Inland Real Estate Income Trust (INRE) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Entity Registrant Name	Inland Real Estate Income Trust, Inc.
Entity Central Index Key	0001528985
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		36,108,936
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	000-55146
Entity Tax Identification Number	45-3079597
Entity Address, Address Line One	2901 Butterfield Road
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Country	US
Entity Incorporation, State or Country Code	MD
Entity Address, Postal Zip Code	60523
City Area Code	630
Local Phone Number	218-8000
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment properties held and used:
Land	$ 330,456	$ 330,456
Building and other improvements	1,220,339	1,209,740
Total	1,550,795	1,540,196
Less accumulated depreciation	(371,608)	(335,700)
Net investment properties held and used	1,179,187	1,204,496
Cash and cash equivalents	10,911	5,975
Restricted cash	480	479
Accounts and rent receivable	22,940	23,645
Acquired lease intangible assets, net	52,368	61,827
Operating lease right-of-use asset, net	13,454	13,745
Other assets	23,809	33,873
Total assets	1,303,149	1,344,040
Liabilities:
Mortgages and credit facility payable, net	835,533	843,890
Accounts payable and accrued expenses	15,026	11,182
Operating lease liability	25,211	24,992
Distributions payable	4,896	4,905
Acquired intangible liabilities, net	34,872	37,420
Due to related parties	2,764	2,796
Other liabilities	10,839	10,500
Total liabilities	929,141	935,685
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding
Common stock, $.001 par value, 1,460,000,000 shares authorized, 36,099,468 and 36,163,852 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	36	36
Additional paid in capital	816,118	816,047
Accumulated distributions and net loss	(457,300)	(432,854)
Accumulated other comprehensive income	15,154	25,126
Total stockholders’ equity	374,008	408,355
Total liabilities and stockholders’ equity	$ 1,303,149	$ 1,344,040

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	40,000,000	40,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,460,000,000	1,460,000,000
Common stock, shares issued	36,099,468	36,163,852
Common stock, shares outstanding	36,099,468	36,163,852

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income:
Rental income	$ 37,198	$ 36,324	$ 111,985	$ 111,259
Other property income	141	93	321	235
Total income	37,339	36,417	112,306	111,494
Cost and Expenses:
Property operating expenses	7,582	6,960	22,318	21,031
Real estate tax expense	4,483	4,508	13,976	14,023
General and administrative expenses	1,332	1,168	4,310	3,927
Business management fee	2,236	2,306	6,722	7,322
Depreciation and amortization	14,610	14,535	43,763	44,675
Total expenses	30,243	29,477	91,089	90,978
Other Income (Expense):
Interest expense	(10,402)	(10,727)	(31,218)	(31,942)
Interest and other income	99	77	253	152
Net loss	$ (3,207)	$ (3,710)	$ (9,748)	$ (11,274)
Net loss per common share, basic	$ (0.09)	$ (0.1)	$ (0.27)	$ (0.31)
Net loss per common share, diluted	$ (0.09)	$ (0.1)	$ (0.27)	$ (0.31)
Weighted average number of common shares outstanding, basic	36,109,239	36,190,954	36,130,529	36,205,258
Weighted average number of common shares outstanding, diluted	36,109,239	36,190,954	36,130,529	36,205,258
Comprehensive loss:
Net Income (Loss)	$ (3,207)	$ (3,710)	$ (9,748)	$ (11,274)
Unrealized (loss) gain on derivatives	(10,230)	7,969	3,023	17,594
Reclassification adjustment for amounts included in net loss	(4,336)	(4,270)	(12,995)	(11,604)
Comprehensive loss	$ (17,773)	$ (11)	$ (19,720)	$ (5,284)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Distributions and Net Loss [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2022	$ 451,058	$ 36	$ 814,949	$ (398,097)	$ 34,170
Balance, shares at Dec. 31, 2022		36,184,058
Distributions declared	(14,729)			(14,729)
Proceeds from distribution reinvestment plan	5,264		5,264
Proceeds from distribution reinvestment plan, shares		263,598
Shares repurchased	(4,253)		(4,253)
Shares repurchased, shares		(266,794)
Unrealized gain on derivatives	17,594				17,594
Reclassification adjustment for amounts included in net loss	(11,604)				(11,604)
Equity-based compensation	64		64
Equity based compensation, shares		1,469
Net Income (Loss)	(11,274)			(11,274)
Balance at Sep. 30, 2023	432,120	$ 36	816,024	(424,100)	40,160
Balance, shares at Sep. 30, 2023		36,182,331
Balance at Jun. 30, 2023	436,897	$ 36	815,874	(415,474)	36,461
Balance, shares at Jun. 30, 2023		36,196,116
Distributions declared	(4,916)			(4,916)
Proceeds from distribution reinvestment plan	1,742		1,742
Proceeds from distribution reinvestment plan, shares		87,720
Shares repurchased	(1,612)		(1,612)
Shares repurchased, shares		(101,505)
Unrealized gain on derivatives	7,969				7,969
Reclassification adjustment for amounts included in net loss	(4,270)				(4,270)
Equity-based compensation	20		20
Equity based compensation, shares		0
Net Income (Loss)	(3,710)			(3,710)
Balance at Sep. 30, 2023	432,120	$ 36	816,024	(424,100)	40,160
Balance, shares at Sep. 30, 2023		36,182,331
Balance at Dec. 31, 2023	$ 408,355	$ 36	816,047	(432,854)	25,126
Balance, shares at Dec. 31, 2023	36,163,852	36,163,852
Distributions declared	$ (14,698)			(14,698)
Proceeds from distribution reinvestment plan	5,001		5,001
Proceeds from distribution reinvestment plan, shares		257,816
Shares repurchased	(5,001)		(5,001)
Shares repurchased, shares		(322,200)
Unrealized gain on derivatives	3,023				3,023
Reclassification adjustment for amounts included in net loss	(12,995)				(12,995)
Equity-based compensation	71		71
Net Income (Loss)	(9,748)			(9,748)
Balance at Sep. 30, 2024	$ 374,008	$ 36	816,118	(457,300)	15,154
Balance, shares at Sep. 30, 2024	36,099,468	36,099,468
Balance at Jun. 30, 2024	$ 396,654	$ 36	816,094	(449,196)	29,720
Balance, shares at Jun. 30, 2024		36,120,853
Distributions declared	(4,897)			(4,897)
Proceeds from distribution reinvestment plan	1,642		1,642
Proceeds from distribution reinvestment plan, shares		85,651
Shares repurchased	(1,642)		(1,642)
Shares repurchased, shares		(107,036)
Unrealized gain on derivatives	(10,230)				(10,230)
Reclassification adjustment for amounts included in net loss	(4,336)				(4,336)
Equity-based compensation	24		24
Net Income (Loss)	(3,207)			(3,207)
Balance at Sep. 30, 2024	$ 374,008	$ 36	$ 816,118	$ (457,300)	$ 15,154
Balance, shares at Sep. 30, 2024	36,099,468	36,099,468

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Distributions declared per share	$ 0.1356	$ 0.1356	$ 0.4068	$ 0.4068

