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			Table of Contents


						Page No.

Introductory Notes						i

Earnings Release						iii

Financial Information
Summary Financial Information						1
Condensed Consolidated Balance Sheets						2
Condensed Consolidated Statements of Operations and Comprehensive Income						3
Condensed Consolidated Supplemental Details of Assets and Liabilities						4
Condensed Consolidated Supplemental Details of Operations						5
Reconciliation of Non-GAAP Measures
Same Property Net Operating Income						6
Nareit FFO and Core FFO						7
EBITDA and Adjusted EBITDA						7
Summary of Outstanding Debt						8
Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs						9

Portfolio and Leasing Overview
Markets and Tenant Size						10
Top 25 Tenants by ABR and Tenant Merchandise Mix						11
Comparable & Non-Comparable Lease Statistics						12
Tenant Lease Expirations						14

Investment Summary

Development Pipeline						16
Property Summary						17

Components of NAV as of June 30, 2025						20

Glossary of Terms						21


			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, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.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 U.S. Generally Accepted Accounting Principles (“GAAP”). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed herein), 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 June 30, 2025. The Company 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. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this supplemental that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.

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, including the effects of recent new tariffs and changes in global trade policies on the overall state of the economy; 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 21.


i			Supplemental - Quarter Ended June 30, 2025


			Introductory Notes

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 (x.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 June 30, 2025

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2025 Second Quarter Results

DOWNERS GROVE, IL – July 29, 2025 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the quarter ended June 30, 2025. For the three months ended June 30, 2025 and 2024, the Company reported Net Income of $95.9 million, or $1.23 per diluted share, and Net Income of $1.5 million, or $0.02 per diluted share, respectively.

Second Quarter 2025 Highlights:

•Nareit FFO of $0.45 per diluted share

•Core FFO of $0.44 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 4.8%

•Leased Occupancy as of June 30, 2025 of 97.3%

•Executed 73 leases totaling approximately 304,000 square feet of GLA, of which 286,000 square feet was executed at a blended comparable lease spread of 16.4%

•Completed a portfolio sale of five properties in California for an aggregate gross disposition price of $306.0 million

•Acquired four properties, totaling approximately 330,000 square feet, for an aggregate acquisition price of $105.4 million

“This quarter marks a significant milestone in the execution of our portfolio strategy, as we successfully completed the disposition of the majority of our California assets,” said DJ Busch, President and CEO of InvenTrust. “At the same time, we efficiently redeployed a significant portion of that capital into growing Sun Belt markets.”

Busch continued, “These transactions underscore our continued commitment to portfolio simplification, operational excellence, and disciplined capital allocation. Importantly, we achieved this milestone while maintaining strong full year Same Property NOI and FFO growth guidance. We believe this repositioning enhances the long-term value of our portfolio and further strengthens InvenTrust’s foundation for sustainable cash flow growth.”

NET INCOME

•Net Income for the three months ended June 30, 2025 was $95.9 million, or $1.23 per diluted share, compared to Net Income of $1.5 million, or $0.02 per diluted share, for the same period in 2024.

•Net Income for the six months ended June 30, 2025 was $102.7 million, or $1.31 per diluted share, compared to Net Income of $4.4 million, or $0.06 per diluted share, for the same period in 2024.

NAREIT FFO

•Nareit FFO for the three months ended June 30, 2025 was $35.5 million, or $0.45 per diluted share, compared to $30.1 million, or $0.44 per diluted share, for the same period in 2024.

•Nareit FFO for the six months ended June 30, 2025 was $72.6 million, or $0.93 per diluted share, compared to $60.9 million, or $0.89 per diluted share, for the same period in 2024.


iii			Supplemental - Quarter Ended June 30, 2025

CORE FFO

•Core FFO for the three months ended June 30, 2025 was $34.3 million, or $0.44 per diluted share, compared to $29.1 million, or $0.43 per diluted share, for the same period in 2024.

•Core FFO for the six months ended June 30, 2025 was $70.6 million, or $0.90 per diluted share, compared to $59.1 million, or $0.87 per diluted share, for the same period in 2024.

SAME PROPERTY NOI

•Same Property NOI for the three months ended June 30, 2025 was $42.6 million, a 4.8% increase, compared to the same period in 2024.

•Same Property NOI for the six months ended June 30, 2025 was $85.1 million, a 5.6% increase, compared to the same period in 2024.

DIVIDEND

•For the quarter ended June 30, 2025, the Board of Directors declared a quarterly cash distribution of $0.2377 per share, paid on July 15, 2025.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of June 30, 2025, the Company’s Leased Occupancy was 97.3%.

◦Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 99.5% and Small Shop Leased Occupancy was 93.8%. Anchor Leased Occupancy remained unchanged and Small Shop Leased Occupancy increased 40 basis points on a sequential basis compared to the previous quarter.

◦Leased to Economic Occupancy spread of 180 basis points, which equates to approximately $5.1 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the second quarter were 16.4%.

•Annualized Base Rent (“ABR”) per square foot (“PSF”) as of June 30, 2025 was $20.18, an increase of 2.4% compared to the same period in 2024. Anchor Tenant ABR PSF was $12.73 and Small Shop Tenant ABR PSF was $33.04 for the second quarter.

•On June 6, 2025, the Company completed a portfolio sale of five properties in California for a gross disposition price of $306.0 million. The Company recognized a gain on sale of $90.9 million.

•During the second quarter, the Company completed four acquisitions:

◦On April 1, 2025, the Company acquired Plaza Escondida, a 91,000 square foot neighborhood center anchored by Trader Joe’s in Tucson, Arizona, for a gross acquisition price of $23.0 million. The Company used cash on hand and assumed a mortgage payable of $8.0 million to fund the acquisition.

◦On April 24, 2025, the Company acquired Carmel Village, a 54,000 square foot neighborhood center in Charlotte, North Carolina, for a gross acquisition price of $19.9 million. The Company used cash on hand to fund the acquisition.

◦On June 10, 2025, the Company acquired West Ashley Station, a 79,000 square foot neighborhood center anchored by Whole Foods Market in Charleston, South Carolina, for a gross acquisition price of $26.6 million. The Company used cash on hand to fund the acquisition.

◦On June 23, 2025, the Company acquired Twelve Oaks Shopping Center, a 106,000 square foot neighborhood center anchored by Publix in Savannah, Georgia, for a gross acquisition price of $35.9 million. The Company used cash on hand to fund the acquisition.


iv			Supplemental - Quarter Ended June 30, 2025

LIQUIDITY AND CAPITAL STRUCTURE

•InvenTrust had $787.1 million of total liquidity, as of June 30, 2025, comprised of $287.1 million of cash and cash equivalents and $500.0 million of availability under its Revolving Credit Facility.

•InvenTrust has $22.9 million of mortgage debt maturing in 2025 and $200.0 million of term loan debt maturing in 2026.

•On April 1, 2025, the Company assumed an $8.0 million mortgage payable with the acquisition of Plaza Escondida.

•On May 9, 2025, the Company extinguished a $13.0 million mortgage payable secured by The Plant with its available liquidity.

•On June 10, 2025, the Company recognized a finance lease liability of $11.0 million related to the West Ashley Station ground lease.

•The Company's weighted average interest rate on its debt as of June 30, 2025 was 4.03% and the weighted average remaining term was 2.9 years.

SUBSEQUENT EVENTS

•On July 1, 2025, the Company acquired Marketplace at Encino Park, a 92,000 square foot neighborhood center anchored by Sprouts Farmers Market in San Antonio, Texas, for a gross acquisition price of $38.5 million. The Company used cash on hand to fund the acquisition.

