MeritValue

Inland Real Estate Income Trust, Inc.

INREdata completeness 100%13 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Inland Real Estate Income Trust, Inc. earns about -3% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$119.1M1$133.6M2$150M3$150.2M3$153.6M3
Net income−$2.5M4−$12.6M5−$15.1M6−$15M6−$11M6
Operating cash flow$48.2M7$44.8M8$39.4M9$43.3M9$42.7M9
Capital expenditure$5.88M10$12.4M11$10.4M12$13.9M12$22M12
Free cash flow (derived)$42.3M7$32.4M8$29.1M9$29.4M9$20.7M9
Total debt$595.5M13$852.3M14$843.9M15$835.7M16$837.5M16
Cash & equivalents$8.23M17$4.86M18$5.98M19$6.42M20$7.95M20
Diluted shares36.0M36.1M36.2M36.1M36.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$90.12
your share of equity
Profit it earned you last year
−$3.06
Free cash flow it threw off
$5.72
Debt you’d be carrying
$231.96

10 shares is a claim on $90.12 of net worth that earned you −$3.06 and generated $5.72 of cash last year, against $231.96 of debt.

iii. Is this a good business?
Moat signal · return on equity
-3% avg · 5y
FY21 -1%FY22 -3%FY23 -4%FY24 -4%FY25 -3%

It earned an average -3% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 41% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$29.1M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$29.1M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-030856 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-033568 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001528985-26-000002 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-030856 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-033568 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001528985-26-000002 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-030856 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-033568 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001528985-26-000002 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-030856 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-033568 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0001528985-26-000002 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009462 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-030856 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-033568 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001528985-26-000002 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-009462 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-030856 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-033568 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001528985-26-000002 (CashAndCashEquivalentsAtCarryingValue)