630-570-0605

dan.lombardo@inventrustproperties.com

•NAREIT FFO of $0.41 per diluted share

•Core FFO of $0.41 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 5.3%

•Leased Occupancy as of September 30, 2023 of 95.1%

•Executed 74 leases totaling approximately 273,000 square feet of GLA, of which 168,000 square feet was executed at a blended comparable lease spread of 9.3%

•Net Loss for the three months ended September 30 2023 was $0.8 million, or $0.01 per diluted share, compared to Net Income of $0.9 million, or $0.01 per diluted share, for the same period in 2022.

•Net Income for the nine months ended September 30, 2023 was $2.4 million, or $0.04 per diluted share, compared to Net Income of $52.4 million, or $0.77 per diluted share, for the same period in 2022.

•NAREIT FFO for the three months ended September 30, 2023 was $27.6 million, or $0.41 per diluted share, compared to $26.1 million, or $0.39 per diluted share, for the same period in 2022.

•NAREIT FFO for the nine months ended September 30, 2023 was $84.7 million, or $1.25 per diluted share, compared to $88.2 million, or $1.31 per diluted share, for the same period in 2022.

•Core FFO for the three months ended September 30, 2023 was $27.6 million, or $0.41 per diluted share, compared to $25.2 million, or $0.37 per diluted share, for the same period in 2022.

•Core FFO for the nine months ended September 30, 2023 was $84.1 million, or $1.24 per diluted share, compared to $82.9 million, or $1.23 per diluted share, for the same period in 2022.

•Same Property NOI for the three months ended September 30, 2023 was $37.5 million, a 5.3% increase compared to the same period in 2022.

•Same Property NOI for the nine months ended September 30, 2023 was $106.3 million, a 4.4% increase compared to the same period in 2022.

•For the quarter ending September 30, 2023, the Board of Directors declared a quarterly cash distribution of $0.2155 per share, paid on October 13, 2023.

•As of September 30, 2023, the Company’s Leased Occupancy was 95.1%.

•Blended re-leasing spreads for comparable new and renewal leases signed in the third quarter were 9.3%.

•Annualized Base Rent PSF (“ABR”) as of September 30, 2023 was $19.36, an increase of 2.4% compared to the same period in 2022. Anchor Tenant ABR PSF was $12.45 and Small Shop ABR PSF was $32.61 for the third quarter.

•On August 25, 2023, the Company disposed of Trowbridge Crossing, a 63,000 square foot neighborhood center anchored by a Publix in Sandy Springs, Georgia, for a gross disposition price of $11.5 million. The Company recognized a gain on sale of $1.7 million on the sale of this property.

•InvenTrust had $456.6 million of total liquidity, as of September 30, 2023, comprised of $106.6 million of Pro Rata Cash and $350.0 million of availability under its Revolving Credit Facility. As of September 30, 2023, net assets of IAGM were $7.0 million, inclusive of cash and cash equivalents of $9.2 million.

•InvenTrust has $92.5 million of debt maturing in 2023 and $15.7 million of debt maturing in 2024, as of September 30, 2023. On October 17, 2023, the Company extended the maturity of its $92.5 million of 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.

•As of September 30, 2023, the Company's weighted average interest rate was 3.88% and the weighted average remaining term was 4.1 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 of which, in management’s 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) Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $3.0 million.

(4) Adjustments for uncollectibility are reflected as basis points of expected total revenue.

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

(a)Adjusting items, net, are primarily 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.

Date:        Thursday, November 2, 2023

Time:        10:00 a.m. ET

Dial-in:         (833) 470-1428 / Access Code: 566010

Webcast:     https://events.q4inc.com/attendee/746162837

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 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.

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, 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"). NOI from other investment properties includes adjustments for the Company's captive insurance company.

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.

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 is Net Debt divided by trailing twelve month Adjusted EBITDA.

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, for the three and nine months ended September 30, 2022 and as of December 31, 2022. As of September 30, 2023, as a result of the Company’s acquisition of the remaining IAGM properties, net assets of IAGM were $7.0 million, inclusive of cash and cash equivalents of $9.2 million, which has been included as part of Pro Rata Cash.

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

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

(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.

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

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

(b)Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing 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)Other leasing adjustments includes amortization of above and below market leases and straight-line rent adjustments.

(d)Represents the Company’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.

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, tenant demand for IVT’s centers, strength of IVT’s platform position and 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 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; 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 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. 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.

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 IVT's Form 10-Q for the quarter ended September 30, 2023. 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, tenant demand for IVT's centers, strength of IVT's platform position and 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 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; 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 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. IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.

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

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, where indicated as “pro rata” the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," with the exception of property and lease count, for the three and nine months ended September 30, 2022 and as of December 31, 2022. As of September 30, 2023, as a result of the Company’s acquisition of the remaining IAGM properties, net assets of IAGM were $7.0 million, inclusive of cash and cash equivalents of $9.2 million, which has been included as part of Pro Rata Cash.

