:** Joint Venture Equity<br>**Acquisition Date**: 8/23/2022<br>**Asset Management Update:** Portfolio occupancy was static quarter over quarter, ending Q4 at 91% occupied. During Q4, the real estate company executed one lease extension, comprising 2.6% of the portfolio's net rentable area. In Q4 2022, the portfolio averaged 100% rent collection. |

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NET ASSET VALUE (NAV)

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| | |
|:---|:---|
| PRICE PER SHARE (AS OF 1/13/23)\* | NAV PER SHARE (AS OF 12/31/22) |
| $10.73 | $10.73 |

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\* Our offering price per share equals our most recently announced NAV per share and will be adjusted at the beginning of every fiscal quarter (or as soon as commercially reasonable thereafter). On January 13, 2023, we announced that our NAV per share is $10.73, as of December 31, 2022. Accordingly, effective January 13, 2023, the offering price per share is $10.73. The price per share pursuant to our distribution reinvestment plan will equal our most recently announced NAV per share and any repurchases of shares made pursuant to our share repurchase program will be made at the most recent NAV per share (less any applicable discounts, as set forth in our offering circular).

The NAV per share calculation reflects the total value of our assets minus the total value of our liabilities, divided by the number of shares outstanding.

As with any methodology used to estimate value, the methodology employed calculating our NAV per share is based upon a number of estimates and assumptions about future events that may not be accurate or complete. Further, different parties using different assumptions and estimates could derive a different NAV per share, which could be significantly different from our calculated NAV per share. Our NAV will fluctuate over time and does not represent: (i) the price at which our shares would trade on a national securities exchange, (ii) the amount per share a shareholder would obtain if he, she or it tried to sell his, her or its shares or (iii) the amount per share shareholders would receive if we liquidated our assets and distributed the proceeds after paying all our expenses and liabilities.

*Copyright© 2022 RM Adviser, LLC, All rights reserved.*

**Previous Updates**

Please follow the below links to access updates from the prior four quarters. Historical quarterly updates can also be found on the SEC EDGAR website.

[Q3 2022 Investor Letter](https://www.sec.gov/Archives/edgar/data/1669664/000149315222033589/form1-u.htm)

[Q2 2022 Investor Letter](https://www.sec.gov/Archives/edgar/data/1669664/000149315222023355/form1-u.htm)

[Q1 2022 Investor Letter](https://www.sec.gov/Archives/edgar/data/1669664/000149315222015075/form1-u.htm)

[Q4 2021 Investor Letter](https://www.sec.gov/Archives/edgar/data/1669664/000149315222006118/form1-u.htm)

As always, please feel free to contact us at <u>info@realtymogul.com</u> or call directly with any questions you may have.

Sincerely,

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| | |
|:---|:---|
| */s/ Jilliene Helman* | */s/ Eric Levy* |
| Jilliene Helman | Eric Levy |
| CEO, RM Adviser, LLC | Vice President, Portfolio Manager, RM Adviser, LLC |

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To discuss your REIT holdings, schedule a Call with Investor Relations at:

<u>https://calendly.com/realtymogul-investor-relations</u> or call 877-781-7062

***<u>Forward-Looking Statements</u>***

*This Current Report on Form 1-U contains forward-looking statements within the meaning of the federal securities laws. The words "believe," "estimate," "expect," "anticipate," "intend," "plan," "seek," "may," "continue," "could," "might," "potential," "predict," "should," "will," "would," and similar expressions or statements regarding future periods or the negative of these terms are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any predictions of future results, performance or achievements that we express or imply in this Current Report on Form 1-U.*

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| REALTYMOGUL INCOME REIT, LLC | REALTYMOGUL INCOME REIT, LLC |
| By: | RM Adviser, LLC |
| Its: | Manager |
| By: | */s/ Jilliene Helman* |
| Name: | Jilliene Helman |
| Title: | Chief Executive Officer |
| By: | */s/ Eric Levy* |
| Name: | Eric Levy |
| Title: | Vice President, Portfolio Manager, RM Adviser, LLC |
| Date: | March 3, 2023 |

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