•On July 17, 2025, the Company acquired West Broad Marketplace, a 386,000 square foot community center anchored by Wegmans in Richmond, Virginia, for a gross acquisition price of $86.0 million. The Company used cash on hand to fund the acquisition.


v			Supplemental - Quarter Ended June 30, 2025

2025 GUIDANCE

InvenTrust has updated its 2025 guidance, as summarized in the following table.


(Unaudited, dollars in thousands, except per share amounts)	Current (1) (2)			Previous
Net Income per diluted share	$1.43	—	$1.49	$0.27	—	$0.33
Nareit FFO per diluted share	$1.83	—	$1.89	$1.83	—	$1.89
Core FFO per diluted share (3)	$1.79	—	$1.83	$1.79	—	$1.83
Same Property NOI (“SPNOI”) Growth	4.00%	—	5.00%	3.50%	—	4.50%
General and administrative	$34,250	—	$35,750	$34,250	—	$35,750
Interest expense, net (4)	$31,000	—	$31,500	$31,000	—	$31,500
Net investment activity (5)	~ $100,000			~ $100,000

(1)The Company’s 2025 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 and dispositions.

(2)The Company’s 2025 guidance includes an expectation of uncollectibility, reflected as 65 - 85 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 $2.8 million.

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

In addition to the foregoing assumptions, the Company's 2025 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 2025 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	$	1.43	$	1.49
Depreciation and amortization of real estate assets	1.56		1.56

Gain on sale of investment properties	(1.16)		(1.16)
Nareit FFO per diluted share	1.83		1.89
Amortization of market-lease intangibles and inducements, net	(0.04)		(0.05)
Straight-line rent adjustments, net	(0.04)		(0.05)
Amortization of debt discounts and financing costs	0.04		0.04
Core FFO per diluted share	$	1.79	$	1.83

This earnings 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.


vi			Supplemental - Quarter Ended June 30, 2025


			Summary Financial Information
			In thousands, except share information and per square foot amounts


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
Financial Results

Net income	$	95,942	$	1,498	$	102,734	$	4,398
Net income per common share - basic	1.24		0.02		1.32		0.06
Net income per common share - diluted	1.23		0.02		1.31		0.06

Nareit FFO (page 7)	35,484		30,068		72,642		60,914
Nareit FFO per diluted share	0.45		0.44		0.93		0.89

Core FFO (page 7)	34,336		29,134		70,565		59,115
Core FFO per diluted share	0.44		0.43		0.90		0.87

Same Property NOI (page 6)	42,626		40,667		85,061		80,584
Same Property NOI growth	4.8%				5.6%


Adjusted EBITDA (page 7)	42,154	38,306	86,158	77,479

Distributions declared per common share	0.24	0.23	0.48	0.45


Aggregate distributions declared (as a % of Core FFO)	53.7	%	52.8	%	52.3	%	52.0	%


	As of June 30, 2025		As of December 31, 2024		As of December 31, 2023
Capital Information
Shares outstanding	77,606,396		77,450,794		67,807,831

Outstanding Debt, net	$	746,335	$	740,415	$	814,568
Less: Cash and cash equivalents (page 4)	(287,134)		(87,395)		(96,385)
Net Debt	$	459,201	$	653,020	$	718,183


Debt Metrics (trailing 12 months)
Adjusted EBITDA	$	166,688	$	158,009	$	146,459
Net Debt-to-Adjusted EBITDA	2.8x		4.1x		4.9x
Fixed charge coverage	5.2x		4.5x		4.3x
Net debt to real estate assets, excl property acc depr.	17.1%		23.0%		27.0%
Net debt to total assets, excl property acc depr.	14.4%		20.7%		24.4%


Distributions Paid Per Share		Liquidity and Credit Facility
Q2 2025	$0.23770	Cash and cash equivalents	$	287,134
Q1 2025	$0.22630	Available under credit facility	500,000
Q4 2024	$0.22630	Total	$	787,134
Q3 2024	$0.22630


	Same Property				Same Property				Total Portfolio
	Three Months Ended June 30				Six Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024		2025		2024
Portfolio Metrics
No. of properties	57		57		56		56		67		64
GLA	9,442		9,416		9,385		9,359		10,556		10,484
Economic Occupancy	95.4	%	93.9	%	95.4	%	93.9	%	95.5	%	93.7	%
Leased Occupancy	97.3	%	96.5	%	97.2	%	96.5	%	97.3	%	96.4	%
ABR PSF	$19.98		$19.28		$19.92		$19.22		$20.18		$19.71


1			Supplemental - Quarter Ended June 30, 2025


			Condensed Consolidated Balance Sheets
			In thousands, except share and per share amounts


	As of
	June 30, 2025		December 31, 2024
Assets	(unaudited)
Investment properties
Land	$	641,255	$	712,827
Building and other improvements	2,035,653		2,116,092
Construction in progress	6,466		9,951
Total	2,683,374		2,838,870
Less accumulated depreciation	(483,733)		(511,969)
Net investment properties	2,199,641		2,326,901
Cash, cash equivalents, and restricted cash	294,039		91,221
Intangible assets, net	139,908		137,420
Accounts and rents receivable	35,159		36,131
Deferred costs and other assets, net	40,737		44,277
Total assets	$	2,709,484	$	2,635,950

Liabilities
Debt, net	$	746,335	$	740,415
Accounts payable and accrued expenses	44,107		46,418
Distributions payable	18,447		17,512
Intangible liabilities, net	48,314		42,897
Other liabilities	29,995		28,703
Total liabilities	887,198		875,945
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, 77,606,396 shares issued and outstanding as of June 30, 2025 and 77,450,794 shares issued and outstanding as of December 31, 2024	78		77
Additional paid-in capital	5,732,962		5,730,367
Distributions in excess of accumulated net income	(3,919,016)		(3,984,865)
Accumulated comprehensive income	8,262		14,426
Total stockholders' equity	1,822,286		1,760,005
Total liabilities and stockholders' equity	$	2,709,484	$	2,635,950


2			Supplemental - Quarter Ended June 30, 2025


			Condensed Consolidated Statements of Operations and Comprehensive Income
			In thousands, except share and per share information, unaudited


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
Income
Lease income, net	$	73,130	$	67,056	$	146,519	$	133,549
Other property income	421		367		803		672
Total income	73,551		67,423		147,322		134,221

Operating expenses
Depreciation and amortization	30,738		28,790		61,352		56,958
Property operating	11,476		10,243		22,223		20,242
Real estate taxes	10,194		9,046		19,550		18,027
General and administrative	8,706		8,661		17,253		16,635
Total operating expenses	61,114		56,740		120,378		111,862

Other (expense) income
Interest expense, net	(8,346)		(9,640)		(16,668)		(19,274)


Gain on sale of investment properties	90,909		—		90,909		—
Other income and expense, net	942		455		1,549		1,313
Total other (expense) income, net	83,505		(9,185)		75,790		(17,961)

Net income	$	95,942	$	1,498	$	102,734	$	4,398

Weighted-average common shares outstanding - basic	77,591,538		67,900,275		77,577,831		67,887,402
Weighted-average common shares outstanding - diluted	78,292,422		68,327,263		78,226,681		68,299,657

Net income per common share - basic	$	1.24	$	0.02	$	1.32	$	0.06
Net income per common share - diluted	$	1.23	$	0.02	$	1.31	$	0.06

Comprehensive income
Net income	$	95,942	$	1,498	$	102,734	$	4,398
Unrealized (loss) gain on derivatives, net	(43)		2,386		(1,629)		9,705
Reclassification to net income	(2,293)		(3,314)		(4,535)		(6,631)
Comprehensive income	$	93,606	$	570	$	96,570	$	7,472


