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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
99.2
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


EX-99.1 2 q42023earningsrelease.htm EX-99.1 Document

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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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EX-99.2 3 q42023supplemental.htm EX-99.2 Document

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Table of Contents
Page No.
Introductory Notes i
Earnings Release iii
Financial Information
Summary Financial Information
Consolidated Balance Sheets
Consolidated Statements of Operations and Comprehensive (Loss) Income
Consolidated Supplemental Details of Assets and Liabilities
Consolidated Supplemental Details of Operations
Reconciliation of Non-GAAP Measures
Same Property Net Operating Income
NAREIT FFO and Core FFO
EBITDA and Adjusted EBITDA
Summary of Outstanding Debt
Consolidated Debt Covenants, Interest Rate Swaps, and Capital Expenditures
Portfolio and Leasing Overview
Markets and Tenant Size
Top 25 Tenants by ABR and Tenant Merchandise Mix
Comparable & Non-Comparable Lease Statistics
Tenant Lease Expirations
Investment Summary
Acquisitions and Dispositions
Development Pipeline
Property Summary
Components of NAV as of December 31, 2023
Glossary of Terms


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Introductory Notes
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 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
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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
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.
ii Supplemental - Quarter Ended December 31, 2023
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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.
iii Supplemental - Quarter Ended December 31, 2023
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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.
iv Supplemental - Quarter Ended December 31, 2023
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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.
v Supplemental - Quarter Ended December 31, 2023
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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
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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
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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
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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
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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
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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
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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.
(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.
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.
(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.
7 Supplemental - Quarter Ended December 31, 2023
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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
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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
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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
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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
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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
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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 204  3.2  % 2,991  3.6  % 14.66 
2031 294  4.7  % 2,659  3.3  % 9.04 
2032 345  5.5  % 4,537  5.6  % 13.15 
2033 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
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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  63 95.4% Publix
$ 13,142  63
(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
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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
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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
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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
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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
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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
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