Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

February 13, 2024

Date of Report (Date of earliest event reported)

___________________________________

INVENTRUST PROPERTIES CORP.

(Exact name of registrant as specified in its charter)

___________________________________


Maryland (State or other jurisdiction of incorporation)	001-40896 (Commission File Number)	34-2019608 (I.R.S. Employer Identification No.)
3025 Highland Parkway, Suite 350 Downers Grove, Illinois 60515
(Address of principal executive offices and zip code)
(855) 377-0510
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, $0.001 par value	IVT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 - Results of Operations and Financial Condition.

On February 13, 2024, InvenTrust Properties Corp. (the "Company") issued a press release announcing its results for the quarter and year ended December 31, 2023. The full text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

On February 13, 2024, the Company posted on its website, at https://www.inventrustproperties.com/investor-relations/, certain supplemental information for the quarter and year ended December 31, 2023 (the "Fourth Quarter Supplemental"). A copy of the Fourth Quarter Supplemental is attached as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference.

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

Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description
99.1						Press Release of InvenTrust Properties Corp., dated as of February 13, 202 4 (furnished pursuant to Item 2.02)
99.2						Fourth Quarter Supplemental (furnished pursuant to Item 2.02)
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

February 13, 2024

INVENTRUST PROPERTIES CORP.

By:

/s/ Christy L. David

Name:

Christy L. David

Title:

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

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2023 Fourth Quarter and Full Year Results

DOWNERS GROVE, Ill – February 13, 2024 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the fourth quarter and full year ended December 31, 2023 and provided initial guidance for 2024. For the three months ended December 31, 2023 and 2022, the Company reported Net Income of $2.9 million, or $0.04 per diluted share, compared to a Net Loss of $0.1 million, or $0.00 per diluted share, respectively. For the years ended December 31, 2023 and 2022, the Company reported Net Income of $5.3 million, or $0.08 per diluted share, compared to $52.2 million, or $0.77 per diluted share, respectively.

Fourth Quarter and Full Year 2023 Highlights:

•NAREIT FFO for the fourth quarter of $0.45 per diluted share, and $1.70 per diluted share for the full year

•Core FFO for the fourth quarter of $0.41 per diluted share, and $1.65 per diluted share for the full year

•Same Property Net Operating Income (“NOI”) growth of 6.4% for the fourth quarter and 4.9% for the full year

•Leased Occupancy as of December 31, 2023 of 96.2%, a fourth quarter sequential increase of 110 basis points and a full year increase of 10 basis points

•Executed 86 leases in the fourth quarter, totaling approximately 553,000 square feet of GLA, of which 429,000 was executed at a blended comparable lease spread of 13.9%, and 299 leases for the full year, totaling approximately 1,418,000 square feet of GLA, of which 974,000 was executed at a blended comparable lease spread of 9.8%

•New leases for anchor tenants were executed at a comparable lease spread of 35.2% for the full year

•Raised $5.4 million of net proceeds under the at-the-market equity offering program (the “ATM Program”)

•The Board of Directors approved a 5% increase to the Company’s dividends starting in April 2024

”We are pleased to report another year of outstanding performance driven by our simple and focused business plan; that is, owning high quality open-air retail centers in Sun Belt markets,” commented DJ Busch, CEO and President. “Significant tenant demand for our space has continued into the early part of 2024. Meanwhile, our low levered balance sheet allows us to remain flexible and opportunistic. To that end, subsequent to the quarter end, we strategically expanded our footprint into the Phoenix MSA through the acquisition of a premier essential retail center.”

NET INCOME (LOSS)

•Net Income for the three months ended December 31, 2023 was $2.9 million, or $0.04 per diluted share, compared to a Net Loss of $0.1 million, or $0.00 per diluted share, for the same period in 2022.

•Net Income for the year ended December 31, 2023 was $5.3 million, or $0.08 per diluted share, compared to $52.2 million, or $0.77 per diluted share, for the same period in 2022.

NAREIT FFO

•NAREIT FFO for the three months ended December 31, 2023 was $30.8 million, or $0.45 per diluted share, as compared to $23.8 million, or $0.35 per diluted share, for the same period in 2022.

•NAREIT FFO for the year ended December 31, 2023 was $115.5 million, or $1.70 per diluted share, as compared to $112.0 million, or $1.66 per diluted share, for the same period in 2022.


1 - Earnings Release - Quarter and Full Year Ended December 31, 2023

CORE FFO

•Core FFO for the three months ended December 31, 2023 was $27.8 million, or $0.41 per diluted share, compared to $23.1 million, or $0.34 per diluted share, for the same period in 2022.

•Core FFO for the year ended December 31, 2023 was $111.9 million, or $1.65 per diluted share, compared to $106.0 million, or $1.57 per diluted share, for the same period in 2022.

SAME PROPERTY NOI

•Same Property NOI for the three months ended December 31, 2023 was $38.7 million, a 6.4% increase, compared to the same period in 2022.

•Same Property NOI for the year ended December 31, 2023 was $142.1 million, a 4.9% increase, compared to the same period in 2022.

DIVIDEND

•For the quarter ending December 31, 2023, the Board of Directors declared a quarterly cash distribution of $0.2155 per share, payable on January 15, 2024.

•The Board of Directors approved an increase of 5% to the Company’s cash dividend. The new annual rate of $0.9052 will be reflected in the next quarterly dividend of $0.2263 expected to be paid in April 2024.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of December 31, 2023, the Company’s Leased Occupancy was 96.2%.

◦Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 98.2% and Small Shop Leased Occupancy was 92.5%. Anchor Leased Occupancy increased by 160 basis points and Small Shop Leased Occupancy increased by 10 basis points on a sequential basis compared to the previous quarter.

◦Leased to Economic Occupancy spread of 290 basis points, which equates to approximately $7.4 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the fourth quarter and full year were 13.9% and 9.8%, respectively.

•Annualized Base Rent PSF (“ABR”) as of December 31, 2023 was $19.48, an increase of 2.1% compared to the same period in 2022. Anchor Tenant ABR PSF was $12.49 and Small Shop ABR PSF was $32.74 for the fourth quarter.

LIQUIDITY AND CAPITAL STRUCTURE

•During the three months ended December 31, 2023, the Company raised $5.4 million of net proceeds under the ATM Program, after $0.1 million in commissions, through the issuance of 208,040 shares of common stock at a weighted average price of $26.13 per share.

•On October 17, 2023, the Company extended the maturity of its $92.5 million of cross-collateralized mortgage debt maturing in 2023 by exercising one of its two 12-month extension options. The maturity date of the debt is now November 2, 2024. On December 21, 2023, the Company partially paid down the cross-collateralized mortgage debt by $20.0 million, resulting in an outstanding balance of $72.5 million as of December 31, 2023.

•InvenTrust had $446.4 million of total liquidity, as of December 31, 2023 comprised of $96.4 million of cash and cash equivalents and $350.0 million of availability under its Revolving Credit Facility.

•InvenTrust has $88.2 million of debt maturing in 2024 and $22.9 million of debt maturing in 2025.

•The Company's weighted average interest rate on its debt as of December 31, 2023 was 4.29% and the weighted average remaining term was 4.0 years.

SUBSEQUENT EVENTS

•On February 1, 2024, the Company acquired The Plant, a 57,000 square foot neighborhood center anchored by Sprouts Farmers Market in Chandler, Arizona for a gross acquisition price of $29.5 million. The Company used cash on hand and assumed $13.0 million of existing mortgage debt to fund the acquisition.


2 - Earnings Release - Quarter and Full Year Ended December 31, 2023

FULL YEAR 2024 OUTLOOK AND INITIAL GUIDANCE

The Company has provided initial 2024 guidance, as summarized in the table below.


(Unaudited, dollars in thousands, except per share amounts)	Initial 2024 Guidance(1)(2)			2023 Actual
Net Income per diluted share	$0.04	—	$0.10	$0.08
NAREIT FFO per diluted share	$1.69	—	$1.75	$1.70
Core FFO per diluted share (3)	$1.66	—	$1.70	$1.65
Same Property NOI (“SPNOI”) Growth	2.25%	—	3.25%	4.9%
General and administrative	$33,000	—	$34,250	$31,797
Interest expense, net (4)	$35,000	—	$35,750	$34,025
Net investment activity (5)	~ $75,000			$110,670

(1)The Company’s initial 2024 guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, or depreciation, amortization, and straight-line rent adjustments related to acquisitions.

(2)The Company’s initial 2024 guidance includes an expectation of uncollectibility, reflected as 50-100 basis points of expected total revenue.

(3)Core FFO per diluted share excludes certain remaining amortization assumptions within NAREIT FFO, debt extinguishment charges, straight-line rent adjustments, and non-routine items which, in management’s judgement, are not pertinent to measuring on-going operating performance.

(4)Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $1.0 million.

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

In addition to the foregoing, the Company's initial 2024 Guidance incorporates a number of other assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.

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


(Unaudited)	Low End		High End
Net income per diluted share	$	0.04	$	0.10
Depreciation and amortization related to investment properties	1.65		1.65

NAREIT FFO per diluted share	1.69		1.75
Amortization of market-lease intangibles and inducements, net	(0.02)		(0.03)
Straight-line rent adjustments, net	(0.04)		(0.05)
Amortization of debt discounts and financing costs	0.03		0.03

Core FFO per diluted share	$	1.66	$	1.70

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

CONFERENCE CALL INFORMATION

Date: Wednesday, February 14, 2024

Time: 10:00 a.m. ET

Dial-in: (833) 470-1428 / Access Code: 861039

Webcast & Replay Link: https://events.q4inc.com/attendee/254590774

Webcast Archive: https://www.inventrustproperties.com/investor-relations/


3 - Earnings Release - Quarter and Full Year Ended December 31, 2023


			Definitions

NON-GAAP FINANCIAL MEASURES

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

SAME PROPERTY NOI or SPNOI

Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments ("GAAP Rent Adjustments"). NOI from other investment properties includes adjustments for the Company's captive insurance company.

NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE FFO

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

ADJUSTED EBITDA

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

NET DEBT-TO-ADJUSTED EBITDA

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

PRO RATA FINANCIAL INFORMATION

On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”), in which it held a 55% ownership share. Throughout this Press Release, the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," with the exception of property and lease count, as of and for the three months and year ended December 31, 2022.


4 - Earnings Release - Quarter and Full Year Ended December 31, 2023


			Financial Statements

Consolidated Balance Sheets

In thousands, except share amounts


	As of December 31,
	2023		2022
Assets	(unaudited)
Investment properties
Land	$	694,668	$	650,764
Building and other improvements	1,956,117		1,825,893
Construction in progress	5,889		5,005
Total	2,656,674		2,481,662
Less accumulated depreciation	(461,352)		(389,361)
Net investment properties	2,195,322		2,092,301
Cash, cash equivalents and restricted cash	99,763		137,762
Investment in unconsolidated entities	—		56,131
Intangible assets, net	114,485		101,167
Accounts and rents receivable	35,353		34,528
Deferred costs and other assets, net	42,408		51,145
Total assets	$	2,487,331	$	2,473,034

Liabilities
Debt, net	$	814,568	$	754,551
Accounts payable and accrued expenses	44,583		42,792
Distributions payable	14,594		13,837
Intangible liabilities, net	30,344		29,658
Other liabilities	29,198		28,287
Total liabilities	933,287		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, 67,807,831 shares issued and outstanding as of December 31, 2023 and 67,472,553 shares issued and outstanding as of December 31, 2022	68		67
Additional paid-in capital	5,468,728		5,456,968
Distributions in excess of accumulated net income	(3,932,826)		(3,879,847)
Accumulated comprehensive income	18,074		26,721
Total stockholders' equity	1,554,044		1,603,909
Total liabilities and stockholders' equity	$	2,487,331	$	2,473,034


5 - Earnings Release - Quarter and Full Year Ended December 31, 2023


			Financial Statements

Consolidated Statements of Operations and Comprehensive (Loss) Income

In thousands, except share and per share amounts, unaudited


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Income
Lease income, net	$	64,332	$	58,418	$	257,146	$	232,980
Other property income	390		275		1,450		1,161
Other fee income	—		578		80		2,566
Total income	64,722		59,271		258,676		236,707

Operating expenses
Depreciation and amortization	28,091		23,897		113,430		94,952
Property operating	11,776		11,983		42,832		40,239
Real estate taxes	7,448		7,330		34,809		32,925
General and administrative	8,408		10,103		31,797		33,342
Total operating expenses	55,723		53,313		222,868		201,458

Other (expense) income
Interest expense, net	(9,697)		(8,648)		(38,138)		(26,777)
Loss on extinguishment of debt	(15)		(85)		(15)		(181)

Gain on sale of investment properties	—		1,393		2,691		38,249
Equity in (losses) earnings of unconsolidated entities	(110)		(121)		(557)		3,663
Other income and expense, net	3,713		1,378		5,480		2,030
Total other (expense) income, net	(6,109)		(6,083)		(30,539)		16,984

Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233

Weighted-average common shares outstanding, basic	67,563,908		67,428,549		67,531,898		67,406,233
Weighted-average common shares outstanding, diluted	68,090,912		67,428,549		67,813,180		67,525,935

Net income (loss) per common share - basic	$	0.04	$	—	$	0.08	$	0.77
Net income (loss) per common share - diluted	$	0.04	$	—	$	0.08	$	0.77

Distributions declared per common share outstanding	$	0.22	$	0.21	$	0.86	$	0.82
Distributions paid per common share outstanding	$	0.22	$	0.21	$	0.85	$	0.82

Comprehensive (loss) income
Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233
Unrealized (loss) gain on derivatives	(7,268)		(860)		6,228		32,052
Reclassification (to) from net income (loss)	(3,786)		(1,756)		(14,875)		(1,009)
Comprehensive (loss) income	$	(8,164)	$	(2,741)	$	(3,378)	$	83,276


6 - Earnings Release - Quarter and Full Year Ended December 31, 2023


			Reconciliation of Non-GAAP Measures In thousands

Same Property NOI


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Income
Base rent	$	36,739	$	35,889	$	135,732	$	130,613
Real estate tax recoveries	6,345		6,655		25,821		26,244
CAM, insurance, and other recoveries	7,413		7,187		24,829		24,119
Ground rent income	3,683		3,690		13,535		13,319
Short-term and other lease income	1,763		1,462		4,244		4,203
Provision for uncollectible billed rent and recoveries	(662)		(286)		(1,325)		(814)
Reversal of uncollectible billed rent and recoveries	—		11		395		1,279
Other property income	339		277		1,212		1,127
Total income	55,620		54,885		204,443		200,090

Operating Expenses
Property operating expenses	10,271		11,537		33,841		35,695
Real estate taxes	6,640		6,969		28,478		28,852
Total operating expenses	16,911		18,506		62,319		64,547

Same Property NOI	$	38,709	$	36,379	$	142,124	$	135,543

Net Income (Loss) to Same Property NOI


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	(3,713)		(1,378)		(5,480)		(2,030)
Equity in losses (earnings) of unconsolidated entities	110		121		557		(3,663)
Interest expense, net	9,697		8,648		38,138		26,777
Loss on extinguishment of debt	15		85		15		181
Gain on sale of investment properties	—		(1,393)		(2,691)		(38,249)

Depreciation and amortization	28,091		23,897		113,430		94,952
General and administrative	8,408		10,103		31,797		33,342
Other fee income	—		(578)		(80)		(2,566)
Adjustments to NOI (a)	(1,500)		(1,671)		(7,528)		(9,743)
NOI	43,998		37,709		173,427		151,234
NOI from other investment properties	(5,289)		(1,330)		(31,303)		(15,691)
Same Property NOI	$	38,709	$	36,379	$	142,124	$	135,543

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


7 - Earnings Release - Quarter and Full Year Ended December 31, 2023


			Reconciliation of Non-GAAP Measures In thousands

NAREIT FFO and Core FFO

The following table presents a reconciliation of Net Income (Loss) to NAREIT FFO and Core FFO Attributable to Common Shares and Dilutive Securities, and provides additional information related to its operations:


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233
Depreciation and amortization related to investment properties	27,864		23,698		112,578		94,142

Gain on sale of investment properties	—		(1,393)		(2,691)		(38,249)
Unconsolidated joint venture adjustments (a)	—		1,595		342		3,850
NAREIT FFO Applicable to Common Shares and Dilutive Securities	30,754		23,775		115,498		111,976
Amortization of market-lease intangibles and inducements, net	(626)		(995)		(3,343)		(5,589)
Straight-line rent adjustments, net	(857)		(690)		(3,349)		(3,815)
Amortization of debt discounts and financing costs	827		741		4,113		2,816
Adjusting items, net (b)	(2,385)		(36)		(969)		(18)
Unconsolidated joint venture adjusting items, net (c)	80		282		(92)		582
Core FFO Applicable to Common Shares and Dilutive Securities	$	27,793	$	23,077	$	111,858	$	105,952

Weighted average common shares outstanding - basic	67,563,908		67,428,549		67,531,898		67,406,233
Dilutive effect of unvested restricted shares (d)	527,004		—		281,282		119,702
Weighted average common shares outstanding - diluted	68,090,912		67,428,549		67,813,180		67,525,935

NAREIT FFO per diluted share	$	0.45	$	0.35	$	1.70	$	1.66
Core FFO per diluted share	$	0.41	$	0.34	$	1.65	$	1.57

(a)Represents the Company's 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, 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 the Company's joint venture, and miscellaneous and settlement income.

(c)Represents the Company's 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.


8 - Earnings Release - Quarter and Full Year Ended December 31, 2023


			Reconciliation of Non-GAAP Measures In thousands

EBITDA and Adjusted EBITDA

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


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233
Interest expense, net	9,697		8,648		38,138		26,777
Income tax expense	129		94		517		363
Depreciation and amortization	28,091		23,897		113,430		94,952
Unconsolidated joint venture adjustments (a)	—		2,054		417		8,075
EBITDA	40,807		34,568		157,771		182,400

Gain on sale of investment properties	—		(1,393)		(2,691)		(38,249)
Amortization of market-lease intangibles and inducements, net	(626)		(995)		(3,343)		(5,589)
Straight-line rent adjustments, net	(857)		(690)		(3,349)		(3,815)
Adjusting items, net (b)	(2,612)		(235)		(1,821)		(828)
Unconsolidated joint venture adjusting items, net (c)	80		367		(108)		(1,551)
Adjusted EBITDA	$	36,792	$	31,622	$	146,459	$	132,368

(a)Represents IVT's share of depreciation, amortization, interest expense, net, and income tax expense related to IAGM.

(b)Adjusting items, net, are primarily loss on extinguishment of debt 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 the Company's joint venture, and miscellaneous and settlement income.

(c)Represents IVT's share of loss on extinguishment of debt, amortization of market lease intangibles and inducements, net, straight line rent adjustments, net and non-operating income and expense, net, related to IAGM.