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (9,748)	$ (11,274)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	43,763	44,675
Amortization of debt issuance costs	897	921
Amortization of acquired market leases, net	(50)	(2,375)
Amortization of equity-based compensation	71	64
Reduction in the carrying amount of the right-of-use-asset	291	308
Straight-line income, net	(1,068)	(699)
Other non-cash adjustments	143	149
Changes in assets and liabilities:
Accounts payable and accrued expenses	3,162	2,175
Accounts and rent receivable	1,773	363
Other assets	165	(12)
Due to related parties	(102)	(1,251)
Operating lease liability	219	205
Other liabilities	(566)	1,137
Net cash flows provided by operating activities	38,950	34,386
Cash flows from investing activities:
Capital expenditures	(10,052)	(7,031)
Net cash flows used in investing activities	(10,052)	(7,031)
Cash flows from financing activities:
Payment of credit facility	(11,000)	(12,576)
Proceeds from credit facility	2,000	44,576
Payment of mortgages payable	(254)	(41,592)
Proceeds from the distribution reinvestment plan	5,001	5,264
Shares repurchased	(5,001)	(4,253)
Distributions paid	(14,707)	(14,729)
Early termination of interest rate swap agreements, net		370
Net cash flows used in financing activities	(23,961)	(22,940)
Net increase in cash, cash equivalents and restricted cash	4,937	4,415
Cash, cash equivalents and restricted cash, at beginning of the period	6,454	5,334
Cash, cash equivalents and restricted cash, at end of period	11,391	9,749
In conjunction with the purchase of investment properties, the Company acquired assets and assumed liabilities as follows:
Cash paid for interest	31,113	30,133
Supplemental schedule of non-cash investing and financing activities:
Accrued capital expenditures	$ 1,879	$ 983

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,207)	$ (3,710)	$ (9,748)	$ (11,274)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Organization

Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	NOTE 1 – ORGANIZATION The Company was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States. The Company has been primarily focused on acquiring and owning retail properties and targets a portfolio substantially all of which would be comprised of grocery-anchored properties. The Company has invested in joint ventures and may continue to invest in additional joint ventures or acquire other real estate assets if its management believes the expected returns from those investments exceed that of retail properties. The Company 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. The Company has no employees. The Company is managed by IREIT Business Manager & Advisor, Inc. (the “Business Manager”), an indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”), pursuant to a business management agreement, dated October 18, 2012 (as amended, the “Business Management Agreement”) with the Business Manager. The Company entered into an agreement with Mark Zalatoris (the “CEO Agreement”) to, among other things, compensate him for performing services as the Company’s president and chief executive officer. In connection with entering into the CEO Agreement, the Company entered into the Fourth Amended and Restated Business Management Agreement, dated January 19, 2024 (the “Fourth Business Management Agreement”) effective February 1, 2024 with the Business Manager to, among other things, provide the Company with the authority to engage a person not affiliated with or employed by the Business Manager to serve as president and chief executive officer of the Company and to reduce the business management fee payable to the Business Manager by the amount of any payments made to Mr. Zalatoris under the CEO Agreement. Mr. Zalatoris is not an employee of the Company and is not an officer or director of the Business Manager but has the authority under the CEO Agreement and the Business Management Agreement to direct the day-to day operations of the Business Manager. On September 18, 2024, the Company announced that its board of directors had decided to begin a review of strategic alternatives including sale of the Company. The outcome of this review and any potential transaction or event that may result from the review will depend on several factors, many of which will be beyond the Company’s control. The board may conclude that it is in the Company’s best interest to continue with its existing business plan and to not seek a transaction or event creating liquidity for stockholders. On September 18, 2024, in connection with the process to review strategic alternatives, including the sale of the Company, the board of directors of the Company suspended both the DRP and the SRP effective as of October 1, 2024. On March 5, 2024, as reported in the Company’s Form 8-K filed with the Securities and Exchange Commission on the same date, the Company announced that the Company’s board of directors unanimously approved: (i) an estimated per share net asset value (the “Estimated Per Share NAV”) as of December 31, 2023, which served as the per share purchase price for shares issued under the Company’s distribution reinvestment plan (as amended, the “DRP”) beginning with the first distribution payment to stockholders in April 2024 until the Company suspended the DRP, and (ii) that, in accordance with the share repurchase program (as amended, the “SRP”) as further described below in Note 3 – “Equity”, beginning with repurchases in April 2024 and until the Company suspended the SRP, any shares accepted for ordinary repurchases and “exceptional repurchases” were repurchased at 80 % of the Estimated Per Share NAV. As of September 30, 2024, the Company owned 52 retail properties, totaling 7,167,486 square feet. The properties are located in 24 states. As of September 30, 2024 , the portfolio had a physical occupancy of 93.1 % and economic occupancy of 93.6 % .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission on March 13, 2024, under the heading Note 2 – “Summary of Significant Accounting Policies.” There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2024, except as noted below. General The consolidated financial statements have been prepared in accordance with GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Restricted Cash Amounts included in restricted cash represent those required to be set aside by lenders for real estate taxes, insurance, capital expenditures and tenant improvements on the Company's existing properties. These amounts also include post close escrows for tenant improvements, leasing commissions, master lease, general repairs and maintenance, and are classified as restricted cash on the Company’s consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown on the Company’s consolidated statements of cash flows: September 30, 2024 2023 Cash and cash equivalents $ 10,911 $ 9,271 Restricted cash 480 478 Total cash, cash equivalents, and restricted cash $ 11,391 $ 9,749 Accounting Pronouncements Recently Issued but Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company has not early adopted ASU 2023-07. The Company continues to evaluate this guidance and expects the standard to impact its disclosures pertaining to having a single reportable segment but does not anticipate the guidance to have an impact on the Company’s financial position, results of operations, or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on the Company’s consolidated financial statements.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	NOTE 3 – EQUITY The Company commenced an initial public “best efforts” offering (the “Offering”) on October 18, 2012, which concluded on October 16, 2015. The Company sold 33,534,022 shares of common stock generating gross proceeds of $ 834,399 from the Offering. As of September 30, 2024, there were 36,099,468 shares of common stock outstanding including 6,760,667 shares issued through the DRP, net of 4,213,670 shares repurchased through the SRP. Prior to the suspension, the Company provided the following programs to facilitate additional investment in the Company’s shares and to provide limited liquidity for stockholders. Distribution Reinvestment Plan Through the DRP, the Company provided stockholders with the option to purchase additional shares from the Company by automatically reinvesting cash distributions, subject to certain share ownership restrictions. The Company did not pay any selling commissions, marketing contribution or due diligence expense reimbursement in connection with the DRP. Pursuant to the DRP, the price per share for shares of common stock purchased under the DRP was equal to the estimated value of one share, as determined by the Company’s board of directors and reported by the Company from time to time, until the shares become listed for trading, if a listing occurs, assuming that the DRP had not been terminated or suspended in connection with such listing. During the suspension, stockholders participating in the DRP will not be permitted to reinvest distributions paid by the Company in additional shares. Any prior reinvested distributions will not be impacted. There were $ 1,642 and $ 5,001 distributions reinvested through the DRP during the three and nine months ended September 30, 2024, respectively. There were $ 1,742 and $ 5,264 distributions reinvested through the DRP during the three and nine months ended September 30, 2023, respectively. Share Repurchase Program The Company adopted the SRP effective October 18, 2012, under which the Company was authorized to purchase shares from stockholders who purchased their shares from the Company or received their shares through a non-cash transfer and who had held their shares for at least one year . Purchases were in the Company’s sole discretion. In the case of repurchases made upon the death of a stockholder or qualifying disability (“Exceptional Repurchases”), as defined in the SRP, the one year holding period did not apply. The SRP has been amended several times. The currently effective version, entitled the “Fifth Amended and Restated Share Repurchase Program” (the “Fifth SRP”), was adopted by the board of directors on November 7, 2023 and became effective on December 27, 2023. Under the Fifth SRP, the board of directors had the discretion to establish the proceeds available to fund repurchases each quarter and could use proceeds from all sources available to the Company, in the board of directors’ sole discretion. The board of directors also had the discretion to determine the amount of repurchases, if any, to be made each quarter based on its evaluation of the Company’s business, cash needs and any other requirements of applicable law. The entirety of the Fifth SRP can be found on the Company’s website. The SRP will immediately terminate if the Company’s shares become listed for trading on a national securities exchange. In addition, the Company’s board of directors, in its sole discretion, may, at any time, amend or terminate the SRP. As noted herein, the Company’s board suspended the SRP in connection with the decision to review strategic alternatives. During the suspension, the Company will not repurchase shares under the SRP. Any existing unfulfilled repurchase requests will automatically roll over for processing under the terms and conditions of the SRP if the Company restarts the plan, unless a stockholder withdraws the request for repurchase. Any prior redeemed shares will not be impacted. Repurchases through the SRP were $ 1,642 and $ 5,001 for the three and nine months ended September 30, 2024, respectively. Repurchases through the SRP were $ 1,612 and $ 4,253 for the three and nine months ended September 30, 2023 , respectively. There was zero liability related to the SRP as of September 30, 2024 and December 31, 2023 .

