Document


			Table of Contents


						Page No.

Introductory Notes						i

Press Release						iii

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

Portfolio and Leasing Overview
Markets and Tenant Size						10
Top 25 Tenants by ABR and Tenant Merchandise Mix						11
Comparable & Non-Comparable Lease Statistics						12
Tenant Lease Expirations						13

Investment Summary
Acquisitions and Dispositions						14
Development Pipeline						15
Property Summary						16

Components of NAV as of December 31, 2024						19

Glossary of Terms						20


			Introductory Notes

About InvenTrust Properties Corp.

InvenTrust Properties Corp. (the “Company,” "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.inventrustproperties.com.

The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under U.S. Generally Accepted Accounting Principles (“GAAP”). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed herein), and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year-ended December 31, 2024. IVT may, but assumes no obligation to, update information in this supplemental.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this supplemental that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.

The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law.

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

Notice Regarding Non-GAAP Financial Measures

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

Former Joint Venture


i Supplemental - Quarter Ended December 31, 2024


			Introductory Notes, continued

On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”), in which it held a 55% ownership share. In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023. On December 15, 2023, IAGM was fully liquidated.

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

The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying the Company's overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent the Company's legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro rata interest. Accordingly, pro rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. For additional detail regarding properties previously owned by the JV, see the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case as filed with the SEC.

Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels

Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account (x.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on inventrustproperties.com/investor-relations and on the Company’s social media channels.


ii Supplemental - Quarter Ended December 31, 2024

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2024 Fourth Quarter and Full Year Results

DOWNERS GROVE, IL – February 11, 2025 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the fourth quarter and full year ended December 31, 2024 and provided initial guidance for 2025. For the three months ended December 31, 2024 and 2023, the Company reported Net Income of $9.8 million, or $0.13 per diluted share, compared to Net Income of $2.9 million, or $0.04 per diluted share, respectively. For the years ended December 31, 2024 and 2023, the Company reported Net Income of $13.7 million, or $0.19 per diluted share, compared to Net Income of $5.3 million, or $0.08 per diluted share, respectively.

Fourth Quarter and Full Year 2024 Highlights:

•Nareit FFO for the fourth quarter of $0.45 per diluted share, and $1.78 per diluted share for the full year

•Core FFO for the fourth quarter of $0.43 per diluted share, and $1.73 per diluted share for the full year

•Same Property Net Operating Income (“NOI”) growth of 7.1% for the fourth quarter and 5.0% for the full year

•Leased Occupancy as of December 31, 2024 of 97.4%, a fourth quarter sequential increase of 40 basis points and a full year increase of 120 basis points

•Executed 52 leases in the fourth quarter, totaling approximately 232,000 square feet of GLA, of which 189,000 was executed at a blended comparable lease spread of 15.5%, and 210 leases for the full year, totaling approximately 1,323,000 square feet of GLA, of which 1,087,000 was executed at a blended comparable lease spread of 11.3%

•Raised $7.8 million of net proceeds under the at-the-market equity offering program (the “ATM Program”) during the fourth quarter

•Acquired four properties in the fourth quarter, totaling approximately 614,000 square feet, including two properties totaling 214,000 square feet in the Charleston, South Carolina market

•The Board of Directors approved a 5% increase to the Company’s dividends starting in April 2025

”InvenTrust's strong fourth-quarter and full-year performance reflects our continued focus on operational excellence and strategic growth," said DJ Busch, President and CEO of InvenTrust. "Our impressive Same Property NOI growth, all-time high leased occupancy, and solid leasing spreads underscore the quality of our portfolio and our ability to drive long-term value. We believe our disciplined acquisition approach in key Sun Belt markets positions us for sustained success in 2025 and beyond. Additionally, the Board’s decision to increase our dividend by 5% for 2025 demonstrates confidence in our strategy and commitment to shareholder returns. We look forward to building on this momentum in the years ahead.”

NET INCOME

•Net Income for the three months ended December 31, 2024 was $9.8 million, or $0.13 per diluted share, compared to $2.9 million, or $0.04 per diluted share, for the same period in 2023.

•Net Income for the year ended December 31, 2024 was $13.7 million, or $0.19 per diluted share, compared to $5.3 million, or $0.08 per diluted share, for the same period in 2023.


iii Supplemental - Quarter Ended December 31, 2024

NAREIT FFO

•Nareit FFO for the three months ended December 31, 2024 was $34.9 million, or $0.45 per diluted share, as compared to $30.8 million, or $0.45 per diluted share, for the same period in 2023.

•Nareit FFO for the year ended December 31, 2024 was $126.7 million, or $1.78 per diluted share, as compared to $115.5 million, or $1.70 per diluted share, for the same period in 2023.

CORE FFO

•Core FFO for the three months ended December 31, 2024 was $33.5 million, or $0.43 per diluted share, compared to $27.8 million, or $0.41 per diluted share, for the same period in 2023.

•Core FFO for the year ended December 31, 2024 was $122.8 million, or $1.73 per diluted share, compared to $111.9 million, or $1.65 per diluted share, for the same period in 2023.

SAME PROPERTY NOI

•Same Property NOI for the three months ended December 31, 2024 was $45.9 million, a 7.1% increase, compared to the same period in 2023.

•Same Property NOI for the year ended December 31, 2024 was $162.6 million, a 5.0% increase, compared to the same period in 2023.

DIVIDEND

•For the quarter ending December 31, 2024, the Board of Directors declared a quarterly cash distribution of $0.2263 per share, paid on January 15, 2025.

•The Board of Directors approved an increase of 5% to the Company’s cash dividend. The new annual rate of $0.9508 will be reflected in the next quarterly dividend of $0.2377 expected to be paid in April 2025.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of December 31, 2024, the Company’s Leased Occupancy was 97.4%.

◦Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 99.8% and Small Shop Leased Occupancy was 93.3%. Anchor Leased Occupancy remained at an all-time high and Small Shop Leased Occupancy increased by 130 basis points on a sequential basis compared to the previous quarter.

◦Leased to Economic Occupancy spread of 210 basis points, which equates to approximately $6.3 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the fourth quarter and full year were 15.5% and 11.3%, respectively.

•Annualized Base Rent PSF (“ABR”) as of December 31, 2024 was $20.07, an increase of 3.0% compared to the same period in 2023. Anchor Tenant ABR PSF was $12.86 and Small Shop ABR PSF was $33.39 for the fourth quarter.

•During the fourth quarter, the Company funded four acquisitions using cash on hand:

◦Stonehenge Village in Midlothian, VA for a gross acquisition price of $62.1 million. The 214,000 square foot community center is 100% occupied and is anchored by Wegmans.

◦The Forum in Fort Myers, FL for a gross acquisition price of $41.4 million. The 186,000 square foot power center is 96.1% occupied and is shadow anchored by Target.

◦Market at Mill Creek in Mount Pleasant, SC for a gross acquisition price of $27.3 million. The 80,000 square foot neighborhood center is 100% occupied and is anchored by Lowes Foods.

◦Nexton Square in Summerville, SC, for a gross acquisition price of $54.7 million. The 134,000 square foot lifestyle center is 96.9% occupied.


iv Supplemental - Quarter Ended December 31, 2024

LIQUIDITY AND CAPITAL STRUCTURE

•During the three months ended December 31, 2024, the Company raised $7.8 million of net proceeds, after $0.1 million in commissions, under the ATM Program, through the issuance of 254,082 shares of common stock at a weighted average price of $30.96 per share.

•On October 23, 2024, the Company entered into a third amendment to the Amended Revolving Credit Agreement, which provides for, among other things, an increase in the revolving commitments thereunder from $350.0 million to $500.0 million and an extension of the maturity date to January 15, 2029, with one six-month extension option.

•InvenTrust had $587.4 million of total liquidity, as of December 31, 2024 comprised of $87.4 million of cash and cash equivalents and $500.0 million of availability under its Revolving Credit Facility.

•InvenTrust has $35.9 million of debt maturing in 2025 and $200.0 million of debt maturing in 2026.

