InvenTrust Properties : 2025 Q1 Supplemental

Published: 2025-04-30 16:46:29 ET IVT

Published on 04/30/2025 at 16:46

‌Table of Contents

Page No.

Introductory Notes

Earnings Release

iii

Financial Information

Summary Financial Information .......................................................................................................................................

Condensed Consolidated Balance Sheets.....................................................................................................................

Condensed Consolidated Statements of Operations and Comprehensive Income ................................................

Condensed Consolidated Supplemental Details of Assets and Liabilities ................................................................

Condensed Consolidated Supplemental Details of Operations..................................................................................

Reconciliation of Non-GAAP Measures

Same Property Net Operating Income.......................................................................................................................

Nareit FFO and Core FFO ...........................................................................................................................................

EBITDA and Adjusted EBITDA....................................................................................................................................

Summary of Outstanding Debt.........................................................................................................................................

Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs ............................................

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.................................................................................................................................................. 14

Investment Summary

Development Pipeline........................................................................................................................................................ 15

Property Summary ............................................................................................................................................................. 16

Components of NAV as of March 31, 2025 19

Glossary of Terms 20

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, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit https://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 U.S. Generally Accepted Accounting Principles ("GAAP"). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed herein), 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 March 31, 2025. The Company may, but assumes no obligation to, update information in this supplemental.

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.

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, including the effects of recent new tariffs and changes in global trade policies on the overall state of the economy; 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 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.

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.

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 (x.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 inventrustproperties.com/investor-relations and on the Company's social media channels.

‌CONTACT:

Dan Lombardo

Vice President of Investor Relations 630-570-0605

[email protected]

First Quarter 2025 Highlights:

Nareit FFO of $0.48 per diluted share

Core FFO of $0.46 per diluted share

Same Property Net Operating Income ("NOI") growth of 6.1%

Leased Occupancy as of March 31, 2025 of 97.3%

Executed 69 leases totaling approximately 256,000 square feet of GLA, of which 221,000 square feet was executed at a blended comparable lease spread of 9.6%

"Our results demonstrate the strength of our necessity-based, Sun Belt-focused platform," said DJ Busch, President and CEO of InvenTrust. "Driven by favorable demographics, limited new supply, and resilient, albeit moderating, consumer spending, our portfolio continues to perform well despite recent economic developments and uncertainty. Looking ahead, we remain committed to operational excellence and pursuing disciplined acquisitions that drive long-term cash flow for our shareholders."

Net Income for the three months ended March 31, 2025 was $6.8 million, or $0.09 per diluted share, compared to Net Income of $2.9 million, or $0.04 per diluted share, for the same period in 2024.

Nareit FFO for the three months ended March 31, 2025 was $37.2 million, or $0.48 per diluted share, compared to $30.8 million, or $0.45 per diluted share, for the same period in 2024.

Core FFO for the three months ended March 31, 2025 was $36.2 million, or $0.46 per diluted share, compared to

$30.0 million, or $0.44 per diluted share, for the same period in 2024.

Same Property NOI for the three months ended March 31, 2025 was $47.3 million, a 6.1% increase, compared to the same period in 2024.

For the quarter ended March 31, 2025, the Board of Directors declared a quarterly cash distribution of $0.2377 per share, paid on April 15, 2025.

As of March 31, 2025, the Company's Leased Occupancy was 97.3%.

Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 99.5% and Small Shop Leased Occupancy was 93.4%. Anchor Leased Occupancy decreased 30 basis points, and Small Shop Leased Occupancy increased 10 basis points, each on a sequential basis compared to the previous quarter.

Leased to Economic Occupancy spread of 190 basis points, which equates to approximately $5.7 million of base rent on an annualized basis.

Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 9.6%.

Annualized Base Rent ("ABR") per square foot ("PSF") as of March 31, 2025 was $20.21, an increase of 3.1% compared to the same period in 2024. Anchor Tenant ABR PSF was $12.98 and Small Shop Tenant ABR PSF was $33.65 for the first quarter.

InvenTrust had $577.4 million of total liquidity, as of March 31, 2025, comprised of $77.4 million of cash and cash equivalents and $500.0 million of availability under its Revolving Credit Facility.

InvenTrust has $35.9 million of debt maturing in 2025 and $200.0 million of debt maturing in 2026.

The Company's weighted average interest rate on its debt as of March 31, 2025 was 4.03% and the weighted average remaining term was 3.1 years.

On April 1, 2025, the Company acquired Plaza Escondida, a 91,000 square foot neighborhood center anchored by Trader Joe's in the Tucson, Arizona market, for a gross acquisition price of $23.0 million. The Company used cash on hand and assumed a mortgage payable of $8.0 million to fund the acquisition.

On April 24, 2025, the Company acquired Carmel Village, a 54,000 square foot neighborhood center in Charlotte, North Carolina, for a gross acquisition price of $19.9 million. The Company used cash on hand to fund the acquisition.

InvenTrust has reaffirmed its 2025 guidance, as summarized in the following table.

(Unaudited, dollars in thousands, except per share amounts) Current and Previous (1) (2)

Net Income per diluted share

$0.27

$0.33

Nareit FFO per diluted share

$1.83

$1.89

Core FFO per diluted share (3)

$1.79

$1.83

Same Property NOI ("SPNOI") Growth

3.50%

4.50%

General and administrative

$34,250

$35,750

Interest expense, net (4)

$31,000

$31,500

Net investment activity (5)

~ $100,000

(1)The Company's 2025 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 and dispositions.

(2)The Company's 2025 guidance includes an expectation of uncollectibility, reflected as 75-100 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 $2.4 million.

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

In addition to the foregoing assumptions, the Company's 2025 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 2025 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

$ 0.27

$ 0.33

Depreciation and amortization of real estate assets

1.56

Nareit FFO per diluted share

1.83

1.89

Amortization of market-lease intangibles and inducements, net

(0.04)

(0.05)

Straight-line rent adjustments, net

(0.04)

(0.05)

Amortization of debt discounts and financing costs

0.04

Core FFO per diluted share

$ 1.79

$ 1.83

This earnings 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.

