INLAND REAL ESTATE INCOME TRUST, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q)

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Certain statements in this Quarterly Report on Form 10-Q constitute
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended (the "Securities Act"), and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). Words such as
"may," "could," "should," "expect," "intend," "plan," "goal," "seek,"
"anticipate," "believe," "estimate," "predict," "variables," "potential,"
"continue," "expand," "maintain," "create," "strategies," "likely," "will,"
"would" and variations of these terms and similar expressions, or the negative
of these terms or similar expressions, are intended to identify forward-looking
statements.

These forward-looking statements are not historical facts but reflect the
intent, belief or current expectations of the management of Inland Real Estate
Income Trust, Inc. (which we refer to herein as the "Company," "we," "our" or
"us") based on their knowledge and understanding of the business and industry,
the economy and other future conditions. These statements are not guarantees of
future performance, and we caution stockholders not to place undue reliance on
forward-looking statements. Actual results may differ materially from those
expressed or forecasted in the forward-looking statements due to a variety of
risks, uncertainties and other factors, including but not limited to the factors
listed and described under "Risk Factors" in this Quarterly Report on Form 10-Q,
our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed
with the Securities and Exchange Commission on August 10, 2022, our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2022, as filed with the
Securities and Exchange Commission on May 11, 2022 and in our Annual Report on
Form 10-K for the year ended December 31, 2021, as filed with the Securities and
Exchange Commission on March 16, 2022, some of which are summarized below:

We are subject to risks associated with a pandemic, epidemic or outbreak of a
contagious disease, such as the ongoing global COVID-19 pandemic, including
negative impacts on our tenants and their respective businesses, and we agreed
in 2020 and 2021 to defer a significant amount of rent owed to us, which tenants
were obligated to pay over time in addition to their regular rent. If there is a
resurgence of COVID-19, we may agree again to defer rent owed to us, and our
tenants may not be able or willing to pay the deferred amounts on top of their
regular rent, particularly if their results of operations or future prospects
have been materially adversely affected by the COVID-19 pandemic or become so
affected;

Market disruptions resulting from the economic effects of the COVID-19 pandemic
adversely impacted many aspects of our operating results and financial
condition, and ongoing or future disruptions from the pandemic, the war in
Ukraine, increases in interest rates and supply chain shortage or otherwise may
again adversely impact our results and financial condition, including our
ability to service our debt obligations, borrow additional monies or pay
distributions;

We have incurred net losses on a U.S. generally accepted accounting principles
("GAAP") basis for the three and nine months ended September 30, 2022 and 2021
and for the year ended December 31, 2021;

There is no established public trading market for our shares, our stockholders
may not be able to sell their shares under our share repurchase program (as
amended, "SRP"), which was suspended during the COVID-19 pandemic and may be
suspended again, amended or terminated in our sole discretion, and even when
repurchases are made pursuant to the SRP, the SRP is subject to limits, and
stockholders may not be able to sell all of the shares they would like to sell;

Even if our shareholders are able to sell their shares under the SRP, or otherwise, they may not be able to recover the amount of their investment in our shares;

There can be no assurance that our Board of Directors will pursue a listing or other liquidity event at any time in the future, particularly in light of the uncertainties surrounding the COVID-19 pandemic, continued high inflation and the rising interest rates;

Inland Real Estate Investment Corporation (our "Sponsor") may face a conflict of
interest in allocating personnel and resources between its affiliates, our
Business Manager (as defined below) and Inland Commercial Real Estate Services
LLC, referred to herein as our "Real Estate Manager";

We do not have any arm’s length agreements with our business manager, property manager or any other affiliate of our sponsor;

We pay fees, which may be significant, to our business manager, property manager and other affiliates of our sponsor;

Our Business Manager and its affiliates face conflicts of interest caused by,
among other things, their compensation arrangements with us, which could result
in actions that are not in the long-term best interests of our stockholders;

Our properties may compete with the properties owned by other programs sponsored
by our Sponsor or Inland Private Capital Corporation or other affiliates for,
among other things, tenants;

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Our Business Manager is under no obligation, and cannot accept, waive or defer its Business Management Fee;

If we fail to continue to qualify as a REIT, our operations and shareholder distributions, if any, will be affected; and

The Company's strategic plan may continue to evolve or change over time, and
there is no assurance we will be able to successfully achieve our board's
objectives under the strategic plan, including making strategic sales or
purchases of properties, redeveloping properties or listing our common stock,
within the timeframe we expect or would prefer or at all;

We may pursue redevelopment activities, which are subject to a number of risks,
including, but not limited to: expending resources to determine the feasibility
of the project or projects that are then not pursued or completed; construction
delays or cost overruns; failure to meet anticipated occupancy or rent levels
within the projected time frame, if at all; exposure to fluctuations in the
general economy due to the significant time lag between commencing and
completing the project; and reduced rental income during the period of time we
are redeveloping an asset or assets;

The use of the internet by consumers to shop may continue to expand, and this
expansion has likely been accelerated by the effects of the COVID-19 pandemic,
which could result in a further downturn in the businesses of our current
tenants in their "brick and mortar" locations and could affect their ability to
pay rent and their demand for space at our retail properties; and

We are subject to risks associated with any liquidity dislocation or disruption that may exist or occur in the credit markets of United States from time to time, including disruptions and dislocations caused by the ongoing COVID-19 pandemic.

Forward-looking statements in this Quarterly Report on Form 10-Q reflect our
management's view only as of the date of this Quarterly Report, and may
ultimately prove to be incorrect or false. We undertake no obligation to update
or revise forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating results except
as required by applicable law. We intend for these forward-looking statements to
be covered by the applicable safe harbor provisions created by Section 27A of
the Securities Act and Section 21E of the Exchange Act.

The following discussion and analysis relates to the three and nine months ended
September 30, 2022 and 2021 and as of September 30, 2022 and December 31, 2021.
You should read the following discussion and analysis along with our
consolidated financial statements and the related notes included in this report.

We routinely post important information about us and our business, including
financial and other information for investors, on our website. We encourage
investors to visit our website at inland-investments.com/inland-income-trust
from time to time, as information is updated and new information is posted.

