Form 8-K - Current report

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

October 29, 2024

Date of Report (Date of earliest event reported)

___________________________________

INVENTRUST PROPERTIES CORP.

(Exact name of registrant as specified in its charter)

___________________________________


Maryland (State or other jurisdiction of incorporation)	001-40896 (Commission File Number)	34-2019608 (IRS Employer Identification No.)
3025 Highland Parkway, Suite 350 Downers Grove, Illinois 60515
(Address of principal executive offices and zip code)
(855) 377-0510
(Registrant's telephone number, including area code)
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:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, $0.001 par value	IVT	New York Stock Exchange

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 2.02 - Results of Operations and Financial Condition.

On October 29, 2024, InvenTrust Properties Corp. (the "Company") issued a press release announcing its results for the quarter ended September 30, 2024. The full text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

On October 29, 2024, the Company posted on its website, at https://www.inventrustproperties.com/investor-relations/, certain supplemental information for the quarter ended September 30, 2024 (the "Third Quarter Supplemental"). A copy of the Third Quarter Supplemental is attached as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference.

The information furnished under this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, or the Exchange Act, except as set forth by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description
99.1						Press Release of InvenTrust Properties Corp, dated as of October 29, 2024 (furnished pursuant to Item 2.02)
99.2						Third Quarter Supplemental (furnished pursuant to Item 2.02)
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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.

Date:

October 29, 2024

INVENTRUST PROPERTIES CORP.

By:

/s/ Christy L. David

Name:

Christy L. David

Title:

Executive Vice President, Chief Operating Officer, General Counsel & Secretary

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2024 Third Quarter Results

DOWNERS GROVE, IL – October 29, 2024 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the period ended September 30, 2024. For the three months ended September 30, 2024 and 2023, the Company reported Net Loss of $0.5 million, or $0.01 per diluted share, and Net Loss of $0.8 million, or $0.01 per diluted share, respectively.

Third Quarter 2024 Highlights:

•Nareit FFO of $0.45 per diluted share

•Core FFO of $0.44 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 6.5%

•Leased Occupancy as of September 30, 2024 of 97.0%

•Executed 59 leases totaling approximately 469,000 square feet of GLA, of which 403,000 square feet was executed at a blended comparable lease spread of 9.8%

•Acquired Scottsdale North Marketplace, a 66,000 square foot neighborhood center anchored by AJ’s Fine Foods, in Scottsdale, Arizona

•Issued and sold 9.2 million shares of common stock, receiving $247.3 million in net proceeds

“The InvenTrust team delivered another solid quarter of financial results," Daniel (DJ) Busch, President and CEO of InvenTrust announced. “With the continued strength of our portfolio performance, we are raising our full year Nareit and Core FFO guidance. In September, we raised approximately $250 million in new capital through an equity issuance, which will support our continued cash flow growth over time.”

NET (LOSS) INCOME

•Net Loss for the three months ended September 30, 2024 was $0.5 million, or $0.01 per diluted share, compared to Net Loss of $0.8 million, or $0.01 per diluted share, for the same period in 2023.

•Net Income for the nine months ended September 30, 2024 was $3.9 million, or $0.06 per diluted share, compared to Net Income of $2.4 million, or $0.04 per diluted share, for the same period in 2023.

NAREIT FFO

•Nareit FFO for the three months ended September 30, 2024 was $30.9 million, or $0.45 per diluted share, compared to $27.6 million, or $0.41 per diluted share, for the same period in 2023.

•Nareit FFO for the nine months ended September 30, 2024 was $91.8 million, or $1.34 per diluted share, compared to $84.7 million, or $1.25 per diluted share, for the same period in 2023.

CORE FFO

•Core FFO for the three months ended September 30, 2024 was $30.1 million, or $0.44 per diluted share, compared to $27.6 million, or $0.41 per diluted share, for the same period in 2023.

•Core FFO for the nine months ended September 30, 2024 was $89.2 million, or $1.30 per diluted share, compared to $84.1 million, or $1.24 per diluted share, for the same period in 2023.


1 Press Release - Quarter Ended September 30, 2024

SAME PROPERTY NOI

•Same Property NOI for the three months ended September 30, 2024 was $45.5 million, a 6.5% increase, compared to the same period in 2023.

•Same Property NOI for the nine months ended September 30, 2024 was $123.8 million, a 4.2% increase, compared to the same period in 2023.

DIVIDEND

•For the quarter ended September 30, 2024, the Board of Directors declared a quarterly cash distribution of $0.2263 per share, paid on October 15, 2024.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of September 30, 2024, the Company’s Leased Occupancy was 97.0%.

◦Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 99.8% and Small Shop Leased Occupancy was 92.0%. Anchor Leased Occupancy increased 70 basis points, and Small Shop Leased Occupancy increased 30 basis points, each on a sequential basis compared to the previous quarter.

◦Leased to Economic Occupancy spread of 280 basis points, which equates to approximately $7.2 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the third quarter were 9.8%.

•Annualized Base Rent (“ABR”) per square foot (“PSF”) as of September 30, 2024 was $19.83, an increase of 2.4% compared to the same period in 2023. Anchor Tenant ABR PSF was $12.67 and Small Shop ABR PSF was $33.50 for the third quarter.

•On August 6, 2024, the Company acquired Scottsdale North Marketplace, a 66,000 square foot neighborhood center anchored by AJ’s Fine Foods, in Scottsdale, Arizona, for a gross acquisition price of $23.0 million. The Company used cash on hand to fund the acquisition.

LIQUIDITY AND CAPITAL STRUCTURE

•On September 25, 2024, the Company issued and sold 9.2 million shares of its common stock through an offering, receiving $247.3 million in net proceeds after underwriting discounts and commissions.

•InvenTrust had $543.2 million of total liquidity, as of September 30, 2024, comprised of $193.2 million of cash and cash equivalents and $350.0 million of availability under its Revolving Credit Facility.

•InvenTrust has no debt maturing in 2024 and $35.9 million of debt maturing in 2025, as of September 30, 2024. On September 27, 2024, the Company extinguished the $72.5 million cross collateralized pooled mortgage payable maturing on November 2, 2024.

•The Company's weighted average interest rate on its debt as of September 30, 2024 was 4.03% and the weighted average remaining term was 3.6 years.

SUBSEQUENT EVENTS

•On October 9, 2024, the Company acquired Stonehenge Village, a 214,000 square foot community center anchored by Wegman’s in the Richmond, Virginia market, for a gross acquisition price of $62.1 million. The Company used cash on hand to fund the acquisition.

•On October 23, 2024, the Company entered into a third amendment to the Amended Revolving Credit Agreement, which provides for, among other things, an increase in the revolving commitments thereunder from $350.0 million to $500.0 million and an extension of the maturity date to January 15, 2029, with one six-month extension option.


2 Press Release - Quarter Ended September 30, 2024

2024 GUIDANCE

InvenTrust has updated its 2024 guidance, as summarized in the table below.


(Unaudited, dollars in thousands, except per share amounts)	Current (1) (2)			Previous
Net Income per diluted share	$0.09	—	$0.12	$0.08	—	$0.12
Nareit FFO per diluted share	$1.74	—	$1.77	$1.73	—	$1.77
Core FFO per diluted share (3)	$1.70	—	$1.73	$1.69	—	$1.73
Same Property NOI (“SPNOI”) Growth	4.25%	—	5.00%	3.50%	—	4.50%
General and administrative	$33,000	—	$34,000	$33,000	—	$34,250
Interest expense, net (4)	$34,500	—	$35,000	$35,750	—	$36,250
Net investment activity (5)	~ $159,000 - $215,000			~ $75,000

(1)The Company’s guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and depreciation, amortization, and straight-line rent adjustments related to acquisitions.

(2)The Company’s guidance includes an expectation of uncollectibility, reflected as 0-50 basis points of expected total revenue.

(3)Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, debt extinguishment charges, straight-line rent adjustments, depreciation and amortization of corporate assets, and non-operating income and expense.

(4)Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $3.2 million.

(5)Net investment activity represents anticipated acquisition activity less disposition activity.

In addition to the foregoing assumptions, the Company's guidance incorporates a number of other assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.

The following table provides a reconciliation of the range of the Company's 2024 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:


(Unaudited)	Low End		High End
Net income per diluted share	$	0.09	$	0.12
Depreciation and amortization of real estate assets	1.60		1.60
Impairment of real estate assets	0.05		0.05

Nareit FFO per diluted share	1.74		1.77
Amortization of market-lease intangibles and inducements, net	(0.04)		(0.04)
Straight-line rent adjustments, net	(0.03)		(0.03)
Amortization of debt discounts and financing costs	0.03		0.03
Core FFO per diluted share	$	1.70	$	1.73

This press release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.

EARNINGS CALL INFORMATION

Date: Wednesday, October 30, 2024

Time: 10:00 a.m. ET

Dial-in: (833) 470-1428 / Access Code: 861040

Webcast & Replay Link: https://events.q4inc.com/attendee/437641621

A webcast replay will be available shortly after the conclusion of the presentation using the webcast link above.


3 Press Release - Quarter Ended September 30, 2024


			Definitions

NON-GAAP FINANCIAL MEASURES

This Press Release includes certain financial measures and other terms that are not in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) that management believes are helpful in understanding the Company’s business. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of the Company’s non-GAAP measures to the most directly comparable GAAP financials measures are included herein.

SAME PROPERTY NOI or SPNOI

Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments (“GAAP Rent Adjustments”). The Company bifurcates NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet the Company’s Same Property criteria. NOI from other investment properties includes adjustments for the Company’s captive insurance company.

NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE FFO

The Company’s non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for the Company’s unconsolidated joint venture are calculated to reflect the Company’s proportionate share of the joint venture's Nareit FFO on the same basis. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance.

ADJUSTED EBITDA

The Company’s non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, straight-line rent adjustments, amortization of above and below market leases and lease inducements, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance. Adjustments for the Company’s unconsolidated joint venture are calculated to reflect the Company’s proportionate share of the joint venture's Adjusted EBITDA on the same basis.

NET DEBT-TO-ADJUSTED EBITDA

Net Debt-to-Adjusted EBITDA is Net Debt divided by trailing twelve month Adjusted EBITDA.

FORMER JOINT VENTURE

On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”), in which it held a 55% ownership share. In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023. On December 15, 2023, IAGM was fully liquidated.