•The Company's weighted average interest rate on its debt as of December 31, 2024 was 4.03% and the weighted average remaining term was 3.3 years.


v Supplemental - Quarter Ended December 31, 2024

FULL YEAR 2025 OUTLOOK AND INITIAL GUIDANCE

The Company has provided initial 2025 guidance, as summarized in the table below.


(Unaudited, dollars in thousands, except per share amounts)	Initial 2025 Guidance(1)(2)			2024 Actual
Net Income per diluted share	$0.27	—	$0.33	$0.19
Nareit FFO per diluted share	$1.83	—	$1.89	$1.78
Core FFO per diluted share (3)	$1.79	—	$1.83	$1.73
Same Property NOI (“SPNOI”) Growth	3.50%	—	4.50%	5.0%
General and administrative	$34,250	—	$35,750	$33,172
Interest expense, net (4)	$31,000	—	$31,500	$34,697

Net investment activity (5)	~ $100,000			$213,518

(1)The Company’s initial 2025 guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and depreciation, amortization, and straight-line rent adjustments related to acquisitions.

(2)The Company’s initial 2025 guidance includes an expectation of uncollectibility, reflected as 75-100 basis points of expected total revenue.

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

(4)Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $2.4 million.

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

In addition to the foregoing, the Company's initial 2025 Guidance incorporates a number of other assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.

The following table provides a reconciliation of the range of the Company's 2025 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:


(Unaudited)	Low End		High End
Net income per diluted share	$	0.27	$	0.33
Depreciation and amortization of real estate assets	1.56		1.56
Nareit FFO per diluted share	1.83		1.89
Amortization of market-lease intangibles and inducements, net	(0.04)		(0.05)
Straight-line rent adjustments, net	(0.04)		(0.05)
Amortization of debt discounts and financing costs	0.04		0.04

Core FFO per diluted share	$	1.79	$	1.83

This press release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.


vi Supplemental - Quarter Ended December 31, 2024


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


	Three Months Ended December 31				Year Ended December 31
	2024		2023		2024		2023
Financial Results

Net income	$	9,799	$	2,890	$	13,658	$	5,269
Net income per common share - basic	0.13		0.04		0.19		0.08
Net income per common share - diluted	0.13		0.04		0.19		0.08

Nareit FFO (page 7)	34,892		30,754		126,710		115,498
Nareit FFO per diluted share	0.45		0.45		1.78		1.70

Core FFO (page 7)	33,547		27,793		122,769		111,858
Core FFO per diluted share	0.43		0.41		1.73		1.65

Same Property NOI (page 6)	45,878		42,817		162,555		154,848


Same Property NOI growth			7.1		%										5.0		%


Adjusted EBITDA (page 7)	41,382	36,792	158,009	146,459


Aggregate distributions declared (as a % of Core FFO)			52.2		%				52.5		%				53.5		%				52.1		%


	As of December 31, 2024			As of December 31, 2023			As of December 31, 2022 (a)			As of December 31, 2021 (a)
Capital Information
Shares outstanding	77,450,794			67,807,831			67,472,553			67,344,374

Outstanding Debt, net	$	740,415		$	814,568		$	805,253		$	624,289
Less: Cash and cash equivalents	(87,395)			(96,385)			(164,448)			(79,628)
Net Debt	$	653,020		$	718,183		$	640,805		$	544,661

(a) Outstanding debt, net, Cash and cash equivalents, and Net Debt as of December 31, 2022 and 2021 are Pro-Rata.

Debt Metrics (trailing 12 months)
Adjusted EBITDA	$	158,009		$	146,459		$	132,368		$	117,273
Net Debt-to-Adjusted EBITDA (a)	4.1x			4.9x			4.8x			4.6x
Fixed charge coverage	4.5x			4.3x			5.0x			6.4x
Net debt to real estate assets, excl property acc depr.	23.0		%	27.0		%	24.7		%	22.0		%
Net debt to total assets, excl property acc depr.	20.7		%	24.4		%	21.3		%	19.3		%
(a) Net Debt-to-Adjusted EBITDA as of December 31, 2022 and 2021 are Pro-Rata.


Dividend Paid Per Share		Liquidity and Credit Facility
Q4 2024	$0.22630	Cash and cash equivalents	$	87,395
Q3 2024	$0.22630	Available under credit facility	500,000
Q2 2024	$0.22630	Total	$	587,395
Q1 2024	$0.21550


	Same Property				Same Property				Total
	Three Months Ended December 31				Year Ended December 31				Year Ended December 31
	2024		2023		2024		2023		2024		2023
Portfolio Metrics
No. of properties	61		61		56		56		68		62
GLA	10,131		10,106		8,916		8,890		10,972		10,324
Economic Occupancy	95.1	%	93.4	%	95.3	%	93.8	%	95.3	%	93.3	%
Leased Occupancy	97.4	%	96.2	%	97.6	%	96.4	%	97.4	%	96.2	%
ABR PSF	$19.87		$19.42		$20.34		$19.82		$20.07		$19.48


1 Supplemental - Quarter Ended December 31, 2024


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


	As of
	December 31, 2024		December 31, 2023
Assets	(unaudited)
Investment properties
Land	$	712,827	$	694,668
Building and other improvements	2,116,092		1,956,117
Construction in progress	9,951		5,889
Total	2,838,870		2,656,674
Less accumulated depreciation	(511,969)		(461,352)
Net investment properties	2,326,901		2,195,322
Cash, cash equivalents and restricted cash	91,221		99,763
Intangible assets, net	137,420		114,485
Accounts and rents receivable	36,131		35,353
Deferred costs and other assets, net	44,277		42,408
Total assets	$	2,635,950	$	2,487,331

Liabilities
Debt, net	$	740,415	$	814,568
Accounts payable and accrued expenses	46,418		44,583
Distributions payable	17,512		14,594
Intangible liabilities, net	42,897		30,344
Other liabilities	28,703		29,198
Total liabilities	875,945		933,287
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, 77,450,794 shares issued and outstanding as of December 31, 2024 and 67,807,831 shares issued and outstanding as of December 31, 2023	77		68
Additional paid-in capital	5,730,367		5,468,728
Distributions in excess of accumulated net income	(3,984,865)		(3,932,826)
Accumulated comprehensive income	14,426		18,074
Total stockholders' equity	1,760,005		1,554,044
Total liabilities and stockholders' equity	$	2,635,950	$	2,487,331


2 Supplemental - Quarter Ended December 31, 2024


			Consolidated Statements of Operations and Comprehensive Income (Loss)
			In thousands, except share and per share information, unaudited


	Three Months Ended December 31				Year Ended December 31
	2024		2023		2024		2023
Income
Lease income, net	$	70,759	$	64,332	$	272,440	$	257,146
Other property income	473		390		1,534		1,450
Other fee income	—		—		—		80
Total income	71,232		64,722		273,974		258,676

Operating expenses
Depreciation and amortization	28,856		28,091		113,948		113,430
Property operating	12,376		11,776		43,413		42,832
Real estate taxes	9,209		7,448		36,441		34,809
General and administrative	8,404		8,408		33,172		31,797
Total operating expenses	58,845		55,723		226,974		222,868

Other (expense) income
Interest expense, net	(8,356)		(9,697)		(37,100)		(38,138)
Loss on extinguishment of debt	—		(15)		—		(15)
Impairment of real estate assets	—		—		(3,854)		—
Gain on sale of investment properties, net	3,523		—		3,857		2,691
Equity in losses of unconsolidated entities	—		(110)		—		(557)
Other income and expense, net	2,245		3,713		3,755		5,480
Total other (expense) income, net	(2,588)		(6,109)		(33,342)		(30,539)

Net income	$	9,799	$	2,890	$	13,658	$	5,269

Weighted-average common shares outstanding, basic	77,222,248		67,563,908		70,394,448		67,531,898
Weighted-average common shares outstanding, diluted	78,014,472		68,090,912		71,010,568		67,813,180

Net income per common share - basic	$	0.13	$	0.04	$	0.19	$	0.08
Net income per common share - diluted	$	0.13	$	0.04	$	0.19	$	0.08

Comprehensive income (loss)
Net income	$	9,799	$	2,890	$	13,658	$	5,269
Unrealized gain (loss) on derivatives	6,459		(7,268)		9,019		6,228
Reclassification to net income	(2,721)		(3,786)		(12,667)		(14,875)
Comprehensive income (loss)	$	13,537	$	(8,164)	$	10,010	$	(3,378)


