ivt-20250930

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40896

INVENTRUST PROPERTIES CORP.

(Exact name of registrant as specified in its charter)

Maryland

34-2019608

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3025 Highland Parkway,

Suite 350

Downers Grove,

Illinois

60515

(855)

377-0510

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, $0.001 par value

IVT

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 27, 2025, there were 77,619,380 shares of the registrant's common stock outstanding.

INVENTRUST PROPERTIES CORP.

Quarterly Report on Form 10-Q

For the quarterly period ended September 30, 2025

Table of Contents


	Part I - Financial Information	Page
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of S eptember 30, 2025 (unaudited) and December 31, 2024	1
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 (unaudited)	2
	Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	5
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33
	Part II - Other Information
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3.	Defaults Upon Senior Securities	34
Item 4.	Mine Safety Disclosures	34
Item 5.	Other Information	34
Item 6.	Exhibits	35

	Signatures	36

-i-

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Balance Sheets

(in thousands, except share amounts)


	As of
	September 30, 2025		December 31, 2024
	(unaudited)
Assets
Investment properties
Land	$	682,564	$	712,827
Building and other improvements	2,203,225		2,116,092
Construction in progress	10,473		9,951
Total	2,896,262		2,838,870
Less accumulated depreciation	(504,627)		(511,969)
Net investment properties	2,391,635		2,326,901
Cash, cash equivalents, and restricted cash	76,366		91,221
Intangible assets, net	188,220		137,420
Accounts and rents receivable	39,467		36,131
Deferred costs and other assets, net	39,016		44,277
Total assets	$	2,734,704	$	2,635,950

Liabilities
Debt, net	$	764,572	$	740,415
Accounts payable and accrued expenses	50,508		46,418
Distributions payable	18,450		17,512
Intangible liabilities, net	60,246		42,897
Other liabilities	31,815		28,703
Total liabilities	925,591		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, 77,619,380 shares issued and outstanding as of September 30, 2025 and 77,450,794 shares issued and outstanding as of December 31, 2024	78		77
Additional paid-in capital	5,735,537		5,730,367
Distributions in excess of accumulated net income	(3,931,440)		(3,984,865)
Accumulated comprehensive income	4,938		14,426
Total stockholders' equity	1,809,113		1,760,005
Total liabilities and stockholders' equity	$	2,734,704	$	2,635,950

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(in thousands, except share and per share amounts)


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Income
Lease income, net	$	74,019	$	68,132	$	220,538	$	201,681
Other property income	447		389		1,250		1,061
Total income	74,466		68,521		221,788		202,742

Operating expenses
Depreciation and amortization	32,734		28,134		94,086		85,092
Property operating	11,054		10,795		33,277		31,037
Real estate taxes	9,047		9,205		28,597		27,232
General and administrative	8,316		8,133		25,569		24,768
Total operating expenses	61,151		56,267		181,529		168,129

Other (expense) income
Interest expense, net	(8,969)		(9,470)		(25,637)		(28,744)

Impairment of real estate assets	—		(3,854)		—		(3,854)
Gain on sale of investment properties	52		334		90,961		334
Other income and expense, net	1,628		197		3,177		1,510
Total other (expense) income, net	(7,289)		(12,793)		68,501		(30,754)

Net income (loss)	$	6,026	$	(539)	$	108,760	$	3,859

Weighted-average common shares outstanding - basic	77,615,993		68,526,238		77,590,691		68,101,901
Weighted-average common shares outstanding - diluted	78,498,873		68,526,238		78,317,551		68,659,319

Net income (loss) per common share - basic	$	0.08	$	(0.01)	$	1.40	$	0.06
Net income (loss) per common share - diluted	$	0.08	$	(0.01)	$	1.39	$	0.06

Comprehensive income
Net income (loss)	$	6,026	$	(539)	$	108,760	$	3,859
Unrealized (loss) gain on derivatives, net	(1,008)		(7,145)		(2,637)		2,560
Reclassification to net income (loss)	(2,316)		(3,315)		(6,851)		(9,946)
Comprehensive income (loss)	$	2,702	$	(10,999)	$	99,272	$	(3,527)

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Equity

(Unaudited)

(in thousands, except share amounts)


	Number of Shares	Common Stock		Additional Paid-in Capital		Distributions in Excess of Accumulated Net Income		Accumulated Comprehensive Income		Total

Beginning balance, January 1, 2025	77,450,794	$	77	$	5,730,367	$	(3,984,865)	$	14,426	$	1,760,005
Net income	—	—		—		6,792		—		6,792
Unrealized loss on derivatives	—	—		—		—		(1,586)		(1,586)
Reclassification to interest expense, net	—	—		—		—		(2,242)		(2,242)
Distributions declared ($0.2377 per common share)	—	—		—		(18,438)		—		(18,438)
Stock-based compensation, net	116,970	1		274		—		—		275
Ending balance, March 31, 2025	77,567,764	$	78	$	5,730,641	$	(3,996,511)	$	10,598	$	1,744,806
Net income	—	—		—		95,942		—		95,942
Unrealized loss on derivatives	—	—		—		—		(43)		(43)
Reclassification to interest expense, net	—	—		—		—		(2,293)		(2,293)
Distributions declared ($0.2377 per common share)		—		—		(18,447)		—		(18,447)
Stock-based compensation, net	38,632	—		2,321		—		—		2,321
Ending balance, June 30, 2025	77,606,396	$	78	$	5,732,962	$	(3,919,016)	$	8,262	$	1,822,286
Net income	—	—		—		6,026		—		6,026
Unrealized loss on derivatives	—	—		—		—		(1,008)		(1,008)
Reclassification to interest expense, net	—	—		—		—		(2,316)		(2,316)
Distributions declared ($0.2377 per common share)	—	—		—		(18,450)		—		(18,450)

Stock-based compensation, net	12,984	—		2,575		—		—		2,575
Ending balance, September 30, 2025	77,619,380	$	78	$	5,735,537	$	(3,931,440)	$	4,938	$	1,809,113

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Equity

(Unaudited)

(in thousands, except share amounts)


	Number of Shares	Common Stock		Additional Paid-in Capital		Distributions in Excess of Accumulated Net Income		Accumulated Comprehensive Income		Total

Beginning balance, January 1, 2024	67,807,831	$	68	$	5,468,728	$	(3,932,826)	$	18,074	$	1,554,044
Net income	—	—		—		2,900		—		2,900
Unrealized gain on derivatives	—	—		—		—		7,319		7,319
Reclassification to interest expense, net	—	—		—		—		(3,317)		(3,317)
Distributions declared ($0.2263 per common share)	—	—		—		(15,360)		—		(15,360)
Stock-based compensation, net	66,697	—		2,463		—		—		2,463
Ending balance, March 31, 2024	67,874,528	$	68	$	5,471,191	$	(3,945,286)	$	22,076	$	1,548,049
Net income	—	—		—		1,498		—		1,498
Unrealized gain on derivatives	—	—		—		—		2,386		2,386
Reclassification to interest expense, net	—	—		—		—		(3,314)		(3,314)
Distributions declared ($0.2263 per common share)	—	—		—		(15,370)		—		(15,370)
Stock-based compensation, net	42,600	—		2,324		—		—		2,324
Ending balance, June 30, 2024	67,917,128	$	68	$	5,473,515	$	(3,959,158)	$	21,148	$	1,535,573
Net loss	—	—		—		(539)		—		(539)
Unrealized loss on derivatives	—	—		—		—		(7,145)		(7,145)
Reclassification to interest expense, net	—	—		—		—		(3,315)		(3,315)
Distributions declared ($0.2263 per common share)	—	—		—		(17,455)		—		(17,455)
Issuance of common stock, net	9,200,000	9		245,834		—		—		245,843
Stock-based compensation, net	13,303	—		2,243		—		—		2,243
Ending balance, September 30, 2024	77,130,431	$	77	$	5,721,592	$	(3,977,152)	$	10,688	$	1,755,205

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Nine months ended September 30
	2025		2024
Cash flows from operating activities:
Net income	$	108,760	$	3,859
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	94,086		85,092
Amortization of market-lease intangibles and inducements, net	(3,170)		(2,064)
Amortization of debt discounts and financing costs	2,076		1,742
Accretion of finance lease liability	60		—
Straight-line rent adjustments, net	(2,859)		(2,652)
Provision for estimated credit losses	408		115
Impairment of real estate assets	—		3,854
Gain on sale of investment properties	(90,961)		(334)

Stock-based compensation, net	8,195		7,329
Changes in operating assets and liabilities:
Accounts and rents receivable	(2,596)		3,093
Deferred costs and other assets, net	(3,558)		(1,039)
Accounts payable and accrued expenses	926		1,684
Other liabilities	1,307		(787)
Net cash provided by operating activities	112,674		99,892
Cash flows from investing activities:
Purchase of investment properties	(323,308)		(82,965)
Capital investments and leasing costs	(30,503)		(25,612)
Proceeds from sale of investment properties, net	299,504		549
Other investing activities, net	(40)		(253)
Net cash used in investing activities	(54,347)		(108,281)
Cash flows from financing activities:
Payment of tax withholdings for stock-based compensation	(2,442)		(1,212)
Proceeds from sale of common stock under offering	—		257,600
Proceeds from sale of common stock under ESPP	488		280
Payment of offering costs	(9)		(11,792)
Distributions to stockholders	(54,397)		(45,324)
Proceeds from term loan	400,000		—
Repayment of term loan	(400,000)		—
Proceeds from line of credit	13,000		10,000
Repayments of line of credit	(13,000)		(10,000)