4 Press Release - Quarter Ended September 30, 2024


			Financial Statements

Condensed Consolidated Balance Sheets

In thousands, except share amounts


	As of Sept. 30		As of December 31
	2024		2023
Assets	(unaudited)
Investment properties
Land	$	710,160	$	694,668
Building and other improvements	2,013,459		1,956,117
Construction in progress	11,716		5,889
Total	2,735,335		2,656,674
Less accumulated depreciation	(496,559)		(461,352)
Net investment properties	2,238,776		2,195,322
Cash, cash equivalents and restricted cash	202,758		99,763
Intangible assets, net	107,004		114,485
Accounts and rents receivable	34,797		35,353
Deferred costs and other assets, net	37,146		42,408
Total assets	$	2,620,481	$	2,487,331

Liabilities
Debt, net	$	740,109	$	814,568
Accounts payable and accrued expenses	48,683		44,583
Distributions payable	17,455		14,594
Intangible liabilities, net	30,369		30,344
Other liabilities	28,660		29,198
Total liabilities	865,276		933,287
Commitments and contingencies

Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	—		—
Common stock, $0.001 par value, 146,000,000 shares authorized, 77,130,431 shares issued and outstanding as of September 30, 2024 and 67,807,831 shares issued and outstanding as of December 31, 2023	77		68
Additional paid-in capital	5,721,592		5,468,728
Distributions in excess of accumulated net income	(3,977,152)		(3,932,826)
Accumulated comprehensive income	10,688		18,074
Total stockholders' equity	1,755,205		1,554,044
Total liabilities and stockholders' equity	$	2,620,481	$	2,487,331


5 Press Release - Quarter Ended September 30, 2024


			Financial Statements, continued

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income

In thousands, except share and per share amounts, unaudited


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2024		2023		2024		2023
Income
Lease income, net	$	68,132	$	63,716	$	201,681	$	192,814
Other property income	389		346		1,061		1,060
Other fee income	—		—		—		80
Total income	68,521		64,062		202,742		193,954

Operating expenses
Depreciation and amortization	28,134		30,318		85,092		85,339
Property operating	10,795		11,070		31,037		31,056
Real estate taxes	9,205		8,781		27,232		27,361
General and administrative	8,133		7,610		24,768		23,389
Total operating expenses	56,267		57,779		168,129		167,145

Other (expense) income
Interest expense, net	(9,470)		(9,555)		(28,744)		(28,441)

Impairment of real estate assets	(3,854)		—		(3,854)		—
Gain on sale of investment properties	334		1,707		334		2,691
Equity in earnings (losses) of unconsolidated entities	—		67		—		(447)
Other income and expense, net	197		676		1,510		1,767
Total other (expense) income, net	(12,793)		(7,105)		(30,754)		(24,430)

Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379

Weighted-average common shares outstanding - basic	68,526,238		67,531,335		68,101,901		67,521,110
Weighted-average common shares outstanding - diluted	68,526,238		67,531,335		68,659,319		67,720,485

Net (loss) income per common share - basic	$	(0.01)	$	(0.01)	$	0.06	$	0.04
Net (loss) income per common share - diluted	$	(0.01)	$	(0.01)	$	0.06	$	0.04

Distributions declared per common share	$	0.23	$	0.22	$	0.68	$	0.65
Distributions paid per common share	$	0.23	$	0.22	$	0.67	$	0.64

Comprehensive (loss) income
Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379
Unrealized (loss) gain on derivatives, net	(7,145)		5,978		2,560		13,496
Reclassification to net (loss) income	(3,315)		(4,213)		(9,946)		(11,089)
Comprehensive (loss) income	$	(10,999)	$	943	$	(3,527)	$	4,786


6 Press Release - Quarter Ended September 30, 2024


			Reconciliation of Non-GAAP Measures
			In thousands

Same Property NOI


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2024		2023		2024		2023
Income
Minimum base rent	$	42,809	$	41,481	$	116,321	$	113,761
Real estate tax recoveries	8,214		7,798		22,886		22,749
Common area maintenance, insurance, and other recoveries	8,212		7,885		21,924		20,746
Ground rent income	4,715		4,762		11,634		11,735
Short-term and other lease income	799		691		2,706		2,575
Reversal of (provision for) uncollectible billed rent and recoveries, net	162		(491)		(55)		(366)
Other property income	374		346		936		978
Total income	65,285		62,472		176,352		172,178

Operating Expenses
Property operating	10,691		10,981		27,518		28,072
Real estate taxes	9,083		8,771		25,046		25,342
Total operating expenses	19,774		19,752		52,564		53,414

Same Property NOI	$	45,511	$	42,720	$	123,788	$	118,764

Net (Loss) Income to Same Property NOI


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2024		2023		2024		2023
Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	(197)		(676)		(1,510)		(1,767)
Equity in (earnings) losses of unconsolidated entities	—		(67)		—		447
Interest expense, net	9,470		9,555		28,744		28,441

Gain on sale of investment properties	(334)		(1,707)		(334)		(2,691)
Impairment of real estate assets	3,854		—		3,854		—
Depreciation and amortization	28,134		30,318		85,092		85,339
General and administrative	8,133		7,610		24,768		23,389
Other fee income	—		—		—		(80)
Adjustments to NOI (a)	(1,626)		(1,434)		(6,056)		(6,028)
NOI	46,895		42,777		138,417		129,429
NOI from other investment properties	(1,384)		(57)		(14,629)		(10,665)
Same Property NOI	$	45,511	$	42,720	$	123,788	$	118,764

(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.


7 Press Release - Quarter Ended September 30, 2024


			Reconciliation of Non-GAAP Measures, continued
			in thousands, except share and per share amounts

Nareit FFO and Core FFO

The following table presents a reconciliation of Net Income to Nareit FFO and Core FFO Applicable to Common Shares and Dilutive Securities, and provides additional information related to its operations:


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2024		2023		2024		2023
Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379
Depreciation and amortization of real estate assets	27,923		30,094		84,439		84,714
Impairment of real estate assets	3,854		—		3,854		—
Gain on sale of investment properties	(334)		(1,707)		(334)		(2,691)
Unconsolidated joint venture adjustments (a)	—		—		—		342
Nareit FFO Applicable to Common Shares and Dilutive Securities	30,904		27,565		91,818		84,744
Amortization of market lease intangibles and inducements, net	(831)		(629)		(2,064)		(2,717)
Straight-line rent adjustments, net	(765)		(730)		(2,652)		(2,492)
Amortization of debt discounts and financing costs	567		1,167		1,742		3,286
Depreciation and amortization of corporate assets	211		224		653		625
Non-operating income and expense, net (b)	21		55		(275)		791
Unconsolidated joint venture adjustments (c)	—		(10)		—		(172)
Core FFO Applicable to Common Shares and Dilutive Securities	$	30,107	$	27,642	$	89,222	$	84,065

Weighted average common shares outstanding - basic	68,526,238		67,531,335		68,101,901		67,521,110
Dilutive effect of unvested restricted shares (d)	—		—		557,418		199,375
Weighted average common shares outstanding - diluted	68,526,238		67,531,335		68,659,319		67,720,485

Net (loss) income per diluted share	$	(0.01)	$	(0.01)	$	0.06	$	0.04
Nareit FFO per diluted share	$	0.45	$	0.41	$	1.34	$	1.25
Core FFO per diluted share	$	0.44	$	0.41	$	1.30	$	1.24

(a)Reflects the Company’s share of adjustments for IAGM's Nareit FFO on the same basis as InvenTrust.

(b)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four remaining properties of IAGM in 2023.

(c)Reflects the Company’s share of adjustments for IAGM's Core FFO on the same basis as InvenTrust.

(d)For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.


8 Press Release - Quarter Ended September 30, 2024


			Reconciliation of Non-GAAP Measures, continued
			In thousands

EBITDA and Adjusted EBITDA

The following table presents a reconciliation of Net Income to EBITDA and Adjusted EBITDA, and provides additional information related to its operations:


	Three Months Ended Sept. 30				Nine Months Ended Sept. 30
	2024		2023		2024		2023
Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379
Interest expense, net	9,470		9,555		28,744		28,441
Income tax expense	138		128		403		388
Depreciation and amortization	28,134		30,318		85,092		85,339
Unconsolidated joint venture adjustments (a)	—		(6)		—		417
EBITDA	37,203		39,173		118,098		116,964
Impairment of real estate assets	3,854		—		3,854		—
Gain on sale of investment properties	(334)		(1,707)		(334)		(2,691)
Amortization of market-lease intangibles and inducements, net	(831)		(629)		(2,064)		(2,717)
Straight-line rent adjustments, net	(765)		(730)		(2,652)		(2,492)

Non-operating income and expense, net (b)	21		55		(275)		791
Unconsolidated joint venture adjustments (c)	—		(10)		—		(188)
Adjusted EBITDA	$	39,148	$	36,152	$	116,627	$	109,667

(a)Reflects the Company's share of adjustments for IAGM's EBITDA on the same basis as InvenTrust.

(c)Reflects the Company's share of adjustments for IAGM's Adjusted EBITDA on the same basis as InvenTrust.

Financial Leverage Ratios

Dollars in thousands

The following table presents the calculation of net debt and Net Debt-to-Adjusted EBITDA:


	As of Sept. 30		As of December 31
	2024		2023
Net Debt:
Outstanding Debt, net	$	740,109	$	814,568
Less: Cash and cash equivalents	(193,187)		(96,385)
Net Debt	$	546,922	$	718,183

Net Debt-to-Adjusted EBITDA (trailing 12 months):
Net Debt	$	546,922	$	718,183
Adjusted EBITDA (trailing 12 months)	153,419		146,459
Net Debt-to-Adjusted EBITDA	3.6x		4.9x


9 Press Release - Quarter Ended September 30, 2024

About InvenTrust Properties Corp.

InvenTrust Properties Corp. (the “Company,” "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, maintaining a flexible capital structure, and enhancing environmental, social and governance ("ESG") practices and standards. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. IVT is committed to leadership in ESG practices and has been a Global Real Estate Sustainability Benchmark (“GRESB”) member since 2013. For more information, please visit www.inventrustproperties.com.

The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under GAAP. The information provided in this press release is unaudited and includes non-GAAP measures (as discussed below), and there can be no assurance that the information will not vary from the final information in the Company's Form 10-Q for the quarter ended September 30, 2024. The Company may, but assumes no obligation to, update information in this press release.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this press release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.

The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law.

IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.

Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels

Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account (twitter.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties)), as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on www.inventrustproperties.com/investor-relations and on the Company’s social media channels.


