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What changed in InvenTrust Properties Corp.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of InvenTrust Properties Corp.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+182 added−176 removedSource: 10-K (2026-02-12) vs 10-K (2025-02-13)

Top changes in InvenTrust Properties Corp.'s 2025 10-K

182 paragraphs added · 176 removed · 145 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

17 edited+2 added−3 removed24 unchanged
Biggest changeWe believe that our efforts to enhance our communities, conserve resources, and foster a best-in-class work environment are not just compatible with, but facilitative of, growing long-term stockholder value. We discuss such initiatives related to our corporate responsibility and governance in our annual environmental, social, and governance ("ESG") report (the "ESG Report") available on our website.
Biggest changeCorporate Responsibility and Governance We continue to manage matters of corporate responsibility and governance across our platform as part of our overall business strategy. We believe that our efforts to enhance our communities, conserve resources, and foster a best-in-class work environment are not just compatible with, but facilitative of, growing long-term stockholder value.
Our flexible capital structure and ample liquidity will allow us to take advantage of future growth opportunities that meet our investment criteria. Competition We compete with numerous companies and individuals engaged in the ownership, development, acquisition, and operation of shopping centers in Sun Belt markets, resulting in competition for attracting and retaining tenants and acquiring and disposing shopping centers.
Our flexible capital structure and ample liquidity will allow us to take advantage of future growth opportunities that meet our investment criteria. 1 Competition We compete with numerous companies and individuals engaged in the ownership, development, acquisition, and operation of shopping centers in Sun Belt markets, resulting in competition for attracting and retaining tenants and acquiring and disposing shopping centers.
We believe our current capital structure provides us with the financial flexibility and capacity to fund our current capital needs as well as future growth opportunities. We believe we have the liquidity necessary to continue executing on our strategic and operational objectives while exhibiting a focused and disciplined capital allocation.
Maintaining a flexible capital structure. We believe our current capital structure provides us with the financial flexibility and capacity to fund our current capital needs as well as future growth opportunities. We believe we have the liquidity necessary to continue executing on our strategic and operational objectives while exhibiting a focused and disciplined capital allocation.
Our events consist of company-wide executive-led meetings to stay connected with our employees, wellness competitions, food trucks, game days, happy hours, and charity events serving our communities. We are proud that 100% of our employees participated in charitable events giving back to our communities in 2024.
Our events consist of company-wide executive-led meetings to stay connected with our employees, wellness competitions, food trucks, game days, happy hours, and charity events serving our communities. We are proud that 100% of our employees participated in charitable events giving back to our communities in 2025.
In addition, we reference certain sources included on our website, including our ESG Report, in this Annual Report, and none of these are incorporated by reference in, or are otherwise to be regarded as part of, this Annual Report.
In addition, we reference certain sources included on our website, including our Corporate Responsibility Report, in this Annual Report, and none of these are incorporated by reference in, or are otherwise to be regarded as part of, this Annual Report.
On October 12, 2021, the Company's shares of common stock were listed and began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "IVT." As of December 31, 2024, the Company owned 68 retail properties with a total gross leasable area ("GLA") of approximately 11.0 million square feet.
On October 12, 2021, the Company's shares of common stock were listed and began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "IVT." As of December 31, 2025, the Company owned 73 retail properties with a total gross leasable area ("GLA") of approximately 11.6 million square feet.
In 2024, 90% of our employees were highly engaged and we were named one of Chicago's Top Workplaces by The Chicago Tribune for the third year in a row. We believe that the more engaged our employees are the more likely productivity will increase and drive empowerment throughout the organization for our employees to act like owners.
In 2025, 95% of our employees were highly engaged and we were named one of Chicago's Top Workplaces by The Chicago Tribune for the fourth year in a row. We believe that the more engaged our employees are the more likely productivity will increase and drive empowerment throughout the organization for our employees to act like owners.
The following table summarizes our retail portfolio as of December 31, 2024.
The following table summarizes our retail portfolio as of December 31, 2025.
Employee engagement is critical to our success. We believe in fostering a highly engaged inclusive environment which drives growth and productivity. We believe that our heightened focus on employee development and health and wellness creates a more engaged workforce.
We believe in fostering a highly engaged inclusive environment which drives growth and productivity. We believe that our heightened focus on employee development and health and wellness creates a more engaged workforce.
As of December 31, 2024 No. of properties 68 GLA (square feet) 10,972 Economic occupancy (a) 95.3% Leased occupancy (b) 97.4% ABR PSF (c) $20.07 (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.
As of December 31, 2025 No. of properties 73 GLA (square feet) 11,589 Economic occupancy (a) 95.4% Leased occupancy (b) 96.7% ABR PSF (c) $20.41 (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.
We believe our employees are fairly compensated, without regard to gender, race, and ethnicity. All of our employees are offered a comprehensive benefits package, including, but not limited to, paid time off and parental leave, medical, dental and vision insurance, disability insurance, life insurance, 401(k) matching, tuition reimbursement, flexible Fridays and remote work flexibility.
All of our employees are offered a comprehensive benefits package, including, but not limited to, paid time off and parental leave, medical, dental and vision insurance, disability insurance, life insurance, 401(k) matching, tuition reimbursement, flexible Fridays and remote work flexibility. Employee engagement is critical to our success.
Opportunistically disposing of retail properties. We continue to opportunistically dispose of properties where we believe they no longer meet our investment criteria. These dispositions will allow us to redeploy the proceeds in more attractive opportunities in Sun Belt markets. 1 Maintaining a flexible capital structure.
We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace. Opportunistically disposing of retail properties. We continue to opportunistically dispose of properties where we believe they no longer meet our investment criteria. These dispositions will allow us to redeploy the proceeds in more attractive opportunities in Sun Belt markets.
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.
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 support hands-on property oversight, enabling responsive tenant engagement and strong local market knowledge across our portfolio.
Our annual awards, the "Rising Star" and "Standing Ovation", recognize new employees and tenured employees who exhibit exceptional promise, ability, and our InvenTrust values.
Our annual awards, the "Rising Star" and "Standing Ovation", recognize new employees and tenured employees who exhibit exceptional promise, ability, and our InvenTrust values. We monitor our performance through employee engagement surveys and utilize the results to continually improve our organization.
We seek to attract and retain talented professionals who provide a wide range of opinions and experiences to drive our business forward. As of December 31, 2024, we have 101 full-time employees. Our Human Capital strategy is focused on talent management. The basis for hiring, development, training, compensation and advancement are qualifications, performance, skills and experience.
We seek to attract and retain talented professionals who provide a wide range of opinions and experiences to drive our business forward, respectful of civil rights laws. As of December 31, 2025, we had 103 full-time employees. Our Human Capital strategy is focused on talent management.
Tax Status We have elected and operate in a manner to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), beginning with the tax year ended December 31, 2005.
However, we acknowledge that compliance with environmental-related regulations and legislation is evolving, and we cannot predict the impact of new or changed laws or regulations on our properties, operations, and financials. 2 Tax Status We have elected and operate in a manner to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), beginning with the tax year ended December 31, 2005.
To date, compliance with federal, state, and local environmental laws has not had a material adverse effect on our business, assets, results of operations, financial condition, and/or our ability to pay distributions. We do not believe that our existing retail platform will require us to incur material expenditures to comply with these laws and regulations.
We discuss such initiatives related to our corporate responsibility and governance in our annual Corporate Responsibility Report available on our website. To date, compliance with federal, state, and local environmental laws has not had a material adverse effect on our business, assets, results of operations, financial condition, and/or our ability to pay distributions.
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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.
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The basis for hiring, development, training, compensation and advancement are qualifications, performance, skills and experience. We believe our employees are fairly compensated.
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We monitor our performance through employee engagement surveys and utilize the results to continually improve our organization. 2 Corporate Responsibility and Governance We continue to manage matters of corporate responsibility and governance across our platform as part of our overall business strategy.