3			Supplemental - Quarter Ended June 30, 2025


			Condensed Consolidated Supplemental Details of Assets and Liabilities
			In thousands


	As of
	June 30, 2025		December 31, 2024

Cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	287,134	$	87,395
Restricted cash	6,905		3,826
Total	$	294,039	$	91,221

Accounts and rents receivable
Base rent, recoveries, and other receivables	$	9,246	$	10,273
Straight-line rent receivables	25,913		25,858
Total	$	35,159	$	36,131

Deferred cost and other assets, net
Deferred leasing costs, net	$	15,804	$	16,139
Derivative assets	8,596		14,426
Financing costs, net	5,047		5,751
Other assets	4,066		3,329
Deferred costs, net	3,433		2,783
Prepaid insurance premiums	2,103		—
Operating lease right of use assets, net	1,688		1,849
Total	$	40,737	$	44,277

Other liabilities
Deferred revenues	$	7,900	$	8,226
Security deposits	7,798		7,938
Unearned lease income	7,072		8,320
Other liabilities	4,564		1,691
Operating lease liabilities	2,327		2,528
Derivative liabilities	334		—
Total	$	29,995	$	28,703


4			Supplemental - Quarter Ended June 30, 2025


			Condensed Consolidated Supplemental Details of Operations
			In thousands


		Three Months Ended June 30				Six Months Ended June 30
		2025		2024		2025		2024
Income
*	Minimum base rent	$	47,158	$	43,189	$	94,224	$	85,636
*	Real estate tax recoveries	9,394		8,294		17,993		16,399
*	Common area maintenance, insurance, and other recoveries	9,110		8,041		18,509		15,895
*	Ground rent income	5,002		4,749		10,078		9,486
	Amortization of market-lease intangibles and inducements, net	1,089		657		1,984		1,233
*	Short-term and other lease income	808		673		2,225		1,934
	Termination fee income	48		749		58		1,310
	Straight-line rent adjustments, net	844		981		1,738		1,887
*	Provision for uncollectible rent and recoveries, net	(323)		(277)		(290)		(231)
	Lease income, net	73,130		67,056		146,519		133,549

*	Other property income	421		367		803		672

	Total income	$	73,551	$	67,423	$	147,322	$	134,221

Operating expenses
	Depreciation and amortization	$	30,738	$	28,790	$	61,352	$	56,958

*	Repairs and maintenance	3,833		3,040		7,208		5,974
*	Payroll, benefits, and office	2,610		2,572		5,365		5,247
*	Utilities and waste removal	2,527		2,250		4,989		4,378
*	Property insurance	1,586		1,585		2,916		3,127
*	Security, legal, and other expenses	920		796		1,745		1,516

	Property operating expenses	11,476		10,243		22,223		20,242



*	Real estate taxes	10,194		9,046		19,550		18,027

	General and administrative costs	6,659		6,735		13,102		13,147
	Stock-based compensation costs	2,718		2,566		5,484		4,757
	Capitalized direct development compensation costs	(671)		(640)		(1,333)		(1,269)
	General and administrative expense	8,706		8,661		17,253		16,635

	Total operating expenses	$	61,114	$	56,740	$	120,378	$	111,862



Interest expense, net
	Term loans, including impact of derivatives	$	3,393	$	3,383	$	6,713	$	6,765
	Senior notes	3,201		3,201		6,402		6,402
	Mortgages payable	925		2,315		1,851		4,667
	Line of credit, including facility fees	281		182		481		315
	Capitalized interest	(154)		(41)		(162)		(50)
	Interest on finance lease liability	32		—		32		—
	Accretion of finance lease liability	11		—		11		—
	Amortization of debt discounts and financing costs	657		600		1,340		1,175
	Total interest expense, net	$	8,346	$	9,640	$	16,668	$	19,274

Other income and expense, net
	Interest on cash and cash equivalents	$	912	$	471	$	1,584	$	1,282
	Income tax expense	(140)		(132)		(276)		(265)
	Miscellaneous and settlement income	170		116		241		296
	Total other income and expense, net	$	942	$	455	$	1,549	$	1,313

* Component of Net Operating Income


5			Supplemental - Quarter Ended June 30, 2025


			Reconciliation of Non-GAAP Measures
			In thousands

Same Property NOI


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
Income
Minimum base rent	$	39,777	$	38,197	$	78,459	$	75,381
Real estate tax recoveries	8,177		7,338		15,460		14,463
Common area maintenance, insurance, and other recoveries	7,555		7,120		15,096		13,907
Ground rent income	4,334		4,222		8,606		8,401
Short-term and other lease income	802		592		1,983		1,589
Provision for uncollectible rent and recoveries, net	(103)		(173)		(32)		(115)
Other property income	390		306		704		561
Total income	60,932		57,602		120,276		114,187

Operating Expenses
Property operating	9,416		8,965		18,355		17,750
Real estate taxes	8,890		7,970		16,860		15,853
Total operating expenses	18,306		16,935		35,215		33,603

Same Property NOI	$	42,626	$	40,667	$	85,061	$	80,584


Same Property NOI Growth	4.8	%	5.6	%

Same Property Count	57		56

Net Income to Same Property NOI


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
Net income	$	95,942	$	1,498	$	102,734	$	4,398
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	(942)		(455)		(1,549)		(1,313)
Interest expense, net	8,346		9,640		16,668		19,274

Gain on sale of investment properties	(90,909)		—		(90,909)		—

Depreciation and amortization	30,738		28,790		61,352		56,958
General and administrative	8,706		8,661		17,253		16,635
Adjustments to NOI (a)	(1,981)		(2,387)		(3,780)		(4,430)
NOI	49,900		45,747		101,769		91,522
NOI from other investment properties	(7,274)		(5,080)		(16,708)		(10,938)
Same Property NOI	$	42,626	$	40,667	$	85,061	$	80,584

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


6			Supplemental - Quarter Ended June 30, 2025


			Reconciliation of Non-GAAP Measures, continued
			In thousands, except share and per share amounts

Nareit FFO and Core FFO


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
Net income	$	95,942	$	1,498	$	102,734	$	4,398
Depreciation and amortization of real estate assets	30,451		28,570		60,817		56,516

Gain on sale of investment properties	(90,909)		—		(90,909)		—
Nareit FFO Applicable to Common Shares and Dilutive Securities	35,484		30,068		72,642		60,914
Amortization of market lease intangibles and inducements, net	(1,089)		(657)		(1,984)		(1,233)
Straight-line rent adjustments, net	(844)		(981)		(1,738)		(1,887)
Amortization of debt discounts and financing costs	657		600		1,340		1,175
Accretion of finance lease liability	11		—		11		—
Depreciation and amortization of corporate assets	287		220		535		442
Non-operating income and expense, net (a)	(170)		(116)		(241)		(296)
Core FFO Applicable to Common Shares and Dilutive Securities	$	34,336	$	29,134	$	70,565	$	59,115

Weighted average common shares outstanding - basic	77,591,538		67,900,275		77,577,831		67,887,402
Dilutive effect of unvested restricted shares (b)	700,884		426,988		648,850		412,255
Weighted average common shares outstanding - diluted	78,292,422		68,327,263		78,226,681		68,299,657

Net income per diluted share	$	1.23	$	0.02	$	1.31	$	0.06
Nareit FFO per diluted share	$	0.45	$	0.44	$	0.93	$	0.89
Core FFO per diluted share	$	0.44	$	0.43	$	0.90	$	0.87

(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

(b)For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.