In thousands, except share information and per square foot amounts

‌Three Months Ended March 31‌

2025

2024

Financial Results

Net income

$ 6,792

$ 2,900

Net income per common share - basic

0.09

0.04

Net income per common share - diluted

0.09

0.04

Nareit FFO (page 7)

37,158

30,846

Nareit FFO per diluted share

0.48

0.45

Core FFO (page 7)

36,229

29,981

Core FFO per diluted share

0.46

0.44

Same Property NOI (page 6)

47,286

44,548

Same Property NOI growth

6.1 %

Adjusted EBITDA (page 7)

44,004

39,173

Distributions declared per common share

0.24

0.23

Aggregate distributions declared (as a % of Core FFO)

50.9 %

51.2 %

As of March 31, 2025

As of December 31, 2024

As of December 31, 2023

Capital Information

Shares outstanding

77,567,764

77,450,794

67,807,831

Outstanding Debt, net

$ 740,745

$ 740,415

$ 814,568

Less: Cash and cash equivalents (page 4)

(77,368)

(87,395)

(96,385)

Net Debt

$ 663,377

$ 653,020

$ 718,183

Debt Metrics (trailing 12 months)

Adjusted EBITDA

$ 162,840

$ 158,009

$ 146,459

Net Debt-to-Adjusted EBITDA

4.1x

4.9x

Fixed charge coverage

4.9x

4.5x

4.3x

Net debt to real estate assets, excl property acc depr.

23.4%

23.0%

27.0%

Net debt to total assets, excl property acc depr.

21.2%

20.7%

24.4%

Distributions Paid Per Share

Q1 2025 $0.22630

Q4 2024 $0.22630

Q3 2024 $0.22630

Q2 2024 $0.22630

Liquidity and Credit Facility

Cash and cash equivalents $ 77,368

Available under credit facility 500,000

Total

$ 577,368

Same Property Total Portfolio

Three Months Ended March 31 Three Months Ended March 31

2025

2024

2025

2024

Portfolio Metrics

No. of properties

GLA

10,132

10,110

10,972

10,385

Economic Occupancy

95.2 %

93.4 %

95.4 %

93.4 %

Leased Occupancy

97.2 %

96.3 %

97.3 %

96.3 %

ABR PSF

$20.03

$19.48

$20.21

$19.61

In thousands, except share and per share amounts

‌As of‌

March 31, 2025 December 31, 2024

Assets (unaudited)

Investment properties

Land

$ 712,827

Building and other improvements

2,118,527

2,116,092

Construction in progress

6,245

9,951

Total

2,837,599

2,838,870

Less accumulated depreciation

(524,831)

(511,969)

Net investment properties

2,312,768

2,326,901

Cash, cash equivalents, and restricted cash

84,579

91,221

Intangible assets, net

128,956

137,420

Accounts and rents receivable

33,798

36,131

Deferred costs and other assets, net

45,404

44,277

Total assets

$ 2,605,505

$ 2,635,950

Liabilities

Debt, net

$ 740,745

$ 740,415

Accounts payable and accrued expenses

30,371

46,418

Distributions payable

18,438

17,512

Intangible liabilities, net

41,548

42,897

Other liabilities

29,597

28,703

Total liabilities

860,699

875,945

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, 77,567,764 shares issued and outstanding as of March 31, 2025 and 77,450,794 shares issued and outstanding as of December 31, 2024

Additional paid-in capital

5,730,641

5,730,367

Distributions in excess of accumulated net income

(3,996,511)

(3,984,865)

Accumulated comprehensive income

10,598

14,426

Total stockholders' equity

1,744,806

1,760,005

Total liabilities and stockholders' equity

$ 2,605,505

$ 2,635,950

In thousands, except share and per share information, unaudited

‌Three Months Ended March 31‌

2025

2024

Income

Lease income, net

$ 73,389

$ 66,493

Other property income

382

305

Total income

73,771

66,798

Operating expenses Depreciation and amortization

30,614

28,168

Property operating

10,747

9,999

Real estate taxes

9,356

8,981

General and administrative

8,547

7,974

Total operating expenses

59,264

55,122

Other (expense) income Interest expense, net

(8,322)

(9,634)

Other income and expense, net

607

858

Total other (expense) income, net

(7,715)

(8,776)

Net income

$ 6,792

$ 2,900

Weighted-average common shares outstanding - basic

77,563,971

67,874,528

Weighted-average common shares outstanding - diluted

78,160,787

68,272,050

Net income per common share - basic

$ 0.09

$ 0.04

Net income per common share - diluted

$ 0.09

$ 0.04

Comprehensive income Net income

$ 6,792

$ 2,900

Unrealized (loss) gain on derivatives, net

(1,586)

7,319

Reclassification to net income

(2,242)

(3,317)