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We do not believe that our existing retail platform will require us to incur material expenditures to comply with these laws and regulations.
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However, we acknowledge that compliance with environmental-related regulations and legislation is evolving, and we cannot predict the impact of new or changed laws or regulations on our properties, operations, and financials.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThere can be no assurance that our security efforts and measures will be effective or that attempted security breaches would not be successful or damaging. While we maintain some of these IT Systems, we also depend on third parties to provide important IT Systems relating to several key business functions.
Biggest changeWhile we maintain some IT Systems ourselves, we also depend on third parties to provide important IT Systems relating to several key business functions. Furthermore, the security measures employed by third-party providers may prove to be ineffective at preventing breaches of their systems.
Increases in interest rates would increase our interest expense on any variable rate debt, as well as any debt that must be refinanced at higher interest rates at the time of maturity.
Increases in interest rates would increase our interest expense on our variable rate debt, as well as any debt that must be refinanced at higher interest rates at the time of maturity.
Moreover, compliance with ESG-related laws, regulations, expectations or reporting requirements may result in increased compliance costs, as well as additional scrutiny that could heighten all of the risks associated with environmental, social and sustainability matters.
Moreover, compliance with environmental, social and governance ("ESG") related laws, regulations, expectations or reporting requirements may result in increased compliance costs, as well as additional scrutiny that could heighten all of the risks associated with environmental, social and sustainability matters.
We and certain of our third-party providers collect, maintain and process data about customers, employees, business partners and others, including personally identifiable information, as well as proprietary information belonging to our business such as trade secrets (collectively, "Confidential Information").
We and certain of our third-party providers also collect, maintain and process data about customers, employees, business partners and others, including personally identifiable information, as well as proprietary information belonging to our business such as trade secrets (collectively, "Confidential Information").
For the year ended December 31, 2024, distributions were paid from cash flow from operations and proceeds from the sales of properties. 10 Risk Factors Related to Our Organization and Corporate Structure Our charter permits our Board to issue preferred stock on terms that may subordinate the rights of the holders of our current common stock or discourage a third party from acquiring us.
For the year ended December 31, 2025, distributions were paid from cash flow from operations and proceeds from the sales of properties. 10 Risk Factors Related to Our Organization and Corporate Structure Our charter permits our Board to issue preferred stock on terms that may subordinate the rights of the holders of our current common stock or discourage a third party from acquiring us.
Any adverse impact to the availability, integrity or confidentiality of our IT Systems can result in legal claims or proceedings (such as class actions), regulatory investigations and enforcement actions, fines and penalties, operational interruption, damage to our relationships with our tenants or damage to our tenants' relationships with their customers, as applicable, and private data exposure.
Any adverse impact to the availability, integrity or confidentiality of our Confidential Information or IT Systems can result in legal claims or proceedings (such as class actions), regulatory investigations and enforcement actions, fines and penalties, operational interruption, damage to our relationships with our tenants or damage to our tenants' relationships with their customers, as applicable, and private data exposure.
Natural disasters and severe weather such as hurricanes, wildfires, earthquakes, mudslides, droughts, tornadoes, blizzards, hailstorms or floods may result in significant damage to our properties, decrease demand for certain properties, disrupt operations at our properties, increase the costs associated with maintaining or insuring our properties, and adversely affect both the value of our properties and the ability of our tenants and operators to make their scheduled rent payments to us.
Natural disasters and severe weather such as hurricanes, wildfires, earthquakes, mudslides, droughts, tornadoes, blizzards, severe freezes and winter storms, hailstorms or floods may result in significant damage to our properties, decrease demand for certain properties, disrupt operations at our properties, increase the costs associated with maintaining or insuring our properties, and adversely affect both the value of our properties and the ability of our tenants and operators to make their scheduled rent payments to us.
Rising inflation could also adversely impact consumer behavior and increase our and our tenants' operating costs. As a result, the retail industry could face further reductions in sales revenues and increased bankruptcies.
Rising or elevated inflation could also adversely impact consumer behavior and increase our and our tenants' operating costs. As a result, the retail industry could face further reductions in sales revenues and increased bankruptcies.
Among the factors that could have a negative impact on our assets and the value of an investment in us are the following: • relative illiquidity of real estate; • competition among other owners of commercial real estate for investments in similar markets; • expansion into new markets that we are not as familiar with; • changing market demographics; • risks associated with the possibility that cost increases will outpace revenue increases and that in the event of an economic slowdown, the high proportion of fixed costs will make it difficult to reduce costs to the extent required to offset declining revenues; • changes in tax laws and property taxes, or an increase in the assessed valuation of an asset for real estate tax purposes; • adverse changes in the federal, state or local laws and regulations applicable to us, including those affecting zoning, fuel and energy consumption, water and environmental restrictions, and the related costs of compliance; • an inability to finance real estate assets on favorable terms, if at all; • significant capital expenditures may be required to improve our properties to attract tenants; • the ongoing need for owner-funded capital for improvements and expenditures to maintain or upgrade assets, make tenant improvements and pay leasing commissions; • fluctuations in real estate values or potential impairments in the value of our assets; • natural disasters, such as hurricanes, wildfires, earthquakes, droughts, floods, extreme storms and weather or other under-insured or uninsured losses, which may result from or be exacerbated by climate change, and man-made events, such as terrorist attacks or events of sabotage; • changes in interest rates and availability, and cost and terms of financing; and • rising inflation.
Among the factors that could have a negative impact on our assets and the value of an investment in us are the following: • relative illiquidity of real estate; • competition among other owners of commercial real estate for investments in similar markets; • expansion into new markets that we are not as familiar with; • changing market demographics; • risks associated with the possibility that cost increases will outpace revenue increases and that in the event of an economic slowdown, the high proportion of fixed costs will make it difficult to reduce costs to the extent required to offset declining revenues; • changes in tax laws and property taxes, or an increase in the assessed valuation of an asset for real estate tax purposes; • adverse changes in the federal, state or local laws and regulations applicable to us, including those affecting zoning, fuel and energy consumption, water and environmental restrictions, and the related costs of compliance; • an inability to finance real estate assets on favorable terms, if at all; • significant capital expenditures may be required to improve our properties to attract tenants; • the ongoing need for owner-funded capital for improvements and expenditures to maintain or upgrade assets, make tenant improvements and pay leasing commissions; • fluctuations in real estate values or potential impairments in the value of our assets; • natural disasters, such as hurricanes, wildfires, earthquakes, droughts, severe freezes and winter storms, floods, extreme storms and weather or other under-insured or uninsured losses, which may result from or be exacerbated by climate change, and man-made events, such as terrorist attacks or events of sabotage; • changes in interest rates and availability, and cost and terms of financing; • rising inflation; and • 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.
As of December 31, 2024, approximately 58.4% of our total annualized base rental income is generated by our small shop tenants. Our small shop tenants may be more vulnerable to negative economic conditions as they generally have more limited resources than our anchor tenants.
As of December 31, 2025, approximately 60.6% of our total annualized base rental income is generated by our small shop tenants. Our small shop tenants may be more vulnerable to negative economic conditions as they generally have more limited resources than our anchor tenants.
In connection with running our business, we receive, store, use and otherwise process information that relates to individuals, and we are therefore subject to laws, regulations and other requirements relating to the privacy, security and handling of personal information.
In connection with running our business, we receive, store, use and otherwise process information that relates to individuals, and we are therefore subject to laws, regulations and other requirements relating to the privacy, security and handling of personal information. The application and interpretation of such requirements are constantly evolving and are subject to change, creating a complex compliance environment.
As of December 31, 2024, approximately 38.5% of the total annualized base rental income in our retail portfolio was generated by properties located in Texas, with 16.1%, 10.2%, 9.0%, and 3.2% of our total annualized base rental income generated by properties in Austin, Houston, Dallas-Fort Worth-Arlington, and San Antonio metropolitan areas, respectively.
