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 focuses primarily on acquiring and owning a portfolio substantially all of which is comprised of grocery-anchored properties. As of March 31, 2026, the Company owned 52 retail properties. The properties aggregate a total of 7.2 million square feet. The properties are located in 24 states. A majority of the Company’s properties are multi-tenant, necessity-based retail shopping centers located primarily in major regional markets and growing secondary markets throughout the United States. As of March 31, 2026, the Company’s portfolio had physical and economic occupancy of 92.4% and 92.6%, respectively.

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”). Various affiliates of the Sponsor provide services to the Company through the Business Manager, which is responsible for overseeing and managing the Company’s day-to-day operations. The Company’s relationship with the Business Manager is governed by the Fourth Amended and Restated Business Management Agreement (the “Business Management Agreement”) that the Company has entered into with the Business Manager. Under the Business Management Agreement, the Company pays the Business Manager a fee for the services it provides to the Company and reimburses the Business Manager for certain expenses that the Business Manager incurs on the Company’s behalf. The Company is entitled to reduce the fee payable to the Business Manager for any amounts that the Company pays to the person serving as its president and chief executive officer. The Company’s properties are managed by Inland Commercial Real Estate Services LLC, referred to herein as the “Real Estate Manager,” an indirect wholly-owned subsidiary of the Sponsor.

On December 8, 2025, as reported in the Company’s Form 8-K filed with the SEC on December 9, 2025, the Company announced that the Company’s board of directors (the “board”) had approved: (i) an estimated per share net asset value (the “Estimated Per Share NAV”) of the Company’s common stock as of September 30, 2025; and (ii) the reinstatement of the Company’s distribution reinvestment plan (as amended, the “DRP”) and share repurchase program (as amended, the “SRP”) effective February 1, 2026, following the suspension of both programs on October 1, 2024. On December 17, 2025, as reported in the Company’s Form 8-K filed with the SEC on December 22, 2025, the Company announced that the board amended and restated the SRP to provide that shares accepted for “ordinary repurchases” will be repurchased at 80% of the Estimated Per Share NAV and shares accepted for “exceptional repurchases” will be repurchased at 100% of the Estimated Per Share NAV.

There is no established trading market for the Company’s common stock.