INLAND REAL ESTATE INCOME TRUST, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

Certain statements in this Quarterly Report on Form 10-Q constitute
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended (the "Securities Act"), and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). Words such as
"may," "could," "should," "expect," "intend," "plan," "goal," "seek,"
"anticipate," "believe," "estimate," "predict," "variables," "potential,"
"continue," "expand," "maintain," "create," "strategies," "likely," "will,"
"would" and variations of these terms and similar expressions, or the negative
of these terms or similar expressions, are intended to identify forward-looking
statements.

These forward-looking statements are not historical facts but reflect the
intent, belief or current expectations of the management of Inland Real Estate
Income Trust, Inc. (which we refer to herein as the "Company," "we," "our" or
"us") based on their knowledge and understanding of the business and industry,
the economy and other future conditions. These statements are not guarantees of
future performance, and we caution stockholders not to place undue reliance on
forward-looking statements. Actual results may differ materially from those
expressed or forecasted in the forward-looking statements due to a variety of
risks, uncertainties and other factors, including but not limited to the factors
listed and described under "Risk Factors" in this Quarterly Report on Form 10-Q,
our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as filed
with the Securities and Exchange Commission on May 11, 2022 and in our Annual
Report on Form 10-K for the year ended December 31, 2021, as filed with the
Securities and Exchange Commission on March 16, 2022, some of which are
summarized below:

• We are subject to risks associated with a pandemic, epidemic or outbreak

of a contagious disease, such as the ongoing global COVID-19 pandemic,

including negative impacts on our tenants and their respective businesses,

and we agreed in 2020 and 2021 to defer a significant amount of rent owed

to us, which tenants were obligated to pay over time in addition to their

regular rent. If there is a resurgence of COVID-19, we may agree again to

        defer rent owed to us, and our tenants may not be able or willing to pay
        the deferred amounts on top of their regular rent, particularly if their

results of operations or future prospects have been materially adversely

affected by the COVID-19 pandemic or become so affected;

• Market disruptions resulting from the economic effects of the COVID-19

pandemic have adversely impacted many aspects of our operating results and

financial condition, and ongoing or future disruptions from the pandemic,

the war in Ukraine, increases in interest rates and supply chain shortage

or otherwise may again adversely impact our results and financial

condition, including our ability to service our debt obligations, borrow

additional monies or pay distributions;

• We have incurred net losses on a U.S. generally accepted accounting

principles (“U.S. GAAP”) basis for the three and six months ended June 30,

        2022 and 2021 and for the year ended December 31, 2021;


    •   There is no established public trading market for our shares, our

stockholders cannot currently sell their shares under our share repurchase

program (as amended, “SRP”), which was suspended during the COVID-19

        pandemic and may be suspended again, amended or terminated in our sole
        discretion, and even when repurchases are made pursuant to the SRP, the

SRP is subject to limits, and stockholders may not be able to sell all of

the shares they would like to sell;

• Even if our stockholders are able to sell their shares under the SRP, or

otherwise, they may not be able to recover the amount of their investment

in our shares;

• There is no assurance our board of directors will pursue a listing or

other liquidity event at any time in the future, particularly in light of

the COVID-19 pandemic;

Inland Real Estate Investment Corporation (our “Sponsor”) may face a

conflict of interest in allocating personnel and resources between its

affiliates, our Business Manager (as defined below) and Inland Commercial

Real Estate Services LLC, referred to herein as our “Real Estate Manager”;

• We do not have arm’s-length agreements with our Business Manager, our Real

Estate Manager or any other affiliates of our Sponsor;

• We pay fees, which may be significant, to our Business Manager, Real

Estate Manager and other affiliates of our Sponsor;

• Our Business Manager and its affiliates face conflicts of interest caused

by, among other things, their compensation arrangements with us, which

could result in actions that are not in the long-term best interests of

our stockholders;

• Our properties may compete with the properties owned by other programs

        sponsored by our Sponsor or Inland Private Capital Corporation or other
        affiliates for, among other things, tenants;

• Our Business Manager is under no obligation, and may not agree, to forgo

        or defer its business management fee;


    •   If we fail to continue to qualify as a REIT, our operations and
        distributions to stockholders, if any, will be adversely affected; and


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• The Company’s strategic plan may continue to evolve or change over time,

and there is no assurance we will be able to successfully achieve our

board’s objectives under the strategic plan, including making strategic

sales or purchases of properties, redeveloping properties or listing our

common stock, within the timeframe we expect or would prefer or at all;

• We may pursue redevelopment activities, which are subject to a number of

risks, including, but not limited to: expending resources to determine the

feasibility of the project or projects that are then not pursued or

completed; construction delays or cost overruns; failure to meet

anticipated occupancy or rent levels within the projected time frame, if

        at all; exposure to fluctuations in the general economy due to the
        significant time lag between commencing and completing the project; and
        reduced rental income during the period of time we are redeveloping an
        asset or assets;

• The use of the internet by consumers to shop is expected to continue to

expand, and this expansion has likely been accelerated by the effects of

the COVID-19 pandemic, which could result in a further downturn in the

business of our current tenants in their “brick and mortar” locations and

could affect their ability to pay rent and their demand for space at our

retail properties; and

• We are subject to risks associated with any dislocations or liquidity

        disruptions that may exist or occur in credit markets of the United States
        from time to time, including disruptions and dislocations caused by the
        ongoing COVID-19 pandemic.


Forward-looking statements in this Quarterly Report on Form 10-Q reflect our
management's view only as of the date of this Quarterly Report, and may
ultimately prove to be incorrect or false. We undertake no obligation to update
or revise forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating results except
as required by applicable law. We intend for these forward-looking statements to
be covered by the applicable safe harbor provisions created by Section 27A of
the Securities Act and Section 21E of the Exchange Act.

The following discussion and analysis relates to the three and six months ended
June 30, 2022 and 2021 and as of June 30, 2022 and December 31, 2021. You should
read the following discussion and analysis along with our consolidated financial
statements and the related notes included in this report.

We routinely post important information about us and our business, including
financial and other information for investors, on our website. We encourage
investors to visit our website at inland-investments.com/inland-income-trust
from time to time, as information is updated and new information is posted.