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	NOTE 4 – LEASES The Company is lessor under approximately 830 retail operating leases. The remaining lease terms for the Company’s leases range from less than one year to 14 years. The Company considers the date on which it makes a leased space available to a lessee as the commencement date of the lease. At commencement, the Company determines the lease classification utilizing the classification tests under ASC 842. Options to extend a lease are included in the lease term when it is reasonably certain that the tenant will exercise its option to extend. Termination penalties are included in income when there is a termination agreement, all the conditions of the agreement have been met and amounts due are considered collectable. Such termination fees are recognized on a straight-line basis over the remaining lease term in rental income. If an operating lease is modified and the modification is not accounted for as a separate contract, the Company accounts for the modification as if it were a termination of the existing lease and the creation of a new lease. The Company considers any prepaid or accrued rentals relating to the original lease as part of the lease payments for the modified lease. The Company includes options to modify the original lease term when it is reasonably certain that the tenant will exercise its option to extend. Most of the revenue from the Company’s properties consists of rents received under long-term operating leases. Most leases require the tenant to pay fixed base rent paid monthly in advance, and to reimburse the Company for the tenant’s pro rata share of certain operating expenses including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees, and certain building repairs paid by the Company and recoverable under the terms of the lease. Under these leases, the Company pays all expenses and is reimbursed by the tenant for the tenant’s pro rata share of recoverable expenses paid. Certain other tenants are subject to net leases which provide that the tenant is responsible for fixed base rent as well as all costs and expenses associated with occupancy. Under net leases where all expenses are paid directly by the tenant rather than the landlord, such expenses are not included in the consolidated statements of operations and comprehensive loss. Under leases where all expenses are paid by the Company, subject to reimbursement by the tenant, the expenses are included within property operating expenses. Reimbursements for common area maintenance are considered non-lease components that are permitted to be combined with rental income. The combined lease component and reimbursements for insurance and taxes are reported as rental income on the consolidated statements of operations and comprehensive loss. Rental income related to the Company's operating leases is comprised of the following: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Rental income - fixed payments $ 29,648 $ 28,943 $ 88,847 $ 86,380 Rental income - variable payments (a) 7,491 7,427 23,088 22,504 Amortization of acquired lease intangibles, net 59 ( 46 ) 50 2,375 Rental income $ 37,198 $ 36,324 $ 111,985 $ 111,259 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance. As of September 30, 2024, the Company’s accounts and rent receivable, net balance was $ 22,940 , which was net of an allowance for bad debts of $ 978 . As of December 31, 2023, the Company’s accounts and rent receivable, net balance was $ 23,645 , which was net of an allowance for bad debts of $ 871 .

Acquired Intangible Assets and

Acquired Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Liabilities	NOTE 5 – ACQUIRED INTANGIBLE ASSETS AND LIABILITIES The following table summarizes the Company’s identified intangible assets and liabilities as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Intangible assets: Acquired in-place lease value $ 183,305 $ 183,305 Acquired above market lease value 52,640 52,640 Accumulated amortization ( 183,577 ) ( 174,118 ) Acquired lease intangibles, net $ 52,368 $ 61,827 Intangible liabilities: Acquired below market lease value $ 79,914 $ 79,914 Accumulated amortization ( 45,042 ) ( 42,494 ) Acquired below market lease intangibles, net $ 34,872 $ 37,420 The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value is amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. Amortization pertaining to acquired in-place lease value, above market lease value and below market lease value is summarized below: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Amortization recorded as amortization expense: Acquired in-place lease value $ 2,249 $ 2,651 $ 6,961 $ 8,863 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ ( 828 ) $ ( 900 ) $ ( 2,498 ) $ ( 2,696 ) Acquired below market leases 887 854 2,548 5,071 Net rental income (reduction) increase $ 59 $ ( 46 ) $ 50 $ 2,375 Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2024 for each of the five succeeding years and thereafter is as follows: Acquired Above Market Leases Below 2024 (remainder of year) $ 2,142 $ 813 $ 816 2025 6,741 2,929 3,058 2026 5,017 2,503 2,920 2027 3,609 1,858 2,717 2028 2,909 1,612 2,581 Thereafter 13,699 8,536 22,780 Total $ 34,117 $ 18,251 $ 34,872