10 Press Release - Quarter Ended September 30, 2024


			Table of Contents


						Page No.

Introductory Notes						i

Press Release						iii

Financial Information
Summary Financial Information						1
Condensed Consolidated Balance Sheets						2
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income						3
Condensed Consolidated Supplemental Details of Assets and Liabilities						4
Condensed Consolidated Supplemental Details of Operations						5
Reconciliation of Non-GAAP Measures
Same Property Net Operating Income						6
Nareit FFO and Core FFO						7
EBITDA and Adjusted EBITDA						7
Summary of Outstanding Debt						8
Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs						9

Portfolio and Leasing Overview
Markets and Tenant Size						10
Top 25 Tenants by ABR and Tenant Merchandise Mix						11
Comparable & Non-Comparable Lease Statistics						12
Tenant Lease Expirations						13

Investment Summary
Acquisitions						14
Development Pipeline						15
Property Summary						16

Components of NAV as of September 30, 2024						19

Glossary of Terms						20


			Introductory Notes

About InvenTrust Properties Corp.

The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under U.S. Generally Accepted Accounting Principles (“GAAP”). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed below), and there can be no assurance that the information will not vary from the final information in the Company's Form 10-Q for the quarter ended September 30, 2024. The Company may, but assumes no obligation to, update information in this supplemental.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this supplemental that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.

IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.

Notice Regarding Non-GAAP Financial Measures

In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. Management does not consider the Company's non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of IVT's financial performance as they may not reflect the operations of the entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of IVT's properties that could materially impact IVT's results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of IVT's liquidity, nor as an indication of funds available to cover IVT's cash needs, including IVT's ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if management does not continue to operate the business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, IVT's non-GAAP measures may not be comparable to other REITs. Reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are included on pages 6 and 7 and definitions of the Company's non-GAAP measures are included in the Glossary of Terms on page 20.


i			Supplemental - Quarter Ended September 30, 2024


			Introductory Notes

Former Joint Venture

Throughout this supplemental, where indicated as “pro rata” the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," as of December 31, 2022 and 2021.

The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying the Company's overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent the Company's legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro rata interest. Accordingly, pro rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. For additional detail regarding properties previously owned by the JV, see the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case as filed with the SEC.

Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels

Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account (twitter.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on www.inventrustproperties.com/investor-relations and on the Company’s social media channels.


ii			Supplemental - Quarter Ended September 30, 2024

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2024 Third Quarter Results

Third Quarter 2024 Highlights:

•Nareit FFO of $0.45 per diluted share

•Core FFO of $0.44 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 6.5%

•Leased Occupancy as of September 30, 2024 of 97.0%

•Executed 59 leases totaling approximately 469,000 square feet of GLA, of which 403,000 square feet was executed at a blended comparable lease spread of 9.8%

•Acquired Scottsdale North Marketplace, a 66,000 square foot neighborhood center anchored by AJ’s Fine Foods, in Scottsdale, Arizona

•Issued and sold 9.2 million shares of common stock, receiving $247.3 million in net proceeds

NET (LOSS) INCOME

•Net Loss for the three months ended September 30, 2024 was $0.5 million, or $0.01 per diluted share, compared to Net Loss of $0.8 million, or $0.01 per diluted share, for the same period in 2023.

NAREIT FFO

•Nareit FFO for the three months ended September 30, 2024 was $30.9 million, or $0.45 per diluted share, compared to $27.6 million, or $0.41 per diluted share, for the same period in 2023.

•Nareit FFO for the nine months ended September 30, 2024 was $91.8 million, or $1.34 per diluted share, compared to $84.7 million, or $1.25 per diluted share, for the same period in 2023.

CORE FFO

•Core FFO for the three months ended September 30, 2024 was $30.1 million, or $0.44 per diluted share, compared to $27.6 million, or $0.41 per diluted share, for the same period in 2023.

•Core FFO for the nine months ended September 30, 2024 was $89.2 million, or $1.30 per diluted share, compared to $84.1 million, or $1.24 per diluted share, for the same period in 2023.


iii			Supplemental - Quarter Ended September 30, 2024

SAME PROPERTY NOI

•Same Property NOI for the three months ended September 30, 2024 was $45.5 million, a 6.5% increase, compared to the same period in 2023.

•Same Property NOI for the nine months ended September 30, 2024 was $123.8 million, a 4.2% increase, compared to the same period in 2023.

DIVIDEND

•For the quarter ended September 30, 2024, the Board of Directors declared a quarterly cash distribution of $0.2263 per share, paid on October 15, 2024.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of September 30, 2024, the Company’s Leased Occupancy was 97.0%.

◦Leased to Economic Occupancy spread of 280 basis points, which equates to approximately $7.2 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the third quarter were 9.8%.

LIQUIDITY AND CAPITAL STRUCTURE

•The Company's weighted average interest rate on its debt as of September 30, 2024 was 4.03% and the weighted average remaining term was 3.6 years.

SUBSEQUENT EVENTS


iv			Supplemental - Quarter Ended September 30, 2024

2024 GUIDANCE

InvenTrust has updated its 2024 guidance, as summarized in the table below.


(Unaudited, dollars in thousands, except per share amounts)	Current (1) (2)			Previous
Net Income per diluted share	$0.09	—	$0.12	$0.08	—	$0.12
Nareit FFO per diluted share	$1.74	—	$1.77	$1.73	—	$1.77
Core FFO per diluted share (3)	$1.70	—	$1.73	$1.69	—	$1.73
Same Property NOI (“SPNOI”) Growth	4.25%	—	5.00%	3.50%	—	4.50%
General and administrative	$33,000	—	$34,000	$33,000	—	$34,250
Interest expense, net (4)	$34,500	—	$35,000	$35,750	—	$36,250
Net investment activity (5)	~ $159,000 - $215,000			~ $75,000

(2)The Company’s guidance includes an expectation of uncollectibility, reflected as 0-50 basis points of expected total revenue.

(4)Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $3.2 million.

(5)Net investment activity represents anticipated acquisition activity less disposition activity.

The following table provides a reconciliation of the range of the Company's 2024 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:


(Unaudited)	Low End		High End
Net income per diluted share	$	0.09	$	0.12
Depreciation and amortization of real estate assets	1.60		1.60
Impairment of real estate assets	0.05		0.05

Nareit FFO per diluted share	1.74		1.77
Amortization of market-lease intangibles and inducements, net	(0.04)		(0.04)
Straight-line rent adjustments, net	(0.03)		(0.03)
Amortization of debt discounts and financing costs	0.03		0.03
Core FFO per diluted share	$	1.70	$	1.73


v			Supplemental - Quarter Ended September 30, 2024


			Summary Financial Information
			In thousands, except share information and per square foot amounts


	Three Months Ended September 30				Nine Months Ended September 30
	2024		2023		2024		2023
Financial Results

Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379
Net (loss) income per common share - basic	(0.01)		(0.01)		0.06		0.04
Net (loss) income per common share - diluted	(0.01)		(0.01)		0.06		0.04

Nareit FFO (page 7)	30,904		27,565		91,818		84,744
Nareit FFO per diluted share	0.45		0.41		1.34		1.25

Core FFO (page 7)	30,107		27,642		89,222		84,065
Core FFO per diluted share	0.44		0.41		1.30		1.24

Same Property NOI (page 6)	45,511		42,720		123,788		118,764


Same Property NOI growth			6.5		%										4.2		%


Adjusted EBITDA (page 7)	39,148	36,152	116,627	109,667

Distributions declared per common share	0.23	0.22	0.68	0.65


Aggregate distributions declared (as a % of Core FFO)	58.0	%	52.6	%	54.0	%	51.9	%


	As of Sept. 30, 2024		As of Dec. 31, 2023		As of Dec. 31, 2022 (a)		As of Dec. 31, 2021 (a)
Capital Information
Shares outstanding	77,130,431		67,807,831		67,472,553		67,344,374

Outstanding Debt, net	$	740,109	$	814,568	$	805,253	$	624,289
Less: Cash and cash equivalents (page 4)	(193,187)		(96,385)		(164,448)		(79,628)
Net Debt	$	546,922	$	718,183	$	640,805	$	544,661

(a) Outstanding debt, net, Cash and cash equivalents, and Net Debt as of December 31, 2022 and 2021 are Pro Rata.

Debt Metrics (trailing 12 months)
Adjusted EBITDA	$	153,419	$	146,459	$	132,368	$	117,273
Net Debt-to-Adjusted EBITDA (a)	3.6x		4.9x		4.8x		4.6x
Fixed charge coverage	4.3x		4.3x		5.0x		6.4x
Net debt to real estate assets, excl property acc depr.	20.0%		27.0%		24.7%		22.0%
Net debt to total assets, excl property acc depr.	17.5%		24.4%		21.3%		19.3%

(a) Net Debt-to-Adjusted EBITDA as of December 31, 2022 and 2021 are Pro Rata.