As of December 31, 2025, approximately 37.7% of the total annualized base rental income in our retail portfolio was generated by properties located in Texas, with 15.4%, 9.7%, 8.5%, and 4.1% of our total annualized base rental income generated by properties in Austin, Houston, Dallas-Fort Worth-Arlington, and San Antonio metropolitan areas, respectively.
Additionally, any integration of artificial intelligence ("AI"), machine learning and automated decision-making technologies (collectively, "AI Technologies") in our or any service providers' operations, products or services is expected to pose new or unknown cybersecurity risks and challenges.
Additionally, any integration of artificial intelligence ("AI"), machine learning and automated decision-making technologies (collectively, "AI Technologies") in our or any third-party providers' operations, products or services is expected to pose new or unknown cybersecurity risks and challenges. There is an increase in the use of AI Technologies by us and our third-party providers.
In addition, any failure or perceived failure by us to comply with laws, regulations and other requirements relating to the privacy, security and handling of information could result in legal claims or proceedings (including class actions), regulatory investigations or enforcement actions. Any such proceedings and subsequent adverse outcomes may subject us to significant negative publicity and an erosion of trust.
In addition, any failure or perceived failure by us to comply with laws, regulations and other requirements relating to the privacy, security and handling of personal information could result in legal claims or proceedings (including class actions), regulatory investigations or enforcement actions.
If we or our third-party providers fail to protect confidential information and/or experience cyber-attacks, security problems, or other disruptions, there may be damage to our brand and reputation, financial penalties, and legal liability, which could materially adversely affect our business, results of operations, and financial condition.
Moreover, various of our customers and other stakeholders are subject to similar expectations, which may augment or create additional risks for us. 12 If we or our third-party providers fail to protect our information technology systems or confidential information and/or experience cyber-attacks, security problems, or other disruptions, there may be damage to our brand and reputation, financial penalties, and legal liability, which could materially adversely affect our business, results of operations, and financial condition.
More specifically, a cyber incident is an intentional attack or an unintentional event that can include an intruder gaining unauthorized access to systems to disrupt operations, 12 corrupt data or steal confidential information and threats from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as through diverse attack vendors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of bugs, misconfigurations or exploited vulnerabilities in software or hardware.
We face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our IT Systems and Confidential Information, including an intruder gaining unauthorized access to systems to disrupt operations, corrupt data or steal Confidential Information and threats from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as through diverse attack vendors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of bugs, misconfigurations or exploited vulnerabilities in software or hardware.
As of December 31, 2024, economic occupancy and leased occupancy of our retail portfolio was 95.3% and 97.4%, respectively. Additionally, as of December 31, 2024, leases representing approximately 6.6% and 9.5% of our total expiring GLA and $12.5 million and $24.2 million of our total expiring ABR were scheduled to expire in 2025 and 2026, respectively.
As of December 31, 2025, economic occupancy and leased occupancy of our retail portfolio was 95.4% and 96.7%, respectively. Additionally, as of December 31, 2025, leases representing approximately 5.0% and 14.1% of our total expiring GLA and $15.1 million and $32.5 million of our total expiring ABR were scheduled to expire in 2026 and 2027, respectively.
The determination that we are a REIT requires an analysis of various factual matters that may not be totally within our control.
Therefore, we cannot guarantee that we have qualified or will qualify as a REIT in the future. The determination that we are a REIT requires an analysis of various factual matters that may not be totally within our control.
Should an uninsured loss or a loss in excess of insured limits occur, we could lose all or a portion of the capital we have invested in an asset, as well as the anticipated future cash flows from the asset. In that event, we might nevertheless remain obligated for any mortgage debt or other financial obligations related to the asset.
If an uninsured loss or a loss in excess of insured limits occurs, we could lose all or a portion of the capital invested in a property and the anticipated future cash flows from that property, while remaining obligated to satisfy any related mortgage debt or other financial obligations.
It is possible that new laws, regulations and other requirements, or amendments to or changes in interpretations of existing laws, regulations and other requirements, may require us to incur costs, implement new processes, or change our handling of information and business operations.
Further, there has been a substantial increase in legislative activity and regulatory focus on data privacy and security, including in relation to cybersecurity incidents. 13 It is possible that new laws, regulations and other requirements, or amendments to or changes in interpretations of existing laws, regulations and other requirements, may require us to incur costs, implement new processes, or change our handling of information and business operations.
If any of these events were to occur, our business, results of operations, and financial condition could be materially adversely affected. In addition, the regulatory framework for AI Technologies is rapidly evolving as many federal, state and foreign government bodies and agencies have introduced or are currently considering additional laws and regulations.
In addition, the regulatory framework for AI Technologies is rapidly evolving as many federal, state and foreign government bodies and agencies have introduced or are currently considering additional laws and regulations.
We plan to continue to meet the requirements for taxation as a REIT. Many of these requirements, for which there is limited judicial and administrative interpretation, however, are highly technical and complex. Therefore, we cannot guarantee that we have qualified or will qualify as a REIT in the future.
Risk Factors Relating to Our Qualification as a REIT Our failure to qualify as a REIT would have serious adverse consequences to our stockholders. We plan to continue to meet the requirements for taxation as a REIT. Many of these requirements, for which there is limited judicial and administrative interpretation, however, are highly technical and complex.
Furthermore, the security measures employed by third-party service providers may prove to be ineffective at preventing breaches of their systems. Moreover, cyber incidents perpetrated against our tenants, including unauthorized access to customers' credit card data and other confidential information, could diminish consumer confidence and consumer spending and negatively impact our business and reputation.
Moreover, cyber incidents perpetrated against our tenants, including unauthorized access to customers' credit card data and other Confidential Information, could diminish consumer confidence and consumer spending and negatively impact our business and reputation.
In the event of a substantial loss, our insurance coverage may not be sufficient to cover the full current market value or replacement cost of our lost investment.
In the event of a substantial loss or liability claim, our insurance coverage, including coverage provided through our captive insurance company, may be insufficient to cover the full current market value, replacement cost, or liability exposure associated with the property.
A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our computer systems, hardware, software, technology infrastructure and online sites and networks for both internal and external operations that are critical to our business (collectively, "IT systems").
We rely on computer systems, hardware, software, technology infrastructure and online sites and networks for both internal and external operations that are critical to our business (collectively, "IT systems").
In addition, insurance risks associated with potential terrorist acts could sharply increase the premiums we pay for coverage against property and casualty claims. 11 We could incur material costs related to government regulation and litigation with respect to environmental matters, which could materially and adversely affect our revenues and profitability.
We could incur material costs related to government regulation and litigation with respect to environmental matters, which could materially and adversely affect our revenues and profitability.
Even when insurable, these policies may have high deductibles and/or high premiums. Lenders may require such insurance. Our failure to obtain such insurance could constitute a default under loan agreements, and/or our lenders may force us to obtain such insurance at unfavorable rates, which could materially and adversely affect our profitability.
In addition, claims related to general liability or other casualty exposures may exceed policy limits or amounts retained through self-insurance. Our failure to obtain such insurance could constitute a default under loan agreements, and/or our lenders may force us to obtain such insurance at unfavorable rates, which could materially and adversely affect our profitability.
Some policymakers have also adopted, or are considering adopting requirements related to ESG matters, but such requirements are not uniform, which may increase costs or complexity for compliance, as well as related risk. We may face reputational damage, litigation, or other risks in the event our corporate responsibility procedures or standards do not successfully navigate the expectations of various constituencies.
The application and interpretation of such requirements are constantly evolving and are subject to change, creating a complex compliance environment. We may face reputational damage, litigation, or other risks in the event our corporate responsibility procedures or standards do not successfully navigate the expectations of various constituencies.
As our reliance on technology has increased, so have the risks posed to our systems, both internal and those we have outsourced.