EBITDA and Adjusted EBITDA


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
Net income	$	95,942	$	1,498	$	102,734	$	4,398
Interest expense, net	8,346		9,640		16,668		19,274
Income tax expense	140		132		276		265
Depreciation and amortization	30,738		28,790		61,352		56,958
EBITDA	135,166		40,060		181,030		80,895

Gain on sale of investment properties	(90,909)		—		(90,909)		—
Amortization of market-lease intangibles and inducements, net	(1,089)		(657)		(1,984)		(1,233)
Straight-line rent adjustments, net	(844)		(981)		(1,738)		(1,887)

Non-operating income and expense, net (a)	(170)		(116)		(241)		(296)
Adjusted EBITDA	$	42,154	$	38,306	$	86,158	$	77,479

(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.


7			Supplemental - Quarter Ended June 30, 2025


			Summary of Outstanding Debt
			In thousands


	Balance as of June 30, 2025		Weighted Average Interest Rate	Weighted Average Years to Maturity
Fixed rate secured debt	$	88,267	3.99%	2.7
Fixed rate unsecured debt	650,000		4.04%	3.0
Total secured and unsecured debt	738,267		4.03%	2.9
Finance lease liability	10,984
Discounts and financing costs, net	(2,916)
Total Debt, net	$	746,335


Schedule of Maturities by Year

	Fixed Rate				Finance Lease Liability		Total Debt, net
Maturity Year	Secured Debt		Unsecured Debt
2025	$	22,880	$	—	$	—	$	22,880
2026	—		200,000		—		200,000
2027	26,000		200,000		—		226,000
2028	—		—		—		—
2029	31,500		150,000		—		181,500
Thereafter	7,887		100,000		10,984		118,871
Discounts and financing costs, net	(624)		(2,292)		—		(2,916)
Total	$	87,643	$	647,708	$	10,984	$	746,335

Debt Maturities

Maturity

Interest Rate

Balance

Mortgages Payable

The Highlands of Flower Mound

Dec-25

3.88%

22,880

Escarpment Village

Jul-27

3.86%

26,000

Shops at Arbor Trails

Dec-29

4.12%

31,500

Plaza Escondida

May-30

4.24%

7,887

Total

88,267

Term Loan

$200.0 million 5 years

Sep-26

2.81% (a)

100,000

$200.0 million 5 years

Sep-26

2.81% (a)

100,000

$200.0 million 5.5 years

Mar-27

2.78% (a)

50,000

$200.0 million 5.5 years

Mar-27

2.84% (a)

50,000

$200.0 million 5.5 years

Mar-27

4.99% (a)

100,000

Total

400,000

Senior Notes

$150.0 million Series A Notes

Aug-29

5.07%

150,000

$100.0 million Series B Notes

Aug-32

5.20%

100,000

Total

250,000

Revolving Line of Credit

$500.0 million total capacity

Jan-29

1M SOFR + 1.15% (b)

—

Total secured and unsecured debt

4.03%

738,267

Finance Lease Liability

West Ashley Station Ground Lease

Jan-92

10,984

Total Debt

749,251

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

(b)As of June 30, 2025, 1-Month Term SOFR was 4.32%. An additional annual facility fee of 0.15% applies to entire line of credit capacity.


8			Supplemental - Quarter Ended June 30, 2025


			Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs
			Unaudited, dollars in thousands

Debt Covenants (trailing 12 months)


			For the quarter ended
Description	Term Loan Covenants	Senior Note Covenants	Q2 2025	Q1 2025	Q4 2024	Q3 2024

Leverage Ratio	< 60.0%	< 60.0%	23.0%	23.2%	23.2%	24.0%
Fixed Charge Coverage Ratio	> 1.50	> 1.50	4.7	4.9	4.5	4.3
Maximum Dividend Payout	< 95%	N/A	49.7%	49.4%	49.5%	48.9%
Maximum Secured Recourse Debt	< 10% of Total Asset Value	< 10% of Total Asset Value	—%	—%	—%	—%
Unsecured Interest Coverage Ratio	> 1.75	> 1.75	6.2	6.5	6.3	6.3
Unsecured Leverage Ratio	< 60%	< 60%	23.8%	22.8%	23.1%	24.5%

Interest Rate Swaps

As of June 30, 2025, the Company is party to five effective interest rate swap agreements:


Interest Rate Swaps	Effective Date	Termination Date	InvenTrust Receives	InvenTrust Pays Fixed Rate of	Fixed Rate Achieved	Notional Amount
5.5 year Term Loan	4/3/23	3/22/27	1-Month SOFR	3.69%	4.99%	$	100,000
5 year Term Loan	12/21/23	9/22/26	1-Month SOFR	1.51%	2.81%	100,000
5 year Term Loan	12/21/23	9/22/26	1-Month SOFR	1.51%	2.81%	100,000
5.5 year Term Loan	6/21/24	3/22/27	1-Month SOFR	1.54%	2.84%	50,000
5.5 year Term Loan	6/21/24	3/22/27	1-Month SOFR	1.48%	2.78%	50,000
						$	400,000

Capital Investments and Leasing Costs


	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Tenant improvements	$	1,370	$	3,163	$	2,257	$	5,461
Leasing costs	1,042		662		1,851		1,653
Property improvements	3,975		2,323		7,187		4,452
Capitalized indirect costs (a)	386		372		814		817
Total capital expenditures and leasing costs	6,773		6,520		12,109		12,383
Development and redevelopment direct costs	3,518		2,599		5,312		3,637
Development and redevelopment indirect costs (a)	440		308		683		500
Capital investments and leasing costs (b)	$	10,731	$	9,427	$	18,104	$	16,520

(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.

(b)As of June 30, 2025 and 2024, total accrued capital investments and leasing costs were $5,240 and $4,377, respectively.


9			Supplemental - Quarter Ended June 30, 2025


			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	98.4	%	$	33,495	$	17.12	16.6	%	2,091	19.8	%
Houston-Sugar Land-Baytown, TX	6	95.7	%	22,168		16.90		11.0	%	1,378	13.1	%
Atlanta Metro Area, GA	10	97.6	%	21,266		21.12		10.5	%	1,069	10.1	%
Miami-Fort Lauderdale-Miami Beach, FL	3	98.9	%	20,425		24.30		10.1	%	859	8.1	%
Dallas-Fort Worth-Arlington, TX	7	97.6	%	19,002		20.86		9.4	%	941	8.9	%
Raleigh-Cary-Durham, NC	5	97.6	%	13,746		20.66		6.9	%	688	6.5	%
Charlotte-Gastonia-Concord, NC	5	97.6	%	12,030		21.74		6.1	%	569	5.4	%
Orlando-Kissimmee, FL	4	97.4	%	10,380		26.03		5.2	%	411	3.9	%
Tampa-St. Petersburg, FL	3	95.8	%	9,676		15.60		4.8	%	744	7.0	%
Charleston-Berkeley-Dorchester, SC	3	98.8	%	7,503		26.63		3.7	%	293	2.8	%
Richmond, VA	2	99.3	%	6,809		17.94		3.4	%	385	3.6	%
San Antonio, TX	2	96.5	%	6,747		27.47		3.3	%	261	2.5	%
Washington D.C., MD	2	90.2	%	6,022		36.83		3.0	%	181	1.7	%
Cape Coral-Fort Myers, FL	2	95.5	%	3,691		15.62		1.8	%	249	2.4	%
Phoenix, AZ	2	99.1	%	3,115		25.84		1.5	%	123	1.2	%
So. California - Los Angeles, CA	1	90.2	%	2,089		19.82		1.0	%	117	1.1	%
Savannah, GA	1	97.7	%	1,983		19.37		1.0	%	106	1.0	%
Tucson, AZ	1	99.0	%	1,491		16.53		0.7	%	91	0.9	%
Total	67	97.3	%	$	201,638	$	20.18	100	%	10,556	100	%


