Inland Real Estate Income Tr Inc · OTC:INRE
Inland Real Estate Income Tr — Inland Real Estate Income Trust — Shareholder Meeting (November 2024)
24 slides from Inland Real Estate Income Tr's shareholder meeting presentation, Nov 6, 2024
Slide 1: 2024 Annual Stockholders Meeting
Inland Inland Real Estate Income Trust, Inc. 2024 ANNUAL STOCKHOLDERS MEETING NOVEMBER 6, 2024 | 2:00 PM CST THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY SECURITY. Exhibit 99.1 Exhibit 99.1
Slide 2: Disclaimer
DISCLAIMER The words “we,” “us,” “our” and “Inland Income Trust” and the “Company” refer to Inland Real Estate Income Trust, Inc. This material is neither an offer to sell nor the solicitation of an offer to buy any security. Past performance is not a guarantee of future results. The companies depic
Slide 3: Risk Factors
RISK FACTORS 3 | COMPANY UPDATE Our board is reviewing strategic alternatives, including sale of the Company. There is no assurance this review will result in a transaction or event creating liquidity for stockholders, or the value that may be generated by any transaction or event; During the penden
Slide 4: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The statements may be identified by terminology
Slide 5: Forward-looking statements reminder
I’d like to remind everyone that today’s discussion may include forward-looking statements, which are uncertain and are subject to circumstances outside of the company’s control. Words such as “may,” “expect,” “intend,” “believe,” “estimate” and similar expressions are intended to identify forward-l
Slide 6: Board of Directors and Executive Officers
Lee A. Daniels Lead Independent Director Stephen L. Davis Independent Director Gwen Henry Independent Director Bernard J. Michael Independent Director Director and Chairman of the Board Director, President and Chief Executive Officer Catherine L. Lynch Chief Financial Officer and Treasurer Cathleen
Slide 7: Mark Zalatoris, President & Chief Executive Officer
MARK ZALATORIS President & Chief Executive Officer Inland Inland Real Estate Income Trust, Inc.
Slide 8: Company overview introduction
Thank you and good afternoon, Everyone. It is my pleasure to provide you with an overview of our Company. Slide 6 Notes
Slide 9: Retail Market Update
RETAIL MARKET UPDATE Fed announced 50-basis-point rate cut in September1 Retail sales rose 0.4% in September and 1.7% year-over-year2 Consumer sentiment grew to highest level in a year in Q3 20243 Grocery market grew 1.1% in 2024, easing from 2023 growth4 https://www.federalreserve.gov/newsevents/pr
Slide 10: Overview of U.S. economy and retail sales
I thought it would be beneficial to begin with an overview of the U.S. economy, consumer spending, and retail sales. Market conditions are increasingly favorable: - The Federal Reserve announced a rate cut of 50 basis points on September 18, 2024, lowering interest rates and stimulating economic gro
Slide 11: Top Tenants by Annualized Base Rent
TOP TENANTS By Annualized Base Rent As of June 30, 2024 4.3% 3.4% 1.9% 2.5% 2.1% 1.7% 11 | COMPANY UPDATE 1.7% 2.1% 1.9% 1.9% Kroger TJ Maxx Ross Dress For Less Ulta Beauty Whole Foods Market Sprouts Farmers Market Petsmart Albertsons Dick’s Sporting Goods Five Below
Slide 12: Portfolio leasing and top tenants commentary
The Inland Income Trust portfolio performed well in the first half of this year, experiencing robust leasing activity across our portfolio of 52 shopping centers. Notably, 100 percent of our anchor tenants with leases up for renewal in the second quarter of 2024 chose to retain their space. As you c
Slide 13: Inland Income Trust Portfolio Overview
* Data as of June 30, 2024 52 Properties 24 States 92.8% Economic Occupancy 823 Tenants 7.2 Million Sq. Ft. INLAND INCOME TRUST PORTFOLIO OVERVIEW 13 | COMPANY UPDATE
Slide 14: Portfolio and occupancy commentary
As of June 30, 2024, our primarily grocery-anchored portfolio is located across 24 states, totaling approximately 7.2 million square feet. Our centers are occupied by more than 800 tenants and our economic occupancy of 92.8% highlights that our centers are well-located, though occupancy is slightly
Slide 15: Strategic Plan
STRATEGIC PLAN* Initiated process to review strategic alternatives, including potential sale * There is no assurance the review of strategic alternatives will result in a transaction or event creating liquidity for stockholders, or the value that may be generated by any transaction or event. 15 | CO
Slide 16: Strategic alternatives review commentary
Historically, the Company has been focused on a strategic plan centered around owning a portfolio of grocery-anchored properties with lower exposure to big box retailers. On September 18th, the Company announced that its board of directors had initiated a process to review strategic alternatives, in
Slide 17: Catherine Lynch, Chief Financial Officer & Treasurer
CATHERINE LYNCH Chief Financial Officer & Treasurer Inland Inland Real Estate Income Trust, Inc.
Slide 18: Thank you, Mark
Thank you, Mark. Slide 11 Notes
Slide 19: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS A complete reconciliation of our modified funds from operations to GAAP net income (loss) can be found in the Inland Real Estate Income Trust, Inc. Form 10-Q for the quarterly period ended June 30, 2024, which is available via our website at https://inland-investmen
Slide 20: Financial highlights commentary
Total assets as of June 30, 2024 were approximately $1.33 billion, a decrease of $51 million since June 30, 2023, which is primarily due to depreciation expense. Stockholders’ equity as of June 30, 2024 was approximately $397 million, a decrease from the prior year primarily due to GAAP net losses a
Slide 21: Debt Maturity Schedule
DEBT MATURITY SCHEDULE Maturities of Mortgage Loans and Credit Facility Payable (in millions) Data as of June 30, 2024 $45 21 | COMPANY UPDATE $130 $575 $93
Slide 22: Debt commentary
As of June 30, 2024, Inland Income Trust had outstanding mortgage loans comprised of both fixed and floating-rate debt and borrowings on our credit facility totaling approximately $843 million with a weighted average interest rate of 4.78%, which includes the effect of interest rate swaps. The weigh
Slide 23: Property Net Operating Income
PROPERTY NET OPERATING INCOME For a reconciliation of property NOI to GAAP net income (loss), please refer to the Results of Operations reconciliation table in the Inland Income Trust’s Form 10-Q for the period ended June 30, 2024, which is available via our website at https://inland-investments.com
Slide 24: Property NOI commentary
Our total property net operating income was approximately $50.5 million as of June 30, 2024, an increase of approximately $1.2 million from the same time last year. The increase in total property income is primarily due to an increase in base rental income from new leases plus an increase in tenant
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