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 Report on Form 10-K and Quarterly Reports on Form 10-Q, in each case as filed with the SEC.

630-570-0605

dan.lombardo@inventrustproperties.com

•NAREIT FFO of $0.41 per diluted share

•Core FFO of $0.41 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 5.3%

•Leased Occupancy as of September 30, 2023 of 95.1%

•Executed 74 leases totaling approximately 273,000 square feet of GLA, of which 168,000 square feet was executed at a blended comparable lease spread of 9.3%

•Net Loss for the three months ended September 30 2023 was $0.8 million, or $0.01 per diluted share, compared to Net Income of $0.9 million, or $0.01 per diluted share, for the same period in 2022.

•Net Income for the nine months ended September 30, 2023 was $2.4 million, or $0.04 per diluted share, compared to Net Income of $52.4 million, or $0.77 per diluted share, for the same period in 2022.

•NAREIT FFO for the three months ended September 30, 2023 was $27.6 million, or $0.41 per diluted share, compared to $26.1 million, or $0.39 per diluted share, for the same period in 2022.

•NAREIT FFO for the nine months ended September 30, 2023 was $84.7 million, or $1.25 per diluted share, compared to $88.2 million, or $1.31 per diluted share, for the same period in 2022.

•Core FFO for the three months ended September 30, 2023 was $27.6 million, or $0.41 per diluted share, compared to $25.2 million, or $0.37 per diluted share, for the same period in 2022.

•Core FFO for the nine months ended September 30, 2023 was $84.1 million, or $1.24 per diluted share, compared to $82.9 million, or $1.23 per diluted share, for the same period in 2022.

•Same Property NOI for the three months ended September 30, 2023 was $37.5 million, a 5.3% increase compared to the same period in 2022.

•Same Property NOI for the nine months ended September 30, 2023 was $106.3 million, a 4.4% increase compared to the same period in 2022.

•For the quarter ending September 30, 2023, the Board of Directors declared a quarterly cash distribution of $0.2155 per share, paid on October 13, 2023.

•As of September 30, 2023, the Company’s Leased Occupancy was 95.1%.

•Blended re-leasing spreads for comparable new and renewal leases signed in the third quarter were 9.3%.

•Annualized Base Rent PSF (“ABR”) as of September 30, 2023 was $19.36, an increase of 2.4% compared to the same period in 2022. Anchor Tenant ABR PSF was $12.45 and Small Shop ABR PSF was $32.61 for the third quarter.

•On August 25, 2023, the Company disposed of Trowbridge Crossing, a 63,000 square foot neighborhood center anchored by a Publix in Sandy Springs, Georgia, for a gross disposition price of $11.5 million. The Company recognized a gain on sale of $1.7 million on the sale of this property.

•InvenTrust had $456.6 million of total liquidity, as of September 30, 2023, comprised of $106.6 million of Pro Rata Cash and $350.0 million of availability under its Revolving Credit Facility. As of September 30, 2023, net assets of IAGM were $7.0 million, inclusive of cash and cash equivalents of $9.2 million.

•InvenTrust has $92.5 million of debt maturing in 2023 and $15.7 million of debt maturing in 2024, as of September 30, 2023. On October 17, 2023, the Company extended the maturity of its $92.5 million of 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.

•As of September 30, 2023, the Company's weighted average interest rate was 3.88% and the weighted average remaining term was 4.1 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 of which, in management’s 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) Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $3.0 million.

(4) Adjustments for uncollectibility are reflected as basis points of expected total revenue.

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

(a)Adjusting items, net, are primarily 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.

			Three Months Ended September 30												Nine Months Ended September 30
			2023						2022						2023						2022
Financial Results
Net (loss) income			$	(822)					$	936					$	2,379					$	52,358
Net (loss) income per common share - basic			(0.01)						0.01						0.04						0.78
Net (loss) income per common share - diluted			(0.01)						0.01						0.04						0.77
NAREIT FFO (page 7)			27,565						26,097						84,744						88,201
NAREIT FFO per diluted share			0.41						0.39						1.25						1.31
Core FFO (page 7)			27,642						25,223						84,065						82,875
Core FFO per diluted share			0.41						0.37						1.24						1.23
Same Property NOI (page 6)			37,512						35,632						106,301						101,810

Same Property NOI growth			5.3		%										4.4		%

Distributions Paid Per Share																		Liquidity and Credit Facility
Q3 2023						$0.21550												Cash						$	106,559
Q2 2023						$0.21550												Available under credit facility						350,000
Q1 2023						$0.20520												Total						$	456,559
Q4 2022						$0.20520

* Component of Net Operating Income

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

(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.

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

(b)Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as basis difference recognition arising from acquiring the four remaining properties of IVT's joint venture, and miscellaneous and settlement income.

(c)Other leasing adjustments includes amortization of above and below market leases and straight-line rent adjustments.

(d)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.