Comprehensive income

$ 2,964

$ 6,902

In thousands

‌As of‌

March 31, 2025 December 31, 2024

Cash, cash equivalents, and restricted cash

Cash and cash equivalents $ 77,368 $ 87,395

Restricted cash 7,211 3,826

Total $ 84,579 $ 91,221

Accounts and rents receivable

Base rent, recoveries, and other revenue receivables

7,045

10,273

Straight-line rent receivables

26,753

25,858

Total

$ 33,798

$ 36,131

Deferred cost and other assets, net

Deferred leasing costs, net

$ 16,549

$ 16,139

Derivative assets

10,647

14,426

Financing costs, net

5,399

5,751

Other assets

3,888

3,329

Deferred costs, net

3,668

2,783

Prepaid insurance premiums

3,491

Right of use assets, net

1,762

1,849

Total

$ 45,404

$ 44,277

Other liabilities

Deferred revenues

$ 8,063

$ 8,226

Security deposits

7,991

7,938

Unearned lease income

7,980

8,320

Other liabilities

3,090

1,691

Operating lease liabilities

2,425

2,528

Derivative liabilities

Total

$ 29,597

$ 28,703

In thousands

‌Three Months Ended March 31‌

2025

2024

Income

* Minimum base rent

$ 47,066

$ 42,447

* Real estate tax recoveries

8,599

8,105

* Common area maintenance, insurance, and other recoveries

9,399

7,854

* Ground rent income

5,076

4,737

Amortization of market-lease intangibles and inducements, net

895

576

* Short-term and other lease income

1,417

1,261

Termination fee income

561

Straight-line rent adjustments, net

894

906

* Reversal of uncollectible rent and recoveries, net

Lease income, net

73,389

66,493

* Other property income

382

305

Total income

$ 73,771

$ 66,798

Operating expenses

Depreciation and amortization

$ 30,614

$ 28,168

* Repairs and maintenance

3,375

2,934

* Payroll, benefits, and office

2,755

2,675

* Utilities and waste removal

2,462

2,128

* Property insurance

1,330

1,542

* Security, legal, and other expenses

825

720

Property operating expenses

10,747

9,999

* Real estate taxes

9,356

8,981

General and administrative costs

6,443

6,412

Stock-based compensation costs

2,766

2,191

Capitalized direct development compensation costs

(662)

(629)

General and administrative expense

8,547

7,974

Total operating expenses

$ 59,264

$ 55,122

Interest expense, net

Term loans, including impact of derivatives

$ 3,320

$ 3,382

Senior notes

3,201

Mortgages payable

926

2,352

Line of credit facility fees

200

133

Capitalized interest

(8)

(9)

Amortization of debt discounts and financing costs

683

575

Total interest expense, net

$ 8,322

$ 9,634

Other income and expense, net

Interest on cash and cash equivalents

672

811

Income tax expense

(136)

(133)

Miscellaneous and settlement income

180

Total other income and expense, net

607

858

* Component of Net Operating Income

In thousands

‌Same Property NOI‌

Three Months Ended March 31

2025

2024

Income

Minimum base rent

$ 42,952

$ 41,310

Real estate tax recoveries

8,020

7,837

Common area maintenance, insurance, and other recoveries

8,374

7,647

Ground rent income

4,613

4,501

Short-term and other lease income

1,471

1,287

Reversal of uncollectible rent and recoveries, net

Other property income

362

297

Total income

65,860

62,930

Operating Expenses

Property operating

9,807

9,731

Real estate taxes

8,767

8,651

Total operating expenses

18,574

18,382

Same Property NOI

$ 47,286

$ 44,548

Same Property NOI Growth

6.1 %

Same Property Count

Net Income to Same Property NOI

Three Months Ended March 31

2025

2024

Net income

6,792

2,900

Adjustments to reconcile to non-GAAP metrics:

Other income and expense, net

(607)

(858)

Interest expense, net

8,322

9,634

Depreciation and amortization

30,614

28,168

General and administrative

8,547

7,974

Adjustments to NOI (a)

(1,799)

(2,043)

NOI

51,869

45,775

NOI from other investment properties

(4,583)

(1,227)

Same Property NOI

47,286

44,548

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

In thousands, except share and per share amounts

‌Nareit FFO and Core FFO‌

Three Months Ended March 31

2025

2024

Net income

6,792

2,900

Depreciation and amortization of real estate assets

30,366

27,946

Nareit FFO Applicable to Common Shares and Dilutive Securities

37,158

30,846

Amortization of market lease intangibles and inducements, net

(895)

(576)

Straight-line rent adjustments, net

(894)

(906)

Amortization of debt discounts and financing costs

683

575

Depreciation and amortization of corporate assets

248

222

Non-operating income and expense, net (a)

(71)

(180)

Core FFO Applicable to Common Shares and Dilutive Securities

36,229

29,981

Weighted average common shares outstanding - basic

77,563,971

67,874,528

Dilutive effect of unvested restricted shares (b)

596,816

397,522

Weighted average common shares outstanding - diluted

78,160,787

68,272,050

Net income per diluted share

0.09

0.04

Nareit FFO per diluted share

0.48

0.45

Core FFO per diluted share

0.46

0.44

Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

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 March 31

2025

2024

Net income

6,792

2,900

Interest expense, net

8,322

9,634

Income tax expense

136

133

Depreciation and amortization

30,614

28,168

EBITDA

45,864

40,835

Amortization of market-lease intangibles and inducements, net

(895)

(576)

Straight-line rent adjustments, net

(894)

(906)

Non-operating income and expense, net (a)

(71)

(180)

Adjusted EBITDA

44,004

39,173

Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

Summary of Outstanding Debt

In thousands

‌Balance as of March 31, 2025‌

Proportion of Total Debt

Weighted Average Interest Rate

Weighted Average Years to Maturity

Fixed rate secured debt

$ 93,380

13%

3.97%

2.4

Fixed rate unsecured debt

650,000

87%

4.04%

3.2

Discounts and financing costs, net

(2,635)

n/a

Total debt, net

$ 740,745

100%

4.03%

3.1

Schedule of Maturities by Year

Fixed Rate

Maturity Year

Secured Debt

Unsecured Debt

Total Debt, net

2025

$ 35,880

$ -

$ 35,880

2026

200,000

2027

26,000

200,000

226,000

2028

2029

31,500

150,000

181,500

Thereafter

100,000

Discounts and financing costs, net

(130)

(2,505)

(2,635)

Total

$ 93,250

$ 647,495

$ 740,745

‌Debt Maturities

Maturity

Interest Rate

Balance

Mortgages Payable

The Plant

May-25

3.97%

$ 13,000

The Highlands of Flower Mound

Dec-25

3.88%

22,880

Escarpment Village

Jul-27

3.86%

26,000

Shops at Arbor Trails

Dec-29

4.12%

31,500

Total

93,380

Term Loan

$200.0 million 5 years

Sep-26

2.81% (a)

100,000

$200.0 million 5 years

Sep-26

2.81% (a)

100,000

$200.0 million 5.5 years

Mar-27

2.78% (a)

50,000

$200.0 million 5.5 years

Mar-27

2.84% (a)

50,000

$200.0 million 5.5 years

Mar-27

4.99% (a)

100,000

Total

400,000

Senior Notes

$150.0 million Series A Notes

Aug-29

5.07%

150,000

$100.0 million Series B Notes

Aug-32

5.20%

100,000

Total

250,000

Revolving Line of Credit

$500.0 million total capacity Jan-29 1M SOFR + 1.15% (b) -

Grand total 4.03% $ 743,380

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

As of March 31, 2025, 1-Month Term SOFR was 4.32%. Additional annual facility fee of 0.15% applies to entire line of credit capacity.

