Inland Real Estate Income Trust Stops Considering Sale, Reports New NAV

Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has announced an estimated net asset value per share of its common stock of $16.89 as of Sept. 30, 2025. The figure represents an approximate 11.9% decrease from the last NAV published as of Dec. 31, 2023.

The REIT’s board of directors determined the estimated NAV after reviewing a valuation report provided by SitusAMC Real Estate Valuation Services LLC. The $16.89 estimate represents the mid-point of SitusAMC’s valuation range, which spanned from $15.76 to $18.02.

The company attributed the $2.28 decrease in value to an increase in discount rates and terminal capitalization rates; higher market interest rates, greater capital expenditure assumptions; and general market uncertainty, including the effects of tariffs.

According to the REIT, its Q4 2025 account statements to be mailed in January 2026 will reflect the new estimated NAV per share, and it may be reflected sooner on account statements generated by broker-dealer home offices, registered investment advisers, or other data aggregators.

Following a period earlier this year when the company did not publish an estimated NAV while reviewing strategic alternatives, the board has made decisions regarding shareholder liquidity:

• First, the REIT’s distribution reinvestment plan, or DRIP, will be reinstated effective Feb. 1, 2026. The purchase price for shares issued under the DRIP will be $16.89 per share, subject to change by the board.
• Also effective Feb. 1, the share repurchase program, or SRP, will be reinstated. The purchase price for ordinary repurchases and repurchases for death or qualifying disability will be $13.51 per share (set at 80% of the new NAV), subject to change by the board.
• Following engagement with a financial adviser and discussions with potential buyers, Inland REIT’s board has decided not to pursue the sale of the company at this time.

Looking ahead, the board has instead asked the company’s business manager to evaluate the current business plan and present alternatives and enhancements. The stated goal is to increase assets and cash flow on an accretive basis, and to enhance capital and provide liquidity to stockholders over time.

Inland Real Estate Income Trust, sponsored by Inland Real Estate Investment Corporation, commenced operations in October 2012 and closed the offering in October 2015 after raising $834.4 million, excluding proceeds from the company’s distribution reinvestment plan. As of Sept. 30, 2025, its primarily grocery-anchored portfolio (including grocery shadow-anchored shopping center properties) was comprised of 52 shopping centers, totaling approximately 7.2 million square feet. Its well-located centers were occupied by 813 tenants. In May 2025, the REIT announced a series of leadership changes.

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