3 Supplemental - Quarter Ended December 31, 2024


			Consolidated Supplemental Details of Assets and Liabilities
			In thousands


	As of
	December 31, 2024		December 31, 2023
Cash, cash equivalents and restricted cash
Cash and cash equivalents	$	87,395	$	96,385
Restricted cash	3,826		3,378
Total	$	91,221	$	99,763

Accounts and rents receivable
Billed base rent, recoveries, and other revenue receivables	$	10,273	$	12,215
Straight-line rent receivables	25,858		23,138
Total	$	36,131	$	35,353

Deferred cost and other assets, net
Deferred leasing costs, net	$	16,139	$	14,995
Derivative assets	14,426		18,196
Financing costs, net	5,751		1,449
Other assets	3,329		3,309
Deferred costs, net	2,783		2,206
Right of use assets, net	1,849		2,253
Total	$	44,277	$	42,408

Other liabilities
Unearned lease income	$	8,320	$	8,061
Deferred revenues	8,226		8,878
Security deposits	7,938		7,127
Operating lease liabilities	2,528		3,023
Other liabilities	1,691		1,987
Derivative liabilities	—		122
Total	$	28,703	$	29,198


4 Supplemental - Quarter Ended December 31, 2024


			Consolidated Supplemental Details of Operations
			In thousands


		Three Months Ended December 31				Year Ended December 31
		2024		2023		2024		2023
Income
*	Minimum base rent	$	45,372	$	41,687	$	175,068	$	165,267
*	Real estate tax recoveries	8,610		6,947		33,343		31,220
*	Common area maintenance, insurance, and other recoveries	8,658		8,380		33,003		30,731
*	Ground rent income	5,061		4,740		19,321		19,044
	Amortization of market-lease intangibles and inducements, net	740		626		2,804		3,343
*	Short-term and other lease income	1,861		1,779		4,567		4,389
	Lease termination income	24		17		1,364		836
	Straight-line rent adjustments, net	748		857		3,400		3,349
*	Provision for uncollectible billed rent and recoveries, net	(315)		(701)		(430)		(1,033)
	Lease income, net	70,759		64,332		272,440		257,146
*	Other property income	473		390		1,534		1,450
	Other fee income	—		—		—		80
	Total income	$	71,232	$	64,722	$	273,974	$	258,676

Operating expenses
	Depreciation and amortization	$	28,856	$	28,091	$	113,948	$	113,430

*	Repairs and maintenance	3,817		4,484		13,366		14,270
*	Payroll, benefits, and office	2,685		2,685		10,510		10,690
*	Utilities and waste removal	2,615		2,401		9,462		8,747
*	Property insurance	2,255		1,253		6,668		5,552
*	Security, legal, and other expenses	984		953		3,387		3,573
	Lease termination expense	20		—		20		—
	Property operating expenses	12,376		11,776		43,413		42,832

*	Real estate taxes	9,209		7,448		36,441		34,809

	General and administrative costs	6,491		6,607		25,840		25,302
	Stock based compensation costs	2,567		2,411		9,896		9,021
	Capitalized direct development compensation costs	(654)		(610)		(2,564)		(2,526)
	General and administrative expense	8,404		8,408		33,172		31,797

	Total operating expenses	$	58,845	$	55,723	$	226,974	$	222,868

Interest expense, net
	Term loans, including impact of derivatives	$	3,469	$	3,341	$	13,663	$	13,652
	Senior notes	3,201		3,201		12,805		12,805
	Mortgages payable	926		2,215		7,751		7,048
	Line of credit facility fees	177		132		627		596
	Capitalized interest	(78)		(20)		(149)		(77)
	Amortization of debt discounts and financing costs	661		828		2,403		4,114
	Total interest expense, net	$	8,356	$	9,697	$	37,100	$	38,138

Other income and expense, net
	Interest on cash and cash equivalents	$	1,627	$	1,215	$	3,265	$	3,261
	Income tax expense	(140)		(129)		(543)		(517)
	Miscellaneous and settlement income	758		2,627		1,033		2,736
	Total other income and expense, net	$	2,245	$	3,713	$	3,755	$	5,480

* Component of Net Operating Income


5 Supplemental - Quarter Ended December 31, 2024


			Reconciliation of Non-GAAP Measures
			In thousands

Same Property NOI


	Three Months Ended December 31				Year Ended December 31
	2024		2023		2024		2023
Income
Minimum base rent	$	42,591	$	40,817	$	152,502	$	148,304
Real estate tax recoveries	8,223		6,615		29,463		28,184
Common area maintenance, insurance, and other recoveries	8,098		8,245		28,788		27,799
Ground rent income	4,563		4,520		14,674		14,760
Short-term and other lease income	1,845		1,799		4,496		4,323
Provision for uncollectible billed rent and recoveries	(234)		(704)		(266)		(1,046)
Other property income	440		381		1,305		1,241
Total income	65,526		61,673		230,962		223,565

Operating Expenses
Property operating	10,831		11,718		36,426		37,736
Real estate taxes	8,817		7,138		31,981		30,981
Total operating expenses	19,648		18,856		68,407		68,717

Same Property NOI	$	45,878	$	42,817	$	162,555	$	154,848


% Change over Prior Period	7.1	%	5.0	%

Same Property count	61		56

Net Income to Same Property NOI


	Three Months Ended December 31				Year Ended December 31
	2024		2023		2024		2023
Net income	$	9,799	$	2,890	$	13,658	$	5,269
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	(2,245)		(3,713)		(3,755)		(5,480)
Equity in losses of unconsolidated entities	—		110		—		557
Interest expense, net	8,356		9,697		37,100		38,138
Loss on extinguishment of debt	—		15		—		15
Gain on sale of investment properties, net	(3,523)		—		(3,857)		(2,691)
Impairment of real estate assets	—		—		3,854		—
Depreciation and amortization	28,856		28,091		113,948		113,430
General and administrative	8,404		8,408		33,172		31,797
Other fee income	—		—		—		(80)
Adjustments to NOI (a)	(1,492)		(1,500)		(7,548)		(7,528)
NOI	48,155		43,998		186,572		173,427
NOI from other investment properties	(2,277)		(1,181)		(24,017)		(18,579)
Same Property NOI	$	45,878	$	42,817	$	162,555	$	154,848

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


6 Supplemental - Quarter Ended December 31, 2024


			Reconciliation of Non-GAAP Measures, continued
			In thousands

Nareit FFO and Core FFO


	Three Months Ended December 31				Year Ended December 31
	2024		2023		2024		2023
Net income	$	9,799	$	2,890	$	13,658	$	5,269
Depreciation and amortization of real estate assets	28,616		27,864		113,055		112,578
Impairment of real estate assets	—		—		3,854		—
Gain on sale of investment properties, net	(3,523)		—		(3,857)		(2,691)
Unconsolidated joint venture adjustments (a)	—		—		—		342
Nareit FFO Applicable to Common Shares and Dilutive Securities	34,892		30,754		126,710		115,498
Amortization of market lease intangibles and inducements, net	(740)		(626)		(2,804)		(3,343)
Straight-line rent adjustments, net	(748)		(857)		(3,400)		(3,349)
Amortization of debt discounts and financing costs	661		827		2,403		4,113
Depreciation and amortization of corporate assets	240		227		893		852
Non-operating income and expense, net (b)	(758)		(2,612)		(1,033)		(1,821)
Unconsolidated joint venture adjusting items, net (c)	—		80		—		(92)
Core FFO Applicable to Common Shares and Dilutive Securities	$	33,547	$	27,793	$	122,769	$	111,858

Weighted average common shares outstanding - basic	77,222,248		67,563,908		70,394,448		67,531,898
Dilutive effect of unvested restricted shares (d)	792,224		527,004		616,120		281,282
Weighted average common shares outstanding - diluted	78,014,472		68,090,912		71,010,568		67,813,180

