December 22, 2025

Dear Stockholder:

I am writing to share several important updates regarding Inland Real Estate Income Trust, Inc. ("we," "Inland Income Trust" or the "Company").

Upcoming Quarterly Distribution

The Inland Income Trust Board of Directors (the "Board") approved a distribution to stockholders for the fourth quarter of 2025. Stockholders of record as of December 31, 2025, will receive a $0.1356 per share distribution on or around January 7, 2026.

New Estimated Per-Share NAV Declared

On December 8, 2025, the Board determined an updated estimated net asset value ("NAV") per share of $16.89 for the Company's common stock as of September 30, 2025. This determination followed review by management and the Board of a valuation report prepared by SitusAMC Real Estate Valuation Services, LLC, which presented a valuation range of $15.76 to $18.02 per share. The Board selected the mid-point of the range, as reported in the Company's Form 8-K dated December 9, 2025. You can review the full filing on the Company's website at inland-investments.com/inland-income-trust/sec-filings. The updated NAV will appear on fourth quarter account statements mailed in January 2026.

SRP & DRP Reinstated; New Pricing for Exceptional Repurchases

The Board has reinstated the Company's Distribution Reinvestment Plan ("DRP"), effective February 1, 2026. Any stockholder interested in participating in the DRP - including those previously enrolled in the DRP - must re-enroll using the Company's Change of Distribution Form.

The Board has also reinstated and amended the Company's Share Repurchase Program ("SRP"), effective February 1, 2026. Under the newly amended and restated SRP, the repurchase price will be $16.89 per share for repurchases due to death or qualifying disability (equal to the current NAV) and $13.51 per share for ordinary repurchases (equal to 80 percent of the current NAV), subject to Board change.

Any stockholder interested in redeeming shares - including those previously in the redemption queue before the program's suspension - must complete a request using the Redemption Request Form. Please note that any written request due to the death or qualifying disability of an owner that occurred between October 1, 2024 and December 31, 2025 must be received by the Company no later than December 31, 2026.

Finally, to ensure timely and secure delivery of important Company updates, we recommend that you enroll in electronic delivery of documents by completing and returning the enclosed E-Delivery Consent Form.

All forms, including the E-Delivery Consent Form, Change of Distribution Form, and Redemption Request Form, are available on the Company's website at inland-investments.com/inland-income-trust/forms.

If you need assistance completing any forms or have questions, please do not hesitate to contact your financial professional or our Investor Services team at 866-My-Inland (866-694-6526).

Sincerely,

INLAND REAL ESTATE INCOME TRUST, INC.

Mark Zalatoris

President and Chief Executive Officer