Overview


We were formed as a Maryland corporation on August 24, 2011 and elected to be
taxed as a real estate investment trust for U.S. federal income tax purposes
("REIT") under Sections 856 through 860 of the Internal Revenue Code of 1986, as
amended, commencing with the year ended December 31, 2013. We have no employees.
We are managed by our business manager, IREIT Business Manager & Advisor, Inc.,
referred to herein as our "Business Manager."

We are primarily focused on acquiring and owning retail properties and intend to
target a portfolio substantially comprised of grocery-anchored properties as
described below. We have invested in joint ventures and may continue to invest
in additional joint ventures or acquire other real estate assets such as office
and medical office buildings, multi-family properties and
industrial/distribution and warehouse facilities if management believes the
expected returns from those investments exceed that of retail properties. We
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.

On March 4, 2022, our board of directors determined an estimated per share net
asset value of our common stock of $20.20 as of December 31, 2021, compared to
the previous estimated value of $18.08 as of December 31, 2020. At June 30,
2022, we had total assets of $1.4 billion on our balance sheet and owned 52
properties located in 24 states containing 7.2 million square feet. On May 17,
2022, we acquired eight retail shopping center properties (the "IRPF
Properties") from certain subsidiaries of Inland Retail Property Fund, LP. The
IRPF Properties are located across seven states and aggregate approximately
686,851 square feet. As seven of the eight properties are grocery-anchored, this
acquisition increases our portfolio of grocery-anchored properties, which is our
focus as described above. We acquired the IRPF Properties for an aggregate
purchase price of $278 million, excluding closing costs. A majority of our
properties are multi-tenant, necessity-based retail shopping centers primarily
located in major regional markets and growing secondary markets throughout the
United States. As of June 30, 2022, 88% of our annualized base rental income was
generated from grocery-anchored or grocery shadow-anchored shopping centers. A
grocery shadow-anchored shopping center is a shopping center which we own that
is located near a grocery store that we do not own but that we believe generates
traffic for our shopping center. The portfolio properties have staggered lease
maturity dates. Grocery tenants accounted for 17% of our annualized base rent
("ABR") as of June 30, 2022.

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COVID-19 Pandemic


We continue to monitor the impact of the novel coronavirus ("COVID-19") pandemic
on all aspects of our business and locations, including how it is impacting our
tenants and vendors. The Company's deferrals, modifications and rent abatements
have proven effective helping our tenants endure the economic impacts of the
pandemic. As of June 30, 2022, our deferred rent balance was $0.1 million, down
from $0.4 million at December 31, 2021 and $4.5 million at December 31, 2020,
due primarily to collections of such rent. As of June 30, 2022, except for one
1,144 square foot tenant, we have not received any notice of, and are not
otherwise aware of any of our tenants being in bankruptcy, voluntarily or
otherwise. Tenants with which we have agreed to defer rent have generally been
paying both their regular rental obligations as well as the amounts of deferred
rent during the three and six months ended June 30, 2022. See Note 5 - "Leases"
for additional information.

However, we are unable to predict with certainty the future impact that the
COVID-19 pandemic will have on our financial condition, results of operations
and cash flows due to numerous uncertainties, including the effects of the
Omicron variant or of the emergence and potential and actual spreading of any
other variant of COVID-19 in the U.S. or any place from which our tenants may
receive goods or services.

We rely on the Business Manager to manage our day-to-day operations. Though many
people have been able to work remotely effectively, the business and operations
of our Business Manager and its affiliates may also be adversely impacted by
further coronavirus outbreaks, including illness or quarantine of members of its
workforce, which may negatively impact on its ability to provide us services to
the same degree as it had prior to the outbreak.

Inflation and Interest Rates


Inflationary pressures and rising interest rates could result in reductions in
consumer spending and retailer profitability which could impact the Company's
ability to grow rents and tenant demand for new and existing store locations.
Regardless of accelerating inflation levels, base rent under most of the
Company's long-term anchor leases will remain constant (subject to tenants'
exercise of renewal options at pre-negotiated rent increases) until the
expiration of their lease terms. While many of these leases require tenants to
pay their share of shopping center operating expenses (including common area
maintenance, real estate tax and insurance expenses), the Company's ability to
collect the passed-through expense increases to tenants is dependent on their
ability to absorb and pay these increases. Inflation may also impact other
aspects of the Company's operating costs, including fees paid to service
providers, the cost to complete redevelopments and build-outs of recently leased
vacancies and interest rate costs relating to variable rate loans and
refinancing of lower fixed-rate indebtedness. While the Company has not been
significantly impacted by any of these items to date, no assurances can be
provided that these inflationary pressures will not have a material adverse
effect on the Company's business in the future.

Company Update – Strategic Plan


The Company has a strategic plan that includes the goals of providing a future
liquidity event to investors and creating long-term stockholder value. The
strategic plan centers around owning a portfolio of grocery-anchored properties
with lower exposure to big box retailers. As part of this strategy, our
management team continually evaluates possibilities for the opportunistic sale
of certain assets with the goal of redeploying capital into the acquisition of
strategically located grocery-anchored centers. Of the Company's 948 leasable
spaces, there are 118 occupied non-grocery big box (anchor spaces of at least
10,000 square feet) and five vacant big box spaces in the portfolio as of July
31, 2022. As part of the strategic plan, we sold three properties in the first
quarter of 2020. We used the proceeds to pay down the Revolving Credit Facility.
We are not actively marketing any properties as of the date of this quarterly
report on Form 10-Q. We believe increasing the size and profitability of the
Company would enhance our ability to complete a successful liquidity event, and
to that end we seek and evaluate potential acquisitions and may, for example,
opportunistically acquire a portfolio of retail properties that we believe
complements our existing portfolio in terms of relevant characteristics such as
tenant mix, demographics and geography and is consistent with our plan to own a
portfolio substantially all of which is comprised of grocery-anchored or
shadow-anchored properties. On May 17, 2022, the Company acquired, in the
aggregate, the IRPF Properties from certain subsidiaries of Inland Retail
Property Fund, LP, for approximately $278 million. We may also consider other
transactions, such as redeveloping certain of our properties or portions of
certain of our properties, for example, big-box spaces, to repurpose them for
alternative commercial or multifamily residential uses. We expect to consider
liquidity events, including listing our common stock on a national securities
exchange, but given our intention to opportunistically grow the portfolio,
execute redevelopment opportunities, and execute strategic sales and
acquisitions all in the context of (i) changes in retail market conditions
resulting from the effects of the COVID-19 pandemic and other complex factors
such as (ii) competition for our tenants from evolving internet businesses,
(iii) the state of the commercial real estate market and financial markets, (iv)
our ability to raise capital or borrow on terms that are acceptable to the
Company in light of the use of the proceeds and (v) general economic conditions,
among other factors, we do not know when we will complete a liquidity event. The
timing of the completion of the strategic plan has already extended beyond our
original expectations and cannot be predicted with certainty. There is no
assurance that the Company will be able

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to successfully implement its strategic plan, for example by making strategic
sales or purchases of properties or listing the Company's common stock, within
the timeframe we would prefer or at all.

