Inland Real Estate Income Trust, Inc.

As of December 31, 2025 · As of December 31, 2024

Number of properties · 52 · 52

Purchase price · 1,624,667 · 1,624,667

Total square footage · 7,170,218 · 7,168,608

Physical occupancy · 92.0 · 93.1

Economic occupancy · 92.2 · 93.4

Weighted average remaining lease term (years) (a) · 4.5 · 4.6

Weighted average remaining lease term is based on a weighting by ABR as of December 31, 2025.

As of December 31, 2025 and 2024, ABR per square foot averaged $19.57 and $19.72, respectively, for all properties owned. ABR is calculated by annualizing the monthly base rent for leases in-place as of the applicable date, excluding ground leases. ABR per square foot including ground leases averaged $17.23 and $16.93, as of December 31, 2025 and 2024, respectively.

During the years ended December 31, 2025 and 2024, we did not purchase or sell any properties.

The table below presents information for each of our investment properties as of December 31, 2025.

Property (a) · Location · SquareFootage · PhysicalOccupancy · EconomicOccupancy · MortgageBalance · InterestRate

Newington Fair · Newington, CT · 186,205 · 72.3 · 72.3 · — · —

Wedgewood Commons · Olive Branch, MS · 169,558 · 93.2 · 93.2 · — · —

Park Avenue · Little Rock, AR · 78,702 · 96.5 · 96.5 · — · —

North Hills Square · Coral Springs, FL · 63,829 · 100.0 · 100.0 · — · —

Mansfield Shopping Center · Mansfield, TX · 148,529 · 86.6 · 86.6 · — · —

Lakeside Crossing · Lynchburg, VA · 67,034 · 97.8 · 97.8 · — · —

MidTowne Shopping Center · Little Rock, AR · 126,288 · 73.2 · 73.2 · — · —

Dogwood Festival · Flowood, MS · 188,770 · 90.7 · 90.7 · — · —

Pick N Save Center · West Bend, WI · 94,446 · 98.9 · 98.9 · — · —

Harris Plaza · Layton, UT · 126,311 · 77.6 · 77.6 · — · —

Dixie Valley · Louisville, KY · 119,911 · 90.1 · 90.1 · — · —

The Landings at Ocean Isle · Ocean Isle, NC · 53,203 · 97.4 · 97.4 · — · —

Shoppes at Prairie Ridge · Pleasant Prairie, WI · 232,606 · 97.2 · 99.2 · — · —

Harvest Square · Harvest, AL · 70,590 · 100.0 · 100.0 · — · —

Heritage Square · Conyers, GA · 22,510 · 93.8 · 93.8 · — · —

The Shoppes at Branson Hills · Branson, MO · 256,244 · 94.7 · 94.7 · — · —

Branson Hills Plaza · Branson, MO · 210,201 · 100.0 · 100.0 · — · —

Copps Grocery Store · Stevens Point, WI · 69,911 · 100.0 · 100.0 · — · —

Fox Point Plaza · Neenah, WI · 171,121 · 99.1 · 99.1 · — · —

Shoppes at Lake Park · West Valley City, UT · 52,997 · 82.5 · 82.5 · — · —

Plaza at Prairie Ridge · Pleasant Prairie, WI · 9,035 · 100.0 · 100.0 · — · —

Green Tree Shopping Center · Katy, TX · 147,621 · 85.2 · 85.2 · — · —

Eastside Junction · Athens, AL · 79,675 · 98.4 · 98.4 · — · —

Fairgrounds Crossing · Hot Springs, AR · 155,127 · 98.9 · 98.9 · — · —

Prattville Town Center · Prattville, AL · 168,842 · 100.0 · 100.0 · — · —

Regal Court · Shreveport, LA · 363,061 · 92.5 · 92.5 · — · —

Shops at Hawk Ridge · St. Louis, MO · 75,951 · 100.0 · 100.0 · — · —

Walgreens Plaza · Jacksonville, NC · 42,219 · 52.8 · 52.8 · — · —

Frisco Marketplace · Frisco, TX · 112,024 · 94.6 · 94.6 · — · —

White City · Shrewsbury, MA · 257,128 · 87.4 · 87.4 · — · —

Yorkville Marketplace · Yorkville, IL · 111,591 · 96.0 · 96.0 · — · —

Shoppes at Market Pointe · Papillion, NE · 253,793 · 99.0 · 99.0 · — · —

Marketplace at El Paseo · Fresno, CA · 224,683 · 95.2 · 96.4 · — · —

The Village at Burlington Creek · Kansas City, MO · 157,937 · 77.5 · 77.5 · — · —