Net income per diluted share	$	0.13	$	0.04	$	0.19	$	0.08
Nareit FFO per diluted share	$	0.45	$	0.45	$	1.78	$	1.70
Core FFO per diluted share	$	0.43	$	0.41	$	1.73	$	1.65

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

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

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

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

EBITDA and Adjusted EBITDA


	Three Months Ended December 31				Year Ended December 31
	2024		2023		2024		2023
Net income	$	9,799	$	2,890	$	13,658	$	5,269
Interest expense, net	8,356		9,697		37,100		38,138
Income tax expense	140		129		543		517
Depreciation and amortization	28,856		28,091		113,948		113,430
Unconsolidated joint venture adjustments (a)	—		—		—		417
EBITDA	47,151		40,807		165,249		157,771
Impairment of real estate assets	—		—		3,854		—
Gain on sale of investment properties, net	(3,523)		—		(3,857)		(2,691)
Amortization of market-lease intangibles and inducements, net	(740)		(626)		(2,804)		(3,343)
Straight-line rent adjustments, net	(748)		(857)		(3,400)		(3,349)
Non-operating income and expense, net (b)	(758)		(2,612)		(1,033)		(1,821)
Unconsolidated joint venture adjusting items, net (c)	—		80		—		(108)
Adjusted EBITDA	$	41,382	$	36,792	$	158,009	$	146,459

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

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


7 Supplemental - Quarter Ended December 31, 2024


			Summary of Outstanding Debt
			In thousands


	Balance as of December 31, 2024		Proportion of Total Debt	Weighted Average Interest Rate	Weighted Average Years to Maturity
Fixed rate secured debt	$	93,380	13%	3.97%	2.6
Fixed rate unsecured debt	650,000		87%	4.04%	3.5
Discounts and financing costs, net	(2,965)		—	n/a	n/a
Total debt, net	$	740,415	100%	4.03%	3.3


Schedule of Maturities by Year
	Fixed Rate
Maturity Year	Secured Debt		Unsecured Debt		Total Debt, net
2025	$	35,880	$	—	$	35,880
2026	—		200,000		200,000
2027	26,000		200,000		226,000
2028	—		—		—
2029	31,500		150,000		181,500
Thereafter	—		100,000		100,000
Discounts and financing costs, net	(247)		(2,718)		(2,965)
Total	$	93,133	$	647,282	$	740,415

Debt Maturities

Maturity Date

Interest Rate

Balance

Mortgages Payable

The Plant

5/10/25

3.97%

13,000

The Highlands of Flower Mound

12/1/25

3.88%

22,880

Escarpment Village

7/1/27

3.86%

26,000

Shops at Arbor Trails

12/5/29

4.12%

31,500

Total

93,380

Term Loans

$200.0 million 5 year

9/22/26

2.81% (a)

100,000

$200.0 million 5 year

9/22/26

2.81% (a)

100,000

$200.0 million 5.5 year

3/22/27

2.78% (a)

50,000

$200.0 million 5.5 year

3/22/27

2.84% (a)

50,000

$200.0 million 5.5 year

3/22/27

4.99% (a)

100,000

Total

400,000

Senior Notes

$150.0 million Series A Notes

8/11/29

5.07%

150,000

$100.0 million Series B Notes

8/11/32

5.20%

100,000

250,000

Revolving Line of Credit

$500.0 million total capacity

1/15/29

1M SOFR + 1.15% (b)

—

Grand total

4.03%

743,380

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

(b)As of December 31, 2024, 1-Month Term SOFR was 4.33%. Additional annual facility fee of 0.15% applies to entire line of credit capacity.


8 Supplemental - Quarter Ended December 31, 2024


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

Debt Covenants (trailing 12 months)


			For the quarter ended
Description	Term Loan Covenants	Senior Note Covenants	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Leverage Ratio	< 60.0%	< 60.0%	23.2%	24.0%	28.4%	29.2%
Fixed Charge Coverage Ratio	> 1.50	> 1.50	4.5	4.3	4.3	4.3
Maximum Dividend Payout	< 95%	N/A	49.5%	48.9%	49.5%	49.2%
Maximum Secured Recourse Debt	< 10% of Total Asset Value	< 10% of Total Asset Value	—%	—%	—%	—%
Unsecured Interest Coverage Ratio	> 1.75	> 1.75	6.3	6.3	5.8	5.6
Unsecured Leverage Ratio	< 60%	< 60%	23.1%	24.5%	26.8%	28.0%

Interest Rate Swaps

As of December 31, 2024, the Company is party to five effective interest rate swap agreements:


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

Capital Investments and Leasing Costs


	Three Months Ended December 31				Year Ended December 31
	2024		2023		2024		2023
Tenant improvements	$	1,160	$	2,258	$	9,096	$	7,945
Leasing costs	1,130		1,370		3,762		3,888
Property improvements	4,834		3,798		11,486		17,424
Capitalized indirect costs (a)	257		611		1,435		1,929
Total capital expenditures and leasing costs	7,381		8,037		25,779		31,186
Development and redevelopment direct costs	2,843		1,278		9,253		3,788
Development and redevelopment indirect costs (a)	280		120		1,084		770
Capital investments and leasing costs (b)	$	10,504	$	9,435	$	36,116	$	35,744

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

(b)As of December 31, 2024 and 2023, total accrued capital investments and leasing costs were $3,620 and $2,562, respectively.


9 Supplemental - Quarter Ended December 31, 2024


			Markets and Tenant Size
			GLA and dollar amounts in thousands, except per square foot amounts


Market	No. of Properties	Leased Occupancy		ABR		ABR psf	ABR as % of Total		GLA	GLA as % of Total
Austin-Round Rock, TX	8	98.3	%	$	33,517	$16.97	16.1	%	2,091	19.1	%
Houston-Sugar Land-Baytown, TX	6	95.5	%	21,376		16.41	10.2	%	1,378	12.5	%
Atlanta Metro Area, GA	10	97.2	%	20,935		20.89	10.0	%	1,069	9.7	%
Miami-Fort Lauderdale-Miami Beach, FL	3	98.7	%	20,231		24.04	9.7	%	859	7.8	%
Dallas-Fort Worth-Arlington, TX	7	98.5	%	18,678		20.56	9.0	%	941	8.6	%
Raleigh-Cary-Durham, NC	5	96.7	%	13,288		20.39	6.4	%	688	6.3	%
Orlando-Kissimmee, FL	4	98.9	%	10,337		25.67	5.0	%	411	3.7	%
Charlotte-Gastonia-Concord, NC	4	99.1	%	9,972		20.67	4.8	%	515	4.7	%
Tampa-St. Petersburg, FL	3	96.7	%	9,486		15.34	4.6	%	744	6.8	%
So. California - Los Angeles, CA	2	96.7	%	7,489		20.14	3.6	%	392	3.6	%
Richmond, VA	2	99.3	%	6,864		17.94	3.3	%	385	3.5	%
San Antonio, TX	2	94.5	%	6,573		27.02	3.2	%	261	2.4	%
Washington D.C., MD	2	91.1	%	5,826		36.34	2.8	%	181	1.6	%
So. California - San Diego, CA	2	97.2	%	5,712		26.31	2.8	%	225	2.1	%
So. California - Inland Empire, CA	2	98.4	%	5,661		23.36	2.7	%	246	2.2	%
Charleston-Berkeley-Dorchester, SC	2	98.1	%	5,225		25.80	2.5	%	214	2.0	%
Cape Coral-Fort Myers, FL	2	96.6	%	3,718		15.55	1.8	%	249	2.3	%
Phoenix, AZ	2	99.1	%	3,057		25.73	1.5	%	123	1.1	%
Total	68	97.4	%	$	207,945	$20.07	100	%	10,972	100	%


State	No. of Properties	Leased Occupancy		ABR		ABR psf	ABR as % of Total		GLA	GLA as % of Total
Texas	23	97.3	%	$	80,144	$18.09	38.5	%	4,671	42.6	%
Florida	12	97.8	%	43,772		20.83	21.1	%	2,263	20.6	%
North Carolina	9	97.7	%	23,260		20.51	11.2	%	1,203	11.0	%
Georgia	10	97.2	%	20,935		20.89	10.0	%	1,069	9.7	%
California	6	97.3	%	18,862		22.69	9.1	%	863	7.9	%
Virginia	2	99.3	%	6,864		17.94	3.3	%	385	3.5	%
Maryland	2	91.1	%	5,826		36.34	2.8	%	181	1.6	%
South Carolina	2	98.1	%	5,225		25.80	2.5	%	214	2.0	%
Arizona	2	99.1	%	3,057		25.73	1.5	%	123	1.1	%
Total	68	97.4	%	$	207,945	$20.07	100	%	10,972	100	%


