IPC Alternative Real Estate Income Trust Inc.
04/03/2026 | Press release | Distributed by Public on 04/03/2026 12:58
PRIOR PERFORMANCE TABLES (Form 8-K)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): April 01, 2026 |
IPC Alternative Real Estate Income Trust, Inc.
(Exact name of Registrant as Specified in Its Charter)
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Maryland |
333-272750 |
87-1302380 |
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(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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2901 Butterfield Road |
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Oak Brook, Illinois |
60523 |
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(Address of Principal Executive Offices) |
(Zip Code) |
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Registrant's Telephone Number, Including Area Code: (630) 218-8000 |
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N/A |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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None |
N/A |
N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 3.02 Unregistered Sales of Equity Securities.
On April 1, 2026, IPC Alternative Real Estate Income Trust, Inc. (the "Company") issued 7,452 shares of Class X-1 common stock at a price per share of $23.4833 to accredited investors in a private placement for an aggregate purchase price of $175,000. The offer and sale of the Class X-1 shares is exempt from the registration provisions of the Securities Act of 1933, as amended (the "Securities Act"), by virtue of Section 4(a)(2) thereof and Rule 506(c) of Regulation D promulgated thereunder. Such Class X-1 shares will be exchanged for Class X-2 shares without registration in reliance on the exemption from registration under the Securities Act afforded by Section 3(a)(9) thereof at an exchange rate based on the net asset value per share of each class as of the exchange date if the gross proceeds by the applicable distribution participant reaches the target specified by the Company's dealer manager.
Item 8.01 Other Events.
This Current Report on Form 8-K is being filed by the Company to present information about the prior performance of programs sponsored by certain affiliates of Inland Real Estate Investment Corporation, the Company's sponsor. This prior performance information is being filed on Form 8-K in order to be incorporated by reference into the Company's Registration Statement on Form S-11 (File No. 333-272750).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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IPC Alternative Real Estate Income Trust, Inc. |
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Date: |
April 3, 2026 |
By: |
/s/ Jerry Kyriazis |
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Jerry Kyriazis |
PRIOR PERFORMANCE TABLES
The following prior performance tables provide information relating to certain real estate investment programs sponsored by our sponsor, Inland Real Estate Investment Corporation, and its affiliates, collectively referred to herein as the prior programs. These prior programs focus on investing in commercial real estate or commercial real estate debt. Each individual prior program has its own specific investment objectives. We consider a program to have investment objectives similar to ours if the program seeks steady income and potential capital appreciation by investing in stabilized or substantially stabilized commercial real estate. Of those programs sponsored by our sponsor or its affiliates during the ten-year period ended December 31, 2025, we consider only the following programs to have investment objectives similar to ours: Inland Real Estate Income Trust, Inc., Inland Residential Properties Trust, Inc., MH Ventures 2019-1, LLC ("MH-2019"), and MH Ventures Fund II, Inc. ("MH Ventures II") and IVP MHC Fund III, LLC ("MHC Fund III"). We have presented all prior programs that have investment objectives similar to ours and certain other recent programs that do not have investment objectives similar to ours, as required by applicable SEC guidance. MHC Fund III has not been included in the disclosure below because it continues to raise capital on a private placement basis.
This information should be read together with the summary information included in the "Prior Performance" section of this prospectus.
By purchasing shares in this offering, you will not acquire any ownership interest in any prior real estate programs to which the information in this section relates and you should not assume that you will experience returns, if any, comparable to those experienced by the investors in the prior programs discussed. Further, certain of the prior programs discussed in this section were conducted through privately held entities that were subject neither to the fees and expenses associated with this offering nor all of the laws and regulations that will apply to us as a publicly offered REIT.
Description of the Tables
The following tables are included herein:
Table I - Experience in Raising and Investing Funds
Table II - (Omitted) Compensation to Sponsor has been omitted since compensation data is included in Table IV-Results of Completed Programs.