State	No. of Properties	Leased Occupancy		ABR		ABR PSF		ABR as % of Total		GLA	GLA as % of Total
Texas	23	97.3	%	$	81,412	$	18.40	40.3	%	4,671	44.3	%
Florida	12	97.2	%	44,172		21.08		21.9	%	2,263	21.4	%
North Carolina	10	97.6	%	25,776		21.15		13.0	%	1,257	11.9	%
Georgia	11	97.6	%	23,249		20.96		11.5	%	1,175	11.1	%
South Carolina	3	98.8	%	7,503		26.63		3.7	%	293	2.8	%
Virginia	2	99.3	%	6,809		17.94		3.4	%	385	3.6	%
Maryland	2	90.2	%	6,022		36.83		3.0	%	181	1.7	%
Arizona	3	99.1	%	4,606		21.85		2.2	%	214	2.1	%
California	1	90.2	%	2,089		19.82		1.0	%	117	1.1	%
Total	67	97.3	%	$	201,638	$	20.18	100	%	10,556	100	%


Tenant type	Economic Occupancy		Leased Occupancy		ABR		ABR PSF		GLA
20,000 SF+ (a)	98.9	%	100	%	$	61,743	$	11.43	5,559
10,000 - 19,999 SF (a)	93.6	%	96.4	%	18,806		20.42		983
5,000 - 9,999 SF (b)	93.4	%	96.3	%	19,849		26.72		796
1 - 4,999 SF (b)	90.8	%	93.3	%	101,240		34.64		3,218
Total	95.5	%	97.3	%	$	201,638	$	20.18	10,556

Anchor Tenants (a)	98.1	%	99.5	%	$	80,549	$	12.73	6,542
Small Shop Tenants (b)	91.3	%	93.8	%	$	121,089	$	33.04	4,014

(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 Shop Tenants.


10			Supplemental - Quarter Ended June 30, 2025


			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	Publix Super Markets, Inc.	Publix 13 / Publix Liquor 3	N/A	16	$	7,321	3.6	%	629	6.0	%
2	Kroger	Kroger 7 / Kroger Gas 1 / Harris Teeter 4	BBB	12	7,210		3.6	%	710	6.7	%
3	TJX Companies	Marshalls 8 / HomeGoods 5 / TJ Maxx 2	A	15	5,143		2.6	%	427	4.0	%
4	Albertson's	Tom Thumb 2 / Market Street 2 / Safeway 1 / Albertsons 1	BB+	6	4,359		2.2	%	365	3.5	%
5	H.E.B.	H.E.B. 4 / H.E.B. Staff Office 1	N/A	5	4,292		2.1	%	447	4.2	%
6	Amazon, Inc.	Whole Foods Market 6	AA	6	3,618		1.8	%	240	2.3	%
7	Apollo Global Management, Inc.	Michaels 8	B-	8	2,690		1.3	%	190	1.8	%
8	Ross Dress For Less	Ross Dress for Less 5 / dd's Discounts 1	BBB+	6	2,193		1.1	%	171	1.6	%
9	Trader Joe's		N/A	5	2,168		1.1	%	61	0.6	%
10	BC Partners	PetSmart 6	B+	6	2,117		1.0	%	125	1.2	%
11	Petco Health and Wellness Company, Inc.		B	8	2,014		1.0	%	106	1.0	%
12	Dick's Sporting Goods, Inc.	Dick's Sporting Goods 2 / Going, Going, Gone 1	BBB	3	1,966		1.0	%	171	1.6	%
13	Best Buy		BBB+	3	1,775		0.9	%	108	1.0	%
14	Ulta Beauty Inc.		N/A	7	1,770		0.9	%	72	0.7	%
15	Costco Wholesale		AA	2	1,735		0.9	%	298	2.8	%
16	Bank of America		A-	6	1,701		0.8	%	34	0.3	%
17	Nordstrom Inc.	Nordstrom Rack 2 / Nordstrom 1	BB	3	1,602		0.8	%	89	0.8	%
18	Kingswood Capital Management	World Market 6	N/A	6	1,591		0.8	%	110	1.0	%
19	Five Below, Inc.		N/A	8	1,486		0.7	%	75	0.7	%
20	The Gap, Inc.	Old Navy 5	BB	5	1,290		0.6	%	73	0.7	%
21	Massage Envy		N/A	11	1,281		0.6	%	37	0.4	%
22	Truist Bank		A	6	1,265		0.6	%	28	0.3	%
23	Starbucks Corporation		BBB+	14	1,216		0.6	%	28	0.3	%
24	Xponential Fitness	Club Pilates 8 / Pure Barre 3 / Stretch Lab 3 / CycleBar 2 / YogaSix 1	N/A	17	1,173		0.6	%	32	0.3	%
25	Regal Cinemas		B	1	1,133		0.6	%	61	0.6	%
	Totals			185	$	64,109	31.8	%	4,687	44.4	%

(a) Reflects the most recently available S&P credit rating.

Tenant Merchandise Mix


Tenant Category	ABR		% of Total ABR
Grocery / Drug	$	36,922	18.3	%
Quick Service Restaurants	24,398		12.1	%
Personal Health and Beauty Services	22,694		11.3	%
Medical	20,110		10.0	%
Full Service Restaurants	18,522		9.2	%
Off Price	11,683		5.8	%
Apparel / Accessories	10,913		5.4	%
Banks	8,503		4.2	%
Fitness	7,650		3.8	%
Pets	7,417		3.7	%
Hobby / Sports	6,081		3.0	%
Home	5,097		2.5	%
Other	4,971		2.5	%
Office / Communications	4,921		2.4	%
Other Essential Retail / Services	4,436		2.2	%
Office (Non Financial, Non-Medical)	3,090		1.5	%
Entertainment	2,386		1.2	%
Hardware / Auto	1,844		0.9	%
	$	201,638	100	%


11			Supplemental - Quarter Ended June 30, 2025


			Comparable and Non-Comparable Lease Statistics
			GLA in thousands

The Company's portfolio had 537 thousand square feet expiring during the six months ended June 30, 2025, of which 490 thousand square feet was re-leased. This achieved a retention rate of approximately 91%. The following table summarizes the activity for leases that were executed during the six months ended June 30, 2025.


	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 (b)	97	419	$24.68	$22.63	9.1%	5.2	$0.06	$0.04
Comparable New Leases (b)	19	83	28.34	20.17	40.5%	13.2	45.54	11.75
Non-Comparable Renewal and New Leases	21	46	30.27	N/A	N/A	7.7	23.16	13.09
Total	137	548	$25.28	$22.23	13.7%	6.6	$8.83	$2.89

Anchor Tenants (leases ten thousand square feet and over)
Comparable Renewal Leases (b)	8	225	$14.98	$14.43	3.8%	5.0	$—	$—
Comparable New Leases (b)	1	44	17.50	9.00	94.4%	16.2	60.00	6.00
Non-Comparable Renewal and New Leases	—	—	—	N/A	N/A	—	—	—
Total	9	269	$15.39	$13.55	13.6%	6.8	$9.74	$0.97

Small Shop Tenants (leases under ten thousand square feet)
Comparable Renewal Leases (b)	89	194	$35.96	$32.15	11.9%	5.5	$0.12	$0.09
Comparable New Leases (b)	18	39	40.55	32.76	23.8%	9.9	29.23	18.22
Non-Comparable Renewal and New Leases	21	46	30.27	N/A	N/A	7.7	23.16	13.09
Total	128	279	$36.72	$32.26	13.8%	6.5	$7.95	$4.74

(a)Non-comparable leases are not included in totals.
(b)Comparable leases are leases that meet 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.