SELECT PROPERTY INFORMATION (All dollar amounts in thousands, except per square
foot amounts)

Investment Properties

                                                 As of June 30, 2022
Number of properties                                               52
Purchase price                                  $           1,624,667
Total square footage                                        7,167,822
Weighted average physical occupancy                              92.8 %
Weighted average economic occupancy                              93.0 %
Weighted average remaining lease term (years)                     4.7




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The table below presents information for each of our investment properties as of
June 30, 2022.

                                                     Square         Physical        Economic       Mortgage       Interest
Property                          Location           Footage        Occupancy       Occupancy       Balance       Rate (b)
Newington Fair (a)          Newington, CT              186,205           100.0 %         100.0 %           -              -
Wedgewood Commons (a)       Olive Branch, MS           169,558            97.9 %         100.0 %           -              -
Park Avenue (a)             Little Rock, AR             79,131            66.7 %          66.7 %           -              -
North Hills Square (a)      Coral Springs, FL           63,829            97.5 %          97.5 %           -              -
Mansfield Shopping Center
(a)                         Mansfield, TX              148,529            95.0 %          95.0 %           -              -
Lakeside Crossing (a)       Lynchburg, VA               67,034            97.8 %          97.8 %           -              -
MidTowne Shopping Center
(a)                         Little Rock, AR            126,288            70.3 %          70.3 %           -              -
Dogwood Festival (a)        Flowood, MS                187,468            81.7 %          81.7 %           -              -
Pick N Save Center (a)      West Bend, WI               94,446            98.9 %          98.9 %           -              -
Harris Plaza (a)            Layton, UT                 125,965            75.1 %          75.1 %           -              -
Dixie Valley (a)            Louisville, KY             119,981            76.8 %          76.8 %           -              -
The Landings at Ocean
Isle (a)                    Ocean Isle, NC              53,203            94.9 %          94.9 %           -              -
Shoppes at Prairie Ridge
(a)                         Pleasant Prairie, WI       232,606            98.8 %          98.8 %           -              -
Harvest Square (a)          Harvest, AL                 70,590            92.1 %          92.1 %           -              -
Heritage Square (a)         Conyers, GA                 22,510            95.8 %          95.8 %           -              -
The Shoppes at Branson
Hills (a)                   Branson, MO                256,244            95.5 %          95.5 %           -              -
Branson Hills Plaza (a)     Branson, MO                210,201           100.0 %         100.0 %           -              -
Copps Grocery Store (a)     Stevens Point, WI           69,911           100.0 %         100.0 %           -              -
Fox Point Plaza (a)         Neenah, WI                 171,121           100.0 %         100.0 %           -              -
Shoppes at Lake Park (a)    W. Valley City, UT          52,997            90.6 %          90.6 %           -              -
Plaza at Prairie Ridge
(a)                         Pleasant Prairie,WI          9,035           100.0 %         100.0 %           -              -
Green Tree Shopping
Center (a)                  Katy, TX                   147,621            98.3 %          98.3 %           -              -
Eastside Junction (a)       Athens, AL                  79,675            91.0 %          91.0 %           -              -
Fairgrounds Crossing (a)    Hot Springs, AR            155,127           100.0 %         100.0 %           -              -
Prattville Town Center
(a)                         Prattville, AL             168,842           100.0 %         100.0 %           -              -
Regal Court                 Shreveport, LA             363,061            96.2 %          96.2 %      26,000           4.50 %
Shops at Hawk Ridge (a)     St. Louis, MO               75,951           100.0 %         100.0 %           -              -
Walgreens Plaza (a)         Jacksonville, NC            42,219            79.0 %          79.0 %           -              -
Frisco Marketplace (a)      Frisco, TX                 112,024            89.7 %          89.7 %           -              -
White City (a)              Shrewsbury, MA             256,974            94.7 %          94.7 %           -              -
Yorkville Marketplace (a)   Yorkville, IL              111,591            94.7 %          94.7 %           -              -
Shoppes at Market Pointe    Papillion, NE              253,903            95.6 %          95.6 %      13,700           3.30 %
Marketplace at El Paseo     Fresno, CA
(a)                                                    224,683            95.1 %          95.9 %           -              -
The Village at Burlington   Kansas City, MO
Creek                                                  157,937            88.9 %          88.9 %      17,244           4.25 %
Milford Marketplace         Milford, CT                111,959            89.2 %          89.2 %      18,727           4.02 %
Settlers Ridge              Pittsburgh, PA             473,763            91.2 %          91.2 %      76,532           3.70 %
Blossom Valley Plaza (a)    Turlock, CA                111,435           100.0 %         100.0 %           -              -
Oquirrh Mountain            South Jordan, UT
Marketplace (a)                                         75,950            97.2 %          97.2 %           -              -
Marketplace at Tech         Newport News, VA
Center                                                 210,505            74.9 %          79.9 %      36,089           3.15 %
Coastal North Town Center   Myrtle Beach, SC           304,662            95.3 %          95.3 %      41,348           3.17 %
Oquirrh Mountain            South Jordan, UT
Marketplace II (a)                                      10,150           100.0 %         100.0 %           -              -
Wilson Marketplace (a)      Wilson, NC                 311,030           100.0 %         100.0 %           -              -
Pentucket Shopping Center   Plaistow, NH
(a)                                                    198,469            98.0 %          98.0 %           -              -
Hickory Tavern (a)          Myrtle Beach, SC             6,588           100.0 %         100.0 %           -              -
New Town (a)                Owings Mill, MD            117,593            45.7 %          45.7 %           -              -
Olde Ivy Village (a)        Smyrna, GA                  46,500            93.7 %          93.7 %           -              -
Northpark Village Square    Santa Clarita, CA
(a)                                                     87,103            97.2 %          97.2 %           -              -
Lower Makefield Shopping    Lower Makefield, PA
Center (a)                                              74,953            94.9 %          94.9 %           -              -
Denton Village (a)          Denton, TX                  48,280           100.0 %         100.0 %           -              -
Rusty Leaf Plaza (a)        Orange, CA                  59,188            95.7 %          97.0 %           -              -
Northville Park Place (a)   Northville, MI              78,421           100.0 %         100.0 %           -              -
CityPlace (a)               Woodbury, MN               174,813            95.1 %          95.1 %           -              -
Portfolio total                                      7,167,822            92.8 %          93.0 %   $ 229,640           3.65 %


(a) Property is included in the pool of unencumbered properties under our

       Credit Facility.


