Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40896

INVENTRUST PROPERTIES CORP.

(Exact name of registrant as specified in its charter)

Maryland

34-2019608

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3025 Highland Parkway,

Suite 350

Downers Grove,

Illinois

60515

(855)

377-0510

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 28, 2023, there were 67,531,335 shares of the registrant's common stock outstanding.

INVENTRUST PROPERTIES CORP.

Quarterly Report on Form 10-Q

For the quarterly period ended June 30, 2023

Table of Contents


	Part I - Financial Information	Page
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of Ju ne 3 0 , 2023 (unaudited) and December 31, 2022	1
	Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2023 and 2022 (unaudited)	2
	Condensed Consolidated Statements of Equity for the three and six months ended June 3 0 , 2023 and 2022 (unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2023 and 2022 (unaudited)	5
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	33
	Part II - Other Information
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	34
Item 4.	Mine Safety Disclosures	34
Item 5.	Other Information	34
Item 6.	Exhibits	34

	Signatures	35

-i-

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Balance Sheets

(in thousands, except share amounts)


	As of
	June 30, 2023		December 31, 2022
	(unaudited)
Assets
Investment properties
Land	$	697,035	$	650,764
Building and other improvements	1,949,421		1,825,893
Construction in progress	9,488		5,005
Total	2,655,944		2,481,662
Less accumulated depreciation	(425,963)		(389,361)
Net investment properties	2,229,981		2,092,301
Cash, cash equivalents and restricted cash	80,749		137,762
Investment in unconsolidated entities	3,753		56,131
Intangible assets, net	132,720		101,167
Accounts and rents receivable	31,858		34,528
Deferred costs and other assets, net	57,700		51,145
Total assets	$	2,536,761	$	2,473,034

Liabilities
Debt, net	$	833,661	$	754,551
Accounts payable and accrued expenses	39,063		42,792
Distributions payable	14,553		13,837
Intangible liabilities, net	33,326		29,658
Other liabilities	33,221		28,287
Total liabilities	953,824		869,125
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, 67,531,335 shares issued and outstanding as of June 30, 2023 and 67,472,553 shares issued and outstanding as of December 31, 2022	68		67
Additional paid-in capital	5,461,253		5,456,968
Distributions in excess of accumulated net income	(3,905,747)		(3,879,847)
Accumulated comprehensive income	27,363		26,721
Total stockholders' equity	1,582,937		1,603,909
Total liabilities and stockholders' equity	$	2,536,761	$	2,473,034

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(in thousands, except share and per share amounts)


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Income
Lease income, net	$	64,268	$	58,935	$	129,098	$	116,703
Other property income	419		318		714		582
Other fee income	—		640		80		1,394
Total income	64,687		59,893		129,892		118,679

Operating expenses
Depreciation and amortization	28,263		24,205		55,021		47,034
Property operating	9,756		9,184		19,986		17,469
Real estate taxes	8,952		8,615		18,580		16,658
General and administrative	8,048		8,116		15,779		16,003

Total operating expenses	55,019		50,120		109,366		97,164

Other (expense) income
Interest expense, net	(9,377)		(5,631)		(18,886)		(10,440)
Loss on extinguishment of debt	—		—		—		(96)

Gain on sale of investment properties	984		36,856		984		36,856
Equity in earnings (losses) of unconsolidated entities	149		716		(514)		3,432
Other income and expense, net	644		207		1,091		155
Total other (expense) income, net	(7,600)		32,148		(17,325)		29,907

Net income	$	2,068	$	41,921	$	3,201	$	51,422

Weighted-average common shares outstanding - basic	67,523,105		67,413,049		67,515,913		67,384,044
Weighted-average common shares outstanding - diluted	67,711,848		67,550,846		67,683,226		67,577,524

Net income per common share - basic	$	0.03	$	0.62	$	0.05	$	0.76
Net income per common share - diluted	$	0.03	$	0.62	$	0.05	$	0.76

Distributions declared per common share outstanding	$	0.22	$	0.21	$	0.43	$	0.41
Distributions paid per common share outstanding	$	0.22	$	0.21	$	0.42	$	0.41

Comprehensive income
Net income	$	2,068	$	41,921	$	3,201	$	51,422
Unrealized gain on derivatives	10,835		5,514		7,518		20,920
Reclassification (to) from net income	(3,984)		492		(6,876)		1,517
Comprehensive income	$	8,919	$	47,927	$	3,843	$	73,859

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Equity

(Unaudited)

(in thousands, except share amounts)


	Number of Shares	Common Stock		Additional Paid-in Capital		Distributions in Excess of Accumulated Net Income		Accumulated Comprehensive Income		Total

Beginning balance, January 1, 2023	67,472,553	$	67	$	5,456,968	$	(3,879,847)	$	26,721	$	1,603,909
Net income	—	—		—		1,133		—		1,133
Unrealized loss on derivatives	—	—		—		—		(3,317)		(3,317)
Reclassification from interest expense, net	—	—		—		—		(2,892)		(2,892)

Distributions declared	—	—		—		(14,548)		—		(14,548)
Stock-based compensation, net	36,088	1		2,119		—		—		2,120
Ending balance, March 31, 2023	67,508,641	$	68	$	5,459,087	$	(3,893,262)	$	20,512	$	1,586,405
Net income	—	—		—		2,068		—		2,068
Unrealized gain on derivatives	—	—		—		—		10,835		10,835
Reclassification to interest expense, net	—	—		—		—		(3,984)		(3,984)

Distributions declared		—		—		(14,553)		—		(14,553)
Stock-based compensation, net	22,694	—		2,166		—		—		2,166
Ending balance, June 30, 2023	67,531,335	$	68	$	5,461,253	$	(3,905,747)	$	27,363	$	1,582,937

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Equity

(Unaudited)

(in thousands, except share amounts)


	Number of Shares	Common Stock		Additional Paid-in Capital		Distributions in Excess of Accumulated Net Income		Accumulated Comprehensive Income (Loss)		Total

Beginning balance, January 1, 2022	67,344,374	$	67	$	5,452,550	$	(3,876,743)	$	(4,322)	$	1,571,552
Net income	—	—		—		9,501		—		9,501
Unrealized gain on derivatives	—	—		—		—		15,406		15,406
Reclassification to interest expense, net	—	—		—		—		1,003		1,003
Reclassification to equity in earnings of unconsolidated entities	—	—		—		—		22		22
Distributions declared	—	—		—		(13,828)		—		(13,828)
Stock-based compensation, net	44,329	—		550		—		—		550
Ending balance, March 31, 2022	67,388,703	$	67	$	5,453,100	$	(3,881,070)	$	12,109	$	1,584,206
Net income	—	—		—		41,921		—		41,921
Unrealized loss on derivatives	—	—		—		—		5,514		5,514
Reclassification to interest expense, net	—	—		—		—		547		547
Reclassification to equity in earnings of unconsolidated entities	—	—				—		(55)		(55)
Distributions declared	—	—		—		(13,836)		—		(13,836)
Stock-based compensation, net	38,868	—		1,192		—		—		1,192

Ending balance, June 30, 2022	67,427,571	$	67	$	5,454,292	$	(3,852,985)	$	18,115	$	1,619,489

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Six months ended June 30
	2023		2022
Cash flows from operating activities:
Net income	$	3,201	$	51,422
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	55,021		47,034
Amortization of market-lease intangibles and inducements, net	(2,088)		(3,609)
Amortization of debt discounts and financing costs	2,119		1,341
Straight-line rent adjustment, net	(1,546)		(1,370)
Reversal of estimated credit losses	(340)		(1,777)

Gain on sale of investment properties	(984)		(36,856)
Loss on extinguishment of debt	—		96
Equity in losses (earnings) of unconsolidated entities	514		(3,432)
Distributions from unconsolidated entities	—		7,700
Stock-based compensation, net	4,269		2,402
Changes in operating assets and liabilities:
Accounts and rents receivable	6,181		5,027
Deferred costs and other assets, net	411		(3,029)
Accounts payable and accrued expenses	(4,162)		(433)
Other liabilities	889		(1,024)
Net cash provided by operating activities	63,485		63,492
Cash flows from investing activities:
Purchase of investment properties	(152,047)		(156,139)
Capital expenditures and tenant improvements	(12,692)		(10,134)
Investment in development and redevelopment projects	(2,622)		(6,124)
Proceeds from sale of investment properties, net	1,581		54,276
Distributions from unconsolidated entities	91,355		47,355
Lease commissions and other leasing costs	(1,840)		(2,061)
Other investing activities	(1,540)		(954)
Net cash used in investing activities	(77,805)		(73,781)
Cash flows from financing activities:


Distributions to shareholders	(28,385)		(27,630)


Line of credit proceeds	30,000		112,000
Line of credit repayments	(30,000)		—


Payoffs of debt	(13,700)		(22,328)

Principal payments on mortgage debt	(32)		(521)
Payment of loan fees and deposits	—		(179)
Other financing activities	(576)		(14)
Net cash (used in) provided by financing activities	(42,693)		61,328
Net decrease (increase) in cash, cash equivalents and restricted cash	(57,013)		51,039
Cash, cash equivalents and restricted cash at the beginning of the period	137,762		44,854
Cash, cash equivalents and restricted cash at the end of the period	$	80,749	$	95,893

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Six months ended June 30
	2023		2022
Supplemental disclosure and schedules:
Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest	$	16,727	$	8,604
Cash paid for income taxes, net of refunds	$	525	$	471
Previously held equity investments in real estate assets acquired	$	39,603	$	—
Distributions payable to shareholders	$	14,553	$	13,836
Accrued capital expenditures and tenant improvements	$	2,944	$	2,607
Capitalized costs placed in service	$	5,643	$	2,494

Purchase of investment properties:
Net investment properties	$	200,085	$	216,750
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	52,871		29,759
Accounts payable and accrued expenses, lease intangibles, and other liabilities	(9,133)		(10,489)
Assumption of mortgage debt, at fair value	(91,776)		(79,881)
Cash outflow for purchase of investment properties, net	152,047		156,139
Assumption of mortgage principal	92,468		80,380
Capitalized acquisition costs	(150)		(886)
Credits and other changes in cash outflow, net	(365)		2,837
Gross acquisition price of investment properties	$	244,000	$	238,470

Sale of investment properties:
Net investment properties	$	597	$	17,792
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	—		544
Accounts payable and accrued expenses, lease intangibles, and other liabilities	—		(916)
Gain on sale of investment properties	984		36,856
Proceeds from sale of investment properties, net	1,581		54,276
Credits and other changes in cash inflow, net	111		1,174
Gross disposition price of investment properties	$	1,692	$	55,450

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements

June 30, 2023 and 2022

(Unaudited)

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Readers of these interim condensed consolidated financial statements in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the "Quarterly Report") should refer to the audited consolidated financial statements of InvenTrust Properties Corp. (the "Company") as of and for the year ended December 31, 2022, which are included in the Company's Annual Report on Form 10-K (the "Annual Report") as certain note disclosures contained in such audited consolidated financial statements have been omitted from this Quarterly Report. In the opinion of management, all adjustments necessary (consisting of normal recurring accruals, except as otherwise noted) for a fair presentation have been included in these condensed consolidated financial statements. Unless otherwise noted, all square feet and dollar amounts are stated in thousands, except per share amounts.

1. Organization

On October 4, 2004, InvenTrust Properties Corp. (the "Company" or "InvenTrust") was incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and has elected and operates in a manner to be taxed as a real estate investment trust ("REIT") for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April of 2015 and is focused on owning, leasing, redeveloping, acquiring and managing a multi-tenant retail platform.

As a REIT, the Company is entitled to a tax deduction for some or all of the dividends paid to stockholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to stockholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates.

The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries. Subsidiaries generally consist of limited liability companies ("LLCs") and limited partnerships ("LPs"). All significant intercompany balances and transactions have been eliminated.

Each retail property is owned by a separate legal entity that maintains its own books and financial records. Each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 6. Investment in Unconsolidated Entities".

As of June 30, 2023 and 2022, the Company had an investment in one unconsolidated real estate joint venture, IAGM Retail Fund I, LLC ("IAGM"). On January 18, 2023, the Company acquired the four remaining retail properties from IAGM by acquiring 100% of the membership interests in each of IAGM's wholly owned subsidiaries, as disclosed in "Note 6. Investment in Unconsolidated Entities".

The Company determined it has a single reportable segment, multi-tenant retail, for disclosure purposes in accordance with GAAP. The following table summarizes the Company's retail portfolio as of June 30, 2023 and 2022:


	Wholly-Owned Retail Properties		Unconsolidated Retail Properties at 100%
	2023	2022	2023	2022
No. of properties	63	57	—	5
Gross Leasable Area (square feet)	10,387	9,077	—	1,387

2. Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired retail properties, determining the fair value of debt and evaluating the collectibility of accounts receivable. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates.

3. Revenue Recognition

Operating Leases

Minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:


Minimum lease payments, by year	As of June 30, 2023
Remaining 2023	$	94,140
2024	182,408
2025	164,700
2026	145,058
2027	111,938
Thereafter	380,531
Total	$	1,078,775

The foregoing table includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The remaining lease terms range from less than one year to seventy-six years.

The following table reflects the disaggregation of lease income, net:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Minimum base rent	$	41,545	$	36,726	$	82,021	$	71,774
Real estate tax recoveries	7,948		7,739		16,465		15,006
Common area maintenance, insurance, and other recoveries	7,489		7,004		14,438		13,296
Ground rent income	4,797		3,760		9,507		7,370
Amortization of market-lease intangibles and inducements, net	572		1,062		2,088		3,609
Short-term and other lease income	635		1,120		1,949		2,184
Termination fee income	610		149		744		317
Straight-line rent adjustment, net	836		707		1,546		1,370
Reversal of uncollectible straight-line rent	17		504		216		998
Provision for uncollectible billed rent and recoveries	(181)		(144)		(466)		(380)
Reversal of uncollectible billed rent and recoveries	—		308		590		1,159
Lease income, net	$	64,268	$	58,935	$	129,098	$	116,703

4. Acquired Properties

The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2023:


Acquisition Date	Property	Metropolitan Area	Square Feet	Gross Acquisition Price		Assumption of Mortgage Debt
January 18, 2023	Bay Colony (a)	Houston, TX	416	$	79,100	$	41,969
January 18, 2023	Blackhawk Town Center (a)	Houston, TX	127	26,300		13,008
January 18, 2023	Cyfair Town Center (a)	Houston, TX	433	79,200		30,880
January 18, 2023	Stables Town Center (a)	Houston, TX	148	37,000		6,611
June 2, 2023	The Shoppes at Davis Lake	Charlotte, NC	91	22,400		—
			1,215	$	244,000	$	92,468

(a)These retail properties were acquired from the Company's unconsolidated joint venture, IAGM, as disclosed in "Note 6. Investment in Unconsolidated Entities". The Company recognized a fair value adjustment of $692 related to the pooled mortgage debt on these properties.

The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2022:


Acquisition Date	Property	Metropolitan Area	Square Feet	Gross Acquisition Price		Assumption of Mortgage Debt
February 2, 2022	Shops at Arbor Trails	Austin, TX	357	$	112,190	$	31,500
February 2, 2022	Escarpment Village	Austin, TX	170	77,150		26,000
April 21, 2022	The Highlands of Flower Mound (a)	Dallas, TX	175	38,000		22,880
May 4, 2022	Bay Landing	Fort Myers, FL	63	10,425		—
June 10, 2022	Kyle Marketplace - Outparcel (b)	Austin, TX	—	705		—
			765	$	238,470	$	80,380

(a)The retail property was acquired from the Company's unconsolidated joint venture, IAGM, as disclosed in "Note 6. Investment in Unconsolidated Entities". The Company recognized a fair value adjustment of $499 related to the mortgage payable secured by the property.

(b)The Company acquired a parcel of vacant land adjacent to this retail property.

Transaction costs of $150 were capitalized during the six months ended June 30, 2023, and $886 were capitalized during the six months ended June 30, 2022.

5. Disposed Properties

The following table reflects the real property disposed of during the six months ended June 30, 2023:


Date	Property	Metropolitan Area	Square Feet	Gross Disposition Price		Gain on Sale
June 20, 2023	Shops at the Galleria (a)	Austin, TX	N/A	$	1,692	$	984
			—	$	1,692	$	984

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

The following table reflects the real property disposed of during the six months ended June 30, 2022:


Date	Property	Metropolitan Area	Square Feet	Gross Disposition Price		Gain on Sale
June 30, 2022	Centerplace of Greeley	Denver, CO	152	$	37,550	$	25,147
June 30, 2022	Cheyenne Meadows	Denver, CO	90	17,900		11,709
			242	$	55,450	$	36,856

6. Investment in Unconsolidated Entities

Joint Venture Interest in IAGM

As of June 30, 2023 and December 31, 2022, the Company owned a 55% interest in one unconsolidated entity, IAGM, a joint venture partnership between the Company and PGGM Private Real Estate Fund. IAGM was formed on April 17, 2013 for the purpose of acquiring, owning, managing, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities.

On January 18, 2023, the Company acquired the four remaining retail properties from IAGM for an aggregate purchase price of $222.3 million by acquiring 100% of the membership interests in each of IAGM's wholly owned subsidiaries. The Company assumed aggregate mortgage debt of $92.5 million and funded the remaining balance with its available liquidity. IAGM recognized a gain on sale of $45.2 million, of which the Company's share was approximately $24.9 million. Subsequent to the transaction, IAGM proportionately distributed substantially all net proceeds from the sale, of which the Company's share was approximately $71.4 million. In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023. As of June 30, 2023, net assets of IAGM were $6.9 million, inclusive of cash and cash equivalents of $10.4 million.

The Company's aggregate deferred gains related to its previously owned equity interest in real estate acquisitions from IAGM of $39.9 million are reflected in the basis of the respective acquired assets. Previously, deferred gains were reflected as a reduction of the Company's investment in IAGM and amortized to equity in earnings of unconsolidated entities.

On January 18, 2023, the Company also acquired IAGM's two interest rate swap agreements which achieve fixed interest rates on an aggregate notional amount of $75.0 million of the assumed pooled mortgage priced in a Secured Overnight Financing Rate ("SOFR"), each of which reprice monthly ("1-Month Term SOFR"). IAGM recognized a gain on sale of $2.6 million representing the fair value of the derivatives, of which the Company's share was approximately $1.4 million. The Company deferred its share of IAGM's gain on sale of derivatives, initially reflecting it within accumulated comprehensive income and amortizing it to interest expense, net, through the instruments' maturity date.

The following table reflects the real property disposed by IAGM since January 1, 2022.


Date	Property	Square Feet	Gross Disposition Price		IAGM's Gain (Loss) on Sale		The Company's Gain Deferral
March 3, 2022	Price Plaza (a)	206	$	39,100	$	3,751	$	—
April 21, 2022	The Highlands of Flower Mound (b)	175	38,000		1,244		684
December 16, 2022	Stone Ridge Market (b)	219	58,100		12,287		6,758
December 22, 2022	Stables Town Center (c)	43	7,800		(244)		—
January 18, 2023	Bay Colony (b)	416	79,100		22,327		12,280
January 18, 2023	Blackhawk Town Center (b)	127	26,300		12,632		6,948
January 18, 2023	Cyfair Town Center (b)	433	79,200		4,713		2,592
January 18, 2023	Stables Town Center (b)	148	37,000		5,536		3,045

(a)The buyer assumed a $17,800 mortgage payable secured by the property.

(b)The Company purchased these properties at a purchase price determined by a third party real estate valuation specialist.

(c)IAGM disposed of 43 square feet out of a total 191 square feet through a partial sale of the property.

Condensed Financial Information

The following table presents condensed balance sheet information for IAGM:


	As of
	June 30, 2023		December 31, 2022
Assets:
Net investment properties	$	—	$	161,312
Other assets	10,708		65,565
Total assets	$	10,708	$	226,877
Liabilities and equity:
Mortgages debt, net	$	—	$	92,186
Other liabilities	3,803		7,392
Equity	6,905		127,299
Total liabilities and equity	$	10,708	$	226,877

Company's share of equity	$	3,753	$	70,869
Outside basis differences, net (a)	—		(14,738)
Carrying value of investments in unconsolidated entities	$	3,753	$	56,131

(a)The outside basis differences reflect unamortized deferred gains on historical property sales from IAGM to the Company.