As our reliance on technology has increased, so have the risks posed to our Confidential Information and IT Systems, both internal and those we have outsourced. There can be no assurance that our security efforts and measures will be effective or that attempted security breaches would not be successful or damaging.
We maintain insurance coverage with third-party carriers who provide a portion of the coverage of potential losses, including wind, flood, named windstorm, earthquake, fire, and other property-related perils. We currently self-insure a portion of our commercial insurance deductible risk through our captive insurance company.
We maintain insurance coverage with third-party carriers for a portion of our potential losses, including property damage and general liability risks. We also self-insure a portion of our risk exposure, including deductibles under certain commercial insurance policies and a layer of our general liability risk, through our wholly owned captive insurance company.
Any such changes at the federal level could require us to expend significant resources to modify our products, services, or operations to ensure compliance or remain competitive. 13 Risk Factors Relating to Our Qualification as a REIT Our failure to qualify as a REIT would have serious adverse consequences to our stockholders.
Any such changes at the federal level could require us to expend significant resources to modify our products, services, or operations to ensure compliance or remain competitive. Any investigation or litigation resulting from our use of AI Technologies could specifically limit our ability to use AI Technologies in the future.
Inflation, changes in building codes and ordinances, environmental considerations and other factors might require us to come out of pocket to replace or renovate an asset after it has been damaged or destroyed.
Inflation, changes in building codes or ordinances, environmental considerations, and other factors could require us to incur significant out-of-pocket costs to repair, replace, or remediate an asset following a loss. Under these circumstances, insurance proceeds, if any, may be inadequate to restore our economic position, which could materially and adversely affect our profitability.
To the extent that our captive insurance company is unable to bear that risk, we may be required to fund additional capital to our captive insurance company or we may be required to bear that loss. Further, there are losses we may incur that cannot be insured against or that we believe are not economically reasonable to insure.
To the extent our captive insurance company is unable to fund claims or otherwise satisfy its obligations, we may be required to contribute additional capital to the captive or bear the losses directly, which could materially and adversely affect our financial condition, results of operations, and cash flows.
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Should an uninsured loss occur, we could lose all or a portion of the capital we have invested in a property, as well as the anticipated future cash flow from the property. Catastrophic losses, including, but not limited to, hurricanes, wildfires, windstorms, earthquakes, floods, and foreign terrorist activities may not be insurable or may not be economically insurable.
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Certain risks, including catastrophic events such as hurricanes, severe freezes and winter storms, wildfires, windstorms, earthquakes, floods, and acts of terrorism, may not be insurable or may not be economically reasonable to insure. Even when such risks are insurable, insurance policies may be subject to significant deductibles, coverage limitations, exclusions, or high premiums.
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Under those circumstances, the insurance proceeds we receive might be inadequate to restore our economic position on the damaged or destroyed property, which could materially and adversely affect our profitability.
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In addition, the availability and cost of property and casualty insurance, including general liability coverage, may be adversely affected by market conditions, large loss events, or perceived risks associated with terrorism or other catastrophic events, which 11 could further increase our insurance costs or limit coverage availability.
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Moreover, various of our customers and other stakeholders are subject to similar expectations, which may augment or create additional risks for us.
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The general trend is for environmental laws to become more stringent over time, including the identification of additional hazardous substances; for example, there has recently been significant attention from various policymakers on regulating per- and polyfluoroalkyl substances, which have been used in firefighting and other materials.
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This introduces additional risks, including data privacy concerns, model inaccuracies, unintended bias, intellectual property exposure, and vulnerabilities that could be exploited by malicious actors. If we or our third-party providers fail to appropriately govern the use of AI Technologies, we may face operational, legal, ethical, or reputational risks.
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In addition, there can be no assurance that our or third-party providers' investments in AI Technologies will in fact provide the desired business support.
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In some cases, these requirements may be either unclear in their interpretation and application or they may have inconsistent or conflicting requirements with each other.
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Any such proceedings and subsequent adverse outcomes may subject us to significant negative publicity and an erosion of trust. If any of these events were to occur, our business, results of operations, and financial condition could be materially adversely affected.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur cybersecurity risk management program includes: • risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment; • a team responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; • cybersecurity awareness training of our employees, incident response personnel, and senior management; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and • a risk management process for essential third-party service providers, suppliers, and vendors, as identified by management.
Biggest changeKey elements of our cybersecurity risk management program include, but are not limited to, the following: • risk assessments designed to help identify material risks from cybersecurity threats to our critical systems; • a team responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; • the use of external third-party providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; • cybersecurity awareness training of our employees, including incident response personnel and senior management; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and • a third-party risk management process for key service providers, based on our assessment of their criticality to our operations and respective risk profile.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels, and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Our cybersecurity risk management program is integrated into our overall risk management program, and shares common methodologies, reporting channels, and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the "Committee") oversight of cybersecurity and other information technology risks. The Committee oversees management's implementation of our cybersecurity risk management program. The Committee receives periodic reports from management on our cybersecurity risks.
Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the "Committee") oversight of cybersecurity risks, including oversight of management's implementation of our cybersecurity risk management program. The Committee receives periodic reports from management on our cybersecurity risks.
We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework ("NIST CSF"). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
In addition, management updates the Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cybersecurity risk management program.
In addition, management updates the Committee regarding any material cybersecurity incidents, as well as any incidents it considers to be significant. The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cybersecurity risk management program.
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework ("NIST CSF").
Our management team has experience with implementing IT organizational policies and procedures, working in multiple platform environments, and overseeing corporate networking and hardware framework.
Our VP IT has experience with implementing IT organizational policies and procedures, overseeing multiple platform environments, managing corporate networking and hardware operations, leading cybersecurity functions, penetration and disaster recovery testing coordination, security project management, and continuous monitoring of security information and event management alerts.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeMarket No. of Properties ABR ABR PSF ABR as % of Total GLA GLA as % of Total Austin-Round Rock, TX 8 $ 33,517 $16.97 16.1 % 2,091 19.1 % Houston-Sugar Land-Baytown, TX 6 21,376 16.41 10.2 % 1,378 12.5 % Atlanta Metro Area, GA 10 20,935 20.89 10.0 % 1,069 9.7 % Miami-Fort Lauderdale-Miami Beach, FL 3 20,231 24.04 9.7 % 859 7.8 % Dallas-Fort Worth-Arlington, TX 7 18,678 20.56 9.0 % 941 8.6 % Raleigh-Cary-Durham, NC 5 13,288 20.39 6.4 % 688 6.3 % Orlando-Kissimmee, FL 4 10,337 25.67 5.0 % 411 3.7 % Charlotte-Gastonia-Concord, NC 4 9,972 20.67 4.8 % 515 4.7 % Tampa-St.
Biggest changeMarket No. of Properties ABR ABR PSF ABR as % of Total GLA GLA as % of Total Austin-Round Rock, TX 8 $ 34,659 $16.95 15.4 % 2,091 18.0 % Houston-Sugar Land-Baytown, TX 6 21,923 16.88 9.7 % 1,378 12.0 % Atlanta Metro Area, GA 10 21,527 21.28 9.5 % 1,069 9.2 % Miami-Fort Lauderdale-Miami Beach, FL 3 20,885 24.71 9.2 % 859 7.4 % Dallas-Fort Worth-Arlington, TX 7 19,272 21.09 8.5 % 941 8.1 % Charlotte-Gastonia-Concord, NC 6 16,607 22.87 7.4 % 752 6.5 % Raleigh-Cary-Durham, NC 5 13,665 20.69 6.1 % 688 5.9 % Richmond, VA 3 12,991 17.02 5.7 % 771 6.7 % Orlando-Kissimmee, FL 4 10,533 26.57 4.7 % 411 3.6 % Tampa-St.
(b) Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases. Our retail business is neither highly dependent on specific retailers nor subject to lease roll-over concentration. We believe this minimizes our risk of significant revenue variances over time. Certain of our properties are encumbered by mortgages, totaling $93.4 million as of December 31, 2024.