Financial Leverage Ratios

Dollars in thousands

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


	As of December 31,
	2023		2022 (a)
Net Debt:
Outstanding Debt, net	$	814,568	$	805,253
Less: Cash and cash equivalents	(96,385)		(164,448)
Net Debt	$	718,183	$	640,805

Net Debt-to-Adjusted EBITDA (trailing 12 months):
Net Debt	$	718,183	$	640,805
Adjusted EBITDA (trailing 12 months)	146,459		132,368
Net Debt-to-Adjusted EBITDA (a)	4.9x		4.8x

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


9 - Earnings Release - Quarter and Full Year Ended December 31, 2023

About InvenTrust Properties Corp.

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

The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under Generally Accepted Accounting Principles (“GAAP”). The information provided in this press release is unaudited and includes non-GAAP measures (as discussed below), and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year-ended December 31, 2023. IVT may, but assumes no obligation to, update information in this press release.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this press release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements about the Company's 2024 guidance, the amount and timing of payment of the Company's next quarterly dividend, the Company's expectation for continued tenant demand for its centers, strength of and anticipated opportunities based on IVT's low leverage levels, or regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” "continue," “likely,” “will,” “would,” "outlook," "guidance," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.

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

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


10 - Earnings Release - Quarter and Full Year Ended December 31, 2023


			Table of Contents


						Page No.

Introductory Notes						i

Earnings Release						iii

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

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

Investment Summary
Acquisitions and Dispositions						14
Development Pipeline						15
Property Summary						16

Components of NAV as of December 31, 2023						18

Glossary of Terms						19


			Introductory Notes

About InvenTrust Properties Corp.

The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under Generally Accepted Accounting Principles (“GAAP”). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed below), and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year-ended December 31, 2023. IVT may, but assumes no obligation to, update information in this supplemental.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements about the Company's 2024 guidance, the amount and timing of payment of the Company's next quarterly dividend, the Company's expectation for continued tenant demand for its centers, strength of and anticipated opportunities based on IVT's low leverage levels, or regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” "continue," “likely,” “will,” “would,” "outlook," "guidance," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.

Notice Regarding Non-GAAP Financial Measures

In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. Management does not consider the Company's non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of IVT's financial performance as they may not reflect the operations of the entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of IVT's properties that could materially impact IVT's results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of IVT's liquidity, nor as an indication of funds available to cover IVT's cash needs, including IVT's ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if management does not continue to operate the business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, IVT's non-GAAP measures may not be comparable to other REITs. Reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are included on pages 6 and 7 and definitions of the Company's non-GAAP measures are included in the Glossary of Terms on page 19.


i Supplemental - Quarter Ended December 31, 2023


			Introductory Notes

Pro Rata Financial Information

As of December 31, 2022, the Company owned a 55% interest in IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”). 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. As of December 31, 2022, IAGM was the Company’s sole joint venture and was unconsolidated.

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.

Throughout this supplemental, the Company has included the results from its 55% ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," with the exception of property and lease count, as of and for the three months and year ended December 31, 2022.

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

Reduction of Authorized Shares

On April 28, 2022, the Company filed an amendment to its charter to decrease the number of authorized shares of common stock from 1,460,000,000 to 146,000,000, in proportion with the one-for-ten reverse stock split effected by the Company on August 5, 2021. The authorized shares of preferred stock remain at 40,000,000.

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


ii Supplemental - Quarter Ended December 31, 2023

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2023 Fourth Quarter and Full Year Results

Fourth Quarter and Full Year 2023 Highlights:

•NAREIT FFO for the fourth quarter of $0.45 per diluted share, and $1.70 per diluted share for the full year

•Core FFO for the fourth quarter of $0.41 per diluted share, and $1.65 per diluted share for the full year

•Same Property Net Operating Income (“NOI”) growth of 6.4% for the fourth quarter and 4.9% for the full year

•Leased Occupancy as of December 31, 2023 of 96.2%, a fourth quarter sequential increase of 110 basis points and a full year increase of 10 basis points

•New leases for anchor tenants were executed at a comparable lease spread of 35.2% for the full year

•Raised $5.4 million of net proceeds under the at-the-market equity offering program (the “ATM Program”)

•The Board of Directors approved a 5% increase to the Company’s dividends starting in April 2024

NET INCOME (LOSS)

•Net Income for the year ended December 31, 2023 was $5.3 million, or $0.08 per diluted share, compared to $52.2 million, or $0.77 per diluted share, for the same period in 2022.

NAREIT FFO

•NAREIT FFO for the three months ended December 31, 2023 was $30.8 million, or $0.45 per diluted share, as compared to $23.8 million, or $0.35 per diluted share, for the same period in 2022.

•NAREIT FFO for the year ended December 31, 2023 was $115.5 million, or $1.70 per diluted share, as compared to $112.0 million, or $1.66 per diluted share, for the same period in 2022.


iii Supplemental - Quarter Ended December 31, 2023

CORE FFO

•Core FFO for the three months ended December 31, 2023 was $27.8 million, or $0.41 per diluted share, compared to $23.1 million, or $0.34 per diluted share, for the same period in 2022.

•Core FFO for the year ended December 31, 2023 was $111.9 million, or $1.65 per diluted share, compared to $106.0 million, or $1.57 per diluted share, for the same period in 2022.

SAME PROPERTY NOI

•Same Property NOI for the three months ended December 31, 2023 was $38.7 million, a 6.4% increase, compared to the same period in 2022.

•Same Property NOI for the year ended December 31, 2023 was $142.1 million, a 4.9% increase, compared to the same period in 2022.

DIVIDEND

•For the quarter ending December 31, 2023, the Board of Directors declared a quarterly cash distribution of $0.2155 per share, payable on January 15, 2024.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of December 31, 2023, the Company’s Leased Occupancy was 96.2%.

◦Leased to Economic Occupancy spread of 290 basis points, which equates to approximately $7.4 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the fourth quarter and full year were 13.9% and 9.8%, respectively.

LIQUIDITY AND CAPITAL STRUCTURE

•InvenTrust has $88.2 million of debt maturing in 2024 and $22.9 million of debt maturing in 2025.

•The Company's weighted average interest rate on its debt as of December 31, 2023 was 4.29% and the weighted average remaining term was 4.0 years.

SUBSEQUENT EVENTS


iv Supplemental - Quarter Ended December 31, 2023

FULL YEAR 2024 OUTLOOK AND INITIAL GUIDANCE

The Company has provided initial 2024 guidance, as summarized in the table below.


(Unaudited, dollars in thousands, except per share amounts)	Initial 2024 Guidance(1)(2)			2023 Actual
Net Income per diluted share	$0.04	—	$0.10	$0.08
NAREIT FFO per diluted share	$1.69	—	$1.75	$1.70
Core FFO per diluted share (3)	$1.66	—	$1.70	$1.65
Same Property NOI (“SPNOI”) Growth	2.25%	—	3.25%	4.9%
General and administrative	$33,000	—	$34,250	$31,797
Interest expense, net (4)	$35,000	—	$35,750	$34,025

Net investment activity (5)	~ $75,000			$110,670

(2)The Company’s initial 2024 guidance includes an expectation of uncollectibility, reflected as 50-100 basis points of expected total revenue.

(4)Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $1.0 million.

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

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


(Unaudited)	Low End		High End
Net income per diluted share	$	0.04	$	0.10
Depreciation and amortization related to investment properties	1.65		1.65
NAREIT FFO per diluted share	1.69		1.75
Amortization of market-lease intangibles and inducements, net	(0.02)		(0.03)
Straight-line rent adjustments, net	(0.04)		(0.05)
Amortization of debt discounts and financing costs	0.03		0.03

Core FFO per diluted share	$	1.66	$	1.70


v Supplemental - Quarter Ended December 31, 2023


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


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Financial Results

Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233
Net income (loss) per common share - basic	0.04		—		0.08		0.77
Net income (loss) per common share - diluted	0.04		—		0.08		0.77

NAREIT FFO (page 7)	30,754		23,775		115,498		111,976
NAREIT FFO per diluted share	0.45		0.35		1.70		1.66

Core FFO (page 7)	27,793		23,077		111,858		105,952
Core FFO per diluted share	0.41		0.34		1.65		1.57

Same Property NOI (page 6)	38,709		36,379		142,124		135,543


Same Property NOI growth			6.4		%										4.9		%


Adjusted EBITDA (page 7)	36,792	31,622	146,459	132,368

Distributions declared per common share - basic	0.22	0.21	0.86	0.82


Aggregate distributions declared (as a % of Core FFO)			52.5		%				60.0		%				52.1		%				52.2		%


	As of Dec. 31, 2023			As of Dec. 31, 2022 (a)			As of Dec.31, 2021 (a)			As of Dec. 31, 2020 (a)
Capital Information
Shares outstanding	67,807,831			67,472,553			67,344,374			71,998,654

Outstanding Debt, net	$	814,568		$	805,253		$	624,289		$	688,422
Less: Cash and cash equivalents	(96,385)			(164,448)			(79,628)			(249,854)
Net Debt	$	718,183		$	640,805		$	544,661		$	438,568

(a) Outstanding debt, net, Cash and cash equivalents, and Net Debt as of December 31, 2022, 2021 and 2020 are Pro-Rata.

Debt Metrics (trailing 12 months)
Adjusted EBITDA (trailing 12 months)	$	146,459		$	132,368		$	117,273		$	117,078
Net Debt-to-Adjusted EBITDA (a)	4.9x			4.8x			4.6x			3.7x
Fixed charge coverage	4.3x			5.0x			6.4x			5.9x
Net debt to real estate assets, excl property acc depr.	27.0		%	24.7		%	22.0		%	17.7		%
Net debt to total assets, excl property acc depr.	24.4		%	21.3		%	19.3		%	14.6		%
(a) Net Debt-to-Adjusted EBITDA as of December 31, 2022, 2021 and 2020 are Pro-Rata.