Debt and Derivative Instruments

Debt and Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt and Derivative Instruments	NOTE 6 – DEBT AND DERIVATIVE INSTRUMENTS As of September 30, 2024 and December 31, 2023, the Company had the following mortgages and credit facility payable: September 30, 2024 December 31, 2023 Type of Debt Principal Amount Weighted Principal Weighted Fixed rate mortgages payable $ 111,765 3.83 % $ 112,019 3.84 % Variable rate mortgages payable with swap agreements 26,000 4.55 % 26,000 4.55 % Mortgages payable 137,765 3.97 % 138,019 3.97 % Credit facility payable 700,000 4.80 % 709,000 4.95 % Total debt before unamortized debt issuance costs including impact of interest rate swaps 837,765 4.66 % 847,019 4.79 % (Less): Unamortized debt issuance costs ( 2,232 ) ( 3,129 ) Total debt $ 835,533 $ 843,890 The Company’s indebtedness bore interest at a weighted average interest rate of 4.66 % per annum as of September 30, 2024, which includes the effects of interest rate swaps. The Company estimates the fair value of its total debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by the Company’s lenders using Level 3 inputs. The carrying value of the Company’s debt excluding unamortized debt issuance costs was $ 837,765 and $ 847,019 as of September 30, 2024 and December 31, 2023, respectively, and its estimated fair value was $ 834,803 and $ 841,313 as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, scheduled principal payments and maturities on the Company’s debt were as follows: September 30, 2024 Scheduled Principal Payments and Maturities by Year: Scheduled Maturities of Mortgage Loans Maturity of Credit Facility Total 2024 (remainder of the year) $ 87 $ — $ — $ 87 2025 295 92,656 — 92,951 2026 — 44,727 125,000 169,727 2027 — — 575,000 575,000 2028 — — — — Thereafter — — — — Total $ 382 $ 137,383 $ 700,000 $ 837,765 Credit Facility Payable On February 3, 2022, the Company entered into a second amended and restated credit agreement (the “Credit Agreement”) with KeyBank National Association, individually and as administrative agent, KeyBanc Capital Markets Inc., PNC Capital Markets LLC and BofA Securities, Inc., as joint lead arrangers, and other lenders from time to time parties to the Credit Agreement (the “Credit Facility”). Pursuant to the Credit Agreement, the aggregate total commitments under the Credit Facility were increased from $ 350,000 to $ 475,000 . The Credit Facility consists of the “Revolving Credit Facility” providing revolving credit commitments in an aggregate amount of $ 200,000 and a term loan facility (the term loans funded under such commitments, the “Term Loan”) providing term loan commitments in an aggregate amount of $ 275,000 (increased from $ 150,000 ). On May 17, 2022, the Company entered into a First Amendment to Credit Agreement Regarding Incremental Term Loans (the “First Amendment”), amending the terms of the Credit Agreement primarily to draw an additional $ 300,000 . The Credit Agreement provides the Company with the ability from time to time to increase the size of the Credit Facility up to a total of $ 1,200,000 , subject to certain conditions. The Revolving Credit Facility matures on February 3, 2026 , and the Company has the option to extend the maturity date for one additional year subject to the payment of an extension fee and certain other conditions. The Term Loan matures on February 3, 2027 . Borrowings under the Credit Facility bear interest equal to one-month Term Secured Overnight Financing Rate (“SOFR”) plus a margin, the amount of which depends on the Company’s leverage ratio. As of September 30, 2024, the Company had $ 125,000 outstanding under the Revolving Credit Facility and $ 575,000 outstanding under the Term Loan. As of September 30, 2024, the interest rates on the Revolving Credit Facility and the Term Loan were 6.86 % and 4.35 % , respectively. As of September 30, 2024, the Company had a maximum amount of $ 75,000 available for borrowing under the Revolving Credit Facility, subject to the terms and conditions of the Credit Agreement that governs the Credit Facility, including compliance with the covenants which could further limit the amount available. Although all of the amount available under the Revolving Credit Facility is available to pay off existing mortgages, due to the covenant limitations, the Company expects to have substantially less than all $ 75,000 available to draw or otherwise undertake as additional debt. The Company’s performance of the obligations under the Credit Facility, including the payment of any outstanding indebtedness under the Credit Facility, is guaranteed by certain subsidiaries of the Company, including each of the subsidiaries of the Company which owns or leases any of the properties included in the pool of unencumbered properties comprising the borrowing base. Additional properties will be added to and removed from the pool from time to time to support amounts borrowed under the Credit Facility so long as at any time there are at least fifteen unencumbered properties with an unencumbered pool value of $ 300,000 or more. As of September 30, 2024, there were 47 properties included in the pool of unencumbered properties. The Credit Facility requires compliance with certain covenants, including a minimum tangible net worth requirement, a limitation on the use of leverage, a distribution limitation, restrictions on indebtedness and investment restrictions, as defined. It also contains customary default provisions including the failure to comply with the Company's covenants and the failure to pay when amounts outstanding under the Credit Facility become due. As of September 30, 2024 , the Company was in compliance with all financial covenants related to the Credit Facility as amended. Mortgages Payable The Company’s mortgage loans require compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of September 30, 2024 , the Company was current on all of its debt service payments and in compliance with all financial covenants . All of the Company’s mortgage loans are secured by first mortgages on the respective real estate assets. As of September 30, 2024, the weighted average years to maturity for the Company’s mortgages payable was 1.2 years. As of November 7, 2024, the Company has one mortgage loan maturing in the next twelve months. The mortgage loan had an aggregate principal balance of $ 16,506 as of September 30, 2024. The Company intends to repay amounts due with cash flows from operating activities, cash on hand or proceeds available under the Revolving Credit Facility. Interest Rate Swap Agreements The Company entered into interest rate swaps to fix certain of its floating SOFR based debt under variable rate loans to a fixed rate to manage its risk exposure to interest rate fluctuations. The Company will generally match the maturity of the underlying variable rate debt with the maturity date on the interest swap. See Note 13 – “Fair Value Measurements” for further information. As of September 30, 2024 , the Company had hedged its variable rate mortgage loan of $ 26,000 and $ 525,000 of the Term Loan using interest rate swap contracts. The following table summarizes the Company’s interest rate swap contracts outstanding as of September 30, 2024. Date Effective Maturity Receive Floating Rate Index (a) Pay Notional Fair Value as of September 30, 2024 Assets December 5, 2022 December 1, 2022 January 1, 2026 One-month Term SOFR 2.25 % 26,000 443 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.69 % 90,000 3,353 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.85 % 100,000 3,362 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.72 % 85,000 3,126 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 60,000 849 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 60,000 849 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 75,000 1,064 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.77 % 55,000 715 $ 551,000 $ 13,761 (a) As of September 30, 2024 , the one-month term SOFR was 4.85 % . The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023. Three Months Ended Nine Months Ended Derivatives in Cash Flow Hedging Relationships 2024 2023 2024 2023 Effective portion of derivatives $ ( 10,230 ) $ 7,969 $ 3,023 $ 17,594 Reclassification adjustment for amounts included in net loss (effective portion) $ ( 4,336 ) $ ( 4,270 ) $ ( 12,995 ) $ ( 11,604 ) The total amount of interest expense presented on the consolidated statements of operations and comprehensive loss was $ 10,402 and $ 10,727 , for the three months ended September 30, 2024 and 2023, respectively. The total amount of interest expense presented on the consolidated statements of operations and comprehensive loss was $ 31,218 and $ 31,942 , for the nine months ended September 30, 2024 and 2023 , respectively. The net gain or loss reclassified into income from accumulated other comprehensive income is reported in interest expense on the consolidated statements of operations and comprehensive loss. The amount that is expected to be reclassified from accumulated other comprehensive income into income (loss) in the next 12 months is $ 9,098 .

Distributions

Distributions	9 Months Ended
	Sep. 30, 2024
Distributions [Abstract]
Distributions	NOTE 7 – DISTRIBUTIONS The table below presents the distributions paid and declared during the three and nine months ended September 30, 2024 and 2023. Three Months Ended Nine Months Ended 2024 2023 2024 2023 Distributions paid $ 4,900 $ 4,910 $ 14,707 $ 14,729 Distributions declared $ 4,897 $ 4,916 $ 14,698 $ 14,729

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) per Share	NOTE 8 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. The Company excludes antidilutive restricted shares and units from the calculation of weighted-average shares for diluted EPS. As a result of a net loss in the three and nine months ended September 30, 2024, 5,911 and 4,722 s hares, respectively, were excluded from the computation of diluted EPS, because they would have been antidilutive. As a result of a net loss in the three and nine months ended September 30, 2023 , 4,433 and 4,809 shares, respectively, were excluded from the computation of diluted EPS, because they would have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9 – COMMITMENTS AND CONTINGENCIES The Company may be subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the consolidated financial statements of the Company.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	NOTE 10 – EQUITY-BASED COMPENSATION Under the Company’s Employee and Director Restricted Share Plan (“RSP”), restricted shares generally vest over a one to three year vesting period from the date of the grant, subject to the specific terms of the grant. In accordance with the RSP, restricted shares are issued to non-employee directors as compensation. Restricted shares are included in common stock outstanding on the date of the vesting. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares issued to the non-employee directors was $ 24 and $ 71 , in the aggregate, for the three and nine months ended September 30, 2024 , respectively. Compensation expense associated with the restricted shares issued to the non-employee directors was $ 20 and $6 4 , in the aggregate, for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, the Co mpany had $ 57 of unrecognized compensation expense related to the unvested restricted shares, in the aggregate. The weighted average remaining period that compensation expense related to unvested restricted shares will be recognized is 1.38 years. There were no restricted shares that vested during the three and nine months ended September 30, 2024. The total fair value at the vesting date for restricted shares that vested during the three and nine months ended September 30, 2023 was $ 0 and $ 29 , respectively. A summary table of the status of the restricted shares is presented below: Restricted Shares Outstanding at December 31, 2023 9,477 Granted — Vested — Outstanding at September 30, 2024 9,477

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	NOTE 11 – SEGMENT REPORTING The Company has one reportable segment as defined by GAAP, retail real estate, for the nine months ended September 30, 2024 and 2023 .