  (b) Portfolio total is equal to the weighted average interest rate.


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Tenancy Highlights

The following table presents information regarding the top ten tenants in our
portfolio based on annualized base rent for leases in-place as of June 30, 2022.

                                                                        Percent of                                       Percent of
                                                                           Total         Annualized                         Total
                                          Number                         Portfolio       Base Rent                        Portfolio
                                            of          Annualized      Annualized       Per Square        Square          Square
             Tenant Name                  Leases        Base Rent        Base Rent          Foot           Footage         Footage
The Kroger Co                                    5     $      4,735             4.3 %   $      15.99         296,150             4.1 %
The TJX Companies, Inc.                         13            3,730             3.4 %          11.34         329,067             4.6 %
Albertsons/Jewel/Shaw's                          2            2,436             2.2 %          19.05         127,892             1.8 %
Ulta Salon, Cosmetics & Fragrance Inc.          11            2,428             2.2 %          21.88         110,958             1.5 %
Amazon/Whole Foods Market Group, Inc.            3            2,340             2.1 %          20.27         115,410             1.6 %
Ross Dress for Less, Inc.                       10            2,340             2.1 %           8.93         262,080             3.7 %
Sprouts Farmers Market, LLC                      4            2,159             2.0 %          19.09         113,092             1.6 %
PetSmart                                         7            2,032             1.9 %          14.67         138,578             1.9 %
Dicks Sporting Goods, Inc.                       4            2,012             1.8 %          11.13         180,766             2.5 %
LA Fitness (Fitness International)               2            1,966             1.8 %          21.94          89,600             1.3 %
Top ten tenants                                 61     $     26,178            23.8 %   $      14.84       1,763,593            24.6 %


The following table sets forth a summary of our tenant diversity for our entire
portfolio and is based on leases in-place at June 30, 2022.

                                                  Gross Leasable        Percent of            Percent of
                                                      Area -            Total Gross        Total Annualized
                 Tenant Type                      Square Footage       Leasable Area          Base Rent
Discount and Department Stores                          1,359,536                20.4 %                 10.2 %
Grocery                                                 1,331,589                20.0 %                 17.4 %
Home Goods                                                925,070                13.9 %                  7.4 %
Lifestyle, Health Clubs, Books & Phones                   813,192                12.2 %                 15.3 %
Restaurant                                                641,990                 9.6 %                 18.4 %
Apparel & Accessories                                     424,407                 6.3 %                  8.3 %
Consumer Services, Salons, Cleaners, Banks                345,783                 5.2 %                  9.2 %
Pet Supplies                                              258,889                 3.9 %                  4.0 %
Sporting Goods                                            219,387                 3.3 %                  2.6 %
Health, Doctors & Health Foods                            212,900                 3.2 %                  5.4 %
Other                                                     136,740                 2.0 %                  1.8 %
Total                                                   6,669,483               100.0 %                100.0 %



The following table sets forth a summary, as of June 30, 2022, of the percent of
total annualized base rent and the weighted average lease expiration by size of
tenant.

                                                            Percent of           Weighted
                                                               Total           Average Lease
                                         Description -    Annualized Base      Expiration -
           Size of Tenant               Square Footage         Rent                Years
Anchor                                  10,000 and over                50 %               5.6
Junior Box                                5,000-9,999                  13 %               4.5
Small Shop                              Less than 5,000                37 %               3.7
Total                                                                 100 %               4.7




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Lease Expirations


The following table sets forth a summary, as of June 30, 2022, of lease
expirations scheduled to occur during the remainder of 2022 and each of the
calendar years from 2023 to 2031 and thereafter, assuming no exercise of renewal
options or early termination rights for leases commenced on or prior to June 30,
2022. Annualized base rent represents the rent in-place of the applicable
property at June 30, 2022. The table below includes ground leases. If ground
leases are excluded, annualized base rent would equal $100,040 or $19.19 per
square foot for total expiring leases.

                                                        Gross
                                                      Leasable        Percent of                          Percent of
                                                       Area of        Total Gross          Total             Total
                                                      Expiring         Leasable         Annualized        Annualized        Annualized
                                      Number of       Leases -          Area of          Base Rent         Base Rent        Base Rent
                                      Expiring         Square          Expiring         of Expiring       of Expiring       per Leased
Lease Expiration Year                  Leases          Footage          Leases            Leases            Leases         Square Foot
2022 (including month-to-month)               73         270,246               4.0 %   $       4,663               4.3 %   $      17.26
2023                                         119         814,583              12.2 %          12,212              11.1 %          14.99
2024                                         128         874,428              13.1 %          16,055              14.6 %          18.36
2025                                         135         854,267              12.8 %          16,997              15.5 %          19.90
2026                                         107         595,905               8.9 %          10,985              10.0 %          18.43
2027                                         105         838,729              12.6 %          15,161              13.8 %          18.08
2028                                          45         758,961              11.4 %           8,502               7.7 %          11.20
2029                                          22         210,161               3.2 %           3,410               3.1 %          16.23
2030                                          23         230,283               3.5 %           4,366               4.0 %          18.96
2031                                          20         191,813               2.9 %           3,662               3.3 %          19.09
Thereafter                                    47       1,030,107              15.4 %          13,803              12.6 %          13.40
Leased Total                                 824       6,669,483             100.0 %   $     109,816             100.0 %   $      16.47




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Liquidity and Capital Resources

General

Our primary uses and sources of cash are as follows:


                 Uses                                        Sources

• Interest and principal payments on • Cash receipts from our tenants

mortgage loans and

  Credit Facility
• Property operating expenses               •  Sale of shares through the DRP
•                                           •  Proceeds from new or 

refinanced

General and administrative expenses mortgage loans
• Distributions to stockholders

             •  Borrowing on our Credit 

Facility

• Fees payable to our Business Manager • Proceeds from sales of real estate (if

  and Real Estate                              any)*

Manager

• Repurchases of shares under the SRP • Proceeds from issuance of securities

                                               (if any) other than through the DRP*
• Acquisitions of real estate directly
  or through joint ventures*
• Capital expenditures, tenant
  improvements and leasing commissions
• Redevelopments of entire properties
  or certain spaces within our
  properties*



*We cannot provide any assurance that we will be able to sell properties or
issue new securities to raise capital when we would like, for example, to
increase the proportion of grocery-anchored or shadow-anchored properties or
increase the size of our portfolio of properties, or under terms that would be
acceptable to us considering factors such as the anticipated use of the
proceeds. Because the Company's common stock is not listed on a securities
exchange, its ability to access the public or private securities markets is
likely to be very limited, particularly for equity capital.