Tenant type	Economic Occupancy		Leased Occupancy		ABR		ABR PSF		GLA
20,000 SF+ (a)	98.5	%	100.0	%	$	65,280	$	11.46	5,879
10,000 - 19,999 SF (a)	96.7	%	98.9	%	21,196		20.64		1,062
5,000 - 9,999 SF (b)	89.5	%	95.2	%	18,940		27.06		782
1 - 4,999 SF (b)	90.6	%	92.9	%	102,529		34.90		3,249
Total	95.3	%	97.4	%	$	207,945	$	20.07	10,972

Anchor Tenants (a)	98.3	%	99.8	%	$	86,476	$	12.86	6,941
Small Shops (b)	90.3	%	93.3	%	$	121,469	$	33.39	4,031

(a)Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.

(b)Tenants with square footage less than 10,000 square feet are considered Small Shops.


10 Supplemental - Quarter Ended December 31, 2024


			Top 25 Tenants by Total ABR and Tenant Merchandise Mix
			In thousands


	Parent Name	Tenant Name / Store Count	Credit Rating (a)	No. of Leases	ABR		% of Total ABR		GLA	% of Total Occ.GLA
1	Kroger	Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / Ralphs 2	BBB	14	$	8,891	4.3	%	821	7.5	%
2	Publix Super Markets, Inc.	Publix 12 / Publix Liquor 3	N/A	15	6,926		3.3	%	581	5.3	%
3	TJX Companies	Marshalls 7 / HomeGoods 5 / TJ Maxx 2	A	14	4,907		2.4	%	399	3.6	%
4	Albertson's	Tom Thumb 2 / Market Street 2 / Safeway 1 /Albertsons 1	BB+	6	4,359		2.1	%	365	3.3	%
5	H.E.B.	H.E.B. 4 / H.E.B. Staff Office 1	N/A	5	4,257		2.0	%	447	4.1	%
6	Amazon, Inc.	Whole Foods Market 5	AA	5	2,742		1.3	%	194	1.8	%
7	Apollo Global Management, Inc.	Michael's 8	B-	8	2,660		1.3	%	190	1.7	%
8	Best Buy		BBB+	4	2,270		1.1	%	138	1.3	%
9	Ross Dress For Less	Ross Dress for Less 5 / dd's Discounts 1	BBB+	6	2,193		1.1	%	171	1.6	%
10	BC Partners	PetSmart 6	B+	6	2,117		1.0	%	125	1.1	%
11	Ulta Beauty Inc.		N/A	8	2,085		1.0	%	83	0.8	%
12	Petco Health and Wellness Company, Inc.		B	8	2,014		1.0	%	106	1.0	%
13	Trader Joe's		N/A	4	1,910		0.9	%	51	0.5	%
14	Dick's Sporting Goods, Inc.	Dick's Sporting Goods 2 / Going, Going, Gone 1	BBB	3	1,876		0.9	%	171	1.6	%
15	Sprouts Farmers Market		N/A	3	1,798		0.9	%	85	0.8	%
16	Costco Wholesale		A+	2	1,735		0.8	%	298	2.7	%
17	Five Below, Inc.		N/A	9	1,707		0.8	%	86	0.8	%
18	Bank of America		A-	6	1,641		0.8	%	34	0.3	%
19	Kingswood Capital Management	World Market 6	N/A	6	1,515		0.7	%	110	1.0	%
20	Wells Fargo		BBB+	8	1,387		0.7	%	33	0.3	%
21	Starbucks Corporation		BBB+	16	1,339		0.6	%	31	0.3	%
22	Massage Envy		N/A	11	1,270		0.6	%	37	0.3	%
23	Truist Bank		A	6	1,265		0.6	%	28	0.3	%
24	Xponential Fitness	Club Pilates 7 / StrechLab 4 / Pure Barre 3 / CycleBar 2 / YogaSix 2 / Rumble 1	N/A	19	1,252		0.6	%	36	0.3	%
25	DSW, Inc.		N/A	4	1,234		0.6	%	73	0.7	%
	Totals			196	$	65,350	31.4	%	4,693	43.0	%

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

Tenant Merchandise Mix


Tenant Category	ABR		% of Total ABR
Grocery / Drug	$	40,288	19.4	%
Quick Service Restaurants	25,788		12.4	%
Personal Health and Beauty Services	23,258		11.2	%
Medical	19,647		9.4	%
Full Service Restaurants	18,321		8.7	%
Off Price	10,681		5.1	%
Apparel / Accessories	10,391		5.0	%
Banks	9,326		4.5	%
Fitness	7,417		3.6	%
Pets	7,213		3.5	%
Hobby / Sports	6,783		3.3	%
Office / Communications	6,215		3.0	%
Other	5,774		2.8	%
Home	5,236		2.5	%
Other Essential Retail / Services	4,835		2.3	%
Office (Non-Financial, Non-Medical)	2,851		1.4	%
Entertainment	2,351		1.1	%
Hardware / Auto	1,570		0.8	%
	$	207,945	100	%


11 Supplemental - Quarter Ended December 31, 2024


			Comparable and Non-Comparable Lease Statistics
			GLA in thousands

The Company's Retail Portfolio had 1.22 million square feet expiring during the year ended December 31, 2024, of which 1.15 million square feet was re-leased. This achieved a retention rate of approximately 94%. The following tables summarize the activity for leases that were executed during the year ended December 31, 2024.

For the year ended December 31, 2024


	No. of Leases Executed	GLA	New Contractual Rent ($PSF)(a)	Prior Contractual Rent ($PSF)(a)	% Change over Prior Lease Rent (a)	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($PSF)	Lease Commissions ($PSF)
All tenants
Comparable Renewal Leases	145	985	$21.31	$19.27	10.6%	5.4	$0.04	$—
Comparable New Leases	26	102	28.95	24.83	16.6%	10.3	30.49	13.03
Non-Comparable Renewal and New Leases	39	236	20.07	N/A	N/A	7.9	16.59	9.10
Total	210	1,323	$22.03	$19.79	11.3%	6.2	$5.34	$2.63

(a) Non-comparable leases are not included in totals.

Trailing Four Quarters ended December 31, 2024


	No. of Leases Executed	GLA	ABR PSF	Prior ABR PSF	% Change over Prior Lease	WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)

Comparable Leases
Total New and Renewal Leases
Q4 2024	40	189	$24.73	$21.41	15.5%	6.0	$1.65	$1.08
Q3 2024	48	403	18.26	16.63	9.8%	6.2	2.89	1.30
Q2 2024	49	330	22.43	20.33	10.3%	5.3	0.97	0.82
Q1 2024	34	165	27.28	24.54	11.2%	6.1	8.14	1.97
Total	171	1,087	$22.03	$19.79	11.3%	5.9	$2.89	$1.22

	No. of Leases Executed	GLA	ABR PSF	Prior ABR PSF	% Change over Prior Lease	WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
New Leases
Q4 2024	7	14	$41.95	$34.34	22.2%	11.0	$22.25	$14.63
Q3 2024	9	39	26.42	23.14	14.2%	9.9	29.13	13.55
Q2 2024	7	17	41.05	37.33	10.0%	10.1	18.57	15.80
Q1 2024	3	32	19.77	15.90	24.3%	10.5	42.18	10.21
Total	26	102	$28.95	$24.83	16.6%	10.3	$30.49	$13.03

	No. of Leases Executed	GLA	ABR PSF	Prior ABR PSF	% Change over Prior Lease	WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
Renewals
Q4 2024	33	175	$23.35	$20.38	14.6%	5.6	$—	$—
Q3 2024	39	364	17.40	15.94	9.2%	5.8	0.11	—
Q2 2024	42	313	21.41	19.40	10.4%	5.0	—	—
Q1 2024	31	133	29.08	26.59	9.4%	5.0	—	—
Total	145	985	$21.31	$19.27	10.6%	5.4	$0.04	$—