Table III - Operating Results of Prior Programs
Table IV - Results of Completed Programs
Table V - Sales or Disposals of Property
TABLE I
EXPERIENCE IN RAISING AND INVESTING FUNDS
The following table provides a summary of the experience of our sponsor or its affiliates in investing and raising funds in prior programs for which the offerings have closed after January 1, 2023. Information is provided pertaining to the timing and length of the offering and the time period over which the proceeds have been invested in the properties. MHC Fund III has investment objectives similar to ours.
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IVP MCH Fund III, LLC |
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InPoint Commercial Real Estate Income, Inc.(2) |
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Dollar amount offered |
$150,000,000 |
$163,950,253 |
$4,250,000,000 |
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Dollar amount raised |
$26,034,827 |
$163,950,253 |
$42,814,000 |
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Length of offering (in months) |
27 |
16 |
65 |
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Months to invest 90% of amount available for investment (measured from date of offering) |
N/A |
N/A |
N/A |
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(1)
IPC Student Housing Portfolio DST is a private placement program sponsored by IPC. This program does not have investment objectives similar to ours, but was selected for this table because its offering closed after January 1, 2023 and it invested in the same alternative property types in which we intend to invest.
(2)
This table depicts the amount offered and raised through InPoint's public offerings of common stock, including distribution reinvestment plans. The presentation does not include InPoint's private offering of up to $500 million in Class P shares or its underwritten public offering of Series A Preferred Stock. InPoint issued and sold 10,258,094 Class P shares in its private offering for total gross proceeds of $276.7 million. InPoint received net proceeds in the Preferred Stock Offering of $86.3 million after underwriter's discount and issuance costs. Although InPoint has been included for purposes of this table, we do not consider InPoint to have investment objectives similar to ours.
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TABLE III
OPERATING RESULTS OF PRIOR PROGRAMS
The following table sets forth the unaudited operating results of prior programs sponsored by our sponsor or its affiliates, the offerings of which have closed or are open-ended after January 1, 2021. For these programs, this table shows: the income or loss of such programs (except as otherwise noted, based on U.S. generally accepted accounting principles ("GAAP")); the cash they generated from operations, sales and financings; and information regarding cash distributions. MH Ventures II and MHC Fund III have investment objectives similar to ours. Unless otherwise indicated, all amounts are as of and for the year ended December 31 for the year indicated.
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MH Ventures Fund II, Inc. |
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2023 |
2024 |
2025 |
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Selected Operating Results |
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Operating revenues |
$10,096,636 |
$10,725,146 |
$10,892,430 |
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Operating expenses |
$10,337,285 |
$10,500,770 |
$10,763,858 |
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Interest expense |
$101,997 |
- |
- |
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Operating income |
$(342,647) |
$224,376 |
$128,572 |
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Net income - GAAP basis |
$(342,647) |
$224,376 |
$128,572 |
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Summary Statements of Cash Flows |
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Cash flows provided by operating activities |
$4,520,000 |
$4,447,000 |
$4,586,000 |
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Cash flows provided by investing activities |
$(8,100,000) |
$(2,644,000) |
$(781) |
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Cash flows provided by financing activities |
$(16,936,000) |
$(4,933,000) |
$(4,933,000) |
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Amount and Source of Distributions |
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Amount of cash distributions paid to common stockholders |
$4,933,089 |
$4,933,102 |
$4,933,100 |
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Amount of reinvested distributions paid to common stockholders |
- |
- |
- |
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Total distributions paid to common stockholders |
$4,933,089 |
$4,933,102 |
$4,933,100 |
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Sources of Distributions (per $1,000 invested) |
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From operations |
$4,933,089 |
$4,933,102 |
$4,933,100 |
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From sales of properties |
- |
- |
- |
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From debt financing |
- |
- |
- |
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From offering proceeds |
- |
- |
- |
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From other sources |
- |
- |
- |
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Summary Balance Sheet |
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Total assets (before depreciation/amortization) |
$143,335,000 |
$142,719,000 |
$142,138,000 |
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Total assets (after depreciation) |
$136,401,000 |
$131,763,000 |
$127,019,000 |
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Total liabilities |
$1,600,000 |