We are not currently actively marketing any properties.


At June 30, 2022, we had $58 million outstanding under the Revolving Credit
Facility and $575 million outstanding under the Term Loan. At June 30, 2022 the
interest rates on the Revolving Credit Facility and the Term Loan were 2.65% and
3.62%, respectively. On February 3, 2022, we extended the Revolving Credit
Facility maturity date to February 3, 2026 plus a twelve month extension, at the
Company's option. We also increased the Term Loan outstanding balance to $275
million which now matures on February 3, 2027. On May 17, 2022, we amended our
Credit Agreement to increase the size of the Term Loan by $300 million to $575
million and modify several covenants in each case to fund our acquisition of a
portfolio of eight retail shopping center properties from Inland Retail Property
Fund, LP, a Delaware limited partnership. As of August 10, 2022, we had $138
million available for borrowing under the Revolving Credit Facility, subject to
the terms and conditions, including compliance with the covenants, of the Credit
Agreement that governs the Credit Facility. Although $138 million is the maximum
available, covenant limitations affect what we can actually draw, and we expect
to have substantially less than $138 million actually available to draw or
otherwise undertake as additional debt as a result of, among other things,
completing the aforementioned acquisition of the eight properties and increasing
the amount of the Term Loan. By "additional debt," we mean debt in addition to
existing debt such as existing mortgages. The properties comprising the
borrowing base for the Credit Facility are not available to be used as
collateral for other debt unless removed from the borrowing base, which would
shrink availability under the Credit Facility.

As of June 30, 2022, we had total debt outstanding of $862.6 million, excluding
mortgage premiums and unamortized debt issuance costs, which bore interest at a
weighted average interest rate of 3.56% per annum. As of June 30, 2022, the
weighted average years to maturity for our debt was 4.2 years. As of June 30,
2022 and December 31, 2021, our borrowings were 53% and 44%, respectively, of
the purchase price of our investment properties. At June 30, 2022 our cash and
cash equivalents balance was $2.6 million.

As of August 10, 2022, in the next twelve months, we have three mortgage loans
maturing with an aggregate principal balance of $91.1 million, which we intend
to repay with cash flows from operating activities or by drawing on the
Revolving Credit Facility.

To preserve cash for the payment of operating and other expenses, such as debt
payments, during the second quarter of 2020 our board of directors rescinded the
distribution that was declared in the first quarter of 2020, and we did not
declare another distribution until June 29, 2021. We also suspended our DRP and
SRP. The suspension of the DRP was effective on June 6, 2020 and the suspension
of the SRP was effective on June 26, 2020. On June 29, 2021, we reinstated the
DRP and the SRP. The effective date of the DRP reinstatement was July 22, 2021.
During the six months ended June 30, 2022, we repurchased $1.8 million of shares
of common stock.

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We have delayed making non-essential capital improvements and other
non-essential capital expenditures at our properties since the onset of the
pandemic in 2020, where possible, to preserve cash and expect to continue to
delay non-essential capital expenditures until they become essential or until
the risk of adverse effects of the COVID-19 pandemic on our tenants subsides and
there is clarity on our tenants' ability and willingness to pay rent and meet
other lease obligations and, ultimately, on the performance of our shopping
centers. As we have seen rent collections increasing during 2021 and into 2022,
we have been funding capital expenditures at our properties, and we do not
expect the prior delay in making these capital expenditures to have any material
effect on our tenants or our ability to lease space. In the six months ended
June 30, 2022, we spent $1.8 million (76%) more on capital expenditures than we
did in the six months ended June 30, 2021. Additionally, we do not anticipate a
material effect on our liquidity from returning to pre-pandemic levels of
capital expenditures, assuming the businesses of our tenants negatively affected
by the COVID-19 pandemic continue to improve or they otherwise pay their rent.

As of June 30, 2022, we have paid all interest and principal amounts when due,
and are in compliance with all financial covenants under the Credit Facility as
amended.

Cash Flow Analysis

                                                    Six Months Ended
                                                        June 30,                  Change
                                                   2022           2021         2022 vs. 2021
                                                        (Dollar amounts in thousands)
Net cash flows provided by operating
activities                                      $   27,428     $   23,698     $         3,730
Net cash flows used in investing activities     $ (282,080 )   $   (2,317 )   $      (279,763 )
Net cash flows provided by (used in)
financing activities                            $  250,817     $  (19,806 )   $       270,623




Operating activities

The increase in cash from operating activities during the six months ended June
30, 2022 compared to the six months ended June 30, 2021 was primarily due to the
fact that during the six months ended June 30, 2021, we paid amounts due to the
business manager for Q3 2020 business management fees that had been deferred by
the business manager offset partially by reduced collections of deferred rent
from our tenants during the six months ended June 30, 2022 as the vast majority
of outstanding deferred rent was collected by the end of 2021.

Investing activities

                                           Six Months Ended
                                               June 30,                 Change
                                           2022          2021        2022 vs. 2021
                                               (Dollar amounts in thousands)
Purchase of investment properties       $ (277,772 )   $      -     $      (277,772 )
Capital expenditures                        (4,087 )     (2,317 )            (1,770 )
Other assets                                  (221 )          -            

(221 )
Net cash used in investing activities $ (282,080 ) $ (2,317 ) $ (279,763 )




The increase in cash used for investing activities during the six months ended
June 30, 2022 compared to the six months ended June 30, 2021 was primarily due
to the acquisition of the IRPF Properties.