	No. of Leases Executed	GLA	ABR PSF			WA Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)
Non-Comparable Leases
Q4 2024	12	43	$34.19			9.6	$33.02	$17.50
Q3 2024	10	65	26.84			10.0	14.02	13.72
Q2 2024	10	113	8.29			6.3	10.93	3.04
Q1 2024	7	15	39.61			6.5	23.50	10.93
Total	39	236	$20.07			7.9	$16.59	$9.10


12 Supplemental - Quarter Ended December 31, 2024


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


	Lease Expiration Year	No. of Expiring Leases	GLA of Expiring Leases	Percent of Total GLA of Expiring Leases		ABR of Expiring Leases		Percent of Total ABR		Expiring ABR PSF (a)

Anchor Tenants
	2025	10	427	6.2	%	$	4,125	4.6	%	$9.66
	2026	16	459	6.7	%	6,514		7.2	%	14.19
	2027	39	1,305	19.0	%	18,284		20.3	%	14.01
	2028	25	603	8.8	%	8,864		9.8	%	14.70
	2029	31	928	13.6	%	12,004		13.4	%	12.94
	2030	20	637	9.3	%	8,711		9.7	%	13.68
	2031	8	349	5.1	%	3,494		3.8	%	10.01
	2032	9	345	5.0	%	4,537		5.0	%	13.15
	2033	10	286	4.2	%	4,174		4.6	%	14.59
	2034	13	575	8.4	%	7,302		8.1	%	12.70
	Thereafter	21	940	13.7	%	12,158		13.5	%	12.93
	Other (b)	—	—	—	%	—		—	%	—
	Sub total	202	6,854	100	%	$	90,167	100	%	$13.16
	Vacant space		87
	Total		6,941

Small Shops

	2025	127	270	7.4	%	$	8,397	6.3	%	$31.10
	2026	215	541	14.9	%	17,717		13.4	%	32.75
	2027	247	578	15.9	%	20,325		15.3	%	35.16
	2028	213	508	13.9	%	17,848		13.5	%	35.13
	2029	210	559	15.4	%	20,608		15.6	%	36.87
	2030	113	300	8.2	%	11,316		8.5	%	37.72
	2031	81	232	6.4	%	8,843		6.7	%	38.12
	2032	80	198	5.4	%	7,696		5.8	%	38.87
	2033	59	149	4.1	%	6,615		5.0	%	44.40
	2034	71	193	5.3	%	8,297		6.3	%	42.99
	Thereafter	25	92	2.5	%	4,335		3.1	%	47.12
	Other (b)	11	22	0.6	%	598		0.5	%	27.18
	Totals	1,452	3,642	100	%	$	132,595	100	%	$36.41
	Vacant space		389
	Total		4,031

Total

	2025	137	697	6.6	%	$	12,522	5.6	%	$17.97
	2026	231	1,000	9.5	%	24,231		10.9	%	24.23
	2027	286	1,883	17.9	%	38,609		17.3	%	20.50
	2028	238	1,111	10.7	%	26,712		12.0	%	24.04
	2029	241	1,487	14.2	%	32,612		14.6	%	21.93
	2030	133	937	8.9	%	20,027		9.0	%	21.37
	2031	89	581	5.5	%	12,337		5.5	%	21.23
	2032	89	543	5.2	%	12,233		5.5	%	22.53
	2033	69	435	4.1	%	10,789		4.8	%	24.80
	2034	84	768	7.3	%	15,599		7.0	%	20.31
	Thereafter	46	1,032	9.9	%	16,493		7.5	%	15.98
	Other (b)	11	22	0.2	%	598		0.3	%	27.18
	Totals	1,654	10,496	100	%	$	222,762	100	%	$21.22
	Vacant space		476
	Total		10,972

(a)Expiring ABR PSF reflects ABR PSF at the time of lease expiration.

(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.


13 Supplemental - Quarter Ended December 31, 2024


			Acquisitions and Dispositions
			Dollars and GLA in thousands

Acquisitions


Date	Property Name	Market	Acquisition Price		GLA	Leased Occ.	Anchor Tenants (a)

2/1/24	The Plant	Phoenix, AZ	$	29,500	57	100%	Sprouts Farmers Market
4/9/24	Moores Mill	Atlanta Metro Area, GA	28,000		70	100%	Publix
6/13/24	Maguire Groves (b)	Orlando-Kissimmee, FL	16,100		33	100%	Publix
8/6/24	Scottsdale North Marketplace	Phoenix, AZ	23,000		66	98.4%	AJ's Fine Foods
10/9/24	Stonehenge Village	Richmond, VA	62,100		214	100%	Wegmans, La-Z-Boy, Party City, Petco
11/26/24	The Forum	Cape Coral - Fort Myers, FL	41,370		186	96.1%	Target, dd's Discounts, Home Depot, Michaels, Petco, Ross Dress for Less, Sky Zone, Staples
12/18/24	Market at Mill Creek	Charleston-Berkeley-Dorchester, SC	27,300		80	100%	Lowes Foods
12/18/24	Nexton Square	Charleston-Berkeley-Dorchester, SC	54,700		134	96.9%	N/A
			$	282,070	840

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

(b)Maguire Groves is a 33,000 square foot neighborhood center immediately adjacent to Plantation Grove, a Publix anchored neighborhood center wholly-owned by InvenTrust, in Ocoee, Florida. The Company operates these properties under the Plantation Grove name.

Dispositions

Date

Property Name

Market

Disposition Price

GLA

Anchor Tenants (a)

7/22/24

Eldridge Town Center & Windermere Village (b)

Houston-Sugar Land-Baytown, TX

602

N/A

10/31/24

Stevenson Ranch

So. California - Los Angeles

57,800

187

Ralphs, Furniture Design Center, LA Fitness, PetSmart

12/13/24

Eldridge Town Center & Windermere Village (c)

Houston-Sugar Land-Baytown, TX

10,150

N/A

68,552

218

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

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

(c)This disposition included the sale of an outparcel at Eldridge Town Center and the entirety of Windermere Village. Subsequent to the transaction, the Company continues to operate the remaining property under the Eldridge Town Center name.


14 Supplemental - Quarter Ended December 31, 2024


			Development Pipeline
			In thousands

Active Redevelopments

Property

Market

Project Description

Estimated Completion Quarter (a)

Projected Incremental Costs

Costs to Date

Estimated Incremental Yield on Cost

Sarasota Pavilion

Tampa-St. Petersburg, FL

Redevelopment and remerchandising of a former anchor space into new tenant spaces, including an 18,000 square foot anchor space, a 14,000 square foot anchor space, and additional small shop space.

1Q - 2025

6,800

5,300

Campus Marketplace

So. California - San Diego, CA

Redevelopment of an existing outparcel building.

2Q - 2025

800

400

Sandy Plains Centre

Atlanta Metro Area, GA

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

3Q - 2025

3,200

2,400

River Oaks

So. California - Los Angeles, CA

Redevelopment of an outparcel and common area improvements.

4Q - 2025

600

—

Sarasota Pavilion

Tampa-St. Petersburg, FL

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

1Q - 2026

8,400

100

Shops at Arbor Trails

Austin-Round Rock, TX

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

1Q - 2026

3,000

400

Buckhead Crossing

Atlanta Metro Area, GA

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

2Q - 2026

5,600

200

Total Redevelopment Costs

28,400

8,800

7-10%

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

Recently Completed Redevelopments

Property

Market

Project Description

Completion Quarter

Completed Costs

Southern Palm Crossing

Miami-Fort Lauderdale-
Miami Beach, FL

Redevelopment of a former bank building for a freestanding building with a drive-through.

2Q - 2024

1,550

Buckhead Crossing

Atlanta Metro Area, GA

Anchor space repositioning

2Q - 2024

700

Pavilion at LaQuinta

So. California - Inland Empire

Redevelopment of a freestanding building.