Dividend Paid Per Share		Liquidity and Credit Facility
Q4 2023	$0.21550	Cash and cash equivalents	$	96,385
Q3 2023	$0.21550	Available under credit facility	350,000
Q2 2023	$0.21550	Total	$	446,385
Q1 2023	$0.20520


	Same Property				Same Property				Total
	Three Months Ended December 31				Year Ended December 31				Year Ended December 31
	2023		2022		2023		2022		2023		2022 (a)
Portfolio Metrics
No. of properties	55		55		51		51		62		62
GLA	8,794		8,794		8,029		8,029		10,324		9,790
Economic Occupancy	93.8	%	94.3	%	93.4	%	94.1	%	93.3	%	93.9	%
Leased Occupancy	96.5	%	96.5	%	96.3	%	96.3	%	96.2	%	96.1	%
ABR PSF	$19.81		$19.23		$20.15		$19.54		$19.48		$19.08

(a) Total Portfolio metrics for the three months and year ended December 31, 2022 are Pro Rata and have not been recast to reflect the acquisition of the JV properties in 2023.


1 Supplemental - Quarter Ended December 31, 2023


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


	As of
	December 31, 2023		December 31, 2022
Assets	(unaudited)
Investment properties
Land	$	694,668	$	650,764
Building and other improvements	1,956,117		1,825,893
Construction in progress	5,889		5,005
Total	2,656,674		2,481,662
Less accumulated depreciation	(461,352)		(389,361)
Net investment properties	2,195,322		2,092,301
Cash, cash equivalents and restricted cash	99,763		137,762
Investment in unconsolidated entities	—		56,131
Intangible assets, net	114,485		101,167
Accounts and rents receivable	35,353		34,528
Deferred costs and other assets, net	42,408		51,145
Total assets	$	2,487,331	$	2,473,034

Liabilities
Debt, net	$	814,568	$	754,551
Accounts payable and accrued expenses	44,583		42,792
Distributions payable	14,594		13,837
Intangible liabilities, net	30,344		29,658
Other liabilities	29,198		28,287
Total liabilities	933,287		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, 67,807,831 shares issued and outstanding as of December 31, 2023 and 67,472,553 shares issued and outstanding as of December 31, 2022	68		67
Additional paid-in capital	5,468,728		5,456,968
Distributions in excess of accumulated net income	(3,932,826)		(3,879,847)
Accumulated comprehensive income	18,074		26,721
Total stockholders' equity	1,554,044		1,603,909
Total liabilities and stockholders' equity	$	2,487,331	$	2,473,034


2 Supplemental - Quarter Ended December 31, 2023


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


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Income
Lease income, net	$	64,332	$	58,418	$	257,146	$	232,980
Other property income	390		275		1,450		1,161
Other fee income	—		578		80		2,566
Total income	64,722		59,271		258,676		236,707

Operating expenses
Depreciation and amortization	28,091		23,897		113,430		94,952
Property operating	11,776		11,983		42,832		40,239
Real estate taxes	7,448		7,330		34,809		32,925
General and administrative	8,408		10,103		31,797		33,342
Total operating expenses	55,723		53,313		222,868		201,458

Other (expense) income
Interest expense, net	(9,697)		(8,648)		(38,138)		(26,777)
Loss on extinguishment of debt	(15)		(85)		(15)		(181)

Gain on sale of investment properties, net	—		1,393		2,691		38,249
Equity in (losses) earnings of unconsolidated entities	(110)		(121)		(557)		3,663
Other income and expense, net	3,713		1,378		5,480		2,030
Total other (expense) income, net	(6,109)		(6,083)		(30,539)		16,984

Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233

Weighted-average common shares outstanding, basic	67,563,908		67,428,549		67,531,898		67,406,233
Weighted-average common shares outstanding, diluted	68,090,912		67,428,549		67,813,180		67,525,935

Net income (loss) per common share - basic	$	0.04	$	—	$	0.08	$	0.77
Net income (loss) per common share - diluted	$	0.04	$	—	$	0.08	$	0.77

Distributions declared per common share outstanding	$	0.22	$	0.21	$	0.86	$	0.82
Distributions paid per common share outstanding	$	0.22	$	0.21	$	0.85	$	0.82

Comprehensive (loss) income
Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233
Unrealized (loss) gain on derivatives	(7,268)		(860)		6,228		32,052
Reclassification (to) from net (loss) income	(3,786)		(1,756)		(14,875)		(1,009)
Comprehensive (loss) income	$	(8,164)	$	(2,741)	$	(3,378)	$	83,276


3 Supplemental - Quarter Ended December 31, 2023


			Consolidated Supplemental Details of Assets and Liabilities
			In thousands


	As of
	December 31, 2023		December 31, 2022
Accounts and rents receivable
Billed base rent, recoveries, and other revenue	$	12,215	$	14,701
Straight-line rent receivables	23,138		19,827
Total	$	35,353	$	34,528

Deferred cost and other assets, net
Derivative assets	$	18,196	$	25,201
Lease commissions, net	14,995		13,834
Other assets	3,309		4,092
Right of use assets, net	2,253		2,650
Deferred costs, net	2,206		3,089
Loan fees, net	1,449		2,279
Total	$	42,408	$	51,145

Other liabilities
Deferred revenues	$	8,878	$	9,531
Unearned lease income	8,061		7,155
Security deposits	7,127		6,318
Operating lease liabilities	3,023		3,265
Other liabilities	1,987		2,018
Derivative liabilities	122		—
Total	$	29,198	$	28,287


4 Supplemental - Quarter Ended December 31, 2023


			Consolidated Supplemental Details of Operations
			In thousands


		Three Months Ended December 31				Year Ended December 31
		2023		2022		2023		2022
Income
*	Minimum base rent	$	41,687	$	37,158	$	165,267	$	145,467
*	Real estate tax recoveries	6,947		6,964		31,220		30,107
*	Common area maintenance, insurance, and other recoveries	8,380		7,610		30,731		28,072
*	Ground rent income	4,740		3,813		19,044		14,991
	Amortization of market-lease intangibles and inducements, net	626		995		3,343		5,589
*	Short-term and other lease income	1,779		1,475		4,389		4,333
	Termination fee income	17		(13)		836		339
	Straight-line rent adjustment, net	1,081		566		3,464		2,645
	Reversal of (provision for) uncollectible straight-line rent, net	(224)		124		(115)		1,170
*	Provision for uncollectible billed rent and recoveries	(701)		(425)		(1,628)		(1,065)
*	Reversal of uncollectible billed rent and recoveries	—		151		595		1,332
	Lease income, net	64,332		58,418		257,146		232,980

*	Other property income	390		275		1,450		1,161

	JV property management fee	—		283		48		1,301
	JV asset management fee	—		196		32		882
	JV leasing commissions	—		99		—		383
	Other fee income	—		578		80		2,566

	Total income	$	64,722	$	59,271	$	258,676	$	236,707

Operating Expenses
	Depreciation and amortization	$	28,091	$	23,897	$	113,430	$	94,952

*	Property operating	11,776		11,983		42,832		40,239



*	Real estate taxes	7,448		7,330		34,809		32,925

	General and administrative expenses	6,607		7,980		25,302		29,297
	Stock based compensation costs	2,411		2,686		9,021		6,806
	Capitalized direct development compensation costs	(610)		(563)		(2,526)		(2,761)
	General and administrative	8,408		10,103		31,797		33,342



	Total operating expenses	$	55,723	$	53,313	$	222,868	$	201,458

* Component of Net Operating Income


5 Supplemental - Quarter Ended December 31, 2023


			Reconciliation of Non-GAAP Measures
			In thousands

Same Property NOI


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Income
Minimum base rent	$	36,739	$	35,889	$	135,732	$	130,613
Real estate tax recoveries	6,345		6,655		25,821		26,244
Common area maintenance, insurance, and other recoveries	7,413		7,187		24,829		24,119
Ground rent income	3,683		3,690		13,535		13,319
Short-term and other lease income	1,763		1,462		4,244		4,203
Provision for uncollectible billed rent and recoveries	(662)		(286)		(1,325)		(814)
Reversal of uncollectible billed rent and recoveries	—		11		395		1,279
Other property income	339		277		1,212		1,127
Total income	55,620		54,885		204,443		200,090

Operating Expenses
Property operating	10,271		11,537		33,841		35,695
Real estate taxes	6,640		6,969		28,478		28,852
Total operating expenses	16,911		18,506		62,319		64,547

Same Property NOI	$	38,709	$	36,379	$	142,124	$	135,543


% Change over Prior Period	6.4	%	4.9	%

Same Property count	55		51

Net Income (Loss) to Same Property NOI


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	(3,713)		(1,378)		(5,480)		(2,030)
Equity in losses (earnings) of unconsolidated entities	110		121		557		(3,663)
Interest expense, net	9,697		8,648		38,138		26,777
Loss on extinguishment of debt	15		85		15		181
Gain on sale of investment properties	—		(1,393)		(2,691)		(38,249)

Depreciation and amortization	28,091		23,897		113,430		94,952
General and administrative	8,408		10,103		31,797		33,342
Other fee income	—		(578)		(80)		(2,566)
Adjustments to NOI (a)	(1,500)		(1,671)		(7,528)		(9,743)
NOI	43,998		37,709		173,427		151,234
NOI from other investment properties	(5,289)		(1,330)		(31,303)		(15,691)
Same Property NOI	$	38,709	$	36,379	$	142,124	$	135,543

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


6 Supplemental - Quarter Ended December 31, 2023


			Reconciliation of Non-GAAP Measures, continued
			In thousands

NAREIT FFO and Core FFO


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233
Depreciation and amortization related to investment properties	27,864		23,698		112,578		94,142

Gain on sale of investment properties	—		(1,393)		(2,691)		(38,249)
Unconsolidated joint venture adjustments (a)	—		1,595		342		3,850
NAREIT FFO Applicable to Common Shares and Dilutive Securities	30,754		23,775		115,498		111,976
Amortization of market-lease intangibles and inducements, net	(626)		(995)		(3,343)		(5,589)
Straight-line rent adjustments, net	(857)		(690)		(3,349)		(3,815)
Amortization of debt discounts and financing costs	827		741		4,113		2,816
Adjusting items, net (b)	(2,385)		(36)		(969)		(18)
Unconsolidated joint venture adjusting items, net (c)	80		282		(92)		582
Core FFO Applicable to Common Shares and Dilutive Securities	$	27,793	$	23,077	$	111,858	$	105,952

Weighted average common shares outstanding - basic	67,563,908		67,428,549		67,531,898		67,406,233
Dilutive effect of unvested restricted shares (d)	527,004		—		281,282		119,702
Weighted average common shares outstanding - diluted	68,090,912		67,428,549		67,813,180		67,525,935

NAREIT FFO per diluted share	$	0.45	$	0.35	$	1.70	$	1.66
Core FFO per diluted share	$	0.41	$	0.34	$	1.65	$	1.57

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

(c)Represents the Company's 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.