Payoffs of mortgage debt	(13,000)		(88,168)

Payment of mortgage principal	(219)		—
Payment of financing costs	(3,603)		—

Net cash (used in) provided by financing activities	(73,182)		111,384
Net (decrease) increase in cash, cash equivalents, and restricted cash	(14,855)		102,995
Cash, cash equivalents, and restricted cash at the beginning of the period	91,221		99,763
Cash, cash equivalents, and restricted cash at the end of the period	$	76,366	$	202,758

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Nine months ended September 30
	2025		2024
Supplemental disclosure and schedules:
Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest	$	26,720	$	31,266
Cash paid for income taxes, net of refunds	675		569
Distributions payable to stockholders	18,450		17,455
Accrued capital investments and leasing costs	4,900		5,008
Capitalized costs placed in service	13,312		8,129
Gross issuance of shares for stock-based compensation	7,351		4,308
Finance lease right of use assets obtained in exchange for lease liabilities	10,973		—

Purchase of investment properties:
Net investment properties	$	297,167	$	84,136
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	79,632		15,556
Accounts payable and accrued expenses, lease intangibles, and other liabilities	(24,563)		(4,137)
Assumption of mortgage debt, net	(28,928)		(12,590)
Purchase of investment properties	323,308		82,965
Assumption of mortgage principal	30,262		13,000
Capitalized acquisition costs	(2,336)		(361)
Credits and other changes in cash outflow, net	4,341		996
Gross acquisition price of investment properties	$	355,575	$	96,600

Sale of investment properties:
Net investment properties	$	205,614	$	215
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	4,168		—
Accounts payable and accrued expenses, lease intangibles, and other liabilities	(1,239)		—
Gain on sale of investment properties	90,961		334
Proceeds from sale of investment properties, net	299,504		549
Credits and other changes in cash inflow, net	6,725		53
Gross disposition price of investment properties	$	306,229	$	602

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements

September 30, 2025 and 2024

(Unaudited)

The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Readers of these interim condensed consolidated financial statements in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (this "Quarterly Report") should refer to the audited consolidated financial statements of InvenTrust Properties Corp. (the "Company" or "InvenTrust") as of and for the year ended December 31, 2024, which are included in the Company's Annual Report on Form 10-K (the "Annual Report") as certain note disclosures contained in such audited consolidated financial statements have been omitted from this Quarterly Report. In the opinion of management, all adjustments necessary (consisting of normal recurring accruals, except as otherwise noted) for a fair presentation have been included in these condensed consolidated financial statements. Unless otherwise noted, all square feet and dollar amounts are stated in thousands, except share, per share and per square foot data. Number of properties and square feet are unaudited.

1. Organization

On October 4, 2004, InvenTrust Properties Corp. was incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and elected to operate in a manner to be taxed as a real estate investment trust ("REIT") for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April of 2015 and is focused on owning, leasing, redeveloping, acquiring, and managing a multi-tenant retail platform.

As a REIT, the Company is entitled to a tax deduction for some or all of the dividends paid to stockholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to stockholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates.

The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries. Subsidiaries generally consist of limited liability companies and limited partnerships. All significant intercompany balances and transactions have been eliminated. Each retail property is owned by a separate legal entity that maintains its own books and financial records. Each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities.

The Company has a single reportable segment, multi-tenant retail, for disclosure purposes in accordance with GAAP. The following table summarizes the Company's retail portfolio as of September 30, 2025 and 2024:


	As of September 30
	2025	2024
No. of properties	71	65
Gross Leasable Area (square feet)	11,347	10,550

2. Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments, and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired retail properties, determining the fair value of debt, and evaluating the collectibility of accounts receivable. The Company bases these estimates, judgments, and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates.

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 entity’s 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.

Other recently issued accounting standards or pronouncements not disclosed in the foregoing table have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on the condensed consolidated financial statements of the Company.

3. 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 September 30, 2025
Remaining 2025	$	55,154
2026	214,937
2027	189,315
2028	165,225
2029	136,553
Thereafter	503,107
Total	$	1,264,291

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 September 30				Nine months ended September 30
	2025		2024		2025		2024
Minimum base rent	$	47,632	$	44,060	$	141,856	$	129,696
Real estate tax recoveries	8,516		8,334		26,509		24,733
Common area maintenance, insurance, and other recoveries	9,228		8,450		27,737		24,345
Ground rent income	5,449		4,774		15,527		14,260
Amortization of market-lease intangibles and inducements, net	1,186		831		3,170		2,064
Short-term and other lease income	859		772		3,084		2,706
Termination fee income	146		30		204		1,340
Straight-line rent adjustments, net	1,121		765		2,859		2,652
(Provision for) reversal of uncollectible rent and recoveries, net	(118)		116		(408)		(115)
Lease income, net	$	74,019	$	68,132	$	220,538	$	201,681

4. Acquired Properties

The following table presents the retail properties acquired during the nine months ended September 30, 2025:


Month Acquired	Property	Market	Square Feet	Gross Acquisition Price		Assumption of Mortgage Debt
Apr-25	Plaza Escondida (a)	Tucson, AZ	91	$	23,000	$	7,981
Apr-25	Carmel Village	Charlotte, NC	54	19,925		—
Jun-25	West Ashley Station (b)	Charleston, SC	79	26,600		—
Jun-25	Twelve Oaks Shopping Center	Savannah, GA	106	35,850		—
Jul-25	The Marketplace at Encino Park	San Antonio, TX	92	38,500		—
Jul-25	West Broad Marketplace	Richmond, VA	386	86,000		—
Aug-25	Asheville Market (c)	Asheville, NC	130	45,700		22,281
Sep-25	Rea Farms	Charlotte, NC	183	80,000		—
			1,121	$	355,575	$	30,262

(a)The Company recognized a fair value adjustment of $507 related to the mortgage payable secured by the property.

(b)The Company recognized a finance lease liability of $10,973 associated with the ground lease assumed upon the acquisition of the property. See "Note 11. Commitments and Contingencies".

(c)The Company recognized a fair value adjustment of $607 related to the mortgage payable secured by the property.

The following table presents the retail properties acquired during the nine months ended September 30, 2024:


Month Acquired	Property	Market	Square Feet	Gross Acquisition Price		Assumption of Mortgage Debt
Feb-24	The Plant (a)	Phoenix, AZ	57	$	29,500	$	13,000
Apr-24	Moores Mill	Atlanta, GA	70	28,000		—
Jun-24	Maguire Groves (b)	Orlando, FL	33	16,100		—
Aug-24	Scottsdale North Marketplace	Scottsdale, AZ	66	23,000		—
			226	$	96,600	$	13,000

(a)The Company recognized a fair value adjustment of $410 related to the mortgage payable secured by the property.

(b)Maguire Groves is immediately adjacent to Plantation Grove, a Publix anchored neighborhood center wholly-owned by the Company. The Company operates these properties under the Plantation Grove name.

The following table presents the Company's purchase price allocations of retail properties acquired, accounted for as asset acquisitions, during the nine months ended September 30, 2025 and 2024:


	2025 Acquisitions			2024 Acquisitions
	Amount		Weighted Average Useful Life (in Years)	Amount		Weighted Average Useful Life (in Years)
Land	$	52,763	N/A	$	17,635	N/A
Building, roofs, and site improvements	246,589		28.0	66,501		27.6
Finance lease fair value adjustment (a)	(2,008)		66.6	—		N/A
In-place lease intangibles	77,020		8.5	15,342		7.8
Above-market lease intangibles	2,221		7.8	178		5.4
Mortgage payable fair value adjustments	1,114		3.7	410		1.3
Below-market lease intangibles	(22,679)		14.9	(3,692)		13.9
Net assets acquired	355,020			96,374
Capitalized acquisition costs	(2,336)			(361)
Closing credits	2,891			587
Gross acquisition price	$	355,575		$	96,600

(a)The Company recognized a fair value adjustment to the finance lease right-of-use ("ROU") asset related to the ground lease assumed upon the acquisition of West Ashley Station. See "Note 11. Commitments and Contingencies".

5. Disposed Properties

The following table presents the real property disposed of during the nine months ended September 30, 2025:


Month Disposed	Property	Market	Square Feet	Gross Disposition Price		Gain on Sale
Jun-25	California portfolio disposition (a)	California	746	$	306,000	$	90,909
Sep-25	Custer Creek Village (b)	Dallas, TX	N/A	229		52
			746	$	306,229	$	90,961

(a)The Company disposed of five properties, consisting of River Oaks Shopping Center, Campus Marketplace, Old Grove Marketplace, Bear Creek Village Center, and Pavilion at La Quinta, as part of a portfolio sale.

