Financial Analysis

"Commitments and Contingencies Legal Matters The Company is subject, from time to time, to various types of third-party legal claims or litigation that arise in the ordinary course of business, including, but not limited to, property loss claims, personal injury or other damages resulting from contact with the Company's properties. These claims and lawsuits and any resulting damages are generally covered by the Company's insurance policies. The Company accrues for legal costs associated with loss contingencies when these costs are probable and reasonably estimable. While the resolution of these matters cannot be predicted with certainty, based on currently available information, management does not expect that the final outcome of any pending claims or legal proceedings will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. Captive Insurance Company In April 2023, the Company formed a wholly-owned captive insurance company (the ""Captive""), which provides insurance coverage for all losses below the deductibles of the Company's third party liability insurance policies relating to wind, flood, named windstorm, earthquake, fire, and other property-related perils. The Company formed the Captive as part of its overall risk management program and to stabilize insurance costs, manage exposures, and recoup expenses through the function of the captive program. In January 2025, the Captive began underwriting the first layer …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt The Company's debt consists of mortgages payable, unsecured term loans, senior notes, an unsecured revolving line of credit, and a finance lease liability. The Company believes it has the ability to repay, refinance, or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs. It is anticipated that the Company will use cash on hand, available capacity on credit agreements, if any, and proceeds from property sales, to repay, refinance or extend the mortgages payable maturing in the near term. The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions, and distribution limitations. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all loan covenants. Credit Agreements The Company has a $500.0 million revolving credit facility (the ""Revolving Credit Facility""). The Revolving Credit Facility is scheduled to mature on January 15, 2029, with one 6-month extension option. On August 25, 2025, the Company entered into an amendment to the Revolving Credit Facility, which modified the applicable interest rate thereunder by removing the credit spread adjustment to SOFR, in addition to other modifications. As of March 31, 2026, the Company had available liquidity of $319.0 million under the Revolving Credit Facility. On August 25, 2025, the Company entered into an amendment (the ""Term Loan Amendment"") to its $400.0 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"Stock-Based Compensation Incentive Award Plan The Company grants equity awards under the InvenTrust Properties Corp. 2015 Incentive Award Plan (as amended, the ""Incentive Award Plan""). The aggregate number of shares of common stock that may be issued pursuant to awards granted under the Incentive Award Plan (the ""Share Limit"") is 5,750,000 shares. Any forfeited awards or unearned performance shares subject to an award are added back to the Share Limit. As of March 31, 2026, outstanding restricted stock unit (""RSU"") awards were categorized as either time-based awards or market-based awards, each with tandem dividend equivalents. As of March 31, 2026, 2,016,115 shares were available for future issuance under the Incentive Award Plan, as amended by the Amendments. Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period. The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models: At Grant Date 2026 2025 Volatility 21.00% 27.00% Risk free interest rate 3.53% 4.35% Dividend Yield 3.40% 3.30% The following table summarizes the Company's RSU activity under the Incentive Award Plan during the three months ended March 31, 2026: Unvested Time- Based RSUs Unvested Performance and Market-Based RSUs Weighted-Average Grant Date Price Per Share Outstanding as of January 1, 2026 19 …