Unaudited, dollars in thousands

‌Debt Covenants (trailing 12 months)‌

For the quarter ended

Description

Term Loan Covenants

Senior Note Covenants

Q1 2025

Q4 2024

Q3 2024

Q2 2024

Leverage Ratio

< 60.0%

23.2%

24.0%

28.4%

Fixed Charge Coverage Ratio

> 1.50

4.9

4.5

4.3

Maximum Dividend Payout

< 95%

N/A

49.4%

49.5%

48.9%

49.5%

Maximum Secured Recourse Debt

< 10% of Total Asset Value

Unsecured Interest Coverage Ratio

> 1.75

6.5

6.3

5.8

Unsecured Leverage Ratio

< 60%

22.8%

23.1%

24.5%

26.8%

‌Interest Rate Swaps

As of March 31, 2025, the Company is party to five effective interest rate swap agreements:

Interest Rate Swaps

Effective Date

Termination Date

InvenTrust Receives

InvenTrust Pays Fixed Rate of

Fixed Rate Achieved

Notional Amount

5.5 year Term Loan

4/3/23

3/22/27

1-Month SOFR

3.69%

4.99%

$ 100,000

5 year Term Loan

12/21/23

9/22/26

1-Month SOFR

1.51%

2.81%

100,000

5 year Term Loan

12/21/23

9/22/26

1-Month SOFR

1.51%

2.81%

100,000

5.5 year Term Loan

6/21/24

3/22/27

1-Month SOFR

1.54%

2.84%

50,000

5.5 year Term Loan

6/21/24

3/22/27

1-Month SOFR

1.48%

2.78%

50,000

$ 400,000

‌Capital Investments and Leasing Costs

Three months ended March 31

2025

2024

Tenant improvements

887

2,298

Leasing costs

809

991

Property improvements

3,212

2,129

Capitalized indirect costs (a)

428

445

Total capital expenditures and leasing costs

5,336

5,863

Development and redevelopment direct costs

1,794

1,038

Development and redevelopment indirect costs (a)

243

192

Capital investments and leasing costs (b)

7,373

7,093

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

As of March 31, 2025 and 2024, total accrued capital investments and leasing costs were $4,950 and $5,588, respectively.

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

98.5 %

$ 33,630

$ 17.05

16.0 %

2,091

19.1 %

Houston-Sugar Land-Baytown, TX

95.7 %

21,947

16.76

10.5 %

1,378

12.6 %

Atlanta Metro Area, GA

96.8 %

20,906

20.89

10.0 %

1,069

9.7 %

Miami-Fort Lauderdale-Miami Beach, FL

98.4 %

20,301

24.18

9.7 %

859

7.8 %

Dallas-Fort Worth-Arlington, TX

97.6 %

18,701

20.75

8.9 %

941

8.6 %

Raleigh-Cary-Durham, NC

96.7 %

13,373

20.52

6.4 %

688

6.3 %

Charlotte-Gastonia-Concord, NC

98.1 %

10,563

21.02

5.0 %

515

4.7 %

Orlando-Kissimmee, FL

97.4 %

10,172

25.72

4.9 %

411

3.6 %

Tampa-St. Petersburg, FL

95.8 %

9,654

15.57

4.6 %

744

6.8 %

So. California - Los Angeles, CA

96.7 %

7,525

20.24

3.6 %

392

3.6 %

Richmond, VA

98.5 %

6,802

17.92

3.2 %

385

3.5 %

San Antonio, TX

94.6 %

6,511

27.10

3.1 %

261

2.4 %

Washington D.C., MD

90.2 %

5,983

36.59

2.9 %

181

1.6 %

So. California - Inland Empire, CA

99.4 %

5,693

23.64

2.7 %

246

2.2 %

So. California - San Diego, CA

99.2 %

5,688

26.45

2.7 %

225

2.1 %

Charleston-Berkeley-Dorchester, SC

98.1 %

5,461

26.03

2.6 %

214

2.0 %

Cape Coral-Fort Myers, FL

97.1 %

3,727

15.59

1.8 %

249

2.3 %

Phoenix, AZ

99.1 %

3,005

25.66

1.4 %

123

1.1 %

Total

97.3 %

$ 209,642

$ 20.21

100 %

10,972

100 %

State

No. of Properties

Leased Occupancy

ABR

ABR PSF

ABR as

% of Total

GLA

GLA as

% of Total

Texas

97.3 %

$ 80,789

$ 18.26

38.5 %

4,671

42.7 %

Florida

97.2 %

43,854

20.94

21.0 %

2,263

20.5 %

North Carolina

97.3 %

23,936

20.74

11.4 %

1,203

11.0 %

Georgia

96.8 %

20,906

20.89

10.0 %

1,069

9.7 %

California

98.1 %

18,906

22.84

9.0 %

863

7.9 %

Virginia

98.5 %

6,802

17.92

3.2 %

385

3.5 %

Maryland

90.2 %

5,983

36.59

2.9 %

181

1.6 %

South Carolina

98.1 %

5,461

26.03

2.6 %

214

2.0 %

Arizona

99.1 %

3,005

25.66

1.4 %

123

1.1 %

Total

97.3 %

$ 209,642

$ 20.21

100 %

10,972

100 %

Tenant type

Economic Occupancy

Leased Occupancy

ABR

ABR PSF

GLA

20,000 SF+ (a)

99.0 %

100 %

$ 66,396

$ 11.60

5,879

10,000 - 19,999 SF (a)

95.7 %

96.7 %

21,089

20.74

1,062

5,000 - 9,999 SF (b)

90.2 %

95.4 %

19,438

27.52

782

1 - 4,999 SF (b)

90.1 %

92.9 %

102,719

35.13

3,249

Total

95.4 % 97.3 % $ 209,642 $ 20.21 10,972

Anchor Tenants (a)

98.5 %

99.5 % $ 87,485 $

12.98

6,941

Small Shop Tenants (b)

90.1 %

93.4 % $ 122,157 $

33.65

4,031

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

Tenants with square footage less than 10,000 square feet are considered Small Shop Tenants.

