630-570-0605

dan.lombardo@inventrustproperties.com

•NAREIT FFO for the fourth quarter of $0.35 per diluted share, and $1.66 per diluted share for the full year

•Core FFO for the fourth quarter of $0.34 per diluted share, and $1.57 per diluted share for the full year

•Pro Rata Same Property Net Operating Income (“NOI”) growth of 0.4% for the fourth quarter and growth of 4.6% for the full year

•Leased Occupancy as of December 31, 2022 of 96.1%, a fourth quarter sequential increase of 50 basis points and a full year increase of 220 basis points

•Executed 58 leases totaling approximately 461,000 square feet of pro rata GLA, of which 338,000 square feet was executed at a blended comparable lease spread of 6.1% for the fourth quarter and 8.4% for the full year

•On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, 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. Subsequent to the transaction, IAGM proportionately distributed substantially all net proceeds from the sale, of which the Company's share was approximately $71.4 million. In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023.

•Net Loss for the three months ended December 31, 2022 was $0.1 million, or $0.00 per diluted share, compared to a Net Loss of $10.8 million, or $0.16 per diluted share, for the same period in 2021.

•Net Income for the year ended December 31, 2022 was $52.2 million, or $0.77 per diluted share, compared to a Net Loss of $5.4 million, or $0.08 per diluted share, for the same period in 2021.

•NAREIT FFO for the three months ended December 31, 2022 was $23.8 million, or $0.35 per diluted share, as compared to $9.9 million, or $0.14 per diluted share, for the same period in 2021.

•NAREIT FFO for the year ended December 31, 2022 was $112.0 million, or $1.66 per diluted share, as compared to $84.1 million, or $1.18 per diluted share, for the same period in 2021.

•Core FFO for the three months ended December 31, 2022 was $23.1 million, or $0.34 per diluted share, compared to $26.3 million, or $0.38 per diluted share, for the same period in 2021.

•Core FFO for the year ended December 31, 2022 was $106.0 million, or $1.57 per diluted share, compared to $99.6 million, or $1.40 per diluted share, for the same period in 2021.

•Pro Rata Same Property NOI for the three months ended December 31, 2022 was $35.8 million, a 0.4% increase, compared to the same period in 2021. Excluding net out of period rent collection of $0.6 million, Pro Rata Same Property NOI would have increased 2.1% when comparing the three months ended December 31, 2022 to the same period in 2021.

•Pro Rata Same Property NOI for the year ended December 31, 2022 was $141.1 million, a 4.6% increase, compared to the same period in 2021. Excluding net out of period rent collection of $1.7 million, Pro Rata Same Property NOI would have increased 6.0% when comparing the year ended December 31, 2022 to the same period in 2021.

•For the quarter ending December 31, 2022, the Board of Directors declared a quarterly cash distribution of $0.2052 per share, payable on January 13, 2023.

•The Board of Directors approved a 5% increase in the Company’s cash dividend. The new annual rate of $0.8620 will be reflected in the quarterly dividend of $0.2155 expected to be paid in April 2023.

•As of December 31, 2022, the Company’s Leased Occupancy was 96.1%.

•Blended re-leasing spreads for comparable new and renewal leases signed in the fourth quarter were 6.1%, and 8.4% for the full year.

•Annualized Base Rent PSF (“ABR”) as of December 31, 2022 for the Pro Rata Combined Portfolio was $19.08, an increase of 2.6% compared to the same period in 2021. Anchor Tenant ABR PSF was $12.43 and Small Shop ABR PSF was $32.12 for the fourth quarter.

•On October 28, 2022, the Company acquired Eastfield Village in Huntersville, North Carolina for $22.5 million. The 96,000 square foot neighborhood center is anchored by Food Lion.

•On December 16, 2022, the Company acquired Stone Ridge Market in San Antonio, Texas, for $58.1 million from its joint venture. The 219,000 square foot community center is shadow anchored by HEB Plus.

•InvenTrust had $514.4 million of total liquidity, as of December 31, 2022 comprised of $164.4 million of Pro Rata Cash and $350.0 million of availability under its Revolving Credit Facility.

•The Company has $13.7 million of debt maturing in 2023 and $15.7 million of debt maturing in 2024.

•The Company's weighted average interest rate on its consolidated debt as of December 31, 2022 was 4.08% and the weighted average remaining term was 5.2 years.

(1) Net Income per diluted share excludes effects from potential acquisitions or dispositions.

(2) NAREIT FFO per diluted share:

•Excludes effects from potential acquisitions or dispositions.

•Excludes any items that impact NAREIT FFO comparability, including loss on debt extinguishment, non-routine or one-time items or which, in our judgement, are not pertinent to measuring on-going operating performance.

•Includes an expectation that some tenants will move from the cash basis of accounting to the accrual basis of accounting which can result in volatility in straight-line rental income adjustments.

(3) Excludes amortization of debt discounts and financing costs.

(4) Net investment activity represents anticipated acquisition activity less disposal activity.

(a)Adjusting items, net, are primarily amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.