Insight

We were formed as a Maryland corporation on August 24, 2011 and elected to be
taxed as a real estate investment trust for U.S. federal income tax purposes
("REIT") under Sections 856 through 860 of the Internal Revenue Code of 1986, as
amended, commencing with the year ended December 31, 2013. We have no employees.
We are managed by our business manager, IREIT Business Manager & Advisor, Inc.,
referred to herein as our "Business Manager."

We are primarily focused on acquiring and owning retail properties and intend to
target a portfolio substantially comprised of grocery-anchored properties as
described below. We have invested in joint ventures and may continue to invest
in additional joint ventures or acquire other real estate assets such as office
and medical office buildings, multi-family properties and
industrial/distribution and warehouse facilities if management believes the
expected returns from those investments exceed that of retail properties. We
also may invest in real estate-related equity securities of both publicly traded
and private real estate companies, as well as commercial mortgage-backed
securities.

On March 4, 2022, our board of directors determined an estimated per share net
asset value of our common stock of $20.20 as of December 31, 2021, compared to
the previous estimated value of $18.08 as of December 31, 2020. At September 30,
2022, we had total assets of $1.4 billion on our balance sheet and owned 52
properties located in 24 states containing 7.2 million square feet. On May 17,
2022, we acquired eight retail shopping center properties (the "IRPF
Properties") from certain subsidiaries of Inland Retail Property Fund, LP. The
IRPF Properties are located across seven states and aggregate approximately
686,851 square feet. As seven of the eight properties are grocery-anchored, this
acquisition increases our portfolio of grocery-anchored properties, which is our
focus as described above. We acquired the IRPF Properties for an aggregate
purchase price of $278 million, excluding closing costs. A majority of our
properties are multi-tenant, necessity-based retail shopping centers primarily
located in major regional markets and growing secondary markets throughout the
United States. As of September 30, 2022, 88% of our annualized base rental
income was generated from grocery-anchored or grocery shadow-anchored shopping
centers. A grocery shadow-anchored shopping center is a shopping center which we
own that is located near a grocery store that we do not own but that we believe
generates traffic for our shopping center. The portfolio

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properties have staggered lease expiration dates. Grocery tenants represented 17% of our Annualized Base Rent (“ABR”) as of September 30, 2022.

Covid-19 pandemic

We continue to monitor the impact of the novel coronavirus ("COVID-19") pandemic
on all aspects of our business and locations, including how it is impacting our
tenants and vendors. The Company's deferrals, modifications and rent abatements
have proven effective helping our tenants endure the economic impacts of the
pandemic. As of September 30, 2022, our deferred rent balance was $0.04 million,
down from $0.4 million at December 31, 2021 and $4.5 million at December 31,
2020, due primarily to collections of such rent. As of September 30, 2022,
except for one 1,144 square foot tenant, we have not received any notice of, and
are not otherwise aware of any of our tenants being in bankruptcy, voluntarily
or otherwise. Tenants with which we have agreed to defer rent have generally
been paying both their regular rental obligations as well as the amounts of
deferred rent during the three and nine months ended September 30, 2022. See
Note 5 - "Leases" for additional information.

However, we are unable to predict with certainty the future impact that the
COVID-19 pandemic will have on our financial condition, results of operations
and cash flows due to numerous uncertainties, including the effects of the
Omicron variant and its sub-variants, or of the emergence and potential and
actual spreading of any other variant of COVID-19 in the U.S. or any place from
which our tenants may receive goods or services.

We rely on the Business Manager to manage our day-to-day operations. Though many
people have been able to work remotely effectively, the business and operations
of our Business Manager and its affiliates may also be adversely impacted by
further coronavirus outbreaks, including illness or quarantine of members of its
workforce, which may negatively impact on its ability to provide us services to
the same degree as it had prior to the outbreak.

Inflation and interest rates

Inflationary pressures and rising interest rates could result in reductions in
consumer spending and retailer profitability that impacts the Company's ability
to grow rents and tenant demand for new and existing store locations. Regardless
of accelerating inflation levels, base rent under most of the Company's
long-term anchor leases will remain constant (subject to tenants' exercise of
renewal options at pre-negotiated rent increases) until the expiration of their
lease terms. While many of these leases require tenants to pay their share of
shopping center operating expenses (including common area maintenance, real
estate tax and insurance expenses), the Company's ability to collect the expense
increases passed through to tenants is dependent on their ability to absorb and
pay these increases. Inflation may also impact other aspects of the Company's
operating costs, including fees paid to service providers, the cost to complete
redevelopments and build-outs of recently leased vacancies and interest rate
costs relating to variable rate loans and refinancing of lower fixed-rate
indebtedness. While the Company has not been significantly impacted by any of
these items to date, no assurances can be provided that these inflationary
pressures will not have a material adverse effect on the Company's business in
the future.

Company Update – Strategic Plan

The Company has a strategic plan that includes the goals of providing a future
liquidity event to investors and creating long-term stockholder value. The
strategic plan centers around owning a portfolio of grocery-anchored properties
with lower exposure to big box retailers. As part of this strategy, our
management team continually evaluates possibilities for the opportunistic sale
of certain assets with the goal of redeploying capital into the acquisition of
strategically located grocery-anchored centers. Of the Company's 949 leasable
spaces, there are 117 occupied non-grocery big box (anchor spaces of at least
10,000 square feet) and 6 vacant big box spaces in the portfolio as of October
31, 2022. We are not actively marketing any properties as of the date of this
quarterly report on Form 10-Q. We believe increasing the size and profitability
of the Company would enhance our ability to complete a successful liquidity
event, and to that end, on May 17, 2022, we acquired eight retail shopping
center properties, seven of which are grocery-anchored, from certain
subsidiaries of Inland Retail Property Fund, LP, for approximately $278 million.
We do not presently expect to have access to financing to acquire additional
properties on terms and conditions that would be acceptable to us, but if such
financing were to become available, we may seek and evaluate potential
acquisitions and may, for example, opportunistically acquire a portfolio of
retail properties that we believe complements our existing portfolio in terms of
relevant characteristics such as tenant mix, demographics and geography and is
consistent with our plan to own a portfolio substantially all of which is
comprised of grocery-anchored or shadow-anchored properties. We may also
consider other transactions, such as redeveloping certain of our properties or
portions of certain of our properties, for example, big-box spaces, to repurpose
them for alternative commercial or multifamily residential uses. We expect to
consider liquidity events, including listing our common stock on a national
securities exchange, but given our desire to opportunistically grow the
portfolio, execute redevelopment opportunities, execute strategic sales and
acquisitions and the complex factors surrounding our strategic decisions such as
(i) changes in retail market conditions resulting from the effects of the
COVID-19 pandemic (ii) the effects of competition from evolving internet
businesses on the performance and financial condition of our tenants, (iii) the
state of the commercial real estate market and financial markets, (iv) our
ability to raise capital or borrow on terms that are acceptable to the Company
in light

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of the use of the proceeds and (v) general economic conditions, among other
factors, we do not know when we will complete a liquidity event. The timing of
the completion of the strategic plan has already extended beyond our original
expectations and cannot be predicted with certainty. There is no assurance that
the Company will be able to successfully implement its strategic plan, for
example by making strategic sales or purchases of properties or listing the
Company's common stock, within the timeframe we would prefer or at all.