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 2

BBB

$ 8,931

4.3 %

821

7.5 %

2 Publix Super Markets, Inc.

Publix 12 / Publix Liquor 3

N/A

6,926

3.3 %

581

5.3 %

3 TJX Companies

Marshalls 7 / HomeGoods 5 / TJ Maxx 2

4,907

2.3 %

399

3.6 %

4 Albertson's

Tom Thumb 2 / Market Street 2 / Safeway 1 / Albertsons 1

BB+

4,359

2.1 %

365

3.3 %

5 H.E.B.

H.E.B. 4 / H.E.B. Staff Office 1

N/A

4,257

2.0 %

447

4.1 %

6 Amazon, Inc.

Whole Foods Market 5

2,742

1.3 %

194

1.8 %

7 Apollo Global Management, Inc.

Michaels 8

B-

2,690

1.3 %

190

1.7 %

8 Best Buy

BBB+

2,270

1.1 %

138

1.3 %

9 Ross Dress For Less

Ross Dress for Less 5 / dd's Discounts 1

BBB+

2,193

1.0 %

171

1.6 %

10 BC Partners

PetSmart 6

B+

2,117

1.0 %

125

1.1 %

11 Ulta Beauty Inc.

N/A

2,085

1.0 %

0.8 %

12 Petco Health and Wellness Company, Inc.

2,014

1.0 %

106

1.0 %

13 Dick's Sporting Goods, Inc.

Dick's Sporting Goods 2 / Going, Going, Gone 1

BBB

1,966

0.9 %

171

1.6 %

14 Trader Joe's

N/A

1,910

0.9 %

0.5 %

15 Sprouts Farmers Market

N/A

1,798

0.9 %

0.8 %

16 Costco Wholesale

1,735

0.8 %

298

2.7 %

17 Five Below, Inc.

N/A

1,707

0.8 %

18 Bank of America

A-

1,672

0.8 %

0.3 %

19 Nordstrom Inc.

Nordstrom Rack 2 / Nordstrom 1

1,602

0.8 %

20 Kingswood Capital Management

World Market 6

N/A

1,591

0.8 %

110

1.0 %

21 Wells Fargo

BBB+

1,387

0.7 %

0.3 %

22 Starbucks Corporation

BBB+

1,372

0.7 %

0.3 %

23 The Gap, Inc.

Old Navy 5

1,290

0.6 %

0.7 %

24 Massage Envy

N/A

1,273

0.6 %

0.3 %

25 Truist Bank

1,265

0.6 %

0.3 %

Totals

181 $ 66,059 31.6 % 4,746 43.5 %

Reflects the most recently available S&P credit rating.

Tenant Merchandise Mix

Tenant Category

ABR

% of Total ABR

Grocery / Drug

$ 40,385

19.4 %

Quick Service Restaurants

25,866

12.3 %

Personal Health and Beauty Services

23,063

11.0 %

Medical

19,612

9.4 %

Full Service Restaurants

18,759

8.9 %

Off Price

11,306

5.4 %

Apparel / Accessories

10,648

5.1 %

Banks

9,396

4.5 %

Fitness

7,790

3.7 %

Pets

7,225

3.4 %

Hobby / Sports

6,911

3.3 %

Office / Communications

6,100

2.9 %

Other

5,278

2.5 %

Home

5,270

2.5 %

Other Essential Retail / Services

5,006

2.4 %

Office (Non Financial, Non-Medical)

2,985

1.4 %

Entertainment

2,386

1.1 %

Hardware / Auto

1,656

0.8 %

$ 209,642 100.00 %

GLA in thousands

No. of Leases

New Contractual Rent

Prior Contractual Rent

% Change over Prior Lease Rent

Weighted Average Lease Term

Tenant Improvement Allowance

Lease Commissions

Executed

GLA

($PSF) (a)

(a)

(Years)

($ PSF)

209

$21.79

$20.04

8.7%

5.2

$0.11

$0.08

37.27

30.99

20.3%

8.7

16.83

18.26

32.42

N/A

7.6

26.62

12.68

‌The Company's portfolio had 323 thousand square feet expiring during the three months ended March 31, 2025, of which 290 thousand square feet was re-leased. This achieved a retention rate of approximately 90%. The following table summarizes the activity for leases that were executed during the three months ended March 31, 2025.‌

All Tenants

Comparable Renewal Leases (b)

Comparable New Leases (b)

Non-Comparable Renewal and New Leases

Total 69 256 $22.62 $20.63 9.6% 5.7 $4.48 $2.63

Renewal Leases (b)

Comparable

121

$13.12

$12.61

4.0%

5.0

New Leases (b)

Non-Comparable Renewal and New Leases

N/A

Anchor Tenants (leases ten thousand square feet and over) Comparable

Total 4 121 $13.12 $12.61 4.0% 5.0 $- $- Small Shop Tenants (leases under ten thousand square feet)

$33.75

$30.29

11.4%

5.5

$0.27

$0.20

37.27

30.99

20.3%

8.7

16.83

18.26

32.42

N/A

7.6

26.62

12.68

135

$34.17

$30.37

12.5%

6.3

$8.52

$5.00

Comparable Renewal Leases (b)

Comparable New Leases (b)

Non-Comparable Renewal and New Leases

Total

Non-comparable leases are not included in totals.

Comparable leases are leases that meet 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.

GLA in thousands

‌The following table summarizes the activity for leases that were executed during the trailing four quarters ended March 31, 2025.