(b)This disposition was related to the completion of a partial condemnation at one retail property.

The following table presents the real property disposed of during the nine months ended September 30, 2024:

Month Disposed

Property

Market

Square Feet

Gross
Disposition Price

Gain on Sale

Jul-24

Eldridge Town Center &
Windermere Village (a)

Houston, TX

N/A

602

334

(a)This disposition was related to the completion of a partial condemnation at one retail property.

6. 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 proceeds from property sales, cash on hand, and available capacity on credit agreements, if any, 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 September 30, 2025 and December 31, 2024, the Company was in compliance with all loan covenants.

Mortgages Payable

On April 1, 2025, the Company assumed a $7,981 mortgage payable upon the acquisition of Plaza Escondida.

On May 9, 2025, the Company extinguished a $13,000 mortgage payable secured by The Plant with its available liquidity.

On August 7, 2025, the Company assumed a $22,281 mortgage payable upon the acquisition of Asheville Market.

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 (the "Revolving Credit Facility Amendment"), which modified the applicable interest rate thereunder by removing the credit spread adjustment to SOFR, in addition to other modifications. As of September 30, 2025, the Company had available liquidity of $500.0 million under the Revolving Credit Facility.

On August 25, 2025, the Company entered into an amendment (the "Term Loan Amendment") to its $400.0 million Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity dates of each tranche. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on August 26, 2030, and a $200.0 million 5.5-year tranche maturing February 24, 2031. The Term Loan Amendment also modified the interest rates, with each tranche bearing interest at a rate equal to, at the Company's option, term SOFR, daily simple SOFR or the adjusted base rate (with no credit spread adjustment) plus a margin ranging from 115 to 160 basis points (in the case of SOFR loans) and 15 to 60 basis points (in the case of base rate loans), in each case, based on the Company’s leverage ratio.

Senior Notes

The Company issued $250.0 million aggregate principal amount of senior notes in a private placement, of which (i) $150.0 million are designated as 5.07% Senior Notes, Series A, due August 11, 2029 (the "Series A Notes") and (ii) $100.0 million are designated as 5.20% Senior Notes, Series B, due August 11, 2032 (the "Series B Notes" and, together with the Series A Notes, the "Notes"). The Notes were issued at par and pay interest semiannually on February 11th and August 11th until their respective maturities. The Notes will be required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain material credit facilities of the Company. Currently, there are no subsidiary guarantees of the Notes.

Finance Lease Liability

On June 10, 2025, in connection with its acquisition of West Ashley Station, the Company assumed a ground lease and recognized a related finance lease liability of $10,973. As of September 30, 2025, the balance of the finance lease liability was $11,033. See "Note 11. Commitments and Contingencies".

The following table summarizes the Company's debt as of September 30, 2025 and December 31, 2024:

As of September 30, 2025

As of December 31, 2024

Maturity

Rate Type

Interest Rate

Amount

Interest Rate

Amount

Mortgages Payable

Total mortgages payable

Various

Fixed

4.18% (a)

110,424

3.97% (a)

93,380

Term Loan

$200.0 million 5 year

Aug-30

Fixed

2.66% (b)

100,000

2.81% (b)

100,000

$200.0 million 5 year

Aug-30

Fixed

2.66% (b)

100,000

2.81% (b)

100,000

$200.0 million 5.5 year

Feb-31

Fixed

2.63% (c)

50,000

2.78% (b)

50,000

$200.0 million 5.5 year

Feb-31

Fixed

2.69% (c)

50,000

2.84% (b)

50,000

$200.0 million 5.5 year

Feb-31

Fixed

4.84% (c)

100,000

4.99% (b)

100,000

Total

400,000

Senior Notes

$150.0 million Series A Notes

Aug-29

Fixed

5.07%

150,000

5.07%

150,000

$100.0 million Series B Notes

Aug-32

Fixed

5.20%

100,000

5.20%

100,000

Total

250,000

Revolving Line of Credit

$500.0 million total capacity

Jan-29

Variable

1M SOFR +

1.05% (d)(e)

—

1M SOFR +

1.15% (d)(e)

—

Total secured and unsecured debt

3.98%

760,424

4.03%

743,380

Finance Lease Liability

West Ashley Station Ground Lease

Jan-92

N/A

11,033

N/A

Debt discounts and financing costs, net

(6,885)

(2,965)

Debt, net

764,572

740,415

(a)Interest rates reflect the weighted average of the Company's mortgages payable.

(b)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on September 22, 2026, at which point the fixed interest rate will become 4.50%.

(c)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on March 22, 2027, at which point the weighted average fixed interest rate will become 4.58%.

(d)As of September 30, 2025 and December 31, 2024, 1-Month Term SOFR was 4.13% and 4.33%, respectively.

(e)Interest rate applies to drawn balance only. An additional annual facility fee of 0.15% applies to entire line of credit capacity.

The following table summarizes the scheduled payments and maturities of the Company's debt as of September 30, 2025:


Scheduled maturities by year:	Mortgage Payments		Mortgage Maturities		Term Loan & Senior Notes		Total
Remaining 2025	$	189	$	22,880	$	—	$	23,069
2026	773		—		—		773
2027	810		26,000		—		26,810
2028	495		21,321		—		21,816
2029	449		31,500		150,000		181,949
Thereafter	154		5,853		500,000		506,007
Total	$	2,870	$	107,554	$	650,000	$	760,424
Finance lease liability							11,033
Debt discounts and financing costs, net							(6,885)
Total Debt, net							$	764,572

Interest Rate Swaps

During the three months ended September 30, 2025, in connection with the execution of the Term Loan Amendment, the Company entered into four forward-starting interest rate swap agreements.

As of September 30, 2025, the Company was party to five effective and four forward-starting interest rate swap agreements, which address the periods between the termination 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.

The following table summarizes the Company's effective interest rate swaps as of September 30, 2025:



Effective Interest Rate Swaps	Effective Date	Termination Date	InvenTrust Receives	InvenTrust Pays Fixed Rate of	Fixed Rate Achieved (a)	Notional Amount
5.5 year Term Loan	4/3/23	3/22/27	1-Month SOFR	3.69%	4.84%	$	100,000
5 year Term Loan	12/21/23	9/22/26	1-Month SOFR	1.51%	2.66%	100,000
5 year Term Loan	12/21/23	9/22/26	1-Month SOFR	1.51%	2.66%	100,000
5.5 year Term Loan	6/21/24	3/22/27	1-Month SOFR	1.54%	2.69%	50,000
5.5 year Term Loan	6/21/24	3/22/27	1-Month SOFR	1.48%	2.63%	50,000
						$	400,000

(a)Interest rates reflect the Company's current credit spread of 1.15%.

The following table summarizes the Company's forward-starting interest rate swaps as of September 30, 2025:

Forward-Starting
Interest Rate Swaps

Effective
Date

Termination
Date

InvenTrust
Receives

InvenTrust Pays
Fixed Rate of

Fixed Rate
Achieved (a)

Notional
Amount

5 year Term Loan

9/22/26

8/26/30

Daily SOFR

3.35%

4.50%

100,000

5 year Term Loan

9/22/26

8/26/30

Daily SOFR

3.35%

4.50%

100,000

5.5 year Term Loan

3/22/27

2/24/31

Daily SOFR

3.42%

4.57%

100,000

5.5 year Term Loan

3/22/27

2/24/31

Daily SOFR

3.43%

4.58%

100,000

400,000

(a)Interest rates reflect the Company's current credit spread of 1.15%.

7. 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
	September 30, 2025				December 31, 2024
Cash Flow Hedges: (a) (b)	Level 1	Level 2 (c)		Level 3	Level 1	Level 2 (c)		Level 3
Derivative interest rate swaps	—	$	4,938	—	—	$	14,426	—

(a)During the twelve months subsequent to September 30, 2025, an estimated $5,945 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings.

(b)As of September 30, 2025 and December 31, 2024, 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 and nine months ended September 30, 2025, the Company had no Level 3 nonrecurring fair value measurements.

During the three and nine months ended September 30, 2024, the Company recorded an impairment of real estate assets of $3,854 on one retail property. The estimated fair value of the property was based on a negotiated letter of intent. The property was subsequently sold on October 31, 2024 for $57,800, resulting in a loss on sale of $614, which was primarily related to closing costs.

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 September 30, 2025 and December 31, 2024:


	September 30, 2025						December 31, 2024
	Carrying Value		Estimated Fair Value		Market Interest Rate		Carrying Value		Estimated Fair Value		Market Interest Rate
Mortgages payable	$	110,424	$	105,987	6.16	%	$	93,380	$	87,576	6.64	%
Senior notes	250,000		247,254		5.34	%	250,000		236,480		6.23	%
Term Loan	400,000		399,484		4.54	%	400,000		400,170		5.29	%
Revolving Credit Facility	—		—		N/A		—		—		N/A

The market interest rates used to estimate the fair value of the Company's mortgages payable, senior notes, Term Loan, and Revolving Credit Facility reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company. Debt instrument valuations are classified within Level 2 of the fair value hierarchy.