$1,670,000 |
$1,731,000 |
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Share Valuation |
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Estimated per share at December 31st(1) |
N/A |
N/A |
N/A |
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(1) MH Ventures II was offered on a private placement basis and did not report a net asset value per share. |
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IVP MHC Fund III, LLC |
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2023 |
2024 |
2025 |
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Selected Operating Results |
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Operating revenues |
$4,311 |
$1,111,664 |
$1,872,844 |
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Operating expenses |
$20,036 |
$1,490,011 |
$1,987,373 |
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Interest expense |
- |
$118,646 |
$6,742 |
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Operating income |
$(15,725) |
$(496,994) |
$(121,270) |
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Net income - GAAP basis |
$(15,725) |
$(496,994) |
$(121,270) |
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Summary Statements of Cash Flows |
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Cash flows provided by operating activities |
$(3,000) |
$519,000 |
$183,000 |
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Cash flows provided by investing activities |
- |
$(14,334,000) |
$(34,000) |
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Cash flows provided by financing activities |
$2,330,000 |
$12,287,000 |
$8,415,000 |
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Amount and Source of Distributions |
- |
$163,000 |
$661,000 |
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Amount of cash distributions paid to common stockholders |
- |
- |
- |
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Amount of reinvested distributions paid to common stockholders |
- |
$163,000 |
$661,000 |
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Total distributions paid to common stockholders |
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Sources of Distributions (per $1,000 invested) |
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From operations |
- |
$163,000 |
$661,000 |
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From sales of properties |
- |
- |
- |
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From debt financing |
- |
- |
- |
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From offering proceeds |
- |
- |
- |
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From other sources |
- |
- |
- |
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Summary Balance Sheet |
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Total assets (before depreciation/amortization) |
$2,339,000 |
$15,032,000 |
$23,618,000 |
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Total assets (after depreciation) |
$2,339,000 |
$14,674,000 |
$22,702,000 |
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Total liabilities |
$25,000 |
$3,503,000 |
$370,000 |
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Share Valuation |
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Estimated per share at December 31st(1) |
N/A |
N/A |
N/A |
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(1) MHC Fund III was offered on a private placement basis and did not report a net asset value per share. |
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InPoint Commercial Real Estate Income, Inc. |
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2023 |
2024 |
2025 |
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Selected Operating Results |
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Operating revenues |
$80,973,000 |
$60,890,000 |
$46,959,000 |
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Operating expenses |
$(19,554,000) |
$(10,361,000) |
$17,862,000 |
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Interest expense |
$(42,195,000) |
$(36,501,000) |
$23,953,000 |
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Operating income |
$(4,438,000) |
$12,669,000 |
$(1,573,000) |
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Net income - GAAP basis |
$(4,438,000) |
$12,669,000 |
$(1,573,000) |
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Summary Statements of Cash Flows |
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Cash flows provided by operating activities |
$16,197,000 |
$17,976,000 |
$11,388,000 |
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Cash flows provided by investing activities |
$96,529,000 |
$127,587,000 |
$136,348,000 |
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Cash flows provided by financing activities |
$(87,991,000) |
$(135,157,000) |
$(133,179,000) |
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Amount and Source of Distributions |
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Amount of cash distributions paid to common stockholders |
$12,509,000 |
$12,602,000 |
$12,606,000 |
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Amount of reinvested distributions paid to common stockholders |
$85,000 |
$0 |
$0 |
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Total distributions paid to common stockholders |
$12,594,000 |
$12,602,000 |
$12,606,000 |
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Sources of Distributions (per $1,000 invested) |
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From operations |
100.0% |
100.0% |
90.3% |
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From sales of properties |
- |
- |
9.7% |
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From debt financing |
- |
- |
0% |
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From offering proceeds |
- |
- |
0% |
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From other sources |
- |
