Inland REIT Again Updates the Terms for Reinstated Share Repurchase Program

The board of directors of Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has authorized yet another amended and restated share repurchase program, introducing a tiered pricing structure that offers more favorable terms for stockholders facing specific hardships.

The most significant change in the updated program, the sixth amendment, is an increase in the payout for stockholders requesting repurchases due to death or qualifying disability – classified as exceptional repurchases. Under the previous guidelines, these shares were repurchased at 80% of the net asset value. Under the new SRP, these repurchases will now be executed at 100% of the share price.

Based on the company’s most recent estimated NAV of $16.89 per share as of Sept. 30, 2025, the pricing will be as follows:

• Exceptional repurchases: $16.89 per share, 100% of NAV; and
• Ordinary repurchases: $13.51 per share (80% of NAV).

To qualify for an ordinary repurchase, stockholders must have held their shares for at least one year.

While the price points have been established, the company’s board said it maintains full discretion over the total volume of repurchases. The amount of capital allocated to the program each quarter will be determined based on the company’s liquidity needs, cash flow, and overall business evaluation. The REIT expects to send formal notice of the sixth SRP to all stockholders by the last day of 2025.

Additionally, the company approved a distribution to stockholders for the fourth quarter of 2025. Stockholders of record as of Dec. 31, 2025, will receive a $0.1356 per share distribution on or around Jan. 7, 2026.

Inland Real Estate Income Trust’s $16.89 NAV represented a 11.9% decrease from the previously published NAV from Dec. 31, 2023. 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.

Earlier this year, the company reviewed strategic alternatives and engaged with a financial adviser and potential buyers, but decided not to pursue the sale of the company at this 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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