Distributions Paid Per Share		Liquidity and Credit Facility
Q3 2024	$0.22630	Cash and cash equivalents	$	193,187
Q2 2024	$0.22630	Available under credit facility	350,000
Q1 2024	$0.21550	Total	$	543,187
Q4 2023	$0.21550


	Same Property				Same Property				Total Portfolio
	Three Months Ended September 30				Nine Months Ended September 30				Nine Months Ended September 30
	2024		2023		2024		2023			2024		2023
Portfolio Metrics
No. of properties	62		62		57		57			65		62
GLA	10,324		10,324		9,109		9,108			10,550		10,324
Economic Occupancy	94.1	%	92.6	%	94.3	%	92.8	%		94.2	%	92.6	%
Leased Occupancy	96.9	%	95.1	%	97.2	%	95.3	%		97.0	%	95.1	%
ABR PSF	$19.69		$19.36		$20.15		$19.78			$19.83		$19.36


1			Supplemental - Quarter Ended September 30, 2024


			Condensed Consolidated Balance Sheets
			In thousands, except share and per share amounts


	As of
	September 30, 2024		December 31, 2023
Assets	(unaudited)
Investment properties
Land	$	710,160	$	694,668
Building and other improvements	2,013,459		1,956,117
Construction in progress	11,716		5,889
Total	2,735,335		2,656,674
Less accumulated depreciation	(496,559)		(461,352)
Net investment properties	2,238,776		2,195,322
Cash, cash equivalents and restricted cash	202,758		99,763

Intangible assets, net	107,004		114,485
Accounts and rents receivable	34,797		35,353
Deferred costs and other assets, net	37,146		42,408
Total assets	$	2,620,481	$	2,487,331

Liabilities
Debt, net	$	740,109	$	814,568
Accounts payable and accrued expenses	48,683		44,583
Distributions payable	17,455		14,594
Intangible liabilities, net	30,369		30,344
Other liabilities	28,660		29,198
Total liabilities	865,276		933,287
Commitments and contingencies

Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	—		—
Common stock, $0.001 par value, 146,000,000 shares authorized, 77,130,431 shares issued and outstanding as of September 30, 2024 and 67,807,831 shares issued and outstanding as of December 31, 2023	77		68
Additional paid-in capital	5,721,592		5,468,728
Distributions in excess of accumulated net income	(3,977,152)		(3,932,826)
Accumulated comprehensive income	10,688		18,074
Total stockholders' equity	1,755,205		1,554,044
Total liabilities and stockholders' equity	$	2,620,481	$	2,487,331


2			Supplemental - Quarter Ended September 30, 2024


			Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
			In thousands, except share and per share information, unaudited


	Three Months Ended September 30				Nine Months Ended September 30
	2024		2023		2024		2023
Income
Lease income, net	$	68,132	$	63,716	$	201,681	$	192,814
Other property income	389		346		1,061		1,060
Other fee income	—		—		—		80
Total income	68,521		64,062		202,742		193,954

Operating expenses
Depreciation and amortization	28,134		30,318		85,092		85,339
Property operating	10,795		11,070		31,037		31,056
Real estate taxes	9,205		8,781		27,232		27,361
General and administrative	8,133		7,610		24,768		23,389
Total operating expenses	56,267		57,779		168,129		167,145

Other (expense) income
Interest expense, net	(9,470)		(9,555)		(28,744)		(28,441)

Impairment of real estate assets	(3,854)		—		(3,854)		—
Gain on sale of investment properties	334		1,707		334		2,691
Equity in earnings (losses) of unconsolidated entities	—		67		—		(447)
Other income and expense, net	197		676		1,510		1,767
Total other (expense) income, net	(12,793)		(7,105)		(30,754)		(24,430)

Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379

Weighted-average common shares outstanding - basic	68,526,238		67,531,335		68,101,901		67,521,110
Weighted-average common shares outstanding - diluted	68,526,238		67,531,335		68,659,319		67,720,485

Net (loss) income per common share - basic	$	(0.01)	$	(0.01)	$	0.06	$	0.04
Net (loss) income per common share - diluted	$	(0.01)	$	(0.01)	$	0.06	$	0.04

Distributions declared per common share	$	0.23	$	0.22	$	0.68	$	0.65
Distributions paid per common share	$	0.23	$	0.22	$	0.67	$	0.64

Comprehensive (loss) income
Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379
Unrealized (loss) gain on derivatives, net	(7,145)		5,978		2,560		13,496
Reclassification to net (loss) income	(3,315)		(4,213)		(9,946)		(11,089)
Comprehensive (loss) income	$	(10,999)	$	943	$	(3,527)	$	4,786


3			Supplemental - Quarter Ended September 30, 2024


			Condensed Consolidated Supplemental Details of Assets and Liabilities
			In thousands


	As of
	September 30, 2024		December 31, 2023

Cash, cash equivalents and restricted cash
Cash and cash equivalents	$	193,187	$	96,385
Restricted cash	9,571		3,378
Total	$	202,758	$	99,763

Accounts and rents receivable
Base rent, recoveries, and other revenue	$	9,007	$	12,215
Straight-line rent	25,790		23,138
Total	$	34,797	$	35,353

Deferred cost and other assets, net
Lease commissions, net	$	15,796	$	14,995
Derivative assets	11,580		18,196
Other assets	3,357		3,309
Deferred costs, net	2,323		2,206
Right of use assets, net	1,942		2,253
Prepaid insurance premiums	1,320		—
Loan fees, net	828		1,449
Total	$	37,146	$	42,408

Other liabilities
Deferred revenues	$	8,389	$	8,878
Security deposits	7,607		7,127
Unearned lease income	7,261		8,061
Operating lease liabilities	2,640		3,023
Other liabilities	1,871		1,987
Derivative liabilities	892		122
Total	$	28,660	$	29,198


4			Supplemental - Quarter Ended September 30, 2024


			Condensed Consolidated Supplemental Details of Operations
			In thousands


		Three Months Ended September 30				Nine Months Ended September 30
		2024		2023		2024		2023
Income
*	Minimum base rent	$	44,060	$	41,559	$	129,696	$	123,580
*	Real estate tax recoveries	8,334		7,808		24,733		24,273
*	Common area maintenance, insurance, and other recoveries	8,450		7,913		24,345		22,351
*	Ground rent income	4,774		4,797		14,260		14,304
	Amortization of market-lease intangibles and inducements, net	831		629		2,064		2,717
*	Short-term and other lease income	772		661		2,706		2,610
	Termination fee income	30		75		1,340		819
	Straight-line rent adjustments, net	765		730		2,652		2,492
*	Reversal of (provision for) uncollectible billed rent and recoveries, net	116		(456)		(115)		(332)
	Lease income, net	68,132		63,716		201,681		192,814

*	Other property income	389		346		1,061		1,060
	Other fee income	—		—		—		80

	Total income	$	68,521	$	64,062	$	202,742	$	193,954

Operating expenses
	Depreciation and amortization	$	28,134	$	30,318	$	85,092	$	85,339
*	Property operating	10,795		11,070		31,037		31,056
*	Real estate taxes	9,205		8,781		27,232		27,361

	General and administrative costs	6,202		5,883		19,349		18,695
	Stock-based compensation costs	2,572		2,341		7,329		6,610
	Capitalized direct development compensation costs	(641)		(614)		(1,910)		(1,916)
	General and administrative expense	8,133		7,610		24,768		23,389

	Total operating expenses	$	56,267	$	57,779	$	168,129	$	167,145



Interest expense, net
	Term loans, including impact of derivatives	$	3,429	$	3,405	$	10,194	$	10,311
	Senior notes	3,202		3,202		9,604		9,604
	Mortgages payable	2,158		1,674		6,825		4,833
	Line of credit facility fees	135		133		450		464
	Capitalized interest	(21)		(26)		(71)		(57)
	Amortization of debt discounts and financing costs	567		1,167		1,742		3,286
	Total interest expense, net	$	9,470	$	9,555	$	28,744	$	28,441

Other income and expense, net
	Interest on cash and cash equivalents	$	356	$	859	$	1,638	$	2,046
	Income tax expense	(138)		(128)		(403)		(388)
	Miscellaneous and settlement income	(21)		(55)		275		109
	Total other income and expense, net	$	197	$	676	$	1,510	$	1,767

* Component of Net Operating Income


5			Supplemental - Quarter Ended September 30, 2024


			Reconciliation of Non-GAAP Measures
			In thousands

Same Property NOI


	Three Months Ended September 30				Nine Months Ended September 30
	2024		2023		2024		2023
Income
Minimum base rent	$	42,809	$	41,481	$	116,321	$	113,761
Real estate tax recoveries	8,214		7,798		22,886		22,749
Common area maintenance, insurance, and other recoveries	8,212		7,885		21,924		20,746
Ground rent income	4,715		4,762		11,634		11,735
Short-term and other lease income	799		691		2,706		2,575
Reversal of (provision for) uncollectible billed rent and recoveries, net	162		(491)		(55)		(366)
Other property income	374		346		936		978
Total income	65,285		62,472		176,352		172,178

Operating Expenses
Property operating	10,691		10,981		27,518		28,072
Real estate taxes	9,083		8,771		25,046		25,342
Total operating expenses	19,774		19,752		52,564		53,414

Same Property NOI	$	45,511	$	42,720	$	123,788	$	118,764


% Change	6.5	%	4.2	%

Same Property count	62		57

Net (Loss) Income to Same Property NOI


	Three Months Ended September 30				Nine Months Ended September 30
	2024		2023		2024		2023
Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	(197)		(676)		(1,510)		(1,767)
Equity in (earnings) losses of unconsolidated entities	—		(67)		—		447
Interest expense, net	9,470		9,555		28,744		28,441

Gain on sale of investment properties	(334)		(1,707)		(334)		(2,691)
Impairment of real estate assets	3,854		—		3,854		—
Depreciation and amortization	28,134		30,318		85,092		85,339
General and administrative	8,133		7,610		24,768		23,389
Other fee income	—		—		—		(80)
Adjustments to NOI (a)	(1,626)		(1,434)		(6,056)		(6,028)
NOI	46,895		42,777		138,417		129,429
NOI from other investment properties	(1,384)		(57)		(14,629)		(10,665)
Same Property NOI	$	45,511	$	42,720	$	123,788	$	118,764

(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.


6			Supplemental - Quarter Ended September 30, 2024


			Reconciliation of Non-GAAP Measures, continued
			In thousands

Nareit FFO and Core FFO


	Three Months Ended September 30				Nine Months Ended September 30
	2024		2023		2024		2023
Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379
Depreciation and amortization of real estate assets	27,923		30,094		84,439		84,714
Impairment of real estate assets	3,854		—		3,854		—
Gain on sale of investment properties	(334)		(1,707)		(334)		(2,691)
Unconsolidated joint venture adjustments (a)	—		—		—		342
Nareit FFO Applicable to Common Shares and Dilutive Securities	30,904		27,565		91,818		84,744
Amortization of market lease intangibles and inducements, net	(831)		(629)		(2,064)		(2,717)
Straight-line rent adjustments, net	(765)		(730)		(2,652)		(2,492)
Amortization of debt discounts and financing costs	567		1,167		1,742		3,286
Depreciation and amortization of corporate assets	211		224		653		625
Non-operating income and expense, net (b)	21		55		(275)		791
Unconsolidated joint venture adjustments (c)	—		(10)		—		(172)
Core FFO Applicable to Common Shares and Dilutive Securities	$	30,107	$	27,642	$	89,222	$	84,065

Weighted average common shares outstanding - basic	68,526,238		67,531,335		68,101,901		67,521,110
Dilutive effect of unvested restricted shares (d)	—		—		557,418		199,375
Weighted average common shares outstanding - diluted	68,526,238		67,531,335		68,659,319		67,720,485

Net (loss) income per diluted share	$	(0.01)	$	(0.01)	$	0.06	$	0.04
Nareit FFO per diluted share	$	0.45	$	0.41	$	1.34	$	1.25
Core FFO per diluted share	$	0.44	$	0.41	$	1.30	$	1.24

(a)Reflects the Company’s share of adjustments for IAGM's Nareit FFO on the same basis as InvenTrust.