The following table presents condensed income statement information of IAGM:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Total income	$	—	$	6,604	$	952	$	14,983
Depreciation and amortization	—		(2,519)		(622)		(5,424)
Property operating	—		(1,111)		(232)		(2,441)
Real estate taxes	—		(834)		(127)		(2,245)
Asset management fees	—		(220)		(32)		(471)
Interest expense, net	—		(899)		(143)		(2,058)
Other income and expense, net	275		249		474		107
(Loss) gain on debt extinguishment	—		(91)		444		(202)
Gain on sale of real estate	—		1,244		45,208		4,995
Gain on sale of derivatives					2,556		—
Net income	$	275	$	2,423	$	48,478	$	7,244

Company's share of net income	$	149	$	1,332	$	26,661	$	3,984
Outside basis adjustments for IAGM's sales to the Company	—		(616)		(27,175)		(552)
Equity in (losses) earnings of unconsolidated entities	$	149	$	716	$	(514)	$	3,432

7. Debt

The Company's debt consists of mortgages payable, unsecured term loans, senior notes, and an unsecured revolving line of credit. The Company believes it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs. It is anticipated that the Company will use proceeds from property sales, cash on hand, and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term.

The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of June 30, 2023 and December 31, 2022, the Company was in compliance with all loan covenants.

On February 6, 2023, the Company extinguished the $13.7 million mortgage payable secured by Renaissance Center with its available liquidity.

Credit Agreements

On September 22, 2021, the Company entered into an amendment to the Revolving Credit Agreement (the "Amended Revolving Credit Agreement"), which provides for, among other things, an extension of the maturity of the $350.0 million Revolving Credit Agreement to September 22, 2025, with two six-month extension options.

On September 22, 2021, the Company entered into an amendment to its $400.0 million Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity dates and a reallocation of indebtedness under the two outstanding tranches of term loans thereunder. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on September 22, 2026, and a $200.0 million 5.5-year tranche maturing on March 22, 2027.

On June 3, 2022, in connection with and upon effectiveness of the Note Purchase Agreement (as defined below) and in accordance with the terms of the Amended Term Loan Credit Agreement and Amended Revolving Credit Agreement, each of the administrative agents under such agreements released all of the subsidiary guarantors from their guaranty obligations that were previously made for the benefit of the lenders under such agreements.

Interest Rate Swaps

The Company is party to four effective interest rate swap agreements and four interest rate forward swap agreements, which address the periods between the maturity dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps achieve fixed interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement.

On January 18, 2023, the Company acquired IAGM's two interest rate swap agreements, which achieve fixed interest rates on an aggregate notional amount of $75.0 million of the assumed pooled mortgage, each priced in 1-Month Term SOFR.

On March 16, 2023, the Company entered into one interest rate swap agreement with a notional amount of $100.0 million at 3.69%, achieving a fixed interest rate of 4.99%. As of the effective date of April 3, 2023, the entirety of the Company's variable rate term loans were swapped to fixed rates through the maturity dates of the Amended Term Loan Agreement.

Senior Notes

On August 11, 2022, the Company issued $250.0 million aggregate principal amount of senior notes in a private placement, of which (i) $150.0 million are designated as 5.07% Senior Notes, Series A, due August 11, 2029 (the "Series A Notes") and (ii) $100.0 million are designated as 5.20% Senior Notes, Series B, due August 11, 2032 (the "Series B Notes" and, together with the Series A Notes, the "Notes") pursuant to a note purchase agreement (the "Note Purchase Agreement"), dated June 3, 2022, between the Company and the various purchasers named therein. The Notes were issued at par in accordance with the Note Purchase Agreement and pay interest semiannually on February 11th and August 11th until their respective maturities.

The Company may prepay at any time all or any part of the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus accrued interest and a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes will be required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain material credit facilities of the Company. Currently, there are no subsidiary guarantees of the Notes.

The following table summarizes the Company's debt as of June 30, 2023 and December 31, 2022:


			As of June 30, 2023			As of December 31, 2022
	Maturity Date	Rate Type	Interest Rate	Amount		Interest Rate	Amount
Mortgages Payable
Fixed rate mortgages payable	Various	Fixed	3.12% (a) (b)	$	171,080	3.95% (a)	$	109,812
Variable rate mortgages payable	11/2/2023	Variable	1M SOFR + 1.65% (c)	17,468		—	—
Total				188,548			109,812

Term Loans
$200.0 million 5 years	9/22/2026	Fixed	2.71% (b)	100,000		2.71% (b)	100,000
$200.0 million 5 years	9/22/2026	Fixed	2.72% (b)	100,000		2.72% (b)	100,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.77% (b)	50,000		2.77% (b)	50,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.76% (b)	50,000		2.76% (b)	50,000
$200.0 million 5.5 years	3/22/2027	Fixed	4.99% (d)	100,000		1M SOFR + 1.30% (c)	100,000
Total				400,000			400,000

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

Revolving Line of Credit
$350.0 million total capacity	9/22/2025	Variable	1M SOFR + 1.14% (c)	—		1M SOFR + 1.14% (c)	—

Total debt			3.88%	838,548		4.08%	759,812
Debt discounts and issuance costs, net				(4,887)			(5,261)
Debt, net				$	833,661		$	754,551

(a)Interest rates reflect the weighted average of the Company's mortgages payable.

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

(c)As of June 30, 2023 and December 31, 2022, 1-Month Term SOFR was 5.14% and 4.36%, respectively.

(d)As of April 3, 2023, the variable portion was swapped to 3.69%, achieving a fixed rate of 4.99% through the maturity date.

The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2023 for the remainder of 2023, each of the next four years, and thereafter.


Scheduled maturities by year:	As of June 30, 2023
2023 (a)	$	92,468
2024	15,700
2025	22,880
2026	—
2027	26,000
Thereafter	31,500
Total mortgage payable maturities	$	188,548

(a)Scheduled maturities during the year ended December 31, 2023 do not include two 12-month extension options available.

8. Fair Value Measurements

Recurring Measurements

The following financial instruments are remeasured at fair value on a recurring basis:


	Fair Value Measurements as of
	June 30, 2023						December 31, 2022
Cash Flow Hedges: (a) (b)	Level 1		Level 2 (c)		Level 3		Level 1		Level 2 (d)		Level 3
Derivative interest rate swap assets	$	—	$	27,875	$	—	$	—	$	26,721	$	—
Derivative interest rate swap liabilities	$	—	$	—	$	—	$	—	$	—	$	—

(a)During the twelve months subsequent to June 30, 2023, an estimated $12,290 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings.

(b)As of June 30, 2023 and December 31, 2022, the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.

(c)The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively.

(d)The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. IAGM's derivative assets were recognized as a part of investment in unconsolidated entities.

Nonrecurring Measurements

Investment Properties

During the three months ended June 30, 2023 and 2022, the Company had no Level 3 nonrecurring fair value measurements.

Financial Instruments Not Measured at Fair Value

The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of June 30, 2023 and December 31, 2022:


	June 30, 2023						December 31, 2022
	Carrying Value		Estimated Fair Value		Market Interest Rate		Carrying Value		Estimated Fair Value		Market Interest Rate
Mortgages payable	$	188,548	$	178,999	7.55	%	$	109,812	$	100,218	6.81	%
Senior notes	250,000		236,157		6.09	%	250,000		235,820		6.05	%
Term loans	400,000		400,501		5.45	%	400,000		401,170		5.11	%
Revolving line of credit	—		—		N/A		—		—		N/A

The market interest rates used to estimate the fair value of the Company's mortgages payable, senior notes, term loans, and revolving line of credit reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company's. The Company classifies its debt instrument valuations within Level 2 of the fair value hierarchy.

9. Earnings Per Share and Equity Transactions

Basic earnings per share ("EPS") is computed by dividing net income or loss attributed to common shares by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that may occur from awards issued pursuant to the InvenTrust Properties Corp. 2015 Incentive Award Plan (the "Incentive Award Plan").

The following table reconciles the amounts used in calculating basic and diluted earnings per share:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Numerator:
Net income attributed to common shares	$	2,068	$	41,921	$	3,201	$	51,422
Earnings allocated to unvested restricted shares	—		(171)		—		(138)
Net income attributed to common shares - basic and diluted	2,068		41,750		3,201		51,284

Denominator:
Weighted average common shares outstanding - basic	67,523,105		67,413,049		67,515,913		67,384,044
Dilutive effect of unvested restricted shares (a)	188,743		137,797		167,313		193,480
Weighted average common shares outstanding - diluted	67,711,848		67,550,846		67,683,226		67,577,524

Basic and diluted earnings per common share:
Net income per common share - basic	$	0.03	$	0.62	$	0.05	$	0.76
Net income per common share - diluted	$	0.03	$	0.62	$	0.05	$	0.76

(a)For the three and six months ended June 30, 2023, the Company has excluded the anti-dilutive effect of market-based awards granted in 2023.

ATM Program

On March 7, 2022, the Company established an at-the-market equity offering program (the "ATM Program") through which the Company may sell from time to time up to an aggregate of $250.0 million of its common stock. In connection with the ATM Program, the Company may sell shares of its common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. As of June 30, 2023, the Company has not sold any common stock under the ATM Program.

Share Repurchase Program

On February 23, 2022, the Company established a share repurchase program (the "SRP") of up to $150.0 million of the Company's outstanding shares of common stock. The SRP may be suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or particular amount of shares. As of June 30, 2023, the Company has not repurchased any common stock under the SRP.

10. Stock-Based Compensation

Incentive Award Plan

Effective as of June 19, 2015, the Company's Board adopted the Incentive Award Plan, under which the Company may grant cash and equity incentive awards to eligible employees, directors, and consultants. The Company is authorized to issue or transfer up to 3,000,000 shares (the "Share Limit") of the Company's common stock pursuant to awards granted under the Incentive Award Plan.

As of June 30, 2023, 531,823 shares were available for future issuance under the Incentive Award Plan. Outstanding restricted stock unit ("RSU") awards are categorized as either time-based awards, performance-based awards, or market-based awards. All awards are granted at fair value, earn dividends throughout the vesting period, and have no voting rights.

Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period. The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:


	Six months ended June 30, 2023	Six months ended June 30, 2022
Volatility	34.00%	33.89%
Risk free interest rate	4.45%	0.79%	-	1.76%
Dividend Yield	3.20%	3.24%

The following table summarizes the Company's RSU activity during the six months ended June 30, 2023:


	Unvested Time- Based RSUs	Unvested Performance and Market-Based RSUs	Weighted-Average Grant Date Value Per Share
Outstanding as of January 1, 2023	123,427	712,051	$	23.35
Shares granted	152,393	445,828	$	18.40
Shares vested	(30,256)	(60,042)	$	30.85
Unearned performance shares added back to Share Limit	—	(69,803)	$	31.40

Outstanding as of June 30, 2023	245,564	1,028,034	$	20.03

As of June 30, 2023, there was $14,636 of total estimated unrecognized compensation expense related to unvested stock-based compensation arrangements which will be recognized through December 2025. The Company recognized stock-based compensation expense of $2,302 and $1,320 for the three months ended June 30, 2023 and 2022, respectively, and $4,269 and $2,402 for the six months ended June 30, 2023 and 2022, respectively.

Employee Stock Purchase Plan

On May 4, 2023, the Company established an Employee Stock Purchase Plan (the "ESPP") through which employees may purchase up to an aggregate of 3,300,000 shares of the Company's common stock. Shares may be purchased semi-annually at a price equal to 85% of the lesser of: (a) the closing price for a share on the first day of such period, and (b) the closing price for a share on the last day of such period. As of June 30, 2023, the Company has not issued any common stock under the ESPP.

11. Commitments and Contingencies

The Company is subject, from time to time, to various types of third-party legal claims or litigation that arise in the ordinary course of business, including, but not limited to, property loss claims, personal injury or other damages resulting from contact with the Company's properties. These claims and lawsuits and any resulting damages are generally covered by the Company's insurance policies. The Company accrues for legal costs associated with loss contingencies when these costs are probable and reasonably estimable. While the resolution of these matters cannot be predicted with certainty, based on currently available information, management does not expect that the final outcome of any pending claims or legal proceedings will have a material adverse effect on the financial condition, results of operations or cash flows of the Company.

Operating Lease Commitments

The Company has non-cancelable operating leases for office space used in its business. Future minimum operating lease obligations as of June 30, 2023, were as follows:


	Minimum Lease Payments
Remaining 2023	$	462
2024	628
2025	511
2026	517
2027	529
Thereafter	1,308
Total expected minimum lease obligation	3,955
Less: Amount representing interest (a)	(717)
Present value of net minimum lease payments	$	3,238

(a)Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.

12. Subsequent Events

In preparing its condensed consolidated financial statements, the Company has evaluated, for recognition and disclosure purposes, events and transactions occurring after June 30, 2023, through the date the financial statements were issued.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in this "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (this "Quarterly Report"), other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). These statements include statements about InvenTrust Properties Corp.'s (the "Company" or "InvenTrust") plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events; and they involve known and unknown risks that are difficult to predict.

As a result, our actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," and "should" and variations of these terms and similar expressions, or the negatives of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while we consider reasonable based on our knowledge and understanding of the business and industry, are inherently uncertain. These statements are expressed in good faith and are not guarantees of future performance or results. Our actual results could differ materially from those expressed in the forward-looking statements and stockholders should not rely on forward-looking statements in making investment decisions.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report. Such risks, uncertainties and other important factors, include, among others, the risks, uncertainties and factors set forth in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"), and as updated in this Quarterly Report and other quarterly and current reports, which are on file with the SEC and are available at the SEC's website (www.sec.gov). Such risks and uncertainties are related to, among others, the following:

•our ability to collect rent from tenants or to rent space on favorable terms or at all;

•declaration of bankruptcy by our retail tenants;

•the economic success and viability of our anchor retail tenants;

•our ability to identify, execute and complete acquisition opportunities and to integrate and successfully operate any retail properties acquired in the future and manage the risks associated with such retail properties;

•our ability to manage the risks of expanding, developing or redeveloping our retail properties;

•loss of members of our senior management team or other key personnel;

•changes in the competitive environment in the leasing market and any other market in which we operate;

•shifts in consumer retail shopping from brick and mortar stores to e-commerce;

•the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants;

•our ability to refinance or repay maturing debt or to obtain new financing on attractive terms;

•future increases in interest rates;

•inflation;

•our status as a real estate investment trust ("REIT") for federal tax purposes; and

•changes in federal, state or local tax law, including legislative, administrative, regulatory or other actions affecting REITs.

These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our business, financial condition, results of operations, cash flows and overall value. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements are only as of the date they are made; we do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information, future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and the related notes included in this Quarterly Report. All square feet and dollar amounts are stated in thousands, except per share amounts and per square foot metrics, unless otherwise noted.

Overview

Strategy and Outlook

InvenTrust Properties Corp. 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. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, maintaining a flexible capital structure, and enhancing our environment, social and governance practices and standards.

InvenTrust focuses on Sun Belt markets with favorable demographics, including above average growth in population, employment, income and education levels. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based essential retail centers, which will position us to capitalize on potential future rent increases while benefiting from sustained occupancy at our centers. Our strategically located regional field offices are within a two-hour drive of over 95% of our properties which affords us the ability to respond to the needs of our tenants and provides us with in-depth local market knowledge. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.

Evaluation of Financial Condition

Historically, management has evaluated our financial condition and operating performance by focusing on the following financial and nonfinancial indicators, discussed in further detail herein:

•Net Operating Income ("NOI") and Same Property NOI, supplemental non-GAAP measures;

•NAREIT Funds From Operations ("NAREIT FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Core FFO Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Cash flow from operations as determined in accordance with U.S. generally accepted accounting principles ("GAAP");

•Economic and leased occupancy and rental rates;

•Leasing activity and lease rollover;

•Operating expense levels and trends;

•General and administrative expense levels and trends;

•Debt maturities and leverage ratios; and

•Liquidity levels.

Recent Developments

On June 2, 2023, the Company acquired The Shoppes at Davis Lake, a 91,000 square foot neighborhood center anchored by Harris Teeter in Charlotte, North Carolina for a gross acquisition price of $22.4 million.

Our Retail Portfolio

Our wholly-owned and managed retail properties include grocery-anchored community and neighborhood centers and power centers, including those classified as necessity-based, as defined in our Annual Report. As of June 30, 2023, we owned 63 retail properties with a total gross leasable area ("GLA") of approximately 10.4 million square feet.

For the three and six months ended June 30, 2022, we have included results from the IAGM properties at 55% ("at share") when combined with our wholly-owned properties, defined as "Pro Rata Combined Retail Portfolio". On January 18, 2023, the Company acquired the four remaining retail properties held by its joint venture, IAGM Retail Fund I, LLC ("IAGM"). The following table summarizes our retail portfolio as of June 30, 2023 and 2022.


	Retail Portfolio		IAGM Retail Properties		Pro Rata Combined Retail Portfolio
	2023	2022	2023	2022	2023	2022
No. of properties	63	57	—	5	63	62
GLA (square feet)	10,387	9,077	—	1,387	10,387	9,840
Economic occupancy (a)	93.9%	93.8%	—	86.2%	93.9%	93.2%
Leased occupancy (b)	96.2%	95.9%	—	89.3%	96.2%	95.4%
ABR PSF (c)	$19.18	$18.92	—	$17.21	$19.18	$18.80

(a)Economic occupancy is defined as the percentage of occupied GLA divided by total GLA (excluding Specialty Leases) for which a tenant is obligated to pay rent under the terms of its lease agreement as of the rent commencement date, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. Specialty Leases represent leases of less than one year in duration for small shop space and include any term length for common area space.

(b)Leased occupancy is defined as economic occupancy plus the percentage of signed but not yet commenced GLA divided by total GLA.

(c)Annualized Base Rent ("ABR") is computed as base rent for the period multiplied by twelve months. Base rent is inclusive of ground rent and any abatement concessions, but excludes Specialty Lease rent. ABR per square foot ("PSF") is computed as ABR divided by the occupied square footage as of the end of the period.

Retail Portfolio Summary by Center Type

The following tables summarize our retail portfolio, by center type, as defined in our Annual Report, as of June 30, 2023 and 2022.


Community and neighborhood centers

	Retail Portfolio		IAGM Retail Properties		Pro Rata Combined Retail Portfolio
	2023	2022	2023	2022	2023	2022
No. of properties	51	44	—	5	51	49
GLA (square feet)	6,863	5,329	—	1,387	6,863	6,092
Economic occupancy	94.1%	94.6%	—	86.2%	94.1%	93.5%
Leased occupancy	96.7%	97.0%	—	89.3%	96.7%	96.0%
ABR PSF	$19.96	$20.03	—	$17.21	$19.96	$19.71


Power centers

	Retail Portfolio		IAGM Retail Properties		Pro Rata Combined Retail Portfolio
	2023	2022	2023	2022	2023	2022
No. of properties	12	13	—	—	12	13
GLA (square feet)	3,524	3,748	—	—	3,524	3,748
Economic occupancy	93.5%	92.7%	—	—	93.5%	92.7%
Leased occupancy	95.3%	94.5%	—	—	95.3%	94.5%
ABR PSF	$17.64	$17.31	—	—	$17.64	$17.31

Same Property Retail Portfolio Summary

Properties classified as same property were owned for the entirety of both periods presented ("Same Properties"). The following table summarizes the GLA, economic occupancy, leased occupancy, and ABR PSF of Same Properties included in our retail portfolio for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30		Six Months Ended June 30
	2023	2022	2023	2022
No. of properties	54	54	52	52
GLA (square feet)	8,619	8,614	8,092	8,087
Economic occupancy	94.6%	94.0%	94.3%	93.6%
Leased occupancy	96.7%	96.1%	96.5%	95.9%
ABR PSF	$19.58	$19.03	$19.81	$19.24

Lease Expirations

The following table presents the lease expirations of our economic occupied Retail Portfolio as of June 30, 2023.


