My Inland Profile
    A Multi-Tenant Retail REIT

    Inland Real Estate Income Trust, Inc.

    Inland Real Estate Income Trust, Inc. is a non-listed REIT formed to acquire and manage primarily grocery-anchored retail properties across the United States.

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    A Retail REIT Positioned for Durable Income and Disciplined Growth

    Inland Income Trust in a non-listed REIT that provides income focused access to stabilized retail real estate assets in major regional markets and growing secondary markets throughout the United States, supported by a rigorous acquisition process, institutional level governance, and a longstanding commitment to transparent reporting.

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    Built for Long Term Value Creation

    Inland Income Trust is guided by a long horizon investment approach centered on stabilized, primarily grocery anchored and necessity based retail real estate, a sector recognized for its resilience, consistent traffic drivers, and durable tenant demand. Our strategy emphasizes stability through disciplined underwriting, high quality tenant mixes, and active portfolio management that adapts to evolving market conditions. This long term orientation supports thoughtful diversification, steady income potential, and a measured approach to reducing volatility across market cycles.

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    Inland Income Trust Investment Thesis

    Vector
    Income
    Stability

    Recurring cash flows supported by necessity based, grocery anchored tenants with strong operating fundamentals.

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    Portfolio
    Quality

    Focus on stabilized grocery anchored and necessity based retail assets in markets with favorable demographics, limited new supply, and resilient demand drivers.

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    Institutional
    Governance

    Disciplined oversight, transparent reporting, and a risk managed approach.

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    Alignment of
    Interests

    Supported by Inland’s six decades of real estate expertise and commitment to investor first decision making.

    Inland Research Report

    Retail Market Outlook

    Inland’s retail outlook shows a supply constrained market with record low vacancies and strong demand for necessity based and grocery anchored retail, which the report calls “the most recession resistant retail category.” These fundamentals align directly with Inland Income Trust’s portfolio strategy. Explore the full report for deeper insights.

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    Inland Income Trust

    Portfolio By the Numbers

    Total Assets
    $1,238,880,000
    Debt to Total Assets*
    67.8%
    Total Number of Properties
    52
    Total Square Feet
    7,171,150
    Economic Occupancy1
    92.6%
    Distributions Paid YTD2
    $4,899,000
    Annualized Rate of Q1 2026 Distribution3
    3.2%
    Top 5 Tenants
    Tenant Name Credit Rating4
    The Kroger Co. BBB
    The TJX Companies, Inc. A
    Ross Dress for Less, Inc. BBB+
    Ulta Salon, Cosmetics & Fragrance Inc. NR
    Amazon/Whole Foods Market Group, Inc. AA
    Meet Inland Income Trust Leadership

    Bernard Michael Circle

    Bernard J. Michael

    President & Chief Executive Officer

    Inland Real Estate Income Trust

    Bernard J. Michael serves as President and Chief Executive Officer of Inland Real Estate Income Trust and has been a member of the board since 2014. He brings more than 25 years of experience across real estate investment, development, and complex legal and transactional work,  including co founding AWH Partners, LLC, where he helped lead more than $1.4 billion in acquisitions and over $300 million in redevelopment projects. Earlier in his career, Mr. Michael was a senior real estate attorney advising global developers, lenders, and institutional owners on marquee projects such as Time Warner Center and Hudson Yards, as well as major multifamily, retail, office, and hospitality developments across the U.S., China, and the Middle East.
     
    Mr. Michael has held leadership roles spanning both private and nonprofit sectors, including as a partner in the Real Estate Group at Proskauer, LLC. He previously founded the law firm Michael, Levitt & Rubenstein, LLC, and was a real estate attorney at Weil Gotshal & Manges, and Shea & Gould.

    Mr. Michael is a graduate of Brown University and New York University School of Law. 

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    Who You Invest with Is Everything®

    We can help investors connect with a financial professional who can tailor strategies to individual goals, assess suitability, and provide expert guidance throughout the investment process. We encourage financial professionals interested in learning more to connect with us—we’re here to support your clients and your business.

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    All data as of March 31, 2026.

    1 Economic 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.

    2 Distributions generally have been paid quarterly.  This amount paid in 2026 includes the distribution paid to stockholders of record as of 12/31/2025, which was paid in the first quarter of 2026.  Distributions were funded by cash flows from operating activities during the three months ended March 31, 2026.

    3 The annualized rate corresponds to the distribution paid to stockholders of record as of 12/31/2025 and is based on the estimated per share net asset value (NAV) as of 9/30/25. Distributions are authorized by the board in its discretion.  The amount and timing of distributions, if any, may vary, and there is no assurance that we will pay distributions on an ongoing basis, if at all. We have paid and may continue to pay distributions from sources other than cash flow from operations.

    4 These 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, which can be made to the public only by a prospectus that has been filed or registered with appropriate state and federal regulatory agencies or pursuant to an exemption from those registration requirements. Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of the securities of Inland Income Trust. Any representation to the contrary is unlawful. 

    Important Risk Factors to Consider

    An investment in Inland Real Estate Income Trust, Inc. (Inland Income Trust) is subject to certain risks including, without limitation, the uncertainties related to general economic, stock market and commercial real estate market conditions, competition with our tenants from internet businesses, unforeseen events affecting the commercial real estate industry, retail real estate, or particular markets, and other factors detailed under Risk Factors in Inland Income Trust’s most recent Form 10-K for the year ended December 31, 2025 filed on March 11, 2026 and subsequent quarterly reports filed on Form 10-Q with the Securities and Exchange Commission.

    View SEC Filings

    View Risk Factors