Inland Real Estate Income Trust Q2 2024 Update

TL;DR

REIT Q2 filing out: financials look steady, watch management fees.

AI Summary

Inland Real Estate Income Trust, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial instruments and business management fees are highlighted, with specific dates and periods referenced for various financial activities and disclosures.

Why It Matters

This filing provides investors with a quarterly update on the financial health and operational status of Inland Real Estate Income Trust, Inc., crucial for investment decisions.

Risk Assessment

Risk Level: medium — Real estate investment trusts are subject to market fluctuations, interest rate changes, and property-specific risks.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-01-01 to 2024-06-30 — Interest Rate Swap Period (Covers the period for which interest rate swap activity is detailed.)
• 2023-01-01 to 2023-06-30 — Business Management Fee Period (Covers the period for which business management fees are detailed.)

Key Players & Entities

• Inland Real Estate Income Trust, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240813 (date) — Filing date
• 6302188000 (dollar_amount) — Business phone number

FAQ

Filing Documents

• ireit-20240630.htm (10-Q) — 2130KB
• ireit-ex31_1.htm (EX-31.1) — 15KB
• ireit-ex31_2.htm (EX-31.2) — 15KB
• ireit-ex32_1.htm (EX-32.1) — 10KB
• ireit-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-095966.txt ( ) — 7577KB
• ireit-20240630.xsd (EX-101.SCH) — 1132KB
• ireit-20240630_htm.xml (XML) — 1181KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Equity for the three months ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Equity for the six months ended June 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

Signatures

Signatures 35 2 INLAND REAL ESTATE INCOME TRUST, INC. C ONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share amounts) June 30, 2024 (unaudited) December 31, 2023 ASSETS Assets: Investment properties held and used: Land $ 330,456 $ 330,456 Building and other improvements 1,216,555 1,209,740 Total 1,547,011 1,540,196 Less accumulated depreciation ( 359,551 ) ( 335,700 ) Net investment properties held and used 1,187,460 1,204,496 Cash and cash equivalents 10,706 5,975 Restricted cash 479 479 Accounts and rent receivable 21,983 23,645 Acquired lease intangible assets, net 55,445 61,827 Operating lease right-of-use asset, net 13,550 13,745 Other assets 37,285 33,873 Total assets $ 1,326,908 $ 1,344,040 LIABILITIES AND EQUITY Liabilities: Mortgages and credit facility payable, net $ 840,320 $ 843,890 Accounts payable and accrued expenses 13,087 11,182 Operating lease liability 25,137 24,992 Distributions payable 4,899 4,905 Acquired intangible liabilities, net 35,759 37,420 Due to related parties 2,757 2,796 Other liabilities 8,295 10,500 Total liabilities 930,254 935,685 Commitments and contingencies (Note 9) Stockholders' equity: Preferred stock, $ .001 par value, 40,000,000 shares authorized, none outstanding — — Common stock, $ .001 par value, 1,460,000,000 shares authorized, 36,120,853 and 36,163,852 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 36 36 Additional paid in capital 816,094 816,047 Accumulated distributions and net loss ( 449,196 ) ( 432,854 ) Accumulated other comprehensive income 29,720 25,126 Total stockholders' equity 396,654 408,355 Total liabilities and stockholders' equity $ 1,326,908 $ 1,344,040 See accompanying notes to consolidated financial statements. 3 INLAND REAL

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (Unaudited, dollar amounts in thousands, except per share amounts) The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to the audited consolidated financial statements of Inland Real Estate Income Trust, Inc. (which may be referred to herein as the "Company," "we," "us," or "our") for the year ended December 31, 2023, which are included in the Company's 2023 Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 13, 2024, as certain footnote disclosures contained in such audited consolidated financial statements have been omitted from this Quarterly Report on Form 10-Q. NOTE 1 – ORGANIZATION The Company was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. The Company is primarily focused on acquiring and owning retail properties and targets a portfolio substantially all of which would be comprised of grocery-anchored properties. The Company has invested in joint ventures and may continue to invest in additional joint ventures or acquire other real estate assets if its management believes the expected returns from those investments exceed that of retail properties. The Company also may invest in real estate-related equity securities of both publicly traded and private real estate companies, as well as commercial mortgage-backed securities. The Company has no employees. The Company is managed by IREIT Business Manager & Advisor, Inc. (the "Business Manager"), an indirect wholly owned subsidiary

View Full Filing

View this 10-Q filing on SEC EDGAR