Milford Marketplace · Milford, CT · 111,911 · 100.0 · 100.0 · 18,727 · 4.02

Settlers Ridge · Pittsburgh, PA · 473,871 · 90.5 · 90.5 · — · —

Blossom Valley Plaza · Turlock, CA · 111,475 · 98.7 · 98.7 · — · —

Oquirrh Mountain Marketplace · South Jordan, UT · 75,950 · 97.1 · 97.1 · — · —

Marketplace at Tech Center · Newport News, VA · 210,648 · 89.3 · 93.1 · — · —

Coastal North Town Center · Myrtle Beach, SC · 304,662 · 97.9 · 97.9 · — · —

Oquirrh Mountain Marketplace II · South Jordan, UT · 10,150 · 84.7 · 84.7 · — · —

Wilson Marketplace · Wilson, NC · 311,030 · 98.8 · 98.8 · — · —

Pentucket Shopping Center · Plaistow, NH · 199,454 · 97.4 · 97.4 · — · —

Hickory Tavern · Myrtle Beach, SC · 6,588 · 100.0 · 100.0 · — · —

New Town · Owings Mill, MD · 117,593 · 44.1 · 44.1 · — · —

Olde Ivy Village · Smyrna, GA · 46,500 · 79.5 · 87.7 · — · —

Northpark Village Square · Santa Clarita, CA · 87,103 · 97.9 · 97.9 · — · —

Lower Makefield Shopping Center · Lower Makefield, PA · 74,953 · 82.9 · 82.9 · — · —

Denton Village · Denton, TX · 48,280 · 96.9 · 96.9 · — · —

Rusty Leaf Plaza · Orange, CA · 59,188 · 95.3 · 95.3 · — · —

Northville Park Place · Northville, MI · 78,421 · 82.8 · 82.8 · — · —

CityPlace · Woodbury, MN · 174,788 · 98.4 · 98.4 · — · —

Portfolio total · 7,170,218 · 92.0 · 92.2 · 18,727 · 4.02

All of our properties, except Milford Marketplace property, are included in the pool of properties comprising the borrowing base under our Credit Facility as of December 31, 2025.

Tenancy Highlights

The following table presents information regarding the top ten tenants in our portfolio based on annualized base rent for leases in-place as of December 31, 2025:

Tenant Name · Number ofLeases · AnnualizedBase Rent · Percent of Total Portfolio Annualized Base Rent · Annualized Base Rent Per Square Foot · Square Footage · Percent of Total Portfolio Square Footage

The Kroger Co · 5 · 4,899 · 4.3 · 16.54 · 296,150 · 4.1

The TJX Companies, Inc. · 14 · 3,834 · 3.4 · 10.83 · 354,070 · 4.9

Ross Dress for Less, Inc. · 10 · 2,828 · 2.5 · 10.79 · 262,080 · 3.7

Ulta Salon, Cosmetics & Fragrance Inc. · 13 · 2,826 · 2.5 · 21.23 · 133,076 · 1.9