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Fair Value Measurements Recurring Measurements The following table summarizes the financial instruments remeasured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2026 December 31, 2025 Cash Flow Hedges: (a) (b) Level 1 Level 2 (c) Level 3 Level 1 Level 2 (c) Level 3 Derivative interest rate swap assets $ 6,041 $ 5,196 Derivative interest rate swap liabilities $ $ (48) $ $ $ (435) $ (a) During the twelve months subsequent to March 31, 2026, an estimated $4,351 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings. (b) As of March 31, 2026 and December 31, 2025, the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. (c) Derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. Nonrecurring Measurements Investment Properties During the three months ended March 31, 2026 and 2025 the Company had no Level 3 nonrecurring fair value measurements. Financial Instruments Not Measured at Fair Value The following table summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of March 31, 2026 and Decem …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Pronouncements Not Yet Adopted The following table summarizes recently issued accounting pronouncements and the potential impact on the Company: Standard Description Effective date Effect on the financial statements or other significant matters ASU No. 2024-03 Disaggregation of Income Statement Expenses (Subtopic 220-40) and related updates The Accounting Standards Update (""ASU"") is intended to improve financial reporting by requiring more granular disclosures about an entitys expenses so investors can better understand performance, prospects for future cash flows and comparability over time. The primary goal is to improve the decision-usefulness of expense information through disaggregation of relevant expense captions in the notes to the financial statements. Annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Company continues to evaluate this guidance and expects the impact to be limited to incremental disclosure. The Company does not expect the standard to have an impact on the Company's financial position, results of operations, or cash flows. ASU No. 2025-11 Interim Reporting (Topic 270) and related updates The ASU is intended to improve the navigability of the interim guidance by clarifying when it applies and creating a comprehensive list of required interim disclosures. The ASU incorporates an interim disclosure principle requiring entitie …

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Revenue Recognition Operating Leases Minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows: As of March 31, 2026 Remaining 2026 $ 178,505 2027 219,523 2028 192,257 2029 161,480 2030 132,869 Thereafter 478,908 Total $ 1,363,542 The foregoing table includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The remaining lease terms range from less than one year to fifty-five years. The following table presents the disaggregation of lease income, net: Three months ended March 31 2026 2025 Minimum base rent $ 51,451 $ 47,066 Real estate tax recoveries 9,204 8,599 Common area maintenance, insurance, and other recoveries 10,338 9,399 Ground rent income 5,805 5,076 Amortization of market-lease intangibles and inducements, net 2,258 895 Short-term and other lease income 1,291 1,417 Termination fee income 802 10 Straight-line rent adjustments, net 1,178 894 (Provision for) reversal of estimated credit losses (217) 33 Lease income, net $ 82,110 $ 73,389

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"Segment Information Segment Performance The chief operating decision maker (the ""CODM"") believes net income or loss determined in accordance with GAAP is the most appropriate earnings measurement to assess the Company's overall performance. Additionally, the CODM evaluates the consolidated performance of the Company's portfolio of retail properties based on Net Operating Income (""NOI""), a supplemental non-GAAP measure. 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, impairment of real estate assets, interest expense, net, 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""). The CODM believes the supplemental non-GAAP measure of NOI is an important measure in assessing operating performance and provides added comparability across periods when evaluating the Company's financial condition and operating performance that is not readily apparent from ""Net income"" in accordance with GAAP. Retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions. During the three months ended March 31, 2026 and 2025, the Company paid $6,087 and $7,373 of capital investments and leasing costs, respectively. …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Subsequent Events In preparing its condensed consolidated financial statements, the Company evaluated events and transactions occurring after March 31, 2026 through the date the financial statements were issued for recognition and disclosure purposes. On April 16, 2026, the Company entered into a note purchase agreement with the various purchasers named therein providing for the private placement of $250 million aggregate principal amount of senior notes of which (i) $50 million are designated as 5.09% Series A senior notes due June 29, 2029, (ii) $100 million are designated as 5.32% Series B senior notes due June 29, 2031, and (iii) $100 million are designated as 5.60% Series C senior notes due June 29, 2033 (collectively, the ""2026 Notes""). Combined, the 2026 Notes are expected to have a weighted average tenor of approximately 5.4 years and a weighted average fixed interest rate of 5.44%. The 2026 Notes will be required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain primary credit facilities of the Company (if any), although no subsidiary guarantees of the 2026 Notes are currently expected at the time of issuance. The 2026 Notes are expected to be issued on June 29, 2026, subject to customary closing conditions. Upon issuance, the 2026 Notes are expected to pay interest semiannually on June 29th and December 29th until their respective maturities."

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