No. of

New Contractual

Prior Contractual

% Change

Weighted Average

Tenant Improvement

Lease

Leases

Rent

over Prior

Lease Term

Allowance

Commissions

Executed

GLA

($PSF)

Lease Rent

(Years)

($ PSF)

Comparable Leases

Total Renewal and New Leases

Q1 2025

221

$22.62

$20.63

9.6%

5.4

$1.00

$1.05

Q4 2024

189

24.73

21.41

15.5%

6.0

1.65

1.08

Q3 2024

403

18.26

16.63

9.8%

6.2

2.89

1.30

Q2 2024

330

22.43

20.33

10.3%

5.3

0.97

0.82

Total

190

1,143

$21.38

$19.26

11.0%

5.8

$1.76

$1.08

Renewals

Q1 2025

209

$21.79

$20.04

8.7%

5.2

$0.11

$0.08

Q4 2024

175

23.35

20.38

14.6%

5.6

Q3 2024

364

17.40

15.94

9.2%

5.8

0.11

Q2 2024

313

21.41

19.40

10.4%

5.0

Total

161

1,061

$20.43

$18.50

10.4%

5.4

$0.06

$0.02

New Leases

Q1 2025

$37.27

$30.99

20.3%

8.7

$16.83

$18.26

Q4 2024

41.95

34.34

22.2%

11.0

22.25

14.63

Q3 2024

26.42

23.14

14.2%

9.9

29.13

13.55

Q2 2024

41.05

37.33

10.0%

10.1

18.57

15.80

Total

$33.74

$29.17

15.7%

10.0

$23.95

$14.89

Non-Comparable Leases

Q1 2025

$32.42

7.6

$26.62

$12.68

Q4 2024

34.19

9.6

33.02

17.50

Q3 2024

26.84

10.0

14.02

13.72

Q2 2024

113

8.29

6.3

10.93

3.04

Total

256

$20.60

8.0

$17.55

$9.48

GLA and ABR in thousands, except per square foot amounts

‌Lease Expiration Year‌

Anchor Tenants

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)

2025

328

4.8 %

$ 2,810

3.1 %

$8.57

2026

426

6.2 %

5,954

6.6 %

13.98

2027

1,291

18.6 %

18,060

19.9 %

13.99

2028

603

8.8 %

8,864

9.8 %

14.70

2029

916

13.3 %

11,729

12.9 %

12.80

2030

726

10.6 %

9,709

10.7 %

13.37

2031

382

5.6 %

4,087

4.5 %

10.70

2032

345

5.0 %

4,537

5.0 %

13.15

2033

286

4.2 %

4,174

4.6 %

14.59

2034

575

8.4 %

7,302

8.0 %

12.70

Thereafter

979

14.3 %

13,194

14.5 %

13.48

Other (b)

0.2 %

346

0.4 %

31.45

Totals

202

6,868

100 %

$ 90,766

100 %

$13.22

Vacant space

Total

6,941

Small Shop Tenants

2025

178

4.9 %

$ 5,504

4.1 %

$30.92

2026

215

541

14.9 %

17,714

13.3 %

32.74

2027

245

574

15.8 %

20,169

15.1 %

35.14

2028

214

511

14.1 %

17,890

13.3 %

35.01

2029

210

559

15.4 %

20,596

15.5 %

36.84

2030

140

359

9.9 %

13,548

10.2 %

37.74

2031

228

6.3 %

8,737

6.6 %

38.32

2032

197

5.4 %

7,632

5.7 %

38.74

2033

147

4.0 %

6,520

4.9 %

44.35

2034

194

5.3 %

8,336

6.3 %

42.97

Thereafter

135

3.7 %

6,305

4.7 %

46.70

Other (b)

0.3 %

335

0.3 %

30.45

Totals

1,443

3,634

100 %

$ 133,286

100 %

$36.68

Vacant space

397

Total

4,031

Total

2025

506

4.8 %

$ 8,314

3.7 %

$16.43

2026

230

967

9.2 %

23,668

10.6 %

24.48

2027

283

1,865

17.8 %

38,229

17.1 %

20.50

2028

239

1,114

10.7 %

26,754

11.9 %

24.02

2029

240

1,475

14.0 %

32,325

14.4 %

21.92

2030

163

1,085

10.3 %

23,257

10.4 %

21.44

2031

610

5.8 %

12,824

5.7 %

21.02

2032

542

5.2 %

12,169

5.4 %

22.45

2033

433

4.1 %

10,694

4.8 %

24.70

2034

769

7.3 %

15,638

7.0 %

20.34

Thereafter

1,114

10.6 %

19,499

8.7 %

17.50

Other (b)

0.2 %

681

0.3 %

30.95

Totals

1,645

10,502

100 %

$ 224,052

100 %

$21.33

Vacant space

470

Total

10,972

Expiring ABR PSF reflects ABR PSF at the time of lease expiration.

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

In thousands

‌Active Redevelopments Estimated‌

Projected

Estimated

Property

Market

Project Description

Completion Quarter (a)

Incremental Costs

Costs to Date

Incremental Yield on Cost

Campus Marketplace

So. California - San Diego, CA

Redevelopment of an existing outparcel building.

2Q - 2025

$ 800

$ 500

Sandy Plains Centre

Atlanta Metro Area, GA

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

3Q - 2025

3,200

2,500

River Oaks

So. California - Los Angeles, CA

Redevelopment of an outparcel and common area improvements.

4Q - 2025

600

200

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

200

Shops at Arbor Trails

Austin-Round Rock, TX

Redevelopment of a pre-existing single tenant building to a multi-tenant building.

1Q - 2026

3,000

1,200

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

200

Total Redevelopment Costs

21,600

4,800

7-10%

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

Sarasota Pavilion

Tampa-St. Petersburg, FL

Redevelopment and remerchandising of a former anchor space into new tenant

1Q - 2025

$ 6,800

spaces, including an 18,000 square foot anchor space, a 14,000 square foot

anchor space, and additional small shop space.

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

Antoine Town Center

Houston-Sugar Land-Baytown, TX

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

4Q - 2024

200

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.

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 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.

Plantation Grove

Orlando - Kissimmee, FL

Redevelopment and expansion of the shopping center. Addition of new outparcel building.

River Oaks

So. California - Los Angeles, CA

Anchor repositioning and expansion.

