Inland Real Estate Income Trust Files 8-K

TL;DR

Inland REIT dropped an 8-K on 3/4/24 with financial updates and other key info.

AI Summary

On March 4, 2024, Inland Real Estate Income Trust, Inc. filed an 8-K report detailing significant events. The filing includes information on the company's results of operations and financial condition, as well as disclosures related to Regulation FD and other events. It also contains financial statements and exhibits.

Why It Matters

This 8-K filing provides crucial updates on Inland Real Estate Income Trust's financial performance and operational status, which are important for investors to assess the company's current health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard 8-K report providing routine financial and operational updates, not indicating any immediate or significant risks.

Key Numbers

• 000-55146 — SEC File Number (Identifies the company's filing with the SEC.)
• 45-3079597 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Inland Real Estate Income Trust, Inc. (company) — Registrant
• March 04, 2024 (date) — Date of earliest event reported
• 2901 Butterfield Road (location) — Business and mailing address
• Oak Brook, Illinois (location) — City and State of business address
• 60523 (location) — ZIP code of business address

FAQ

Key Financial Figures

• $19.17 — f the Board, determined and established $19.17 as the estimated per share net asset va
• $15.34 — ("Exceptional Repurchases"), will be at $15.34 per share (80% of $19.17). Pursuant t
• $693.3 m — ted net asset value to be approximately $693.3 million, or $19.17 per share, based on a
• $18.57 — he Company's Estimated Per Share NAV of $18.57 to $20.95. The mid-point of the range o
• $20.95 — 's Estimated Per Share NAV of $18.57 to $20.95. The mid-point of the range of values p
• $19.76 — ange of values provided by CBRE Cap was $19.76. As the mid-point of the range in the V
• $25 — e price" is equal to the lesser of: (A) $25 (unless the shares were purchased at a

Filing Documents

• ireit-20240304.htm (8-K) — 112KB
• ireit-ex99_1.htm (EX-99.1) — 43KB
• img265493630_0.jpg (GRAPHIC) — 13KB
• img265493630_1.jpg (GRAPHIC) — 62KB
• 0000950170-24-025835.txt ( ) — 392KB
• ireit-20240304.xsd (EX-101.SCH) — 25KB
• ireit-20240304_htm.xml (XML) — 5KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. The information in Items 7.01 and 8.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.02. The information in Item 7.01 is deemed to have been "furnished" and shall not be deemed to be "filed" for purposes of Section 18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such act, nor shall any of such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, (the "Securities Act") or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. Correspondence with Financial Advisors and Broker Dealers Furnished as Exhibit 99.1 to this Current Report, and incorporated by reference in this Item 7.01, is the text of correspondence, including frequently asked questions, from Inland Real Estate Income Trust, Inc. ("we" or the "Company") to financial advisors and broker dealers whose clients purchased shares in the Company's public offering, notifying them that the Board, including all the independent members of the Board, determined and established $19.17 as the estimated per share net asset value (the "Estimated Per Share NAV") of the Company's common stock as of December 31, 2023. Based on this Estimated Per Share NAV, $19.17 per share will be the purchase price of shares issued under the Company's amended and restated distribution reinvestment plan (the "DRP") when a distribution is made, and in accordance with the Company's Fifth Amended and Restated Share Repurchase Program (the "SRP"), if shares are repurchased, both for repurchases from stockholders who have owned shares for at least one year ("Ordinary Repurchases") and for repurchases sought upon a stockholder's death or qualifying disability ("Exceptional Repurchases"), will be at $15.34 per share (80% of $19.17). Pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"), the information contained in this Item 7.01, including Exhibit 99.1 and the information set forth therein, is deemed to have been "furnished" and shall not be deemed to be "filed" under the Exchange Act, or otherwise subject to the liabilities of such act, nor shall any of such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. By furnishing the information contained in this Item 7.01 disclosure, including Exhibit 99.1, the Company makes no admission as to the materiality o

01 Other Events

Item 8.01 Other Events. Determination of Estimated Per Share NAV Background and Conclusion of Estimated Per Share NAV On March 5, 2024, the Company announced that its Board determined the Estimated Per Share NAV of its common stock and is providing such information to its stockholders and to members of the Financial Industry Regulatory Authority ("FINRA") and their associated persons who participated in the Company's public offering in order to assist them in meeting their customer account statement reporting obligations under FINRA Rule 2231. To assist the Board in establishing the Estimated Per Share NAV, the Company engaged CBRE Capital Advisors, Inc. ("CBRE Cap"), a FINRA registered broker dealer firm that specializes in providing real estate financial services. CBRE Cap provided an analysis of the Company's assets and liabilities (including individual property-level analyses), all of which was used to estimate a range for the Estimated Per Share NAV. CBRE Inc.'s Valuation & Advisory Services group analyzed the fair market value of the Company's debt. The engagement of CBRE Cap was based on a number of factors, including CBRE Cap's expertise in valuation services and its, and its affiliates', breadth and depth of experience in real estate services. CBRE Cap engaged CBRE, Inc.'s Valuation & Advisory Services group, an affiliate of CBRE Cap that conducts appraisals and valuations of real properties (the "MAI Appraisals"), to perform cash flow projections and unlevered, ten-year discounted cash flow analyses from restricted-use appraisals for each of the Company's wholly-owned operating assets as of December 31, 2023 (the "Valuation Date"). The discounted cash flow analysis uses future free cash flow projections based on (i) both market and our contractual base rents, (ii) market reimbursements, (iii) both market and our historical operating expenses and (iv) both market and our projected capital expenditures, and discounts them to arrive at a present value

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Correspondence and FAQ to Financial Advisors and Broker-Dealers 104 Cover Page Interactive Data File (embedded within Inline XBRL document). Cautionary Note Regarding Forward-Looking Statements This Current Report on Form 8-K contains "forward-looking statements," which are not historical facts, within the meaning of the Private Securities Litigation Reform Act of 1995. The statements may be identified by terminology such as "may," "can," "would," "will," "expect," "intend," "estimate," "anticipate," "plan," "seek," "appear," or "believe." Such statements reflect the current view of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions related to certain factors including, without limitation, the uncertainties related to general economic conditions such as persistently high inflation and increasing interest rates, competition from internet retailers with our tenants for sales revenue, unforeseen events affecting the commercial real estate industry, retail real estate, or particular markets, and other factors detailed under Risk Factors in our most recent Annual Report on Form 10-K as of December 31, 2022, filed on March 23, 2023 and subsequent Quarterly Reports on Form 10-Q. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. You should exercise caution when considering forward-looking statements and not place undue reliance on them. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Except as required by federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INLAND REAL ESTATE INCOME TRUST, INC. Date: March 5, 2024 By: /s/ Cathleen M. Hrtanek Name: Title: Cathleen M. Hrtanek Secretary

View Full Filing

View this 8-K filing on SEC EDGAR