SELECT PROPERTY INFORMATION (All dollar amounts in thousands, except per square
foot amounts)

Investment Properties

                                                 As of September 30, 2022
Number of properties                                                    52
Purchase price                                  $                1,624,667
Total square footage                                             7,167,822
Weighted average physical occupancy                                   93.7 %
Weighted average economic occupancy                                   93.9 %
Weighted average remaining lease term (years)                          4.3




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The table below presents information for each of our investment properties as of
September 30, 2022.

                                                     Square         Physical        Economic       Mortgage       Interest
Property                          Location           Footage        Occupancy       Occupancy       Balance       Rate (b)
Newington Fair (a)          Newington, CT              186,205           100.0 %         100.0 %           -              -
Wedgewood Commons (a)       Olive Branch, MS           169,558            97.9 %         100.0 %           -              -
Park Avenue (a)             Little Rock, AR             79,131            66.7 %          66.7 %           -              -
North Hills Square (a)      Coral Springs, FL           63,829            97.5 %          97.5 %           -              -
Mansfield Shopping Center
(a)                         Mansfield, TX              148,529            95.0 %          95.0 %           -              -
Lakeside Crossing (a)       Lynchburg, VA               67,034            97.8 %          97.8 %           -              -
MidTowne Shopping Center
(a)                         Little Rock, AR            126,288            70.3 %          70.3 %           -              -
Dogwood Festival (a)        Flowood, MS                187,468            81.2 %          81.2 %           -              -
Pick N Save Center (a)      West Bend, WI               94,446            98.9 %          98.9 %           -              -
Harris Plaza (a)            Layton, UT                 125,965            96.7 %          96.7 %           -              -
Dixie Valley (a)            Louisville, KY             119,981            84.8 %          84.8 %           -              -
The Landings at Ocean
Isle (a)                    Ocean Isle, NC              53,203            94.9 %          94.9 %           -              -
Shoppes at Prairie Ridge
(a)                         Pleasant Prairie, WI       232,606            98.8 %          98.8 %           -              -
Harvest Square (a)          Harvest, AL                 70,590            92.1 %          92.1 %           -              -
Heritage Square (a)         Conyers, GA                 22,510            95.8 %          95.8 %           -              -
The Shoppes at Branson
Hills (a)                   Branson, MO                256,244            97.2 %          97.2 %           -              -
Branson Hills Plaza (a)     Branson, MO                210,201           100.0 %         100.0 %           -              -
Copps Grocery Store (a)     Stevens Point, WI           69,911           100.0 %         100.0 %           -              -
Fox Point Plaza (a)         Neenah, WI                 171,121           100.0 %         100.0 %           -              -

Shops at lake park (a) W. Valley City, UT 52,997 100.0% 100.0%

           -              -
Plaza at Prairie Ridge
(a)                         Pleasant Prairie,WI          9,035           100.0 %         100.0 %           -              -
Green Tree Shopping
Center (a)                  Katy, TX                   147,621            98.3 %          98.3 %           -              -
Eastside Junction (a)       Athens, AL                  79,675            91.0 %          91.0 %           -              -
Fairgrounds Crossing (a)    Hot Springs, AR            155,127           100.0 %         100.0 %           -              -
Prattville Town Center
(a)                         Prattville, AL             168,842           100.0 %         100.0 %           -              -
Regal Court                 Shreveport, LA             363,061            96.9 %          96.9 %      26,000           4.50 %
Shops at Hawk Ridge (a)     St. Louis, MO               75,951           100.0 %         100.0 %           -              -
Walgreens Plaza (a)         Jacksonville, NC            42,219            79.0 %          79.0 %           -              -
Frisco Marketplace (a)      Frisco, TX                 112,024            89.7 %          89.7 %           -              -
White City (a)              Shrewsbury, MA             256,974            97.0 %          97.0 %           -              -
Yorkville Marketplace (a)   Yorkville, IL              111,591            94.7 %          94.7 %           -              -
Shoppes at Market Pointe
(a)                         Papillion, NE              253,903            96.3 %          96.3 %           -              -
Marketplace at El Paseo     Fresno, CA
(a)                                                    224,683            99.2 %         100.0 %           -              -
The Village at Burlington   Kansas City, MO
Creek                                                  157,937            88.3 %          88.3 %      17,165           4.25 %
Milford Marketplace         Milford, CT                111,959            89.2 %          89.2 %      18,727           4.02 %
Settlers Ridge              Pittsburgh, PA             473,763            91.7 %          91.7 %      76,533           3.70 %
Blossom Valley Plaza (a)    Turlock, CA                111,435            90.5 %          90.5 %           -              -
Oquirrh Mountain            South Jordan, UT
Marketplace (a)                                         75,950           100.0 %         100.0 %           -              -
Marketplace at Tech         Newport News, VA
Center (a)                                             210,505            74.9 %          79.9 %           -              -
Coastal North Town Center   Myrtle Beach, SC           304,662            95.3 %          95.3 %      41,348           3.17 %
Oquirrh Mountain            South Jordan, UT
Marketplace II (a)                                      10,150           100.0 %         100.0 %           -              -
Wilson Marketplace (a)      Wilson, NC                 311,030           100.0 %         100.0 %           -              -
Pentucket Shopping Center   Plaistow, NH
(a)                                                    198,469            98.0 %          98.0 %           -              -
Hickory Tavern              Myrtle Beach, SC             6,588           100.0 %         100.0 %           -              -
New Town (a)                Owings Mill, MD            117,593            47.0 %          47.0 %           -              -
Olde Ivy Village (a)        Smyrna, GA                  46,500            93.7 %          93.7 %           -              -
Northpark Village Square    Santa Clarita, CA
(a)                                                     87,103            97.2 %          97.2 %           -              -
Lower Makefield Shopping    Lower Makefield, PA
Center (a)                                              74,953            94.9 %          94.9 %           -              -
Denton Village (a)          Denton, TX                  48,280           100.0 %         100.0 %           -              -
Rusty Leaf Plaza (a)        Orange, CA                  59,188            95.7 %          95.7 %           -              -
Northville Park Place (a)   Northville, MI              78,421           100.0 %         100.0 %           -              -
CityPlace (a)               Woodbury, MN               174,813            98.5 %          98.5 %           -              -
Portfolio total                                      7,167,822            93.7 %          93.9 %   $ 179,773           3.78 %