Date:        Wednesday, February 15, 2023            

Time:        10:00 am ET

Dial-in:         (844) 200-6205 / Access Code 310501

Webcast:     https://events.q4inc.com/attendee/961428227

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

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

This Earnings Release includes certain non-GAAP financial measures and other terms that management believes are helpful in understanding our 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 our non-GAAP measures to the most directly comparable GAAP financials measures are included herein.

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, direct listing costs, depreciation and amortization, provision for asset impairment, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments such as straight-line rent adjustments, amortization of market lease intangibles, and amortization of lease incentives ("GAAP Rent Adjustments").

Our 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 our unconsolidated joint venture are calculated to reflect our 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 our operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within NAREIT FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance.

Our non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, transaction expenses, 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 our unconsolidated joint venture are calculated to reflect our proportionate share of the joint venture's Adjusted EBITDA on the same basis.

Net Debt-to-Adjusted EBITDA is Pro Rata Net Debt divided by Adjusted EBITDA on a trailing twelve month basis.

Where appropriate, 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.

Dollars in thousands, except share amounts

Dollars in thousands, except share and per share amounts, unaudited

The following table compares Pro Rata Same Property NOI:

The following table is a reconciliation of Net (Loss) Income to Pro Rata Same Property NOI:

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

Dollars in thousands, except share and per share amounts

The following table presents the Company’s calculation of NAREIT FFO and Core FFO Attributable to Common Shares and Dilutive Securities and provides additional information related to its operations:

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

(b)Adjusting items, net, are primarily loss on extinguishment of debt, amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.

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

(d)For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating diluted earnings per share in accordance with GAAP. For the three months ended December 31, 2022, three months ended December 31, 2021, and year ended December 31, 2021, unvested restricted shares were antidilutive and therefore excluded from the denominator in the diluted earnings per share calculation in accordance with GAAP.

The following table presents the Company’s calculation of EBITDA and Adjusted EBITDA:

(a)Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

(b)Other leasing adjustments includes amortization of market lease intangibles and straight-line rent adjustments.

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

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 2023 guidance and expected timing and payment of dividends, or regarding management’s intentions, beliefs, expectations, representation, 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 us and our management, are inherently uncertain. The following factors, among others, could cause actual results and 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; the effects and duration of the COVID-19 pandemic; 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 our forward-looking statements and our future results and financial condition, see the Risk Factors included in InvenTrust’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 Securities and Exchange Commission. 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. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake 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 we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Introductory Notes

The enclosed information should be read in conjunction with our filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, our 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, 2022. IVT may, but assumes no obligation to, update information in this supplemental.

Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements about the Company's 2023 guidance and expected timing and payment of dividends, 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 us and our management, are inherently uncertain. The following factors, among others, could cause actual results and 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; the effects and duration of the COVID-19 pandemic; 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 our forward-looking statements and our future results and financial condition, see the Risk Factors included in our 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. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. We undertake 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 we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. We do not consider our 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 our financial performance as they may not reflect the operations of our 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 our properties that could materially impact our results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate our 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, our non-GAAP measures may not be comparable to other REITs. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included in this supplemental on pages 6 and 7 and definitions of our non-GAAP measures are included in the Glossary of Terms on page 23.

The Company owns 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. IAGM is the Company’s sole joint venture and is unconsolidated. Throughout this supplemental, where indicated as “pro rata” the Company has included the results from its share of its JV properties when combined with the Company’s wholly-owned properties, with the exception of property count and number of leases. 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 our overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent our 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 our JV properties, see the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in each case as filed with the SEC.

On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, 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. Subsequent to the transaction, IAGM proportionately distributed substantially all net proceeds from the sale, of which the Company's share was approximately $71.4 million. In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023.

On April 28, 2022, we filed an amendment to our 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. The authorized shares of common stock have been retroactively adjusted within the accompanying consolidated financial statements to give effect to the reduction as of December 31, 2022.

630-570-0605

dan.lombardo@inventrustproperties.com

•NAREIT FFO for the fourth quarter of $0.35 per diluted share, and $1.66 per diluted share for the full year

•Core FFO for the fourth quarter of $0.34 per diluted share, and $1.57 per diluted share for the full year

•Pro Rata Same Property Net Operating Income (“NOI”) growth of 0.4% for the fourth quarter and growth of 4.6% for the full year

•Leased Occupancy as of December 31, 2022 of 96.1%, a fourth quarter sequential increase of 50 basis points and a full year increase of 220 basis points

•Executed 58 leases totaling approximately 461,000 square feet of pro rata GLA, of which 338,000 square feet was executed at a blended comparable lease spread of 6.1% for the fourth quarter and 8.4% for the full year

•On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, 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. Subsequent to the transaction, IAGM proportionately distributed substantially all net proceeds from the sale, of which the Company's share was approximately $71.4 million. In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023.

•Net Loss for the three months ended December 31, 2022 was $0.1 million, or $0.00 per diluted share, compared to a Net Loss of $10.8 million, or $0.16 per diluted share, for the same period in 2021.