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Transactions With Related Parties	NOTE 12 – TRANSACTIONS WITH RELATED PARTIES The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2024 and 2023. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three Months Ended Nine Months Ended Unpaid amounts as of 2024 2023 2024 2023 September 30, 2024 December 31, 2023 General and administrative reimbursements (a) $ 391 $ 420 $ 1,219 $ 1,362 $ 270 $ 268 Real estate management fees $ 1,467 $ 1,357 $ 4,371 $ 4,233 $ — $ — Property operating expenses 500 456 1,430 1,457 21 15 Construction management fees 153 213 341 312 144 74 Leasing fees 79 93 303 249 93 128 Total real estate management related costs (b) $ 2,199 $ 2,119 $ 6,445 $ 6,251 $ 258 $ 217 Business management fees (c) 2,236 $ 2,306 $ 6,722 $ 7,322 $ 2,236 $ 2,311 (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties on the consolidated balance sheets. (b) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”), the Company pays a monthly real estate management fee of up to 1.9 % of the gross income from any single-tenant, net-leased property, and up to 3.9 % of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive loss. (c) Prior to April 1, 2023, the Company paid the Business Manager an annual business management fee equal to 0.65 % of its “average invested assets.” The fee was payable quarterly in an amount equal to 0.1625 % of its average invested assets as of the last day of the immediately preceding quarter. Effective April 1, 2023, the Company began paying the Business Manager an annual business management fee equal to 0.55 % of its “averaged invested assets.” The fee is payable quarterly in an amount equal to 0.1375 % of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties on the consolidated balance sheets. The Business Management Agreement terminates on March 31, 2027. On January 19, 2024, the Company entered into the Fourth Business Management Agreement with the Business Manager effective February 1, 2024, to, among other things, provide the Company with the authority to engage a person not affiliated with or employed by the Business Manager to serve as president and chief executive officer of the Company and to reduce the business management fee payable to the Business Manager by the amount of any payment made to any third-party person as compensation for service as the Company’s president and chief executive officer. In connection with the CEO Agreement entered into with Mr. Zalatoris, the Business Management Fee is reduced by the amount of any payments made to Mr. Zalatoris under the CEO Agreement. The foregoing description is qualified by reference to the Fourth Business Management Agreement in its entirety. During the three and nine months ended September 30, 2024 , total costs incurred under the CEO Agreement were $ 88 and $ 235 , respectively. These costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 13 – FAIR VALUE MEASUREMENTS Fair Value Hierarchy The Company defines fair value based on the price that it believes would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated the fair value of its financial and non-financial instruments using available market information and valuation methodologies the Company believes to be appropriate for these purposes. Recurring Fair Value Measurements For assets and liabilities measured at fair value on a recurring basis, the table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of September 30, 2024 and December 31, 2023. Fair Value Level 1 Level 2 Level 3 Total September 30, 2024 Interest rate swap agreements - Other assets $ — $ 13,761 $ — $ 13,761 Interest rate swap agreements - Other liabilities $ — $ — $ — $ — December 31, 2023 Interest rate swap agreements - Other assets $ — $ 23,285 $ — $ 23,285 Interest rate swap agreements - Other liabilities $ — $ — $ — $ — The fair value of derivative instruments was estimated based on data observed in the forward yield curve which is widely observed in the marketplace. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the counterparty's nonperformance risk in the fair value measurements which utilize Level 3 inputs, such as estimates of current credit spreads. The Company has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative interest rate swap agreements and therefore has classified these in Level 2 of the hierarchy.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	NOTE 14 – SUBSEQUENT EVENTS In connection with the preparation of its consolidated financial statements, the Company has evaluated events that occurred subsequent to September 30, 2024 through the date on which these consolidated financial statements were issued to determine whether any of these events required disclosure in the consolidated financial statements. Director Stock Awards Pursuant to the RSP, on November 6, 2024, the Company granted each of its four independent directors 2,086.59 restricted shares for a total of 8,346 restricted shares with a total value of $ 160 . The restricted shares will vest in equal one-third increments on November 6, 2025, 2026 and 2027.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
General	General The consolidated financial statements have been prepared in accordance with GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year.
Restricted Cash	Restricted Cash Amounts included in restricted cash represent those required to be set aside by lenders for real estate taxes, insurance, capital expenditures and tenant improvements on the Company's existing properties. These amounts also include post close escrows for tenant improvements, leasing commissions, master lease, general repairs and maintenance, and are classified as restricted cash on the Company’s consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown on the Company’s consolidated statements of cash flows: September 30, 2024 2023 Cash and cash equivalents $ 10,911 $ 9,271 Restricted cash 480 478 Total cash, cash equivalents, and restricted cash $ 11,391 $ 9,749
Accounting Pronouncements Recently Issued but Not Yet Effective	Accounting Pronouncements Recently Issued but Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company has not early adopted ASU 2023-07. The Company continues to evaluate this guidance and expects the standard to impact its disclosures pertaining to having a single reportable segment but does not anticipate the guidance to have an impact on the Company’s financial position, results of operations, or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-07 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied prospectively, however retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to such amounts shown on the Company’s consolidated statements of cash flows: September 30, 2024 2023 Cash and cash equivalents $ 10,911 $ 9,271 Restricted cash 480 478 Total cash, cash equivalents, and restricted cash $ 11,391 $ 9,749

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Summary of Rental Income Related to Operating Leases	Rental income related to the Company's operating leases is comprised of the following: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Rental income - fixed payments $ 29,648 $ 28,943 $ 88,847 $ 86,380 Rental income - variable payments (a) 7,491 7,427 23,088 22,504 Amortization of acquired lease intangibles, net 59 ( 46 ) 50 2,375 Rental income $ 37,198 $ 36,324 $ 111,985 $ 111,259 (a) Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.

Acquired Intangible Assets an_2

Acquired Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities	The following table summarizes the Company’s identified intangible assets and liabilities as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Intangible assets: Acquired in-place lease value $ 183,305 $ 183,305 Acquired above market lease value 52,640 52,640 Accumulated amortization ( 183,577 ) ( 174,118 ) Acquired lease intangibles, net $ 52,368 $ 61,827 Intangible liabilities: Acquired below market lease value $ 79,914 $ 79,914 Accumulated amortization ( 45,042 ) ( 42,494 ) Acquired below market lease intangibles, net $ 34,872 $ 37,420
Schedule of Amortization of Acquired In Place Lease Value, Above Market and Below Market Lease Values	Amortization pertaining to acquired in-place lease value, above market lease value and below market lease value is summarized below: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Amortization recorded as amortization expense: Acquired in-place lease value $ 2,249 $ 2,651 $ 6,961 $ 8,863 Amortization recorded as a (reduction) increase to rental income: Acquired above market leases $ ( 828 ) $ ( 900 ) $ ( 2,498 ) $ ( 2,696 ) Acquired below market leases 887 854 2,548 5,071 Net rental income (reduction) increase $ 59 $ ( 46 ) $ 50 $ 2,375
Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2024 for each of the five succeeding years and thereafter is as follows: Acquired Above Market Leases Below 2024 (remainder of year) $ 2,142 $ 813 $ 816 2025 6,741 2,929 3,058 2026 5,017 2,503 2,920 2027 3,609 1,858 2,717 2028 2,909 1,612 2,581 Thereafter 13,699 8,536 22,780 Total $ 34,117 $ 18,251 $ 34,872