(a)

Property is included in the pool of unencumbered properties under our Credit
Facility.
(b)
Portfolio total is equal to the weighted average interest rate.

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Rental Highlights

The following table presents information regarding the top ten tenants in our
portfolio based on annualized base rent for leases in-place as of September 30,
2022.

                                                                         Percent of                                       Percent of
                                                                            Total         Annualized                         Total
                                           Number                         Portfolio       Base Rent                        Portfolio
                                             of          Annualized      Annualized       Per Square        Square          Square
             Tenant Name                   Leases        Base Rent        Base Rent          Foot           Footage         Footage
The Kroger Co                                     5     $      4,735             4.3 %   $      15.99         296,150             4.1 %
The TJX Companies, Inc.                          13            3,436             3.1 %          10.44         329,067             4.6 %
Albertsons/Jewel/Shaw's                           2            2,436             2.2 %          19.05         127,892             1.8 %
Ulta Salon, Cosmetics & Fragrance Inc.           11            2,428             2.2 %          21.88         110,958             1.5 %
Amazon/Whole Foods Market Group, Inc.             3            2,340             2.1 %          20.27         115,410             1.6 %
Ross Dress for Less, Inc.                        10            2,340             2.1 %           8.93         262,080             3.7 %
Sprouts Farmers Market, LLC                       4            2,159             2.0 %          19.09         113,092             1.6 %
PetSmart                                          7            2,032             1.8 %          14.67         138,578             1.9 %
Dicks Sporting Goods, Inc.                        4            2,012             1.8 %          11.13         180,766             2.5 %
LA Fitness (Fitness International)                2            1,966             1.8 %          21.94          89,600             1.3 %
Top ten tenants                                  61     $     25,884            23.4 %   $      14.68       1,763,593            24.6 %

The following table provides a summary of our tenant diversity across our portfolio and is based on current leases at September 30, 2022.

                                                 Gross Leasable        Percent of            Percent of
                                                     Area -            Total Gross        Total Annualized
                 Tenant Type                     Square Footage       Leasable Area          Base Rent
Discount and Department Stores                         1,410,724                20.9 %                 10.6 %
Grocery                                                1,290,044                19.2 %                 16.5 %
Home Goods                                               926,402                13.8 %                  7.4 %
Lifestyle, Health Clubs, Books & Phones                  825,355                12.3 %                 15.8 %
Restaurant                                               642,522                 9.5 %                 18.4 %
Apparel & Accessories                                    430,507                 6.4 %                  8.4 %
Consumer Services, Salons, Cleaners, Banks               358,252                 5.3 %                  9.4 %
Pet Supplies                                             256,913                 3.8 %                  4.0 %
Health, Doctors & Health Foods                           213,883                 3.2 %                  5.4 %
Sporting Goods                                           205,596                 3.0 %                  2.3 %
Other                                                    173,194                 2.6 %                  1.8 %
Total                                                  6,733,392               100.0 %                100.0 %


The following table sets forth a summary, as of September 30, 2022, of the
percent of total annualized base rent and the weighted average lease expiration
by size of tenant.

                                                         Percent of Total     Weighted Average
                                        Description -    Annualized Base      Lease Expiration
           Size of Tenant              Square Footage          Rent               - Years
Anchor                                 10,000 and over                 49 %                5.6
Junior Box                               5,000-9,999                   13 %                4.3
Small Shop                             Less than 5,000                 38 %                2.8
Total                                                                 100 %                4.3


Lease Expirations

The following table sets forth a summary, as of September 30, 2022, of lease
expirations scheduled to occur during the remainder of 2022 and each of the
calendar years from 2023 to 2031 and thereafter, assuming no exercise of renewal
options or early termination rights for leases commenced on or prior to
September 30, 2022. Annualized base rent represents the rent in-place of the
applicable

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property at September 30, 2022. The table below includes land leases. If ground leases are excluded, the annualized base rent would be equal to $100,589 Where $19.06
per square foot for total expiring leases.

                                                        Gross
                                                      Leasable        Percent of                          Percent of
                                                       Area of        Total Gross          Total             Total
                                                      Expiring         Leasable         Annualized        Annualized        Annualized
                                      Number of       Leases -          Area of          Base Rent         Base Rent        Base Rent
                                      Expiring         Square          Expiring         of Expiring       of Expiring       per Leased
Lease Expiration Year                  Leases          Footage          Leases            Leases            Leases         Square Foot
2022 (including month-to-month)               61         211,344               3.1 %   $       3,080               2.8 %   $      14.57
2023                                         106         607,333               9.0 %           9,866               8.9 %          16.25
2024                                         126         856,242              12.7 %          16,079              14.6 %          18.78
2025                                         138         871,725              13.0 %          17,527              15.9 %          20.11
2026                                         107         593,662               8.8 %          10,967               9.9 %          18.47
2027                                         115         901,123              13.4 %          16,002              14.5 %          17.76
2028                                          56         958,235              14.3 %          10,629               9.6 %          11.09
2029                                          23         234,490               3.5 %           3,375               3.1 %          14.39
2030                                          24         237,783               3.5 %           4,471               4.0 %          18.80
2031                                          20         191,813               2.8 %           3,615               3.3 %          18.85
Thereafter                                    58       1,069,642              15.9 %          14,754              13.4 %          13.79
Leased Total                                 834       6,733,392             100.0 %   $     110,365             100.0 %   $      16.39