8. Earnings Per Share and Equity Transactions

Basic earnings per share ("EPS") is computed by dividing net income or loss attributed to common shares by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that may occur from awards issued pursuant to stock-based compensation plans.

The following table reconciles the amounts used in calculating basic and diluted EPS:


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Numerator:
Net income (loss) attributed to common shares - basic and diluted	$	6,026	$	(539)	$	108,760	$	3,859

Denominator:
Weighted average common shares outstanding - basic	77,615,993		68,526,238		77,590,691		68,101,901
Dilutive effect of unvested restricted shares (a)	882,880		—		726,860		557,418
Weighted average common shares outstanding - diluted	78,498,873		68,526,238		78,317,551		68,659,319

Basic and diluted earnings per common share:
Net income per common share - basic	$	0.08	$	(0.01)	$	1.40	$	0.06
Net income per common share - diluted	$	0.08	$	(0.01)	$	1.39	$	0.06

(a)For the three months ended September 30, 2024, the Company has excluded the anti-dilutive effect of stock-based compensation arrangements.

ATM Program

On March 7, 2022, the Company established an at-the-market equity offering program (the "ATM Program") through which the Company may sell from time to time up to an aggregate of $250.0 million of its common stock. In connection with the ATM Program, the Company may sell shares of its common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. During the nine months ended September 30, 2025 and 2024, no shares were issued under the ATM Program. As of September 30, 2025, $236.7 million of common stock remains available for issuance under the ATM Program.

Share Repurchase Program

On February 23, 2022, the Company established a share repurchase program (the "SRP") of up to $150.0 million of the Company's outstanding shares of common stock. The SRP may be suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or particular amount of shares. As of September 30, 2025, the Company has not repurchased any common stock under the SRP.

Common Stock Offering

On September 25, 2024, the Company completed an underwritten public offering of its common stock at a price to the public of $28.00 per share. The Company issued and sold 9,200,000 shares of its common stock, including 1,200,000 shares issued in connection with the full exercise of the underwriters' over-allotment option. The Company received $247.3 million of net proceeds, after deducting $10.3 million in underwriting discounts and commissions.

9. Stock-Based Compensation

Incentive Award Plan

The Company's board of directors (the "Board") adopted the InvenTrust Properties Corp. 2015 Incentive Award Plan effective as of June 19, 2015 (the "Incentive Award Plan"). On May 6, 2016, the Board adopted the first amendment to the Incentive Award Plan and on March 20, 2024, the Board adopted the second amendment to the Incentive Award Plan (collectively, the "Amendments"). The Company's stockholders approved the Incentive Award Plan, as amended by the Amendments, on May 7, 2024, which, among other things, increased the aggregate number of shares of common stock that may be issued pursuant to awards granted under the Incentive Award Plan (the "Share Limit") by 2,750,000 shares to 5,750,000 shares. Any forfeited awards or unearned performance shares subject to an award are added back to the Share Limit. As of September 30, 2025, 2,514,805 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
	2025	2024
Volatility	27.00%	31.00%
Risk free interest rate	4.35%	4.42%
Dividend Yield	3.30%	3.40%

The following table summarizes the Company's restricted stock unit ("RSU") activity during the nine months ended September 30, 2025 under the Incentive Award Plan:


	Unvested Time- Based RSUs	Unvested Performance and Market-Based RSUs	Weighted-Average Grant Date Price Per Share
Outstanding as of January 1, 2025	187,775	1,146,728	$17.71
Shares granted	179,267	361,634	$22.98
Shares vested	(38,632)	(188,101)	$17.85
Unearned performance shares	—	(188,100)	$16.41
Shares forfeited	(9,381)	(3,401)	$24.34
Outstanding as of September 30, 2025	319,029	1,128,760	$19.77

Employee Stock Purchase Plan

Employees may purchase up to an aggregate of 3,300,000 shares of the Company's common stock under an Employee Stock Purchase Plan (the "ESPP"), of which 3,250,156 shares remain available for future issuance as of September 30, 2025.

The following table summarizes the Company's common stock activity under the ESPP:


	Nine months ended September 30
	2025	2024
Gross shares purchased	24,209	13,907
Discounted issuance price	$20.17	$20.07
Issuance proceeds	$488	$280

Stock-Based Compensation Expense

The following table summarizes the Company's stock-based compensation expense:


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Incentive Award Plan, net (a)	$	2,678	$	2,539	$	8,086	$	7,227
Employee Stock Purchase Plan (b)	33		33		109		102
Stock-based compensation, net	$	2,711	$	2,572	$	8,195	$	7,329

(a)As of September 30, 2025, there was $14,256 of estimated unrecognized compensation expense to be recognized through December 2028.

(b)As of September 30, 2025, there was $213 of estimated unrecognized compensation expense to be recognized through June 2027.

10. 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 September 30, 2025 and 2024, the Company paid $12,399 and $9,092 of capital investments and leasing costs, respectively. During the nine months ended September 30, 2025 and 2024, the Company paid $30,503 and $25,612 of capital investments and leasing costs, respectively. As of September 30, 2025 and 2024, total accrued capital investments and leasing costs were $4,900 and $5,008, respectively.

The measure of segment assets regularly reviewed by the CODM is reported on the consolidated balance sheets as Total assets. No single tenant comprises 10% or more of the Company's Lease income, net for any years presented.

Net Operating Income

The following table reconciles net income, the most directly comparable GAAP measure, to NOI:


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Net income (loss)	$	6,026	$	(539)	$	108,760	$	3,859
Adjustments to reconcile to NOI:
Other income and expense, net	(1,628)		(197)		(3,177)		(1,510)
Interest expense, net	8,969		9,470		25,637		28,744

Gain on sale of investment properties	(52)		(334)		(90,961)		(334)
Impairment of real estate assets	—		3,854		—		3,854
Depreciation and amortization	32,734		28,134		94,086		85,092
General and administrative	8,316		8,133		25,569		24,768
Adjustments to NOI (a)	(2,453)		(1,626)		(6,233)		(6,056)
NOI	$	51,912	$	46,895	$	153,681	$	138,417

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

Significant Expenses

The following table presents the disaggregation of property operating expenses:


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Repairs and maintenance	$	3,719	$	3,576	$	10,927	$	9,550
Payroll, benefits, and office	2,532		2,578		7,897		7,825
Utilities and waste removal	2,703		2,469		7,692		6,847
Property insurance	1,266		1,286		4,182		4,413
Security, legal, and other expenses	834		886		2,579		2,402

Property operating expenses	$	11,054	$	10,795	$	33,277	$	31,037

11. 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 of general liability insurance for retail properties. An actuarial analysis is performed to estimate future projected claims, related deductibles, and projected expenses necessary to fund associated risk management programs. The Captive generally establishes annual premiums based on projections derived from the past loss experience. The Captive is capitalized in accordance with the applicable regulatory requirements.

During the nine months ended September 30, 2025, the Captive paid claims of $1,762. As of September 30, 2025, the Captive had estimated claims payable of $90.

Lessee Operating and Finance Lease Commitments

The Company has non-cancelable leases for corporate office space for which the Company recognizes operating lease ROU assets and related lease liabilities.

The land underlying West Ashley Station is subject to a long-term ground lease whereby the Company, as lessee, is required to pay fixed and variable rent. On June 10, 2025, the Company recognized a finance lease ROU asset of $8,965, inclusive of an initial fair value adjustment of $2,008, and related finance lease liability of $10,973. The ground lease expires in January 2092.

For operating and finance leases, the discount rate applied to initially measure each ROU asset and lease liability is based on the Company's incremental borrowing rate ("IBR"), as the rates implicit in the lease are not readily determinable. The Company utilizes a market-based approach to estimate an IBR for each lease, which generally considers market-based interest rates and publicly available data for instruments with similar characteristics. We also consider adjustments, as needed, related to tenor, credit spreads, and credit ratings, if not fully incorporated by the aforementioned data sets.