EBITDA and Adjusted EBITDA


	Three Months Ended December 31				Year Ended December 31
	2023		2022		2023		2022
Net income (loss)	$	2,890	$	(125)	$	5,269	$	52,233
Interest expense, net	9,697		8,648		38,138		26,777
Income tax expense	129		94		517		363
Depreciation and amortization	28,091		23,897		113,430		94,952
Unconsolidated joint venture adjustments (a)	—		2,054		417		8,075
EBITDA	40,807		34,568		157,771		182,400

Gain on sale of investment properties	—		(1,393)		(2,691)		(38,249)
Amortization of market-lease intangibles and inducements, net	(626)		(995)		(3,343)		(5,589)
Straight-line rent adjustments, net	(857)		(690)		(3,349)		(3,815)
Adjusting items, net (b)	(2,612)		(235)		(1,821)		(828)
Unconsolidated joint venture adjusting items, net (c)	80		367		(108)		(1,551)
Adjusted EBITDA	$	36,792	$	31,622	$	146,459	$	132,368

(a)Represents IVT's share of depreciation, amortization, interest expense, net, and income tax expense related to IAGM.


7 Supplemental - Quarter Ended December 31, 2023


			Summary of Outstanding Debt
			In thousands


	Balance as of December 31, 2023		Proportion of Total Debt	Weighted Average Interest Rate	Weighted Average Years to Maturity
Fixed rate secured debt	$	96,080	12%	4.01%	3.4
Variable rate secured debt	72,468		9%	7.00%	0.8
Fixed rate unsecured debt	650,000		79%	4.03%	4.5
Issuance costs, net of accumulated amortization	(3,980)		—	—	—
Total debt, net	$	814,568	100%	4.29%	4.0


Schedule of Maturities by Year

	Fixed Rate				Variable Rate
Maturity Year	Secured Debt		Unsecured Debt		Secured Debt		Total Debt, net
2024	$	15,700	$	—	$	72,468	$	88,168
2025	22,880		—		—		22,880
2026	—		200,000		—		200,000
2027	26,000		200,000		—		226,000
2028	—		—		—		—
Thereafter	31,500		250,000		—		281,500
Issuance costs, net of amortization	(297)		(3,617)		(66)		(3,980)
Total	$	95,783	$	646,383	$	72,402	$	814,568

Debt Maturities as of December 31, 2023

Maturity Date

Interest Rate

Interest Rate Type

Balance

Mortgages Payable

The Highlands of Flower Mound

12/1/2025

3.88%

Fixed

22,880

Escarpment Village

7/1/2027

3.86%

Fixed

26,000

Shops at Arbor Trails

12/5/2029

4.12%

Fixed

31,500

Total

80,380

Pooled Mortgages Payable

Plantation Grove

6/5/2024

4.24%

Fixed

7,300

Suncrest Village

6/5/2024

4.24%

Fixed

8,400

Total

15,700

Cross Collateralized

11/2/2024

1M SOFR + 1.65% (a)

Variable

72,468

Total mortgages payable

5.30%

168,548

Term loans

$200.0 million 5 year

9/22/2026

2.81% (b)

Fixed

100,000

$200.0 million 5 year

9/22/2026

2.81% (b)

Fixed

100,000

$200.0 million 5.5 year

3/22/2027

2.77% (b)

Fixed

50,000

$200.0 million 5.5 year

3/22/2027

2.76% (b)

Fixed

50,000

$200.0 million 5.5 year

3/22/2027

4.99% (b)

Fixed

100,000

Total

400,000

Senior Notes

$150.0 million Series A Notes

8/11/2029

5.07%

Fixed

150,000

$100.0 million Series B Notes

8/11/2032

5.20%

Fixed

100,000

250,000

Grand total

4.29%

818,548

(a)As of December 31, 2023, 1-Month Term SOFR was 5.35%.

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


8 Supplemental - Quarter Ended December 31, 2023


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

Debt Covenants (trailing 12 months)


			For the quarter ended
Description	Term Loan Covenants	Senior Note Covenants	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Leverage Ratio	< 60.0%	< 60.0%	29.0%	29.7%	29.6%	29.5%
Fixed Charge Coverage Ratio	> 1.50	> 1.50	4.27	4.06	4.07	4.28
Maximum Dividend Payout	< 95%	N/A	49.8%	52.3%	52.4%	51.1%
Maximum Secured Recourse Debt	< 10% of Total Asset Value	< 10% of Total Asset Value	—%	—%	—%	—%
Unsecured Interest Coverage Ratio	> 1.75	> 1.75	5.53	5.43	5.10	4.97
Unsecured Leverage Ratio	< 60%	< 60%	28.2%	28.9%	29.1%	29.7%

Interest Rate Swaps

As of December 31, 2023, the Company is party to five effective interest rate swap agreements and two 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.


Effective Interest Rate Swaps	Notional Amount		Company Receives Variable Rate of	Company Pays Fixed Rate of	Fixed Rate Achieved	Effective Date	Maturity Date
5.5 Year Term Loan	$	50,000	1-Month SOFR	1.47%	2.77%	12/2/2019	6/21/2024
5.5 Year Term Loan	50,000		1-Month SOFR	1.46%	2.76%	12/2/2019	6/21/2024
5.5 Year Term Loan	100,000		1-Month SOFR	3.69%	4.99%	4/3/2023	3/22/2027
5 Year Term Loan	100,000		1-Month SOFR	1.51%	2.81%	12/21/2023	9/22/2026
5 Year Term Loan	100,000		1-Month SOFR	1.51%	2.81%	12/21/2023	9/22/2026
	$	400,000

Forward Interest
Rate Swaps

Notional Amount

Company Receives
Variable Rate of

Company Pays
Fixed Rate of

Fixed Rate Achieved

Effective Date

Maturity Date

5.5 Year Term Loan

50,000

1-Month SOFR

1.48%

2.78%

6/21/2024

3/22/2027

5.5 Year Term Loan

50,000

1-Month SOFR

1.54%

2.84%

6/21/2024

3/22/2027

100,000

Capital Expenditures


	Three Months Ended December 31				Year Ended December 31
	2023		2022 (a)		2023		2022 (a)
Leasing and Maintenance Capital Expenditures:
Tenant improvements	$	2,258	$	2,626	$	7,945	$	7,422
Leasing commissions	1,370		961		3,888		4,693
Maintenance capital expenditures	4,409		3,537		19,353		13,209
Total leasing and maintenance capital expenditures (b)	8,037		7,124		31,186		25,324
Investment in development and redevelopment projects (c)	1,398		1,418		4,558		10,656
Grand total	$	9,435	$	8,542	$	35,744	$	35,980

(a)Capital expenditures for the three months and year ended December 31, 2022 are Pro Rata.

(b)As of December 31, 2023, total accrued leasing and maintenance capital expenditures was $1,994. As of December 31, 2022, total pro rata accrued leasing and maintenance capital expenditures was $3,492. These accrued amounts are not reflected in the table above.

(c)As of December 31, 2023, total accrued investment in development and redevelopment projects was $568. As of December 31, 2022, total pro rata accrued investment in development and redevelopment projects was $0. These accrued amounts are not reflected in the table above.