12			Supplemental - Quarter Ended June 30, 2025


			Comparable and Non-Comparable Lease Statistics, continued
			GLA in thousands

The following table summarizes the activity for leases that were executed during the trailing four quarters ended June 30, 2025.


	No. of Leases Executed	GLA	New Contractual Rent ($PSF)	Prior Contractual Rent ($PSF)	% Change over Prior Lease Rent	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)

Comparable Leases
Total Renewals and New Leases
Q2 2025	65	286	$27.53	$23.66	16.4%	7.4	$12.62	$2.80
Q1 2025	51	216	22.31	20.33	9.7%	5.3	0.79	0.86
Q4 2024	31	175	22.55	19.40	16.2%	6.0	1.31	0.89
Q3 2024	45	347	19.48	17.74	9.8%	6.4	3.36	1.51
Total	192	1,024	$22.85	$20.22	13.0%	6.4	$5.05	$1.63

Renewals
Q2 2025	51	213	$27.61	$25.28	9.2%	5.2	$—	$—
Q1 2025	46	206	21.67	19.90	8.9%	5.2	0.12	0.09
Q4 2024	25	163	21.31	18.40	15.8%	5.6	—	—
Q3 2024	36	308	18.61	17.06	9.1%	6.0	0.13	—
Total	158	890	$21.96	$19.93	10.2%	5.6	$0.07	$0.02

New Leases
Q2 2025	14	73	$27.30	$18.94	44.1%	13.9	$49.60	$10.99
Q1 2025	5	10	36.08	29.33	23.0%	8.3	15.12	17.38
Q4 2024	6	12	38.98	32.47	20.0%	11.1	18.66	12.59
Q3 2024	9	39	26.42	23.14	14.2%	9.9	29.13	13.55
Total	34	134	$28.77	$22.17	29.8%	12.1	$38.29	$12.34

Non-Comparable Leases
Q2 2025	8	18	$32.17			9.1	$25.90	$17.89
Q1 2025	13	28	29.11			6.9	21.49	10.15
Q4 2024	12	43	34.19			9.6	33.02	17.50
Q3 2024	8	52	27.94			9.9	15.89	14.38
Total	41	141	$30.61			9.1	$23.49	$14.92


13			Supplemental - Quarter Ended June 30, 2025


			Tenant Lease Expirations
			GLA and ABR in thousands, except per square foot amounts


	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)

Anchor Tenants

	2025	3	270	4.2	%	$	1,444	1.7	%	$5.35
	2026	13	364	5.6	%	5,323		6.4	%	14.62
	2027	31	993	15.4	%	13,492		16.1	%	13.59
	2028	24	583	9.0	%	8,530		10.2	%	14.63
	2029	29	900	13.9	%	11,441		13.7	%	12.71
	2030	25	779	12.2	%	10,253		12.2	%	13.16
	2031	10	401	6.2	%	4,335		5.2	%	10.81
	2032	8	334	5.2	%	4,294		5.1	%	12.86
	2033	9	260	4.0	%	3,445		4.1	%	13.25
	2034	13	575	8.9	%	7,302		8.7	%	12.70
	Thereafter	22	983	15.2	%	13,545		16.2	%	13.78
	Other (b)	1	11	0.2	%	346		0.4	%	31.45
	Totals	188	6,453	100	%	$	83,750	100	%	$12.98
	Vacant space		89
	Total		6,542

Small Shop Tenants

	2025	50	114	3.1	%	$	3,313	2.5	%	$29.06
	2026	206	531	14.5	%	16,457		12.4	%	30.99
	2027	227	548	15.0	%	18,456		13.9	%	33.68
	2028	220	517	14.1	%	17,596		13.3	%	34.03
	2029	203	532	14.5	%	19,542		14.9	%	36.73
	2030	160	394	10.7	%	14,752		11.1	%	37.44
	2031	87	249	6.8	%	9,496		7.2	%	38.14
	2032	82	205	5.6	%	7,849		5.9	%	38.29
	2033	56	149	4.1	%	6,399		4.8	%	42.95
	2034	81	219	6.0	%	9,396		7.1	%	42.90
	Thereafter	59	196	5.4	%	8,871		6.7	%	45.26
	Other (b)	6	9	0.2	%	278		0.2	%	30.89
	Totals	1,437	3,663	100	%	$	132,405	100	%	$36.15
	Vacant space		351
	Total		4,014

Total

	2025	53	384	3.8	%	$	4,757	2.2	%	$12.39
	2026	219	895	8.8	%	21,780		10.1	%	24.34
	2027	258	1,541	15.2	%	31,948		14.7	%	20.73
	2028	244	1,100	11.0	%	26,126		12.1	%	23.75
	2029	232	1,432	14.2	%	30,983		14.3	%	21.64
	2030	185	1,173	11.6	%	25,005		11.6	%	21.32
	2031	97	650	6.4	%	13,831		6.4	%	21.28
	2032	90	539	5.3	%	12,143		5.6	%	22.53
	2033	65	409	4.0	%	9,844		4.6	%	24.07
	2034	94	794	7.8	%	16,698		7.7	%	21.03
	Thereafter	81	1,179	11.7	%	22,416		10.4	%	19.01
	Other (b)	7	20	0.2	%	624		0.3	%	31.20
	Totals	1,625	10,116	100	%	$	216,155	100	%	$21.37
	Vacant space		440
	Total		10,556

(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.


14			Supplemental - Quarter Ended June 30, 2025


			Acquisitions and Dispositions
			Dollars and GLA in thousands

Acquisitions


Month	Property Name	Market	Acquisition Price		GLA	Leased Occ.	Major Anchors (a)

April	Plaza Escondida (b)	Tucson, AZ	$	23,000	91	99.0%	Trader Joe's, Marshalls
April	Carmel Village	Charlotte, NC	19,925		54	90.9%	N/A
June	West Ashley Station (c)	Charleston, SC	26,600		79	98.1%	Whole Foods Market
June	Twelve Oaks Shopping Center	Savannah, GA	35,850		106	97.7%	Publix


	Total		$	105,375	330

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically.

(b)The Company assumed a mortgage payable of $8.0 million and recognized a fair value adjustment of $0.5 million related to the mortgage payable secured by the property.

(c)The Company recognized a finance lease liability of $11.0 million associated with the ground lease assumed upon the acquisition of this property.

Dispositions

Month

Property Name

Market

GLA

Leased Occ.

Major Anchors (a)

June

Bear Creek Village Center (b)

So. California - Inland Empire, CA

98.1%

Stater Brothers

June

Pavilion at LaQuinta (b)

So. California - Inland Empire, CA

166

100%

Sprouts Farmers Market, Best Buy, DSW, OfficeMax, PGA TOUR Superstore

June

River Oaks (b)

So. California - Los Angeles, CA

275

99.4%

Sprouts Farmers Market, Target, Big 5 Sporting Goods, Dollar Tree, Five Below, Total Wine & More, Ulta

June

Campus Marketplace (b)

So. California - San Diego, CA

144

98.8%

Ralphs, CVS, Discovery Isle Child Development Center

June

Old Grove Marketplace (b)

So. California - San Diego, CA

100%

Ralphs, Lowe's*

Total

746

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

(b)The Company disposed of these five properties as part of a portfolio sale for a gross disposition price of $306.0 million.