Lease Expiration Year	No. of Expiring Leases	GLA of Expiring Leases (square feet)	Percent of Total GLA of Expiring Leases	ABR of Expiring Leases		Percent of Total ABR	Expiring ABR PSF
2023	52	186	1.9%	$	3,740	1.9%	$	20.11
2024	166	850	8.7%	18,042		9.1%	21.23
2025	176	1,198	12.3%	20,910		10.5%	17.45
2026	214	971	10.0%	22,466		11.3%	23.14
2027	266	1,947	20.1%	39,578		19.9%	20.33
2028	197	1,046	10.7%	23,751		11.9%	22.71
2029	114	766	7.9%	15,671		7.9%	20.46
2030	73	371	3.8%	9,448		4.8%	25.47
2031	73	500	5.1%	10,430		5.3%	20.86
2032	93	578	5.9%	13,192		6.6%	22.82
Thereafter	68	1,295	13.3%	20,005		10.1%	15.45
Other (a)	18	49	0.5%	1,365		0.7%	27.86
	1,510	9,757	100%	$	198,598	100%	$	20.35

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

In preparing the above table, we have not assumed that unexercised contractual lease renewal or extension options contained in our leases will, in fact, be exercised. Our retail business is neither highly dependent on specific retailers nor subject to lease roll-over concentration. We believe this minimizes risk to our retail portfolio from significant revenue variances over time.

Leasing Activity, Retail Portfolio

The following table summarizes the leasing activity for leases that were executed during the six months ended June 30, 2023, compared with expiring or expired leases for the same or previous tenant for renewals and the same unit for new leases at the 63 properties in our Retail Portfolio. In our Retail Portfolio, we had GLA totaling 525 thousand square feet expiring during the six months ended June 30, 2023, of which 481 thousand square feet was re-leased to the in-place tenant. This achieved a retention rate of approximately 92%.


	No. of Leases Executed	GLA SF (in thousands)	New Contractual Rent ($PSF) (b)	Prior Contractual Rent ($PSF) (b)	% Change over Prior Lease Rent (b)	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($PSF)	Lease Commissions ($PSF)
All Tenants
Comparable Renewal Leases (a)	94	368	$23.61	$22.21	6.3%	5.2	$0.77	$—
Comparable New Leases (a)	9	18	$35.69	$33.40	6.9%	8.9	$19.41	$16.55
Non-Comparable Renewal and New Leases	38	215	$22.86	N/A	N/A	6.7	$11.53	$5.25
Total	141	601	$24.17	$22.73	6.3%	5.8	$5.17	$2.37

Anchor Tenants (leases ten thousand square feet and over)
Comparable Renewal Leases (a)	5	162	$13.40	$12.73	5.3%	5.0	$—	$—
Comparable New Leases (a)	—	—	$—	$—	—%	—	$—	$—
Non-Comparable Renewal and New Leases	4	129	$17.89	N/A	N/A	5.4	$—	$0.95
Total	9	291	$13.40	$12.73	5.3%	5.2	$—	$0.42

Small Shop Tenants (leases under ten thousand square feet)
Comparable Renewal Leases (a)	89	206	$31.61	$29.64	6.6%	5.4	$1.37	$—
Comparable New Leases (a)	9	18	$35.69	$33.40	6.9%	8.9	$19.41	$16.55
Non-Comparable Renewal and New Leases	34	86	$30.34	N/A	N/A	8.6	$28.85	$11.72
Total	132	310	$31.94	$29.94	6.7%	6.5	$10.02	$4.20

(a)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.

(b)Non-comparable leases are not included in totals.

Results of Operations

Comparison of results for the three and six months ended June 30, 2023 and 2022

We generate substantially all of our earnings from property operations. Since January 1, 2022, we have acquired eleven retail properties and disposed of three.

The following table presents the changes in our income for the three and six months ended June 30, 2023 and 2022.


	Three months ended June 30						Six months ended June 30
	2023		2022		Increase (Decrease)		2023		2022		Increase (Decrease)
Income
Lease income, net	$	64,268	$	58,935	$	5,333	$	129,098	$	116,703	$	12,395
Other property income	419		318		101		714		582		132
Other fee income	—		640		(640)		80		1,394		(1,314)
Total income	$	64,687	$	59,893	$	4,794	$	129,892	$	118,679	$	11,213

Lease income, net, for the three months ended June 30, 2023 increased $5.3 million when compared to the same period in 2022, as a result of increases from properties acquired of $7.8 million, decreases from properties disposed of $2.8 million, and the following activity related to our Same Properties:

•$1.7 million of increased minimum rent attributable to increased occupancy levels and rental rates, partially offset by:

•$0.2 million of decreased real estate tax recoveries,

•$0.5 million of decreased percentage rent attributable to timing of grocer sales,

•$0.4 million of decreased amortization of market lease intangibles and straight-line rent adjustments, and

•$0.3 million of net changes in credit losses and related reversals primarily attributable to lump sum rent collections from our cash basis tenants in 2022 pertaining to prior period rent charges.

Lease income, net, for the six months ended June 30, 2023 increased $12.4 million when compared to the same period in 2022, as a result of increases from properties acquired of $16.5 million, decreases from properties disposed of $5.8 million, and the following activity related to our Same Properties:

•$3.5 million of increased minimum rent attributable to increased occupancy levels and rental rates,

•$1.0 million of increased common area maintenance and real estate tax recoveries, partially offset by:

•$0.3 million of decreased percentage rent attributable to timing of grocer sales,

•$1.9 million of decreased amortization of market lease intangibles and straight-line rent adjustments, and

•$0.6 million of net changes in credit losses and related reversals primarily attributable to lump sum rent collections from our cash basis tenants in 2022 pertaining to prior period rent charges.

The decreases in other fee income for each of the periods presented are a result of the Company acquiring the four remaining retail properties from IAGM.

The following table presents the changes in our operating expenses for the three and six months ended June 30, 2023 and 2022.


	Three months ended June 30						Six months ended June 30
	2023		2022		Increase (Decrease)		2023		2022		Increase (Decrease)
Operating expenses
Depreciation and amortization	$	28,263	$	24,205	$	4,058	$	55,021	$	47,034	$	7,987
Property operating	9,756		9,184		572		19,986		17,469		2,517
Real estate taxes	8,952		8,615		337		18,580		16,658		1,922
General and administrative	8,048		8,116		(68)		15,779		16,003		(224)
Total operating expenses	$	55,019	$	50,120	$	4,899	$	109,366	$	97,164	$	12,202

Depreciation and amortization for the three months ended June 30, 2023 increased $4.1 million when compared to the same period in 2022, as a result of:

•$6.1 million of increases from properties acquired, partially offset by:

•$0.8 million of decreases from properties disposed, and

•$1.2 million of decreased in-place lease intangible amortization from our Same Properties.

Depreciation and amortization for the six months ended June 30, 2023 increased $8.0 million when compared to the same period in 2022, as a result of:

•$11.8 million of increases from properties acquired, partially offset by:

•$1.7 million of decreases from properties disposed, and

•$2.1 million of decreased in-place lease intangible amortization from our Same Properties.

Property operating expenses for the three months ended June 30, 2023 increased $0.6 million when compared to the same period in 2022, as a result of:

•$1.3 million of increases from properties acquired, partially offset by:

•$0.3 million of decreased repair and maintenance costs from our Same Properties, and

•$0.4 million of decreases from properties disposed.

Property operating expenses for the six months ended June 30, 2023 increased $2.5 million when compared to the same period in 2022, as a result of:

•$2.9 million of increases from properties acquired, and

•$0.5 million of increased repair and maintenance costs from our Same Properties, partially offset by:

•$0.9 million of decreases from properties disposed.

Real estate taxes for the three months ended June 30, 2023 increased $0.3 million when compared to the same period in 2022, as a result of:

•$1.1 million of increased real estate taxes from properties acquired, partially offset by:

•$0.3 million of decreased real estate taxes from our Same Properties, and

•$0.5 million of decreased real estate taxes from properties disposed.

Real estate taxes for the six months ended June 30, 2023 increased $1.9 million when compared to the same period in 2022, as a result of:

•$2.2 million of increased real estate taxes from properties acquired, and

•$0.7 million of increased real estate taxes from our Same Properties, partially offset by:

•$1.0 million of decreased real estate taxes from properties disposed.

The following table presents the changes in our other income and expenses for the three and six months ended June 30, 2023 and 2022.


	Three months ended June 30						Six months ended June 30
	2023		2022		Change		2023		2022		Change
Other (expense) income
Interest expense, net	$	(9,377)	$	(5,631)	$	(3,746)	$	(18,886)	$	(10,440)	$	(8,446)
Loss on extinguishment of debt	—		—		—		—		(96)		96

Gain on sale of investment properties	984		36,856		(35,872)		984		36,856		(35,872)
Equity in earnings (losses) of unconsolidated entities	149		716		(567)		(514)		3,432		(3,946)
Other income and expense, net	644		207		437		1,091		155		936
Total other (expense) income, net	$	(7,600)	$	32,148	$	(39,748)	$	(17,325)	$	29,907	$	(47,232)

Interest expense, net

Interest expense, net, for the three months ended June 30, 2023 increased $3.7 million when compared to the same period in 2022, primarily as a result of:

•the private placement of our senior notes in August 2022, generating increased interest expense of $3.2 million,

•aggregate assumption of mortgages of $115.3 million since April 1, 2022, generating increased interest expense of $0.7 million,

•increased interest rates on our corporate term loans generating increased interest expense of $0.5 million, and

•increased amortization of debt issuance costs of $0.6 million, partially offset by:

•decreased balances on our corporate line of credit resulting in decreased interest expense of $0.7 million, and

•aggregate reduction of mortgage payable of $67.0 million since April 1, 2022, generating decreased interest expense of $0.6 million.

Interest expense, net, for the six months ended June 30, 2023 increased $8.4 million when compared to the same period in 2022, primarily as a result of:

•the private placement of our senior notes in August 2022, generating increased interest expense of $6.4 million,

•increased interest rates on our corporate term loans generating increased interest expense of $2.0 million,

•aggregate assumption of mortgages of $172.8 million since January 1, 2022, generating increased interest expense of $1.6 million, and

•increased amortization of debt issuance costs of $0.8 million, partially offset by:

•decreased balances on our corporate line of credit resulting in decreased interest expense of $1.0 million, and

•aggregate reduction of mortgage payable of $90.3 million since January 1, 2022, generating decreased interest expense of $1.4 million.

Loss on extinguishment of debt

During the six months ended June 30, 2022, we recognized a loss of $0.1 million on the extinguishment of the $22.3 million mortgage payable on Pavilion at LaQuinta.

Gain on sale of investment properties

During the three and six months ended June 30, 2023, we recognized a gain of $1.0 million on the completion of a partial condemnation at one retail property.

During the three and six months ended June 30, 2022, we recognized gains of $36.9 million on the sale of two retail properties.

Equity in earnings (losses) of unconsolidated entities

The decreases in equity in earnings (losses) of unconsolidated entities for each of the periods presented are a result of the Company acquiring the four remaining retail properties from IAGM on January 18, 2023.

Other income and expense, net

The increases in other income and expense, net, for each of the periods presented are a result of increased interest income earned on cash and cash equivalents.

Net Operating Income

We evaluate the performance of our retail properties based on NOI, which excludes general and administrative expenses, depreciation and amortization, provision for asset impairment, other income and expense, net, 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 straight-line rent adjustments, amortization of market lease intangibles, and amortization of lease incentives ("GAAP Rent Adjustments"). We bifurcate NOI into Same Property NOI and NOI from other investment properties based on whether the underlying retail properties meet our Same Property criteria.

We believe the supplemental non-GAAP financial measures of NOI, same property NOI, and NOI from other investment properties provide added comparability across periods when evaluating our financial condition and operating performance that is not readily apparent from "Operating income" or "Net income" in accordance with GAAP.

Comparison of Same Property results for the three and six months ended June 30, 2023 and 2022

A total of 54 and 52 wholly-owned retail properties met our Same Property criteria for the three and six months ended June 30, 2023 and 2022, respectively. The following table presents the reconciliation of net income, the most directly comparable GAAP measure, to NOI and Same Property NOI for the three and six months ended June 30, 2023 and 2022:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Net income	$	2,068	$	41,921	$	3,201	$	51,422
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	(644)		(207)		(1,091)		(155)
Equity in (earnings) losses of unconsolidated entities	(149)		(716)		514		(3,432)
Interest expense, net	9,377		5,631		18,886		10,440
Loss on extinguishment of debt	—		—		—		96
Gain on sale of investment properties	(984)		(36,856)		(984)		(36,856)

Depreciation and amortization	28,263		24,205		55,021		47,034
General and administrative	8,048		8,116		15,779		16,003
Other fee income	—		(640)		(80)		(1,394)
Adjustments to NOI (a)	(2,035)		(2,422)		(4,594)		(6,294)
NOI	43,944		39,032		86,652		76,864
NOI from other investment properties	(5,934)		(2,368)		(14,877)		(7,534)
Same Property NOI	$	38,010	$	36,664	$	71,775	$	69,330

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

Comparison of the components of Same Property NOI for the three and six months ended June 30, 2023 and 2022


	Three months ended June 30								Six months ended June 30
	2023		2022		Change		Variance		2023		2022		Change		Variance
Lease income, net	$	53,702	$	52,984	$	718	1.4	%	$	102,525	$	98,956	$	3,569	3.6	%
Other property income	350		310		40		12.9	%	596		569		27		4.7	%
	54,052		53,294		758		1.4	%	103,121		99,525		3,596		3.6	%
Property operating	8,335		8,660		(325)		(3.8)	%	16,081		15,631		450		2.9	%
Real estate taxes	7,707		7,970		(263)		(3.3)	%	15,265		14,564		701		4.8	%
	16,042		16,630		(588)		(3.5)	%	31,346		30,195		1,151		3.8	%
Same Property NOI	$	38,010	$	36,664	$	1,346	3.7	%	$	71,775	$	69,330	$	2,445	3.5	%

Same Property NOI increased by $1.3 million, or 3.7%, when comparing the three months ended June 30, 2023 to the same period in 2022, and was primarily a result of:

•$1.7 million of increased minimum rent attributable to increased occupancy levels and rental rates, and

•$0.4 million of recoveries in excess of recoverable expenses, primarily attributable to leases with fixed recovery terms, partially offset by:

•$0.5 million of decreased percentage rent attributable to timing of grocer sales, and

•$0.3 million of net changes in credit losses and related reversals primarily attributable to lump sum rent collections from our cash basis tenants in 2022 pertaining to prior period rent charges.

Same Property NOI increased by $2.4 million, or 3.5%, when comparing the six months ended June 30, 2023 to the same period in 2022, and was primarily a result of:

•$3.5 million of increased minimum rent attributable to increased occupancy levels and rental rates, and

•$0.3 million of increased recoveries while recoverable expenses remained in-line, partially offset by:

•$0.3 million of decreased percentage rent attributable to timing of grocer sales,

•$0.6 million of net changes in credit losses and related reversals primarily attributable to lump sum rent collections from our cash basis tenants in 2022 pertaining to prior period rent charges, and

•$0.5 million of increased non-recoverable compensation costs tied to performance.

Funds From Operations

The National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as Funds From Operations ("NAREIT FFO"). Our NAREIT FFO 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 IAGM are calculated to reflect our proportionate share of the joint venture's funds from operations on the same basis.

Core Funds From Operations ("Core FFO") is an additional supplemental non-GAAP financial measure of our 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. In that regard, we use Core FFO as an input to our compensation plan to determine cash bonuses and measure the achievement of certain performance-based equity awards.

See our Annual Report for expanded descriptions of NAREIT FFO and Core FFO. NAREIT FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities is calculated as follows:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Net income	$	2,068	$	41,921	$	3,201	$	51,422
Depreciation and amortization related to investment properties	28,077		23,996		54,620		46,618
Gain on sale of investment properties	(984)		(36,856)		(984)		(36,856)
Unconsolidated joint venture adjustments (a)	—		1,385		342		920
NAREIT FFO Applicable to Common Shares and Dilutive Securities	29,161		30,446		57,179		62,104
Amortization of market lease intangibles and inducements, net	(572)		(1,062)		(2,088)		(3,609)
Straight-line rent adjustments, net	(853)		(1,211)		(1,762)		(2,368)
Adjusting items, net (b)	1,322		524		3,256		1,397
Unconsolidated joint venture adjusting items, net (c)	(6)		(66)		(162)		128
Core FFO Applicable to Common Shares and Dilutive Securities	$	29,052	$	28,631	$	56,423	$	57,652

Weighted average common shares outstanding - basic	67,523,105		67,413,049		67,515,913		67,384,044
Dilutive effect of unvested restricted shares (d)	188,743		137,797		167,313		193,480
Weighted average common shares outstanding - diluted	67,711,848		67,550,846		67,683,226		67,577,524

Net income per common share - diluted	$	0.03	$	0.62	$	0.05	$	0.76
Per share adjustments - NAREIT FFO Applicable to Common Shares and Dilutive Securities	0.40		(0.17)		0.79		0.16
NAREIT FFO Applicable to Common Shares and Dilutive Securities per share	$	0.43	$	0.45	$	0.84	$	0.92
Per share adjustments - Core FFO Applicable to Common Shares and Dilutive Securities	—		(0.03)		(0.01)		(0.07)
Core FFO Applicable to Common Shares and Dilutive Securities per share	$	0.43	$	0.42	$	0.83	$	0.85

(a)Represents our share of depreciation, amortization and gain on sale related to investment properties held in IAGM.

(b)Adjusting items, net, are primarily loss on extinguishment of debt, amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes items which are not pertinent to measuring on-going operating performance, such as basis difference recognition arising from acquiring the four remaining properties of our joint venture, and miscellaneous and settlement income.

(c)Represents our share of amortization of market lease intangibles and inducements, net, straight line rent adjustments, net and adjusting items, net related to IAGM.

(d)For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating diluted earnings per share in accordance with GAAP.

Liquidity and Capital Resources

Development, Redevelopment, Capital Expenditures and Leasing Activities

The following table summarizes capital resources used through development and redevelopment, capital expenditures, and leasing activities at our retail properties owned during the six months ended June 30, 2023. These costs are classified as cash used in capital expenditures and tenant improvements and investment in development and redevelopment projects on the condensed consolidated statements of cash flows during the six months ended June 30, 2023.


	Development and Redevelopment			Capital Expenditures		Leasing			Total
Direct costs	$	2,182	(a)	$	8,912	$	2,891	(c)	$	13,985
Indirect costs	440		(b)	889		—			1,329
Total	$	2,622		$	9,801	$	2,891		$	15,314

(a)Direct development and redevelopment costs relate to construction of buildings at our retail properties.

(b)Indirect development and redevelopment costs relate to capitalized interest, real estate taxes, insurance, and payroll attributed to improvements at our retail properties.

(c)Direct leasing costs relate to improvements to a tenant space that are either paid directly by or reimbursed to the tenants.

Short-Term Liquidity and Capital Resources

On a short-term basis, our principal uses for funds are to pay our operating and corporate expenses, interest and principal on our indebtedness, property capital expenditures, and to make distributions to our stockholders.

Our ability to maintain adequate liquidity for our operations in the future is dependent upon a number of factors, including our revenue, macroeconomic conditions, our ability to contain costs, including capital expenditures, and to collect rents and other receivables, and various other factors, many of which are beyond our control. We will continue to monitor our liquidity position and may seek to raise funds through debt or equity financing in the future to fund operations, significant investments or acquisitions that are consistent with our strategy. Our ability to raise these funds may also be diminished by other macroeconomic factors.

Long-Term Liquidity and Capital Resources

Our objectives are to maximize revenue generated by our retail platform, to further enhance the value of our retail properties to produce attractive current yield and long-term returns for our stockholders, and to generate sustainable and predictable cash flow from our operations to distribute to our stockholders.

Any future determination to pay distributions will be at the discretion of our board of directors (the "Board") and will depend on our financial condition, capital requirements, restrictions contained in current or future financing instruments, and such other factors as our Board deems relevant.