(c)Reflects the Company’s share of adjustments for IAGM's Core FFO on the same basis as InvenTrust.

(d)For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.

EBITDA and Adjusted EBITDA


	Three Months Ended September 30				Nine Months Ended September 30
	2024		2023		2024		2023
Net (loss) income	$	(539)	$	(822)	$	3,859	$	2,379
Interest expense, net	9,470		9,555		28,744		28,441
Income tax expense	138		128		403		388
Depreciation and amortization	28,134		30,318		85,092		85,339
Unconsolidated joint venture adjustments (a)	—		(6)		—		417
EBITDA	37,203		39,173		118,098		116,964
Impairment of real estate assets	3,854		—		3,854		—
Gain on sale of investment properties	(334)		(1,707)		(334)		(2,691)
Amortization of market-lease intangibles and inducements, net	(831)		(629)		(2,064)		(2,717)
Straight-line rent adjustments, net	(765)		(730)		(2,652)		(2,492)

Non-operating income and expense, net (b)	21		55		(275)		791
Unconsolidated joint venture adjustments (c)	—		(10)		—		(188)
Adjusted EBITDA	$	39,148	$	36,152	$	116,627	$	109,667

(a)Reflects the Company's share of adjustments for IAGM's EBITDA on the same basis as InvenTrust.

(c)Reflects the Company's share of adjustments for IAGM's Adjusted EBITDA on the same basis as InvenTrust.


7			Supplemental - Quarter Ended September 30, 2024


			Summary of Outstanding Debt
			In thousands


	Balance as of Sept. 30, 2024		Proportion of Total Debt	Weighted Average Interest Rate	Weighted Average Years to Maturity
Fixed rate secured debt	$	93,380	13%	3.97%	2.9
Fixed rate unsecured debt	650,000		87%	4.04%	3.7
Discounts and issuance costs, net	(3,271)		n/a	n/a	n/a
Total debt, net	$	740,109	100%	4.03%	3.6


Schedule of Maturities by Year

	Fixed Rate				Total Debt, net
Maturity Year	Secured Debt		Unsecured Debt
2024	$	—	$	—	$	—
2025	35,880		—		35,880
2026	—		200,000		200,000
2027	26,000		200,000		226,000
2028	—		—		—
Thereafter	31,500		250,000		281,500
Discounts and issuance costs, net	(365)		(2,906)		(3,271)
Total	$	93,015	$	647,094	$	740,109

Debt Maturities


	Maturity Date	Interest Rate	Balance
Mortgages Payable
The Plant	5/10/2025	3.97%	$	13,000
The Highlands of Flower Mound	12/1/2025	3.88%	22,880
Escarpment Village	7/1/2027	3.86%	26,000
Shops at Arbor Trails	12/5/2029	4.12%	31,500
Total		3.97%	93,380

Term Loan
$200.0 million 5 years	9/22/2026	2.81% (a)	100,000
$200.0 million 5 years	9/22/2026	2.81% (a)	100,000
$200.0 million 5.5 years	3/22/2027	2.78% (a)	50,000
$200.0 million 5.5 years	3/22/2027	2.84% (a)	50,000
$200.0 million 5.5 years	3/22/2027	4.99% (a)	100,000
Total			400,000

Senior Notes
$150.0 million Series A Notes	8/11/2029	5.07%	150,000
$100.0 million Series B Notes	8/11/2032	5.20%	100,000
Total			250,000




Grand total		4.03%	$	743,380

(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.


8			Supplemental - Quarter Ended September 30, 2024


			Debt Covenants, Interest Rate Swaps, and Capital Expenditures
			Unaudited, dollars in thousands

Debt Covenants (trailing 12 months)


			For the quarter ended
Description	Term Loan Covenants	Senior Note Covenants	Q3 2024	Q2 2024	Q1 2024	Q4 2023

Leverage Ratio	< 60.0%	< 60.0%	24.0%	28.4%	29.2%	29.0%
Fixed Charge Coverage Ratio	> 1.50	> 1.50	4.29	4.25	4.32	4.27
Maximum Dividend Payout	< 95%	N/A	48.9%	49.5%	49.2%	49.8%
Maximum Secured Recourse Debt	< 10% of Total Asset Value	< 10% of Total Asset Value	—%	—%	—%	—%
Unsecured Interest Coverage Ratio	> 1.75	> 1.75	6.28	5.78	5.62	5.53
Unsecured Leverage Ratio	< 60%	< 60%	24.5%	26.8%	28.0%	28.2%

Interest Rate Swaps

As of September 30, 2024, the Company is party to five effective interest rate swap agreements which achieve fixed interest rates through the maturity dates of the Amended Term Loan Agreement.


Effective Interest Rate Swaps	Notional Amount		Company Receives Variable Rate of	Company Pays Fixed Rate of	Fixed Rate Achieved	Effective Date	Maturity Date
5.5 year term loan	$	100,000	1-Month SOFR	3.69%	4.99%	4/3/2023	3/22/2027
5 year term loan	100,000		1-Month SOFR	1.51%	2.81%	12/21/2023	9/22/2026
5 year term loan	100,000		1-Month SOFR	1.51%	2.81%	12/21/2023	9/22/2026
5.5 year term loan	50,000		1-Month SOFR	1.54%	2.84%	6/21/2024	3/22/2027
5.5 year term loan	50,000		1-Month SOFR	1.48%	2.78%	6/21/2024	3/22/2027
	$	400,000

Capital Investments and Leasing Costs


	Three Months Ended September 30				Nine Months Ended September 30
	2024		2023		2024		2023
Tenant improvements	$	2,475	$	2,232	$	7,936	$	5,687
Leasing costs	979		678		2,632		2,518
Property improvements	2,200		5,278		6,652		13,626
Capitalized indirect costs (a)	361		429		1,178		1,318
Total capital expenditures and leasing costs	6,015		8,617		18,398		23,149
Development and redevelopment direct costs	2,773		328		6,410		2,510
Development and redevelopment indirect costs (a)	304		210		804		650
Capital investments and leasing costs (b)	$	9,092	$	9,155	$	25,612	$	26,309

(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.

(b)As of September 30, 2024 and 2023, total accrued capital investments and leasing costs were $5,008 and $3,836, respectively.


9			Supplemental - Quarter Ended September 30, 2024


			Markets and Tenant Size
			GLA and dollar amounts in thousands, except per square foot amounts


Market	No. of Properties	Leased Occupancy		ABR		ABR psf		ABR as % of Total		GLA	GLA as % of Total
Austin-Round Rock, TX	8	97.9	%	$	33,458	$	16.91	17.0	%	2,057	19.5	%
Houston-Sugar Land-Baytown, TX	6	94.4	%	21,428		16.36		10.9	%	1,409	13.4	%
Atlanta Metro Area, GA	10	97.0	%	20,856		20.82		10.5	%	1,069	10.2	%
Miami-Fort Lauderdale-Miami Beach, FL	3	98.2	%	19,880		23.76		10.1	%	859	8.1	%
Dallas-Fort Worth-Arlington, TX	7	98.0	%	18,522		20.39		9.4	%	941	8.9	%
Raleigh-Cary-Durham, NC	5	95.1	%	13,233		20.30		6.7	%	688	6.5	%
So. California - Los Angeles, CA	3	95.3	%	11,159		20.98		5.7	%	579	5.5	%
Orlando-Kissimmee, FL	4	98.9	%	10,266		25.49		5.2	%	411	3.9	%
Charlotte-Gastonia-Concord, NC	4	98.7	%	9,794		20.43		5.0	%	515	4.9	%
Tampa-St. Petersburg, FL	3	97.1	%	8,786		13.46		4.5	%	752	7.1	%
San Antonio, TX	2	94.5	%	6,516		26.79		3.3	%	261	2.5	%
Washington D.C., MD	2	94.2	%	5,890		36.33		3.0	%	181	1.7	%
So. California - San Diego, CA	2	98.0	%	5,755		26.29		2.9	%	225	2.1	%
So. California - Inland Empire, CA	2	98.4	%	5,149		24.25		2.6	%	246	2.3	%
Phoenix, AZ	2	99.1	%	3,001		25.26		1.5	%	123	1.2	%
Richmond, VA	1	98.4	%	2,756		16.37		1.4	%	171	1.6	%
Cape Coral-Fort Myers, FL	1	98.0	%	614		10.15		0.3	%	63	0.6	%
Total	65	97.0	%	$	197,063	$	19.83	100	%	10,550	100	%


State	No. of Properties	Leased Occupancy		ABR		ABR psf		ABR as % of Total		GLA	GLA as % of Total
Texas	23	96.7	%	$	79,924	$	18.00	40.6	%	4,668	44.3	%
Florida	11	97.9	%	39,546		20.25		20.1	%	2,085	19.7	%
North Carolina	9	96.7	%	23,027		20.36		11.7	%	1,203	11.4	%
California	7	96.6	%	22,063		22.90		11.2	%	1,050	9.9	%
Georgia	10	97.0	%	20,856		20.82		10.5	%	1,069	10.2	%
Maryland	2	94.2	%	5,890		36.33		3.0	%	181	1.7	%
Arizona	2	99.1	%	3,001		25.26		1.5	%	123	1.2	%
Virginia	1	98.4	%	2,756		16.37		1.4	%	171	1.6	%
Total	65	97.0	%	$	197,063	$	19.83	100	%	10,550	100	%


Tenant type	Economic Occupancy		Leased Occupancy		ABR		ABR PSF		GLA
20,000 SF+ (a)	97.8	%	100	%	$	63,855	$	11.41	5,726
10,000 - 19,999 SF (a)	93.5	%	98.9	%	18,768		20.26		990
5,000 - 9,999 SF (b)	86.8	%	92.7	%	17,678		27.30		746
1 - 4,999 SF (b)	89.6	%	91.8	%	96,762		34.95		3,088
Total	94.2	%	97.0	%	$	197,063	$	19.83	10,550

Anchor Tenants (a)	97.1	%	99.8	%	$	82,623	$	12.67	6,716
Small Shops (b)	89.1	%	92.0	%	$	114,440	$	33.50	3,834

(a)Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.

(b)Tenants with square footage less than 10,000 square feet are considered Small Shops.