(b) Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases. Our retail business is neither highly dependent on specific retailers nor subject to lease roll-over concentration. We believe this minimizes our risk of significant revenue variances over time. Certain of our properties are encumbered by mortgages, totaling $117.6 million as of December 31, 2025.
Item 2. Properties The following table summarizes our retail portfolio as of December 31, 2024 and 2023.
Item 2. Properties The following table summarizes our retail portfolio as of December 31, 2025 and 2024.
Year ended December 31 2024 2023 No. of properties 68 62 GLA (square feet) 10,972 10,324 Economic occupancy 95.3% 93.3% Leased occupancy 97.4% 96.2% ABR PSF $20.07 $19.48 The following table summarizes the geographical diversity of our retail portfolio by ABR as of December 31, 2024.
Year ended December 31 2025 2024 No. of properties 73 68 GLA (square feet) 11,589 10,972 Economic occupancy 95.4% 95.3% Leased occupancy 96.7% 97.4% ABR PSF $20.41 $20.07 The following table summarizes the geographical diversity of our retail portfolio by ABR as of December 31, 2025.
Parent Name Tenant Name/Count No. of Leases ABR % of Total ABR GLA % of Total Occ.GLA Kroger Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / Ralphs 2 14 $ 8,891 4.3 % 821 7.5 % Publix Super Markets, Inc.
Parent Name Tenant Name/Count No. of Leases ABR % of Total ABR GLA % of Total Occ.GLA Kroger Kroger 7 / Kroger Fuel 1 / Harris Teeter 5 13 $ 8,079 3.6 % 787 6.8 % Publix Super Markets, Inc.
Michael's 8 8 2,660 1.3 % 190 1.7 % Best Buy 4 2,270 1.1 % 138 1.3 % Ross Dress For Less Ross Dress for Less 5 / dd's Discounts 1 6 2,193 1.1 % 171 1.6 % BC Partners PetSmart 6 6 2,117 1.0 % 125 1.1 % 83 $ 41,322 19.9 % 3,431 31.3 % 16 The following table presents the lease expirations of our retail portfolio as of December 31, 2024.
Michaels 9 9 2,927 1.3 % 211 1.8 % Trader Joe's 7 2,752 1.2 % 88 0.8 % Wegmans 2 2,450 1.1 % 242 2.1 % Ross Dress For Less Ross Dress for Less 5 / dd's Discounts 1 6 2,193 1.0 % 171 1.5 % 88 $ 44,904 19.9 % 3,744 32.4 % 16 The following table presents the lease expirations of our retail portfolio as of December 31, 2025.
Staff Office 1 5 4,257 2.0 % 447 4.1 % Amazon, Inc. Whole Foods Market 5 5 2,742 1.3 % 194 1.8 % Apollo Global Management, Inc.
Whole Foods Market 8 5,023 2.2 % 320 2.8 % Albertsons Tom Thumb 2 / Market Street 2 / Safeway 1 /Albertsons 1 6 4,400 2.0 % 365 3.1 % H.E.B. H.E.B. 4 / H.E.B. Staff Office 1 5 4,292 1.9 % 481 4.2 % Apollo Global Management, Inc.
California - Inland Empire, CA 2 5,661 23.36 2.7 % 246 2.2 % Charleston-Berkeley-Dorchester, SC 2 5,225 25.80 2.5 % 214 2.0 % Cape Coral-Fort Myers, FL 2 3,718 15.55 1.8 % 249 2.3 % Phoenix, AZ 2 3,057 25.73 1.5 % 123 1.1 % Total 68 $ 207,945 $20.07 100 % 10,972 100 % The following table presents information regarding the top 10 tenants of our retail portfolio by ABR as of December 31, 2024.
California - Los Angeles, CA 1 1,724 19.40 0.8 % 117 1.0 % Tucson, AZ 1 1,501 16.63 0.7 % 91 0.8 % Total 73 $ 225,570 $20.41 100 % 11,589 100 % The following table presents information regarding the top 10 tenants of our retail portfolio by ABR as of December 31, 2025.
Removed
Petersburg, FL 3 9,486 15.34 4.6 % 744 6.8 % So. California - Los Angeles, CA 2 7,489 20.14 3.6 % 392 3.6 % Richmond, VA 2 6,864 17.94 3.3 % 385 3.5 % San Antonio, TX 2 6,573 27.02 3.2 % 261 2.4 % Washington D.C., MD 2 5,826 36.34 2.8 % 181 1.6 % So.
Added
Petersburg, FL 3 9,636 15.64 4.3 % 744 6.4 % San Antonio, TX 3 9,318 28.01 4.1 % 353 3.0 % Charleston-Berkeley-Dorchester, SC 3 7,845 27.43 3.5 % 293 2.5 % Cape Coral-Fort Myers, FL 3 7,578 20.98 3.4 % 380 3.3 % Washington D.C., MD 2 6,060 37.42 2.7 % 181 1.6 % Phoenix, AZ 3 5,278 23.27 2.3 % 234 2.0 % Asheville, NC 1 2,534 20.10 1.1 % 130 1.1 % Savannah, GA 1 2,034 19.63 0.9 % 106 0.9 % So.
Removed
California - San Diego, CA 2 5,712 26.31 2.8 % 225 2.1 % So.
Added
Publix 13 / Publix Liquor 3 16 7,323 3.2 % 629 5.4 % TJX Companies Marshalls 8 / HomeGoods 5 / TJ Maxx 3 16 5,465 2.4 % 450 3.9 % Amazon, Inc.
Removed
Publix 12 / Publix Liquor 3 15 6,926 3.3 % 581 5.3 % TJX Companies Marshalls 7 / HomeGoods 5 / TJ Maxx 2 14 4,907 2.4 % 399 3.6 % Albertson's Tom Thumb 2 / Market Street 2 / Safeway 1 /Albertsons 1 6 4,359 2.1 % 365 3.3 % H.E.B. H.E.B. 4 / H.E.B.
Added
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) 2026 168 549 5.0 % $ 15,092 6.2 % $27.49 2027 262 1,554 14.1 % 32,522 13.4 % 20.93 2028 264 1,143 10.4 % 28,055 11.5 % 24.55 2029 256 1,530 13.9 % 33,786 13.9 % 22.08 2030 226 1,475 13.4 % 30,093 12.4 % 20.40 2031 153 1,062 9.6 % 22,562 9.3 % 21.24 2032 105 624 5.7 % 14,345 5.9 % 22.99 2033 75 450 4.1 % 11,348 4.7 % 25.22 2034 101 879 8.0 % 19,025 7.8 % 21.64 2035 87 585 5.3 % 15,087 6.2 % 25.79 Thereafter 54 1,125 10.2 % 20,057 8.3 % 17.83 Other (b) 12 35 0.3 % 1,036 0.4 % 29.60 Totals 1,763 11,011 100 % $ 243,008 100 % $22.07 (a) Expiring ABR PSF reflects ABR PSF at the time of lease expiration.
Removed
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) 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 (a) Expiring ABR PSF reflects ABR PSF at the time of lease expiration.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe tax characterization of our distributions declared for the years ended December 31, 2024 and 2023 was as follows: Year ended December 31 Common Stock: 2024 2023 Ordinary distributions 95.55% 78.50% Other forms of distributions 4.45% —% Capital gain distributions —% 21.50% Total distributions per share of common stock 100.00% 100.00% 18 Stock Performance Graph The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, or otherwise subject to the liabilities under the Securities Act or Exchange Act, except to the extent that we specifically incorporate it by reference into such filing.
Biggest changeThe following table summarizes the tax characterization of distributions declared during the years ended December 31, 2025 and 2024: Year ended December 31 Common Stock: 2025 2024 Ordinary distributions 100.00% 95.55% Other forms of distributions —% 4.45% Capital gain distributions —% —% Total distributions per share of common stock 100.00% 100.00% 18 Stock Performance Graph The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, or otherwise subject to the liabilities under the Securities Act or Exchange Act, except to the extent that we specifically incorporate it by reference into such filing.