Capital Sources and Uses

Our primary sources and uses of capital are as follows:


Sources						Uses
•Operating cash flows from our real estate investments; •Distributions from our joint venture investment; •Proceeds from sales of properties; •Proceeds from mortgage loan borrowings on properties; •Proceeds from corporate borrowings and debt financings; •Proceeds from any ATM Program activities; and •Proceeds from our Series A Notes and Series B Notes.						•To invest in or acquire properties; •To fund development, redevelopment, maintenance and capital expenditures or leasing incentives; •To make distributions to our stockholders; •To service or pay down our debt; •To pay our operating expenses; •To repurchase shares of our common stock; and •To fund other general corporate uses.

From time to time, we may seek to acquire additional amounts of our outstanding common stock through cash purchases or exchanges for other securities. Such purchases or exchanges, if any, will depend on our liquidity requirements, contractual restrictions, and other factors. At this time, we believe our current sources of liquidity are sufficient to meet our short- and long-term cash demands.

Distributions

During the six months ended June 30, 2023, we declared distributions to our stockholders totaling $29.1 million and paid cash distributions of $28.4 million. As we execute on our retail strategy and continue to evaluate our business, results of operations and cash flows, our Board will continue to evaluate our distribution on a periodic basis.

Summary of Cash Flows


	Six months ended June 30				Change
	2023		2022
Cash provided by operating activities	$	63,485	$	63,492	$	(7)
Cash used in investing activities	(77,805)		(73,781)		(4,024)
Cash (used in) provided by financing activities	(42,693)		61,328		(104,021)
(Decrease) increase in cash, cash equivalents and restricted cash	(57,013)		51,039		(108,052)
Cash, cash equivalents and restricted cash at beginning of period	137,762		44,854		92,908
Cash, cash equivalents and restricted cash at end of period	$	80,749	$	95,893	$	(15,144)

Cash provided by operating activities of $63.5 million and $63.5 million for the six months ended June 30, 2023 and 2022, respectively, was generated primarily from income from property operations. Cash provided by operating activities remained flat when comparing the six months ended June 30, 2023 to the same period in 2022.

Cash used in investing activities of $77.8 million for the six months ended June 30, 2023 was the result of:

•$152.0 million for acquisitions of investment properties, and

•$18.8 million for capital investments and leasing costs, which were partially offset by cash provided by:

•$1.6 million from net proceeds received from the sale of investment properties, and

•$91.4 million from distributions from unconsolidated entities.

Cash used in investing activities of $73.8 million for the six months ended June 30, 2022 was the result of:

•$156.1 million for acquisitions of investment properties, and

•$19.4 million for capital investments and leasing costs, which were partially offset by cash provided by:

•$54.3 million from net proceeds received from the sale of investment properties, and

•$47.4 million from distributions from unconsolidated entities.

Cash used in financing activities of $42.7 million for the six months ended June 30, 2023 was the result of:

•$14.3 million for pay-offs of debt, and other financing activities, and

•$28.4 million to pay distributions.

Cash provided by financing activities of $61.3 million for the six months ended June 30, 2022 was the result of:

•$112.0 million drawn from the line of credit to partially finance our Austin acquisitions, which was partially offset by cash used for:

•$22.3 million for pay-offs of debt,

•$27.6 million to pay distributions, and

•$0.8 million for principal payments on mortgage debt, payment of loan fees, and other financing activities.

We consider all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements with a maturity of three months or less, at the date of purchase, to be cash equivalents. We maintain substantially all our cash and cash equivalents at systemically important financial institutions. The combined account balances at one or more institutions generally exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage. We periodically assess the credit risk associated with these financial institutions. As a result, there is what we believe to be insignificant credit risk related to amounts on deposit in excess of FDIC insurance coverage.

Off Balance Sheet Arrangements

The Company does not have off balance sheet arrangements other than its joint venture, IAGM, as disclosed in "Note 6. Investment in Unconsolidated Entities" in the condensed consolidated financial statements.

Contractual Obligations

We have obligations related to our mortgage loans, senior notes, term loans, and revolving credit facility as described in "Note 7. Debt" in the condensed consolidated financial statements.

The following table presents our obligations to make future payments under debt and lease agreements as of June 30, 2023, exclusive of debt discounts and issuance costs that are not future cash obligations.


	Payments due by year ending December 31
	2023		2024		2025		2026		2027		Thereafter		Total
Long-term debt:
Fixed rate, principal (a)	$	75,000	$	15,700	$	22,880	$	200,000	$	226,000	$	281,500	$	821,080
Variable-rate, principal	17,468		—		—		—		—		—		17,468
Interest	17,279		29,905		29,532		27,141		16,339		38,732		158,928
Total long-term debt	109,747		45,605		52,412		227,141		242,339		320,232		997,476
Operating leases (b)	462		628		511		517		529		1,308		3,955
Grand total	$	110,209	$	46,233	$	52,923	$	227,658	$	242,868	$	321,540	$	1,001,431

(a)Includes variable rate debt swapped to fixed rates through the Company's interest rate swaps.

(b)Includes leases on corporate office spaces.

Critical Accounting Estimates

Our financial statements are prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates.

There have been no material changes to our critical accounting estimates as compared to the critical accounting estimates described in our "Management’s Discussion and Analysis of Financial Condition and Results of Operations" set forth in our Annual Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

We are subject to market risk associated with changes in interest rates both in terms of variable-rate debt and the price of new fixed-rate debt upon maturity of existing debt. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows. As of June 30, 2023, our debt included outstanding variable-rate debt of $417.5 million, of which $400.0 million has been swapped to a fixed rate.

On March 16, 2023, we entered into one interest rate swap agreement with a notional amount of $100.0 million at 3.69%, achieving a fixed interest rate of 4.99%. As of the effective date of April 3, 2023, the entirety of our variable rate term loans were swapped to fixed rates through the maturity dates of the Company's $400.0 million term loan credit agreement ("the Amended Term Loan Agreement").

As of June 30, 2023, our interest rate risk was limited to $17.5 million of variable rate pooled mortgage debt. If market rates of interest on all variable-rate debt as of June 30, 2023 permanently increased or decreased by 1%, the annual increase or decrease in interest expense on the variable-rate debt and future earnings and cash flows would be approximately $0.2 million. See our Annual Report for an expanded discussion regarding how we achieve our interest rate risk management objectives and how we often use financial instruments to hedge exposures to changes in interest rates on loans.

We are party to interest rate forward swap agreements which address the periods between the maturity dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps effectively fix the interest rates for a constant notional amount through the maturity dates on borrowings under the Amended Term Loan Agreement.

The following table summarizes our effective interest rate swaps as of June 30, 2023:


								Fair Value as of
Effective Interest Rate Swaps	Effective Date	Termination Date	InvenTrust Receives	InvenTrust Pays Fixed Rate of	Fixed Rate Achieved	Notional Amount		June 30, 2023		December 31, 2022
5 year term loan	Dec 2, 2019	Dec 21, 2023	1-Month SOFR	1.41%	2.71%	$	100,000	$	1,837	$	3,222
5 year term loan	Dec 2, 2019	Dec 21, 2023	1-Month SOFR	1.42%	2.72%	100,000		1,829		3,238
5.5 year term loan	Dec 2, 2019	Jun 21, 2024	1-Month SOFR	1.46%	2.76%	50,000		1,813		2,281
5.5 year term loan	Dec 2, 2019	Jun 21, 2024	1-Month SOFR	1.47%	2.77%	50,000		1,808		2,275
Pooled mortgage	Jan 18, 2023	Nov 2, 2023	1-Month SOFR	0.35%	2.00%	45,000		751		—
Pooled mortgage	Jan 18, 2023	Nov 2, 2023	1-Month SOFR	0.32%	1.97%	30,000		503		—
5.5 year term loan	Apr 3, 2023	Mar 22, 2027	1-Month SOFR	3.69%	4.99%	100,000		1,342		—
						$	475,000	$	9,883	$	11,016

The following table summarizes our forward interest rate swaps as of June 30, 2023:


								Fair Value as of
Forward Interest Rate Swaps	Effective Date	Termination Date	InvenTrust Receives	InvenTrust Pays Fixed Rate of	Fixed Rate Achieved	Notional Amount		June 30, 2023		December 31, 2022
5 year term loan	Dec 21, 2023	Sep 22, 2026	1-Month SOFR	1.51%	2.81%	$	100,000	$	6,368	$	4,949
5 year term loan	Dec 21, 2023	Sep 22, 2026	1-Month SOFR	1.51%	2.81%	100,000		6,346		4,924
5.5 year term loan	Jun 21, 2024	Mar 22, 2027	1-Month SOFR	1.54%	2.84%	50,000		2,598		2,116
5.5 year term loan	Jun 21, 2024	Mar 22, 2027	1-Month SOFR	1.48%	2.78%	50,000		2,680		2,196
						$	300,000	$	17,992	$	14,185

The gains or losses resulting from marking-to-market our derivatives each reporting period are recognized as an increase or decrease in comprehensive income on our condensed consolidated statements of operations and comprehensive income.

The information presented above does not consider all exposures or positions that could arise in the future. Therefore, the information represented herein has limited predictive value. As a result, the ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, the hedging strategies at the time, and the related interest rates.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Exchange Act, our management, including our Principal Executive Officer and our Principal Financial Officer, evaluated as of June 30, 2023, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and Rule 15d-15(e). Based on that evaluation, our Principal Executive Officer and our Principal Financial Officer concluded that our disclosure controls and procedures, as of June 30, 2023, were effective for the purpose of ensuring that information required to be disclosed by us in this report is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to management, including our Principal Executive Officer and our Principal Financial Officer as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There were no changes to our internal control over financial reporting during the quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

We are subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, we believe, based on currently available information, that the final outcome of such matters will not have a material adverse effect on our financial condition, results of operations, or liquidity.

Item 1A. Risk Factors

As of June 30, 2023, there have been no material changes from the risk factors previously disclosed in response to Item 1A. to Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On February 23, 2022, we established a share repurchase program (the "SRP") of up to $150.0 million of our outstanding shares of common stock. The SRP may be suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or particular amount of shares. As of June 30, 2023, no common stock has been repurchased under the SRP.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits


Exhibit No.						Description

3.1						Seventh Articles of Amendment and Restatement of InvenTrust Properties Corp., as amended (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10-Q, as filed by the Registrant with the SEC on May 14, 2015)
3.2						Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 5, 2021)
3.3						Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 5, 2021)
3.4						Articles Supplementary of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on October 12, 2021)
3.5						Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on April 28, 2022)
3.6						Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on May 8, 2023)
3.7						Fourth Amended and Restated Bylaws of the Company, dated as of May 5, 2023 (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on May 8, 2023)
10.1*^						InvenTrust Properties Corp. 2023 Employee Stock Purchase Plan
31.1*						Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**						Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**						Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101						The following financial information from our Quarterly Report on Form 10-Q for the period ended June 30, 2023, filed with the SEC on August 1, 2023, is formatted in Extensible Business Reporting Language ("XBRL"): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Condensed Consolidated Financial Statements (tagged as blocks of text).
104						Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

						* Filed as part of this Quarterly Report on Form 10-Q
						** Furnished as part of this Quarterly Report on Form 10-Q
						^ Management contract or compensatory plan or agreement.

Signatures

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 thereunto duly authorized.

InvenTrust Properties Corp.


Date:			August 1, 2023
By:			/s/ Daniel J. Busch

Name:			Daniel J. Busch
Title:			President, Chief Executive Officer (Principal Executive Officer)


Date:			August 1, 2023
By:			/s/ Michael Phillips

Name:			Michael Phillips
Title:			Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

Exhibit 10.1

INVENTRUST PROPERTIES CORP.
2023 EMPLOYEE STOCK PURCHASE PLAN

ARTICLE I.
PURPOSE, SCOPE AND ADMINISTRATION OF THE PLAN

1.1Purpose and Scope. The purpose of the InvenTrust Properties, Corp. 2023 Employee Stock Purchase Plan (as amended from time to time, the “Plan”) is to assist employees of InvenTrust Properties, Corp., a Maryland corporation (the “Company”), and its Participating Subsidiaries to acquire a stock ownership interest in the Company and to encourage them to remain in the employment of the Company and its Participating Subsidiaries. The Plan is not intended to qualify as an “employee stock purchase plan” under Section 423 of the Code.”

ARTICLE II.
DEFINITIONS

Whenever the following terms are used in the Plan, they shall have the meaning specified below unless the context clearly indicates to the contrary. The singular pronoun shall include the plural where the context so indicates.

2.1“Administrator” shall mean the Committee, or such individuals to which authority to administer the Plan has been delegated under Section 7.1 hereof.

2.2“Agent” shall mean the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged, retained, appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan.

2.3 “Affiliate” shall mean the Company and any Parent or Subsidiary.

2.4“Board” shall mean the Board of Directors of the Company.

2.5“Code” shall mean the Internal Revenue Code of 1986, as amended.

2.6“Committee” shall mean the Compensation Committee of the Board, or another committee or subcommittee of the Board or the Compensation Committee described in Article 7 hereof.

2.7“Common Stock” shall mean common stock, par value $0.001, of the Company.

2.8“Compensation” of an Employee shall mean the gross cash compensation received by such Employee as compensation for services to the Company or any Participating Subsidiary or Affiliate, including prior week adjustment, overtime payments, commissions, periodic bonuses, vacation pay and holiday pay, but excluding jury duty pay, funeral leave pay, military leave pay, one-time bonuses (e.g., retention or sign on bonuses), education or tuition reimbursements, travel expenses, business and moving reimbursements, income received in connection with any stock options, stock appreciation rights, restricted stock, restricted stock units or other compensatory equity awards, fringe benefits, other special payments and all contributions made by the Company or any Participating Subsidiary or Affiliate for the Employee’s benefit under any employee benefit plan now or hereafter established, or, for Participants in foreign jurisdictions, equivalent amounts as determined by the Administrator. Such Compensation shall be calculated before deduction of any income or employment tax withholdings, but shall be withheld from the Employee’s net income.

2.9“Effective Date” shall mean the date on which the Plan is approved by the Company’s stockholders.

2.10“Eligible Employee” means an Employee of the Company or any Participating Subsidiary. Notwithstanding the foregoing, no Employee of the Company or any Participating Subsidiary shall be an Eligible Employee for purposes of any Offering Period unless and until such Employee has completed at least six (6) months of service to the Company or any Participating Subsidiary on or prior to the Enrollment Date for such Offering Period.

2.11“Employee” shall mean any person who renders services to the Company or a Participating Subsidiary in the status of an employee within the meaning of Section 3401(c) of the Code. “Employee” shall not include any director of the Company or a Participating Subsidiary who does not render services to the Company or a Participating Subsidiary in the status of an employee within the meaning of Section 3401(c) of the Code.

2.12“Enrollment Date” shall mean the first date of each Offering Period.

2.13“Exercise Date” shall mean the last Trading Day of each Purchase Period, except as provided in Section 5.2 hereof.

2.14“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

2.15“Expiration Date” shall mean the tenth (10th) anniversary of the date on which the Plan is initially approved by the stockholders of the Company.

2.16“Fair Market Value” shall mean, as of any date, the value of a Share determined as follows:

(a)If the Common Stock is (i) listed on any established securities exchange (such as the New York Stock Exchange, the NASDAQ Global Market and the NASDAQ Global Select Market), (ii) listed on any national market system or (iii) listed, quoted or traded on any automated quotation system, its Fair Market Value shall be the closing sales price for a Share as quoted on such exchange or system for such date or, if there is no closing sales price for a Share on the date in question, the closing sales price for a Share on the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

(b)If the Common Stock is not listed on an established securities exchange, national market system or automated quotation system, but the Common Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a Share on such date, the high bid and low asked prices for a Share on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or

(c)If the Common Stock is neither listed on an established securities exchange, national market system or automated quotation system nor regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good faith.

2.17“Grant Date” shall mean the first Trading Day of an Offering Period.

2.18“Initial Offering Period” shall mean the period commencing on July 1, 2023, or such later date as determined by the Administrator, and ending on June 30, 2025.

2.19“New Exercise Date” shall have such meaning as set forth in Section 5.2(b) hereof.

2.20“Non-U.S. Subsidiary” shall mean shall mean any Subsidiary that is incorporated in, or otherwise organized under the laws of, any jurisdiction outside of the United States.

2.21“Offering Period” shall mean (i) the Initial Offering Period and (ii) each twenty-four (24)-month period commencing on each January 1 and each July 1 to occur during the term of the Plan following the commencement of the Initial Offering Period, except as otherwise provided under Section 5.3 hereof.

2.22“Option” shall mean the right to purchase Shares pursuant to the Plan during each Offering Period.

2.23“Option Price” shall mean the purchase price of a Share hereunder as provided in Section 4.2 hereof.

2.24“Parent” shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities ending with the Company if each of the entities other than the Company beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

2.25“Participant” shall mean any Eligible Employee who elects to participate in the Plan.

2.26“Participating Subsidiary” shall mean (i) each U.S. Subsidiary and (ii) each Non-U.S. Subsidiary that has been designated by the Board or Committee in its sole discretion as eligible to participate in the Plan in accordance with Section 7.2 hereof, in each case, including any Subsidiary in existence on the Effective Date and any Subsidiary formed or acquired following the Effective Date.

2.27“Payday” shall mean the regular and recurring established day for payment of Compensation to an Employee of the Company or any Participating Subsidiary.

2.28“Plan Account” shall mean a bookkeeping account established and maintained by the Company in the name of each Participant.

2.29 “Purchase Period” shall mean, with respect to any Offering Period, unless otherwise determined by the Administrator, each approximately six (6)-month period (i) commencing on January 1 and ending on June 30 and (ii) commencing on each July 1 and ending on December 31.

2.30“REIT” shall mean a real estate investment trust within the meaning of Sections 856 through 860 of the Code.

2.31 “Share” shall mean a share of Common Stock.

2.32“Subsidiary” shall mean (a) a corporation, association or other business entity of which fifty percent (50%) or more of the total combined voting power of all classes of capital stock is owned, directly or indirectly, by the Company and/or by one or more Subsidiaries, (b) any partnership or limited liability company of which fifty percent (50%) or more of the equity interests are owned, directly or indirectly, by the Company and/or by one or more Subsidiaries, and (c) any other entity not described in clauses (a) or (b) above of which fifty percent (50%) or more of the ownership and the power (whether voting interests or otherwise), pursuant to a written contract or agreement, to direct the policies and management or the financial and the other affairs thereof, are owned or controlled by the Company and/or by one or more Subsidiaries.

2.33“Trading Day” shall mean a day on which the principal securities exchange on which the Common Stock is listed is open for trading or, if the Common Stock is not listed on a securities exchange, shall mean a business day, as determined by the Administrator in good faith.

2.34“U.S. Subsidiary” shall mean any Subsidiary that is incorporated in, or otherwise organized under the laws of, the United States, including any state thereof or the District of Columbia.

2.35“Withdrawal Election” shall have such meaning as set forth in Section 6.1(a) hereof.

ARTICLE III.
PARTICIPATION

3.1Eligibility. Any Eligible Employee who shall be employed by the Company or a Participating Subsidiary on a given Enrollment Date for an Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of Articles IV and V hereof; provided, however, that an Eligible Employee may not participate in more than one Offering Period at a time, and no Eligible Employee participating in an Offering Period (the “Designated Offering Period”) may participate in any subsequent Offering Period that commences prior to the completion of the Designated Offering Period.

3.2Election to Participate; Payroll Deductions

(a)Except as provided in Section 3.3 hereof or determined by the Administrator, an Eligible Employee may become a Participant in the Plan only by means of payroll deduction. Subject to the proviso of Section 3.1 above, each individual who is an Eligible Employee as of the Enrollment Date of the applicable Offering Period may elect to participate in such Offering Period and the Plan by delivering to the Company a payroll deduction authorization no later than the tenth (10th) calendar day prior to the applicable Enrollment Date.

