630-570-0605

dan.lombardo@inventrustproperties.com

•Nareit FFO of $0.45 per diluted share

•Core FFO of $0.44 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 4.1%

•Leased Occupancy as of March 31, 2024 of 96.3%

•Executed 41 leases totaling approximately 180,000 square feet of GLA, of which 165,000 square feet was executed at a blended comparable lease spread of 11.2%

•Executed one anchor tenant lease at a comparable lease spread of 32.5%

•Acquired The Plant, a 57,000 square foot neighborhood center anchored by Sprouts Farmers Market in Chandler, Arizona

•Net Income for the three months ended March 31, 2024 was $2.9 million, or $0.04 per diluted share, compared to Net Income of $1.1 million, or $0.02 per diluted share, for the same period in 2023.

•Nareit FFO for the three months ended March 31, 2024 was $30.8 million, or $0.45 per diluted share, compared to $28.0 million, or $0.41 per diluted share, for the same period in 2023.

•Core FFO for the three months ended March 31, 2024 was $30.0 million, or $0.44 per diluted share, compared to $27.4 million, or $0.40 per diluted share, for the same period in 2023.

•Same Property NOI for the three months ended March 31, 2024 was $41.5 million, a 4.1% increase, compared to the same period in 2023.

•For the quarter ended March 31, 2024, the Board of Directors declared a quarterly cash distribution of $0.2263 per share, paid on April 15, 2024.

•As of March 31, 2024, the Company’s Leased Occupancy was 96.3%.

•Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 11.2%.

•Annualized Base Rent PSF (“ABR”) as of March 31, 2024 was $19.61, an increase of 2.6% compared to the same period in 2023. Anchor Tenant ABR PSF was $12.56 and Small Shop ABR PSF was $33.16 for the first quarter.

•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.

•On February 1, 2024, the Company assumed $13.0 million of existing mortgage debt on The Plant, which matures on May 10, 2025.

•InvenTrust had $421.2 million of total liquidity, as of March 31, 2024, comprised of $71.2 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 $35.9 million of debt maturing in 2025, as of March 31, 2024.

•The Company's weighted average interest rate on its debt as of March 31, 2024 was 4.28% and the weighted average remaining term was 3.7 years.

•On April 9, 2024, the Company acquired Moores Mill, a 70,000 square foot neighborhood center anchored by Publix in Atlanta, Georgia for a gross acquisition price of $28.0 million. The Company used cash on hand to fund the acquisition.

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

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

(3)Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, debt extinguishment charges, straight-line rent adjustments, depreciation and amortization of corporate assets, and non-operating income and expense.

(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.

Date:                Wednesday, May 1, 2024

Time:                10:00 a.m. ET

Dial-in:                 (833) 470-1428 / Access Code: 228906

Webcast & Replay Link:     https://events.q4inc.com/attendee/631395780

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

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

Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. NOI excludes general and administrative expenses, depreciation and amortization, 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.

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

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

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

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

The following table presents a reconciliation of Net Income to Nareit FFO and Core FFO Applicable to Common Shares and Dilutive Securities, and provides additional information related to its operations:

(a)Reflects the Company’s share of adjustments for IAGM's Nareit FFO on the same basis as InvenTrust.

(b)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four remaining properties of IAGM in 2023.

(c)Reflects the Company’s share of adjustments for IAGM's Core FFO on the same basis as InvenTrust.

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

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

(a)Reflects the Company's share of adjustments for IAGM's EBITDA on the same basis as InvenTrust.

(b)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four remaining properties of IAGM in 2023.

(c)Reflects the Company's share of adjustments for IAGM's Adjusted EBITDA on the same basis as InvenTrust.

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

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 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-Q for the quarter ended March 31, 2024. The Company may, but assumes no obligation to, update information in this press release.

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 growth and 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.

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.

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 www.inventrustproperties.com/investor-relations and on the Company’s social media channels.

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 U.S. 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-Q for the quarter ended March 31, 2024. The Company may, but assumes no obligation to, update information in this supplemental.

Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements about the Company's 2024 guidance, the amount and timing of payment of the Company's next quarterly dividend, the Company's expectation for continued growth and 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.

IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.

In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. Management does not consider the Company's non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of IVT's financial performance as they may not reflect the operations of the entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of IVT's properties that could materially impact IVT's results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of IVT's liquidity, nor as an indication of funds available to cover IVT's cash needs, including IVT's ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if management does not continue to operate the business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, IVT's non-GAAP measures may not be comparable to other REITs. Reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are included on pages 6 and 7 and definitions of the Company's non-GAAP measures are included in the Glossary of Terms on page 20.

Throughout this supplemental, where indicated as “pro rata” the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," as of December 31, 2022 and 2021.

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.

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 www.inventrustproperties.com/investor-relations and on the Company’s social media channels.