The following graph depicts the total cumulative stockholder return of our common stock from October 12, 2021, the first day of trading of our common stock on the NYSE, through December 31, 2024, relative to the performance of the FTSE National Association of Real Estate Investment Trusts Equity REITs Index (the "FTSE Nareit Equity Index"), the FTSE National Association of Real Estate Investment Trusts Equity Shopping Centers Index (the "FTSE Nareit Shopping Centers Index"), and the Standard and Poor’s 500 Stock Index (S&P 500 Index).
The following graph depicts the total cumulative stockholder return of our common stock from October 12, 2021, the first day of trading of our common stock on the NYSE, through December 31, 2025, relative to the performance of the FTSE National Association of Real Estate Investment Trusts Equity REITs Index (the "FTSE Nareit Equity Index"), the FTSE National Association of Real Estate Investment Trusts Equity Shopping Centers Index (the "FTSE Nareit Shopping Centers Index"), and the Standard and Poor’s 500 Stock Index (S&P 500 Index).
Stock-Based Compensation Plans During the year ended December 31, 2024, certain of the Company's employees surrendered shares of common stock to satisfy tax withholding obligations associated with the vesting of shares of common stock issued under the InvenTrust Properties Corp. 2015 Incentive Award Plan, as amended (the "Incentive Award Plan"), and the purchase of shares of common stock at a discount under the InvenTrust Properties Corp. 2023 Employee Stock Purchase Plan (the "ESPP").
Stock-Based Compensation Plans During the year ended December 31, 2025, certain of the Company's employees surrendered shares of common stock to satisfy tax withholding obligations associated with the vesting of shares of common stock issued under the InvenTrust Properties Corp. 2015 Incentive Award Plan, as amended (the "Incentive Award Plan"), and the purchase of shares of common stock at a discount under the InvenTrust Properties Corp. 2023 Employee Stock Purchase Plan (the "ESPP").
The SRP may be suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or particular amount of shares. As of December 31, 2024, no common stock has been repurchased under the SRP.
The SRP may be suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or particular amount of shares. As of December 31, 2025, no common stock has been repurchased under the SRP.
The following table summarizes all share repurchases during the fourth quarter of 2024: Period Total No. of Shares Purchased (a) Average Price Paid per Share Total No. of Shares Purchased as Part of Publicly Announced Plans or Programs Approx.
The following table summarizes all share repurchases during the fourth quarter of 2025: Period Total No. of Shares Purchased (a) Average Price Paid per Share Total No. of Shares Purchased as Part of Publicly Announced Plans or Programs Approx.
For the distribution of $0.2155 declared on December 28, 2023 and paid on January 15, 2024, $0.1125 of the distribution is reported for the tax year 2024 and included in the tax characterization percentages in the table below.
For the distribution of $0.2155 declared on December 28, 2023 and paid on January 15, 2024, $0.1125 of the distribution was reported for the tax year 2024 and included in the tax characterization percentages in the table below.
Our charter provides that no person may beneficially or constructively own more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock. 17 Issuer Purchases of Equity Securities Share Repurchase Program On February 23, 2022, we established a share repurchase program (the "SRP") of up to $150.0 million of our outstanding shares of common stock.
Our charter provides that no person may beneficially or constructively own more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock. 17 Issuer Purchases of Equity Securities Share Repurchase Program We maintain a share repurchase program (the "SRP") of up to $150.0 million of our outstanding shares of common stock.
The December 2024 distribution declared, with a record date of December 30, 2024 and payment date of January 15, 2025, will be reported in 2025, and is not reflected in the 2024 tax allocation.
The December 2024 distribution declared, with a record date of December 30, 2024 and payment date of January 15, 2025, is reported in 2025, and was not reflected in the 2024 tax allocation.
Ticker / Index 10/12/2021 12/31/2021 12/31/2022 12/31/2023 12/31/2024 IVT $100.00 $116.32 $104.34 $115.87 $142.47 FTSE Nareit Equity Index 100.00 112.75 85.28 96.99 105.46 FTSE Nareit Shopping Centers Index 100.00 107.87 94.34 105.70 123.71 S&P 500 Index 100.00 109.88 89.98 113.63 142.06 Recent Sales of Unregistered Securities None. Item 6. Reserved 19
Ticker / Index 10/12/2021 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 IVT $100.00 $116.32 $104.34 $115.87 $142.47 $121.17 FTSE Nareit Equity Index 100.00 112.75 85.28 96.99 105.46 108.49 FTSE Nareit Shopping Centers Index 100.00 107.87 94.34 105.70 123.71 118.95 S&P 500 Index 100.00 109.88 89.98 113.63 142.06 167.47 Recent Sales of Unregistered Securities None. Item 6. Reserved 19
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Our common stock trades on the NYSE under the ticker symbol "IVT". As of February 6, 2025, there were 20,175 holders of record of shares of our outstanding common stock.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Our common stock trades on the NYSE under the ticker symbol "IVT". As of February 6, 2026, there were 18,562 holders of record of shares of our outstanding common stock.
Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs October 1 - October 31, 2024 — $— — $150,000 November 1 - November 30, 2024 — $— — $150,000 December 1 - December 31, 2024 46,630 $29.71 — $150,000 (a) Consists of shares of common stock surrendered to the Company to satisfy tax withholding obligations associated with the vesting of restricted stock unit awards under our Incentive Award Plan.
Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs October 1 - October 31, 2025 — $— — $150,000 November 1 - November 30, 2025 — $— — $150,000 December 1 - December 31, 2025 51,640 $28.84 — $150,000 (a) Consists of shares of common stock surrendered to the Company to satisfy tax withholding obligations associated with the vesting of restricted stock unit awards under our Incentive Award Plan.
We currently have capacity and intend to continue to pay a quarterly distribution, subject to Board approval. During the year ended December 31, 2024, we declared and paid cash distributions of $65.7 million and $62.8 million, respectively. During the year ended December 31, 2023, we declared and paid cash distributions of $58.2 million and $57.5 million, respectively.
We currently have capacity and intend to continue to pay a quarterly distribution, subject to Board approval. During the year ended December 31, 2025, we declared and paid cash distributions of $73.8 million and $72.8 million, respectively. During the year ended December 31, 2024, we declared and paid cash distributions of $65.7 million and $62.8 million, respectively.