(b)Payroll deductions with respect to an Offering Period (i) shall be equal to at least one percent (1%) of the Participant’s Compensation as of each Payday during the applicable Offering Period, but not more than fifteen percent (15%) of the Participant’s Compensation as of each Payday during the applicable Offering Period and (ii) may be expressed either as (A) a whole number percentage or (B) a fixed dollar amount (as determined by the Administrator). Notwithstanding the foregoing, in no event shall the aggregate amount of a Participant’s payroll deductions under the Plan during any calendar year exceed $25,000. Amounts deducted from a Participant’s Compensation with respect to an Offering Period pursuant to this Section 3.2 shall be deducted each Payday through payroll deduction and credited to the Participant’s Plan Account.

(c)Following at least one (1) payroll deduction, a Participant may decrease (to as low as 0%) the amount deducted from such Participant’s Compensation during an Offering Period upon ten (10) calendar days’ prior written or electronic notice to the Company; provided, however, that a Participant may not decrease the amount deducted more than once per Purchase Period. A Participant may not increase the amount deducted from such Participant’s Compensation during an Offering Period.

(d)Notwithstanding the foregoing, upon the completion of an Offering Period, each Participant in such Offering Period shall automatically participate in the Offering Period that commences immediately following the completion of such Offering Period at the same payroll deduction percentage as in effect at the completion of the prior Offering Period, unless such Participant delivers to the Company a different election with respect to the successive Offering Period in accordance with Section 3.2 hereof, or unless such Participant becomes ineligible for participation in the Plan.

3.3Leave of Absence. During leaves of absence approved by the Company meeting the requirements of Treasury Regulation Section 1.421-1(h)(2) under the Code, an individual shall be treated as an Employee of the Company or Participating Subsidiary that employs such individual immediately prior to such leave and may continue participation in the Plan by making cash payments to the Company on his or her normal payday equal to his or her authorized payroll deduction.

3.4Foreign Employees. In order to facilitate participation in the Plan, the Administrator may provide for such special terms applicable to Participants who are citizens or residents of a foreign jurisdiction, or who are employed by a Participating Subsidiary outside of the United States, as the Administrator may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Administrator may approve such supplements to, or amendments, restatements, sub-plans to or alternative versions of this Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of this Plan as in effect for any other purpose. No such special terms, supplements, amendments or restatements shall include any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended to eliminate such inconsistency without further approval by the stockholders of the Company.

ARTICLE IV.
PURCHASE OF SHARES

4.1Grant of Option. Each Participant shall be granted an Option with respect to an Offering Period on the applicable Grant Date. The number of Shares subject to a Participant’s Option shall be determined as of each applicable Exercise Date occurring such an Offering Period by dividing (a) such Participant’s payroll deductions accumulated prior to such Exercise Date and retained in the Participant’s Plan Account on such Exercise Date by (b) the applicable Option Price; provided that in no event shall a Participant be permitted to purchase more than three thousand (3,000) Shares during any Offering Period or more than seven hundred and fifty (750) Shares during any Purchase Period Shares (in each case, subject to any adjustment pursuant to Section 5.2 hereof). The Administrator

may, for future Offering Periods and/or Purchase Periods, increase or decrease, in its absolute discretion, the maximum number of Shares that a Participant may purchase during such future Offering Periods and/or Purchase Periods. Each Option shall expire on last Exercise Date to occur during the applicable Offering Period immediately after the automatic exercise of the Option in accordance with Section 4.3 hereof, unless such Option terminates earlier in accordance with Article 6 hereof.

4.2Option Price. The Option Price per Share to be paid by a Participant upon exercise of the Participant’s Option on each applicable Exercise Date for an Offering Period shall be equal to eighty-five percent (85%) of the lesser of the Fair Market Value of a Share on (a) the applicable Grant Date and (b) such Exercise Date; provided that in no event shall the Option Price per Share be less than the par value per Share.

4.3Purchase of Shares.

(a)On each Exercise Date occurring during an Offering Period, subject to Participant remaining an Eligible Employee through such Exercise Date, each Participant shall automatically and without any action on such Participant’s part be deemed to have exercised his or her Option to purchase at the applicable Option Price the largest number of whole Shares which can be purchased with the amount in the Participant’s Plan Account, subject to Sections 4.1 and 5.3 hereof. The balance, if any, remaining in the Participant’s Plan Account (after exercise of such Participant’s Option) as of such Exercise Date shall be carried forward to the next Purchase Period, unless the Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible Employee.

(b)As soon as practicable following each applicable Exercise Date (but in no event more than thirty (30) days thereafter), the number of Shares purchased by such Participant pursuant to Section 4.3(a) hereof shall be delivered (either in share certificate or book entry form), in the Company’s sole discretion, to either (i) the Participant or (ii) an account established in the Participant’s name at a stock brokerage or other financial services firm designated by the Company. If the Company is required to obtain from any commission or agency authority to issue any such Shares, the Company shall seek to obtain such authority. Inability of the Company to obtain from any such commission or agency authority which counsel for the Company deems necessary for the lawful issuance of any such shares shall relieve the Company from liability to any Participant except to refund to the Participant such Participant’s Plan Account balance, without interest thereon.

4.4Transferability.

(a)An Option granted under the Plan shall not be transferable, other than by will or the applicable laws of descent and distribution and shall be exercisable during the Participant’s lifetime only by the Participant. No Option or interest or right to the Option shall be available to pay off any debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject to disposition by pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempt at disposition of the Option shall have no effect.

(b)Subject to Sections 5.2(b) and 5.2(c), no Shares issued upon exercise of an Option granted under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way by the Participant until the six (6) month anniversary of the Exercise Date upon which such Shares were purchased. Notwithstanding the foregoing, in the event that a Participant ceases to be an Eligible Employee for any reason, this Section 4.4(b) shall no longer apply to any Shares then held by such Participant.

ARTICLE V.
PROVISIONS RELATING TO COMMON STOCK

5.1Common Stock Reserved. Subject to adjustment as provided in Section 5.2 hereof, the maximum number of Shares that shall be made available for sale under the Plan shall be 3,300,000 Shares. Shares made available for sale under the Plan may be authorized but unissued shares or reacquired shares reserved for issuance under the Plan.

5.2Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Asset Sale.

(a)Changes in Capitalization. Subject to any required action by the stockholders of the Company, the number of Shares which have been authorized for issuance under the Plan but not yet placed under an Option, as well as the price per share and the number of Shares covered by each Option under the Plan which has not yet been exercised shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock or any other increase or decrease in the number of Shares effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Option.

(b)Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and such Offering Period shall terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator. In addition, the restrictions on transferability of Shares set forth in Section 4.4(b) shall thereupon immediately lapse. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each Participant in writing, at least ten (10) business days prior to the New Exercise Date, that the next Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 6.1(a)(i) hereof or the Participant has ceased to be an Eligible Employee as provided in Section 6.2 hereof.

(c)Merger or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another corporation, each outstanding Option shall be assumed or an equivalent Option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the Option is not assumed or substituted, any Offering Periods then in progress shall be shortened by setting a New Exercise Date and any Offering Periods then in progress shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed sale or merger. In addition, the restrictions on transferability of Shares set forth in Section 4.4(b) shall thereupon immediately lapse. The Administrator shall notify each Participant in writing, at least ten (10) business days prior to the New Exercise Date, that the next Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Periods as provided in Section 6.1(a)(i) hereof or the Participant has ceased to be an Eligible Employee as provided in Section 6.2 hereof.

5.3Insufficient Shares. If the Administrator determines that, on a given Exercise Date, the number of Shares with respect to which Options are to be exercised may exceed the number of Shares remaining available for sale under the Plan on such Exercise Date, the Administrator shall make a pro rata allocation of the Shares available for issuance on such Exercise Date in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants exercising Options to purchase Shares on such Exercise Date, and unless additional shares are authorized for issuance under the Plan, no further Offering Periods shall take place and the Plan shall terminate pursuant to Section 7.5 hereof. If an Offering Period is so terminated, then the balance of the amount credited to the Participant’s Plan Account which has not been applied to the purchase of Shares shall be paid to such Participant in one (1) lump sum in cash within thirty (30) days after such Exercise Date, without any interest thereon.

5.4Rights as Stockholders. With respect to Shares subject to an Option, a Participant shall not be deemed to be a stockholder of the Company and shall not have any of the rights or privileges of a stockholder. A Participant shall have the rights and privileges of a stockholder of the Company when, but not until, Shares have been deposited in the designated brokerage account following exercise of his or her Option.

ARTICLE VI.
TERMINATION OF PARTICIPATION

6.1Cessation of Contributions; Voluntary Withdrawal.

(a)A Participant may cease payroll deductions during an Offering Period and elect to withdraw from the Plan by delivering written or electronic notice of such election (a “Withdrawal Election”) to the Company in such form as may be established by the Administrator and not later than ten (10) days prior to the final Exercise Date for such Offering Period (or such other period of time as may be established by the Administrator). A Participant electing to withdraw from the Plan may elect to either (i) withdraw all of the funds then credited to the Participant’s Plan Account as of the date on which the Withdrawal Election is received by the Company, in which case amounts credited to such Plan Account shall be returned to the Participant in one (1) lump-sum payment in cash within thirty (30) days after such election is received by the Company, without any interest thereon, and the Participant shall cease to participate in the Plan and the Participant’s Option for such Offering Period shall terminate; or (ii) subject to Section 6.2 below, exercise the Option for the maximum number of whole Shares on the next Exercise Date to occur during the applicable Offering Period with any remaining Plan Account balance returned to the Participant in one (1) lump-sum payment in cash within thirty (30) days after such Exercise Date, without any interest thereon, and after such exercise cease to participate in the Plan. As soon as practicable following the Company’s receipt of a notice of withdrawal from the Plan, the Participant’s payroll deduction authorization and his or her Option to purchase Shares under the Plan shall terminate.

(b)A Participant’s withdrawal from the Plan shall not have any effect upon his or her eligibility to participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Periods from which the Participant withdraws.

(c)A Participant who ceases contributions to the Plan during any Offering Periods shall not be permitted to resume contributions to the Plan during such Offering Period.

6.2Termination of Eligibility. Upon a Participant’s ceasing to be an Eligible Employee for any reason, such Participant’s Option for the applicable Offering Period shall automatically terminate, he or she shall be deemed to have elected to withdraw from the Plan, and such Participant’s Plan Account shall be paid to such Participant or, in the case of his or her death, to the person or persons entitled thereto as set forth in an applicable beneficiary designation form (or, if there is no such applicable form, pursuant to applicable law), within thirty (30) days after such cessation of being an Eligible Employee, without any interest thereon.

ARTICLE VII.
GENERAL PROVISIONS

7.1Administration.

(a)The Plan shall be administered by the Committee (or another committee or a subcommittee of the Board assuming the functions of the Committee under the Plan), which, unless otherwise determined by the Board, shall consist solely of two (or such greater number as is required by the Company’s governing documents) members of the Board, each of whom is intended to qualify as a “non-employee director” as defined by Rule 16b-3 of the Exchange Act and an “independent director” under the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded, in each case, to the extent required under such provision. The Committee may delegate administrative tasks under the Plan to the services of an Agent and/or Employees to assist in the administration of the Plan, including establishing and maintaining an individual securities account under the Plan for each Participant.

(b)It shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with the provisions of the Plan. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

(i)To establish and terminate Offering Periods and Purchase Periods;

(ii)To determine when and how Options shall be granted and the provisions and terms of each Offering Period and Purchase Period (which need not be identical);

(iii)To select those Non-U.S. Subsidiaries that will be Participating Subsidiaries in accordance with Section 7.2 hereof; and

(iv)To construe and interpret the Plan, the terms of any Offering Period or Purchase Period under the Plan and the terms of the Options and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, any Offering Period, any Purchase Period or any Option, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.

(c)The Administrator may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding handling of participation elections, payroll deductions, payment of interest, conversion of local currency, payroll tax, withholding procedures and handling of stock certificates which vary with local requirements. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Administrator under the Plan.

(d)The Administrator may adopt sub-plans applicable to particular Participating Subsidiaries or locations. The rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 5.1 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan.

(e)All expenses and liabilities incurred by the Administrator in connection with the administration of the Plan shall be borne by the Company. The Administrator may, with the approval of the Committee, employ attorneys, consultants, accountants, appraisers, brokers or other persons. The Administrator, the Company and its officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Participants, the Company and all other interested persons. No member of the Board or Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the options, and all members of the Board or Administrator shall be fully protected by the Company in respect to any such action, determination or interpretation.

7.2Designation of Participating Subsidiaries. The Board or Committee shall have the right, without the approval of the stockholders of the Company, to designate the Non-U.S. Subsidiaries that shall constitute Participating Subsidiaries from time to time. In addition, the Board or Committee may, without the approval of the stockholders of the Company, terminate the designation of a Subsidiary as a Participating Subsidiary at any time or from time to time.

7.3Accounts. Individual accounts shall be maintained for each Participant in the Plan.

7.4No Right to Employment. Nothing in the Plan shall be construed to give any person (including any Participant) the right to remain in the employ of the Company, a Parent or a Subsidiary or to affect the right of the Company, any Parent or any Subsidiary to terminate the employment of any person (including any Participant) at any time, with or without cause, which right is expressly reserved.

7.5Amendment, Suspension and Termination of the Plan

(a)The Board may, in its sole discretion, amend, suspend or terminate the Plan at any time and from time to time; provided, however, that without approval of the Company’s stockholders given within twelve (12) months before or after action by the Board, the Plan may not be amended to increase the maximum number of Shares subject to the Plan or in any other manner that requires the approval of the Company’s stockholders under applicable law or applicable stock exchange rules or regulations. No Option may be granted during any period of

suspension of the Plan or after termination of the Plan. For the avoidance of doubt, without the approval of the Company’s stockholders and without regard to whether any Participant rights may be considered to have been “adversely affected,” the Board or the Committee, as applicable, shall be entitled to change the terms of an Offering Period, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Shares for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Board or the Committee, as applicable, determines in its sole discretion advisable which are consistent with the Plan.

(b)In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to:

(i)altering the Option Price for any Offering Period including an Offering Period underway at the time of the change in Option Price;

(ii)shortening any Offering Period and/or Purchase Period so that the Offering Period and/or Purchase Period ends on a new Exercise Date, including an Offering Period and/or Purchase Period underway at the time of the Administrator action; and

(iii)allocating Shares.

Such modifications or amendments shall not require stockholder approval or the consent of any Participant.

(c)Upon termination of the Plan, the balance in each Participant’s Plan Account shall be refunded as soon as practicable after such termination, without any interest thereon.

7.6Use of Funds; No Interest Paid. All funds received by the Company by reason of purchase of Shares under the Plan shall be included in the general funds of the Company free of any trust or other restriction and may be used for any corporate purpose and the Company shall not be obligated to segregate payroll deductions or other funds under the Plan. No interest shall be paid to any Participant or credited under the Plan.

7.7Term; Approval by Stockholders. The Plan shall be submitted for the approval of the Company’s stockholders within twelve (12) months after the date of the Board’s initial adoption of the Plan. Options may be granted prior to such stockholder approval; provided, however, that such Options shall not be exercisable prior to the time when the Plan is approved by the stockholders; provided further that if such approval has not been obtained by the end of said twelve (12)-month period, all Options previously granted under the Plan shall thereupon terminate and be canceled and become null and void without being exercised. The Plan shall terminate upon the expiration of the Purchase Period during which Expiration Date occurs, unless earlier terminated in accordance with Sections 5.3 or 7.5 hereof or unless the Company’s stockholders do not approve the Plan in accordance with this Section 7.7. For the avoidance of doubt, the Purchase Period during which the Expiration Date occurs shall continue in effect until the expiration of such Purchase Period, but no new Offering Periods or Purchase Periods shall commence on or following the Expiration Date.

7.8Effect Upon Other Plans. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company, any Parent or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company, any Parent or any Subsidiary (a) to establish any other forms of incentives or compensation for Employees of the Company or any Parent or any Subsidiary or (b) to grant or assume Options otherwise than under the Plan in connection with any proper corporate purpose, including, but not by way of limitation, the grant or assumption of options in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, firm or association.

7.9Conformity to Securities Laws. Notwithstanding any other provision of the Plan, the Plan and the participation in the Plan by any individual who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable exemption rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

7.10Tax Withholding. The Company or any Parent or any Subsidiary shall be entitled to require payment in cash or deduction from other compensation payable to each Participant of any sums required by federal, state or local tax law to be withheld with respect to any purchase of Shares under the Plan or any sale of such shares. With respect to withholding required upon any taxable event under the Plan, the Administrator may, at the time the Option is granted or thereafter, require or permit that any such withholding requirement be satisfied, in whole or in part, by withholding from the Shares issuable upon exercise of the Option having a Fair Market Value on the date of withholding equal to or less than to the maximum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income, all in accordance with such procedures as the Administrator establishes.

7.11Governing Law. The Plan and all rights and obligations thereunder shall be construed and enforced in accordance with the laws of the State of Maryland.

7.12Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof (including without limitation the Company’s stock plan administrator).

7.13Conditions To Issuance of Shares.

(a)Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book entries evidencing Shares pursuant to the exercise of an Option by a Participant, unless and until the Board or the Committee has determined, with advice of counsel, that the issuance of such Shares is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any securities exchange or automated quotation system on which the Shares are listed or traded, and the Shares are covered by an effective registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or the Committee may require that a Participant make such reasonable covenants, agreements, and representations as the Board or the Committee, in its discretion, deems advisable in order to comply with any such laws, regulations or requirements.

(b)All certificates for Shares delivered pursuant to the Plan and all Shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal, state or foreign securities or other laws, rules and regulations and the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded. The Committee may place legends on any certificate or book entry evidencing Shares to reference restrictions applicable to the Shares.

(c)The Committee shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement, distribution or exercise of any Option, including a window-period limitation, as may be imposed in the sole discretion of the Committee.

(d)Notwithstanding any other provision of the Plan, unless otherwise determined by the Committee or required by any applicable law, rule or regulation, the Company may, in lieu of delivering to any Participant certificates evidencing Shares issued in connection with any Option, record the issuance of Shares in the books of the Company (or, as applicable, its transfer agent or stock plan administrator).

7.14REIT Status. The Plan shall be interpreted and construed in a manner consistent with the Company’s status as a REIT. No Option shall be granted or awarded, and with respect to any Option granted under the Plan, such Option shall not be exercised, exercisable or settled:

(a)to the extent that the grant, exercise or settlement of such Option could cause the Participant or any other person to be in violation of the Common Stock Ownership Limit or the Aggregate Stock Ownership Limit (each as defined in the Company’s charter, as amended or supplemented from time to time) or any other provision of Section 7.2 of the Company’s charter; or

(b)if, in the discretion of the Administrator, the grant, exercise or settlement of such Option could impair the Company’s status as a REIT.

7.15Section 409A. Neither the Plan nor any Option granted hereunder is intended to constitute or provide for “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance issued after the Effective Date (together, “Section 409A”). Notwithstanding any provision of the Plan to the contrary, if the Administrator determines that any Option may be or become subject to Section 409A of the Code, the Administrator may adopt such amendments to the Plan and/or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions as the Administrator determines are necessary or appropriate to avoid the imposition of taxes under Section 409A of the Code, either through compliance with the requirements of Section 409A of the Code or with an available exemption therefrom.

7.16 Designation of Beneficiary.

(a)A Participant may, in the manner determined by the Administrator, file a written designation of a beneficiary who is to receive any Shares and/or cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to an Exercise Date on which the Participant’s rights are exercised but prior to delivery to such Participant of such Shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the Participant’s rights under the Plan. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her beneficiary shall not be effective without the prior written consent of the Participant’s spouse.

(b)Such designation of beneficiary may be changed by the Participant at any time by written notice to the Company. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such Shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such Shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

* * * * * *

I hereby certify that the foregoing InvenTrust Properties, Corp. 2023 Employee Stock Purchase Plan was duly approved by the Board of Directors of InvenTrust Properties, Corp. on February 23, 2023.

I hereby certify that the foregoing InvenTrust Properties, Corp. 2023 Employee Stock Purchase Plan was duly approved by the stockholders of InvenTrust Properties, Corp. on May 4, 2023.

Executed on this 4th day of May, 2023.