The following table summarizes the Company's operating and finance leases as of September 30, 2025 and December 31, 2024:


		As of
	Balance Sheet Caption	September 30, 2025			December 31, 2024
Operating lease ROU assets	Deferred costs and other assets, net	$	2,683		$	3,012
Operating lease ROU accumulated amortization	Deferred costs and other assets, net	$	(1,069)		$	(1,163)
Operating lease liabilities	Other liabilities	$	(2,228)		$	(2,528)

Finance lease ROU asset	Building and other improvements	$	8,965		$	—
Finance lease ROU accumulated amortization	Accumulated depreciation	$	(41)		$	—
Finance lease liability	Debt, net	$	(11,033)		$	—

Weighted-average remaining lease term - Operating leases		4.8 years			5.2 years
Weighted-average remaining lease term - Finance lease		66.4 years			N/A
Weighted-average discount rate - Operating leases		4.48		%	4.49		%
Weighted-average discount rate - Finance lease		6.80		%	N/A

The following table summarizes the Company's lease costs for the three and nine months ended September 30, 2025 and 2024:


	Statement of Operations Expense Caption	Three months ended September 30				Nine months ended September 30
		2025		2024		2025		2024
Operating lease costs:
Minimum lease cost	General and administrative	$	108	$	126	$	324	$	379
Variable lease cost	General and administrative	$	68	$	88	$	225	$	266
Short-term lease cost	General and administrative	$	—	$	52	$	—	$	152

Finance lease costs:
Amortization of ROU asset	Depreciation and amortization	$	34	$	—	$	42	$	—
Interest on lease liability	Interest expense, net	$	187	$	—	$	230	$	—
Variable lease cost	Property operating	$	31	$	—	$	39	$	—

The following table summarizes the Company's future minimum lease obligations as of September 30, 2025:


	Future Minimum Lease Payments
Scheduled minimum payments by year:	Operating Leases		Finance Lease
Remaining 2025	$	121	$	138
2026	517		550
2027	529		578
2028	522		605
2029	493		605
Thereafter	293		71,816
Total expected minimum lease obligation	2,475		74,292
Less: Amount representing interest (a)	(247)		(63,259)
Present value of net minimum lease payments	$	2,228	$	11,033

(a)Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's IBR.

12. Subsequent Events

In preparing its condensed consolidated financial statements, the Company evaluated events and transactions occurring after September 30, 2025 through the date the financial statements were issued for recognition and disclosure purposes.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in this "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (this "Quarterly Report"), other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). These statements include statements about InvenTrust Properties Corp.'s (the "Company", "InvenTrust", "we", "our", or "us") plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events; and involve known and unknown risks that are difficult to predict.

As a result, our actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," and "should" and variations of these terms and similar expressions, or the negatives of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while we consider reasonable based on our knowledge and understanding of the business and industry, are inherently uncertain. These statements are expressed in good faith and are not guarantees of future performance or results. Our actual results could differ materially from those expressed in the forward-looking statements and readers should not rely on forward-looking statements in making investment decisions.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report. Such risks, uncertainties and other important factors, include, among others, the risks, uncertainties, and factors set forth in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report"), and as updated in this Quarterly Report and other quarterly and current reports, which are on file with the SEC and are available at the SEC's website (www.sec.gov).

Our operations are subject to a number of risks and uncertainties including but not limited to:

•our ability to collect rent from tenants or to rent space on favorable terms or at all;

•declaration of bankruptcy by our retail tenants;

•the economic success and viability of our anchor retail tenants;

•our ability to identify, execute and complete acquisition opportunities and to integrate and successfully operate any retail properties acquired in the future and manage the risks associated with such retail properties;

•our ability to manage the risks of expanding, developing or redeveloping our retail properties;

•loss of members of our senior management team or other key personnel;

•changes in the competitive environment in the leasing market and any other market in which we operate;

•shifts in consumer retail shopping from brick-and-mortar stores to e-commerce;

•the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants;

•our ability to refinance or repay maturing debt or to obtain new or additional financing on attractive terms;

•the impact on our business and financial condition of incurring additional debt or issuing new debt or equity securities in the future;

•future increases in interest rates;

•rising inflation;

•the effects of uncertain and evolving tariff activity and changes in global trade policies on the overall state of the economy and on our business, including the impact on our tenants' business, operations and ability to pay rent;

•natural or man-made disasters, severe weather and climate-related events, such as hurricanes, wildfires, earthquakes, tsunamis, tornadoes, droughts, blizzards, hailstorms, floods, mudslides, oil spills, nuclear incidents, and outbreaks of pandemics or contagious diseases, or fear of such outbreaks;

•our status as a real estate investment trust ("REIT") for federal tax purposes; and

•changes in federal, state or local tax law, including legislative, administrative, regulatory or other actions affecting REITs.

These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our business, financial condition, results of operations, cash flows and overall value.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements are only as of the date they are made; we do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information, future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and the related notes included in this Quarterly Report. All square feet and dollar amounts are stated in thousands, except per share amounts and per square foot metrics, unless otherwise noted.

Overview

Strategy and Outlook

InvenTrust Properties Corp. 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. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure.

InvenTrust focuses on Sun Belt markets with favorable demographics, including above-average growth in population, employment, income, and education levels. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based retail centers, which will position us to capitalize on potential future rent increases while enjoying sustained occupancy at our centers. Our strategically located field offices are within a two-hour drive of over 95% of our properties which affords us the ability to respond to the needs of our tenants and provides us with in-depth local market knowledge. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.

Macroeconomic Trends

Our business, and the business and operations of our tenants, depend on the overall state of the economy, and we and they could be negatively impacted by slower economic growth and the potential for a recession. Although certain indicators have suggested that inflation has made downward progress, the economy continues to be impacted by elevated inflation rates and faces further inflation risk. Uncertain and evolving tariffs and trade issues continue to contribute to overall uncertainty with respect to the economy and may adversely impact our tenants' operations. Additionally, other potential challenging macroeconomic conditions, and the resulting impact on the economy and consumer spending, could negatively impact our and our tenants' business.

Evaluation of Financial Condition

In addition to measures of operating performance determined in accordance with U.S. generally accepted accounting principles ("GAAP"), management evaluates our financial condition and operating performance by focusing on the following financial and nonfinancial indicators, discussed in further detail herein:

•Net Operating Income ("NOI") and Same Property NOI, supplemental non-GAAP measures;

•Nareit Funds From Operations ("Nareit FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Core Funds From Operations ("Core FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA"), a supplemental non-GAAP measure;

•Adjusted EBITDA, a supplemental non-GAAP measure;

•Economic and leased occupancy and rental rates;

•Leasing activity and lease rollover;

•Operating expense levels and trends;

•General and administrative expense levels and trends;

•Debt maturities and leverage ratios; and

•Liquidity levels.

Recent Developments

Acquisitions

On July 1, 2025, the Company acquired The 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.

On August 7, 2025, the Company acquired Asheville Market, a 130,000 square foot community center anchored by Whole Foods Market in Asheville, North Carolina, for a gross acquisition price of $45.7 million. The Company used cash on hand and assumed a mortgage payable of $22.3 million to fund the acquisition.

On September 4, 2025, the Company acquired Rea Farms, a 183,000 square foot community center anchored by Harris Teeter in Charlotte, North Carolina, for a gross acquisition price of $80.0 million. The Company used cash on hand to fund the acquisition.

Debt

On August 25, 2025, the Company entered into an amendment to its 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 September 30, 2025, the Company had available liquidity of $500.0 million under its revolving credit facility.

Interest Rate Swaps

During the three months ended September 30, 2025, in connection with the execution of the Term Loan Amendment, the Company entered into four forward-starting interest rate swap agreements that address the periods between the termination dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement.

Our Retail Portfolio

The following table summarizes our retail portfolio as of September 30, 2025 and 2024:


	As of September 30
	2025	2024
No. of properties	71	65
GLA (square feet)	11,347	10,550
Economic occupancy (a)	95.6%	94.2%
Leased occupancy (b)	97.2%	97.0%
ABR PSF (c)	$20.28	$19.83

(a)Economic occupancy is defined as the percentage of occupied GLA divided by total GLA (excluding Specialty Leases) for which a tenant is obligated to pay rent under the terms of its lease agreement as of the rent commencement date, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. Specialty Leases include small shop leases with terms of less than one year and leases of common area space with terms of any length.

(b)Leased occupancy is defined as economic occupancy plus the percentage of signed but not yet commenced GLA divided by total GLA.

(c)Annualized Base Rent ("ABR") is computed as base rent for the last month of the period multiplied by twelve. Base rent is inclusive of ground rent and exclusive of Specialty Lease rent. ABR per square foot ("PSF") is computed as ABR divided by the occupied square footage as of the end of the period.

Summary by Same Property

Properties classified as same property were owned for the entirety of both periods presented ("Same Properties"). The following table summarizes the Same Properties of our retail portfolio for the three and nine months ended September 30, 2025 and 2024.


	Three months ended September 30		Nine months ended September 30
	2025	2024	2025	2024
No. of properties	58	58	56	56
GLA (square feet)	9,545	9,550	9,385	9,390
Economic occupancy	95.3%	94.4%	95.3%	94.3%
Leased occupancy	97.0%	96.9%	97.0%	96.9%
ABR PSF	$20.15	$19.48	$20.01	$19.34

Lease Expirations

Our retail business is neither highly dependent on specific retailers nor subject to lease rollover concentration. We believe this minimizes risk to our retail portfolio from significant revenue variances over time.

Results of Operations

Comparison of results for the three and nine months ended September 30, 2025 and 2024

We generate substantially all of our earnings from property operations. Since January 1, 2024, we have acquired fifteen retail properties and disposed of six.

The following table presents the increases in income for the three and nine months ended September 30, 2025 and 2024.