Added
For the distribution of $0.2377 declared on December 30, 2025 and paid on January 15, 2026, $0.111969 of the distribution is reported for the tax year 2025 and included in the tax characterization percentages in the table below.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeNo. of Leases Executed GLA SF (in thousands) New Contractual Rent ($PSF)(b) Prior Contractual Rent ($PSF)(b) % Change over Prior Lease Rent (b) Weighted Average Lease Term (Years) Tenant Improvement Allowance ($PSF) Lease Commissions ($PSF) All tenants Comparable Renewal Leases (a) 145 985 $21.31 $19.27 10.6% 5.4 $0.04 $— Comparable New Leases (a) 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 Anchor tenants (leases ten thousand square feet and over) Comparable Renewal Leases (a) 24 702 $14.48 $13.16 10.0% 5.4 $— $— Comparable New Leases (a) 2 42 $14.67 $12.54 17.0% 10.9 $30.00 $8.66 Non-Comparable Renewal and New Leases 5 141 $10.92 N/A N/A 7.6 $10.89 $5.86 Total 31 885 $14.49 $13.13 10.4% 6.0 $3.17 $1.35 Small shop tenants (leases under ten thousand square feet) Comparable Renewal Leases (a) 121 283 $38.23 $34.39 11.2% 5.4 $0.14 $— Comparable New Leases (a) 24 60 $39.05 $33.56 16.4% 9.9 $30.83 $16.12 Non-Comparable Renewal and New Leases 34 95 $33.73 N/A N/A 8.5 $25.10 $13.95 Total 179 438 $38.37 $34.25 12.0% 6.7 $9.72 $5.21 (a) Comparable leases are leases that meet all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
Biggest changeNo. of Leases Executed GLA SF (in thousands) New Contractual Rent ($PSF)(a) Prior Contractual Rent ($PSF)(a) % Change over Prior Lease Rent (a) Weighted Average Lease Term (Years) Tenant Improvement Allowance ($PSF) Lease Commissions ($PSF) All tenants Comparable Renewal Leases (b) 190 1,055 $21.52 $19.41 10.9% 5.3 $0.15 $0.02 Comparable New Leases (b) 35 121 $32.10 $24.53 30.9% 12.2 $40.98 $13.40 Non-Comparable Renewal and New Leases 47 130 $29.32 N/A N/A 11.2 $39.15 $8.95 Total 272 1,306 $22.60 $19.94 13.3% 6.5 $7.81 $2.14 Anchor tenants (leases ten thousand square feet and over) Comparable Renewal Leases (b) 17 624 $12.72 $11.68 8.9% 5.1 $— $— Comparable New Leases (b) 1 44 $17.50 $9.00 94.4% 16.2 $60.00 $6.00 Non-Comparable Renewal and New Leases 1 38 $19.95 N/A N/A 20.2 $79.11 $— Total 19 706 $13.03 $11.51 13.2% 6.6 $7.97 $0.37 Small shop tenants (leases under ten thousand square feet) Comparable Renewal Leases (b) 173 431 $34.23 $30.59 11.9% 5.6 $0.37 $0.04 Comparable New Leases (b) 34 77 $40.38 $33.35 21.1% 10.0 $30.19 $17.60 Non-Comparable Renewal and New Leases 46 92 $33.16 N/A N/A 7.5 $22.73 $12.63 Total 253 600 $35.17 $31.01 13.4% 6.4 $7.62 $4.22 (a) Non-comparable leases are not included in totals.
Common Stock Offering On September 25, 2024, we completed an underwritten public offering of our common stock at a price to the public of $28.00 per share. We issued and sold 9,200,000 shares of our common stock, including 1,200,000 shares issued in connection with the full exercise of the underwriters' over-allotment option.
On September 25, 2024, we completed an underwritten public offering of our common stock at a price to the public of $28.00 per share. We issued and sold 9,200,000 shares of our common stock, including 1,200,000 shares issued in connection with the full exercise of the underwriters' over-allotment option.
Cash used in investing activities of $240.5 million for the year ended December 31, 2024, was primarily the result of: • $268.1 million for acquisitions of investment properties, • $36.1 million for capital investments and leasing costs, and • $1.4 million from other investing activities, which was partially offset by: • $65.1 million from the sale of investment properties.
Cash used in investing activities of $240.5 million for the year ended December 31, 2024, was primarily the result of: • $268.1 million for acquisitions of investment properties, • $36.1 million for capital investments and leasing costs, and • $1.4 million for other investing activities, which were partially offset by: • $65.1 million from the sale of investment properties.
As we execute on our retail strategy, the Board evaluated and expects to continue evaluating our distribution rate on a periodic basis. See " Part I. Item 1. Business - Business Strategy " for more information regarding our retail strategy. The following table presents a historical summary of distributions declared, paid and reinvested.
As we execute on our retail strategy, the Board evaluated and expects to continue evaluating our distribution rate on a periodic basis. See " Part I. Item 1. Business - Business Strategy " for more information regarding our retail strategy. The following table presents a historical summary of distributions declared and paid.
Our calculation of Core FFO Applicable to Common Shares and Dilutive Securities does not consider any capital expenditures. 26 Other REITs may use alternative methodologies for calculating similarly titled measures, which may not be comparable to our definition and calculation of Nareit FFO Applicable to Common Shares and Dilutive Securities or Core FFO Applicable to Common Shares and Dilutive Securities.
Our calculation of Core FFO Applicable to Common Shares and Dilutive Securities does not consider any capital expenditures. Other REITs may use alternative methodologies for calculating similarly titled measures, which may not be comparable to our definition and calculation of Nareit FFO Applicable to Common Shares and Dilutive Securities or Core FFO Applicable to Common Shares and Dilutive Securities.
Rising inflation may affect our and our tenants' expenses, including, without limitation, by increasing product prices and costs such as wages, benefits, taxes, property and casualty insurance, borrowing costs and utilities. We rely on the performance of our assets to increase revenues in order to keep pace with inflation.
Rising or elevated inflation may affect our and our tenants' expenses, including, without limitation, by increasing product prices and costs such as wages, benefits, taxes, property and casualty insurance, borrowing costs and utilities. We rely on the performance of our assets to increase revenues in order to keep pace with inflation.
Discussion of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this Annual Report can be found in " Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations " of our Annual Report on Form 10-K for the year ended December 31, 2023.
Discussion of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in " Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations " of our Annual Report on Form 10-K for the year ended December 31, 2024.
A portion of our leases also include clauses enabling us to receive percentage rents based on a tenant's gross sales above specified levels or rental escalation clauses which are typically based on increases in the Consumer Price Index or similar inflation indices. 34
A portion of our leases also include clauses enabling us to receive percentage rents based on a tenant's gross sales above specified levels or rental escalation clauses which are typically based on increases in the Consumer Price Index or similar inflation indices. 35
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.
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.
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.
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.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis relates to the operations of the Company for the years ended December 31, 2024 and 2023 and its financial position as of December 31, 2024 and 2023.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis relates to the operations of the Company for the years ended December 31, 2025 and 2024 and its financial position as of December 31, 2025 and 2024.
(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. 27 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.
(b) For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP. 28 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.
Gain on sale of investment properties, net During the year ended December 31, 2024, the Company recognized a gain of $4.5 million on the completion of a partial condemnation and partial sale of one retail property and a loss of $0.6 million on the sale of one retail property.
During the year ended December 31, 2024, the Company recognized a gain of $4.5 million on the completion of a partial condemnation and partial sale of one retail property and a loss of $0.6 million on the sale of one retail property.
The following table summarizes the Same Properties of our retail portfolio for the years ended December 31, 2024 and 2023.
The following table summarizes the Same Properties of our retail portfolio for the years ended December 31, 2025 and 2024.
(b) As of December 31, 2024 and 2023, total accrued capital investments and leasing costs were $3,620 and $2,562, 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.
(b) As of December 31, 2025 and 2024, total accrued capital investments and leasing costs were $4,248 and $3,620, respectively. 29 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 adjustments to Nareit FFO to arrive at Core FFO include removing the impact of (i) amortization of debt discounts and financing costs, (ii) amortization of market-lease intangibles and inducements, net, (iii) depreciation and amortization of corporate assets, (iv) straight-line rent adjustments, (v) gains (or losses) resulting from debt extinguishments (vi) other non-operating revenue and expense items which, in our judgment, are not pertinent to measuring on-going operating performance, and (vii) adjustments for IAGM to reflect our share of the ventures' Core FFO on the same basis.
Our adjustments to Nareit FFO to arrive at Core FFO include removing the impact of (i) amortization of debt discounts and financing costs, (ii) amortization of market-lease intangibles and inducements, net, (iii) depreciation and amortization of corporate assets, (iv) straight-line rent adjustments, (v) gains (or losses) resulting from debt transactions, and (vi) other non-operating revenue and expense items which, in our judgment, are not pertinent to measuring on-going 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, (vi) straight-line rent adjustments, (v) gains (or losses) resulting from debt extinguishments, (vi) other non-operating revenue and expense items which, in our judgment, are not pertinent to measuring on-going operating performance, (vii) adjustments for IAGM to reflect our share of the ventures' Adjusted EBITDA on the same basis.