•Net Income for the year ended December 31, 2022 was $52.2 million, or $0.77 per diluted share, compared to a Net Loss of $5.4 million, or $0.08 per diluted share, for the same period in 2021.

•NAREIT FFO for the three months ended December 31, 2022 was $23.8 million, or $0.35 per diluted share, as compared to $9.9 million, or $0.14 per diluted share, for the same period in 2021.

•NAREIT FFO for the year ended December 31, 2022 was $112.0 million, or $1.66 per diluted share, as compared to $84.1 million, or $1.18 per diluted share, for the same period in 2021.

•Core FFO for the three months ended December 31, 2022 was $23.1 million, or $0.34 per diluted share, compared to $26.3 million, or $0.38 per diluted share, for the same period in 2021.

•Core FFO for the year ended December 31, 2022 was $106.0 million, or $1.57 per diluted share, compared to $99.6 million, or $1.40 per diluted share, for the same period in 2021.

•Pro Rata Same Property NOI for the three months ended December 31, 2022 was $35.8 million, a 0.4% increase, compared to the same period in 2021. Excluding net out of period rent collection of $0.6 million, Pro Rata Same Property NOI would have increased 2.1% when comparing the three months ended December 31, 2022 to the same period in 2021.

•Pro Rata Same Property NOI for the year ended December 31, 2022 was $141.1 million, a 4.6% increase, compared to the same period in 2021. Excluding net out of period rent collection of $1.7 million, Pro Rata Same Property NOI would have increased 6.0% when comparing the year ended December 31, 2022 to the same period in 2021.

•For the quarter ending December 31, 2022, the Board of Directors declared a quarterly cash distribution of $0.2052 per share, payable on January 13, 2023.

•The Board of Directors approved a 5% increase in the Company’s cash dividend. The new annual rate of $0.8620 will be reflected in the quarterly dividend of $0.2155 expected to be paid in April 2023.

•As of December 31, 2022, the Company’s Leased Occupancy was 96.1%.

•Blended re-leasing spreads for comparable new and renewal leases signed in the fourth quarter were 6.1%, and 8.4% for the full year.

•Annualized Base Rent PSF (“ABR”) as of December 31, 2022 for the Pro Rata Combined Portfolio was $19.08, an increase of 2.6% compared to the same period in 2021. Anchor Tenant ABR PSF was $12.43 and Small Shop ABR PSF was $32.12 for the fourth quarter.

•On October 28, 2022, the Company acquired Eastfield Village in Huntersville, North Carolina for $22.5 million. The 96,000 square foot neighborhood center is anchored by Food Lion.

•On December 16, 2022, the Company acquired Stone Ridge Market in San Antonio, Texas, for $58.1 million from its joint venture. The 219,000 square foot community center is shadow anchored by HEB Plus.

•InvenTrust had $514.4 million of total liquidity, as of December 31, 2022 comprised of $164.4 million of Pro Rata Cash and $350.0 million of availability under its Revolving Credit Facility.

•The Company has $13.7 million of debt maturing in 2023 and $15.7 million of debt maturing in 2024.

•The Company's weighted average interest rate on its consolidated debt as of December 31, 2022 was 4.08% and the weighted average remaining term was 5.2 years.

(1) Net Income per diluted share excludes effects from potential acquisitions or dispositions.

(2) NAREIT FFO per diluted share:

•Excludes effects from potential acquisitions or dispositions.

•Excludes any items that impact NAREIT FFO comparability, including loss on debt extinguishment, non-routine or one-time items or which, in our judgement, are not pertinent to measuring on-going operating performance.

•Includes an expectation that some tenants will move from the cash basis of accounting to the accrual basis of accounting which can result in volatility in straight-line rental income adjustments.

(3) Excludes amortization of debt discounts and financing costs.

(4) Net investment activity represents anticipated acquisition activity less disposal activity.

(a)Adjusting items, net, are primarily amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.

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

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

(b)Adjusting items, net, are primarily loss on extinguishment of debt, amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.

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

(d)For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating diluted earnings per share in accordance with GAAP. For the three months ended December 31, 2022, three months ended December 31, 2021, and year ended December 31, 2021, unvested restricted shares were antidilutive and therefore excluded from the denominator in the diluted earnings per share calculation in accordance with GAAP.

(a)Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

(b)Other leasing adjustments includes amortization of market lease intangibles and straight-line rent adjustments.

			Balance as of December 31, 2022						Ratio						Weighted Average Interest Rate						Weighted Average Years to Maturity
Fixed rate secured debt			$	109,812					15%						3.95%						3.9
Fixed rate unsecured debt			550,000						72%						3.82%						5.7
Variable rate unsecured debt			100,000						13%						5.66%						4.2
Issuance costs, net of accumulated amortization			(5,261)						n/a						n/a						n/a
Total consolidated debt, net			$	754,551					100%						4.08%						5.2

(a)Weighted average term for IAGM debt, of which our share is 55%, is 0.8 years and weighted average rate is 2.75%. The 2023 maturities for JV debt are not inclusive of extension options available to the JV.