	Three months ended September 30						Nine months ended September 30
	2025		2024		Increase		2025		2024		Increase
Income
Lease income, net	$	74,019	$	68,132	$	5,887	$	220,538	$	201,681	$	18,857
Other property income	447		389		58		1,250		1,061		189
Total income	$	74,466	$	68,521	$	5,945	$	221,788	$	202,742	$	19,046

Lease income, net, for the three months ended September 30, 2025 increased $5.9 million when compared to the same period in 2024, as a result of increases from properties acquired of $10.9 million, decreases from properties disposed of $7.2 million, and the following activity related to our Same Properties:

•$1.7 million of increased minimum base and ground rent attributable to increased occupancy and ABR PSF,

•$0.4 million of increased common area maintenance and real estate tax recoveries, and

•$0.3 million of net increases in all other lease income, partially offset by:

•$0.2 million of net changes in credit losses and related reversals.

Lease income, net, for the nine months ended September 30, 2025 increased $18.9 million when compared to the same period in 2024, as a result of increases from properties acquired of $24.1 million, decreases from properties disposed of $11.8 million, and the following activity related to our Same Properties:

•$5.0 million of increased minimum base and ground rent attributable to increased occupancy and ABR PSF,

•$2.6 million of increased common area maintenance and real estate tax recoveries, and

•$0.8 million of net increases in all other lease income, partially offset by:

•$0.9 million of decreased lease termination income,

•$0.7 million of net decreased straight-line rent adjustments, and

•$0.2 million of net changes in credit losses and related reversal.

The following table presents the increases in operating expenses for the three and nine months ended September 30, 2025 and 2024.


	Three months ended September 30						Nine months ended September 30
	2025		2024		Change		2025		2024		Increase
Operating expenses
Depreciation and amortization	$	32,734	$	28,134	$	4,600	$	94,086	$	85,092	$	8,994
Property operating	11,054		10,795		259		33,277		31,037		2,240
Real estate taxes	9,047		9,205		(158)		28,597		27,232		1,365
General and administrative	8,316		8,133		183		25,569		24,768		801
Total operating expenses	$	61,151	$	56,267	$	4,884	$	181,529	$	168,129	$	13,400

Depreciation and amortization for the three months ended September 30, 2025 increased $4.6 million when compared to the same period in 2024, as a result of:

•$8.2 million of increases from properties acquired, partially offset by:

•$2.6 million of decreases from properties disposed, and

•$1.0 million of net decreases from our Same Properties.

Depreciation and amortization for the nine months ended September 30, 2025 increased $9.0 million when compared to the same period in 2024, as a result of:

•$17.7 million of increases from properties acquired, partially offset by:

•$4.6 million of net decreases from our Same Properties, and

•$4.1 million of decreases from properties disposed.

Property operating expenses for the three months ended September 30, 2025 increased $0.3 million when compared to the same period in 2024, as a result of:

•$2.1 million of increases from properties acquired, partially offset by:

•$1.6 million of decreases from properties disposed, and

•$0.2 million of decreased repair and maintenance costs from our Same Properties.

Property operating expenses for the nine months ended September 30, 2025 increased $2.2 million when compared to the same period in 2024, as a result of:

•$4.7 million of increases from properties acquired, and

•$0.8 million of increased repair and maintenance costs from our Same Properties, partially offset by:

•$3.3 million of decreases from properties disposed.

Real estate taxes for the three months ended September 30, 2025 decreased $0.2 million when compared to the same period in 2024, as a result of:

•$1.1 million of decreases from properties disposed, partially offset by:

•$0.9 million of increases from properties acquired.

Real estate taxes for the nine months ended September 30, 2025 increased $1.4 million when compared to the same period in 2024, as a result of:

•$2.3 million of increases from properties acquired, and

•$0.9 million of net increases from our Same Properties, partially offset by:

•$1.8 million of decreases from properties disposed.

General and administrative expenses for the three and nine months ended September 30, 2025 increased $0.2 million and $0.8 million, respectively, when compared to the same periods in 2024, as a result of increased stock-based compensation costs.

The following table presents the changes in other income and expense for the three and nine months ended September 30, 2025 and 2024.


	Three months ended September 30						Nine months ended September 30
	2025		2024		Change		2025		2024		Change
Other (expense) income
Interest expense, net	$	(8,969)	$	(9,470)	$	501	$	(25,637)	$	(28,744)	$	3,107

Impairment of real estate assets	—		(3,854)		3,854		—		(3,854)		3,854
Gain on sale of investment properties	52		334		(282)		90,961		334		90,627
Other income and expense, net	1,628		197		1,431		3,177		1,510		1,667
Total other (expense) income, net	$	(7,289)	$	(12,793)	$	5,504	$	68,501	$	(30,754)	$	99,255

Interest expense, net, for the three months ended September 30, 2025 decreased $0.5 million when compared to the same period in 2024, primarily as a result of:

•decreased interest expense of $1.1 million related to the $72.5 million pooled mortgage payable extinguished in September 2024, partially offset by:

•increased interest expense of $0.3 million related to the August 2025 extension of our term loan maturities,

•increased interest expenses of $0.1 million on our finance lease, and

•increased amortization of debt discounts and financing costs of $0.2 million.

Interest expense, net, for the nine months ended September 30, 2025 decreased $3.1 million when compared to the same period in 2024, primarily as a result of:

•decreased interest expense of $3.8 million related to the $72.5 million pooled mortgage payable extinguished in September 2024, partially offset by:

•increased interest expense of $0.3 million related to the August 2025 extension of our term loan maturities, and

•increased amortization of debt discounts and financing costs of $0.4 million.

During the three and nine months ended September 30, 2024, we recorded an impairment of real estate assets of $3.9 million on one retail property after receiving and accepting a letter of intent to purchase the property for less than its carrying value.

During the three months ended September 30, 2025, we recognized a gain of $0.1 million on completion of a partial condemnation at one retail property. In addition, during the nine months ended September 30, 2025, we completed a portfolio sale of five properties in California for an aggregate gross disposition price of $306.0 million and recognized a gain of $90.9 million on the sale.

During the three and nine months ended September 30, 2024, we recognized a gain of $0.3 million on completion of a partial condemnation at one retail property.

Other income and expense, net, increased $1.4 million and $1.7 million during the three months ended and nine months ended September 30, 2025, respectively, primarily as a result of increased interest income.

Net Operating Income

We evaluate the performance of our retail properties based on NOI, which 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 such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments ("GAAP Rent Adjustments"). We bifurcate NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet our Same Property criteria. NOI from other investment properties includes adjustments for the Company's captive insurance company.

We believe the supplemental non-GAAP measure of NOI, and the bifurcation into same property NOI and NOI from other investment properties, are important measures in assessing operating performance and provide 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.

Comparison of Same Property results for the three and nine months ended September 30, 2025 and 2024

A total of 58 and 56 retail properties met our Same Property criteria for the three and nine months ended September 30, 2025 and 2024, respectively.

Reconciliation of Net Income (Loss) to Non-GAAP Measures

The following table reconciles net income (loss), the most directly comparable GAAP measure, to NOI and Same Property NOI:


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Net income (loss)	$	6,026	$	(539)	$	108,760	$	3,859
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	(1,628)		(197)		(3,177)		(1,510)
Interest expense, net	8,969		9,470		25,637		28,744

Gain on sale of investment properties	(52)		(334)		(90,961)		(334)
Impairment of real estate assets	—		3,854		—		3,854
Depreciation and amortization	32,734		28,134		94,086		85,092
General and administrative	8,316		8,133		25,569		24,768
Adjustments to NOI (a)	(2,453)		(1,626)		(6,233)		(6,056)
NOI	51,912		46,895		153,681		138,417
NOI from other investment properties	(7,628)		(5,283)		(25,345)		(17,288)
Same Property NOI	$	44,284	$	41,612	$	128,336	$	121,129

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

Comparison of the components of Same Property NOI

The following table presents the changes in Same Property NOI for the three months ended September 30, 2025 and 2024:


	Three months ended September 30
	2025		2024		Change		Variance
Minimum base rent	$	40,857	$	39,256	$	1,601	4.1	%
Real estate tax recoveries	7,511		7,342		169		2.3	%
Common area maintenance, insurance, and other recoveries	7,823		7,515		308		4.1	%
Ground rent income	4,391		4,255		136		3.2	%
Short-term and other lease income	861		687		174		25.3	%
(Provision for) reversal of uncollectible rent and recoveries, net	(166)		82		(248)		(302.4)	%
Other property income	405		323		82		25.4	%
Total income	61,682		59,460		2,222		3.7	%
Property operating	9,307		9,733		(426)		(4.4)	%
Real estate taxes	8,091		8,115		(24)		(0.3)	%
Total operating expenses	17,398		17,848		(450)		(2.5)	%
Same Property NOI	$	44,284	$	41,612	$	2,672	6.4	%

Same Property NOI increased by $2.7 million, or 6.4%, when comparing the three months ended September 30, 2025 to the same period in 2024, and was primarily a result of increased occupancy, increased ABR PSF from fixed annual rent escalations, and favorable lease spreads.