Sarasota Pavilion

Tampa - St. Petersburg, FL

New development, including addition of outparcel building.

The Centre on Hugh Howell

Atlanta Metro Area, GA

New development, including addition of outparcel building.

The Parke

Austin - Round Rock, TX

Anchor repositioning and expansion.

Westpark Shopping Center

Richmond, VA

New development, including addition of outparcel building.

GLA in thousands

‌Property‌

Market

State

Center Type (a)

GLA

Leased Occupancy

ABR PSF

Grocery Anchor (b)

Major Anchors (c)

1 Escarpment Village

Austin-Round Rock

170

100%

$22.49

Yes

HEB

2 Kyle Marketplace

Austin-Round Rock

260

100%

$17.83

Yes

HEB

3 Market at Westlake

Austin-Round Rock

100%

$22.00

Walgreens

4 Scofield Crossing

Austin-Round Rock

98.7%

$18.36

Yes

Hana World Market, Goodwill

5 Shops at Arbor Trails

Austin-Round Rock

357

100%

$14.12

Yes

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

6 Shops at the Galleria

Austin-Round Rock

537

95.4%

$14.27

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

7 The Parke

Austin-Round Rock

406

98.9%

$16.93

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

8 University Oaks

Austin-Round Rock

236

100%

$22.51

Crunch Fitness, DSW, IKEA*, JC Penney*, Jo-Ann Fabrics, Petsmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods

9 Custer Creek Village

Dallas-Fort Worth-Arlington

100%

$15.92

Yes

Tom Thumb

10 Eldorado Marketplace

Dallas-Fort Worth-Arlington

189

100%

$24.66

Yes

Market Street, PetSmart, Phenix Salon Suites

11 Prestonwood Town Center

Dallas-Fort Worth-Arlington

236

98.7%

$21.12

Yes

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

12 Riverview Village

Dallas-Fort Worth-Arlington

100%

$13.43

Yes

Tom Thumb, Petco

13 Riverwalk Market

Dallas-Fort Worth-Arlington

93.4%

$21.49

Yes

Market Street

14 Shops at Fairview Town Center

Dallas-Fort Worth-Arlington

100%

$25.84

Yes

Whole Foods Market

15 The Highlands of Flower Mound

Dallas-Fort Worth-Arlington

175

92.2%

$19.92

Yes

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

16 Antoine Town Center

Houston-Sugar Land-Baytown

110

97.3%

$15.47

Yes

Kroger

17 Bay Colony

Houston-Sugar Land-Baytown

415

95.3%

$16.57

Yes

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

18 Blackhawk Town Center

Houston-Sugar Land-Baytown

127

99.1%

$14.04

Yes

HEB, Walgreens

19 Cyfair Town Center

Houston-Sugar Land-Baytown

434

95.0%

$17.60

Yes

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

20 Eldridge Town Center

Houston-Sugar Land-Baytown

144

95.1%

$17.34

Yes

Kroger, Kohl's*, Petco

21 Stables Town Center II

Houston-Sugar Land-Baytown

148

95.4%

$17.70

Yes

Kroger

22 Sonterra Village

San Antonio

84.2%

$36.74

Yes

Trader Joe's

23 Stone Ridge Market

San Antonio

219

96.6%

$25.41

Yes

HEB Plus*, Burlington, PetSmart

Total Texas

4,671

97.3%

$18.26

24 Bay Landing

Cape Coral - Fort Meyers

100%

$10.16

Yes

The Fresh Market, HomeGoods

25 The Forum (d)

Cape Coral - Fort Meyers

186

96.1%

$17.43

Yes

Target*, dd's Discounts, Home Depot*, Michaels, Petco, Ross Dress for Less, Sky Zone, Staples

26 PGA Plaza Palm Beach Gardens

Miami-Ft Lauderdale-Miami Beach

121

99.1%

$37.15

Yes

Trader Joe's, Marshalls, Ulta

27 Southern Palm Crossing

Miami-Ft Lauderdale-Miami Beach

345

98.6%

$17.83

Yes

Costco Wholesale, Going Going Gone, Marshalls

28 Westfork & Paraiso

Miami-Ft Lauderdale-Miami Beach

393

98.0%

$25.85

Yes

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

29 Lakeside & Lakeside Crossing

Orlando - Kissimmee

100%

$48.99

Yes

Trader Joe's

30 Plantation Grove (e)

Orlando - Kissimmee

107

98.7%

$20.21

Yes

Publix

31 Rio Pinar Plaza

Orlando - Kissimmee

131

94.6%

$19.37

Yes

Publix, Planet Fitness

32 Suncrest Village

Orlando - Kissimmee

97.9%

$21.71

Yes

Publix, Orange County Tax Collector

33 Gateway Market Center

Tampa - St. Petersburg

231

89.9%

$14.23

Yes

Publix, Target*, Beall's, HomeGoods, Petsmart, TJ Maxx

34 Peachland Promenade

Tampa - St. Petersburg

177

98.6%

$15.37

Yes

Publix, Goodwill, My Salon Suite, Planet Fitness

35 Sarasota Pavilion

Tampa - St. Petersburg

336

98.3%

$16.35

Yes

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

Total Florida

2,263

97.2%

$20.94

GLA in thousands

Property

Market

State

Center Type (a)

GLA

Leased Occupancy

ABR PSF

Grocery Anchor (b)

Major Anchors (c)

36 Eastfield Village

Charlotte-Gastonia-Concord

97.5%

$18.94

Yes

Food Lion, Gold's Gym

37 Northcross Commons

Charlotte-Gastonia-Concord

100%

$28.87

Yes

Whole Foods Market

38 Sycamore Commons

Charlotte-Gastonia-Concord

265

100%

$21.01

Yes

Costco Wholesale*, Best Buy, Dick's Sporting Goods, Lowe's*, Michaels, Nordstrom Rack, Old Navy, Ulta, World Market