Debt and Derivative Instrumen_2

Debt and Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Mortgages and Credit Facilities Payable	As of September 30, 2024 and December 31, 2023, the Company had the following mortgages and credit facility payable: September 30, 2024 December 31, 2023 Type of Debt Principal Amount Weighted Principal Weighted Fixed rate mortgages payable $ 111,765 3.83 % $ 112,019 3.84 % Variable rate mortgages payable with swap agreements 26,000 4.55 % 26,000 4.55 % Mortgages payable 137,765 3.97 % 138,019 3.97 % Credit facility payable 700,000 4.80 % 709,000 4.95 % Total debt before unamortized debt issuance costs including impact of interest rate swaps 837,765 4.66 % 847,019 4.79 % (Less): Unamortized debt issuance costs ( 2,232 ) ( 3,129 ) Total debt $ 835,533 $ 843,890
Schedule of Principal Payments and Maturities of Company's Debt	As of September 30, 2024, scheduled principal payments and maturities on the Company’s debt were as follows: September 30, 2024 Scheduled Principal Payments and Maturities by Year: Scheduled Maturities of Mortgage Loans Maturity of Credit Facility Total 2024 (remainder of the year) $ 87 $ — $ — $ 87 2025 295 92,656 — 92,951 2026 — 44,727 125,000 169,727 2027 — — 575,000 575,000 2028 — — — — Thereafter — — — — Total $ 382 $ 137,383 $ 700,000 $ 837,765
Summary of Interest Rate Swap Contracts Outstanding	The following table summarizes the Company’s interest rate swap contracts outstanding as of September 30, 2024. Date Effective Maturity Receive Floating Rate Index (a) Pay Notional Fair Value as of September 30, 2024 Assets December 5, 2022 December 1, 2022 January 1, 2026 One-month Term SOFR 2.25 % 26,000 443 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.69 % 90,000 3,353 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.85 % 100,000 3,362 February 3, 2022 March 1, 2022 February 3, 2027 One-month Term SOFR 1.72 % 85,000 3,126 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 60,000 849 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 60,000 849 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.71 % 75,000 1,064 May 17, 2022 June 1, 2022 February 3, 2027 One-month Term SOFR 2.77 % 55,000 715 $ 551,000 $ 13,761 (a) As of September 30, 2024 , the one-month term SOFR was 4.85 % .
Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Loss	The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023. Three Months Ended Nine Months Ended Derivatives in Cash Flow Hedging Relationships 2024 2023 2024 2023 Effective portion of derivatives $ ( 10,230 ) $ 7,969 $ 3,023 $ 17,594 Reclassification adjustment for amounts included in net loss (effective portion) $ ( 4,336 ) $ ( 4,270 ) $ ( 12,995 ) $ ( 11,604 )

Distributions (Tables)

Distributions (Tables)	9 Months Ended
	Sep. 30, 2024
Distributions [Abstract]
Schedule of Distributions Paid and Declared	The table below presents the distributions paid and declared during the three and nine months ended September 30, 2024 and 2023. Three Months Ended Nine Months Ended 2024 2023 2024 2023 Distributions paid $ 4,900 $ 4,910 $ 14,707 $ 14,729 Distributions declared $ 4,897 $ 4,916 $ 14,698 $ 14,729

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Shares	A summary table of the status of the restricted shares is presented below: Restricted Shares Outstanding at December 31, 2023 9,477 Granted — Vested — Outstanding at September 30, 2024 9,477

Transactions with Related Par_2

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2024 and 2023. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three Months Ended Nine Months Ended Unpaid amounts as of 2024 2023 2024 2023 September 30, 2024 December 31, 2023 General and administrative reimbursements (a) $ 391 $ 420 $ 1,219 $ 1,362 $ 270 $ 268 Real estate management fees $ 1,467 $ 1,357 $ 4,371 $ 4,233 $ — $ — Property operating expenses 500 456 1,430 1,457 21 15 Construction management fees 153 213 341 312 144 74 Leasing fees 79 93 303 249 93 128 Total real estate management related costs (b) $ 2,199 $ 2,119 $ 6,445 $ 6,251 $ 258 $ 217 Business management fees (c) 2,236 $ 2,306 $ 6,722 $ 7,322 $ 2,236 $ 2,311 (a) The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties on the consolidated balance sheets. (b) For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”), the Company pays a monthly real estate management fee of up to 1.9 % of the gross income from any single-tenant, net-leased property, and up to 3.9 % of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive loss. (c) Prior to April 1, 2023, the Company paid the Business Manager an annual business management fee equal to 0.65 % of its “average invested assets.” The fee was payable quarterly in an amount equal to 0.1625 % of its average invested assets as of the last day of the immediately preceding quarter. Effective April 1, 2023, the Company began paying the Business Manager an annual business management fee equal to 0.55 % of its “averaged invested assets.” The fee is payable quarterly in an amount equal to 0.1375 % of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties on the consolidated balance sheets. The Business Management Agreement terminates on March 31, 2027.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis	For assets and liabilities measured at fair value on a recurring basis, the table below presents the fair value of the Company’s cash flow hedges as well as their classification on the consolidated balance sheets as of September 30, 2024 and December 31, 2023. Fair Value Level 1 Level 2 Level 3 Total September 30, 2024 Interest rate swap agreements - Other assets $ — $ 13,761 $ — $ 13,761 Interest rate swap agreements - Other liabilities $ — $ — $ — $ — December 31, 2023 Interest rate swap agreements - Other assets $ — $ 23,285 $ — $ 23,285 Interest rate swap agreements - Other liabilities $ — $ — $ — $ —

Organization (Narrative) (Detai

Organization (Narrative) (Details)	Sep. 30, 2024 ft² State Property	Mar. 05, 2024
Organization [Line Items]
Number of retail properties owned | Property	52
Square footage of real estate properties owned | ft²	7,167,486
Number of states in which company owns real estate properties | State	24
Physical occupancy rate of properties portfolio	93.10%
Economic occupancy rate of properties portfolio	93.60%
Share Repurchase Program [Member]
Organization [Line Items]
Percentage of share price on repurchase of shares		80%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 10,911	$ 5,975	$ 9,271
Restricted cash	480	479	478
Total cash, cash equivalents, and restricted cash	$ 11,391	$ 6,454	$ 9,749	$ 5,334

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		36 Months Ended	143 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 16, 2015	Sep. 30, 2024	Dec. 31, 2023
Equity [Line Items]
Common stock, shares sold					33,534,022
Proceeds from offering					$ 834,399
Common stock, shares outstanding	36,099,468		36,099,468			36,099,468	36,163,852
Distribution reinvested	$ 1,642	$ 1,742	$ 5,001	$ 5,264
Stock repurchase program, amount	1,642	1,612	5,001	4,253
Other liabilities	10,839		10,839			$ 10,839	$ 10,500
Stock Repurchase Program [Member]
Equity [Line Items]
Shares repurchased through the share repurchase program						4,213,670
Other liabilities	0		$ 0			$ 0	$ 0
Minimum [Member]
Equity [Line Items]
Stock repurchase program, to be held			1 year
DRP [Member]
Equity [Line Items]
Distribution reinvestment plan, shares						6,760,667
Distribution reinvested	$ 1,642	$ 1,742	$ 5,001	$ 5,264

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	Sep. 30, 2024 USD ($) OperatingLease	Dec. 31, 2023 USD ($)
Operating Leased Assets [Line Items]
Number of retail operating leases | OperatingLease	830
Accounts and rent receivable	$ 22,940	$ 23,645
Allowance for bad debts	$ 978	$ 871
Minimum [Member]
Operating Leased Assets [Line Items]
Lessor, operating leases, remaining lease term	1 year
Maximum [Member]
Operating Leased Assets [Line Items]
Lessor, operating leases, remaining lease term	14 years

Leases - Summary of Rental Inco

Leases - Summary of Rental Income Related to Operating Leases (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Lease, Lease Income [Abstract]
Rental income - fixed payments		$ 29,648	$ 28,943	$ 88,847	$ 86,380
Rental income - variable payments	[1]	7,491	7,427	23,088	22,504
Amortization of acquired lease intangibles, net		59	(46)	50	2,375
Rental income		$ 37,198	$ 36,324	$ 111,985	$ 111,259
[1] Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.