9 Supplemental - Quarter Ended December 31, 2023


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


Market	No. of Properties	Leased Occupancy		ABR		ABR psf	ABR as % of Total		GLA	GLA as % of Total
Austin-Round Rock, TX	8	95.2	%	$	32,625	$16.74	17.5	%	2,056	19.9	%
Houston-Sugar Land-Baytown, TX	6	94.4	%	20,908		16.39	11.2	%	1,409	13.6	%
Miami-Fort Lauderdale-Miami Beach, FL	3	98.4	%	18,895		23.06	10.1	%	859	8.3	%
Dallas-Fort Worth-Arlington, TX	7	98.7	%	18,325		20.02	9.8	%	939	9.1	%
Atlanta Metro Area, GA	9	97.2	%	18,023		20.73	9.7	%	995	9.6	%
Raleigh-Cary-Durham, NC	5	96.6	%	13,318		20.09	7.2	%	688	6.7	%
So. California - Los Angeles, CA	3	94.0	%	11,247		20.94	6.0	%	579	5.6	%
Charlotte-Gastonia-Concord, NC	4	98.0	%	9,492		20.00	5.1	%	515	5.0	%
Orlando-Kissimmee, FL	4	99.4	%	9,026		24.24	4.8	%	378	3.7	%
Tampa-St. Petersburg, FL	3	90.9	%	8,614		13.26	4.6	%	753	7.3	%
Washington D.C/Richmond Metro Area	3	98.7	%	8,494		26.78	4.6	%	358	3.5	%
San Antonio, TX	2	94.7	%	5,993		25.62	3.2	%	261	2.5	%
So. California - San Diego, CA	2	98.0	%	5,752		26.04	3.1	%	225	2.2	%
So. California - Inland Empire, CA	2	99.1	%	5,116		24.21	2.8	%	246	2.4	%
Cape Coral-Fort Myers, FL	1	98.0	%	574		9.68	0.3	%	63	0.6	%
Total	62	96.2	%	$	186,402	$19.48	100	%	10,324	100	%


State	No. of Properties	Leased Occupancy		ABR		ABR psf	ABR as % of Total		GLA	GLA as % of Total
Texas	23	95.6	%	$	77,851	$17.80	41.7	%	4,665	45.1	%
Florida	11	95.8	%	37,109		19.52	19.8	%	2,053	19.9	%
North Carolina	9	97.2	%	22,810		20.05	12.3	%	1,203	11.7	%
California	7	96.1	%	22,115		22.81	11.9	%	1,050	10.2	%
Georgia	9	97.2	%	18,023		20.73	9.7	%	995	9.6	%
Maryland/Virginia	3	98.7	%	8,494		26.78	4.6	%	358	3.5	%
Total	62	96.2	%	$	186,402	$19.48	100	%	10,324	100	%


Tenant type	Economic Occupancy		Leased Occupancy		ABR		ABR PSF		GLA
20,000 SF+ (a)	95.6	%	98.3	%	$	59,728	$	11.23	5,626
10,000 - 19,999 SF (a)	94.6	%	97.8	%	18,498		19.61		998
5,000 - 9,999 SF (b)	89.4	%	91.1	%	17,420		26.70		730
1 - 4,999 SF (b)	89.4	%	92.9	%	90,756		34.22		2,970
Total	93.3	%	96.2	%	$	186,402	$	19.48	10,324

Anchor Tenants (a)	95.4	%	98.2	%	$	78,226	$	12.49	6,624
Small Shops (b)	89.4	%	92.5	%	$	108,176	$	32.74	3,700

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

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


10 Supplemental - Quarter Ended December 31, 2023


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


	Parent Name	Tenant Name/Count	Credit Rating (a)	No. of Leases	ABR		% of Total ABR		GLA	% of Total Occ.GLA
1	Kroger	Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / Ralphs 3	BBB	15	$	9,676	5.2	%	864	8.4	%
2	Publix Super Markets, Inc.	Publix 11 / Publix Liquor 3	N/A	14	6,204		3.3	%	541	5.2	%
3	TJX Companies	Marshalls 7 / HomeGoods 5 / TJ Maxx 2	A	14	4,872		2.6	%	397	3.8	%
4	Albertson's	Safeway 1 / Tom Thumb 2 / Market Street 2 / Albertsons 1	BB+	6	4,303		2.3	%	365	3.5	%
5	H.E.B.	H.E.B. 4 / H.E.B. Staff Office 1	N/A	5	4,220		2.3	%	447	4.3	%
6	Amazon, Inc.	Whole Foods Market 5	AA	5	2,701		1.4	%	194	1.9	%
7	BC Partners	Petsmart 7	B+	7	2,436		1.3	%	151	1.5	%
8	Best Buy		BBB+	4	2,270		1.2	%	138	1.3	%
9	Apollo Global Management, Inc.	Michael's 7	CCC+	7	2,052		1.1	%	161	1.6	%
10	Ulta Beauty Inc.		N/A	8	2,028		1.1	%	83	0.8	%
11	Dick's Sporting Goods, Inc.	Dick's Sporting Goods 2 / Going, Going, Gone 1	BBB	3	1,876		1.0	%	171	1.7	%
12	Costco Wholesale		A+	2	1,735		0.9	%	298	2.9	%
13	Trader Joe's		N/A	4	1,703		0.9	%	51	0.5	%
14	Five Below, Inc.		N/A	9	1,691		0.9	%	86	0.8	%
15	Wells Fargo		BBB+	9	1,547		0.8	%	37	0.4	%
16	Ross Dress For Less		BBB+	4	1,453		0.8	%	120	1.2	%
17	Bank of America		A-	6	1,415		0.8	%	34	0.3	%
18	Petco Health and Wellness Company, Inc.	Petco 6	B+	6	1,364		0.7	%	79	0.8	%
19	Massage Envy		N/A	12	1,336		0.7	%	41	0.4	%
20	DSW, Inc.		N/A	4	1,296		0.7	%	73	0.7	%
21	Sprouts Farmers Market		N/A	2	1,266		0.7	%	56	0.5	%
22	Kingswood Capital Management	World Market 5	N/A	5	1,168		0.6	%	91	0.9	%
23	Truist Bank		A	5	1,163		0.6	%	26	0.2	%
24	Xponential Fitness	Club Pilates 5 / CycleBar 3 / Pure Barre 3 / StrechLab 3 / YogaSix 2 / Rumble 1	N/A	17	1,151		0.6	%	34	0.3	%
25	JP Morgan Chase	Chase Bank 7	A+	7	1,084		0.6	%	36	0.3	%
	Totals			180	$	62,010	33.1	%	4,574	44.2	%

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

Tenant Merchandise Mix


Tenant Category	ABR		% of Total ABR
Grocery / Drug	$	36,887	19.8	%
Quick Service Restaurants	23,131		12.4	%
Personal Health and Beauty Services	20,715		11.1	%
Medical	17,243		9.3	%
Full Service Restaurants	15,880		8.5	%
Off Price	9,665		5.2	%
Apparel / Accessories	8,730		4.7	%
Banks	8,616		4.6	%
Fitness	7,060		3.8	%
Pets	6,215		3.3	%
Office / Communications	5,906		3.2	%
Hobby / Sports	5,656		3.0	%
Home	5,228		2.8	%
Other	4,765		2.6	%
Other Essential Retail / Services	4,682		2.5	%
Office (Non-Financial, Non-Medical)	2,466		1.3	%
Entertainment	1,901		1.0	%
Hardware / Auto	1,656		0.9	%
	$	186,402	100	%


11 Supplemental - Quarter Ended December 31, 2023


			Comparable and Non-Comparable Lease Statistics
			GLA in thousands

The Company's Retail Portfolio had 893 thousand square feet expiring during the year ended December 31, 2023, of which 802 thousand square feet was re-leased. This achieved a retention rate of approximately 90%. The following tables summarize the activity for leases that were executed during the year ended December 31, 2023.

For the year ended December 31, 2023


	No. of Leases Executed	GLA	New Contractual Rent ($PSF)(a)	Prior Contractual Rent ($PSF)(a)	% Change over Prior Lease Rent (a)	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($PSF)	Lease Commissions ($PSF)
All tenants
Comparable Renewal Leases	190	827	$22.94	$21.39	7.2%	5.2	$0.49	$0.03
Comparable New Leases	32	147	24.80	19.80	25.3%	10.3	27.82	11.92
Non-Comparable Renewal and New Leases	77	444	21.64	N/A	N/A	6.7	14.03	6.83
Total	299	1,418	$23.23	$21.15	9.8%	6.2	$7.56	$3.39

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

Trailing Four Quarters ended December 31, 2023


	No. of Leases Executed	GLA	ABR PSF	Prior ABR PSF	% Change over Prior Lease	WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)

Comparable Leases
Total New and Renewal Leases
Q4 2023	68	429	$20.21	$17.74	13.9%	6.5	$7.97	$3.00
Q3 2023	53	168	28.66	26.23	9.3%	5.8	2.61	1.14
Q2 2023	53	244	20.82	19.67	5.8%	5.2	1.14	0.54
Q1 2023	48	133	30.53	28.50	7.1%	5.7	2.68	1.26
Total	222	974	$23.23	$21.15	9.8%	5.9	$4.61	$1.82

	No. of Leases Executed	GLA	ABR PSF	Prior ABR PSF	% Change over Prior Lease	WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
New Leases
Q4 2023	15	112	$21.40	$15.98	33.9%	10.7	$29.75	$11.26
Q3 2023	8	17	35.65	30.71	16.1%	9.4	24.05	11.35
Q2 2023	5	8	36.68	31.81	15.3%	7.9	9.41	15.90
Q1 2023	4	10	34.85	34.75	0.3%	9.7	27.91	17.11
Total	32	147	$24.80	$19.80	25.3%	10.3	$27.82	$11.92

	No. of Leases Executed	GLA	ABR PSF	Prior ABR PSF	% Change over Prior Lease	WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
Renewals
Q4 2023	53	317	$19.79	$18.37	7.7%	5.0	$0.29	$0.08
Q3 2023	45	151	27.88	25.72	8.4%	5.4	0.21	—
Q2 2023	48	236	20.26	19.25	5.2%	5.1	0.85	—
Q1 2023	44	123	30.19	28.00	7.8%	5.4	0.68	—
Total	190	827	$22.94	$21.39	7.2%	5.2	$0.49	$0.03

	No. of Leases Executed	GLA	ABR PSF			WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
Non-Comparable Leases
Q4 2023	18	124	$16.26			5.2	$13.93	$5.51
Q3 2023	21	105	25.49			8.7	19.25	11.63
Q2 2023	24	103	24.79			8.9	17.14	8.10
Q1 2023	14	112	21.10			4.7	6.38	2.64
Total	77	444	$21.64			6.7	$14.03	$6.83