10			Supplemental - Quarter Ended September 30, 2024


			Top 25 Tenants by Total ABR and Tenant Merchandise Mix
			In thousands


	Parent Name	Tenant Name/Count	Credit Rating (a)	No. of Leases	ABR		% of Total ABR		GLA	% of Total Occ.GLA
1	Kroger	Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / Ralphs 3	BBB	15	$	9,676	4.9	%	864	8.2	%
2	Publix Super Markets, Inc.	Publix 12 / Publix Liquor 3	N/A	15	6,926		3.5	%	581	5.5	%
3	TJX Companies	Marshalls 7 / HomeGoods 5 / TJ Maxx 2	A	14	4,907		2.5	%	399	3.8	%
4	Albertson's	Tom Thumb 2 / Market Street 2 / Safeway 1 / Albertsons 1	BB+	6	4,359		2.2	%	365	3.5	%
5	H.E.B.	H.E.B. 4 / H.E.B. Staff Office 1	N/A	5	4,257		2.2	%	447	4.2	%
6	Amazon, Inc.	Whole Foods Market 5	AA	5	2,701		1.4	%	194	1.8	%
7	BC Partners	PetSmart 7	B+	7	2,520		1.3	%	151	1.4	%
8	Apollo Global Management, Inc.	Michaels 7	B-	7	2,428		1.2	%	175	1.7	%
9	Best Buy		BBB+	4	2,270		1.2	%	138	1.3	%
10	Ulta Beauty Inc.		N/A	8	2,050		1.0	%	83	0.8	%
11	Dick's Sporting Goods, Inc.	Dick's Sporting Goods 2 / Going, Going, Gone 1	BBB	3	1,876		1.0	%	171	1.6	%
12	Trader Joe's		N/A	4	1,838		0.9	%	51	0.5	%
13	Sprouts Farmers Market		N/A	3	1,798		0.9	%	85	0.8	%
14	Costco Wholesale		A+	2	1,735		0.9	%	298	2.8	%
15	Five Below, Inc.		N/A	9	1,707		0.9	%	86	0.8	%
16	Ross Dress For Less		BBB+	4	1,500		0.8	%	120	1.1	%
17	Bank of America		A-	6	1,450		0.7	%	34	0.3	%
18	Wells Fargo		BBB+	8	1,387		0.7	%	33	0.3	%
19	Petco Health and Wellness Company, Inc.		B	6	1,364		0.7	%	79	0.7	%
20	Truist Bank		A	6	1,262		0.6	%	28	0.3	%
21	Starbucks Corporation		BBB+	15	1,259		0.6	%	29	0.3	%
22	Massage Envy		N/A	11	1,244		0.6	%	37	0.4	%
23	Xponential Fitness	Club Pilates 7 / StretchLab 4 / CycleBar 2 / Pure Barre 3 /YogaSix 2 / Rumble 1	N/A	19	1,243		0.6	%	36	0.3	%
24	Kingswood Capital Management	World Market 5	N/A	5	1,236		0.6	%	91	0.9	%
25	DSW, Inc.		N/A	4	1,234		0.6	%	73	0.7	%
	Totals			191	$	64,227	32.5	%	4,648	44.0	%

(a) Reflects the most recently available S&P credit rating.

Tenant Merchandise Mix


Tenant Category	ABR		% of Total ABR
Grocery / Drug	$	38,826	19.6	%
Quick Service Restaurants	24,937		12.7	%
Personal Health and Beauty Services	22,067		11.2	%
Medical	18,170		9.2	%
Full Service Restaurants	16,957		8.6	%
Off Price	10,048		5.1	%
Apparel / Accessories	9,556		4.8	%
Banks	8,628		4.4	%
Fitness	7,945		4.0	%
Pets	6,622		3.4	%
Office / Communications	6,173		3.1	%
Hobby / Sports	6,050		3.1	%
Home	5,076		2.6	%
Other	5,044		2.6	%
Other Essential Retail / Services	4,785		2.4	%
Office (Non Financial, Non-Medical)	2,703		1.4	%
Entertainment	1,943		1.0	%
Hardware / Auto	1,533		0.8	%
	$	197,063	100	%


11			Supplemental - Quarter Ended September 30, 2024


			Comparable and Non-Comparable Lease Statistics
			GLA in thousands

The Company's Retail Portfolio had 932 thousand square feet expiring during the nine months ended September 30, 2024, of which 868 thousand square feet was re-leased. This achieved a retention rate of approximately 93%. The following tables summarize the activity for leases that were executed during the nine months ended September 30, 2024.


For the nine months ended September 30, 2024
	No. of Leases Executed	GLA	New Contractual Rent ($PSF) (a)	Prior Contractual Rent ($PSF) (a)	% Change over Prior Lease Rent (a)	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)

All Tenants
Comparable Renewal Leases	112	810	$20.87	$19.03	9.7%	5.4	$0.05	$—
Comparable New Leases	19	88	26.87	23.31	15.3%	10.2	31.80	12.78
Non-Comparable Renewal and New Leases	29	196	17.33	N/A	N/A	7.6	13.29	7.43
Total	160	1,094	$21.46	$19.44	10.4%	6.2	$4.97	$2.36
(a)Non-comparable leases are not included in totals.

Trailing Four Quarters ended September 30, 2024
	No. of Leases Executed	GLA	New Contractual Rent ($PSF)	Prior Contractual Rent ($PSF)	% Change over Prior Lease Rent	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)

Comparable Leases
Total New and Renewal Leases
Q3 2024	48	403	$18.26	$16.63	9.8%	6.2	$2.89	$1.30
Q2 2024	49	330	22.43	20.33	10.3%	5.3	0.97	0.82
Q1 2024	34	165	27.28	24.54	11.2%	6.1	8.14	1.97
Q4 2023	68	429	20.21	17.74	13.9%	6.5	7.97	3.00
Total	199	1,327	$21.05	$18.89	11.4%	6.1	$4.17	$1.81

	No. of Leases Executed	GLA	New Contractual Rent ($PSF)	Prior Contractual Rent ($PSF)	% Change over Prior Lease Rent	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
New Leases
Q3 2024	9	39	$26.42	$23.14	14.2%	9.9	$29.13	$13.55
Q2 2024	7	17	41.05	37.33	10.0%	10.1	18.57	15.80
Q1 2024	3	32	19.77	15.90	24.3%	10.5	42.18	10.21
Q4 2023	15	112	21.40	15.98	33.9%	10.7	29.75	11.26
Total	34	200	$23.81	$19.18	24.1%	10.5	$30.65	$11.93

	No. of Leases Executed	GLA	New Contractual Rent ($PSF)	Prior Contractual Rent ($PSF)	% Change over Prior Lease Rent	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
Renewals
Q3 2024	39	364	$17.40	$15.94	9.2%	5.8	$0.11	$—
Q2 2024	42	313	21.41	19.40	10.4%	5.0	—	—
Q1 2024	31	133	29.08	26.59	9.4%	5.0	—	—
Q4 2023	53	317	19.79	18.37	7.7%	5.0	0.29	0.08
Total	165	1,127	$20.56	$18.84	9.1%	5.3	$0.12	$0.02

	No. of Leases Executed	GLA	New Contractual Rent ($PSF)			Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
Non-Comparable Leases
Q3 2024	11	66	$27.47			10.0	$15.10	$13.98
Q2 2024	11	115	8.55			6.4	10.92	3.17
Q1 2024	7	15	39.61			6.5	23.50	10.93
Q4 2023	18	124	16.26			5.2	13.93	5.51
Total	47	320	$16.92			6.7	$13.54	$6.68


12			Supplemental - Quarter Ended September 30, 2024


			Tenant Lease Expirations
			GLA and ABR in thousands, except per square foot amounts


	Lease Expiration Year	No. of Expiring Leases	GLA of Expiring Leases	Percent of Total GLA of Expiring Leases		ABR of Expiring Leases		Percent of Total ABR		Expiring ABR PSF (a)

Anchor Tenants

	2024	—	—	—	%	—		—	%	–
	2025	12	517	7.9	%	5,290		6.2	%	$10.23
	2026	14	430	6.6	%	5,783		6.8	%	13.45
	2027	41	1,369	21.0	%	19,990		23.4	%	14.60
	2028	24	579	8.9	%	8,612		10.1	%	14.87
	2029	31	912	14.0	%	11,704		13.7	%	12.83
	2030	17	531	8.1	%	7,125		8.3	%	13.42
	2031	8	349	5.4	%	3,494		4.1	%	10.01
	2032	9	345	5.3	%	4,537		5.3	%	13.15
	2033	8	250	3.8	%	3,700		4.3	%	14.80
	Thereafter	27	1,241	19.0	%	15,216		17.8	%	12.26
	Other (b)	—	—	—	%	—		—	%	—
	Totals	191	6,523	100	%	$	85,451	100	%	$13.10
	Vacant space		193
	Total		6,716

Small Shops

	2024	18	39	1.1	%	1,213		1.0	%	$31.10
	2025	136	291	8.5	%	9,134		7.3	%	31.39
	2026	204	511	15.0	%	16,695		13.3	%	32.67
	2027	239	563	16.5	%	19,917		15.8	%	35.38
	2028	207	482	14.1	%	17,406		13.9	%	36.11
	2029	186	509	14.9	%	18,843		15.1	%	37.02
	2030	89	225	6.6	%	9,107		7.3	%	40.48
	2031	75	222	6.5	%	8,455		6.8	%	38.09
	2032	79	193	5.7	%	7,708		6.2	%	39.94
	2033	54	140	4.1	%	6,345		5.1	%	45.32
	Thereafter	77	227	6.7	%	9,903		7.9	%	43.63
	Other (b)	6	11	0.3	%	362		0.3	%	32.91
	Totals	1,370	3,413	100	%	$	125,088	100	%	$36.65
	Vacant space		421
	Total		3,834

Total

	2024	18	39	0.4	%	$	1,213	0.6	%	$31.10
	2025	148	808	8.1	%	14,424		6.9	%	17.85
	2026	218	941	9.5	%	22,478		10.7	%	23.89
	2027	280	1,932	19.5	%	39,907		18.8	%	20.66
	2028	231	1,061	10.7	%	26,018		12.4	%	24.52
	2029	217	1,421	14.3	%	30,547		14.5	%	21.50
	2030	106	756	7.6	%	16,232		7.7	%	21.47
	2031	83	571	5.7	%	11,949		5.7	%	20.93
	2032	88	538	5.4	%	12,245		5.8	%	22.76
	2033	62	390	3.9	%	10,045		4.8	%	25.76
	Thereafter	104	1,468	14.8	%	25,119		11.9	%	17.11
	Other (b)	6	11	0.1	%	362		0.2	%	32.91
	Totals	1,561	9,936	100	%	$	210,539	100	%	$21.19
	Vacant space		614
	Total		10,550

(a)Expiring ABR PSF reflects ABR PSF at the time of lease expiration.