Acquired Intangible Assets an_3

Acquired Intangible Assets and Liabilities (Schedule of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets:
Accumulated amortization	$ (183,577)	$ (174,118)
Acquired lease intangibles, net	52,368	61,827
Intangible liabilities:
Acquired below market lease value	79,914	79,914
Accumulated amortization	(45,042)	(42,494)
Acquired below market lease intangibles, net	34,872	37,420
Acquired in-place lease value [Member]
Intangible assets:
Acquired intangible assets	183,305	183,305
Acquired lease intangibles, net	34,117
Acquired above market lease value [Member]
Intangible assets:
Acquired intangible assets	52,640	$ 52,640
Acquired lease intangibles, net	$ 18,251

Acquired Intangible Assets an_4

Acquired Intangible Assets and Liabilities (Schedule of Amortization of Acquired In Place Lease Value, Above Market and Below Market Lease Values) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 59	$ (46)	$ 50	$ 2,375
Acquired in-place lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as amortization expense	2,249	2,651	6,961	8,863
Acquired above market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	(828)	(900)	(2,498)	(2,696)
Acquired below market lease value [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Amortization recorded as a (reduction) increase to rental income	$ 887	$ 854	$ 2,548	$ 5,071

Acquired Intangible Assets an_5

Acquired Intangible Assets and Liabilities (Schedule of Estimated Amortization of Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Future amortization for acquired in-place and above market lease assets:
Acquired lease intangibles, net	$ 52,368	$ 61,827
Future amortization for below market lease liabilities:
2024 (remainder of year)	816
2025	3,058
2026	2,920
2027	2,717
2028	2,581
Thereafter	22,780
Total	34,872
Acquired in-place lease value [Member]
Future amortization for acquired in-place and above market lease assets:
2024 (remainder of year)	2,142
2025	6,741
2026	5,017
2027	3,609
2028	2,909
Thereafter	13,699
Acquired lease intangibles, net	34,117
Above Market Leases [Member]
Future amortization for acquired in-place and above market lease assets:
2024 (remainder of year)	813
2025	2,929
2026	2,503
2027	1,858
2028	1,612
Thereafter	8,536
Acquired lease intangibles, net	$ 18,251

Debt and Derivative Instrumen_3

Debt and Derivative Instruments (Schedule of Mortgages and Credit Facility Payable) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 137,765	$ 138,019
Credit facility payable	700,000	709,000
Total debt before unamortized debt issuance costs including impact of interest rate swaps	837,765	847,019
Less: Unamortized debt issuance costs	(2,232)	(3,129)
Total debt	$ 835,533	$ 843,890
Mortgages Payable, Weighted Average Interest Rate	3.97%	3.97%
Credit Facilities Payable, Weighted Average Interest Rate	4.80%	4.95%
Total debt before unamortized debt issuance costs including impact of interest rate swaps, Weighted Average Interest Rate	4.66%	4.79%
Fixed rate mortgages payable [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 111,765	$ 112,019
Mortgages Payable, Weighted Average Interest Rate	3.83%	3.84%
Variable rate mortgages payable with swap agreements [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgages payable	$ 26,000	$ 26,000
Mortgages Payable, Weighted Average Interest Rate	4.55%	4.55%

Debt and Derivative Instrumen_4

Debt and Derivative Instruments (Narrative) (Details) $ in Thousands			3 Months Ended		9 Months Ended
	May 17, 2022 USD ($)	Feb. 03, 2022 USD ($)	Sep. 30, 2024 USD ($) Property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Property	Sep. 30, 2023 USD ($)	Nov. 07, 2024 MortgageLoan	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Indebtedness includes effects of interest rate swap, weighted average interest rate			4.66%		4.66%			4.79%
Carrying value of debt			$ 837,765		$ 837,765			$ 847,019
Estimated fair value of debt			834,803		834,803			841,313
Outstanding line of credit			700,000		700,000			$ 709,000
Interest expense			$ 10,402	$ 10,727	31,218	$ 31,942
Amount expected to be reclassified from accumulated other comprehensive income (loss) into income in the next twelve months					$ 9,098
Mortgages Payable [Member]
Debt Instrument [Line Items]
Debt, covenant compliance					the Company was current on all of its debt service payments and in compliance with all financial covenants
Weighted average maturity period			1 year 2 months 12 days		1 year 2 months 12 days
Aggregate principal balance maturing in next 12 months			$ 16,506		$ 16,506
Number of mortgage loans maturing in next twelve months | MortgageLoan							1
Variable Rate Mortgage Loans [Member] | Interest Rate Swap Agreements [Member]
Debt Instrument [Line Items]
Variable rate mortgage loan			26,000		26,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding line of credit			125,000		$ 125,000
Credit facility, interest rate					6.86%
Credit facility, maturity date		Feb. 03, 2026
Line of credit facility, expiration date, extension period		1 year
Credit facility available for borrowing			75,000		$ 75,000
Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of commitments		$ 200,000
Term Loan [Member]
Debt Instrument [Line Items]
Incremental amount borrowed under the term loan	$ 300,000
Outstanding line of credit			575,000		$ 575,000
Credit facility, interest rate					4.35%
Credit facility, maturity date		Feb. 03, 2027
Term Loan [Member] | Interest Rate Swap Agreements [Member]
Debt Instrument [Line Items]
Variable rate mortgage loan			525,000		$ 525,000
Credit Facility [Member]
Debt Instrument [Line Items]
Carrying value of debt			$ 700,000		$ 700,000
Number of properties included in pool of unencumbered properties | Property			47		47
Debt, covenant compliance					the Company was in compliance with all financial covenants related to the Credit Facility as amended.
Minimum [Member] | Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of commitments		$ 350,000
Number of unencumbered properties | Property					15
Unencumbered pool value					$ 300,000
Minimum [Member] | Term Loan [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of term loan commitments		150,000
Maximum [Member]
Debt Instrument [Line Items]
Credit facility available for borrowing			$ 75,000		$ 75,000
Maximum [Member] | Revolving Credit Facility [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of commitments		475,000
Periodic aggregate commitment for credit facility		1,200,000
Maximum [Member] | Term Loan [Member] | Lenders [Member]
Debt Instrument [Line Items]
Aggregate amount of term loan commitments		$ 275,000

Debt and Derivative Instrumen_5

Debt and Derivative Instruments (Schedule of Principal Payments and Maturities of Company's Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024 (remainder of the year)	$ 87
2025	92,951
2026	169,727
2027	575,000
Total debt before unamortized debt issuance costs including impact of interest rate swaps	837,765	$ 847,019
Maturity of Credit Facility [Member]
Debt Instrument [Line Items]
2026	125,000
2027	575,000
Total debt before unamortized debt issuance costs including impact of interest rate swaps	700,000
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2024 (remainder of the year)	87
2025	295
Total debt before unamortized debt issuance costs including impact of interest rate swaps	382
Maturities of Mortgage Loans [Member]
Debt Instrument [Line Items]
2025	92,656
2026	44,727
Total debt before unamortized debt issuance costs including impact of interest rate swaps	$ 137,383