15			Supplemental - Quarter Ended June 30, 2025


			Development Pipeline
			In thousands

Active Redevelopments

Estimated Completion Quarter (a)

Projected Incremental Costs

Costs to Date

Estimated Incremental Yield on Cost

Property

Market

Project Description

Sandy Plains Centre

Atlanta Metro Area, GA

Redevelopment and expansion to accommodate a 10,000 square foot swim school and additional small shop space.

3Q - 2025

3,200

2,800

Sarasota Pavilion

Tampa-St. Petersburg, FL

Anchor space repositioning and remerchandising into new tenant spaces, including a 27,000 square foot anchor space and a 5,000 square foot small shop space.

1Q - 2026

8,400

1,800

Shops at Arbor Trails

Austin-Round Rock, TX

Redevelopment of a pre-existing single tenant building to a multi-tenant building.

1Q - 2026

3,000

1,800

Bay Colony

Houston - Sugar Land-Baytown, TX

Redevelopment of an existing outparcel building.

1Q - 2026

2,300

100

Buckhead Crossing

Atlanta Metro Area, GA

Anchor space repositioning and remerchandising into new tenant spaces, including a 10,000 square foot anchor space and a 7,000 square foot small shop space.

2Q - 2026

5,600

1,200

Total Redevelopment Costs

22,500

7,700

7-10%

(a) The Company's estimated timing of completion may be impacted by factors outside of management's control, including global supply constraints or government restrictions.

Recently Completed Redevelopments

Property

Market

Project Description

Completion Quarter

Completed Costs

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.

1Q - 2025

6,800

Antoine Town Center

Houston-Sugar Land-Baytown, TX

New development, including addition of an outparcel building with a drive-through.

4Q - 2024

200

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

Bay Landing

Cape Coral - Fort Myers, FL

New development of building area adjacent to existing stores.

Buckhead Crossing

Atlanta Metro Area, GA

New development, including addition of an outparcel building.

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 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.

Plantation Grove

Orlando - Kissimmee, FL

Redevelopment and expansion of the shopping center. Addition of new outparcel building.

Sarasota Pavilion

Tampa - St. Petersburg, FL

New development, including addition of outparcel building.

The Centre on Hugh Howell

Atlanta Metro Area, GA

New development, including addition of outparcel building.

The Parke

Austin - Round Rock, TX

Anchor repositioning and expansion.

Westpark Shopping Center

Richmond, VA

New development, including addition of outparcel building.


16			Supplemental - Quarter Ended June 30, 2025


			Property Summary, by Total Market GLA
			GLA in thousands

Property

Market

State

Center
Type (a)

GLA

Leased Occupancy

ABR
PSF

Grocery
Anchor (b)

Major Anchors (c)

Escarpment Village

Austin-Round Rock

170

100%

$22.59

Yes

HEB

Kyle Marketplace

Austin-Round Rock

260

100%

$17.84

Yes

HEB

Market at Westlake

Austin-Round Rock

100%

$22.06

Walgreens

Scofield Crossing

Austin-Round Rock

98.7%

$18.74

Yes

Hana World Market, Goodwill

Shops at Arbor Trails

Austin-Round Rock

357

99.2%

$14.06

Yes

Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls

Shops at the Galleria

Austin-Round Rock

537

95.4%

$14.35

Yes

Trader Joe's, Best Buy, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, Old Navy, Petsmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods, World Market

The Parke

Austin-Round Rock

406

98.9%

$16.93

Yes

Whole Foods Market, Cavender's Boot City, Dick's Sporting Goods, DSW, Five Below, La-Z-Boy Furniture Galleries, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Ulta, World Market

University Oaks

Austin-Round Rock

236

100%

$22.55

Burlington, Crunch Fitness, DSW, IKEA*, JC Penney*, Petsmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods

Custer Creek Village

Dallas-Fort Worth-Arlington

100%

$15.94

Yes

Tom Thumb

Eldorado Marketplace

Dallas-Fort Worth-Arlington

189

100%

$24.90

Yes

Market Street, PetSmart, Phenix Salon Suites

Prestonwood Town Center

Dallas-Fort Worth-Arlington

236

99.4%

$21.27

Yes

Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta

Riverview Village

Dallas-Fort Worth-Arlington

100%

$13.47

Yes

Tom Thumb, Petco

Riverwalk Market

Dallas-Fort Worth-Arlington

93.4%

$21.53

Yes

Market Street

Shops at Fairview Town Center

Dallas-Fort Worth-Arlington

100%

$25.98

Yes

Whole Foods Market

The Highlands of Flower Mound

Dallas-Fort Worth-Arlington

175

91.2%

$19.90

Yes

Target*, Market by Macy's, Michaels, Skechers, World Market

Antoine Town Center

Houston-Sugar Land-Baytown

110

96.0%

$15.46

Yes

Kroger

Bay Colony

Houston-Sugar Land-Baytown

415

96.7%

$16.82

Yes

HEB, Kohl's, LA Fitness, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens

Blackhawk Town Center

Houston-Sugar Land-Baytown

127

97.5%

$14.28

Yes

HEB, Walgreens

Cyfair Town Center

Houston-Sugar Land-Baytown

434

95.3%

$17.64

Yes

Kroger, Cinemark USA, Crunch Fitness, J.C. Penney

Eldridge Town Center

Houston-Sugar Land-Baytown

144

95.1%

$17.39

Yes

Kroger, Kohl's*, Petco

Stables Town Center II

Houston-Sugar Land-Baytown

148

93.2%

$17.89

Yes

Kroger

Sonterra Village

San Antonio

86.9%

$37.01

Yes

Trader Joe's

Stone Ridge Market

San Antonio

219

98.4%

$25.85

Yes

HEB Plus*, Burlington, PetSmart

Total Texas

4,671

97.3%

$18.40

Bay Landing

Cape Coral - Fort Myers

100%

$10.50

Yes

The Fresh Market, HomeGoods

The Forum (d)

Cape Coral - Fort Myers

186

93.9%

$17.43

Yes

Target*, dd's Discounts, Home Depot*, Michaels, Petco, Ross Dress for Less, Sky Zone, Staples

PGA Plaza Palm Beach Gardens

Miami-Ft Lauderdale-Miami Beach

121

100.0%

$37.09

Yes

Trader Joe's, Marshalls, Ulta

Southern Palm Crossing

Miami-Ft Lauderdale-Miami Beach

345

98.6%

$17.90

Yes

Costco Wholesale, Going Going Gone, Marshalls

Westfork & Paraiso

Miami-Ft Lauderdale-Miami Beach

393

98.9%

$26.03

Yes

Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, Skechers, TJ Maxx, Ulta

Lakeside & Lakeside Crossing

Orlando - Kissimmee

100%

$49.54

Yes

Trader Joe's

Plantation Grove (f)

Orlando - Kissimmee

107

98.7%

$20.61

Yes

Publix

Rio Pinar Plaza

Orlando - Kissimmee

131

94.6%

$19.47

Yes

Publix, Planet Fitness

Suncrest Village

Orlando - Kissimmee

97.9%

$21.76

Yes

Publix, Orange County Tax Collector

Gateway Market Center

Tampa - St. Petersburg

231

89.9%

$14.26

Yes

Publix, Target*, Beall's, HomeGoods, Petsmart, TJ Maxx


17			Supplemental - Quarter Ended June 30, 2025


			Property Summary, by Total Market GLA
			GLA in thousands


	Property	Market	State	Center Type (a)	GLA	Leased Occupancy	ABR PSF	Grocery Anchor (b)	Major Anchors (c)
34	Peachland Promenade	Tampa - St. Petersburg	FL	N	177	98.6%	$15.40	Yes	Publix, Goodwill, My Salon Suite, Planet Fitness
35	Sarasota Pavilion	Tampa - St. Petersburg	FL	P	336	98.3%	$16.38	Yes	Publix, Bank of America, Beall's, Marshalls, Michaels, Old Navy, Petsmart, Ross Dress for Less, Truist Bank, World Market
	Total Florida				2,263	97.2%	$21.08

