IPC Alternative Real Estate Income Trust, Inc.

As of December 31, 2025, the Operating Partnership’s real property portfolio consisted of 35 properties totaling approximately 746,601 square feet of medical outpatient properties, 250,755 square feet of self-storage properties and one student housing property with 406 student housing beds. These properties are located in 17 markets throughout the U.S.

The following table summarizes certain operating metrics of the Operating Partnership’s portfolio by segment and by market as of December 31, 2025:

Property · Number of Properties · Percentage of Gross Asset Value (1) · Rentable Square Feet · Percentage of Rentable Square Feet · Percentage Leased(2)

Healthcare

Austin MSA(3), TX · 1 · 2.6 · 16,388 · 2.2 · 100.0

Chicago MSA, IL · 3 · 6.2 · 56,173 · 7.5 · 100.0

Connecticut · 2 · 4.9 · 112,369 · 15.1 · 100.0

Dallas, TX · 1 · 1.5 · 16,050 · 2.1 · 100.0

Garden City, NY · 1 · 2.3 · 16,920 · 2.3 · 100.0

Greendale, IN · 1 · 2.1 · 24,722 · 3.3 · 100.0

Houston, TX · 2 · 12.5 · 88,450 · 11.8 · 100.0

Indianapolis, IN · 1 · 2.7 · 42,187 · 5.7 · 100.0

Oklahoma City, OK (4) · 1 · 3.2 · 33,500 · 4.5 · 100.0

Phoenix MSA, AZ · 10 · 26.4 · 199,958 · 26.8 · 100.0

Raleigh, NC · 1 · 1.6 · 13,131 · 1.8 · 100.0

San Antonio MSA, TX · 4 · 7.1 · 71,995 · 9.6 · 75.8

Salt Lake City MSA, UT · 2 · 6.4 · 54,758 · 7.3 · 100.0

Healthcare Total · 30 · 79.5 · 746,601 · 100.0

Self-Storage

Decatur, GA · 1 · 1.2 · 37,650 · 15.0 · 72.7

Marietta, GA · 1 · 1.8 · 59,250 · 23.6 · 82.0

Montgomery, AL · 2 · 6.7 · 153,855 · 61.4 · 84.2

Self-Storage Total · 4 · 9.7 · 250,755 · 100.0

Education · Beds · Percentage of Beds

St. Louis, MO · 1 · 10.8 · 406 · 100.0 · 88.4

Portfolio Total · 35 · 100

Based on fair value as of December 31, 2025.

For the Operating Partnership’s student housing property, this percentage was calculated as the number of leased beds divided by the total beds as of December 31, 2025.

“MSA” refers to metropolitan statistical area.

Sole tenant on the property has been on cash basis since September 30, 2022.

As of December 31, 2025, all of the properties listed in the table were owned in fee simple, with the exception of the following:

The Operating Partnership owns a leasehold interest in the medical outpatient property located in Greendale, Indiana, as well as a fee simple interest in the improvements located thereon. The ground lessor is Saint Elizabeth Medical Center, Inc. The ground lease has a term of approximately 60 years, expiring on December 31, 2077, with two 15-year renewal options. The Operating Partnership is required to pay the ground landlord base rent of $9 per month until December 31, 2026. On January 1, 2027 and every 10 years thereafter throughout the term, the base rent will be increased by an amount equal to 15% of the base rent for the immediately preceding 10-year period.

The Operating Partnership owns a leasehold interest in a medical outpatient property located in Phoenix, Arizona, as well as a fee simple interest in the improvements located thereon. The ground lessor is the State of Arizona, as Trustee through the State Land Commissioner. The ground lease has a term of 99 years, expiring on July 6, 2092. The Operating Partnership is required to pay the ground landlord a current annual base rent of $67, which increases by an annual amount of $6 every five years starting on July 7, 2028 through maturity. The original calculation of the base rent was based on a percentage of the appraised value of the land but is fixed going forward, adjusted for the increases every five years.

The Operating Partnership owns a leasehold interest in a medical outpatient property located in West Jordan, Utah, as well as a fee simple interest in the improvements located thereon. The ground lessor is Jordan Valley Medical Center, L.P. The ground lease has a term of 99 years, expiring on October 7, 2114, with three 15-year renewal options. Base rent over the

first 15 years of the ground lease term is $360; however, the entirety of this amount has been paid. Total base rent after the first 15 years, i.e., from October 2030 through the remainder of the term, is $1.