Amazon/Whole Foods Market Group, Inc. · 3 · 2,447 · 2.1 · 21.21 · 115,396 · 1.6

Planet Fitness · 6 · 2,190 · 1.9 · 17.74 · 123,486 · 1.7

Dick’s Sporting Goods, Inc. · 4 · 2,158 · 1.9 · 11.94 · 180,766 · 2.5

• IREIT Milford Marketplace, L.L.C. Delaware⁴
• IREIT Neenah Fox Point, L.L.C. Delaware⁴
• IREIT Newington Fair, L.L.C. Delaware⁴
• IREIT Newport News Tech Center, L.L.C. Delaware⁴
• IREIT North Myrtle Beach Coastal North, L.L.C. Delaware⁴
• IREIT Northville Park Place, L.L.C. Delaware⁴
• IREIT Ocean Isle Beach Landing, L.L.C. Delaware⁴
• IREIT Olive Branch Wedgewood, L.L.C. Delaware⁴
• IREIT Orange Rusty Leaf, L.L.C. Delaware⁴
• IREIT Owings Mills New Town, L.L.C. Delaware⁴
• IREIT Papillion Market Pointe, L.L.C. Delaware⁴
• IREIT Pittsburgh Settlers Ridge, L.L.C. Delaware⁴
• IREIT Plaistow Pentucket, L.L.C. Delaware⁴
• IREIT Pleasant Prairie Plaza, L.L.C. Delaware⁴
• IREIT Pleasant Prairie Ridge Outlot, L.L.C. Delaware⁴
• IREIT Pleasant Prairie Ridge, L.L.C. Delaware⁴
• IREIT Prattville Legends, L.L.C. Delaware⁴
• IREIT Shoppes at Branson Hills – K, L.L.C. Delaware⁴
• IREIT Shreveport Regal Court, L.L.C. Delaware⁴
• IREIT Shrewsbury White City, L.L.C. Delaware⁴
• IREIT Smyrna Olde Ivy Village, L.L.C. Delaware⁴
• IREIT South Jordan Oquirrh Mountain, L.L.C. Delaware⁴
• IREIT Stevens Point Pinecrest, L.L.C. Delaware⁴
• IREIT TRS, LLC Delaware⁴
• IREIT Turlock Blossom Valley, L.L.C. Delaware⁴
• IREIT Valencia Northpark, L.L.C. Delaware⁴
• IREIT West Bend Main, L.L.C. Delaware⁴
• IREIT West Valley City Lake Park, L.L.C. Delaware⁴
• IREIT Wilson Marketplace, L.L.C. Delaware⁴
• IREIT Woodbury Cityplace, L.L.C. Delaware⁴
• IREIT Yardley Lower Makefield, L.L.C. Delaware⁴
• IREIT Yorkville Marketplace, L.L.C. Delaware⁴