- |
0% |
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Summary Balance Sheet |
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Total assets (before depreciation/amortization) |
$780,346,000 |
$662,853,000 |
$536,236,000 |
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Total assets (after depreciation) |
$780,346,000 |
$661,315,000 |
$529,241,000 |
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Total liabilities |
$529,795,000 |
$416,736,000 |
$302,993,000 |
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Share Valuation |
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Estimated per share at December 31st |
$16.8995 |
$16.3513 |
$14.1316 |
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Kansas City MSA Senior Living DST (1), (2) |
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2023 |
2024 |
2025 |
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Selected Operating Results |
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Operating revenues |
$2,685,644 |
$2,870,744 |
$3,253,890 |
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Operating expenses |
$(136,725) |
$(175,614) |
$(153,045) |
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Interest expense |
$(872,883) |
$(878,342) |
$(1,073,700) |
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Operating income |
$1,676,036 |
$1,816,788 |
$2,027,146 |
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Net income - GAAP basis |
N/A |
N/A |
N/A |
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Summary Statements of Cash Flows |
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Cash flows provided by operating activities |
$1,676,036 |
$1,816,788 |
$2,027,145 |
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Cash flows provided by investing activities |
$(550,364) |
$(691,116) |
$(901,474) |
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Cash flows provided by financing activities |
- |
- |
- |
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Amount and Source of Distributions |
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Amount of cash distributions paid to common stockholders |
$1,125,672 |
$1,125,672 |
$1,125,671 |
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Amount of reinvested distributions paid to common stockholders |
- |
- |
- |
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Total distributions paid to common stockholders |
$1,125,672 |
$1,125,672 |
$1,125,6721 |
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Sources of Distributions (per $1,000 invested) |
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From operations |
100% |
100% |
100% |
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From sales of properties |
- |
- |
- |
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From debt financing |
- |
- |
- |
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From offering proceeds |
- |
- |
- |
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From other sources |
- |
- |
- |
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Summary Balance Sheet(3) |
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Total assets (before depreciation/amortization) |
N/A |
N/A |
N/A |
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Total assets (after depreciation) |
N/A |
N/A |
N/A |
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Total liabilities |
N/A |
N/A |
N/A |
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Share Valuation |
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Estimated per share at December 31st(4) |
N/A |
N/A |
N/A |
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(1) Kansas City MSA Senior Living DSTis a private placement program sponsored by IPC. This program does not have investment objectives similar to ours, but was selected for this table because its offering closed after January 1, 2021 and it invested in the same alternative property types in which we intend to invest. |
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(2) Results are not presented in accordance with GAAP, but rather presented on a modified accrual basis at the property level. |
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(3) Because this program was designed for, but not limited to, prospective investors seeking to defer the recognition of gain on the sale of other real property under Section 1031 of the Code, and because each investor has its own tax basis, IPC does not maintain a balance sheet for this program. |
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(4) Kansas City MSA Senior Living DST was offered on a private placement basis and did not report a net asset value per share. |
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Rochester MN Senior Living DST(1), (2) |
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2023 |
2024 |
2025 |
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Selected Operating Results |
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Operating revenues |
$4,574,982 |
$5,119,524 |
$5,586,134 |
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Operating expenses |
$(154,922) |
$(139,890) |
$(163,356) |
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Interest expense |
N/A |
N/A |
N/A |
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Operating income |
$4,531,957 |
$4,971,274 |
$5,422,778 |
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Net income - GAAP basis |
N/A |
N/A |
N/A |
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Summary Statements of Cash Flows |
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Cash flows provided by operating activities |
$4,531,957 |
$4,971,274 |
$5,422,778 |
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Cash flows provided by investing activities |
$(1,429,744) |
$(1,980,958) |
$(2,432,462) |
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Cash flows provided by financing activities |
