Inland Real Estate Income Trust, Inc. is a real estate investment trust that acquires and manages a portfolio of commercial real estate properties located throughout the United States. The company focuses on necessity based retail shopping centers, with a particular emphasis on grocery anchored and grocery shadow anchored assets. As of December 31, 2025, it owned 52 retail properties totaling 7.2 million square feet of leasable space. The trust has no employees and is externally managed by affiliates of its sponsor, Inland Real Estate Investment Corporation, which provides investment oversight, asset management, and administrative services under contractual agreements. It elected to be taxed as a REIT beginning with the tax year ended December 31, 2013 and therefore generally distributes at least 90% of its taxable income to shareholders.

The company generates revenue primarily by leasing space in its properties to tenants and collecting base rent, which is annualized to calculate annualized base rent (ABR). Revenue streams include rents from anchor or big box tenants, junior box tenants, and small shop occupants, as well as expense recoveries, percentage rents, and other lease related income where applicable. The portfolio’s composition shows that grocery anchored or grocery shadow anchored properties contributed approximately 87% of ABR, while anchor tenants accounted for 49%, junior box tenants for 13%, and small shop tenants for 38% of ABR as of December 31, 2025. ABR is calculated by annualizing the monthly base rent for leases in place and excludes ground leases; when ground leases are included, the average ABR per square foot was $17.23 as of the same date. These leasing activities represent the trust’s principal source of earnings.

The company operates through the following segments.

• Real Estate Portfolio: The segment consists of 52 retail properties encompassing 7.2 million square feet, concentrated in major regional markets and growing secondary markets across the United States, with a strategic focus on grocery anchored and grocery shadow anchored shopping centers that generate steady foot traffic. As of December 31, 2025, grocery anchored or grocery shadow anchored assets represented 87% of the segment’s annualized base rent, while anchor tenants contributed 49%, junior box tenants 13%, and small shop tenants 38% of ABR. The portfolio reported physical occupancy of 92.0% and economic occupancy of 92.2%, and the average ABR per square foot stood at $19.57 for owned properties during the period.

Inland Real Estate Income Trust, Inc. operates within a highly competitive U. S. commercial real estate landscape where it vies for acquisitions and tenants against other owners, operators, real estate investment trusts, private equity funds, and institutional investors. Competitive success depends on factors such as property location, lease rates, security, design suitability, and management quality, all of which the trust addresses through its specialty in necessity based retail, particularly grocery anchored centers that tend to attract consistent consumer visits even during economic downturns. The company’s external management platform, sponsored by an established real estate group, provides access to established pipelines, market expertise, and operational efficiencies that help it negotiate favorable lease terms and maintain disciplined capital allocation. While larger competitors may possess greater financial resources, the trust’s focused niche and disciplined acquisition approach allow it to compete effectively in its target markets.

The trust’s tenant base consists primarily of necessity oriented retailers that serve everyday consumer needs, including grocery stores that anchor or shadow anchor its centers, large format big box retailers, mid‑size junior box tenants, and a variety of small shop operators such as pharmacies, banks, convenience stores, and service oriented businesses. While specific tenant names are not disclosed in the filing, the mix reflects a focus on businesses that provide essential goods and services, which helps drive steady foot traffic and supports the stability of rental income across the portfolio. These tenants typically occupy spaces ranging from less than 5,000 square feet for small shops to 10,000 square feet or more for anchor stores, contributing to the diversified lease structure described in the company’s annualized base rent breakdown.