12 Supplemental - Quarter Ended December 31, 2023


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


Anchor Tenants

	Lease Expiration Year	No. of Expiring Leases	GLA of Expiring Leases	Percent of Total GLA of Expiring Leases		ABR of Expiring Leases		Percent of Total ABR		Expiring ABR PSF (a)
	2024	11	248	3.9	%	$	3,253	4.0	%	$13.12
	2025	20	833	13.2	%	9,270		11.4	%	11.13
	2026	15	457	7.2	%	6,030		7.4	%	13.19
	2027	40	1,342	21.2	%	19,605		24.2	%	14.61
	2028	24	579	9.2	%	8,432		10.4	%	14.56
	2029	23	748	11.8	%	9,000		11.1	%	12.03
	2030	8	204	3.2	%	2,991		3.6	%	14.66
	2031	6	294	4.7	%	2,659		3.3	%	9.04
	2032	9	345	5.5	%	4,537		5.6	%	13.15
	2033	8	248	3.9	%	3,701		4.6	%	14.92
	Thereafter	21	1,022	16.2	%	11,664		14.4	%	11.41
	Other (b)	—	—	—	%	—		—	%	—
	Sub total	185	6,320	100	%	$	81,142	100	%	$12.84
	Vacant space		304
	Total		6,624

Small Shops

	2024	97	231	7.0	%	$	7,558	6.4	%	$32.72
	2025	150	337	10.2	%	10,908		9.2	%	32.37
	2026	201	501	15.1	%	16,403		13.8	%	32.74
	2027	226	545	16.5	%	19,292		16.3	%	35.40
	2028	203	475	14.3	%	17,170		14.5	%	36.15
	2029	130	379	11.4	%	13,457		11.4	%	35.51
	2030	72	179	5.4	%	6,989		5.9	%	39.04
	2031	69	210	6.3	%	7,904		6.7	%	37.64
	2032	81	204	6.2	%	8,136		6.9	%	39.88
	2033	53	138	4.2	%	6,258		5.3	%	45.35
	Thereafter	21	78	2.4	%	3,384		2.7	%	43.38
	Other (b)	10	34	1.0	%	1,052		0.9	%	30.94
	Totals	1,313	3,311	100	%	$	118,511	100	%	$35.79
	Vacant space		389
	Total		3,700

Total

	2024	108	479	5.0	%	$	10,811	5.4	%	$22.57
	2025	170	1,170	12.1	%	20,178		10.1	%	17.25
	2026	216	958	9.9	%	22,433		11.2	%	23.42
	2027	266	1,887	19.6	%	38,897		19.5	%	20.61
	2028	227	1,054	10.9	%	25,602		12.8	%	24.29
	2029	153	1,127	11.7	%	22,457		11.2	%	19.93
	2030	80	383	4.0	%	9,980		5.0	%	26.06
	2031	75	504	5.2	%	10,563		5.3	%	20.96
	2032	90	549	5.7	%	12,673		6.3	%	23.08
	2033	61	386	4.0	%	9,959		5.0	%	25.80
	Thereafter	42	1,100	11.5	%	15,048		7.7	%	13.68
	Other (b)	10	34	0.4	%	1,052		0.5	%	30.94
	Totals	1,498	9,631	100	%	$	199,653	100	%	$20.73
	Vacant space		693
	Total		10,324

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

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


13 Supplemental - Quarter Ended December 31, 2023


			Acquisitions and Dispositions
			Dollars and GLA in thousands

Acquisitions


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

1/18/23	Bay Colony (b)	Houston-Sugar Land-Baytown, TX	$	79,100	416	93.0%	HEB, Kohl's, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens
1/18/23	Blackhawk Town Center (b)	Houston-Sugar Land-Baytown, TX	26,300		127	99.1%	HEB, Walgreens
1/18/23	Cyfair Town Center (b)	Houston-Sugar Land-Baytown, TX	79,200		433	92.3%	Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
1/18/23	Stables Town Center (b)	Houston-Sugar Land-Baytown, TX	37,000		148	94.5%	Kroger
6/2/23	The Shoppes at Davis Lake	Charlotte-Gastonia-Concord, NC	22,400		91	97.2%	Harris Teeter
			244,000		1,215

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically.

(b)These retail properties were acquired from the JV.

Dispositions

Date

Property Name

Market

Disposition Price

GLA

Leased Occ.

Anchor Tenants (a)

6/20/23

Shops at the Galleria (b)

Austin-Round Rock, TX

1,692

N/A

—%

N/A

8/25/23

Trowbridge Crossing

Atlanta Metro Area

11,450

95.4%

Publix

13,142

(a)Grocers listed first and bolded.

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


14 Supplemental - Quarter Ended December 31, 2023


			Development Pipeline
			In thousands

Active Redevelopments

Property

Market

Project Description

Estimated Completion Quarter (a)

Projected Incremental Costs

Costs to Date

Estimated Incremental Yield on Cost

Southern Palm Crossing

Miami-Fort Lauderdale-Miami Beach, FL

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

2Q - 2024

$1,400

$1,390

Buckhead Crossing

Atlanta Metro Area, GA

Anchor space repositioning, including re-merchandising of the shopping center.

2Q - 2024

800

300

Pavilion at LaQuinta

So. California - Inland Empire, CA

Redevelopment of a freestanding building.

3Q - 2024

1,000

600

Sarasota Pavilion

Tampa-St. Petersburg, FL

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

3Q - 2025

8,100

200

Sandy Plains Centre

Atlanta Metro Area, GA

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

4Q - 2025

3,200

400

River Oaks

So. California - Los Angeles, CA

Redevelopment of an outparcel and common area improvements.

4Q - 2025

500

—

Totals

$15,000

$2,890

7-10%

Recently Completed Redevelopments

Property

Market

Project Description

Completion Quarter

Completed Costs

Cyfair Town Center

Houston-Sugar Land-Baytown, TX

Outparcel redevelopment to include a drive-through.

3Q - 2023

$650

Potential Developments and Redevelopments

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

Property

Market

Project Description

Antoine Town Center

Houston-Sugar Land-Baytown, TX

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

Bay Colony

Houston-Sugar Land-Baytown, TX

Redevelopment of an existing outparcel building.

Bay Landing

Cape Coral-Fort Myers, FL

New development of building area adjacent to existing stores.

Buckhead Crossing

Atlanta Metro Area, GA

Anchor space repositioning, including re-merchandising of the shopping center and addition of a freestanding building.

Campus Marketplace

So. California - San Diego, CA

Redevelopment of an existing outparcel building.

Custer Creek Village

Dallas-Fort Worth-Arlington, TX

Redevelopment of an outparcel and common area improvements.

Garden Village

So. California - Los Angeles, CA

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

Gateway Market Center

Tampa-St. Petersburg, FL

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

Kyle Marketplace

Austin-Round Rock, TX

New development, including addition of outparcel buildings.

Pavilion at LaQuinta

So. California - Inland Empire, CA

Anchor repositioning.

Plantation Grove

Orlando-Kissimmee, FL

Redevelopment and expansion of the shopping center.

River Oaks

So. California - Los Angeles, CA

Anchor repositioning and expansion.

Sarasota Pavilion

Tampa-St. Petersburg, FL

Anchor space repositioning, including re-merchandising of the shopping center and outparcel development.

Shops at Arbor Trails

Austin-Round Rock, TX

Redevelopment of an outparcel and common area improvements.

The Parke

Austin-Round Rock, TX

Anchor repositioning and expansion.

Westpark Shopping Center

Washington D.C./Richmond Metro Area

New development, including addition of outparcel buildings.


15 Supplemental - Quarter Ended December 31, 2023


			Property Summary, by State and Market
			GLA in thousands


	Name	Market	State	Center Type (a)	GLA	Leased Occupancy	ABR PSF	Grocery Anchor (b)	Major Anchors (c)
1	Bear Creek Village Center	So. California - Inland Empire	CA	N	80	100%	$25.66	Yes	Stater Brothers
2	Pavilion at LaQuinta	So. California - Inland Empire	CA	P	166	98.6%	$23.32	Yes	Sprouts Farmers Market, Best Buy, DSW, OfficeMax
3	Garden Village	So. California - Los Angeles	CA	N	117	90.2%	$18.50	Yes	Albertson's, Rite Aid
4	River Oaks	So. California - Los Angeles	CA	C	275	96.1%	$21.17	Yes	Sprouts Farmers Market, Target, Big 5 Sporting Goods, Five Below, Total Wine & More, Ulta
5	Stevenson Ranch	So. California - Los Angeles	CA	C	187	93.5%	$22.07	Yes	Ralphs, Furniture Design Center, LA Fitness, PetSmart
6	Campus Marketplace	So. California - San Diego	CA	N	144	96.9%	$30.74	Yes	Ralphs, CVS, Discovery Isle Child Development Center
7	Old Grove Marketplace	So. California - San Diego	CA	N	81	100%	$17.95	Yes	Ralphs, Lowe's*
	Total California				1,050	96.1%	$22.81