(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.


13			Supplemental - Quarter Ended September 30, 2024


			Acquisitions and Dispositions
			Dollars and GLA in thousands

Acquisitions


Date	Property Name	Market	Acquisition Price		GLA	Leased Occ.	Anchor Tenants (a)

2/1/2024	The Plant	Phoenix, AZ	$	29,500	57	100%	Sprouts Farmers Market
4/9/2024	Moores Mill	Atlanta Metro Area, GA	28,000		70	100%	Publix
6/13/2024	Maguire Groves (b)	Orlando-Kissimmee, FL	16,100		33	100%	Publix
8/6/2024	Scottsdale North Marketplace	Phoenix, AZ	23,000		66	98.4%	AJ's Fine Foods


			$	96,600	226

(a)Grocers listed first and bolded.

(b)Maguire Groves is a 33,000 square foot neighborhood center immediately adjacent to Plantation Grove, a Publix anchored neighborhood center wholly-owned by InvenTrust, in Ocoee, Florida.

Dispositions

Date

Property Name

Market

Disposition Price

GLA

Leased Occ.

Anchor Tenants (a)

7/22/2024

Eldridge Town Center & Windermere Village (a)

Houston, TX

602

—

—%

N/A

(a)This disposition was related to the completion of a partial condemnation at one retail property.


14			Supplemental - Quarter Ended September 30, 2024


			Development Pipeline
			In thousands

Active Redevelopments

Estimated Completion Quarter (a)

Projected Incremental Costs

Costs to Date

Estimated Incremental Yield on Cost

Property

Market

Project Description

Antoine Town Center

Houston-Sugar Land-Baytown, TX

New development, including addition of an outparcel building with a drive-through.

4Q - 2024

300

200

Sarasota Pavilion

Tampa-St. Petersburg, FL

Redevelopment and remerchandising of a former anchor space into new tenant spaces, including an 18,000 square foot anchor space, a 14,000 square foot anchor space, and additional small shop space.

1Q - 2025

6,800

4,400

Sandy Plains Centre

Atlanta Metro Area, GA

Redevelopment and expansion to accommodate a 10,000 square foot swim school and additional small shop space.

4Q - 2025

3,200

2,000

River Oaks

So. California - Los Angeles, CA

Redevelopment of an outparcel and common area improvements.

4Q - 2025

600

—

Sarasota Pavilion

Tampa-St. Petersburg, FL

Anchor space repositioning and remerchandising into new tenant spaces, including a 27,000 square foot anchor space and a 5,000 square foot small shop space

1Q - 2026

8,400

100

Buckhead Crossing

Atlanta Metro Area, GA

Anchor space repositioning and remerchandising into new tenant spaces, including a 10,000 square foot anchor space and a 7,000 square foot small shop space

2Q - 2026

5,600

100

Total Redevelopment Costs

24,900

6,800

7-10%

(a) The Company's estimated timing of completion may be impacted by factors outside of management's control, including global supply constraints or government restrictions.

Recently Completed Redevelopments

Property

Market

Project Description

Completion Quarter

Completed Costs

Southern Palm Crossing

Miami-Fort Lauderdale-Miami Beach, FL

Redevelopment of a former bank building for a freestanding building with a drive-through.

2Q - 2024

1,550

Buckhead Crossing

Atlanta Metro Area, GA

Anchor space repositioning

2Q - 2024

700

Pavilion at LaQuinta

So. California - Inland Empire

Redevelopment of a freestanding building.

2Q - 2024

800

Potential Developments and Redevelopments

Projects shown below are listed alphabetically, are in various stages of planning, and may or may not commence due to a number of factors.

Property

Market

Project Description

Bay Colony

Houston-Sugar Land-Baytown, TX

Redevelopment of an existing outparcel building.

Bay Landing

Cape Coral-Fort Myers, FL

New development of building area adjacent to existing stores.

Buckhead Crossing

Atlanta Metro Area, GA

New development, including addition of an outparcel building.

Campus Marketplace

So. California - San Diego, CA

Redevelopment of an existing outparcel building.

Custer Creek Village

Dallas-Fort Worth-Arlington, TX

Redevelopment of an outparcel and common area improvements.

Garden Village

So. California - Los Angeles, CA

Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs.

Gateway Market Center

Tampa-St. Petersburg, FL

Extensive repositioning and reconfiguration of the shopping center to right size anchor space, add freestanding buildings and improve vehicular access.

Kyle Marketplace

Austin-Round Rock, TX

New development, including addition of outparcel buildings.

Pavilion at LaQuinta

So. California - Inland Empire, CA

Anchor repositioning.

Plantation Grove

Orlando-Kissimmee, FL

Redevelopment and expansion of the shopping center.

River Oaks

So. California - Los Angeles, CA

Anchor repositioning and expansion.

Sarasota Pavilion

Tampa-St. Petersburg, FL

Redevelopment of an existing outparcel building.

Shops at Arbor Trails

Austin-Round Rock, TX

Redevelopment of an outparcel and common area improvements.

The Parke

Austin-Round Rock, TX

Anchor repositioning and expansion.

Westpark Shopping Center

Richmond, VA

New development, including addition of outparcel buildings.


15			Supplemental - Quarter Ended September 30, 2024


			Property Summary, by Total Market GLA
			GLA in thousands

Property

Market

State

Center
Type (a)

GLA

Leased Occupancy

ABR
PSF

Grocery
Anchor (b)

Major Anchors (c)

Escarpment Village

Austin-Round Rock

170

100%

$22.21

Yes

HEB

Kyle Marketplace

Austin-Round Rock

226

99.4%

$17.70

Yes

HEB

Market at Westlake

Austin-Round Rock

100%

$21.87

Walgreens

Scofield Crossing

Austin-Round Rock

98.7%

$18.12

Yes

Hana World Market, Goodwill

Shops at Arbor Trails

Austin-Round Rock

357

97.7%

$13.93

Yes

Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls

Shops at the Galleria

Austin-Round Rock

537

94.6%

$14.22

Best Buy, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, OfficeMax, Old Navy, PetSmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods, World Market

The Parke

Austin-Round Rock

406

99.1%

$16.91

Yes

Whole Foods Market, Cavender's Boot City, Dick's Sporting Goods, DSW, Five Below, La-Z-Boy Furniture Galleries, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Ulta, World Market

University Oaks

Austin-Round Rock

236

100%

$22.15

Crunch Fitness, DSW, IKEA*, J.C. Penney*, Jo-Ann Fabrics, PetSmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods

Custer Creek Village

Dallas-Fort Worth-Arlington

96.0%

$15.62

Yes

Tom Thumb

Eldorado Marketplace

Dallas-Fort Worth-Arlington

189

100%

$24.01

Yes

Market Street, PetSmart, Phenix Salon Suites

Prestonwood Town Center

Dallas-Fort Worth-Arlington

236

96.5%

$20.54

Yes

Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta

Riverview Village

Dallas-Fort Worth-Arlington

100%

$13.39

Yes

Tom Thumb, Petco

Riverwalk Market

Dallas-Fort Worth-Arlington

95.6%

$21.64

Yes

Market Street

Shops at Fairview Town Center

Dallas-Fort Worth-Arlington

100%

$25.01

Yes

Whole Foods Market

The Highlands of Flower Mound

Dallas-Fort Worth-Arlington

175

98.7%

$20.00

Yes

Target*, Market by Macy's, Michaels, Party City, Skechers, World Market

Antoine Town Center

Houston-Sugar Land-Baytown

110

97.3%

$15.28

Yes

Kroger

Bay Colony (d)

Houston-Sugar Land-Baytown

415

94.2%

$15.70

Yes

HEB, Kohl's, LA Fitness, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens

Blackhawk Town Center (d)

Houston-Sugar Land-Baytown

127

99.1%

$14.04

Yes

HEB, Walgreens

Cyfair Town Center (d)

Houston-Sugar Land-Baytown

434

94.4%

$16.86

Yes

Kroger, Cinemark USA, Crunch Fitness, J.C. Penney

Eldridge Town Center &
Windermere Village

Houston-Sugar Land-Baytown

175

91.5%

$18.36

Yes

Kroger, Kohl's*, Petco

Stables Town Center II (d)

Houston-Sugar Land-Baytown

148

92.6%

$17.46

Yes

Kroger

Sonterra Village

San Antonio

91.3%

$34.83

Yes

Trader Joe's

Stone Ridge Market

San Antonio

219

95.2%

$25.26

Yes

HEB Plus*, Burlington, PetSmart

Total Texas

4,668

96.7%

$18.00

Bay Landing

Cape Coral - Fort Meyers

98.0%

$10.15

Yes

The Fresh Market, HomeGoods

PGA Plaza Palm Beach Gardens

Miami-Ft Lauderdale-Miami Beach

121

98.2%

$35.99

Yes

Trader Joe's, Marshalls, Ulta

Southern Palm Crossing

Miami-Ft Lauderdale-Miami Beach

345

99.1%

$17.76

Yes

Costco Wholesale, Going Going Gone, Marshalls

Westfork & Paraiso

Miami-Ft Lauderdale-Miami Beach

393

97.5%

$25.41

Yes

Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, Skechers, TJ Maxx, Ulta

Lakeside & Lakeside Crossing

Orlando - Kissimmee

100%

$48.66

Yes

Trader Joe's

Plantation Grove (e)

Orlando - Kissimmee

107

98.7%

$20.27

Yes

Publix

Rio Pinar Plaza

Orlando - Kissimmee

131

99.2%

$19.51

Yes

Publix, Planet Fitness

Suncrest Village

Orlando - Kissimmee

97.9%

$21.22

Yes

Publix, Orange County Tax Collector

Gateway Market Center

Tampa - St. Petersburg

231

95.1%

$10.80

Yes

Publix, Target*, Bealls, HomeGoods, Party City, PetSmart, TJ Maxx

Peachland Promenade

Tampa - St. Petersburg

177

98.6%

$15.11

Yes

Publix, Goodwill, My Salon Suite, Planet Fitness

Sarasota Pavilion

Tampa - St. Petersburg

344

97.7%

$14.60

Yes

Publix, Bank of America, Bealls, Marshalls, Michaels, PetSmart, Ross Dress for Less, Truist Bank