630-570-0605

dan.lombardo@inventrustproperties.com

•Nareit FFO of $0.45 per diluted share

•Core FFO of $0.44 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 4.1%

•Leased Occupancy as of March 31, 2024 of 96.3%

•Executed 41 leases totaling approximately 180,000 square feet of GLA, of which 165,000 square feet was executed at a blended comparable lease spread of 11.2%

•Executed one anchor tenant lease at a comparable lease spread of 32.5%

•Acquired The Plant, a 57,000 square foot neighborhood center anchored by Sprouts Farmers Market in Chandler, Arizona

•Net Income for the three months ended March 31, 2024 was $2.9 million, or $0.04 per diluted share, compared to Net Income of $1.1 million, or $0.02 per diluted share, for the same period in 2023.

•Nareit FFO for the three months ended March 31, 2024 was $30.8 million, or $0.45 per diluted share, compared to $28.0 million, or $0.41 per diluted share, for the same period in 2023.

•Core FFO for the three months ended March 31, 2024 was $30.0 million, or $0.44 per diluted share, compared to $27.4 million, or $0.40 per diluted share, for the same period in 2023.

•Same Property NOI for the three months ended March 31, 2024 was $41.5 million, a 4.1% increase, compared to the same period in 2023.

•For the quarter ended March 31, 2024, the Board of Directors declared a quarterly cash distribution of $0.2263 per share, paid on April 15, 2024.

•As of March 31, 2024, the Company’s Leased Occupancy was 96.3%.

•Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 11.2%.

•Annualized Base Rent PSF (“ABR”) as of March 31, 2024 was $19.61, an increase of 2.6% compared to the same period in 2023. Anchor Tenant ABR PSF was $12.56 and Small Shop ABR PSF was $33.16 for the first quarter.

•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.

•On February 1, 2024, the Company assumed $13.0 million of existing mortgage debt on The Plant, which matures on May 10, 2025.

•InvenTrust had $421.2 million of total liquidity, as of March 31, 2024, comprised of $71.2 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 $35.9 million of debt maturing in 2025, as of March 31, 2024.

•The Company's weighted average interest rate on its debt as of March 31, 2024 was 4.28% and the weighted average remaining term was 3.7 years.

•On April 9, 2024, the Company acquired Moores Mill, a 70,000 square foot neighborhood center anchored by Publix in Atlanta, Georgia for a gross acquisition price of $28.0 million. The Company used cash on hand to fund the acquisition.

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

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

(3)Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, debt extinguishment charges, straight-line rent adjustments, depreciation and amortization of corporate assets, and non-operating income and expense.

(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.

									Three Months Ended March 31
															2024						2023
Financial Results
Net income															$	2,900					$	1,133
Net income per common share - basic															0.04						0.02
Net income per common share - diluted															0.04						0.02
Nareit FFO (page 7)															30,846						28,018
Nareit FFO per diluted share															0.45						0.41
Core FFO (page 7)															29,981						27,371
Core FFO per diluted share															0.44						0.40
Same Property NOI (page 6)															41,473						39,857

Same Property NOI growth

4.1

%

Distributions Paid Per Share																		Liquidity and Credit Facility
Q1 2024						$0.21550												Cash and cash equivalents						$	71,170
Q4 2023						$0.21550												Available under credit facility						350,000
Q3 2023						$0.21550												Total						$	421,170
Q2 2023						$0.21550

* Component of Net Operating Income

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

(a)Reflects the Company’s share of adjustments for IAGM's Nareit FFO on the same basis as InvenTrust.

(b)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four remaining properties of IAGM in 2023.

(c)Reflects the Company’s share of adjustments for IAGM's Core FFO on the same basis as InvenTrust.

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

(a)Reflects the Company's share of adjustments for IAGM's EBITDA on the same basis as InvenTrust.

(b)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four remaining properties of IAGM in 2023.

(c)Reflects the Company's share of adjustments for IAGM's Adjusted EBITDA on the same basis as InvenTrust.

(a)The pooled mortgage is cross collateralized by three properties and has one 12-month extension option.

(b)As of March 31, 2024, 1-Month Term SOFR was 5.33%.

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

																		For the quarter ended
Description						Term Loan Covenants						Senior Note Covenants						Q1 2024						Q4 2023						Q3 2023						Q2 2023
Leverage Ratio						< 60.0%						< 60.0%						29.2%						29.0%						29.7%						29.6%
Fixed Charge Coverage Ratio						> 1.50						> 1.50						4.32						4.27						4.06						4.07
Maximum Dividend Payout						< 95%						N/A						49.2%						49.8%						52.3%						52.4%
Maximum Secured Recourse Debt						< 10% of Total Asset Value						< 10% of Total Asset Value						—%						—%						—%						—%
Unsecured Interest Coverage Ratio						> 1.75						> 1.75						5.62						5.53						5.43						5.10
Unsecured Leverage Ratio						< 60%						< 60%						28.0%						28.2%						28.9%						29.1%

As of March 31, 2024, 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.