Financing activities

                                                    Six Months Ended
                                                        June 30,                  Change
                                                   2022           2021         2022 vs. 2021
                                                        (Dollar amounts in thousands)
Total changes related to debt                   $  259,784     $  (19,806 )   $       279,590
Proceeds from the distribution reinvestment
plan, net of shares repurchased                      1,836              -               1,836
Distributions paid                                  (9,782 )            -              (9,782 )
Early termination of interest rate swap
agreements                                          (1,021 )            -              (1,021 )
Net cash provided by (used in) financing
activities                                      $  250,817     $  (19,806 )   $       270,623


                                       29
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During the six months ended June 30, 2022, changes in total debt increased
$279.6 million from the six months ended June 30, 2021 primarily due to an
increase of $300 million under our term loan that is part of our credit facility
and the use of proceeds from the term loan for the acquisition of the IRPF
Properties. During the six months ended June 30, 2022, we generated proceeds
from the sale of shares pursuant to the DRP of $3.6 million. For the six months
ended June 30, 2022, share repurchases were $1.8 million. During the six months
ended June 30, 2022, we paid $9.8 million in distributions. The DRP and the SRP
were both reinstated during the second half of 2021.


Distributions

Distributions when declared are paid quarterly in arrears. A summary of the
distributions declared, distributions paid and cash flows provided by operations
for the six months ended June 30, 2022 and 2021 follows (Dollar amounts in
thousands except per share amounts):


                                                               Distributions Paid (1)
Six Months                        Distributions                                                      Cash Flows
  Ended       Distributions       Declared Per                       Reinvested                         From
 June 30,       Declared              Share             Cash          via DRP          Total         Operations
   2022      $         9,792     $      0.271200     $    6,111     $      3,671     $    9,782     $     27,428
   2021      $         4,886     $      0.135600     $        -     $          -     $        -     $     23,698


(1) Distributions were funded by cash flow from operating activities and cash on

hand during the six months ended June 30, 2022.



Due to the uncertainty surrounding the COVID-19 pandemic and the need to
preserve cash for the payment of operating and other expenses, such as debt
payments, we had not paid any distributions since the first quarter of 2020. On
or about July 26, 2021, we resumed paying distributions on our common stock with
this first distribution in the amount of $0.135600 per share to stockholders of
record as of June 30, 2021.

Results of Operations

The following discussions are based on our consolidated financial statements for
the six months ended June 30, 2022 and 2021. Dollar amounts are stated in
thousands.


This section describes and compares our results of operations for the three and
six months ended June 30, 2022 and 2021. We generate primarily all of our net
operating income from property operations. In order to evaluate our overall
portfolio, management analyzes the net operating income of properties that we
have owned and operated for both periods presented. A total of 44 investment
properties that were acquired on or before January 1, 2021 represent our "same
store" properties during the three and six months ended June 30, 2022 and 2021.
"Non-same store," as reflected in the table below, consists of properties
acquired after January 1, 2021. For the three and six months ended June 30,
2022, eight properties that were acquired on May 17, 2022 constituted non-same
store properties.

Net operating income is a supplemental non-GAAP performance measure that we
believe is useful to investors in measuring the operating performance of our
property portfolio because our primary business is the ownership of real estate,
and net operating income excludes various items included in GAAP net income that
do not relate to, or are not indicative of, our property operating performance,
such as depreciation and amortization and parent-level corporate expenses
(including general and administrative expenses). Same store net operating income
is useful because it eliminates differences in net operating income resulting
from the acquisition or disposition of properties during the periods presented
and therefore provides a better comparison of the operating performance of our
properties between periods.

The following tables present the property net operating income prior to
straight-line income (expense), net, amortization of intangibles, interest, and
depreciation and amortization for the three and six months ended June 30, 2022
and 2021, along with a reconciliation to net loss, calculated in accordance with
U.S. GAAP.


                                       30
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Comparison of the three months ended June 30, 2022 and June 30, 2021

                                       Total                                Same Store                         Non-Same Store
                                 Three Months Ended                     Three Months Ended                   Three Months Ended
                                      June 30,                               June 30,                             June 30,
                          2022          2021         Change        2022    

2021 Change 2022 2021 Change
Rental income

           $  31,587     $  29,147     $  2,440     $ 28,793   

$ 29,147 $ (354 ) $ 2,794 $ – $ 2,794
Other property income 51

            62          (11 )         34           62         (28 )        17           -          17
Total income            $  31,638     $  29,209     $  2,429     $ 28,827   

$ 29,209 $ (382 ) $ 2,811 $ – $ 2,811


Property operating
expenses                $   5,545     $   4,857     $    688     $  5,197   

$ 4,857 $ 340 $ 348 $ – $ 348
Real estate tax expense 4,243 3,678 565 3,643

        3,678         (35 )       600           -         600
Total property
operating expenses      $   9,788     $   8,535     $  1,253     $  8,840   

$ 8,535 $ 305 $ 948 $ – $ 948


Property net operating
income                  $  21,850     $  20,674     $  1,176     $ 19,987   

$ 20,674 $ (687 ) $ 1,863 $ – $ 1,863


Straight-line income
(expense), net          $     (23 )   $    (115 )   $     92
Amortization of
intangibles and lease
incentives                    336           139          197
General and
administrative expenses    (1,351 )        (918 )       (433 )
Business management fee    (2,549 )      (2,236 )       (313 )
Depreciation and
amortization              (13,789 )     (12,218 )     (1,571 )
Interest expense           (7,106 )      (5,801 )     (1,305 )
Interest and other
(expense) income                -            29          (29 )
Net loss                $  (2,632 )   $    (446 )   $ (2,186 )



Net loss. Net loss was $2,632 and $446 for the three months ended June 30, 2022
and 2021, respectively.



Total property net operating income. On a "same store" basis, comparing the
results of operations of investment properties owned during the three months
ended June 30, 2022 with the results of the same investment properties owned
during the three months ended June 30, 2021, property net operating income
decreased $687, total property income decreased $382, and total property
operating expenses including real estate tax expense increased $305.

The decrease in “same store” total property income is primarily due to a
decrease in recovery income due to a lower recovery percentage during the three
months ended June 30, 2022.