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Cash and capital resources

General

Our main uses and sources of cash are:

                 Uses                                        Sources

• Interest and principal payments on • Collections from our tenants

mortgages and

  Credit Facility
• Property operating expenses               •  Sale of shares through the DRP
•                                           •  Proceeds from new or 

refinanced

General and administrative expenses mortgages • Distributions to shareholders

             •  Borrowing on our Credit 

Ease

• Fees to be paid to our Business Manager • Proceeds from the sale of real estate (if

  and Real Estate                              any)*

Administrator

• Share buybacks under the SRP • Proceeds from securities issuance

                                               (if any) other than through the DRP*
• Acquisitions of real estate directly
  or through joint ventures
• Capital expenditures, tenant
  improvements and leasing commissions
• Redevelopments of entire properties

or certain areas of our

Properties*


*We cannot provide any assurance that we will be able to sell properties or
issue new securities to raise capital when we would like, for example, to
increase the proportion of grocery-anchored or shadow-anchored properties or
increase the size of our portfolio of properties, or under terms that would be
acceptable to us considering factors such as the anticipated use of the
proceeds. Because the Company's common stock is not listed on a securities
exchange, its ability to access the public or private securities markets is
likely to be very limited, particularly for equity capital.

We are not currently actively marketing any properties.

At September 30, 2022, we had $102 million outstanding under the Revolving
Credit Facility and $575 million outstanding under the Term Loan. At September
30, 2022 the interest rates on the Revolving Credit Facility and the Term Loan
were 4.56% and 4.11%, respectively. On February 3, 2022, we extended the
Revolving Credit Facility maturity date to February 3, 2026 plus a twelve month
extension, at the Company's option. We also increased the Term Loan outstanding
balance to $275 million which now matures on February 3, 2027. On May 17, 2022,
we amended our Credit Agreement to increase the size of the Term Loan by $300
million to $575 million and modify several covenants in each case to fund our
acquisition of a portfolio of eight retail shopping center properties from
Inland Retail Property Fund, LP, a Delaware limited partnership. As of November
9, 2022, we had $98 million available for borrowing under the Revolving Credit
Facility, subject to the terms and conditions, including compliance with the
covenants, of the Credit Agreement that governs the Credit Facility. Although
$98 million is the maximum available, covenant limitations affect what we can
actually draw, and we expect to have substantially less than $98 million
actually available to draw or otherwise undertake as additional debt as a result
of, among other things, completing the aforementioned acquisition of the eight
properties and increasing the amount of the Term Loan. By "additional debt," we
mean debt in addition to existing debt such as existing mortgages. The
properties comprising the borrowing base for the Credit Facility are not
available to be used as collateral for other debt unless removed from the
borrowing base, which would shrink availability under the Credit Facility.

As of September 30, 2022, we had total debt outstanding of $857 million,
excluding mortgage premiums and unamortized debt issuance costs, which bore
interest at a weighted average interest rate of 4.09% per annum. As of September
30, 2022, the weighted average years to maturity for our debt was 3.9 years. As
of September 30, 2022 and December 31, 2021, our borrowings were 53% and 44%,
respectively, of the purchase price of our investment properties. At September
30, 2022 our cash and cash equivalents balance was $9.2 million.

As of November 9, 2022, in the next twelve months, we have one mortgage loan
maturing with an aggregate principal balance of $41.3 million, which we intend
to repay with cash flows from operating activities or by drawing on the
Revolving Credit Facility.

In the nine months ended September 30, 2022have been purchased $2.7 million of ordinary shares.

We delayed making non-essential capital improvements and other non-essential
capital expenditures at our properties at the onset of the pandemic in 2020 and
into 2021, where possible, to preserve cash and expect to continue to delay
non-essential capital expenditures until they become essential or until the risk
of adverse effects of the COVID-19 pandemic on our tenants subsides and there is
clarity on our tenants' ability and willingness to pay rent and meet other lease
obligations and, ultimately, on the performance of our shopping

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centers. As we have seen rent collections increasing during 2021 and into 2022,
we have been funding capital expenditures at our properties, and we do not
expect the prior delay in making these capital expenditures to have any material
effect on our tenants or our ability to lease space. In the nine months ended
September 30, 2022, we spent $3.8 million (99%) more on capital expenditures
than we did in the nine months ended September 30, 2021. Additionally, we do not
anticipate a material effect on our liquidity from returning to pre-pandemic
levels of capital expenditures, assuming the businesses of our tenants
negatively affected by the COVID-19 pandemic continue to improve or they
otherwise pay their rent and fulfill their obligations under their leases.

As of September 30, 2022, we have paid all interest and principal amounts when
due, and are in compliance with all financial covenants under the Credit
Facility as amended.

Cash Flow Analysis

                                                     Nine Months Ended
                                                       September 30,               Change
                                                    2022           2021         2022 vs. 2021
                                                         (Dollar amounts in thousands)
Net cash flows provided by operating
activities                                       $   40,322     $   36,464     $         3,858
Net cash flows used in investing activities      $ (285,763 )   $   (3,869 )   $      (281,894 )
Net cash flows provided by (used in) financing
activities                                       $  241,752     $  (32,321 )   $       274,073


Operating activities

The increase in cash from operating activities during the nine months ended
September 30, 2022 compared to the nine months ended September 30, 2021 was
primarily due to the fact that during the nine months ended September 30, 2021,
we paid amounts due to the business manager for the third quarter of 2020
business management fees that had been deferred by the business manager and an
increase in prepaid rent during the nine months ended September 30, 2022.

Investing activities

                                           Nine Months Ended
                                             September 30,              Change
                                           2022          2021        2022 vs. 2021
                                               (Dollar amounts in thousands)
Purchase of investment properties       $ (277,849 )   $      -     $      (277,849 )
Capital expenditures                        (7,693 )     (3,869 )            (3,824 )
Other assets                                  (221 )          -            

(221 ) Net cash used in investing activities ($285,763) ($3,869) ($281,894)

The increase in cash flows used for investing activities during the nine months ended
September 30, 2022 compared to the nine months ended September 30, 2021 is mainly due to the acquisition of the IRPF properties.

