Filed pursuant to Rule 424(b)(3)
Registration No. 333-176775
SUPPLEMENT NO. 5
DATED AUGUST 26, 2015
TO THE PROSPECTUS DATED APRIL 28, 2015
OF INLAND REAL ESTATE INCOME TRUST, INC.
This Supplement No. 5 supplements, and should be read in conjunction with, the prospectus of Inland Real Estate Income Trust, Inc., dated April 28, 2015, as previously supplemented by Supplement No. 1 dated May 6, 2015, Supplement No. 2 dated June 4, 2015, Supplement No. 3 dated July 7, 2015 and Supplement No. 4 dated August 5, 2015. Unless otherwise defined in this Supplement No. 5, capitalized terms used herein have the same meanings as set forth in the prospectus, as supplemented.
Prospectus Updates
Description of Real Estate Assets
The following disclosure is added at the end of the section captioned “Description of Real Estate Assets — Our Debt Obligations,” which begins on page 167 of the prospectus.
Thetable below summarizes our consolidated indebtedness at June 30, 2015.
| Type of Debt(1,2) | Principal Amount at June 30, 2015 | Weighted Average Interest Rate | Weighted Average Years to Maturity | |||||||
| Fixed rate mortgages payable | $ | 232,167,966 | 4.00 | % | 6.0 | |||||
| Variable rate mortgages payable | 49,733,793 | 2.07 | % | 3.9 | ||||||
| Total | $ | 281,901,759 | 3.66 | % | 5.1 | |||||
| (1) | Excludes mortgage premiums, net of accumulated amortization of $4,415,820 as of June 30, 2015. |
| (2) | Includes the effect of interest rate swaps. |
The following disclosure replaces the fourth, fifth and sixth paragraphs and the tables immediately below the fourth and fifth paragraphs under the section captioned “Description of Real Estate Assets — Significant Tenants and Lease Expirations,” which begins on page 169 of the prospectus.
The following table sets forth a summary, as of June 30, 2015, of the percent of total annualized base rental income and the weighted average lease expiration by size of tenant.
| Size of Tenant | Description - Square Footage | Percent of Total Annualized Base Rental Income | Weighted Average Lease Expiration – Years | |||
| Anchor | 10,000 and over | 55% | 8.5 | |||
| Junior Box | 5,000-9,999 | 15% | 6.4 | |||
| Small Shop | Less than 5,000 | 30% | 4.2 | |||
| Total | 100% | 6.9 |
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The following table sets forth a summary of our property diversity for our entire portfolio as of June 30, 2015.
| Property Type | Percentage | ||||
| Community | 37% | ||||
| Power | 31% | ||||
| Grocery | 30% | ||||
| Single Tenant | 2% |
The following table sets forth a summary of our tenant diversity for our entire portfolio and is based on leases in place at June 30, 2015.
| Tenant Type | Gross Leasable Area – Square Footage | Percent of Total Gross Leasable Area | Percent of Total Annualized Base Rent | |||
| Discount and Department Stores | 1,110,737 | 25.5% | 12.7% | |||
| Home Goods | 709,137 | 16.3% | 9.9% | |||
| Grocery | 484,164 | 11.1% | 12.2% | |||
| Lifestyle, Health Clubs, Books & Phones | 410,524 | 9.4% | 12.0% | |||
| Apparel & Accessories | 410,366 | 9.4% | 12.8% | |||
| Sporting Goods | 339,053 | 7.8% | 7.5% | |||
| Restaurant | 306,505 | 7.0% | 13.3% | |||
| Pet Supplies | 214,956 | 4.9% | 5.5% | |||
| Consumer Services, Salons, Cleaners, Banks | 177,973 | 4.1% | 6.5% | |||
| Health, Doctors & Health Foods | 114,016 | 2.6% | 5.3% | |||
| Other | 85,053 | 1.9% | 2.3% | |||
| Total | 4,362,484 | 100% | 100% |
The following table sets forth a summary, as of June 30, 2015, of lease expirations scheduled to occur during the remainder of 2015 and each of the calendar years from 2016 to 2024 and thereafter, assuming no exercise of renewal options or early termination rights for leases commenced on or prior to June 30, 2015.
Lease Expiration Year | Number of Expiring Leases | Gross Leasable Area of Expiring Leases - Square Footage(a) | Percent of Total Gross Leasable Area of Expiring Leases | Total Annualized Base Rent of Expiring Leases (b) | Percent of Total Annualized Base Rent of Expiring Leases | ||||||||
| July 1 to December 31, 2015 | 27 | 70,598 | 2.1% | $ | 1,318,893 | 2.2% | |||||||
| 2016 | 62 | 228,621 | 6.8% | 4,113,834 | 6.8% | ||||||||
| 2017 | 54 | 217,211 | 6.4% | 4,729,359 | 7.8% | ||||||||
| 2018 | 69 | 317,734 | 9.4% | 5,578,845 | 9.2% | ||||||||
| 2019 | 63 | 576,344 | 17.1% | 8,190,293 | 13.5% | ||||||||
| 2020 | 43 | 304,600 | 9.0% | 4,402,455 | 7.2% | ||||||||
| 2021 | 18 | 120,947 | 3.6% | 2,303,348 | 3.8% | ||||||||
| 2022 | 21 | 275,472 | 8.2% | 5,061,192 | 8.3% | ||||||||
| 2023 | 35 | 320,325 | 9.5% | 5,723,648 | 9.4% | ||||||||
| 2024 | 24 | 174,074 | 5.2% | 3,874,832 | 6.4% | ||||||||
| Thereafter | 52 | 765,935 | 22.7% | 15,556,602 | 25.4% | ||||||||
| Leased Total | 468 | 3,371,861 | 100% | $ | 60,853,301 | 100% | |||||||
| (a) | Excludes ground lease gross leasable area. |
| (b) | Represents the base rent in place for the applicable property at the time of the lease expiration. |
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