Inland Real Estate Sets New Share Value

The company cites higher interest rates and market volatility as key drivers of reduced asset valuations.

December 10, 2025

What Changed—and Why It Matters

Inland Real Estate Income Trust has set a new per-share net asset value (NAV) of $16.89, marking a notable shift from the previous $19.17. The new valuation reflects the outcome of a full review of the company’s property portfolio and debt, informed by independent analysis and updated market assumptions.

This adjustment in NAV stems from several key factors: higher interest rates, revised capital expenditure expectations, and ongoing market volatility. Together, these pushed Inland’s real estate values lower, which had a direct impact on the overall valuation.

To arrive at the updated figure, the board partnered with SitusAMC, which conducted a detailed review of Inland’s 52 retail properties. The firm used a discounted cash flow model to evaluate expected income and costs over a ten-year horizon. The midpoint of SitusAMC’s valuation range—$16.89—was ultimately adopted by Inland’s board.

The total estimated value of Inland’s assets landed at $609.9 million as of the valuation date of September 30, 2025.

What This Means for Shareholders

The board is reactivating two key shareholder programs: the Distribution Reinvestment Plan (DRP) and the Share Repurchase Program (SRP), both set to resume on February 1, 2026.

For the DRP, investors who choose to reinvest distributions will receive shares at $16.89 each. Under the SRP, repurchases will be made at $13.51 per share—80% of the board-determined NAV—whether initiated as an ordinary transaction or due to death or disability. The board will continue to decide each quarter how much capital is available for buybacks and how those repurchases are prioritized.

Behind the Numbers

The portfolio includes 52 multi-tenant retail properties across 7.2 million square feet, with Inland having held these assets for an average of over nine years. SitusAMC appraised each property individually using market-based rent and expense assumptions. The process followed industry standards, including those outlined by the Institute for Portfolio Alternatives, and was backed by state-licensed appraisers with MAI credentials.

The estimated value of Inland’s real estate fell roughly 19% compared to its original cost and accumulated improvements. That decline was largely driven by higher terminal cap rates and discount rates applied in the appraisal—rates that are sensitive to broader market movements, particularly interest rates.

Inland’s debt was also re-evaluated at fair market value, with adjustments made to reflect changes in balance and time to maturity.

Putting the NAV in Context

This NAV is a snapshot as of September 30 and not meant to predict the price an investor might receive in a future sale, public listing, or liquidation. It’s also not a forecast. It reflects what the board believes is a reasonable estimate of value based on current data and market conditions. Inland emphasized that the valuation may change over time and that no one should assume it reflects the actual trading value of the shares.

The company expects to update its NAV by December 2026, barring significant changes that warrant an earlier review. For now, this latest assessment provides a clear benchmark—and a recalibrated view of where the portfolio stands in today’s environment.