/s/ Christy L. David
Name: Christy L. David

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

Exhibit 31.1

Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Daniel J. Busch, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of InvenTrust Properties Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:			August 1, 2023
By:			/s/ Daniel J. Busch

Name:			Daniel J. Busch
Title:			President, Chief Executive Officer (Principal Executive Officer)

Exhibit 31.2

Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Michael Phillips, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of InvenTrust Properties Corp.;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:			August 1, 2023
By:			/s/ Michael Phillips

Name:			Michael Phillips
Title:			Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

Exhibit 32.1

Certification of Principal Executive Officer

Pursuant To 18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of InvenTrust Properties Corp. (the "Company") for the period ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to such officer’s knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date:			August 1, 2023
By:			/s/ Daniel J. Busch

Name:			Daniel J. Busch
Title:			President, Chief Executive Officer (Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as a part of the Report or on a separate disclosure document.

Exhibit 32.2

Certification of Principal Financial Officer

Pursuant To 18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act of 2002

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date:			August 1, 2023
By:			/s/ Michael Phillips

Name:			Michael Phillips
Title:			Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as a part of the Report or on a separate disclosure document.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40896
Entity Registrant Name	INVENTRUST PROPERTIES CORP.
Entity Incorporation, State or Country Code	MD
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
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	IVT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67,531,335
Entity Central Index Key	0001307748
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investment properties
Land	$ 697,035	$ 650,764
Building and other improvements	1,949,421	1,825,893
Construction in progress	9,488	5,005
Total	2,655,944	2,481,662
Less accumulated depreciation	(425,963)	(389,361)
Net investment properties	2,229,981	2,092,301
Cash, cash equivalents and restricted cash	80,749	137,762
Investment in unconsolidated entities	3,753	56,131
Intangible assets, net	132,720	101,167
Accounts and rents receivable	31,858	34,528
Deferred costs and other assets, net	57,700	51,145
Total assets	2,536,761	2,473,034
Liabilities
Debt, net	833,661	754,551
Accounts payable and accrued expenses	39,063	42,792
Distributions payable	14,553	13,837
Intangible liabilities, net	33,326	29,658
Other liabilities	33,221	28,287
Total liabilities	953,824	869,125
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	0	0
Common stock, $0.001 par value, 146,000,000 shares authorized, 67,531,335 shares issued and outstanding as of June 30, 2023 and 67,472,553 shares issued and outstanding as of December 31, 2022	68	67
Additional paid-in capital	5,461,253	5,456,968
Distributions in excess of accumulated net income	(3,905,747)	(3,879,847)
Accumulated comprehensive income	27,363	26,721
Total stockholders' equity	1,582,937	1,603,909
Total liabilities and stockholders' equity	$ 2,536,761	$ 2,473,034

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	40,000,000	40,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	146,000,000	146,000,000
Common stock, shares issued (in shares)	67,531,335	67,472,553
Common stock, shares outstanding (in shares)	67,531,335	67,472,553

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income
Lease income, net	$ 64,268	$ 58,935	$ 129,098	$ 116,703
Total income	64,687	59,893	129,892	118,679
Operating expenses
Depreciation and amortization	28,263	24,205	55,021	47,034
Property operating	9,756	9,184	19,986	17,469
Real estate taxes	8,952	8,615	18,580	16,658
General and administrative	8,048	8,116	15,779	16,003
Total operating expenses	55,019	50,120	109,366	97,164
Other (expense) income
Interest expense, net	(9,377)	(5,631)	(18,886)	(10,440)
Loss on extinguishment of debt	0	0	0	(96)
Gain on sale of investment properties	984	36,856	984	36,856
Equity in earnings (losses) of unconsolidated entities	149	716	(514)	3,432
Other income and expense, net	644	207	1,091	155
Total other (expense) income, net	(7,600)	32,148	(17,325)	29,907
Net income	$ 2,068	$ 41,921	$ 3,201	$ 51,422
Weighted-average common shares outstanding - basic (in shares)	67,523,105	67,413,049	67,515,913	67,384,044
Weighted-average common shares outstanding - diluted (in shares)	67,711,848	67,550,846	67,683,226	67,577,524
Net income per common share - basic (in dollars per share)	$ 0.03	$ 0.62	$ 0.05	$ 0.76
Net income per common share - diluted (in dollars per share)	0.03	0.62	0.05	0.76
Distributions declared per common share outstanding (in dollars per share)	0.22	0.21	0.43	0.41
Distributions paid per common share outstanding (in dollars per share)	$ 0.22	$ 0.21	$ 0.42	$ 0.41
Comprehensive income
Net income	$ 2,068	$ 41,921	$ 3,201	$ 51,422
Unrealized gain on derivatives	10,835	5,514	7,518	20,920
Reclassification (to) from net income	(3,984)	492	(6,876)	1,517
Comprehensive income	8,919	47,927	3,843	73,859
Other property income
Income
Income	419	318	714	582
Other fee income
Income
Income	$ 0	$ 640	$ 80	$ 1,394

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Net Income	Accumulated Comprehensive Income (Loss)
Balance beginning of period (in shares) at Dec. 31, 2021		67,344,374
Balance beginning of period at Dec. 31, 2021	$ 1,571,552	$ 67	$ 5,452,550	$ (3,876,743)	$ (4,322)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,501			9,501
Unrealized gain (loss) on derivatives	15,406				15,406
Reclassification to (from) interest expense, net	1,003				1,003
Reclassification to equity in earnings of unconsolidated entities	22				22
Distributions declared	(13,828)			(13,828)
Stock-based compensation, net (in shares)		44,329
Stock-based compensation, net	550		550
Balance end of period (in shares) at Mar. 31, 2022		67,388,703
Balance end of period at Mar. 31, 2022	1,584,206	$ 67	5,453,100	(3,881,070)	12,109
Balance beginning of period (in shares) at Dec. 31, 2021		67,344,374
Balance beginning of period at Dec. 31, 2021	1,571,552	$ 67	5,452,550	(3,876,743)	(4,322)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51,422
Unrealized gain (loss) on derivatives	20,920
Balance end of period (in shares) at Jun. 30, 2022		67,427,571
Balance end of period at Jun. 30, 2022	1,619,489	$ 67	5,454,292	(3,852,985)	18,115
Balance beginning of period (in shares) at Mar. 31, 2022		67,388,703
Balance beginning of period at Mar. 31, 2022	1,584,206	$ 67	5,453,100	(3,881,070)	12,109
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,921			41,921
Unrealized gain (loss) on derivatives	5,514				5,514
Reclassification to (from) interest expense, net	547				547
Reclassification to equity in earnings of unconsolidated entities	(55)				(55)
Distributions declared	(13,836)			(13,836)
Stock-based compensation, net (in shares)		38,868
Stock-based compensation, net	1,192		1,192
Balance end of period (in shares) at Jun. 30, 2022		67,427,571
Balance end of period at Jun. 30, 2022	$ 1,619,489	$ 67	5,454,292	(3,852,985)	18,115
Balance beginning of period (in shares) at Dec. 31, 2022	67,472,553	67,472,553
Balance beginning of period at Dec. 31, 2022	$ 1,603,909	$ 67	5,456,968	(3,879,847)	26,721
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,133			1,133
Unrealized gain (loss) on derivatives	(3,317)				(3,317)
Reclassification to (from) interest expense, net	(2,892)				(2,892)
Distributions declared	(14,548)			(14,548)
Stock-based compensation, net (in shares)		36,088
Stock-based compensation, net	2,120	$ 1	2,119
Balance end of period (in shares) at Mar. 31, 2023		67,508,641
Balance end of period at Mar. 31, 2023	$ 1,586,405	$ 68	5,459,087	(3,893,262)	20,512
Balance beginning of period (in shares) at Dec. 31, 2022	67,472,553	67,472,553
Balance beginning of period at Dec. 31, 2022	$ 1,603,909	$ 67	5,456,968	(3,879,847)	26,721
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,201
Unrealized gain (loss) on derivatives	$ 7,518
Balance end of period (in shares) at Jun. 30, 2023	67,531,335	67,531,335
Balance end of period at Jun. 30, 2023	$ 1,582,937	$ 68	5,461,253	(3,905,747)	27,363
Balance beginning of period (in shares) at Mar. 31, 2023		67,508,641
Balance beginning of period at Mar. 31, 2023	1,586,405	$ 68	5,459,087	(3,893,262)	20,512
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,068			2,068
Unrealized gain (loss) on derivatives	10,835				10,835
Reclassification to (from) interest expense, net	(3,984)				(3,984)
Distributions declared	(14,553)			(14,553)
Stock-based compensation, net (in shares)		22,694
Stock-based compensation, net	$ 2,166		2,166
Balance end of period (in shares) at Jun. 30, 2023	67,531,335	67,531,335
Balance end of period at Jun. 30, 2023	$ 1,582,937	$ 68	$ 5,461,253	$ (3,905,747)	$ 27,363

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 3,201	$ 51,422
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	55,021	47,034
Amortization of market-lease intangibles and inducements, net	(2,088)	(3,609)
Amortization of debt discounts and financing costs	2,119	1,341
Straight-line rent adjustment, net	(1,546)	(1,370)
Reversal of estimated credit losses	(340)	(1,777)
Gain on sale of investment properties	(984)	(36,856)
Loss on extinguishment of debt	0	96
Equity in losses (earnings) of unconsolidated entities	514	(3,432)
Distributions from unconsolidated entities	0	7,700
Stock-based compensation, net	4,269	2,402
Changes in operating assets and liabilities:
Accounts and rents receivable	6,181	5,027
Deferred costs and other assets, net	411	(3,029)
Accounts payable and accrued expenses	(4,162)	(433)
Other liabilities	889	(1,024)
Net cash provided by operating activities	63,485	63,492
Cash flows from investing activities:
Purchase of investment properties	(152,047)	(156,139)
Capital expenditures and tenant improvements	(12,692)	(10,134)
Investment in development and redevelopment projects	(2,622)	(6,124)
Proceeds from sale of investment properties, net	1,581	54,276
Distributions from unconsolidated entities	91,355	47,355
Lease commissions and other leasing costs	(1,840)	(2,061)
Other investing activities	(1,540)	(954)
Net cash used in investing activities	(77,805)	(73,781)
Cash flows from financing activities:
Distributions to shareholders	(28,385)	(27,630)
Line of credit proceeds	30,000	112,000
Line of credit repayments	(30,000)	0
Payoffs of debt	(13,700)	(22,328)
Principal payments on mortgage debt	(32)	(521)
Payment of loan fees and deposits	0	(179)
Other financing activities	(576)	(14)
Net cash (used in) provided by financing activities	(42,693)	61,328
Net decrease (increase) in cash, cash equivalents and restricted cash	(57,013)	51,039
Cash, cash equivalents and restricted cash at the beginning of the period	137,762	44,854
Cash, cash equivalents and restricted cash at the end of the period	80,749	95,893
Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest	16,727	8,604
Cash paid for income taxes, net of refunds	525	471
Previously held equity investments in real estate assets acquired	39,603	0
Distributions payable to shareholders	14,553	13,836
Accrued capital expenditures and tenant improvements	2,944	2,607
Capitalized costs placed in service	5,643	2,494
Purchase of investment properties:
Net investment properties	200,085	216,750
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	52,871	29,759
Accounts payable and accrued expenses, lease intangibles, and other liabilities	(9,133)	(10,489)
Assumption of mortgage debt, at fair value	(91,776)	(79,881)
Cash outflow for purchase of investment properties, net	152,047	156,139
Assumption of mortgage principal	92,468	80,380
Capitalized acquisition costs	(150)	(886)
Credits and other changes in cash outflow, net	(365)	2,837
Gross acquisition price of investment properties	244,000	238,470
Sale of investment properties:
Net investment properties	597	17,792
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	0	544
Accounts payable and accrued expenses, lease intangibles, and other liabilities	0	(916)
Gain on sale of investment properties	984	36,856
Proceeds from sale of investment properties, net	1,581	54,276
Credits and other changes in cash inflow, net	111	1,174
Gross disposition price of investment properties	$ 1,692	$ 55,450

Organization

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization


	Wholly-Owned Retail Properties		Unconsolidated Retail Properties at 100%
	2023	2022	2023	2022
No. of properties	63	57	—	5
Gross Leasable Area (square feet)	10,387	9,077	—	1,387

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired retail properties, determining the fair value of debt and evaluating the collectibility of accounts receivable. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Operating Leases


Minimum lease payments, by year	As of June 30, 2023
Remaining 2023	$	94,140
2024	182,408
2025	164,700
2026	145,058
2027	111,938
Thereafter	380,531
Total	$	1,078,775

The following table reflects the disaggregation of lease income, net:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Minimum base rent	$	41,545	$	36,726	$	82,021	$	71,774
Real estate tax recoveries	7,948		7,739		16,465		15,006
Common area maintenance, insurance, and other recoveries	7,489		7,004		14,438		13,296
Ground rent income	4,797		3,760		9,507		7,370
Amortization of market-lease intangibles and inducements, net	572		1,062		2,088		3,609
Short-term and other lease income	635		1,120		1,949		2,184
Termination fee income	610		149		744		317
Straight-line rent adjustment, net	836		707		1,546		1,370
Reversal of uncollectible straight-line rent	17		504		216		998
Provision for uncollectible billed rent and recoveries	(181)		(144)		(466)		(380)
Reversal of uncollectible billed rent and recoveries	—		308		590		1,159
Lease income, net	$	64,268	$	58,935	$	129,098	$	116,703

Acquired Properties

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquired Properties

The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2023:


Acquisition Date	Property	Metropolitan Area	Square Feet	Gross Acquisition Price		Assumption of Mortgage Debt
January 18, 2023	Bay Colony (a)	Houston, TX	416	$	79,100	$	41,969
January 18, 2023	Blackhawk Town Center (a)	Houston, TX	127	26,300		13,008
January 18, 2023	Cyfair Town Center (a)	Houston, TX	433	79,200		30,880
January 18, 2023	Stables Town Center (a)	Houston, TX	148	37,000		6,611
June 2, 2023	The Shoppes at Davis Lake	Charlotte, NC	91	22,400		—
			1,215	$	244,000	$	92,468

The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2022:


Acquisition Date	Property	Metropolitan Area	Square Feet	Gross Acquisition Price		Assumption of Mortgage Debt
February 2, 2022	Shops at Arbor Trails	Austin, TX	357	$	112,190	$	31,500
February 2, 2022	Escarpment Village	Austin, TX	170	77,150		26,000
April 21, 2022	The Highlands of Flower Mound (a)	Dallas, TX	175	38,000		22,880
May 4, 2022	Bay Landing	Fort Myers, FL	63	10,425		—
June 10, 2022	Kyle Marketplace - Outparcel (b)	Austin, TX	—	705		—
			765	$	238,470	$	80,380

(b)The Company acquired a parcel of vacant land adjacent to this retail property.

Transaction costs of $150 were capitalized during the six months ended June 30, 2023, and $886 were capitalized during the six months ended June 30, 2022.

Disposed Properties

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Disposed Properties

The following table reflects the real property disposed of during the six months ended June 30, 2023:


Date	Property	Metropolitan Area	Square Feet	Gross Disposition Price		Gain on Sale
June 20, 2023	Shops at the Galleria (a)	Austin, TX	N/A	$	1,692	$	984
			—	$	1,692	$	984

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

The following table reflects the real property disposed of during the six months ended June 30, 2022:


Date	Property	Metropolitan Area	Square Feet	Gross Disposition Price		Gain on Sale
June 30, 2022	Centerplace of Greeley	Denver, CO	152	$	37,550	$	25,147
June 30, 2022	Cheyenne Meadows	Denver, CO	90	17,900		11,709
			242	$	55,450	$	36,856

Investment in Unconsolidated Entities

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Entities

Joint Venture Interest in IAGM

The following table reflects the real property disposed by IAGM since January 1, 2022.


Date	Property	Square Feet	Gross Disposition Price		IAGM's Gain (Loss) on Sale		The Company's Gain Deferral
March 3, 2022	Price Plaza (a)	206	$	39,100	$	3,751	$	—
April 21, 2022	The Highlands of Flower Mound (b)	175	38,000		1,244		684
December 16, 2022	Stone Ridge Market (b)	219	58,100		12,287		6,758
December 22, 2022	Stables Town Center (c)	43	7,800		(244)		—
January 18, 2023	Bay Colony (b)	416	79,100		22,327		12,280
January 18, 2023	Blackhawk Town Center (b)	127	26,300		12,632		6,948
January 18, 2023	Cyfair Town Center (b)	433	79,200		4,713		2,592
January 18, 2023	Stables Town Center (b)	148	37,000		5,536		3,045

(a)The buyer assumed a $17,800 mortgage payable secured by the property.

(b)The Company purchased these properties at a purchase price determined by a third party real estate valuation specialist.

(c)IAGM disposed of 43 square feet out of a total 191 square feet through a partial sale of the property.

Condensed Financial Information

The following table presents condensed balance sheet information for IAGM:


	As of
	June 30, 2023		December 31, 2022
Assets:
Net investment properties	$	—	$	161,312
Other assets	10,708		65,565
Total assets	$	10,708	$	226,877
Liabilities and equity:
Mortgages debt, net	$	—	$	92,186
Other liabilities	3,803		7,392
Equity	6,905		127,299
Total liabilities and equity	$	10,708	$	226,877

Company's share of equity	$	3,753	$	70,869
Outside basis differences, net (a)	—		(14,738)
Carrying value of investments in unconsolidated entities	$	3,753	$	56,131

(a)The outside basis differences reflect unamortized deferred gains on historical property sales from IAGM to the Company.

The following table presents condensed income statement information of IAGM:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Total income	$	—	$	6,604	$	952	$	14,983
Depreciation and amortization	—		(2,519)		(622)		(5,424)
Property operating	—		(1,111)		(232)		(2,441)
Real estate taxes	—		(834)		(127)		(2,245)
Asset management fees	—		(220)		(32)		(471)
Interest expense, net	—		(899)		(143)		(2,058)
Other income and expense, net	275		249		474		107
(Loss) gain on debt extinguishment	—		(91)		444		(202)
Gain on sale of real estate	—		1,244		45,208		4,995
Gain on sale of derivatives					2,556		—
Net income	$	275	$	2,423	$	48,478	$	7,244

Company's share of net income	$	149	$	1,332	$	26,661	$	3,984
Outside basis adjustments for IAGM's sales to the Company	—		(616)		(27,175)		(552)
Equity in (losses) earnings of unconsolidated entities	$	149	$	716	$	(514)	$	3,432

Debt

6 Months Ended

Jun. 30, 2023

Notes and Loans Payable [Abstract]

Debt

On February 6, 2023, the Company extinguished the $13.7 million mortgage payable secured by Renaissance Center with its available liquidity.

Credit Agreements

Interest Rate Swaps

Senior Notes

The following table summarizes the Company's debt as of June 30, 2023 and December 31, 2022:


			As of June 30, 2023			As of December 31, 2022
	Maturity Date	Rate Type	Interest Rate	Amount		Interest Rate	Amount
Mortgages Payable
Fixed rate mortgages payable	Various	Fixed	3.12% (a) (b)	$	171,080	3.95% (a)	$	109,812
Variable rate mortgages payable	11/2/2023	Variable	1M SOFR + 1.65% (c)	17,468		—	—
Total				188,548			109,812

Term Loans
$200.0 million 5 years	9/22/2026	Fixed	2.71% (b)	100,000		2.71% (b)	100,000
$200.0 million 5 years	9/22/2026	Fixed	2.72% (b)	100,000		2.72% (b)	100,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.77% (b)	50,000		2.77% (b)	50,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.76% (b)	50,000		2.76% (b)	50,000
$200.0 million 5.5 years	3/22/2027	Fixed	4.99% (d)	100,000		1M SOFR + 1.30% (c)	100,000
Total				400,000			400,000

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

Revolving Line of Credit
$350.0 million total capacity	9/22/2025	Variable	1M SOFR + 1.14% (c)	—		1M SOFR + 1.14% (c)	—

Total debt			3.88%	838,548		4.08%	759,812
Debt discounts and issuance costs, net				(4,887)			(5,261)
Debt, net				$	833,661		$	754,551

(a)Interest rates reflect the weighted average of the Company's mortgages payable.