Debt and Derivative Instrumen_6

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Derivative instrument, receive floating rate index	one-month term SOFR
Derivative assets, notional amount	$ 551,000
Fair value of derivative assets measured on recurring basis	$ 13,761
Interest Rate Swap One [Member]
Derivative [Line Items]
Derivative instrument, date entered	Dec. 05, 2022
Derivative instrument, effective date	Dec. 01, 2022
Derivative instrument, maturity date	Jan. 01, 2026
Derivative instrument, receive floating rate index	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.25%
Derivative assets, notional amount	$ 26,000
Fair value of derivative assets measured on recurring basis	$ 443
Interest Rate Swap Two [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 03, 2022
Derivative instrument, effective date	Mar. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.69%
Derivative assets, notional amount	$ 90,000
Fair value of derivative assets measured on recurring basis	$ 3,353
Interest Rate Swap Three [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 03, 2022
Derivative instrument, effective date	Mar. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.85%
Derivative assets, notional amount	$ 100,000
Fair value of derivative assets measured on recurring basis	$ 3,362
Interest Rate Swap Four [Member]
Derivative [Line Items]
Derivative instrument, date entered	Feb. 03, 2022
Derivative instrument, effective date	Mar. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	1.72%
Derivative assets, notional amount	$ 85,000
Fair value of derivative assets measured on recurring basis	$ 3,126
Interest Rate Swap Five [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 17, 2022
Derivative instrument, effective date	Jun. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.71%
Derivative assets, notional amount	$ 60,000
Fair value of derivative assets measured on recurring basis	$ 849
Interest Rate Swap Six [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 17, 2022
Derivative instrument, effective date	Jun. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.71%
Derivative assets, notional amount	$ 60,000
Fair value of derivative assets measured on recurring basis	$ 849
Interest Rate Swap Seven [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 17, 2022
Derivative instrument, effective date	Jun. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.71%
Derivative assets, notional amount	$ 75,000
Fair value of derivative assets measured on recurring basis	$ 1,064
Interest Rate Swap Eight [Member]
Derivative [Line Items]
Derivative instrument, date entered	May 17, 2022
Derivative instrument, effective date	Jun. 01, 2022
Derivative instrument, maturity date	Feb. 03, 2027
Derivative instrument, receive floating rate index	One-month Term SOFR	[1]
Derivative instrument, pay fixed interest rate	2.77%
Derivative assets, notional amount	$ 55,000
Fair value of derivative assets measured on recurring basis	$ 715
[1] As of September 30, 2024 , the one-month term SOFR was 4.85 % .

Debt and Derivative Instrumen_7

Debt and Derivative Instruments (Summary of Interest Rate Swap Contracts Outstanding) (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2024
Derivative [Line Items]
Derivative instrument, receive floating rate index	one-month term SOFR
SOFR
Derivative [Line Items]
One month floating rate	4.85%

Debt and Derivative Instrumen_8

Debt and Derivative Instruments (Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification adjustment for amounts included in net loss (effective portion)	$ (4,336)	$ (4,270)	$ (12,995)	$ (11,604)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of derivatives	(10,230)	7,969	3,023	17,594
Reclassification adjustment for amounts included in net loss (effective portion)	$ (4,336)	$ (4,270)	$ (12,995)	$ (11,604)

Distributions (Schedule of Dist

Distributions (Schedule of Distributions Paid and Declared) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Distributions [Abstract]
Distributions paid	$ 4,900	$ 4,910	$ 14,707	$ 14,729
Distributions declared	$ 4,897	$ 4,916	$ 14,698	$ 14,729

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Additional shares excluded from the computation of diluted earnings per share	5,911	4,433	4,722	4,809

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense of unvested share-based awards	$ 57		$ 57
Weighted average remaining period unrecognized compensation expense related to non-vested			1 year 4 months 17 days
Vested, Shares	0		0
Total fair value at vesting date		$ 0		$ 29
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation vesting period			1 year
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation vesting period			3 years
Non-Employee Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 24	$ 20	$ 71	$ 4

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of the Restricted Shares) (Details) - Restricted Stock [Member] - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Shares		9,477
Vested, Shares	0	0
Outstanding, Shares	9,477	9,477

Segment Reporting (Details)

Segment Reporting (Details) - Segment	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Number of reportable segments	1	1

Transactions with Related Par_3

Transactions with Related Parties (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to related parties		$ 2,764		$ 2,764		$ 2,796
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses incurred with related party	[1]	391	$ 420	1,219	$ 1,362
Due to related parties	[1]	270		270		268
Real Estate Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		1,467	1,357	4,371	4,233
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		500	456	1,430	1,457
Due to related parties		21		21		15
Construction Management Fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		153	213	341	312
Due to related parties		144		144		74
Leasing fees [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party		79	93	303	249
Due to related parties		93		93		128
Real Estate Management Costs [Member]
Related Party Transaction [Line Items]
Real estate management related costs with related party	[2]	2,199	2,119	6,445	6,251
Due to related parties	[2]	258		258		217
Business Management Fee [Member]
Related Party Transaction [Line Items]
Business management fees	[3]	2,236	$ 2,306	6,722	$ 7,322
Due to related parties	[3]	$ 2,236		$ 2,236		$ 2,311
[1] The Business Manager and its related parties are entitled to reimbursement for certain general and administrative expenses incurred by the Business Manager or its related parties relating to the Company’s administration. Such costs are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. Unpaid amounts are included in due to related parties on the consolidated balance sheets. For each property that is managed by Inland Commercial Real Estate Services LLC (the “Real Estate Manager”), the Company pays a monthly real estate management fee of up to 1.9 % of the gross income from any single-tenant, net-leased property, and up to 3.9 % of the gross income from any other property type. The Real Estate Manager determines, in its sole discretion, the amount of the fee with respect to a particular property, subject to the limitations. For each property that is managed directly by the Real Estate Manager or its affiliates, the Company pays the Real Estate Manager a separate leasing fee. Further, in the event that the Company engages its Real Estate Manager to provide construction management services for a property, the Company pays a separate construction management fee. Leasing fees are included in deferred costs, net and construction management fees are included in building and other improvements in the consolidated balance sheets. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses and benefits of persons performing services for the Real Estate Manager and its affiliates except for the salaries, bonuses and benefits of persons who also serve as an executive officer of the Real Estate Manager or the Company. Real estate management fees and reimbursable expenses are included in property operating expenses in the consolidated statements of operations and comprehensive loss. Prior to April 1, 2023, the Company paid the Business Manager an annual business management fee equal to 0.65 % of its “average invested assets.” The fee was payable quarterly in an amount equal to 0.1625 % of its average invested assets as of the last day of the immediately preceding quarter. Effective April 1, 2023, the Company began paying the Business Manager an annual business management fee equal to 0.55 % of its “averaged invested assets.” The fee is payable quarterly in an amount equal to 0.1375 % of its average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities and consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties on the consolidated balance sheets. The Business Management Agreement terminates on March 31, 2027.

Transactions with Related Par_4

Transactions with Related Parties (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		18 Months Ended
	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Related Party Transaction [Line Items]
Annual business management fee to its average invested assets, percentage	0.65%					0.55%
Quarterly payable business management fee to its average invested assets, percentage	0.1625%					0.1375%
Total costs incurred		$ 1,332	$ 1,168	$ 4,310	$ 3,927
CEO Agreement [Member]
Related Party Transaction [Line Items]
Total costs incurred		$ 88		$ 235
Monthly Real Estate Management Fee Of Single Tenant Property [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee, percentage of gross income				1.90%
Monthly Real Estate Management Fee Of Any Other Property [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee, percentage of gross income				3.90%

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Fair Value Assets and Liabilities Measured on a Recurring Basis) (Details) - Recurring [Member] - Interest Rate Swap Agreements [Member] - Other Assets [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets	$ 13,761	$ 23,285
Level 2 [Member]
Derivatives Fair Value [Line Items]
Interest rate swap agreements - Other assets	$ 13,761	$ 23,285

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Nov. 06, 2024	Sep. 30, 2024
Subsequent Event [Line Items]
Vesting description		The restricted shares will vest in equal one-third increments on November 6, 2025, 2026 and 2027.
Subsequent Event [Member] | Restricted Shares [Member]
Subsequent Event [Line Items]
Granted, Shares	8,346
Granted value	$ 160
Subsequent Event [Member] | Restricted Shares [Member] | Each Independent Directors [Member]
Subsequent Event [Line Items]
Granted, Shares	2,086.59