2Q - 2024

800

Antoine Town Center

Houston-Sugar Land-Baytown, TX

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

4Q - 2024

200

Potential Developments and Redevelopments

Projects shown below are listed alphabetically, are in various stages of planning, and may or may not commence due to a number of factors.

Property

Market

Project Description

Bay Colony

Houston-Sugar Land-Baytown, TX

Redevelopment of an existing outparcel building.

Bay Landing

Cape Coral-Fort Myers, FL

New development of building area adjacent to existing stores.

Buckhead Crossing

Atlanta Metro Area, GA

New development, including addition of an outparcel building.

Garden Village

So. California - Los Angeles, CA

Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs.

Gateway Market Center

Tampa-St. Petersburg, FL

Extensive repositioning and reconfiguration of the center to right size anchor space, add freestanding buildings and improve vehicular access.

Kyle Marketplace

Austin-Round Rock, TX

New development, including addition of outparcel buildings.

Pavilion at LaQuinta

So. California - Inland Empire, CA

Anchor repositioning.

Plantation Grove

Orlando-Kissimmee, FL

Redevelopment and expansion of the shopping center.

River Oaks

So. California - Los Angeles, CA

Anchor repositioning and expansion.

Sarasota Pavilion

Tampa-St. Petersburg, FL

Redevelopment of an existing outparcel building.

The Centre on Hugh Howell

Atlanta Metro Area, GA

New development, including addition of outparcel buildings.

The Parke

Austin-Round Rock, TX

Anchor repositioning and expansion.

Westpark Shopping Center

Richmond, VA

New development, including addition of outparcel buildings.


15 Supplemental - Quarter Ended December 31, 2024


			Property Summary, by Total Market GLA
			GLA in thousands

No.

Property

Market

State

Center
Type (a)

GLA

Leased Occupancy

ABR
PSF

Grocery
Anchor (b)

Major Anchors (c)

Escarpment Village

Austin-Round Rock

170

100%

$22.46

Yes

HEB

Kyle Marketplace

Austin-Round Rock

260

99.5%

$17.79

Yes

HEB

Market at Westlake

Austin-Round Rock

100%

$22.00

Walgreens

Scofield Crossing

Austin-Round Rock

98.7%

$18.18

Yes

Hana World Market, Goodwill

Shops at Arbor Trails

Austin-Round Rock

357

99.6%

$14.10

Yes

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

Shops at the Galleria

Austin-Round Rock

537

95.4%

$14.31

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

The Parke

Austin-Round Rock

406

98.0%

$16.70

Yes

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

University Oaks Shopping Center

Austin-Round Rock

236

100%

$22.27

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

Custer Creek Village

Dallas-Fort Worth-Arlington

100%

$15.65

Yes

Tom Thumb

Eldorado Marketplace

Dallas-Fort Worth-Arlington

189

100%

$24.59

Yes

Market Street, PetSmart, Phenix Salon Suites

Prestonwood Town Center

Dallas-Fort Worth-Arlington

236

95.8%

$20.46

Yes

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

Riverview Village

Dallas-Fort Worth-Arlington

100%

$13.43

Yes

Tom Thumb, Petco

Riverwalk Market

Dallas-Fort Worth-Arlington

95.6%

$21.80

Yes

Market Street

Shops at Fairview Town Center

Dallas-Fort Worth-Arlington

100%

$25.46

Yes

Whole Foods Market

The Highlands of Flower Mound

Dallas-Fort Worth-Arlington

175

100%

$20.13

Yes

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

Antoine Town Center

Houston-Sugar Land-Baytown

110

97.3%

$15.30

Yes

Kroger

Bay Colony (d)

Houston-Sugar Land-Baytown

415

95.3%

$15.85

Yes

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

Blackhawk Town Center (d)

Houston-Sugar Land-Baytown

127

99.1%

$14.04

Yes

HEB, Walgreens

Cyfair Town Center (d)

Houston-Sugar Land-Baytown

434

94.4%

$17.26

Yes

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

Eldridge Town Center

Houston-Sugar Land-Baytown

144

96.2%

$17.34

Yes

Kroger, Kohl's*, Petco

Stables Town Center (d)

Houston-Sugar Land-Baytown

148

94.5%

$17.59

Yes

Kroger

Sonterra Village

San Antonio

91.3%

$36.01

Yes

Trader Joe's

Stone Ridge Market

San Antonio

219

95.2%

$25.31

Yes

HEB Plus*, Burlington, PetSmart

Total Texas

4,671

97.3%

$18.09

Bay Landing

Cape Coral - Fort Myers

98.0%

$10.16

Yes

The Fresh Market, HomeGoods

The Forum (e)

Cape Coral - Fort Myers

186

96.1%

$17.38

Yes

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

PGA Plaza Palm Beach Gardens

Miami-Ft Lauderdale-Miami Beach

121

98.2%

$36.91

Yes

Trader Joe's, Marshalls, Ulta

Southern Palm Crossing

Miami-Ft Lauderdale-Miami Beach

345

99.1%

$17.84

Yes

Costco Wholesale, Going Going Gone, Marshalls

Westfork Plaza & Paraiso Parc

Miami-Ft Lauderdale-Miami Beach

393

98.4%

$25.61

Yes

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

Lakeside & Lakeside Crossing

Orlando - Kissimmee

100%

$48.82

Yes

Trader Joe's

Plantation Grove (f)

Orlando - Kissimmee

107

98.7%

$20.41

Yes

Publix

Rio Pinar Plaza

Orlando - Kissimmee

131

99.2%

$19.56

Yes

Publix, Planet Fitness

Suncrest Village

Orlando - Kissimmee

97.9%

$21.61

Yes

Publix, Orange County Tax Collector

Gateway Market Center

Tampa - St. Petersburg

231

95.1%

$14.49

Yes

Publix, Target*, Beall's, HomeGoods, Party City, PetSmart, TJ Maxx

Peachland Promenade

Tampa - St. Petersburg

177

98.6%

$15.19

Yes

Publix, Goodwill, My Salon Suite, Planet Fitness

Sarasota Pavilion

Tampa - St. Petersburg

336

96.9%

$15.92

Yes

Publix, Bank of America, Beall's, Marshalls, Michaels, PetSmart, Ross Dress for Less, Truist Bank, World Market

Total Florida

2,263

97.8%

$20.83


16 Supplemental - Quarter Ended December 31, 2024


			Property Summary, by Total Market GLA
			GLA in thousands


No.	Property	Market	State	Center Type (a)	GLA	Leased Occupancy	ABR PSF	Grocery Anchor (b)	Major Anchors (c)
36	Eastfield Village	Charlotte-Gastonia-Concord	NC	N	96	97.5%	$18.82	Yes	Food Lion, Gold's Gym
37	Northcross Commons	Charlotte-Gastonia-Concord	NC	N	63	100%	$28.74	Yes	Whole Foods Market
38	Sycamore Commons	Charlotte-Gastonia-Concord	NC	P	265	100%	$20.51	Yes	Costco Wholesale, Best Buy, Dick's Sporting Goods, Lowe's, Michaels, Old Navy, Ulta, World Market
39	The Shoppes at Davis Lake (d)	Charlotte-Gastonia-Concord	NC	N	91	97.4%	$17.18	Yes	Harris Teeter
40	Bent Tree Plaza	Raleigh-Cary-Durham	NC	N	80	100%	$15.23	Yes	Food Lion
41	Cary Park Town Center	Raleigh-Cary-Durham	NC	N	93	100%	$17.95	Yes	Harris Teeter, CVS
42	Commons at University Place	Raleigh-Cary-Durham	NC	N	92	100%	$17.30	Yes	Harris Teeter, CVS
43	Renaissance Center	Raleigh-Cary-Durham	NC	P	363	93.8%	$23.77	No	Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market
44	The Pointe at Creedmoor	Raleigh-Cary-Durham	NC	N	60	100%	$16.91	Yes	Harris Teeter
	Total North Carolina				1,203	97.7%	$20.51