"Non-same store" total property net operating income increased $1,863 during the
three months ended June 30, 2022 as compared to 2021. The increase is a result
of acquiring eight properties on May 17, 2022. On a "non-same store" basis,
total property income increased $2,811 and total property operating expenses
increased $948 during the three months ended June 30, 2022 as compared to 2021
as a result of these acquisitions.

Straight-line income (expense), net. Straight-line income (expense), net
decreased $92 in 2022 compared to 2021. This decrease is primarily due to lower
rent abatements during the three months ended June 30, 2022 partially offset by
the acquisition of eight properties on May 17, 2022.

Amortization of intangibles and lease incentives. Income from the amortization
of intangibles and lease incentives increased $197 in 2022 compared to 2021. The
increase is primarily due to the acquisition of IRPF Properties.

General and administrative expenses. General and administrative expenses
increased $433 in 2022 compared to 2021. The increase is primarily due to higher
legal and professional fees during the three months ended June 30, 2022.

Business management fee. Business management fees increased $313 in 2022
compared to 2021. The increase is primarily due to the acquisition of IRPF
Properties
.

                                       31
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Depreciation and amortization. Depreciation and amortization increased $1,571 in
2022 compared to 2021. The increase is primarily due to the acquisition of eight
properties on May 17, 2022, partially offset by fully amortized assets in 2022
compared to 2021.

Interest expense. Interest expense increased $1,305 in 2022 compared to 2021.
The increase is primarily due to an increase in average debt outstanding driven
by the acquisition of IRPF Properties.

Interest and other income. Interest and other income decreased $29 in 2022
compared to 2021.

Comparison of the six months ended June 30, 2022 and June 30, 2021

                                       Total                                 Same Store                         Non-Same Store
                                  Six Months Ended                        Six Months Ended                     Six Months Ended
                                      June 30,                                June 30,                             June 30,
                          2022          2021         Change        2022    

2021 Change 2022 2021 Change
Rental income

           $  60,612     $  58,821     $  1,791     $ 57,818   

$ 58,821 $ (1,003 ) $ 2,794 $ – $ 2,794
Other property income 80

           110          (30 )         63          110          (47 )        17           -          17
Total income            $  60,692     $  58,931     $  1,761     $ 57,881   

$ 58,931 $ (1,050 ) $ 2,811 $ – $ 2,811


Property operating
expenses                $  10,936     $  10,375     $    561     $ 10,588     $ 10,375     $    213     $   348           -     $   348

Real estate tax expense 7,973 7,348 625 7,373

     7,348           25         600           -         600
Total property
operating expenses      $  18,909     $  17,723     $  1,186     $ 17,961     $ 17,723     $    238     $   948     $     -     $   948

Property net operating
income                  $  41,783     $  41,208     $    575     $ 39,920   

$ 41,208 $ (1,288 ) $ 1,863 $ – $ 1,863


Straight-line income
(expense), net          $    (274 )   $    (136 )   $   (138 )
Intangible amortization
and inducement                474           285          189
General and
administrative expenses    (2,763 )      (2,231 )       (532 )
Business management fee    (4,793 )      (4,470 )       (323 )
Depreciation and
amortization              (25,643 )     (24,673 )       (970 )
Interest expense          (12,673 )     (11,843 )       (830 )
Interest and other
income                         (1 )          86          (87 )
Net loss                $  (3,890 )   $  (1,774 )   $ (2,116 )



Net loss. Net loss was $3,890 and $1,774 for the six months ended June 30, 2022
and 2021, respectively.



Total property net operating income. On a "same store" basis, comparing the
results of operations of investment properties during the full six months ended
June 30, 2022 with the results of the same investment properties owned during
the full six months ended June 30, 2021 property net operating income decreased
$1,288, total property income decreased $1,050, and total property operating
expenses including real estate tax expense increased $238.


The decrease in “same store” total property income is primarily due to a
decrease in recovery income due to a lower recovery percentage during the six
months ended June 30, 2022.


"Non-same store" total property net operating income increased $1,863 during
2022 as compared to 2021. The increase is a result of acquiring eight retail
properties on May 17, 2022. On a "non-same store" basis, total property income
increased $2,811 and total property operating expenses increased $948 during the
six months ended June 30, 2022 as compared to 2021 as a result of these
acquisitions.

Straight-line income (expense), net. Straight-line income (expense), net
increased $138 in 2022 compared to 2021. This increase is primarily due to the
acquisition of eight properties on May 17, 2022, partially offset by lower rent
abatements during the six months ended June 30, 2022.

Amortization of intangibles and lease incentives. Income from the amortization
of intangibles and lease incentives increased $189 in 2022 compared to 2021. The
increase is primarily due to the acquisition of IRPF Properties.

                                       32
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General and administrative expenses. General and administrative expenses
increased $532 in 2022 compared to 2021. The increase is primarily due to higher
legal and professional fees during the six months ended June 30, 2022.

Business management fee. Business management fees increased $323 in 2022
compared to 2021. The increase is primarily due to the acquisition of IRPF
Properties
.


Depreciation and amortization. Depreciation and amortization increased $970 in
2022 compared to 2021. The decrease is primarily due to the acquisition of eight
properties on May 17, 2022, partially offset by fully amortized assets in 2022
compared to 2021.

Interest expense. Interest expense increased $830 in 2022 compared to 2021. The
increase is primarily due to an increase in average debt outstanding driven by
the acquisition of IRPF Properties.

Interest and other income. Interest and other income decreased $87 in 2022
compared to 2021.

Off-Balance Sheet Arrangements


We currently have no off-balance sheet arrangements that are reasonably likely
to have a material current or future effect on our financial condition, changes
in financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources.

Leasing Activity


The following table sets forth leasing activity during the six months ended June
30, 2022. Leases with terms of less than 12 months have been excluded from the
table.

                                                                                                    % Change
                       Number of         Gross         New Contractual      Prior Contractual      over Prior         Weighted              Tenant
                         Leases        Leasable        Rent per Square      

Rent per Square Annualized Average Lease Allowances per

                         Signed          Area               Foot                   Foot             Base Rent           Term             Square Foot
Comparable Renewal
Leases                         49         293,310     $           17.88     $            17.00             5.2 %               5.1     $           1.46
Comparable New
Leases                          4           6,031     $           29.59     $            25.86            14.4 %               6.3     $          22.41
Non-Comparable New
and Renewal Leases
(a)                            33         119,390     $           16.68                    N/A             N/A                 7.1     $          13.80
Total                          86         418,731


(a) Includes leases signed on units that were vacant for over 12 months, leases

signed without fixed rent amounts and leases signed where the previous and

current lease do not have similar lease structures.

