Sell Inland Real Estate Income Trust Shares

Investment Overview

Inland Real Estate Income Trust

Inland Real Estate Income Trust, Inc. ("Inland Income Trust" or "IREIT") is a public, non-listed real estate investment trust whose common shares are not listed for trading on a national securities exchange.

The company was formed in 2011 and focuses primarily on necessity-based retail properties, particularly grocery-anchored and grocery shadow-anchored shopping centers located across the United States.

As of June 30, 2026, Inland Income Trust owned 51 retail properties totaling approximately 7.0 million square feet across 24 states.

Because there is no established public trading market for the shares, shareholders seeking liquidity may need to evaluate the company’s share repurchase program, transferability, secondary market demand, current valuation, ownership structure, and applicable transfer requirements.

Investment Snapshot

Inland Income Trust At A Glance

Portfolio

A Grocery-Anchored
Retail Portfolio

Inland Income Trust’s portfolio is concentrated in necessity-based retail real estate.

As of June 30, 2026, the company owned 51 retail properties totaling approximately 7.0 million square feet across 24 states.

Grocery-anchored and grocery shadow-anchored shopping centers represented approximately 87% of the company’s annualized base rent.

The portfolio had physical occupancy of 92.9% and economic occupancy of 93.1% as of June 30, 2026.

Property type, occupancy, tenant quality, lease terms, capital expenditures, financing conditions, and broader retail real estate trends can all influence the value and marketability of Inland Income Trust shares.

Estimated Net Asset Value

What Is The Current
Inland Income Trust NAV?

Inland Income Trust’s board established an estimated net asset value of $16.89 per common share as of September 30, 2025.

The estimate was based on a third-party valuation analysis prepared by SitusAMC Real Estate Valuation Services, LLC. The reported valuation range was $15.76 to $18.02 per share, with the board selecting the midpoint of $16.89.

The $16.89 NAV represented a decrease of $2.28 per share, or approximately 11.9%, from the prior estimated NAV of $19.17 per share.

Estimated NAV is a valuation reference and should not be assumed to represent the price a shareholder could receive in a private secondary market transaction.

Share Repurchase Program

Understanding The
Inland Income Trust SRP

Inland Income Trust’s share repurchase program was reinstated effective February 1, 2026 after having been suspended since October 1, 2024.

Under the current program, ordinary repurchases are generally priced at 80% of the company’s then-current estimated NAV.

Exceptional repurchases related to the death or qualifying disability of a shareholder are generally priced at 100% of the then-current estimated NAV.

Repurchases remain subject to board discretion, quarterly funding availability, holding-period requirements, and other program restrictions.

During April 2026, approximately 2.9 million shares were submitted for repurchase, while only 59,238 shares were actually repurchased. This illustrates the limited nature of the program and the possibility that shareholder requests may substantially exceed available repurchase capacity.

Investors comparing the company’s repurchase program with other liquidity alternatives can review AIL’s guide on how to get out of a non-traded REIT.

Distributions

Current Inland Income Trust
Distributions

Inland Income Trust declared aggregate distributions of $0.2712 per common share during the first six months of 2026.

Distributions are generally paid quarterly in arrears.

During the first six months of 2026, the company paid approximately $9.8 million in distributions.

The company reported that those distributions were funded by cash flows from operating activities.

2026 Financial Update

Recent Financial
Condition And Performance

As of June 30, 2026, Inland Income Trust reported total assets of approximately $1.21 billion and total liabilities of approximately $888.8 million.

Total stockholders’ equity was approximately $318.5 million.

Cash and cash equivalents were approximately $10.8 million.

The company reported approximately $810 million of total debt outstanding, with a weighted average interest rate of 4.62% and a weighted average remaining maturity of approximately 2.8 years.

For the first six months of 2026, the company reported a net loss of approximately $1.2 million, compared with a net loss of approximately $4.8 million during the same period in 2025.

Asset Sales

2026 Property
Disposition Activity

Inland Income Trust completed the sale of The Village at Burlington Creek property in June 2026.

The property was sold for a gross purchase price of $34.0 million and generated approximately $30.3 million of net proceeds after transaction costs and escrow credits.

The company recognized a gain of approximately $5.0 million on the transaction.

Asset sales can affect portfolio composition, debt levels, liquidity, future distributions, and the value buyers assign to an illiquid shareholder position.

Secondary Market

Can Inland Income Trust
Shares Be Sold?

Potentially. Inland Income Trust shares are not listed on a national securities exchange, and there is no established public trading market for the company’s common stock.

The company’s share repurchase program may provide limited liquidity, but shareholder requests can exceed the amount the company elects to repurchase.

Depending on transferability and available buyer demand, certain Inland Income Trust positions may also be evaluated for a private secondary market transaction.

Private transactions differ from public-market stock sales. There is generally no continuously quoted market price, and a buyer may not be available for every position.

Investors who want to understand this process in more detail can review AIL’s guide to the non-traded REIT secondary market.

Valuation Considerations

What May Affect
Inland Income Trust Value?

Estimated NAV

The latest board-approved estimated NAV is $16.89 per share as of September 30, 2025. NAV is an estimate of value and does not necessarily represent an immediately available sale price.

Share Repurchase Pricing

Ordinary repurchases under the company’s current SRP are generally priced at 80% of estimated NAV, while qualifying exceptional repurchases are generally priced at 100% of NAV.

Repurchase Demand

The large difference between shares requested and shares actually repurchased in April 2026 highlights the limited liquidity available through the company-sponsored program.

Retail Portfolio Performance

Occupancy, tenant credit quality, grocery-anchor performance, lease expirations, operating costs, capital expenditures, and broader retail real estate conditions may affect portfolio value.

Debt And Refinancing

The company reported approximately $810 million of debt outstanding as of June 30, 2026. Interest rates, debt maturities, refinancing availability, and capital requirements may influence future value and liquidity.

Secondary Market Demand

Buyer interest, position size, transferability, expected holding period, and prevailing market conditions can all affect privately negotiated pricing.

Investors seeking additional context about private transaction pricing can review AIL’s guide on how to sell a non-traded REIT.

Documentation

Information Commonly
Requested For Review

A recent account statement is generally the most useful starting point when reviewing an Inland Real Estate Income Trust position.

The statement can help confirm the investment name, number of shares, account registration, custodian, and current ownership structure.

Additional documentation may be needed for shares held through an IRA, trust, estate, LLC, partnership, or other entity.

If a potential transaction moves forward, transfer forms, ownership verification, tax documentation, signature guarantees, or other records may also be required.

Marketability Assessment

What Determines Whether
An Inland Position Can Be Reviewed?

Not every Inland Real Estate Income Trust position will necessarily qualify for a private secondary market transaction.

Review eligibility may depend on the number of shares, ownership registration, transferability, documentation, current company procedures, buyer demand, market conditions, and the pricing expectations of both the shareholder and potential purchaser.

A confidential review can help determine whether an Inland Income Trust position may qualify for further evaluation and whether a potential liquidity pathway may currently exist.

Investors who would like AIL to evaluate a specific position can request a confidential investment review.