- |
- |
- |
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Amount and Source of Distributions |
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Amount of cash distributions paid to common stockholders |
$2,990,316 |
$2,990,316 |
$2,990,316 |
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Amount of reinvested distributions paid to common stockholders |
- |
- |
- |
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Total distributions paid to common stockholders |
$2,990,316 |
$2,990,316 |
$2,990,316 |
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Sources of Distributions (per $1,000 invested) |
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From operations |
100% |
100% |
100% |
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From sales of properties |
- |
- |
- |
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From debt financing |
- |
- |
- |
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From offering proceeds |
- |
- |
- |
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From other sources |
- |
- |
- |
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Summary Balance Sheet(3) |
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Total assets (before depreciation/amortization) |
N/A |
N/A |
N/A |
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Total assets (after depreciation) |
N/A |
N/A |
N/A |
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Total liabilities |
N/A |
N/A |
N/A |
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Share Valuation |
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Estimated per share at December 31st(4) |
N/A |
N/A |
N/A |
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(1) Rochester MN Senior Living DST is a private placement program sponsored by IPC. This program does not have investment objectives similar to ours, but was selected for this table because its offering closed after January 1, 2021 and it invested in the same alternative property types in which we intend to invest. |
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(2) Results are not presented in accordance with GAAP, but rather presented on a modified accrual basis at the property level. |
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(3) Because this program was designed for, but not limited to, prospective investors seeking to defer the recognition of gain on the sale of other real property under Section 1031 of the Code, and because each investor has its own tax basis, IPC does not maintain a balance sheet for this program. |
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(4) Rochester MN Senior Living DST was offered on a private placement basis and did not report a net asset value per share. |
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TABLE IV
RESULTS OF COMPLETED PROGRAMS
The following table summarizes information on the results of the prior programs that have completed operations during the five-year period ended December 31, 2025. Only MH-2019 has investment objectives similar to ours.
Self-Storage Portfolio I DST, Self-Storage Portfolio II DST, Self-Storage Portfolio IV DST and San Marcos Student Living DST were private placement programs sponsored by IPC. These programs do not have investment objectives similar to ours, but were selected for this table because they were completed within the five-year period ended December 31, 2025 and invested in the same alternative property types in which we intend to invest.
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MH Ventures 2019-1, LLC |
Self-Storage Portfolio I DST |
Self-Storage Portfolio II DST |
Self-Storage Portfolio IV DST |
San Marcos Student Living DST |
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Date of completion of operations |
10/31/2022 |
10/21/2021 |
10/20/2021 |
10/21/2021 |
08/06/2024 |
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Duration of operations (months) |
41 |
66 |
59 |
54 |
106 |
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Dollar amount raised |
$23,980,477 |
$49,364,432 |
$21,384,982 |
$26,755,741 |
$24,321,998 |
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Annualized return on investment |
34% |
10.78% |
16.69% |
16.71% |
5.54% |
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Median annual leverage |
64% |
52% |
47% |
54% |
51% |
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Aggregate compensation paid or reimbursed to the Sponsor and its Affiliates |
$2,573,855(1) |
$3,034,414 |
$1,601,087 |
$1,282,438 |
$1,627,615 |
(1) Does not include Class B incentive fee payments from the disposition of the portfolio.
TABLE V
SALES OR DISPOSALS OF PROPERTY
The following table summarizes all sales or disposals of property by the prior programs with similar investment objectives to ours during the three-year period ended December 31, 2025.
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Property |
Date Acquired |
Date of Sale |
Cash received net of closing costs |
Mortgage balance at time of sale |
Purchase money mortgage taken back by program |
Adjustments resulting from application of GAAP |
Total |
Original Mortgage Financing |
Total acquisition cost, capital improvement, closing and soft costs |
Total |
Excess (deficiency) of property operating cash receipts over cash expenditures |
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Loan Secured by Office Property in Reston, VA(1) |
3/5/2021 |
9/30/2024 |
$13,923,548 |
$12,994,927 |
- |
- |
$12,994,927 |
$12,994,927 |
$12,994,927 |
$12,994,927 |
$928,621 |
(1)
Owned by InPoint. Although InPoint has been included for purposes of this table, we do not consider InPoint to have investment objectives similar to ours.
IPC Alternative Real Estate Income Trust Inc. published this content on April 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 03, 2026 at 18:58 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]