45	Buckhead Crossing	Atlanta Metro Area	GA	P	221	94.3%	$23.40	No	HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop
46	Coweta Crossing	Atlanta Metro Area	GA	N	68	100%	$11.28	Yes	Publix
47	Kennesaw Marketplace	Atlanta Metro Area	GA	C	130	98.2%	$35.85	Yes	Whole Foods Market, Academy Sports + Outdoors, Guitar Center, Hobby Lobby, Petco
48	Moores Mill (e)	Atlanta Metro Area	GA	N	70	100%	$24.79	Yes	Publix
49	Plaza Midtown	Atlanta Metro Area	GA	N	70	97.0%	$29.41	Yes	Publix
50	Rose Creek	Atlanta Metro Area	GA	N	70	100%	$11.61	Yes	Publix
51	Sandy Plains Centre	Atlanta Metro Area	GA	C	135	98.9%	$23.95	Yes	Kroger, Pet Supplies Plus, Walgreens*
52	The Centre on Hugh Howell	Atlanta Metro Area	GA	N	83	98.4%	$13.99	No	Crunch Fitness
53	Thomas Crossroads	Atlanta Metro Area	GA	N	105	90.1%	$9.43	Yes	Kroger
54	Windward Commons	Atlanta Metro Area	GA	N	117	100%	$15.94	Yes	Kroger
	Total Georgia				1,069	97.2%	$20.89

55	Bear Creek Village Center	So. California - Inland Empire	CA	N	80	98.1%	$25.95	Yes	Stater Brothers
56	Pavilion at LaQuinta	So. California - Inland Empire	CA	P	166	98.6%	$22.10	Yes	Sprouts Farmers Market, Best Buy, DSW, OfficeMax, PGA TOUR Superstore
57	Garden Village	So. California - Los Angeles	CA	N	117	90.2%	$19.58	Yes	Albertson's, Rite Aid
58	River Oaks	So. California - Los Angeles	CA	C	275	99.4%	$20.37	Yes	Sprouts Farmers Market, Target, Big 5 Sporting Goods, Dollar Tree, Five Below, Total Wine & More, Ulta
59	Campus Marketplace	So. California - San Diego	CA	N	144	97.1%	$31.15	Yes	Ralphs, CVS, Discovery Isle Child Development Center
60	Old Grove Marketplace	So. California - San Diego	CA	N	81	97.5%	$17.90	Yes	Ralphs, Lowe's*
	Total California				863	97.3%	$22.69

61	Stonehenge Village (e)	Richmond Metro Area	VA	C	214	100%	$19.12	Yes	Wegmans, La-Z-Boy, Party City, Petco
62	Westpark Shopping Center	Richmond Metro Area	VA	C	171	98.4%	$16.44	Yes	Publix, Painted Tree Boutiques, Planet Fitness, The Tile Shop
	Total Virginia				385	99.3%	$17.94

63	Market at Mill Creek (e)	Charleston-Berkeley-Dorchester	SC	N	80	100%	$24.06	Yes	Lowes Food
64	Nexton Square (e)	Charleston-Berkeley-Dorchester	SC	L	134	96.9%	$26.93	No	N/A
	Total South Carolina				214	98.1%	$25.80

65	The Shops at Town Center	Washington D.C	MD	N	125	91.7%	$30.63	Yes	Safeway
66	Travilah Square Shopping Center	Washington D.C	MD	N	56	89.8%	$50.68	Yes	Trader Joe's
	Total Maryland				181	91.1%	$36.34


17 Supplemental - Quarter Ended December 31, 2024


			Property Summary, by Total Market GLA
			GLA in thousands

No.

Property

Market

State

Center
Type (a)

GLA

Leased Occupancy

ABR
PSF

Grocery
Anchor (b)

Major Anchors (c)

Scottsdale North Marketplace (e)

Phoenix

98.4%

$22.83

Yes

AJ's Fine Foods

The Plant (e)

Phoenix

100%

$28.89

Yes

Sprouts Farmers Market

Total Arizona

123

99.1%

$25.73

Grand Totals

10,972

97.4%

$20.07

(a)N = Neighborhood Center, P = Power Center, C = Community Center, L = Lifestyle Center

(b)Grocers may be leased or shadow-anchors and includes traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco).

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

(d)Properties are excluded from Same Property for the year ended December 31, 2024.

(e)Properties are excluded from Same Property for the three months and year ended ended December 31, 2024.

(f)The Company operates Plantation Grove and Maguire Groves as a single property under the Plantation Grove name. The operations, GLA, economic and leased occupancy, and ABR of Maguire Groves are classified as an other investment property for the year ended December 31, 2024.


18 Supplemental - Quarter Ended December 31, 2024


			Components of Net Asset Value as of December 31, 2024
			In thousands, except share information



NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter			Page No.
NOI, excluding ground rent	$	43,094	5
Ground rent income	5,061		5
NOI	48,155		5

Annualized NOI, excluding ground rent income	$	172,376
Annualized ground rent income	20,244

Projected remaining development
Net project costs	$	19,600	15
Estimated range for incremental yield	7-10%		15

Other Assets
Cash, cash equivalents and restricted cash	$	91,221	2
Billed base rent, recoveries, and other revenue receivables	10,273		4
Undeveloped land	—
Land held for development	—

Liabilities
Debt	$	743,380	8
Discounts and financing costs, net	(2,965)		8
Accounts payable and accrued expenses	46,418		2
Distributions payable	17,512		2
Other liabilities	28,703		2

Common Shares Outstanding	77,450,794		1


19 Supplemental - Quarter End December 31, 2024


			Glossary of Terms


Terms						Definitions
ABR Per Square Foot (ABR PSF)						ABR PSF is the ABR divided by the occupied square footage as of the end of the period.
Adjusted EBITDA						Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's on-going operating performance. Adjustments for the Company’s unconsolidated joint venture reflect the Company’s proportionate share of the joint venture's EBITDA and Adjusted EBITDA on the same basis.
Annualized Base Rent (ABR)						Annualized Base Rent (ABR) is the base rent for the last month of the period multiplied by twelve. Base rent is inclusive of ground rent and exclusive of Specialty Lease rent.
Anchor Tenant						Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
Community Center						Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants.
Comparable Lease						A Comparable Lease meets all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)						The Company's non-GAAP measure of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization. Adjustments for the Company's unconsolidated joint venture reflect its proportionate share of the joint venture's EBITDA on the same basis.
Economic Occupancy						Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant.
GAAP Rent Adjustments						GAAP Rent Adjustments consist of amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments.
Gross Leasable Area (GLA)						Measure of the total amount of leasable space at a property in square feet.
Leased Occupancy						Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA.
Lifestyle Center						Lifestyle Centers consist of upscale national-chain specialty stores with dining and entertainment in an outdoor setting.
Nareit Funds From Operations (Nareit FFO) and Core FFO						The Company's non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for the Company's unconsolidated joint venture are calculated to reflect the Company's proportionate share of the joint venture's Nareit FFO on the same basis. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company's operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance.
Neighborhood Center						Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers.
Net Debt-to-Adjusted EBITDA						Net Debt-to-Adjusted EBITDA is net debt divided by trailing twelve month Adjusted EBITDA.
Net Operating Income (NOI)						NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP Rent Adjustments.
New Lease						New Leases are leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit).
NOI from other investment properties						NOI from other investment properties consists of properties which do not meet the Company's Same Property criteria and includes adjustments for the Company's captive insurance company.
Power Center						Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants.
Prior Contractual Rent						Base rent charged for a particular unit, prior to the current term’s first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy.
Pro Rata						Where appropriate, the Company has included the results from its 55% ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," as of December 31, 2022 and 2021.
Pro Rata Net Debt						Pro rata net debt is total outstanding debt, net, less cash and cash equivalents, including IVT's JV share.
Renewal Lease						Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option.
Same Property						Information provided on a same-property basis includes the results of properties that were owned and operated for the entirety of both periods presented.
Shadow Anchor Tenant						Shadow Anchor Tenant represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or immediately adjacent to a property, appear to the consumer as a retail tenant of the property and, as a result, attract additional consumer traffic to the property.
Small Shop Tenant						Tenants with square footage less than 10,000 square feet are considered Small Shops.
Specialty Lease						Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot.
Wholly-owned						Wholly-owned properties are those properties owned outright by the Company and does not include properties owned through an investment in a joint venture.


20 Supplemental - Quarter End December 31, 2024