Non-GAAP Financial Measures


Accounting for real estate assets in accordance with U.S. GAAP assumes the value
of real estate assets is reduced over time due primarily to non-cash
depreciation and amortization expense. Because real estate values may rise and
fall with market conditions, operating results from real estate companies that
use U.S. GAAP accounting may not present a complete view of their performance.
We use Funds from Operations, or "FFO", a widely accepted metric to evaluate our
performance. FFO provides a supplemental measure to compare our performance and
operations to other REITs. Due to certain unique operating characteristics of
real estate companies, the National Association of Real Estate Investment
Trusts, or "NAREIT", has promulgated a standard known as FFO, which it believes
more accurately reflects the operating performance of a REIT. On November 7,
2018, NAREIT's Executive Board approved the White Paper restatement, effective
December 15, 2018. The purpose of the restatement was not to change the
fundamental definition of FFO but to clarify existing guidance. The restated
definition of FFO by NAREIT is net income (loss) computed in accordance with
U.S. GAAP, excluding depreciation and amortization related to real estate,
excluding gains (or losses) from sales of certain real estate assets, excluding
impairment write-downs of certain real estate assets and investments in entities
when the impairment is directly attributable to decreases in the value of
depreciable real estate and excluding gains and losses from change in control.
We have adopted the restated NAREIT definition for computing FFO. Previously
presented periods were not impacted.

Under U.S. GAAP, acquisition related costs are treated differently if the
acquisition is a business combination or an asset acquisition. An acquisition of
a single property will likely be treated as an asset acquisition as opposed to a
business combination and acquisition related costs will be capitalized rather
than expensed when incurred. Publicly registered, non-listed REITs typically
engage in a significant amount of acquisition activity in the early years of
their operations, and thus incur significant acquisition related costs, during
these initial years. Although other start up entities may engage in significant
acquisition activity during their initial years,

                                       33
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publicly registered, non-listed REITs are unique in that they typically have a
limited timeframe during which they acquire a significant number of properties
and thus incur significant acquisition related costs. Due to the above factors
and other unique features of publicly registered, non-listed REITs, the
Institute for Portfolio Alternatives, or "IPA", an industry trade group,
published a standardized measure known as Modified Funds from Operations, or
"MFFO", which the IPA has promulgated as a supplemental measure for publicly
registered non-listed REITs and which may be another appropriate supplemental
measure to reflect the operating performance of a non-listed REIT. We believe it
is appropriate to use MFFO as a supplemental measure of operating performance
because we believe that, when compared year-over-year, both before and after we
have deployed all of our Offering proceeds and are no longer incurring a
significant amount of acquisition fees or other related costs, it reflects the
impact on our operations from trends in occupancy rates, rental rates, operating
costs, general and administrative expenses, and interest costs, which may not be
immediately apparent from net income.

MFFO excludes expensed costs associated with investing activities, some of which
are acquisition related costs that affect our operations only in periods in
which properties are acquired, and other non-operating items that are included
in FFO, such as straight-lining of rents as required by U.S. GAAP. By excluding
costs that we consider more reflective of acquisition activities and other
non-operating items, the use of MFFO provides another measure of our operating
performance once our portfolio is stabilized. Because MFFO may be a recognized
measure of operating performance within the non-listed REIT industry, MFFO and
the adjustments used to calculate it may be useful in order to evaluate our
performance against other non-listed REITs. Like FFO, MFFO is not equivalent to
our net income or loss as determined under U.S. GAAP, as detailed in the table
below, and MFFO may not be a useful measure of the impact of long-term operating
performance on value if we continue to acquire a significant amount of
properties. MFFO should only be used as a measurement of our operating
performance while we are acquiring a significant amount of properties because it
excludes, among other things, acquisition costs incurred during the periods in
which properties were acquired.

We believe our definition of MFFO, a non-U.S. GAAP measure, is consistent with
the IPA's Guideline 2010-01, Supplemental Performance Measure for Publicly
Registered, Non-Listed REITs: Modified Funds from Operations, or the "Practice
Guideline," issued by the IPA in November 2010. The Practice Guideline defines
MFFO as FFO further adjusted for the following items, as applicable, included in
the determination of U.S. GAAP net income: acquisition fees and expenses;
amounts relating to straight-line rents and amortization of above and below
market lease assets and liabilities, accretion of discounts and amortization of
premiums on debt investments; mark-to-market adjustments included in net income;
nonrecurring gains or losses included in net income from the extinguishment or
sale of debt, hedges, foreign exchange, derivatives or securities holdings where
trading of such holdings is not a fundamental attribute of the business plan,
unrealized gains or losses resulting from consolidation from, or deconsolidation
to, equity accounting, and after adjustments for consolidated and unconsolidated
partnerships and joint ventures, with such adjustments calculated to reflect
MFFO on the same basis.

Our presentation of FFO and MFFO may not be comparable to other similarly titled
measures presented by other REITs. We believe that the use of FFO and MFFO
provides a more complete understanding of our operating performance to
stockholders and to management, and when compared year over year, reflects the
impact on our operations from trends in occupancy rates, rental rates, operating
costs, general and administrative expenses, and interest costs. Neither FFO nor
MFFO is intended to be an alternative to "net income" or to "cash flows from
operating activities" as determined by U.S. GAAP as a measure of our capacity to
pay distributions. Management uses FFO and MFFO to compare our operating
performance to that of other REITs and to assess our operating performance.

Our FFO and MFFO for the six months ended June 30, 2022 and 2021 are calculated
as follows:

                                                                     Six Months Ended
                                                                         June 30,
                                                                 2022                 2021
                                                               (Dollar amounts in thousands)
          Net loss                                          $       (3,890 )     $       (1,774 )
          Depreciation and amortization related to
Add:      investment properties                                     25,643               24,673
          Funds from operations (FFO)                               21,753               22,899

          Amortization of acquired market lease
Less:     intangibles, net                                            (529 )               (334 )
          Straight-line income (expense), net                          274                  136
          Modified funds from operations (MFFO)             $       21,498       $       22,701


Subsequent Events

For information related to subsequent events, reference is made to Note 15 -
"Subsequent Events" which is included in our June 30, 2022 Notes to Consolidated
Financial Statements in Item 1.

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