Total Florida

2,085

97.9%

$20.25


16			Supplemental - Quarter Ended September 30, 2024


			Property Summary, by Total Market GLA
			GLA in thousands


	Property	Market	State	Center Type (a)	GLA	Leased Occupancy	ABR PSF	Grocery Anchor (b)	Major Anchors (c)

35	Eastfield Village	Charlotte-Gastonia-Concord	NC	N	96	97.5%	$18.58	Yes	Food Lion, Gold's Gym
36	Northcross Commons	Charlotte-Gastonia-Concord	NC	N	63	100%	$27.86	Yes	Whole Foods Market
37	Sycamore Commons	Charlotte-Gastonia-Concord	NC	P	265	100%	$20.48	Yes	Costco Wholesale, Best Buy, Dick's Sporting Goods, Lowe's, Michaels, Old Navy, Ulta, World Market
38	The Shoppes at Davis Lake (d)	Charlotte-Gastonia-Concord	NC	N	91	95.1%	$16.72	Yes	Harris Teeter
39	Bent Tree Plaza	Raleigh-Cary-Durham	NC	N	80	100%	$14.87	Yes	Food Lion
40	Cary Park Town Center	Raleigh-Cary-Durham	NC	N	93	100%	$17.83	Yes	Harris Teeter, CVS
41	Commons at University Place	Raleigh-Cary-Durham	NC	N	92	100%	$17.26	Yes	Harris Teeter, CVS
42	Renaissance Center	Raleigh-Cary-Durham	NC	P	363	90.8%	$23.74	No	Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market
43	The Pointe at Creedmoor	Raleigh-Cary-Durham	NC	N	60	100%	$16.87	Yes	Harris Teeter
	Total North Carolina				1,203	96.7%	$20.36

44	Buckhead Crossing	Atlanta Metro Area	GA	P	221	95.0%	$23.51	No	HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop
45	Coweta Crossing	Atlanta Metro Area	GA	N	68	100%	$11.25	Yes	Publix
46	Kennesaw Marketplace	Atlanta Metro Area	GA	C	130	94.3%	$35.70	Yes	Whole Foods Market, Academy Sports + Outdoors, Guitar Center, Hobby Lobby, Petco
47	Moores Mill (f)	Atlanta Metro Area	GA	N	70	100%	$24.64	Yes	Publix
48	Plaza Midtown	Atlanta Metro Area	GA	N	70	97.0%	$29.15	Yes	Publix
49	Rose Creek	Atlanta Metro Area	GA	N	70	100%	$11.56	Yes	Publix
50	Sandy Plains Centre	Atlanta Metro Area	GA	C	135	98.9%	$23.87	Yes	Kroger, Pet Supplies Plus, Walgreens*
51	The Centre on Hugh Howell	Atlanta Metro Area	GA	N	83	98.4%	$13.68	No	Crunch Fitness
52	Thomas Crossroads	Atlanta Metro Area	GA	N	105	91.4%	$9.65	Yes	Kroger
53	Windward Commons	Atlanta Metro Area	GA	N	117	100%	$15.63	Yes	Kroger
	Total Georgia				1,069	97.0%	$20.82

54	Bear Creek Village Center	So. California - Inland Empire	CA	N	80	98.1%	$25.70	Yes	Stater Brothers
55	Pavilion at LaQuinta	So. California - Inland Empire	CA	P	166	98.6%	$23.39	Yes	Sprouts Farmers Market, Best Buy, DSW, OfficeMax, PGA TOUR Superstore
56	Garden Village	So. California - Los Angeles	CA	N	117	90.2%	$19.57	Yes	Albertson's, Rite Aid
57	River Oaks	So. California - Los Angeles	CA	C	275	99.4%	$20.53	Yes	Sprouts Farmers Market, Target, Big 5 Sporting Goods, Dollar Tree, Five Below, Total Wine & More, Ulta
58	Stevenson Ranch	So. California - Los Angeles	CA	C	187	92.5%	$22.51	Yes	Ralphs, Furniture Design Center, LA Fitness, PetSmart
59	Campus Marketplace	So. California - San Diego	CA	N	144	98.3%	$31.06	Yes	Ralphs, CVS, Discovery Isle Child Development Center
60	Old Grove Marketplace	So. California - San Diego	CA	N	81	97.5%	$17.89	Yes	Ralphs, Lowe's*
	Total California				1,050	96.6%	$22.90

61	The Shops at Town Center	Washington D.C	MD	N	125	96.2%	$30.96	Yes	Safeway
62	Travilah Square Shopping Center	Washington D.C	MD	N	56	89.8%	$51.74	Yes	Trader Joe's
	Total Maryland				181	94.2%	$36.33

63	Westpark Shopping Center	Richmond Metro Area	VA	C	171	98.4%	$16.37	Yes	Publix, Painted Tree Boutiques, Planet Fitness, The Tile Shop
	Total Virginia				171	98.4%	$16.37


17			Supplemental - Quarter Ended September 30, 2024


			Property Summary, by Total Market GLA
			GLA in thousands

Property

Market

State

Center
Type (a)

GLA

Leased Occupancy

ABR
PSF

Grocery
Anchor (b)

Major Anchors (c)

Scottsdale North Marketplace (f)

Phoenix

98.4%

$21.97

Yes

AJ's Fine Foods

The Plant (f)

Phoenix

100%

$28.85

Yes

Sprouts Farmers Market

Total Arizona

123

99.1%

$25.26

Grand Totals

10,550

97.0%

$19.83

(a)N = Neighborhood Center, P = Power Center, C = Community Center

(b)Grocers may be leased or shadow-anchors and includes traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco).

(c)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

(d)Properties are excluded from Same Property for the nine months ended September 30, 2024.

(e)The Company operates Plantation Grove and Maguire Groves as a single property under the Plantation Grove name. The operations, GLA, economic and leased occupancy, and ABR of Maguire Groves are classified as an other investment property for the three and nine months ended September 30, 2024.

(f)Properties are excluded from Same Property for the three and nine months ended September 30, 2024.


18			Supplemental - Quarter Ended September 30, 2024


			Components of Net Asset Value as of September 30, 2024
			In thousands, except share information


			Page No.
NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter
NOI, excluding ground rent income	$	42,121	5
Ground rent income	4,774		5
NOI	46,895		5

Annualized NOI, excluding ground rent income	$	168,484
Annualized ground rent income	19,096

Projected remaining development
Net project costs	$	18,100	15
Estimated range for incremental yield	7-10%		15

Other Assets
Cash, cash equivalents and restricted cash	$	202,758	2
Base rent, recoveries, and other revenue receivables	9,007		4
Undeveloped land	—
Land held for development	—

Liabilities
Debt	$	743,380	8
Discounts and issuance costs, net	(3,271)		8
Accounts payable and accrued expenses	48,683		2
Distributions payable	17,455		2
Other liabilities	28,660		2

Common Shares Outstanding	77,130,431		1


19			Supplemental - Quarter Ended September 30, 2024


			Glossary of Terms


Terms						Definitions
ABR Per Square Foot (ABR PSF)						ABR PSF is the ABR divided by the occupied square footage for that period.
Adjusted EBITDA						The Company's non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, straight-line rent adjustments, amortization of above and below market leases and lease inducements, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance. Adjustments for the Company's unconsolidated joint venture are calculated to reflect its proportionate share of the joint venture's Adjusted EBITDA on the same basis.
Annualized Base Rent (ABR)						Annualized Base Rent (ABR) is the base rent for the period multiplied by twelve months. Base rent is inclusive of ground rent and any abatement concessions, but excludes Specialty Lease income.
Anchor Tenant						Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
Community Center						Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants.
Comparable Lease						A Comparable Lease meets all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)						The Company's non-GAAP measure of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, plus federal and state tax expense, interest expense, net, and depreciation and amortization. Adjustments for the Company's unconsolidated joint venture are calculated to reflect its proportionate share of the joint venture's EBITDA on the same basis.
Economic Occupancy						Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant.
GAAP Rent Adjustments						GAAP Rent Adjustments consist of amortization market lease intangibles, amortization of lease incentives, and straight-line rent adjustments.
Gross Leasable Area (GLA)						Measure of the total amount of leasable space at a property in square feet.
Leased Occupancy						Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA.
Nareit Funds From Operations (Nareit FFO) and Core FFO						The Company's non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for the Company's unconsolidated joint venture are calculated to reflect the Company's proportionate share of the joint venture's Nareit FFO on the same basis. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company's operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance.
Neighborhood Center						Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers.
Net Debt-to-Adjusted EBITDA						Net Debt-to-Adjusted EBITDA is net debt divided by trailing twelve month Adjusted EBITDA.
Net Operating Income (NOI)						NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP Rent Adjustments.
New Lease						New Leases are leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit).
NOI from other investment properties						NOI from other investment properties consists of properties which do not meet the Company's Same Property criteria and includes adjustments for the Company's captive insurance company.
Power Center						Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants.
Prior Contractual Rent						Base rent charged for a particular unit, prior to the current term’s first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy.
Pro Rata						Where appropriate, the Company has included the results from its 55% ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," as of December 31, 2022 and 2021.
Pro Rata Net Debt						Pro rata net debt is total outstanding debt, net, less cash and cash equivalents, including IVT's JV share.
Renewal Lease						Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option.
Same Property						Information provided on a same-property basis includes the results of properties that were owned and operated for the entirety of both periods presented.
Shadow Anchor Tenant						Shadow Anchor Tenant represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or immediately adjacent to a property, appear to the consumer as a retail tenant of the property and, as a result, attract additional consumer traffic to the property.
Small Shop Tenant						Tenants with square footage less than 10,000 square feet are considered Small Shops.
Specialty Lease						Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot.
Wholly-owned						Wholly-owned properties are those properties owned outright by the Company and does not include properties owned through an investment in a joint venture.


20			Supplemental - Quarter Ended September 30, 2024

Cover	Oct. 29, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 29, 2024
Entity Registrant Name	INVENTRUST PROPERTIES CORP.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-40896
Entity Tax Identification Number	34-2019608
Entity Address, Address Line One	3025 Highland Parkway
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Downers Grove
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	(855)
Local Phone Number	377-0510
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	IVT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001307748

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