The following table presents the changes in Same Property NOI for the nine months ended September 30, 2025 and 2024:


	Nine months ended September 30
	2025		2024		Change		Variance
Minimum base rent	$	118,294	$	113,603	$	4,691	4.1	%
Real estate tax recoveries	22,789		21,702		1,087		5.0	%
Common area maintenance, insurance, and other recoveries	22,705		21,202		1,503		7.1	%
Ground rent income	12,938		12,597		341		2.7	%
Short-term and other lease income	2,840		2,269		571		25.2	%
(Provision for) reversal of uncollectible rent and recoveries, net	(180)		12		(192)		(1,600.0)	%
Other property income	1,101		874		227		26.0	%
Total income	180,487		172,259		8,228		4.8	%
Property operating	27,377		27,265		112		0.4	%
Real estate taxes	24,774		23,865		909		3.8	%
Total operating expenses	52,151		51,130		1,021		2.0	%
Same Property NOI	$	128,336	$	121,129	$	7,207	5.9	%

Same Property NOI increased by $7.2 million, or 5.9%, when comparing the nine months ended September 30, 2025 to the same period in 2024, and was primarily a result of increased occupancy, increased ABR PSF from fixed annual rent escalations, favorable lease spreads, and leases with advantageous fixed recovery terms.

Funds From Operations

The National Association of Real Estate Investment Trusts ("Nareit"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as Funds From Operations ("Nareit FFO"). Our Nareit FFO 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 FFO is an additional supplemental non-GAAP financial measure of our 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. In that regard, we use Core FFO as an input to our compensation plan to determine cash bonuses.

See our Annual Report for expanded descriptions of Nareit FFO and Core FFO.

The following table reconciles net income (loss), the most directly comparable GAAP measure, to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Net income (loss)	$	6,026	$	(539)	$	108,760	$	3,859
Depreciation and amortization of real estate assets	32,446		27,923		93,263		84,439
Impairment of real estate assets	—		3,854		—		3,854
Gain on sale of investment properties	(52)		(334)		(90,961)		(334)
Nareit FFO Applicable to Common Shares and Dilutive Securities	38,420		30,904		111,062		91,818
Amortization of market lease intangibles and inducements, net	(1,186)		(831)		(3,170)		(2,064)
Straight-line rent adjustments, net	(1,121)		(765)		(2,859)		(2,652)
Amortization of debt discounts and financing costs	736		567		2,076		1,742
Accretion of finance lease liability	49		—		60		—
Depreciation and amortization of corporate assets	288		211		823		653
Non-operating income and expense, net (a)	(484)		21		(725)		(275)
Core FFO Applicable to Common Shares and Dilutive Securities	$	36,702	$	30,107	$	107,267	$	89,222

Weighted average common shares outstanding - basic	77,615,993		68,526,238		77,590,691		68,101,901
Dilutive effect of unvested restricted shares (b)	882,880		—		726,860		557,418
Weighted average common shares outstanding - diluted	78,498,873		68,526,238		78,317,551		68,659,319

Net income (loss) per diluted share	$	0.08	$	(0.01)	$	1.39	$	0.06
Per share adjustments for Nareit FFO	0.41		0.46		0.03		1.28
Nareit FFO per diluted share	$	0.49	$	0.45	$	1.42	$	1.34
Per share adjustments for Core FFO	(0.02)		(0.01)		(0.05)		(0.04)
Core FFO per diluted share	$	0.47	$	0.44	$	1.37	$	1.30

(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, we apply the same denominator used in calculating diluted earnings per share in accordance with GAAP.

Earnings Before Interest, Taxes, Depreciation, and Amortization

Our measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization.

Adjusted EBITDA is an additional supplemental non-GAAP financial measure of our 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.

Our adjustments to EBITDA to arrive at Adjusted EBITDA include removing the impact of (i) gains (or losses) resulting from dispositions of properties, (ii) impairment charges on depreciable real property, (iii) amortization of market-lease intangibles and inducements, (iv) straight-line rent adjustments, (v) gains (or losses) resulting from debt extinguishments, and (vi) other non-operating revenue and expense items which, in our judgment, are not pertinent to measuring ongoing operating performance.

The following table reconciles net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Net income (loss)	$	6,026	$	(539)	$	108,760	$	3,859
Interest expense, net	8,969		9,470		25,637		28,744
Income tax expense	144		138		420		403
Depreciation and amortization	32,734		28,134		94,086		85,092
EBITDA	47,873		37,203		228,903		118,098
Impairment of real estate assets	—		3,854		—		3,854
Gain on sale of investment properties	(52)		(334)		(90,961)		(334)
Amortization of market-lease intangibles and inducements, net	(1,186)		(831)		(3,170)		(2,064)
Straight-line rent adjustments, net	(1,121)		(765)		(2,859)		(2,652)
Non-operating income and expense, net (a)	(484)		21		(725)		(275)
Adjusted EBITDA	$	45,030	$	39,148	$	131,188	$	116,627

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

Liquidity and Capital Resources

Capital Investments and Leasing Costs

Retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions.

The following table summarizes the capital resources used for capital investments and leasing costs on a cash basis:


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Tenant improvements	$	2,583	$	2,475	$	4,840	$	7,936
Leasing costs	1,048		979		2,899		2,632
Property improvements	3,031		2,200		10,218		6,652
Capitalized indirect costs (a)	336		361		1,150		1,178
Total capital expenditures and leasing costs	6,998		6,015		19,107		18,398
Development and redevelopment direct costs	5,013		2,773		10,325		6,410
Development and redevelopment indirect costs (a)	388		304		1,071		804
Capital investments and leasing costs (b)	$	12,399	$	9,092	$	30,503	$	25,612

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

(b)As of September 30, 2025 and 2024, total accrued capital investments and leasing costs were $4,900 and $5,008, respectively.

Short-Term Liquidity and Capital Resources

On a short-term basis, our principal uses for funds are to pay our operating and corporate expenses, interest and principal on our indebtedness, property capital expenditures, and to make distributions to our stockholders.

Our ability to maintain adequate liquidity for our operations in the future is dependent upon a number of factors, including our revenue, macroeconomic conditions, our ability to contain costs, including capital expenditures, and to collect rents and other receivables, and various other factors, many of which are beyond our control. We will continue to monitor our liquidity position and may seek to raise funds through debt or equity financing in the future to fund operations, significant investments or acquisitions that are consistent with our strategy. Our ability to raise these funds may also be diminished by other macroeconomic factors.

Long-Term Liquidity and Capital Resources

Our objectives are to maximize revenue generated by our retail platform, to further enhance the value of our retail properties to produce attractive current yield and long-term returns for our stockholders, and to generate sustainable and predictable cash flow from our operations to distribute to our stockholders.

Any future determination to pay distributions will be at the discretion of our board of directors (the "Board") and will depend on our financial condition, capital requirements, restrictions contained in current or future financing instruments, and such other factors as our Board deems relevant.

Capital Sources and Uses

Our primary sources and uses of capital are as follows:


Sources						Uses
•Operating cash flows from our real estate investments; •Proceeds from sales of properties; •Proceeds from mortgage loan borrowings on properties; •Proceeds from corporate borrowings and debt financings; •Proceeds from any ATM Program activities or other equity offerings; and •Proceeds from debt offerings.						•To invest in properties or fund acquisitions; •To fund development, re-development, maintenance and capital expenditures or leasing incentives; •To make distributions to our stockholders; •To service or pay down our debt; •To pay our operating expenses; •To repurchase shares of our common stock; and •To fund other general corporate uses.

The Company maintains an at-the-market equity offering program (the "ATM Program") pursuant to which we may sell shares of our common stock up to an aggregate purchase price of $250.0 million. In connection with the ATM Program, we may sell shares of our common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. During the three and nine months ended September 30, 2025, no shares were issued under the ATM Program. As of September 30, 2025, $236.7 million of common stock remains available for issuance under the ATM Program.

We believe our status as an NYSE-listed issuer will facilitate supplementing our capital sources by selling equity securities of the Company under the ATM Program or otherwise if and when we believe appropriate to do so. Also, from time to time, we may seek to acquire amounts of our outstanding common stock through cash purchases or exchanges for other securities. Such purchases or exchanges, if any, will depend on our liquidity requirements, contractual restrictions, and other factors. At this time, we believe our current sources of liquidity are sufficient to meet our short- and long-term cash demands.

Distributions

During the nine months ended September 30, 2025, we declared distributions to our stockholders totaling $55.3 million and paid cash distributions of $54.4 million. As we execute on our retail strategy and continue to evaluate our business, results of operations and cash flows, our Board will continue to evaluate our distribution on a periodic basis.

Summary of Cash Flows


	Nine months ended September 30				Change
	2025		2024
Cash provided by operating activities	$	112,674	$	99,892	$	12,782
Cash used in investing activities	(54,347)		(108,281)		53,934
Cash (used in) provided by financing activities	(73,182)		111,384		(184,566)
(Decrease) increase in cash, cash equivalents, and restricted cash	(14,855)		102,995		(117,850)
Cash, cash equivalents, and restricted cash at beginning of period	91,221		99,763		(8,542)
Cash, cash equivalents, and restricted cash at end of period	$	76,366	$	202,758	$	(126,392)

Cash provided by operating activities of $112.7 million and $99.9 million for the nine months ended September 30, 2025 and 2024, respectively, was generated primarily from property operations. Cash provided by operating activities increased by $12.8 million primarily as a result of acquiring fifteen retail properties while only disposing of six since January 1, 2024, decreased cash paid for mortgage interest, and general working capital fluctuations due to timing of receipts and payments.

