¹Economic occupancy is defined as the percentage of total gross leasable area for which a tenant is obligated to pay rent under the terms of its lease agreement, regardless of the actual use or occupation by that tenant of the area being leased.

²Distributions generally have been paid quarterly. This amount paid in 2022 includes the distribution to stockholders of record as of 12/31/21, which was paid in the first quarter of 2022. Distributions paid during the year ended 12/31/21 and during the nine months ended 9/30/22 were funded by cash flow from operations.

³The annualized rate corresponds to the distribution paid to stockholders of record as of 9/30/22, is based on the estimated per share net asset value (NAV) as of 12/31/21 of $20.20 and assumes distributions will be paid quarterly. Distributions are authorized by the board in its discretion, and the Company’s approach to distributions, such as the frequency and amounts of any future distributions, may be modified at any time.

⁴These Standard & Poor’s (S&P) credit ratings express the agency’s opinion about the ability and willingness of a company to meet its financial obligations in full and on time. Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available.

This material is neither an offer to sell nor a solicitation of an offer to buy any security.

Important Risk Factors to Consider

Some of the risks related to investing in commercial real estate include, but are not limited to: continued or more severe adverse effects from the COVID-19 pandemic on our tenants or operations; economic market risks such as local property supply and demand conditions; tenants’ inability to pay rent; tenant turnover; inflation and other increases in operating costs; adverse changes in laws and regulations; relative illiquidity of real estate investments; changing market demographics; acts of God such as earthquakes, floods or other uninsured losses; interest rate fluctuations; and availability of financing.

An investment in Inland Income Trust’s shares involves significant risks. If Inland Income Trust is unable to effectively manage these risks, it may not meet its investment objectives and investors may lose some or all of their investment. Some of the risks related to investing in Inland Income Trust include, but are not limited to: continued or increasingly severe adverse effects from the COVID-19 pandemic; there is limited liquidity because shares are not bought and sold on an exchange; our share repurchase program may be modified or terminated, and ours was previously suspended temporarily as a result of the COVID-19 pandemic, there is no guarantee that a liquidity event will occur, and the timing of any liquidity event is uncertain; distributions cannot be guaranteed and may be paid from sources other than cash flow from operations, including borrowings or proceeds of our distribution reinvestment plan; unexpected costs or losses incurred in pursuing redevelopments; and failure to continue to qualify as a REIT and thus being required to pay federal, state and local taxes. Please consult Inland Income Trust’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 16, 2022 and subsequent Quarterly Reports on Form 10-Q on file with the SEC for more information on the specific risks. The Inland name and logo are registered trademarks being used under license.