Financing activities

                                                     Nine Months Ended
                                                       September 30,               Change
                                                    2022           2021         2022 vs. 2021
                                                         (Dollar amounts in thousands)
Total changes related to debt                    $  253,916     $  (27,435 )   $       281,351
Proceeds from the distribution reinvestment
plan, net of shares repurchased                       2,742              -               2,742
Distributions paid                                  (14,679 )       (4,886 )            (9,793 )
Early termination of interest rate swap
agreements, net                                        (227 )            -                (227 )
Net cash provided by (used in) financing
activities                                       $  241,752     $  (32,321 

) $274,073


During the nine months ended September 30, 2022, changes in total debt increased
$281.4 million from the nine months ended September 30, 2021 primarily due to an
increase of $300 million under our term loan that is part of our credit facility
and the use of proceeds from the term loan for the acquisition of the IRPF
Properties. During the nine months ended September 30, 2022, we generated
proceeds from the sale of shares pursuant to the DRP of $5.5 million. For the
nine months ended September 30, 2022, share repurchases were $2.7 million.
During the nine months ended September 30, 2022, we paid $14.7 million in
distributions. The DRP and the SRP were both reinstated during the second half
of 2021.

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Distributions

Distributions when declared are paid quarterly in arrears. A summary of the
distributions declared, distributions paid and cash flows provided by operations
for the nine months ended September 30, 2022 and 2021 follows (Dollar amounts in
thousands except per share amounts):

                                                                Distributions Paid (1)
Nine Months
   Ended                           Distributions                                                       Cash Flows
 September     Distributions       Declared Per                       Reinvested                          From
    30,          Declared              Share             Cash          via DRP           Total         Operations
   2022       $        14,694     $      0.406800     $    9,194     $      5,485     $    14,679     $     40,322
   2021       $         9,767     $      0.271200     $    3,000     $      1,886     $     4,886     $     36,464



(1)

Distributions were funded by cash flow from operating activities and cash in hand during the nine months ended September 30, 2022.

Due to the uncertainty surrounding the COVID-19 pandemic and the need to
preserve cash for the payment of operating and other expenses, such as debt
payments, we had not paid any distributions since the first quarter of 2020. On
or about July 26, 2021, we resumed paying distributions on our common stock with
this first distribution in the amount of $0.135600 per share to stockholders of
record as of June 30, 2021.

Results of Operations

This section describes and compares our results of operations for the three and nine months ended September 30, 2022 and 2021. Dollar amounts are expressed in thousands.

We generate primarily all of our net operating income from property operations.
In order to evaluate our overall portfolio, management analyzes the net
operating income of properties that we have owned and operated for both periods
presented. A total of 44 investment properties that were acquired on or before
January 1, 2021 represent our "same store" properties during the three and nine
months ended September 30, 2022 and 2021. "Non-same store," as reflected in the
table below, consists of properties acquired after January 1, 2021. For the
three and nine months ended September 30, 2022, eight properties that were
acquired on May 17, 2022 constituted non-same store properties.

Net operating income is a supplemental non-GAAP performance measure that we
believe is useful to investors in measuring the operating performance of our
property portfolio because our primary business is the ownership of real estate,
and net operating income excludes various items included in GAAP net income that
do not relate to, or are not indicative of, our property operating performance,
such as depreciation and amortization and parent-level corporate expenses
(including general and administrative expenses). Same store net operating income
is useful because it eliminates differences in net operating income resulting
from the acquisition or disposition of properties during the periods presented
and therefore provides a better comparison of the operating performance of our
properties between periods.

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The following tables present the property net operating income prior to
straight-line income (expense), net, amortization of intangibles, interest, and
depreciation and amortization for the three and nine months ended September 30,
2022 and 2021, along with a reconciliation to net loss, calculated in accordance
with GAAP.

Comparison of the three months ended September 30, 2022 and September 30, 2021

                                        Total                                 Same Store                         Non-Same Store
                                  Three Months Ended                      Three Months Ended                   Three Months Ended
                                    September 30,                           September 30,                        September 30,
                           2022          2021         Change        2022   

2021 Variation 2022 2021 Variation Rental income

            $  35,312     $  29,519     $  5,793     $ 29,487  

$29,519 $ (32 ) $5,825 $- $5,825
Other property income

           84            60           24           38           60          (22 )        46          -          46
Total income             $  35,396     $  29,579     $  5,817     $ 29,525     $ 29,579     $    (54 )   $ 5,871     $    -     $ 5,871

Property operating
expenses                 $   6,299     $   4,839     $  1,460     $  5,303 

$4,839 $464 $996 $- $996
Property tax expense 4,721 3,784 937 3,569

3,784 (215 ) 1,152 – 1,152 Total building operating expenses

                 $  11,020     $   8,623     $  2,397     $  8,872  

$8,623 $249 $2,148 $- $2,148

Property net operating
income                   $  24,376     $  20,956     $  3,420     $ 20,653  

$20,956 $ (303 ) $3,723 $- $3,723

Straight-line income
(expense), net           $     178     $    (247 )   $    425
Amortization of
intangibles and lease
incentives                     241           126          115
General and
administrative expenses     (1,294 )      (1,169 )       (125 )
Business management fee     (2,707 )      (2,239 )       (468 )
Depreciation and
amortization               (14,979 )     (12,110 )     (2,869 )
Interest expense            (8,721 )      (5,876 )     (2,845 )
Interest and other
(expense) income                 6             -            6
Net loss                 $  (2,900 )   $    (559 )   $ (2,341 )

Net loss. The net loss was $2,900 and $559 for the three months ended September 30, 2022 and 2021, respectively.

Total property net operating income. On a "same store" basis, comparing the
results of operations of investment properties owned during the three months
ended September 30, 2022 with the results of the same investment properties
owned during the three months ended September 30, 2021, property net operating
income decreased $303, total property income decreased $54, and total property
operating expenses including real estate tax expense increased $249.

The decrease in total revenue from the “comparable store” properties is primarily due to a decrease in salvage revenue due to a lower salvage percentage and an increase in property operating expenses in the three months ended September 30, 2022.

"Non-same store" total property net operating income increased $3,723 during the
three months ended September 30, 2022 as compared to 2021. The increase is a
result of acquiring eight properties on May 17, 2022. On a "non-same store"
basis, total property income increased $5,871 and total property operating
expenses increased $2,148 during the three months ended September 30, 2022 as
compared to 2021 as a result of this acquisition.