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

(c)As of June 30, 2023 and December 31, 2022, 1-Month Term SOFR was 5.14% and 4.36%, respectively.

(d)As of April 3, 2023, the variable portion was swapped to 3.69%, achieving a fixed rate of 4.99% through the maturity date.

The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2023 for the remainder of 2023, each of the next four years, and thereafter.


Scheduled maturities by year:	As of June 30, 2023
2023 (a)	$	92,468
2024	15,700
2025	22,880
2026	—
2027	26,000
Thereafter	31,500
Total mortgage payable maturities	$	188,548

(a)Scheduled maturities during the year ended December 31, 2023 do not include two 12-month extension options available.

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Measurements

The following financial instruments are remeasured at fair value on a recurring basis:


	Fair Value Measurements as of
	June 30, 2023						December 31, 2022
Cash Flow Hedges: (a) (b)	Level 1		Level 2 (c)		Level 3		Level 1		Level 2 (d)		Level 3
Derivative interest rate swap assets	$	—	$	27,875	$	—	$	—	$	26,721	$	—
Derivative interest rate swap liabilities	$	—	$	—	$	—	$	—	$	—	$	—

(a)During the twelve months subsequent to June 30, 2023, an estimated $12,290 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings.

(c)The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively.

Nonrecurring Measurements

Investment Properties

During the three months ended June 30, 2023 and 2022, the Company had no Level 3 nonrecurring fair value measurements.

Financial Instruments Not Measured at Fair Value


	June 30, 2023						December 31, 2022
	Carrying Value		Estimated Fair Value		Market Interest Rate		Carrying Value		Estimated Fair Value		Market Interest Rate
Mortgages payable	$	188,548	$	178,999	7.55	%	$	109,812	$	100,218	6.81	%
Senior notes	250,000		236,157		6.09	%	250,000		235,820		6.05	%
Term loans	400,000		400,501		5.45	%	400,000		401,170		5.11	%
Revolving line of credit	—		—		N/A		—		—		N/A

Earnings Per Share and Equity Transactions

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share and Equity Transactions

The following table reconciles the amounts used in calculating basic and diluted earnings per share:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Numerator:
Net income attributed to common shares	$	2,068	$	41,921	$	3,201	$	51,422
Earnings allocated to unvested restricted shares	—		(171)		—		(138)
Net income attributed to common shares - basic and diluted	2,068		41,750		3,201		51,284

Denominator:
Weighted average common shares outstanding - basic	67,523,105		67,413,049		67,515,913		67,384,044
Dilutive effect of unvested restricted shares (a)	188,743		137,797		167,313		193,480
Weighted average common shares outstanding - diluted	67,711,848		67,550,846		67,683,226		67,577,524

Basic and diluted earnings per common share:
Net income per common share - basic	$	0.03	$	0.62	$	0.05	$	0.76
Net income per common share - diluted	$	0.03	$	0.62	$	0.05	$	0.76

(a)For the three and six months ended June 30, 2023, the Company has excluded the anti-dilutive effect of market-based awards granted in 2023.

ATM Program

Share Repurchase Program

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Incentive Award Plan


	Six months ended June 30, 2023	Six months ended June 30, 2022
Volatility	34.00%	33.89%
Risk free interest rate	4.45%	0.79%	-	1.76%
Dividend Yield	3.20%	3.24%

The following table summarizes the Company's RSU activity during the six months ended June 30, 2023:


	Unvested Time- Based RSUs	Unvested Performance and Market-Based RSUs	Weighted-Average Grant Date Value Per Share
Outstanding as of January 1, 2023	123,427	712,051	$	23.35
Shares granted	152,393	445,828	$	18.40
Shares vested	(30,256)	(60,042)	$	30.85
Unearned performance shares added back to Share Limit	—	(69,803)	$	31.40

Outstanding as of June 30, 2023	245,564	1,028,034	$	20.03

Employee Stock Purchase Plan

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Lease Commitments

The Company has non-cancelable operating leases for office space used in its business. Future minimum operating lease obligations as of June 30, 2023, were as follows:


	Minimum Lease Payments
Remaining 2023	$	462
2024	628
2025	511
2026	517
2027	529
Thereafter	1,308
Total expected minimum lease obligation	3,955
Less: Amount representing interest (a)	(717)
Present value of net minimum lease payments	$	3,238

(a)Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn preparing its condensed consolidated financial statements, the Company has evaluated, for recognition and disclosure purposes, events and transactions occurring after June 30, 2023, through the date the financial statements were issued.

Organization (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Multi-Tenant Retail Portfolio

The following table summarizes the Company's retail portfolio as of June 30, 2023 and 2022:


	Wholly-Owned Retail Properties		Unconsolidated Retail Properties at 100%
	2023	2022	2023	2022
No. of properties	63	57	—	5
Gross Leasable Area (square feet)	10,387	9,077	—	1,387

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Minimum Lease Payments to be Received


Minimum lease payments, by year	As of June 30, 2023
Remaining 2023	$	94,140
2024	182,408
2025	164,700
2026	145,058
2027	111,938
Thereafter	380,531
Total	$	1,078,775

Schedule of Disaggregation of Lease Income, Net

The following table reflects the disaggregation of lease income, net:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Minimum base rent	$	41,545	$	36,726	$	82,021	$	71,774
Real estate tax recoveries	7,948		7,739		16,465		15,006
Common area maintenance, insurance, and other recoveries	7,489		7,004		14,438		13,296
Ground rent income	4,797		3,760		9,507		7,370
Amortization of market-lease intangibles and inducements, net	572		1,062		2,088		3,609
Short-term and other lease income	635		1,120		1,949		2,184
Termination fee income	610		149		744		317
Straight-line rent adjustment, net	836		707		1,546		1,370
Reversal of uncollectible straight-line rent	17		504		216		998
Provision for uncollectible billed rent and recoveries	(181)		(144)		(466)		(380)
Reversal of uncollectible billed rent and recoveries	—		308		590		1,159
Lease income, net	$	64,268	$	58,935	$	129,098	$	116,703

Acquired Properties (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Asset Acquisitions

The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2023:


Acquisition Date	Property	Metropolitan Area	Square Feet	Gross Acquisition Price		Assumption of Mortgage Debt
January 18, 2023	Bay Colony (a)	Houston, TX	416	$	79,100	$	41,969
January 18, 2023	Blackhawk Town Center (a)	Houston, TX	127	26,300		13,008
January 18, 2023	Cyfair Town Center (a)	Houston, TX	433	79,200		30,880
January 18, 2023	Stables Town Center (a)	Houston, TX	148	37,000		6,611
June 2, 2023	The Shoppes at Davis Lake	Charlotte, NC	91	22,400		—
			1,215	$	244,000	$	92,468

The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2022:


Acquisition Date	Property	Metropolitan Area	Square Feet	Gross Acquisition Price		Assumption of Mortgage Debt
February 2, 2022	Shops at Arbor Trails	Austin, TX	357	$	112,190	$	31,500
February 2, 2022	Escarpment Village	Austin, TX	170	77,150		26,000
April 21, 2022	The Highlands of Flower Mound (a)	Dallas, TX	175	38,000		22,880
May 4, 2022	Bay Landing	Fort Myers, FL	63	10,425		—
June 10, 2022	Kyle Marketplace - Outparcel (b)	Austin, TX	—	705		—
			765	$	238,470	$	80,380

(b)The Company acquired a parcel of vacant land adjacent to this retail property.

Disposed Properties (Tables)

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Real Property Disposed

The following table reflects the real property disposed of during the six months ended June 30, 2023:


Date	Property	Metropolitan Area	Square Feet	Gross Disposition Price		Gain on Sale
June 20, 2023	Shops at the Galleria (a)	Austin, TX	N/A	$	1,692	$	984
			—	$	1,692	$	984

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

The following table reflects the real property disposed of during the six months ended June 30, 2022:


Date	Property	Metropolitan Area	Square Feet	Gross Disposition Price		Gain on Sale
June 30, 2022	Centerplace of Greeley	Denver, CO	152	$	37,550	$	25,147
June 30, 2022	Cheyenne Meadows	Denver, CO	90	17,900		11,709
			242	$	55,450	$	36,856

Investment in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The following table reflects the real property disposed by IAGM since January 1, 2022.


Date	Property	Square Feet	Gross Disposition Price		IAGM's Gain (Loss) on Sale		The Company's Gain Deferral
March 3, 2022	Price Plaza (a)	206	$	39,100	$	3,751	$	—
April 21, 2022	The Highlands of Flower Mound (b)	175	38,000		1,244		684
December 16, 2022	Stone Ridge Market (b)	219	58,100		12,287		6,758
December 22, 2022	Stables Town Center (c)	43	7,800		(244)		—
January 18, 2023	Bay Colony (b)	416	79,100		22,327		12,280
January 18, 2023	Blackhawk Town Center (b)	127	26,300		12,632		6,948
January 18, 2023	Cyfair Town Center (b)	433	79,200		4,713		2,592
January 18, 2023	Stables Town Center (b)	148	37,000		5,536		3,045

(a)The buyer assumed a $17,800 mortgage payable secured by the property.

(b)The Company purchased these properties at a purchase price determined by a third party real estate valuation specialist.

(c)IAGM disposed of 43 square feet out of a total 191 square feet through a partial sale of the property.

Schedule of Combined Financial Information of Investment in Unconsolidated Entities

The following table presents condensed balance sheet information for IAGM:


	As of
	June 30, 2023		December 31, 2022
Assets:
Net investment properties	$	—	$	161,312
Other assets	10,708		65,565
Total assets	$	10,708	$	226,877
Liabilities and equity:
Mortgages debt, net	$	—	$	92,186
Other liabilities	3,803		7,392
Equity	6,905		127,299
Total liabilities and equity	$	10,708	$	226,877

Company's share of equity	$	3,753	$	70,869
Outside basis differences, net (a)	—		(14,738)
Carrying value of investments in unconsolidated entities	$	3,753	$	56,131

(a)The outside basis differences reflect unamortized deferred gains on historical property sales from IAGM to the Company.

The following table presents condensed income statement information of IAGM:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Total income	$	—	$	6,604	$	952	$	14,983
Depreciation and amortization	—		(2,519)		(622)		(5,424)
Property operating	—		(1,111)		(232)		(2,441)
Real estate taxes	—		(834)		(127)		(2,245)
Asset management fees	—		(220)		(32)		(471)
Interest expense, net	—		(899)		(143)		(2,058)
Other income and expense, net	275		249		474		107
(Loss) gain on debt extinguishment	—		(91)		444		(202)
Gain on sale of real estate	—		1,244		45,208		4,995
Gain on sale of derivatives					2,556		—
Net income	$	275	$	2,423	$	48,478	$	7,244

Company's share of net income	$	149	$	1,332	$	26,661	$	3,984
Outside basis adjustments for IAGM's sales to the Company	—		(616)		(27,175)		(552)
Equity in (losses) earnings of unconsolidated entities	$	149	$	716	$	(514)	$	3,432

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Notes and Loans Payable [Abstract]

Schedule of Debt

The following table summarizes the Company's debt as of June 30, 2023 and December 31, 2022:


			As of June 30, 2023			As of December 31, 2022
	Maturity Date	Rate Type	Interest Rate	Amount		Interest Rate	Amount
Mortgages Payable
Fixed rate mortgages payable	Various	Fixed	3.12% (a) (b)	$	171,080	3.95% (a)	$	109,812
Variable rate mortgages payable	11/2/2023	Variable	1M SOFR + 1.65% (c)	17,468		—	—
Total				188,548			109,812

Term Loans
$200.0 million 5 years	9/22/2026	Fixed	2.71% (b)	100,000		2.71% (b)	100,000
$200.0 million 5 years	9/22/2026	Fixed	2.72% (b)	100,000		2.72% (b)	100,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.77% (b)	50,000		2.77% (b)	50,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.76% (b)	50,000		2.76% (b)	50,000
$200.0 million 5.5 years	3/22/2027	Fixed	4.99% (d)	100,000		1M SOFR + 1.30% (c)	100,000
Total				400,000			400,000

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

Revolving Line of Credit
$350.0 million total capacity	9/22/2025	Variable	1M SOFR + 1.14% (c)	—		1M SOFR + 1.14% (c)	—

Total debt			3.88%	838,548		4.08%	759,812
Debt discounts and issuance costs, net				(4,887)			(5,261)
Debt, net				$	833,661		$	754,551

(a)Interest rates reflect the weighted average of the Company's mortgages payable.

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

(c)As of June 30, 2023 and December 31, 2022, 1-Month Term SOFR was 5.14% and 4.36%, respectively.

(d)As of April 3, 2023, the variable portion was swapped to 3.69%, achieving a fixed rate of 4.99% through the maturity date.

Schedule of Maturities for Outstanding Mortgage Indebtedness

The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2023 for the remainder of 2023, each of the next four years, and thereafter.


Scheduled maturities by year:	As of June 30, 2023
2023 (a)	$	92,468
2024	15,700
2025	22,880
2026	—
2027	26,000
Thereafter	31,500
Total mortgage payable maturities	$	188,548

(a)Scheduled maturities during the year ended December 31, 2023 do not include two 12-month extension options available.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Quantitative Disclosure of the Fair Value for Each Major Category of Assets and Liabilities

The following financial instruments are remeasured at fair value on a recurring basis:


	Fair Value Measurements as of
	June 30, 2023						December 31, 2022
Cash Flow Hedges: (a) (b)	Level 1		Level 2 (c)		Level 3		Level 1		Level 2 (d)		Level 3
Derivative interest rate swap assets	$	—	$	27,875	$	—	$	—	$	26,721	$	—
Derivative interest rate swap liabilities	$	—	$	—	$	—	$	—	$	—	$	—

(a)During the twelve months subsequent to June 30, 2023, an estimated $12,290 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings.

(c)The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively.

Schedule of Fair Value of Financial Instruments Presented at Carrying Values


	June 30, 2023						December 31, 2022
	Carrying Value		Estimated Fair Value		Market Interest Rate		Carrying Value		Estimated Fair Value		Market Interest Rate
Mortgages payable	$	188,548	$	178,999	7.55	%	$	109,812	$	100,218	6.81	%
Senior notes	250,000		236,157		6.09	%	250,000		235,820		6.05	%
Term loans	400,000		400,501		5.45	%	400,000		401,170		5.11	%
Revolving line of credit	—		—		N/A		—		—		N/A

Earnings Per Share and Equity Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles the amounts used in calculating basic and diluted earnings per share:


	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Numerator:
Net income attributed to common shares	$	2,068	$	41,921	$	3,201	$	51,422
Earnings allocated to unvested restricted shares	—		(171)		—		(138)
Net income attributed to common shares - basic and diluted	2,068		41,750		3,201		51,284

Denominator:
Weighted average common shares outstanding - basic	67,523,105		67,413,049		67,515,913		67,384,044
Dilutive effect of unvested restricted shares (a)	188,743		137,797		167,313		193,480
Weighted average common shares outstanding - diluted	67,711,848		67,550,846		67,683,226		67,577,524

Basic and diluted earnings per common share:
Net income per common share - basic	$	0.03	$	0.62	$	0.05	$	0.76
Net income per common share - diluted	$	0.03	$	0.62	$	0.05	$	0.76

(a)For the three and six months ended June 30, 2023, the Company has excluded the anti-dilutive effect of market-based awards granted in 2023.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Valuation Assumptions

The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:


	Six months ended June 30, 2023	Six months ended June 30, 2022
Volatility	34.00%	33.89%
Risk free interest rate	4.45%	0.79%	-	1.76%
Dividend Yield	3.20%	3.24%

Schedule of Restricted Stock Unit Activity

The following table summarizes the Company's RSU activity during the six months ended June 30, 2023:


	Unvested Time- Based RSUs	Unvested Performance and Market-Based RSUs	Weighted-Average Grant Date Value Per Share
Outstanding as of January 1, 2023	123,427	712,051	$	23.35
Shares granted	152,393	445,828	$	18.40
Shares vested	(30,256)	(60,042)	$	30.85
Unearned performance shares added back to Share Limit	—	(69,803)	$	31.40

Outstanding as of June 30, 2023	245,564	1,028,034	$	20.03

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Operating Lease Obligations Maturity

Future minimum operating lease obligations as of June 30, 2023, were as follows:


	Minimum Lease Payments
Remaining 2023	$	462
2024	628
2025	511
2026	517
2027	529
Thereafter	1,308
Total expected minimum lease obligation	3,955
Less: Amount representing interest (a)	(717)
Present value of net minimum lease payments	$	3,238

(a)Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.

Organization (Details)	6 Months Ended
Organization (Details)	Jun. 30, 2023 ft² unconsolidated_entity property	Jun. 30, 2022 ft² property unconsolidated_entity	Jan. 18, 2023 property	Dec. 31, 2022 unconsolidated_entity
Entity Information [Line Items]
Number of equity method investments \| unconsolidated_entity	1
Number of managed retail properties	0	5
Gross leasable area (square feet) \| ft²	0	1,387,000
Retail
Entity Information [Line Items]
Number of retail properties	63	57
Gross leasable area (square feet) \| ft²	10,387,000	9,077,000
IAGM
Entity Information [Line Items]
Number of properties acquired			4
IAGM Retail Fund LLC
Entity Information [Line Items]
Number of equity method investments \| unconsolidated_entity	1	1		1
Ownership percentage	55.00%		100.00%	55.00%

Revenue Recognition - Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Minimum Lease Payments:
Remaining 2023	$ 94,140
2024	182,408
2025	164,700
2026	145,058
2027	111,938
Thereafter	380,531
Total	$ 1,078,775

Revenue Recognition - Narrative (Details)	Jun. 30, 2023
Minimum
Disaggregation of Revenue [Line Items]
Remaining lease term	1 year
Maximum
Disaggregation of Revenue [Line Items]
Remaining lease term	76 years

Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Minimum base rent	$ 41,545	$ 36,726	$ 82,021	$ 71,774
Lease income, net	64,268	58,935	129,098	116,703
Reversal of uncollectible straight-line rent	17	504	216	998
Provision for uncollectible billed rent and recoveries	(181)	(144)	(466)	(380)
Real estate tax recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	7,948	7,739	16,465	15,006
Common area maintenance, insurance, and other recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	7,489	7,004	14,438	13,296
Ground rent income
Disaggregation of Revenue [Line Items]
Lease income, net	4,797	3,760	9,507	7,370
Amortization of market-lease intangibles and inducements, net
Disaggregation of Revenue [Line Items]
Lease income, net	572	1,062	2,088	3,609
Short-term and other lease income
Disaggregation of Revenue [Line Items]
Lease income, net	635	1,120	1,949	2,184
Termination fee income
Disaggregation of Revenue [Line Items]
Lease income, net	610	149	744	317
Straight-line rent adjustment, net
Disaggregation of Revenue [Line Items]
Lease income, net	836	707	1,546	1,370
Reversal of uncollectible billed rent and recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	$ 0	$ 308	$ 590	$ 1,159

Acquired Properties - Summary of Retail Properties Acquired (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($) ft²
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²	0	1,387,000
Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²	1,215,000	765,000
Gross Acquisition Price	$ 244,000	$ 238,470
Assumption of Mortgage Debt	92,468	80,380
Fair value assumption of mortgage debt	$ 692	$ 499
Bay Colony \| Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²	416,000
Gross Acquisition Price	$ 79,100
Assumption of Mortgage Debt	$ 41,969
Blackhawk Town Center \| Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²	127,000
Gross Acquisition Price	$ 26,300
Assumption of Mortgage Debt	$ 13,008
Cyfair Town Center \| Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²	433,000
Gross Acquisition Price	$ 79,200
Assumption of Mortgage Debt	$ 30,880
Stables Town Center \| Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²	148,000
Gross Acquisition Price	$ 37,000
Assumption of Mortgage Debt	$ 6,611
The Shoppes at Davis Lake \| Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²	91,000
Gross Acquisition Price	$ 22,400
Assumption of Mortgage Debt	$ 0
Shops at Arbor Trails \| Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²		357,000
Gross Acquisition Price		$ 112,190
Assumption of Mortgage Debt		$ 31,500
Escarpment Village \| Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²		170,000
Gross Acquisition Price		$ 77,150
Assumption of Mortgage Debt		$ 26,000
The Highlands of Flower Mound \| Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²		175,000
Gross Acquisition Price		$ 38,000
Assumption of Mortgage Debt		$ 22,880
Bay Landing \| Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²		63,000
Gross Acquisition Price		$ 10,425
Assumption of Mortgage Debt		$ 0
Kyle Marketplace - Outparcel \| Retail
Real Estate Properties [Line Items]
Gross leasable area (square feet) \| ft²		0
Gross Acquisition Price		$ 705
Assumption of Mortgage Debt		$ 0

