Inland Real Estate Income Trust, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Inland Real Estate Income Trust, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	121	129	129	129	116	119	134	150	150	154
General and administrative	5.91	5.2	4.87	5.04	5.21	4.78	5.4	5.24	5.82	8.12
Operating income	13	5.31	18
Interest expense	21.6	24.6	27.1	28.3	25.3	23.2	33.1	42.5	41.3	39.1
Interest income	0.38	0.15	0.52	0.14	0.16	0.27
Pre-tax income	9.89	10	9.07	0.99	-12	4.15	0.06
Net income	-7.96	-19.1	-23.3	-11.4	-10.4	-2.5	-12.6	-15.1	-15	-11
EBITDA	72.9	67.1	75.8
EPS, basic	-0.23	-0.54	-0.65	-0.32	-0.29	-0.07	-0.35	-0.42	-0.41	-0.31
EPS, diluted	-0.23	-0.54	-0.65	-0.32	-0.29	-0.07	-0.35	-0.42	-0.41	-0.31
Shares, basic (weighted)	35	35.6	35.6	35.7	36	36	36.1	36.2	36.1	36.1
Shares, diluted (weighted)	35	35.6	35.6	35.7	36	36	36.1	36.2	36.1	36.1
Dividend per share		1.50	1.34	1.21	0.23	0.41	0.54	0.54	0.54	0.54

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.9	11.9	15.2	4.52	12.9	8.23	4.86	5.98	6.42	7.95
Lease right-of-use assets				15.5	15	14.6	14.2	13.7	13.4	13
Intangible assets	150	139	115	89.4	71.5	58.2	77	61.8	49.1	39.4
Total assets	1,358	1,375	1,320	1,255	1,176	1,127	1,399	1,344	1,295	1,248
Total liabilities	703	784	803	794	732	689	948	936	925	923
Total debt	606	691	706	681	629	596	852	844	836	837
Paid-in capital	793	799	795	806	810	811	815	816	816	816
Other comprehensive income	2.31	5.75	5.49	-6.91	-17.6	-7.47	34.2	25.1	20.7	7.11
Shareholders' equity	654	591	517	461	444	438	451	408	369	325
Total equity	654	591	517	461	444	438	451	408	369	325
Total liabilities and equity	1,358	1,375	1,320	1,255	1,176	1,127	1,399	1,344	1,295	1,248
Shares outstanding	35.3	35.5	35.3	35.8	36	36	36.2	36.2	36.1	36.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-7.96	-19.1	-23.3	-11.4	-10.4	-2.5	-12.6	-15.1	-15	-11
Depreciation and amortization	59.9	61.8	57.8	57.7	52.8	48.9	55.3	59.5	60.8	57.3
Stock-based compensation			0.05	0.05	0.07
Change in receivables	-1.39	-1.02	0.91	-0.67	-2.16	3.73	-0.85	-2.44	1.35	-1.16
Change in payables	-1.32	3.25	-1.85	-0.2	0.33	0.11	0.72	0.96	-1.34	1.36
Cash from operations	36.2	50.9	45.1	46.8	37.1	48.2	44.8	39.4	43.3	42.7
Capital expenditures	-9.32	-6.21	-10.1	-10	-4.02	-5.88	-12.4	-10.4	-13.9	-22
Cash from investing	-90	-83.3	-18.6	4.86	33.2	-5.88	-291	-10.4	-13.9	-22
Share buybacks	-8.75	-20	-19.6	-12.6	-2.41	-2.78	-3.65	-5.97	-5
Dividends paid	-52.4	-53.3	-40.3	-44.2	-10.8	-9.77	-19.6	-19.6	-19.6	-19.6
Cash from financing	-21.2	32.4	-27	-62.3	-61.9	-42.9	238	-27.9	-28.9	-19.1
Net change in cash	-74.9	-0.01	-0.6	-10.7	8.45	-0.6	-8.05	1.12	0.44	1.52
Free cash flow	26.9	44.7	35	36.8	33.1	42.3	32.4	29.1	29.4	20.7
Interest paid	21.1					22.5	27.4	40.4	40.9	38.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.30 on September 23, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	-4.9%	Net income / revenue.
FCF margin	11.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.5%	Cash from operations / revenue.
Return on equity (ROE)	-2.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.6%	Net income / average total assets.
Capex / revenue	15.3%	Capital expenditures / revenue.
D&A / revenue	37.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-29.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-13.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-9.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	19.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-11.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-10.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	2.53x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	66.8%	Total debt / total assets.
Liabilities / assets	73.6%	Total liabilities / total assets.
Net debt	$795.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	2.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$283.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.
Capex / operating cash flow	57.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.25	Revenue / diluted weighted shares.
FCF per share	$0.48	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.13	Cash from operations / diluted weighted shares.
Book value per share	$8.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.85	Tangible book value / shares outstanding.
Cash per share	$0.30	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	114.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$334.8M	Share price x shares outstanding.
Enterprise value	$1.13B	Market cap + total debt - cash - short-term investments.
P/S	2.18x	Market cap / revenue.
P/B	1.05x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.18x	Market cap / tangible book value, when positive.
P/FCF	19.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.24x	Market cap / cash from operations, when positive.
EV/Sales	7.37x	Enterprise value / revenue.
EV/FCF	65.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.1%	Free cash flow / market cap.
Earnings yield	-2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	5.9%	Dividends paid over the period / market cap.
Shareholder yield	5.9%	(Dividends paid + share buybacks) / market cap.

What was Inland Real Estate Income Trust, Inc.'s revenue in fiscal 2025?

Inland Real Estate Income Trust, Inc. reported revenue of $153.6M for fiscal 2025, 2.2% higher than the year before.

Was Inland Real Estate Income Trust, Inc. profitable in fiscal 2025?

No. It reported a net loss of $11.0M.

How much free cash flow did Inland Real Estate Income Trust, Inc. generate in fiscal 2025?

Cash from operations of $42.7M minus capital expenditures of $22.0M left free cash flow of $20.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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