Linear, net income (expenses). Linear income (expenses), net increase $425 in 2022 compared to 2021. This increase is mainly due to the decrease in rent abatements during the quarter ended September 30, 2022 partially offset by the acquisition of eight properties on May 17, 2022.

Amortization of intangibles and lease incentives. Income from the amortization
of intangibles and lease incentives increased $115 in 2022 compared to 2021. The
increase is primarily due to the acquisition of IRPF Properties.

General and administrative expenses. General and administrative expenses increased $125 in 2022 compared to 2021. The increase is mainly attributable to the increase in legal and professional fees during the three months ended September 30, 2022.

Business management fees. Business management fees have increased $468 in 2022 compared to 2021. The increase is mainly due to the acquisition of IRPF properties.

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Depreciation and amortization. Depreciation and amortization increased $2,869 in
2022 compared to 2021. The increase is primarily due to the acquisition of eight
properties on May 17, 2022, partially offset by fully amortized assets in 2022
compared to 2021.

Interest expense. Interest expense increased $2,845 in 2022 compared to 2021.
The increase is primarily due to an increase in average debt outstanding driven
by the acquisition of IRPF Properties, as well as rising interest rates.

Interest and other income. Interest and other income increased $6 in 2022 compared to 2021.

Comparison of the nine months ended September 30, 2022 and September 30, 2021

                                        Total                                 Same Store                         Non-Same Store
                                  Nine Months Ended                       Nine Months Ended                     Nine Months Ended
                                    September 30,                           September 30,                         September 30,
                           2022          2021         Change        2022   

2021 Variation 2022 2021 Variation Rental income

            $  95,924     $  88,340     $  7,584     $ 87,305  

$88,340 $(1,035) $8,619 $- $8,619
Other property income 164

           170           (6 )        101          170          (69 )        63           -          63
Total income             $  96,088     $  88,510     $  7,578     $ 87,406  

$88,510 ($1,104) $8,682 $- $8,682

Property operating
expenses                 $  17,235     $  15,214     $  2,021     $ 15,891     $ 15,214     $    677     $ 1,344           -     $ 1,344

Property tax expense 12,694 11,132 1,562 10,942

      11,132         (190 )     1,752           -       1,752
Total property operating
expenses                 $  29,929     $  26,346     $  3,583     $ 26,833  

$26,346 $487 $3,096 $- $3,096

Property net operating
income                   $  66,159     $  62,164     $  3,995     $ 60,573  

$62,164 ($1,591) $5,586 $- $5,586

Straight-line income
(expense), net           $     (96 )   $    (384 )   $    288
Intangible amortization
and inducement                 715           412          303
General and
administrative expenses     (4,057 )      (3,400 )       (657 )
Business management fee     (7,500 )      (6,709 )       (791 )
Depreciation and
amortization               (40,622 )     (36,783 )     (3,839 )
Interest expense           (21,394 )     (17,719 )     (3,675 )
Interest and other
income                           5            86          (81 )
Net loss                 $  (6,790 )   $  (2,333 )   $ (4,457 )

Net loss. The net loss was $6,790 and $2,333 for the nine months ended September 30, 2022 and 2021, respectively.

Total property net operating income. On a "same store" basis, comparing the
results of operations of investment properties during the nine months ended
September 30, 2022 with the results of the same investment properties owned
during the nine months ended September 30, 2021, property net operating income
decreased $1,591, total property income decreased $1,104, and total property
operating expenses including real estate tax expense increased $487.

The decrease in total revenue from “comparable store” ownership is primarily due to a decrease in salvage revenue due to a lower salvage percentage in the nine months ended September 30, 2022.

"Non-same store" total property net operating income increased $5,586 during
2022 as compared to 2021. The increase is a result of acquiring eight retail
properties on May 17, 2022. On a "non-same store" basis, total property income
increased $8,682 and total property operating expenses increased $3,096 during
the nine months ended September 30, 2022 as compared to 2021 as a result of this
acquisition.

Straight-line income (expense), net. Straight-line income (expense), net
increased $288 in 2022 compared to 2021. This increase is primarily due to the
acquisition of eight properties on May 17, 2022, partially offset by lower rent
abatements during the nine months ended September 30, 2022.

Amortization of intangibles and lease incentives. Income from the amortization
of intangibles and lease incentives increased $303 in 2022 compared to 2021. The
increase is primarily due to the acquisition of IRPF Properties.

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General and administrative expenses. General and administrative expenses increased $657 in 2022 compared to 2021. The increase is mainly due to higher legal and professional fees during the nine months ended September 30, 2022.

Business management fees. Business management fees have increased $791 in 2022 compared to 2021. The increase is mainly due to the acquisition of IRPF properties.

Depreciation and amortization. Depreciation and amortization increased $3,839 in
2022 compared to 2021. The increase is primarily due to the acquisition of eight
properties on May 17, 2022, partially offset by fully amortized assets in 2022
compared to 2021.

Interest expense. Interest expense increased $3,675 in 2022 compared to 2021.
The increase is primarily due to an increase in average debt outstanding driven
by the acquisition of IRPF Properties, as well as rising interest rates.

Interest and other income. Interest and other income decreased $81 in 2022 compared to 2021. The decrease is mainly due to a decrease in non-operating revenue.

Off-balance sheet arrangements

We currently have no off-balance sheet arrangements that are reasonably likely
to have a material current or future effect on our financial condition, changes
in financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources.

rental activity

The following table sets forth leasing activity during the nine months ended
September 30, 2022. Leases with terms of less than 12 months have been excluded
from the table.

                                                                                                         % Change
                                             Gross         New Contractual      Prior Contractual       over Prior                                Tenant
                         Number of         Leasable        Rent per Square       Rent per Square        Annualized      Weighted Average      Allowances per
                       Leases Signed         Area               Foot                   Foot             Base Rent          Lease Term          Square Foot
Comparable Renewal
Leases                             74         594,275     $           14.89     $            14.89                -                  4.9     $           0.72
Comparable New
Leases                              4           6,031     $           29.59     $            25.86             14.4 %                6.3     $          22.41
Non-Comparable New
and Renewal Leases
(a)                                48         216,222     $           14.94                    N/A              N/A                  7.7     $          10.18
Total                             126         816,528



(a)

Includes signed leases on units that have been vacant for more than 12 months, signed leases with no fixed rent amount, and signed leases where the previous lease and the current lease do not have similar lease structures.