Average Effective Annual Base Rents

• The amount and source of distributions we may make to our stockholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our stockholders at any time in the future.
• We may fund distributions from sources other than our cash flow from operations, including, without limitation, borrowings, offering proceeds or the sale of our assets, and we have no limits on the amounts we may pay from such sources.
• Purchases and repurchases of shares of our common stock are generally made based on the prior month’s NAV per share of our common stock.
• Valuations and appraisals of our real estate and real estate-related investments are estimates of fair value and may not necessarily correspond to realizable value.
• Our NAV per share amounts may change materially if the appraised values of our properties materially change from prior appraisals or the actual operating results for a particular month differ from what we originally budgeted for that month.
• It may be difficult to reflect, fully and accurately, material events that may impact our monthly NAV.
• NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
• Our UPREIT structure may result in potential conflicts of interest with limited partners in our Operating Partnership whose interests may not be aligned with those of our stockholders.
• Payments to our Advisor or the Special Limited Partner in the form of common stock or OP Units they elect to receive in lieu of fees or distributions will dilute future cash available for distribution to our stockholders.
• Our board of directors may, in the future, adopt certain measures under Maryland law without stockholder approval that may have the effect of making it less likely that a stockholder would receive a “control premium” for his or her shares.
• Our charter permits our board of directors to authorize us to issue preferred stock on terms that may subordinate the rights of the holders of our current common stock or discourage a third party from acquiring us.
• Maryland law and our organizational documents limit our rights and the rights of our stockholders to recover claims against our directors and officers, which could reduce your and our recovery against them if they cause us to incur losses.
• Your interest in us will be diluted if we issue additional shares. Your interest in our assets will also be diluted if the Operating Partnership issues additional units.
• The net tangible book value of your shares will be substantially below the price you pay for them, thus increasing the risk of a loss on your investment.
• Our bylaws designate the Circuit Court for Baltimore City, Maryland or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
• We will not be required to comply with certain reporting requirements, including those relating to auditor’s attestation reports on the effectiveness of our system of internal control over financial reporting, accounting standards and disclosure about our executive compensation, that apply to other public companies.
• Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
• We depend on our Advisor to develop appropriate systems and procedures to control operational risk.
• We are dependent on information systems, and systems failures, as well as operating failures, could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.
• Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in the Offerings, which could harm our ability to achieve our investment objectives.
• We are subject to risks associated with artificial intelligence and machine learning technology.
• We, the Advisor, the Dealer Manager and respective affiliates are subject to regulatory oversight which could negatively impact our operations, cash flow or financial condition, impose additional costs on us or otherwise adversely affect our business.
• Extensive regulation of our businesses affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus, particularly given the current administration, could result in additional burdens on our business.
• Failure by us, our Advisor, the Dealer Manager or our service providers (including our transfer agent and our independent valuation advisor) or tenants to implement effective information and cybersecurity policies, procedures and capabilities could disrupt our business and harm our results of operations.
• Our operations may be subject to an increasing number of cyber incidents, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.
• Disruptions in our information technology systems or a compromise of security with respect to our systems could adversely affect our operating results by limiting our ability to effectively monitor and control our operations, adjust to changing market conditions, or implement strategic initiatives.
• We may become subject to greater liability due to changing regulations and laws regarding cybersecurity, which could materially adversely affect our business, operations, results of operations and profitability.
• We will face risks associated with hedging transactions.
• General Risks Related to Investments in Real Estate
• Our operating results will be affected by economic and regulatory changes that impact the real estate market in general.
• Our success is dependent on general market and economic conditions.
• Persistent inflation may adversely affect our financial condition and results of operations.
• Financial regulatory changes in the United States could adversely affect our business.
• A major public health crisis, pandemic or epidemic, like the COVID-19 pandemic, could disrupt the U.S. and global economy and industries in which we operate and negatively impact our financial performance and results of operations.
• We depend on tenants for our revenue, and therefore our revenue is dependent on the success and economic viability of our tenants. Our reliance on single or significant tenants in certain buildings may decrease our ability to lease vacated space and could adversely affect our income, performance, operations and ability to pay distributions.
• Our portfolio may be concentrated in a limited number of industries, geographies or investments.
• We are subject to risks related to tenant concentration, and an adverse development with respect to a large tenant could materially and adversely affect us.
• We face risks associated with property acquisitions.
• Competition for investment opportunities may reduce our profitability and the return on your investment.
• Acquiring or attempting to acquire multiple properties in a single transaction may adversely affect our operations.
• We may incur “dead deal costs” in connection with potential acquisitions.
• In our due diligence review of potential investments, we may rely on third-party consultants and advisors and representations made by sellers of potential properties, and we may not identify all relevant facts that may be necessary or helpful in evaluating potential investments.
• There can be no assurance that our Advisor will be able to detect or prevent irregular accounting, employee misconduct or other fraudulent practices or material misstatements or omissions during the due diligence phase or during our efforts to monitor and
• disclose information about any investment on an ongoing basis or that any risk management procedures implemented by us will be adequate.
• Certain properties may require an expedited transaction, which may result in limited information being available about the property prior to its acquisition.
• We will face risks in effecting operating improvements.
• We may have difficulty selling our properties, which may limit our flexibility and ability to pay distributions.
• Our Operating Partnership may be subject to tax indemnification obligations upon the taxable sale of certain of its properties.
• Investments in real properties carry certain litigation risks at the property level that may reduce our profitability and the return on your investment.
• We may make a substantial amount of joint venture investments, including with Inland affiliates. Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of our joint venture partners and disputes between us and our joint venture partners.
• We may be subject to expenses and liabilities related to employees of certain portfolio entities owned by us.
• We rely on management companies to operate our properties and leasing agents to lease vacancies in our properties.
• We may be unable to renew leases as leases expire.
• Our properties may be leased at below-market rates under long-term leases.
• Short-term leases expose us to the effects of declining market rent and could adversely impact our ability to make cash distributions.
• Certain of our real estate investments may not include title to the underlying land, exposing us to greater risks.
• Certain of our tenants may be private companies, and their financial statements are not publicly available for stockholders to review.
• Certain of our properties may be specifically designed for use by their tenants, which could result in substantial re-leasing costs or a lower sale price.
• Certain of our leases may provide for a right of first offer or right of first refusal to purchase the respective property, which may make it more difficult to sell such properties.
• Our properties may face significant competition.
• We may experience material losses or damage related to our properties and such losses may not be covered by insurance.
• We could become subject to liability for environmental violations, regardless of whether we caused such violations.
• Our costs associated with complying with the Americans with Disabilities Act of 1990 (the “ADA”) may affect cash available for distributions.
• The properties we acquire will be subject to property taxes that may increase in the future, which could adversely affect our cash flow.
• We may be exposed to third party liability, which can reduce the performance of any associated investment.
• Certain of our investments may have additional capital requirements.
• Technological or other innovations may disrupt the markets and sectors in which we operate and subject us to increased competition or negatively impact the tenants of our properties and the value of our properties.
• Any self-storage investments will be subject to risks from fluctuating demand and competition in the self-storage industry.