8	Bay Landing (e)	Cape Coral - Fort Meyers	FL	N	63	98.0%	$9.68	Yes	The Fresh Market, HomeGoods
9	PGA Plaza Palm Beach Gardens	Miami-Ft Lauderdale-Miami Beach	FL	C	121	96.8%	$35.57	Yes	Trader Joe's, Marshalls, Ulta
10	Southern Palm Crossing	Miami-Ft Lauderdale-Miami Beach	FL	P	345	100%	$17.21	Yes	Costco Wholesale, Going Going Gone, Marshalls
11	Westfork Plaza & Paraiso Parc	Miami-Ft Lauderdale-Miami Beach	FL	N	393	97.5%	$24.51	Yes	Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, Skechers, TJ Maxx, Ulta
12	Lakeside & Lakeside Crossing	Orlando - Kissimmee	FL	N	76	100%	$47.28	Yes	Trader Joe's
13	Plantation Grove	Orlando - Kissimmee	FL	N	74	98.1%	$15.65	Yes	Publix
14	Rio Pinar Plaza	Orlando - Kissimmee	FL	N	131	99.3%	$19.14	Yes	Publix, Planet Fitness
15	Suncrest Village	Orlando - Kissimmee	FL	N	97	100%	$19.34	Yes	Publix, Orange County Tax Collector
16	Gateway Market Center	Tampa - St. Petersburg	FL	P	231	95.1%	$10.81	Yes	Publix, Target*, Beall's, HomeGoods, Party City, PetSmart, TJ Maxx
17	Peachland Promenade	Tampa - St. Petersburg	FL	N	177	98.6%	$14.81	Yes	Publix, Goodwill, My Salon Suite, Planet Fitness
18	Sarasota Pavilion	Tampa - St. Petersburg	FL	P	345	84.2%	$14.31	Yes	Publix, Bank of America, Beall's, Marshalls, Michaels, PetSmart, Ross Dress for Less, Truist Bank
	Total Florida				2,053	95.8%	$19.52

19	Buckhead Crossing	Atlanta Metro Area	GA	P	221	95.0%	$22.18	No	HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop
20	Coweta Crossing	Atlanta Metro Area	GA	N	68	100%	$11.07	Yes	Publix
21	Kennesaw Marketplace	Atlanta Metro Area	GA	C	130	100%	$35.68	Yes	Whole Foods Market, Academy Sports + Outdoors, Guitar Center, Hobby Lobby, Petco
22	Plaza Midtown	Atlanta Metro Area	GA	N	70	100%	$27.48	Yes	Publix
23	Rose Creek	Atlanta Metro Area	GA	N	70	100%	$11.49	Yes	Publix
24	Sandy Plains Centre	Atlanta Metro Area	GA	C	131	95.8%	$23.53	Yes	Kroger, Pet Supplies Plus, Walgreens*
25	The Centre on Hugh Howell	Atlanta Metro Area	GA	N	83	92.8%	$21.82	No	Crunch Fitness
26	Thomas Crossroads	Atlanta Metro Area	GA	N	105	95.0%	$9.95	Yes	Kroger
27	Windward Commons	Atlanta Metro Area	GA	N	117	99.9%	$15.40	Yes	Kroger
	Total Georgia				995	97.2%	$20.73

28	The Shops at Town Center	Washington D.C/Richmond Metro Area	MD	N	125	98.1%	$30.55	Yes	Safeway
29	Travilah Square	Washington D.C/Richmond Metro Area	MD	N	56	96.0%	$49.74	Yes	Trader Joe's
30	Westpark Shopping Center	Washington D.C/Richmond Metro Area	VA	C	177	100%	$16.07	Yes	Publix, Planet Fitness, The Tile Shop
	Total Maryland/Virginia				358	98.7%	$26.78

31	Eastfield Village (d)	Charlotte-Gastonia-Concord	NC	N	96	94.6%	$18.02	Yes	Food Lion, Gold's Gym
32	Northcross Commons	Charlotte-Gastonia-Concord	NC	N	63	100%	$27.06	Yes	Whole Foods Market
33	Sycamore Commons	Charlotte-Gastonia-Concord	NC	P	265	100%	$20.17	Yes	Costco Wholesale, Best Buy, Dick's Sporting Goods, Lowe's, Michaels, Old Navy, Ulta, World Market
34	The Shoppes at Davis Lake (d)	Charlotte-Gastonia-Concord	NC	N	91	94.6%	$16.64	Yes	Harris Teeter


16 Supplemental - Quarter Ended December 31, 2023


			Property Summary, by State and Market
			GLA in thousands


	Name	Market	State	Center Type (a)	GLA	Leased Occupancy	ABR PSF	Grocery Anchor (b)	Major Anchors (c)
35	Bent Tree Plaza	Raleigh-Cary-Durham	NC	N	80	100%	$14.94	Yes	Food Lion
36	Cary Park Town Center	Raleigh-Cary-Durham	NC	N	93	100%	$17.60	Yes	Harris Teeter, CVS
37	Commons at University Place	Raleigh-Cary-Durham	NC	N	92	100%	$17.03	Yes	Harris Teeter, CVS
38	Renaissance Center	Raleigh-Cary-Durham	NC	P	363	93.6%	$23.39	No	Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market
39	The Pointe at Creedmoor	Raleigh-Cary-Durham	NC	N	60	100%	$16.87	Yes	Harris Teeter
	Total North Carolina				1,203	97.2%	$20.05

40	Escarpment Village (e)	Austin-Round Rock	TX	N	170	100%	$21.87	Yes	HEB
41	Kyle Marketplace	Austin-Round Rock	TX	C	225	100%	$17.44	Yes	HEB
42	Market at Westlake	Austin-Round Rock	TX	N	30	100%	$21.81	No	Walgreens
43	Scofield Crossing	Austin-Round Rock	TX	N	95	98.7%	$17.68	Yes	Hana World Market, Goodwill
44	Shops at Arbor Trails (e)	Austin-Round Rock	TX	C	357	98.1%	$13.79	Yes	Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls
45	Shops at the Galleria	Austin-Round Rock	TX	P	537	95.2%	$14.23	No	Best Buy, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, OfficeMax, Old Navy, PetSmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods, World Market
46	The Parke	Austin-Round Rock	TX	P	406	93.0%	$16.94	Yes	Whole Foods Market, Dick's Sporting Goods, DSW, Five Below, La-Z Boy Furniture Galleries, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Ulta, World Market
47	University Oaks Shopping Center	Austin-Round Rock	TX	P	236	84.3%	$21.61	No	DSW, IKEA, J.C. Penney, Jo-Ann Fabrics, PetSmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods
48	Custer Creek Village	Dallas-Fort Worth-Arlington	TX	N	96	99.1%	$15.55	Yes	Tom Thumb
49	Eldorado Marketplace	Dallas-Fort Worth-Arlington	TX	C	189	100%	$24.09	Yes	Market Street, PetSmart, Phenix Salon Suites
50	Prestonwood Town Center	Dallas-Fort Worth-Arlington	TX	P	233	96.9%	$20.29	Yes	Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta
51	Riverview Village	Dallas-Fort Worth-Arlington	TX	N	89	100%	$13.34	Yes	Tom Thumb, Petco
52	Riverwalk Market	Dallas-Fort Worth-Arlington	TX	N	90	100%	$21.14	Yes	Market Street
53	Shops at Fairview Town Center	Dallas-Fort Worth-Arlington	TX	N	66	96.8%	$24.86	Yes	Whole Foods Market
54	The Highlands of Flower Mound (e)	Dallas-Fort Worth-Arlington	TX	P	175	98.9%	$18.69	Yes	Target*, Market by Macy's, Michaels, Party City, Skechers, World Market
55	Antoine Town Center	Houston-Sugar Land-Baytown	TX	N	110	98.6%	$14.47	Yes	Kroger
56	Bay Colony (d)	Houston-Sugar Land-Baytown	TX	C	416	95.5%	$16.69	Yes	HEB, Kohl's, LA Fitness, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens
57	Blackhawk Town Center (d)	Houston-Sugar Land-Baytown	TX	N	127	99.1%	$14.00	Yes	HEB, Walgreens
58	Cyfair Town Center (d)	Houston-Sugar Land-Baytown	TX	C	434	92.1%	$16.39	Yes	Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
59	Eldridge Town Center & Windermere Village	Houston-Sugar Land-Baytown	TX	C	175	92.5%	$17.86	Yes	Kroger, Kohl's*, Petco
60	Stables Town Center (d)	Houston-Sugar Land-Baytown	TX	N	148	93.6%	$17.62	Yes	Kroger
61	Sonterra Village	San Antonio	TX	N	42	97.4%	$33.51	Yes	Trader Joe's
62	Stone Ridge Market (d)	San Antonio	TX	C	219	94.1%	$23.92	Yes	HEB Plus*, Burlington, PetSmart
	Total Texas				4,665	95.6%	$17.80

	Grand Totals				10,324	96.2%	$19.48

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

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

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

(d)Properties are excluded from Same Property for the three months and year ended ended December 31, 2023.

(e)Properties are excluded from Same Property for the year ended December 31, 2023.


17 Supplemental - Quarter Ended December 31, 2023


			Components of Net Asset Value as of December 31, 2023
			In thousands, except share information



NOI Excluding Termination Fee Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter			Page No.
NOI, excluding ground rent	$	39,258	5
Ground rent income	4,740		5
NOI	43,998		5

Annualized NOI, excluding ground rent income	$	157,032
Annualized ground rent income	18,960

Projected remaining development
Net project costs	$	12,110	15
Estimated range for incremental yield	7-10%		15

Fee Income, Most Recent Quarter
JV Management Fees & Commissions	$	—	5

Other Assets
Cash, cash equivalents and restricted cash	$	99,763	2
Billed base rent, recoveries, and other revenue	12,215		4
Undeveloped land	—
Land held for development	—

Liabilities
Debt	$	818,548	8
Issuance costs, net of accumulated amortization	(3,980)		8
Accounts payable and accrued expenses	44,583		2
Distributions payable	14,594		2
Other liabilities	29,198		2


Common Shares Outstanding	67,807,831		1


18 Supplemental - Quarter End December 31, 2023


			Glossary of Terms


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

* On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, IAGM.


19 Supplemental - Quarter End December 31, 2023

Cover	Feb. 14, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 13, 2024
Entity Registrant Name	INVENTRUST PROPERTIES CORP.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-40896
Entity Tax Identification Number	34-2019608
Entity Address, Address Line One	3025 Highland Parkway,
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Downers Grove,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
Local Phone Number	377-0510
City Area Code	(855)
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	IVT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001307748

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