36	Carmel Village (d)	Charlotte-Gastonia-Concord	NC	N	54	90.9%	$26.76	No
37	Eastfield Village	Charlotte-Gastonia-Concord	NC	N	96	97.5%	$19.07	Yes	Food Lion, Gold's Gym
38	Northcross Commons	Charlotte-Gastonia-Concord	NC	N	63	100%	$28.87	Yes	Whole Foods Market
39	Sycamore Commons	Charlotte-Gastonia-Concord	NC	P	265	100%	$21.06	Yes	Costco Wholesale, Best Buy, Dick's Sporting Goods, Lowe's, Michaels, Nordstrom Rack, Old Navy, Ulta, World Market
40	The Shoppes at Davis Lake	Charlotte-Gastonia-Concord	NC	N	91	93.2%	$18.55	Yes	Harris Teeter
41	Bent Tree Plaza	Raleigh-Cary-Durham	NC	N	80	100%	$15.97	Yes	Food Lion
42	Cary Park Town Center	Raleigh-Cary-Durham	NC	N	93	100%	$18.09	Yes	Harris Teeter, CVS
43	Commons at University Place	Raleigh-Cary-Durham	NC	N	92	100%	$17.46	Yes	Harris Teeter, CVS
44	Renaissance Center	Raleigh-Cary-Durham	NC	P	363	95.4%	$23.97	No	Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market
45	The Pointe at Creedmoor	Raleigh-Cary-Durham	NC	N	60	100%	$16.91	Yes	Harris Teeter
	Total North Carolina				1,257	97.6%	$21.15

46	Buckhead Crossing	Atlanta Metro Area	GA	P	221	94.8%	$23.77	No	HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop
47	Coweta Crossing	Atlanta Metro Area	GA	N	68	100%	$11.41	Yes	Publix
48	Kennesaw Marketplace	Atlanta Metro Area	GA	C	130	97.1%	$36.20	Yes	Whole Foods Market, Academy Sports + Outdoors, Guitar Center, Hobby Lobby, Petco
49	Moores Mill (d)	Atlanta Metro Area	GA	N	70	100%	$25.07	Yes	Publix
50	Plaza Midtown	Atlanta Metro Area	GA	N	70	97.0%	$28.90	Yes	Publix
51	Rose Creek	Atlanta Metro Area	GA	N	70	100%	$11.68	Yes	Publix
52	Sandy Plains Centre	Atlanta Metro Area	GA	C	135	98.9%	$24.15	Yes	Kroger, Pet Supplies Plus, Walgreens*
53	The Centre on Hugh Howell	Atlanta Metro Area	GA	N	83	98.4%	$14.06	No	Crunch Fitness
54	Thomas Crossroads	Atlanta Metro Area	GA	N	105	94.8%	$10.17	Yes	Kroger
55	Windward Commons	Atlanta Metro Area	GA	N	117	100%	$15.98	Yes	Kroger
56	Twelve Oaks Shopping Center (d)	Savannah	GA	N	106	97.7%	$19.37	Yes	Publix
	Total Georgia				1,175	97.6%	$20.96

57	Stonehenge Village (d)	Richmond Metro Area	VA	C	214	100%	$19.13	Yes	Wegmans, La-Z-Boy, Party City, Petco
58	Westpark Shopping Center	Richmond Metro Area	VA	C	171	98.4%	$16.39	Yes	Publix, Painted Tree Boutiques, Planet Fitness, The Tile Shop
	Total Virginia				385	99.3%	$17.94

59	Market at Mill Creek (d)	Charleston-Berkeley-Dorchester	SC	N	80	100%	$24.27	Yes	Lowes Foods
60	Nexton Square (d)	Charleston-Berkeley-Dorchester	SC	L	134	98.5%	$27.40	No	N/A
61	West Ashley Station (d)	Charleston-Berkeley-Dorchester	SC	N	79	98.1%	$27.88	Yes	Whole Foods Market
	Total South Carolina				293	98.8%	$26.63


18			Supplemental - Quarter Ended June 30, 2025


			Property Summary, by Total Market GLA
			GLA in thousands


	Property	Market	State	Center Type (a)	GLA	Leased Occupancy	ABR PSF	Grocery Anchor (b)	Major Anchors (c)
62	Scottsdale North Marketplace (d)	Phoenix	AZ	N	66	98.4%	$22.99	Yes	AJ's Fine Foods
63	The Plant (e)	Phoenix	AZ	N	57	100%	$29.03	Yes	Sprouts Farmers Market
64	Plaza Escondida (d)	Tucson	AZ	N	91	99.0%	$16.53	Yes	Trader Joe's, Marshalls
	Total Arizona				214	99.1%	$21.85

65	The Shops at Town Center	Washington D.C	MD	N	125	91.7%	$30.97	Yes	Safeway
66	Travilah Square Shopping Center	Washington D.C	MD	N	56	86.9%	$50.57	Yes	Trader Joe's
	Total Maryland				181	90.2%	$36.83
67	Garden Village	So. California - Los Angeles	CA	N	117	90.2%	$19.82	Yes	Albertson's, Rite Aid
	Total California				117	90.2%	$19.82

	Grand Totals				10,556	97.3%	$20.18

(a)N = Neighborhood Center, P = Power Center, C = Community Center, L = Lifestyle 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 and six months ended June 30, 2025.

(e)Property is excluded from Same Property for the six months ended June 30, 2025.

(f)The Company operates Plantation Grove and Maguire Groves as a single property under the Plantation Grove name. The operations, GLA, economic and leased occupancy, and ABR of Maguire Groves are classified as an other investment property for the three and six months ended June 30, 2025.


19			Supplemental - Quarter Ended June 30, 2025


			Components of Net Asset Value as of June 30, 2025
			In thousands, except share information


			Page No.
NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter
NOI, excluding ground rent income	$	44,898	5
Ground rent income	5,002		5
NOI	49,900		5

Annualized NOI, excluding ground rent income	$	179,592
Annualized ground rent income	20,008

Projected remaining development
Net project costs	$	14,800	16
Estimated range for incremental yield	7-10%		16

Assets
Cash, cash equivalents, and restricted cash	$	294,039	2
Base rent, recoveries, and other receivables	9,246		4
Undeveloped land	—
Land held for development	—

Liabilities
Debt	$	749,251	8
Discounts and financing costs, net	(2,916)		8
Accounts payable and accrued expenses	44,107		2
Distributions payable	18,447		2
Other liabilities	29,995		2

Common Shares Outstanding	77,606,396		1


20			Supplemental - Quarter Ended June 30, 2025


			Glossary of Terms


Terms						Definitions
ABR Per Square Foot (ABR PSF)						ABR PSF is the ABR divided by the occupied square footage as of the end of the period.
Adjusted EBITDA						Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance.
Annualized Base Rent (ABR)						Annualized Base Rent (ABR) is the base rent for the last month of the period multiplied by twelve. Base rent is inclusive of ground rent and any abatement concessions and exclusive of Specialty Lease rent.
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, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization.
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.
Lifestyle Center						Lifestyle Centers consist of upscale national-chain specialty stores with dining and entertainment in an outdoor setting.
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. 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 ongoing 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, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, 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.
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 Shop Tenants.
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.


21			Supplemental - Quarter Ended June 30, 2025

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