Non-GAAP Financial Measures

Accounting for real estate assets in accordance with GAAP assumes the value of
real estate assets is reduced over time due primarily to non-cash depreciation
and amortization expense. Because real estate values may rise and fall with
market conditions, operating results from real estate companies that use GAAP
accounting may not present a complete view of their performance. We use Funds
from Operations, or "FFO", a widely accepted metric to evaluate our performance.
FFO provides a supplemental measure to compare our performance and operations to
other REITs. Due to certain unique operating characteristics of real estate
companies, the National Association of Real Estate Investment Trusts, or
"NAREIT", has promulgated a standard known as FFO, which it believes more
accurately reflects the operating performance of a REIT. On November 7, 2018,
NAREIT's Executive Board approved the White Paper restatement, effective
December 15, 2018. The purpose of the restatement was not to change the
fundamental definition of FFO but to clarify existing guidance. The restated
definition of FFO by NAREIT is net income (loss) computed in accordance with
GAAP, excluding depreciation and amortization related to real estate, excluding
gains (or losses) from sales of certain real estate assets, excluding impairment
write-downs of certain real estate assets and investments in entities when the
impairment is directly attributable to decreases in the value of depreciable
real estate and excluding gains and losses from change in control. We have
adopted the restated NAREIT definition for computing FFO. Previously presented
periods were not impacted.

Under GAAP, acquisition related costs are treated differently if the acquisition
is a business combination or an asset acquisition. An acquisition of a single
property will likely be treated as an asset acquisition as opposed to a business
combination and acquisition related costs will be capitalized rather than
expensed when incurred. Publicly registered, non-listed REITs typically engage
in a significant amount of acquisition activity in the early years of their
operations, and thus incur significant acquisition related costs, during these
initial years. Although other start up entities may engage in significant
acquisition activity during their initial years, publicly registered,

                                       33
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non-listed REITs are unique in that they typically have a limited timeframe
during which they acquire a significant number of properties and thus incur
significant acquisition related costs. Due to the above factors and other unique
features of publicly registered, non-listed REITs, the Institute for Portfolio
Alternatives, or "IPA", an industry trade group, published a standardized
measure known as Modified Funds from Operations, or "MFFO", which the IPA has
promulgated as a supplemental measure for publicly registered non-listed REITs
and which may be another appropriate supplemental measure to reflect the
operating performance of a non-listed REIT. We believe it is appropriate to use
MFFO as a supplemental measure of operating performance because we believe that,
when compared year-over-year, both before and after we have deployed all of our
Offering proceeds and are no longer incurring a significant amount of
acquisition fees or other related costs, it reflects the impact on our
operations from trends in occupancy rates, rental rates, operating costs,
general and administrative expenses, and interest costs, which may not be
immediately apparent from net income.

MFFO excludes expensed costs associated with investing activities, some of which
are acquisition related costs that affect our operations only in periods in
which properties are acquired, and other non-operating items that are included
in FFO, such as straight-lining of rents as required by GAAP. By excluding costs
that we consider more reflective of acquisition activities and other
non-operating items, the use of MFFO provides another measure of our operating
performance once our portfolio is stabilized. Because MFFO may be a recognized
measure of operating performance within the non-listed REIT industry, MFFO and
the adjustments used to calculate it may be useful in order to evaluate our
performance against other non-listed REITs. Like FFO, MFFO is not equivalent to
our net income or loss as determined under GAAP, as detailed in the table below,
and MFFO may not be a useful measure of the impact of long-term operating
performance on value if we continue to acquire a significant amount of
properties. MFFO should only be used as a measurement of our operating
performance while we are acquiring a significant amount of properties because it
excludes, among other things, acquisition costs incurred during the periods in
which properties were acquired.

We believe our definition of MFFO, a non-GAAP measure, is consistent with the
IPA's Guideline 2010-01, Supplemental Performance Measure for Publicly
Registered, Non-Listed REITs: Modified Funds from Operations, or the "Practice
Guideline," issued by the IPA in November 2010. The Practice Guideline defines
MFFO as FFO further adjusted for the following items, as applicable, included in
the determination of GAAP net income: acquisition fees and expenses; amounts
relating to straight-line rents and amortization of above and below market lease
assets and liabilities, accretion of discounts and amortization of premiums on
debt investments; mark-to-market adjustments included in net income;
nonrecurring gains or losses included in net income from the extinguishment or
sale of debt, hedges, foreign exchange, derivatives or securities holdings where
trading of such holdings is not a fundamental attribute of the business plan,
unrealized gains or losses resulting from consolidation from, or deconsolidation
to, equity accounting, and after adjustments for consolidated and unconsolidated
partnerships and joint ventures, with such adjustments calculated to reflect
MFFO on the same basis.

Our presentation of FFO and MFFO may not be comparable to other similarly titled
measures presented by other REITs. We believe that the use of FFO and MFFO
provides a more complete understanding of our operating performance to
stockholders and to management, and when compared year over year, reflects the
impact on our operations from trends in occupancy rates, rental rates, operating
costs, general and administrative expenses, and interest costs. Neither FFO nor
MFFO is intended to be an alternative to "net income" or to "cash flows from
operating activities" as determined by GAAP as a measure of our capacity to pay
distributions. Management uses FFO and MFFO to compare our operating performance
to that of other REITs and to assess our operating performance.

Our FFO and MFFO for the nine months ended September 30, 2022 and 2021 are
calculated as follows:

                                                                       Nine Months Ended
                                                                         September 30,
                                                                   2022                  2021
                                                                 (Dollar amounts in thousands)
          Net loss                                           $         (6,790 )     $       (2,333 )
          Depreciation and amortization related to
Add:      investment properties                                        40,622               36,783
          Funds from operations (FFO)                                  33,832               34,450

          Amortization of acquired market lease
Less:     intangibles, net                                               (798 )               (488 )
          Straight-line income (expense), net                              96                  384
          Modified funds from operations (MFFO)              $         33,130       $       34,346


Subsequent Events

For information relating to subsequent events, reference is made to Note 15 – “Subsequent Events” which is included in our September 30, 2022 Notes to the consolidated financial statements in point 1.

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