39 The Shoppes at Davis Lake

Charlotte-Gastonia-Concord

91.9%

$17.34

Yes

Harris Teeter

40 Bent Tree Plaza

Raleigh-Cary-Durham

100%

$15.31

Yes

Food Lion

41 Cary Park Town Center

Raleigh-Cary-Durham

100%

$18.01

Yes

Harris Teeter, CVS

42 Commons at University Place

Raleigh-Cary-Durham

100%

$17.42

Yes

Harris Teeter, CVS

43 Renaissance Center

Raleigh-Cary-Durham

363

93.8%

$23.96

Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market

44 The Pointe at Creedmoor

Raleigh-Cary-Durham

100%

$16.91

Yes

Harris Teeter

Total North Carolina

1,203

97.3%

$20.74

45 Buckhead Crossing

Atlanta Metro Area

221

94.3%

$23.41

HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop

46 Coweta Crossing

Atlanta Metro Area

100%

$11.30

Yes

Publix

47 Kennesaw Marketplace

Atlanta Metro Area

130

97.1%

$35.88

Yes

Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco*

48 Moores Mill (d)

Atlanta Metro Area

100%

$25.03

Yes

Publix

49 Plaza Midtown

Atlanta Metro Area

93.8%

$28.87

Yes

Publix

50 Rose Creek

Atlanta Metro Area

100%

$11.64

Yes

Publix

51 Sandy Plains Centre

Atlanta Metro Area

135

98.9%

$24.08

Yes

Kroger, Pet Supplies Plus, Walgreens*

52 The Centre on Hugh Howell

Atlanta Metro Area

98.4%

$14.03

Crunch Fitness

53 Thomas Crossroads

Atlanta Metro Area

105

90.1%

$9.56

Yes

Kroger

54 Windward Commons

Atlanta Metro Area

117

100%

$16.01

Yes

Kroger

Total Georgia

1,069

96.8%

$20.89

55 Bear Creek Village Center

So. California - Inland Empire

98.1%

$27.18

Yes

Stater Brothers

56 Pavilion at LaQuinta

So. California - Inland Empire

166

100%

$21.92

Yes

Sprouts Farmers Market, Best Buy, DSW, OfficeMax, PGA TOUR Superstore

57 Garden Village

So. California - Los Angeles

117

90.2%

$19.81

Yes

Albertson's, Rite Aid

58 River Oaks

So. California - Los Angeles

275

99.4%

$20.41

Yes

Sprouts Farmers Market, Target, Big 5 Sporting Goods, Dollar Tree, Five Below, Total Wine & More, Ulta

59 Campus Marketplace

So. California - San Diego

144

98.8%

$31.22

Yes

Ralphs, CVS, Discovery Isle Child Development Center

60 Old Grove Marketplace

So. California - San Diego

100%

$17.93

Yes

Ralphs, Lowe's*

Total California

863

98.1%

$22.84

61 Stonehenge Village (d)

Richmond Metro Area

214

100%

$19.13

Yes

Wegmans, La-Z-Boy, Party City, Petco

62 Westpark Shopping Center

Richmond Metro Area

171

96.6%

$16.35

Yes

Publix, Painted Tree Boutiques, Planet Fitness, The Tile Shop

Total Virginia

385

98.5%

$17.92

63 Market at Mill Creek (d)

Charleston-Berkeley-Dorchester

100%

$24.16

Yes

Lowes Foods

64 Nexton Square (d)

Charleston-Berkeley-Dorchester

134

96.9%

$27.18

N/A

Total South Carolina

214

98.1%

$26.03

65 The Shops at Town Center

Washington D.C

125

91.7%

$30.70

Yes

Safeway

66 Travilah Square Shopping Center

Washington D.C

86.9%

$50.40

Yes

Trader Joe's

Total Maryland

181

90.2%

$36.59

GLA in thousands

Property

Market

State

Center Type (a)

GLA

Leased Occupancy

ABR PSF

Grocery Anchor (b)

Major Anchors (c)

67 Scottsdale North Marketplace (d)

Phoenix

98.4%

$22.55

Yes

AJ's Fine Foods

68 The Plant (d)

Phoenix

100%

$28.96

Yes

Sprouts Farmers Market

Total Arizona

123

99.1%

$25.66

Grand Totals

10,972

97.3%

$20.21

N = Neighborhood Center, P = Power Center, C = Community Center, L = Lifestyle Center

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

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

Properties are excluded from Same Property for the three months ended March 31, 2025.

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 months ended March 31, 2025.

Components of Net Asset Value as of March 31, 2025

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

$ 46,793

Ground rent income

5,076

NOI

51,869

Annualized NOI, excluding ground rent income

$ 187,172

Annualized ground rent income

20,304

Projected remaining development

Net project costs

$ 16,800

Estimated range for incremental yield

7-10%

Assets

Cash, cash equivalents, and restricted cash

$ 84,579

Base rent, recoveries, and other revenue receivables Undeveloped land

Land held for development

7,045

Liabilities

Debt

$ 743,380

Discounts and financing costs, net

(2,635)

Accounts payable and accrued expenses

30,371

Distributions payable

18,438

Other liabilities

29,597

Common Shares Outstanding 77,567,764 1

ABR Per Square Foot (ABR PSF) ABR PSF is the ABR divided by the occupied square footage as of the end of the period.

‌Terms Definitions‌

Annualized Base Rent (ABR)

Annualized Base Rent (ABR) is the base rent for the last month of the period multiplied by twelve. Base rent is inclusive of ground rent and any abatement concessions and exclusive of Specialty Lease rent.

Adjusted EBITDA Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company's operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance.

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.

Anchor Tenant Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor 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, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization.

GAAP Rent Adjustments

GAAP Rent Adjustments consist of amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments.

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.

Leased Occupancy Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA.

Gross Leasable Area (GLA) Measure of the total amount of leasable space at a property in square feet.

Lifestyle Center Lifestyle Centers consist of upscale national-chain specialty stores with dining and entertainment in an

outdoor setting.

Nareit Funds From Operations (Nareit The Company's non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the

FFO) and Core FFO 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. 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 ongoing 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, 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.

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 Shop Tenants.

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.

‌InvenTrust

Properties

CORPORATE OFFICE

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630.570.0700

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Disclaimer

Inventrust Properties Corp. published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 20:45 UTC.