• Development or redevelopments may expose us to additional risks.
• Competition with other non-traditional grocery retailers may impact our tenants and reduce our profitability.
• Actions of our joint venture partners could negatively impact our performance.
• We depend on our management team, particularly our president and chief executive officer, and the loss of one of these key personnel or an inability to attract and retain highly skilled personnel could adversely affect our business.
• We rely on IREIC and its affiliates and subsidiaries to manage and conduct our operations. Any material adverse change in IREIC’s financial condition or our relationship with IREIC could have a material adverse effect on our business and ability to achieve our investment objectives, and we may incur substantial costs if we decide to terminate this relationship.
• We may be unable to retain key personnel if we were to internalize our management functions.
• Our stockholders’ return on investment in our common stock may be reduced if we are required to register as an investment company under the Investment Company Act.
• We are subject to risks associated with a pandemic, epidemic or outbreak of a contagious disease, which can cause severe disruptions in the U.S., and global economy.
• Risks Related to Investments in Real Estate
• There are inherent risks with real estate investments.
• Our real estate assets and other investments may be subject to impairment charges.
• The continued shift in retail sales towards e-commerce may have an adverse impact on our tenants and our business.
• We face significant competition in the leasing market, which may decrease or prevent increases in the occupancy and rental rates of our properties.
• We depend on tenants for our revenue, and accordingly lease terminations, tenant default, and bankruptcies have adversely affected and could in the future adversely affect the income produced by our properties.
• Our reliance on single or significant tenants, such as big-box or anchor tenants, at certain properties may decrease our ability to lease vacated space and adversely affect the returns we earn.
• We may be unable to renew expiring leases with existing tenants or re-lease spaces to new tenants on favorable terms or at all.
• Tenant bankruptcies, particularly tenants that occupy multiple spaces at our properties, may have material adverse effects on us.
• An economic downturn could have an adverse impact on the retail industry generally. Slow or negative growth in the retail industry could result in defaults by retail tenants which could have an adverse impact on our financial operations.
• Inflation and continuing increases in the inflation rate may adversely affect our financial condition and results of operations.
• We may be restricted from re-leasing space at our retail properties by provisions such as exclusivity provisions in other tenants’ leases.
• We have entered into both short-term and long-term leases with some of our retail tenants. Our short-term leases may expose us to the effects of declining market rent and our long-term leases may limit our ability to adjust lease rates to fair market rental rates which may adversely affect our revenues and ultimately our ability to make distributions.
• Retail conditions may adversely affect our income.
• We do not own the land when we are the lessee under a ground lease, so properties that we operate pursuant to a ground lease are subject to unique risks.
• Operating expenses have increased, and may continue to increase in the future and to the extent these increases cannot be passed on to our tenants, our cash flow and our operating results would decrease.
• An increase in real estate taxes may decrease our income from properties.
• Uninsured losses or premiums for insurance coverage may adversely affect our returns.
• The costs of complying with environmental laws and other governmental laws and regulations may adversely affect us.
• We own certain properties in regions that are particularly susceptible to natural disasters, which may make us susceptible to the effects of these natural disasters in those areas from adverse climate developments or other causes.
• Our properties may contain or develop harmful mold, which could lead to liability for adverse health effects and costs of remediating the problem.
• We may incur significant costs to comply with the Americans With Disabilities Act or similar laws.
• Risks Associated with Debt Financing
• The financial covenants under our credit agreement may restrict our ability to make distributions and our operating and acquisition activities. If we breach the financial covenants we could be held in default under the credit agreement, which could accelerate our repayment date and materially adversely affect our liquidity and financial condition.
• Volatility in the financial markets and challenging economic conditions could adversely affect our ability to secure debt financing on attractive terms and our ability to service any future indebtedness that we may incur.
• Borrowings may reduce the funds available for distribution and increase the risk of loss since defaults may cause us to lose the properties securing the loans and may result in defaults under other agreements, including our Credit Facility.
• Interest-only indebtedness may increase our risk of default and may reduce our funds available for other needs including distributions to our stockholders.
• We may acquire or finance properties with lock-out provisions, which may prohibit us from selling a property, or may require us to maintain specified debt levels for a period of years on some properties.
• Increasing interest rates could increase the amount of our debt payments.
• To hedge against interest rate fluctuations, we may use derivative financial instruments that may be costly and turn out to be ineffective.
• Risks Related to Conflicts of Interest
• IREIC may face a conflict of interest in allocating personnel and resources between its affiliates, our Business Manager and our Real Estate Manager.
• We do not have arm’s-length agreements with our Business Manager, our Real Estate Manager or any other affiliates of IREIC.
• Our Business Manager, our Real Estate Manager and other affiliates of IREIC face conflicts of interest caused by their compensation arrangements with us, which could result in actions that are not in the long-term best interests of our stockholders.
• We rely on entities affiliated with IREIC to identify real estate assets.
• Our properties may compete with the properties owned by other programs sponsored by an affiliate of IREIC.
• Risks Related to Our Corporate Structure
• Our rights, and the rights of our stockholders, to recover claims against our officers, directors, Business Manager and Real Estate Manager are limited.
• Our charter limits the amount of common stock that any person may own without the prior approval of our board.
• We have a classified board, which may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
• Maryland law limits, in some cases, the ability of a third party to vote shares acquired in a “control share acquisition.”
• Federal Income Tax Risks
• If we fail to remain qualified as a REIT, our operations and distributions to stockholders will be adversely affected.
• In certain circumstances, we may be subject to federal, state and local income taxes as a REIT, which would reduce our cash available to pay distributions.
• The taxation of distributions paid to our stockholders can be complex.
• To maintain our REIT status, we must meet annual distribution requirements, which may force us to forgo otherwise attractive opportunities or borrow funds during unfavorable market conditions. This could delay or hinder our ability to meet our investment objectives and reduce our stockholders’ overall return.
• Certain of our business activities are potentially subject to the prohibited transaction tax.
• Complying with the REIT requirements may force us to liquidate attractive investments.
• Complying with REIT requirements may limit our ability to hedge effectively.
• Legislative or regulatory action could adversely affect investors.
• Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends.
• General Risks
• Our stockholders may have tax liability on distributions that they elect to reinvest in our common stock.
• The occurrence of cyber incidents, or a deficiency in our cybersecurity, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results.
• Failure by us, our Business Manager or our service providers (including our transfer agent) or tenants to implement effective information and cybersecurity policies, procedures and capabilities could disrupt our business and harm our results of operations.
• Our operations may be subject to an increasing number of cyber incidents, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.
• Disruptions in our information technology systems or a compromise of security with respect to our systems could adversely affect our operating results by limiting our ability to effectively monitor and control our operations, adjust to changing market conditions, or implement strategic initiatives.
• We may become subject to greater liability due to changing regulations and laws regarding cybersecurity, which could materially adversely affect our business, operations, results of operations and profitability.
• A failure of our Business Manager’s information technology (IT) infrastructure could adversely impact our business and operations.
• We are subject to risks associated with artificial intelligence and machine learning technology.