Acquired Properties - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Transaction costs capitalized	$ 150	$ 886

Disposed Properties - Schedule of Disposal Groups (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($) ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (square feet) \| ft²	0	1,387,000
Gross Disposition Price	$ 1,692	$ 55,450
Retail Site
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (square feet) \| ft²	1,215,000	765,000
Disposed of by Sale \| Retail Site
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (square feet) \| ft²	0	242,000
Gross Disposition Price	$ 1,692	$ 55,450
Gain on Sale	984	$ 36,856
Disposed of by Sale \| Shops at the Galleria \| Retail Site
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price	1,692
Gain on Sale	$ 984
Disposed of by Sale \| Centerplace of Greeley \| Retail Site
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (square feet) \| ft²		152,000
Gross Disposition Price		$ 37,550
Gain on Sale		$ 25,147
Disposed of by Sale \| Cheyenne Meadows \| Retail Site
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (square feet) \| ft²		90,000
Gross Disposition Price		$ 17,900
Gain on Sale		$ 11,709

Investment in Unconsolidated Entities - Narrative (Details)		3 Months Ended		5 Months Ended	6 Months Ended
	Jan. 18, 2023 USD ($) derivative_instrument property	Jun. 30, 2023 USD ($) unconsolidated_entity	Jun. 30, 2022 USD ($) unconsolidated_entity	Jun. 30, 2023 USD ($) unconsolidated_entity	Jun. 30, 2023 USD ($) unconsolidated_entity	Jun. 30, 2022 USD ($) unconsolidated_entity	Mar. 31, 2023 USD ($)	Mar. 16, 2023 USD ($)	Dec. 31, 2022 USD ($) unconsolidated_entity	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Number of equity method investments \| unconsolidated_entity		1		1	1
Gain on sale of real estate	$ 24,900,000
Distributions from unconsolidated entities					$ 91,355,000	$ 47,355,000
Net assets		$ 1,582,937,000	$ 1,619,489,000	$ 1,582,937,000	1,582,937,000	1,619,489,000	$ 1,586,405,000		$ 1,603,909,000	$ 1,584,206,000	$ 1,571,552,000
Gain on sale of derivatives	$ 1,400,000
Interest Rate Swap
Variable Interest Entity [Line Items]
Number of instruments acquired \| derivative_instrument	2
Notional amount	$ 75,000,000							$ 100,000,000
IAGM
Variable Interest Entity [Line Items]
Number of properties acquired \| property	4
Purchase price	$ 222,300,000
Assumed aggregate mortgage debt	92,500,000
Distributions from unconsolidated entities				71,400,000
IAGM
Variable Interest Entity [Line Items]
Gain on sale of real estate		0	$ 1,244,000		45,208,000	4,995,000
Net assets		6,905,000		6,905,000	6,905,000				$ 127,299,000
Cash and cash equivalents		$ 10,400,000		$ 10,400,000	10,400,000
Gain on sale of derivatives					$ 2,556,000	$ 0
IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gain on sale of derivatives	$ 2,600,000
IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Ownership percentage	100.00%	55.00%		55.00%	55.00%				55.00%
Number of equity method investments \| unconsolidated_entity		1	1	1	1	1			1
Gain on sale of real estate	$ 45,200,000
Deferred gain on real estates					$ 39,900,000

Investment in Unconsolidated Entities - Schedule of Equity Method Investments (Details) $ in Thousands						6 Months Ended
	Jan. 18, 2023 USD ($) ft²	Dec. 22, 2022 USD ($) ft²	Dec. 16, 2022 USD ($) ft²	Apr. 21, 2022 USD ($) ft²	Mar. 03, 2022 USD ($) ft²	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($) ft²
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²						0	1,387,000
Gross Disposition Price						$ 1,692	$ 55,450
Retail Site
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²						1,215,000	765,000
Retail Site \| Disposed of by Sale
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²						0	242,000
Gross Disposition Price						$ 1,692	$ 55,450
IAGM's Gain (Loss) on Sale						$ 984	$ 36,856
Retail Site \| Equity Method Investment, Nonconsolidated Investee or Group of Investees \| IAGM Retail Fund LLC \| Stables Town Center I
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²		191,000
Price Plaza \| Retail Site \| Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Disposed of by Sale \| IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²					206,000
Gross Disposition Price					$ 39,100
IAGM's Gain (Loss) on Sale					3,751
The Company's Gain Deferral					0
Mortgage payable disposed of					$ 17,800
The Highlands of Flower Mound \| Retail Site \| Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Disposed of by Sale \| IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²				175,000
Gross Disposition Price				$ 38,000
IAGM's Gain (Loss) on Sale				1,244
The Company's Gain Deferral				$ 684
Stone Ridge Market \| Retail Site \| Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Disposed of by Sale \| IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²			219,000
Gross Disposition Price			$ 58,100
IAGM's Gain (Loss) on Sale			12,287
The Company's Gain Deferral			$ 6,758
Stables Town Center \| Retail Site \| Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Disposed of by Sale \| IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²	148,000	43,000
Gross Disposition Price	$ 37,000	$ 7,800
IAGM's Gain (Loss) on Sale	5,536	(244)
The Company's Gain Deferral	$ 3,045	$ 0
Bay Colony \| Retail Site \| Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Disposed of by Sale \| IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²	416,000
Gross Disposition Price	$ 79,100
IAGM's Gain (Loss) on Sale	22,327
The Company's Gain Deferral	$ 12,280
Blackhawk Town Center \| Retail Site \| Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Disposed of by Sale \| IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²	127,000
Gross Disposition Price	$ 26,300
IAGM's Gain (Loss) on Sale	12,632
The Company's Gain Deferral	$ 6,948
Cyfair Town Center \| Retail Site \| Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Disposed of by Sale \| IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gross leasable area (square feet) \| ft²	433,000
Gross Disposition Price	$ 79,200
IAGM's Gain (Loss) on Sale	4,713
The Company's Gain Deferral	$ 2,592

Investment in Unconsolidated Entities - Combined Financial Information (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
	Jan. 18, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Assets
Net investment properties		$ 2,229,981				$ 2,229,981		$ 2,092,301
Other assets		57,700				57,700		51,145
Total assets		2,536,761				2,536,761		2,473,034
Liabilities and equity:
Mortgages debt, net		833,661				833,661		754,551
Other liabilities		33,221				33,221		28,287
Equity		1,582,937	$ 1,586,405	$ 1,619,489	$ 1,584,206	1,582,937	$ 1,619,489	1,603,909	$ 1,571,552
Total liabilities and stockholders' equity		2,536,761				2,536,761		2,473,034
Carrying value of investments in unconsolidated entities		3,753				3,753		56,131
Operating expenses
Total income		64,687		59,893		129,892	118,679
Depreciation and amortization		(28,263)		(24,205)		(55,021)	(47,034)
Real estate taxes		(8,952)		(8,615)		(18,580)	(16,658)
Interest expense, net		(9,377)		(5,631)		(18,886)	(10,440)
(Loss) gain on debt extinguishment		0		0		0	(96)
Gain on sale of real estate	$ 24,900
Gain on sale of derivatives	$ 1,400
Net income		2,068	$ 1,133	41,921	$ 9,501	3,201	51,422
Equity in (losses) earnings of unconsolidated entities		149		716		(514)	3,432
IAGM
Liabilities and equity:
Outside basis difference, net		0				0		(14,738)
Operating expenses
Equity in (losses) earnings of unconsolidated entities		149		716		(514)	3,432
IAGM
Assets
Net investment properties		0				0		161,312
Other assets		10,708				10,708		65,565
Total assets		10,708				10,708		226,877
Liabilities and equity:
Mortgages debt, net		0				0		92,186
Other liabilities		3,803				3,803		7,392
Equity		6,905				6,905		127,299
Total liabilities and stockholders' equity		10,708				10,708		226,877
Company's share of equity		3,753				3,753		70,869
Carrying value of investments in unconsolidated entities		3,753				3,753		$ 56,131
Operating expenses
Total income		0		6,604		952	14,983
Depreciation and amortization		0		(2,519)		(622)	(5,424)
Property operating		0		(1,111)		(232)	(2,441)
Real estate taxes		0		(834)		(127)	(2,245)
Asset management fees		0		(220)		(32)	(471)
Interest expense, net		0		(899)		(143)	(2,058)
Other income and expense, net		275		249		474	107
(Loss) gain on debt extinguishment		0		(91)		444	(202)
Gain on sale of real estate		0		1,244		45,208	4,995
Gain on sale of derivatives						2,556	0
Net income		275		2,423		48,478	7,244
Company's share of net income		149		1,332		26,661	3,984
Outside basis adjustments for IAGM's sales to the Company		$ 0		$ (616)		$ (27,175)	$ (552)

Debt - Narrative (Details)				6 Months Ended
Debt - Narrative (Details)	Feb. 06, 2023 USD ($)	Aug. 11, 2022 USD ($)	Sep. 22, 2021 USD ($) tranche extension	Jun. 30, 2023 USD ($) extension interest_rate_swap	Apr. 03, 2023	Mar. 16, 2023 USD ($) interest_rate_swap	Jan. 18, 2023 USD ($) derivative_instrument	Dec. 31, 2022
Debt Instrument [Line Items]
Number of tranches \| tranche			2
Number of interest rate forward swaps \| interest_rate_swap				4		1
Interest rate (percent)				3.88%				4.08%
Interest Rate Swap
Debt Instrument [Line Items]
Number of instruments acquired \| derivative_instrument							2
Notional amount						$ 100,000,000	$ 75,000,000
Fixed interest rate (percent)					4.99%	4.99%
Mortgages payable
Debt Instrument [Line Items]
Extinguishment of mortgage payable	$ 13,700,000
Number of extension options \| extension				2
Extension option on line of credit, period				12 months
Revolving line of credit \| Revolving line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 350,000,000
Number of extension options \| extension			2
Extension option on line of credit, period			6 months
Unsecured Debt \| Term loans
Debt Instrument [Line Items]
Debt instrument, face amount			$ 400,000,000
Unsecured Debt \| Term Loan, Tranche One
Debt Instrument [Line Items]
Debt instrument, face amount			$ 200,000,000
Debt instrument, term			5 years
Unsecured Debt \| Term Loan, Tranche Two
Debt Instrument [Line Items]
Debt instrument, face amount			$ 200,000,000
Debt instrument, term			5 years 6 months
Secured Debt \| 5.5 year - variable rate \| Interest Rate Swap
Debt Instrument [Line Items]
Interest rate (percent)					3.69%	3.69%
Senior notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 250,000,000
Aggregate principal amount (in percentage)		5.00%
Debt instrument, redemption price ( in percentage)		100.00%
Senior notes \| 5.07%, Senior Notes, Series A, Due 2029
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 150,000,000
Debt instrument, face amount		$ 150,000,000
Interest rate (percent)		5.07%		5.07%				5.07%
Senior notes \| 5.20%, Senior Notes, Series B, Due 2032
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 100,000,000
Debt instrument, face amount		$ 100,000,000
Interest rate (percent)		5.20%		5.20%				5.20%

Debt - Summary of Debt (Details) - USD ($)	6 Months Ended	12 Months Ended
Debt - Summary of Debt (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Apr. 03, 2023	Mar. 16, 2023	Aug. 11, 2022
Debt Instrument [Line Items]
Interest rate (percent)	3.88%	4.08%
Amount	$ 838,548,000	$ 759,812,000
Debt discounts and issuance costs, net	(4,887,000)	(5,261,000)
Debt, net	833,661,000	754,551,000
Interest Rate Swap
Debt Instrument [Line Items]
Fixed interest rate (percent)			4.99%	4.99%
Mortgages payable
Debt Instrument [Line Items]
Amount	$ 188,548,000	$ 109,812,000
Mortgages payable \| Fixed rate mortgages payable
Debt Instrument [Line Items]
Interest rate (percent)	3.12%	3.95%
Amount	$ 171,080,000	$ 109,812,000
Mortgages payable \| Variable rate mortgages payable
Debt Instrument [Line Items]
Amount	$ 17,468,000	$ 0
Mortgages payable \| Variable rate mortgages payable \| One-month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.65%	0.00%
Term Loans
Debt Instrument [Line Items]
Amount	$ 400,000,000	$ 400,000,000
Term Loans \| One-month SOFR
Debt Instrument [Line Items]
Debt instrument, variable rate, percent	5.14%	4.36%
Term Loans \| 5 year - fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	2.71%	2.71%
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years
Term Loans \| 5 year - fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	2.72%	2.72%
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years
Term Loans \| 5.5 year - fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	2.77%	2.77%
Amount	$ 50,000,000	$ 50,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Term Loans \| 5.5 year- fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	2.76%	2.76%
Amount	$ 50,000,000	$ 50,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Term Loans \| 5.5 year- fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	4.99%
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Term Loans \| 5.5 year- fixed rate \| One-month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.30%
Term Loans \| 5.5 year - variable rate \| Interest Rate Swap
Debt Instrument [Line Items]
Interest rate (percent)			3.69%	3.69%
Senior notes
Debt Instrument [Line Items]
Amount	$ 250,000,000	$ 250,000,000
Debt instrument, face amount					$ 250,000,000
Senior notes \| 5.07% - fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	5.07%	5.07%			5.07%
Amount	$ 150,000,000	$ 150,000,000
Debt instrument, face amount					$ 150,000,000
Maximum borrowing capacity	$ 150,000,000
Senior notes \| 5.20%, Senior Notes, Series B, Due 2032
Debt Instrument [Line Items]
Interest rate (percent)	5.20%	5.20%			5.20%
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount					$ 100,000,000
Maximum borrowing capacity	100,000,000
Revolving Line of Credit \| Revolving line of credit
Debt Instrument [Line Items]
Amount	0	$ 0
Maximum borrowing capacity	$ 350,000,000
Revolving Line of Credit \| One-month SOFR \| Revolving line of credit
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.14%	1.14%

Debt - Mortgage Maturities (Details) $ in Thousands	6 Months Ended
Debt - Mortgage Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($) extension	Dec. 31, 2022 USD ($)
Schedule of maturities for outstanding mortgage indebtedness
Total mortgage payable maturities	$ 838,548	$ 759,812
Mortgages payable
Schedule of maturities for outstanding mortgage indebtedness
2023	92,468
2024	15,700
2025	22,880
2026	0
2027	26,000
Thereafter	31,500
Total mortgage payable maturities	$ 188,548	$ 109,812
Number of extension options \| extension	2
Extension option on line of credit, period	12 months

Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Cash Flow Hedges:
Deferred amounts in accumulated comprehensive income (loss) that will be reclassified into earnings	$ 12,290
Fair Value, Measurements, Recurring \| Level 1
Cash Flow Hedges:
Derivative interest rate swap assets	0	$ 0
Derivative interest rate swap liabilities	0	0
Fair Value, Measurements, Recurring \| Level 2
Cash Flow Hedges:
Derivative interest rate swap assets	27,875	26,721
Derivative interest rate swap liabilities	0	0
Fair Value, Measurements, Recurring \| Level 3
Cash Flow Hedges:
Derivative interest rate swap assets	0	0
Derivative interest rate swap liabilities	$ 0	$ 0

Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Measurements, Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonrecurring fair value measurements	$ 0	$ 0

Fair Value Measurements - Financial Instruments Not Measure at Fair Value (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Mortgages payable \| Market Interest Rate
Debt Instrument [Line Items]
Fair value measurement input (percent)	0.0755	0.0681
Mortgages payable \| Carrying Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 188,548	$ 109,812
Mortgages payable \| Estimated Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 178,999	$ 100,218
Senior notes \| Market Interest Rate
Debt Instrument [Line Items]
Fair value measurement input (percent)	0.0609	0.0605
Senior notes \| Carrying Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 250,000	$ 250,000
Senior notes \| Estimated Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 236,157	$ 235,820
Term loans \| Market Interest Rate
Debt Instrument [Line Items]
Fair value measurement input (percent)	0.0545	0.0511
Term loans \| Carrying Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 400,000	$ 400,000
Term loans \| Estimated Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	400,501	401,170
Revolving line of credit \| Carrying Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	0	0
Revolving line of credit \| Estimated Fair Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	$ 0	$ 0

Earnings Per Share and Equity Transactions - Reconciliation of Basic and Diluted Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income attributed to common shares	$ 2,068	$ 1,133	$ 41,921	$ 9,501	$ 3,201	$ 51,422
Earnings allocated to unvested restricted shares	0		(171)		0	(138)
Net income attributed to common shares - basic	2,068		41,750		3,201	51,284
Net income attributed to common shares - diluted	$ 2,068		$ 41,750		$ 3,201	$ 51,284
Denominator:
Weighted average common shares outstanding - basic (in shares)	67,523,105		67,413,049		67,515,913	67,384,044
Dilutive effect of unvested restricted shares (in shares)	188,743		137,797		167,313	193,480
Weighted average common shares outstanding - diluted (in shares)	67,711,848		67,550,846		67,683,226	67,577,524
Basic and diluted earnings per common share:
Net income per common share - basic (in dollars per share)	$ 0.03		$ 0.62		$ 0.05	$ 0.76
Net income per common share - diluted (in dollars per share)	$ 0.03		$ 0.62		$ 0.05	$ 0.76

Earnings Per Share and Equity Transactions - Narrative (Details) - USD ($)	Mar. 07, 2022	Feb. 23, 2022
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 150,000,000
Private Placement
Class of Stock [Line Items]
Sale of stock consideration received on transaction	$ 250,000,000

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	May 04, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized		$ 14,636		$ 14,636
Stock-based compensation expense		$ 2,302	$ 1,320	$ 4,269	$ 2,402
Restricted Stock Units (RSUs) \| 2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (shares)		3,000,000		3,000,000
Number of shares available for grant (shares)		531,823		531,823
Market performance thresholds period				3 years
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (shares)	3,300,000
ESPP purchase price, percentage	85.00%
ESPP shares issued (in shares)				0

Stock-Based Compensation - Significant Assumptions Used in the Monte Carlo simulation Models (Details) - Unvested Time- Based RSUs	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate - maximum		1.76%
2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	34.00%	33.89%
Risk-free interest rate - minimum		0.79%
Risk free interest rate	4.45%
Dividend Yield	3.20%	3.24%

Stock-Based Compensation - Summary of Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Unvested Time- Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding as beginning (in shares)	123,427
Shares granted (in shares)	152,393
Shares vested (in shares)	(30,256)
Unearned performance shares added back to share limit (in shares)	0
Outstanding as ending (in shares)	245,564
Weighted-Average Grant Date Value Per Share
Outstanding as beginning (in dollars per share) \| $ / shares	$ 23.35
Shares granted (in dollars per share) \| $ / shares	18.40
Shares vested (in dollars per share) \| $ / shares	30.85
Unearned performance shares added back to share limit (in dollars per share) \| $ / shares	31.40
Outstanding as ending (in dollars per share) \| $ / shares	$ 20.03
Unvested Performance and Market-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding as beginning (in shares)	712,051
Shares granted (in shares)	445,828
Shares vested (in shares)	(60,042)
Unearned performance shares added back to share limit (in shares)	(69,803)
Outstanding as ending (in shares)	1,028,034

Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Minimum Lease Payments
Remaining 2023	$ 462
2024	628
2025	511
2026	517
2027	529
Thereafter	1,308
Total expected minimum lease obligation	3,955
Less: Amount representing interest	(717)
Present value of net minimum lease payments	$ 3,238

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