Cash used in investing activities of $54.3 million for the nine months ended September 30, 2025 was the result of:

•$323.3 million for acquisitions of investment properties,

•$30.5 million for capital investments and leasing costs, and other investing activities, offset by:

•$299.5 million from the sale of investment properties.

Cash used in investing activities of $108.3 million for the nine months ended September 30, 2024 was the result of:

•$83.0 million for acquisitions of investment properties, and

•$25.8 million for capital investments, leasing costs, and other investing activities, offset by:

•$0.5 million in net proceeds received from the sale of investment properties.

Cash used in financing activities of $73.2 million for the nine months ended September 30, 2025 was the result of:

•$54.4 million to pay distributions,

•$16.8 million for pay-offs of mortgage debt, payment of mortgage principal, and payment of financing costs, and

•$2.5 million for the payment of tax withholdings for stock-based compensation and other offering costs, offset by

•$0.5 million in net proceeds from our Employee Stock Purchase Plan.

Cash provided by financing activities of $111.4 million for the nine months ended September 30, 2024 was the result of:

•$247.3 million in net proceeds from the underwritten public offering of our common stock, net of underwriting discounts and commissions, and

•$0.3 million in net proceeds from our ESPP, offset by:

•$45.3 million to pay distributions,

•$1.5 million for additional costs incurred in relation to sales of our common stock,

•$1.2 million for the payment of tax withholdings for stock-based compensation, and

•$88.2 million for pay-offs of mortgage debt.

We consider all demand deposits, money market accounts, and investments in certificates of deposit and repurchase agreements with a maturity of three months or less, at the date of purchase, to be cash equivalents. We maintain our cash and cash equivalents at major financial institutions. The combined account balances at one or more institutions generally exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage. We periodically assess the credit risk associated with these financial institutions. We believe insignificant credit risk exists related to deposits in excess of FDIC insurance coverage.

Off Balance Sheet Arrangements

None.

Contractual Obligations

We have obligations related to our mortgage loans, senior notes, term loan, revolving credit facility, and ground lease as described in "Note 6. Debt" in the condensed consolidated financial statements.

The following table presents our obligations to make future payments under debt and lease agreements as of September 30, 2025, exclusive of debt discounts and financing costs, which are not future cash obligations.


	Payments due by year ending December 31
	2025		2026		2027		2028		2029		Thereafter		Total
Fixed rate debt:
Term Loan and Senior Notes (a)	$	—	$	—	$	—	$	—	$	150,000	$	500,000	$	650,000
Mortgage maturities	22,880		—		26,000		21,321		31,500		5,853		107,554
Mortgage payments	189		773		810		495		449		154		2,870
Interest	7,751		31,309		34,793		33,813		29,784		30,273		167,723
Total fixed rate debt	30,820		32,082		61,603		55,629		211,733		536,280		928,147
Operating leases (b)	121		517		529		522		493		293		2,475
Finance lease (c)	138		550		578		605		605		71,816		74,292
Grand total	$	31,079	$	33,149	$	62,710	$	56,756	$	212,831	$	608,389	$	1,004,914

(a)Includes variable rate debt swapped to fixed rates through interest rate swaps.

(b)Includes leases on corporate office spaces.

(c)Includes payments related to the finance lease liability related to the ground lease at West Ashley Station.

Critical Accounting Estimates

Our financial statements are prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates.

There have been no material changes to our critical accounting estimates as compared to the critical accounting estimates described in our "Management’s Discussion and Analysis of Financial Condition and Results of Operations" set forth in our Annual Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

The Company is subject to market risk associated with changes in interest rates both in terms of variable-rate debt and the price of new fixed-rate debt upon maturity of existing debt. The Company's interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows. As of September 30, 2025, the Company's debt included outstanding variable-rate debt of $400.0 million, all of which has been swapped to a fixed rate through the maturity dates.

The following table summarizes the Company's effective interest rate swaps as of September 30, 2025 and December 31, 2024:


								Fair Value as of
Effective Interest Rate Swaps	Effective Date	Termination Date	InvenTrust Receives	InvenTrust Pays Fixed Rate of	Fixed Rate Achieved (a)	Notional Amount		September 30, 2025		December 31, 2024
5.5 year Term Loan	4/3/23	3/22/27	1-Month SOFR	3.69%	4.84%	$	100,000	$	(382)	$	656
5 year Term Loan	12/21/23	9/22/26	1-Month SOFR	1.51%	2.66%	100,000		2,006		4,212
5 year Term Loan	12/21/23	9/22/26	1-Month SOFR	1.51%	2.66%	100,000		2,015		4,226
5.5 year Term Loan	6/21/24	3/22/27	1-Month SOFR	1.54%	2.69%	50,000		1,368		2,634
5.5 year Term Loan	6/21/24	3/22/27	1-Month SOFR	1.48%	2.63%	50,000		1,411		2,698
						$	400,000	$	6,418	$	14,426

(a)Interest rates reflect the Company's current credit spread of 1.15%.

The following table summarizes the Company's forward-starting interest rate swaps as of September 30, 2025:


Forward-Starting Interest Rate Swaps	Effective Date	Termination Date	InvenTrust Receives	InvenTrust Pays Fixed Rate of	Fixed Rate Achieved (a)	Notional Amount		Fair Value as of September 30, 2025
5 year Term Loan	9/22/26	8/26/30	Daily SOFR	3.35%	4.50%	$	100,000	$	(352)
5 year Term Loan	9/22/26	8/26/30	Daily SOFR	3.35%	4.50%	100,000		(344)
5.5 year Term Loan	3/22/27	2/24/31	Daily SOFR	3.42%	4.57%	100,000		(387)
5.5 year Term Loan	3/22/27	2/24/31	Daily SOFR	3.43%	4.58%	100,000		(397)
						$	400,000	$	(1,480)

(a)Interest rates reflect the Company's current credit spread of 1.15%.

Gains or losses resulting from marking-to-market derivatives each reporting period are recognized as an increase or decrease in comprehensive income on the condensed consolidated statements of operations and comprehensive income (loss).

The information presented herein does not consider all exposures or positions that could arise in the future. Therefore, the information represented herein has limited predictive value. As a result, the ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, the hedging strategies at the time, and the related interest rates.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Exchange Act, the Company's management, including its Principal Executive Officer and Principal Financial Officer, evaluated as of September 30, 2025 the effectiveness of the Company's disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and Rule 15d-15(e). Based on that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company's disclosure controls and procedures, as of September 30, 2025, were effective at a reasonable assurance level for the purpose of ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the SEC and is accumulated and communicated to management, including its Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There were no changes to the Company's internal control over financial reporting during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, the Company's management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the Company's financial condition, results of operations, or liquidity.

Item 1A. Risk Factors

As of September 30, 2025, there have been no material changes from the risk factors previously disclosed in response to Item 1A. to Part I of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 other than the potential effects of uncertain and evolving tariff activity and changes in global trade policies on the overall state of the economy and on our business, including the impact on our tenants' business, operations and ability to pay rent, which are discussed elsewhere in this Quarterly Report, including in "Management's Discussion and Analysis of Financial Condition and Results of Operations" above.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits


Exhibit No.						Description

3.1						Seventh Articles of Amendment and Restatement of InvenTrust Properties Corp., as amended (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10-Q, as filed by the Registrant with the SEC on May 14, 2015)
3.2						Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 5, 2021)
3.3						Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 5, 2021)
3.4						Articles Supplementary of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on October 12, 2021)
3.5						Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on April 28, 2022)
3.6						Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on May 8, 2023)
3.7						Fourth Amended and Restated Bylaws of the Company, dated as of May 5, 2023 (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on May 8, 2023)
10.1						Third Amendment, dated as of August 25, 2025, to the Amended and Restated Term Loan Credit Agreement, among InvenTrust Properties Corp., the Lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 27, 2025)
10.2						Fourth Amendment, dated as of August 25, 2025, to the Second Amended and Restated Credit Agreement, among InvenTrust Properties Corp., the Lenders party thereto and KeyBank National Association, as administrative agent (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 27, 2025)
31.1*						Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**						Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**						Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101						The following financial information from our Quarterly Report on Form 10-Q for the period ended September 30, 2025, filed with the SEC on October 29, 2025, is formatted in Extensible Business Reporting Language ("XBRL"): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Condensed Consolidated Financial Statements (tagged as blocks of text).
104						Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

						* Filed as part of this Quarterly Report on Form 10-Q
						** Furnished as part of this Quarterly Report on Form 10-Q

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

InvenTrust Properties Corp.


Date:			October 29, 2025
By:			/s/ Daniel J. Busch

Name:			Daniel J. Busch
Title:			President, Chief Executive Officer (Principal Executive Officer)


Date:			October 29, 2025
By:			/s/ Michael Phillips

Name:			Michael Phillips
Title:			Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)