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, (vi) straight-line rent adjustments, (v) gains (or losses) resulting from debt transactions, and (vi) other non-operating revenue and expense items which, in our judgment, are not pertinent to measuring on-going operating performance.
We periodically assess the credit risk associated with these financial institutions. We believe insignificant credit risk exists related to amounts on deposit in excess of FDIC insurance coverage. Acquisitions and Dispositions of Real Estate Investments In 2024, we acquired seven retail properties for an aggregate gross acquisition price of $282.1 million.
We periodically assess the credit risk associated with these financial institutions. We believe insignificant credit risk exists related to amounts on deposit in excess of FDIC insurance coverage. Acquisitions and Dispositions of Real Estate Investments In 2025, we acquired ten retail properties for an aggregate gross acquisition price of $464.6 million.
ATM Program During the quarter ended December 31, 2024, we raised $7.8 million of net proceeds, after $0.1 million in commissions, under our at-the-market equity offering program (the "ATM Program"), through the issuance of 254,082 shares of common stock at a weighted average price of $30.96 per share.
During the quarter ended December 31, 2024, we 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. During the quarter ended December 31, 2025, no shares were issued under the ATM Program.
The following table presents our obligations to make future payments under debt and lease agreements as of December 31, 2024, exclusive of debt discounts and financing costs which are not future cash obligations.
Debt" in the consolidated financial statements. The following table presents our obligations to make future payments under debt and lease agreements as of December 31, 2025, exclusive of debt discounts and financing costs which are not future cash obligations.
Cash provided by operating activities increased $7.3 million when comparing 2024 to 2023, primarily as a result of acquisition activity in excess of disposition activity and general fluctuations in working capital. Since January 1, 2023, we have acquired twelve retail properties and disposed of two retail properties.
Cash provided by operating activities increased $18.5 million when comparing 2025 to 2024, primarily as a result of acquisition activity in excess of disposition activity and general fluctuations in working capital. Since January 1, 2024, we have acquired seventeen retail properties and disposed of six retail properties.
Other income and expense, net Other income and expense, net, decreased $1.7 million primarily as a result of decreased non-recurring income from non-operating activities. 24 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, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments ("GAAP Rent Adjustments").
Other income and expense, net Other income and expense, net, decreased $0.2 million primarily as a result of decreased miscellaneous and settlement income. 25 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").
Year ended December 31 2024 2023 No. of properties 68 62 GLA (square feet) 10,972 10,324 Economic occupancy 95.3% 93.3% Leased occupancy 97.4% 96.2% ABR PSF $20.07 $19.48 Same Property Summary Properties classified as same property were owned for the entirety of both periods presented ("Same Properties").
Year ended December 31 2025 2024 No. of properties 73 68 GLA (square feet) 11,589 10,972 Economic occupancy 95.4% 95.3% Leased occupancy 96.7% 97.4% ABR PSF $20.41 $20.07 Same Property Summary Properties classified as same property were owned for the entirety of both periods presented ("Same Properties").
Year ended December 31 2024 2023 2022 2021 2020 Distributions declared $ 65,697 $ 58,248 $ 55,337 $ 55,721 $ 54,604 Distributions paid $ 62,779 $ 57,491 $ 55,302 $ 55,561 $ 54,214 Distributions reinvested $ — $ — $ — $ — $ 185 Borrowings Mortgages Payable, Maturities The following table summarizes the scheduled maturities of our mortgages payable as of December 31, 2024.
Year ended December 31 2025 2024 2023 2022 2021 Distributions declared $ 73,785 $ 65,697 $ 58,248 $ 55,337 $ 55,721 Distributions paid $ 72,847 $ 62,779 $ 57,491 $ 55,302 $ 55,561 32 Borrowings Mortgages Payable, Maturities The following table summarizes the scheduled maturities of our mortgages payable as of December 31, 2025.
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 our Series A and Series B Notes offering or other 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. 29 On September 25, 2024, we completed an underwritten public offering of our common stock at a price to the public of $28.00 per share.
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.
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. A total of 56 retail properties met our Same Property criteria for the years ended December 31, 2024 and 2023.
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.
Tenant improvements are depreciated and origination costs are amortized over the remaining term of the lease or charged against earnings if the lease is terminated prior to its contractual expiration date. 33 With the assistance of a third-party valuation specialist, we perform the following procedures for assets acquired: • Estimate the value of the property "as if vacant" as of the acquisition date; • Allocate the value of the property among land, building, and other building improvements and determine the associated useful life for each; • Calculate the value and associated life of above- and below-market leases on a tenant-by-tenant basis.
With the assistance of a third-party valuation specialist, we perform the following procedures for assets acquired: • Estimate the value of the property "as if vacant" as of the acquisition date; • Allocate the value of the property among land, building, and other building improvements and determine the associated useful life for each; • Calculate the value and associated life of above- and below-market leases on a tenant-by-tenant basis.
Cash used in investing activities of $79.7 million for the year ended December 31, 2023, was primarily the result of: • $152.0 million for acquisitions of investment properties, and • $35.8 million for capital investments and leasing costs, which were partially offset by: • $95.1 million from distributions from unconsolidated entities, • $12.6 million from the sale of investment properties, and • $0.4 million from other investing activities. 30 Cash provided by financing activities of $95.1 million for the year ended December 31, 2024, was primarily the result of: • $257.6 million in proceeds from the public offering of our common stock, • $8.4 million from proceeds from the sale of common stock under the ATM and ESPP , which were partially offset by: • $93.4 million for pay-off of debt and other financing activities, • $62.8 million to pay distributions, • $12.1 million for costs incurred in relation to sales of our common stock, and • $2.6 million for the payment of tax withholdings for share-based compensation.
Cash used in financing activities of $61.2 million for the year ended December 31, 2025, was primarily the result of: • $72.8 million for payment of distributions, • $39.9 million for pay-off of mortgage debt, payment of mortgage principal, and payment of financing costs, • $13.0 million for repayments of line of credit, and • $3.9 million for payment of tax withholdings on share-based compensation, which were partially offset by: • $68.0 million from proceeds from the line of credit, and • $0.4 million from proceeds from the sale of common stock under the ESPP. 31 Cash provided by financing activities of $95.1 million for the year ended December 31, 2024, was primarily the result of: • $257.6 million in proceeds from the public offering of our common stock, and • $8.4 million in proceeds from the sale of common stock under the ATM and ESPP, which were partially offset by: • $93.4 million for pay-off of debt and other financing activities, • $62.8 million for payment of pay distributions, • $12.1 million for costs incurred in relation to sales of our common stock, and • $2.6 million for payment of tax withholdings on share-based compensation.
The following table presents the changes in our operating expenses for the years ended December 31, 2024 and 2023.
The following table presents the comparative results of our operating expenses for the years ended December 31, 2025 and 2024.
During the year ended December 31, 2023, the Company recognized a gain of $1.0 million on the completion of a partial condemnation at one retail property and a gain of $1.7 million on the sale of one retail property.
Gain on sale of investment properties, net During the year ended December 31, 2025, the Company recognized a gain of $90.9 million on the completion of a portfolio sale of five properties in California and a gain of $0.1 million on the completion of a partial condemnation at one retail property.
The following table summarizes the capital resources used for capital investments and leasing costs on a cash basis: Year ended December 31 2024 2023 Tenant improvements $ 9,096 $ 7,945 Leasing costs 3,762 3,888 Property improvements 11,486 17,424 Capitalized indirect costs (a) 1,435 1,929 Total capital expenditures and leasing costs 25,779 31,186 Development and redevelopment direct costs 9,253 3,788 Development and redevelopment indirect costs (a) 1,084 770 Capital investments and leasing costs (b) $ 36,116 $ 35,744 (a) Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.
The following table summarizes the cash used for capital investments and leasing costs: Year ended December 31 2025 2024 Tenant improvements $ 7,091 $ 9,096 Leasing costs 3,990 3,762 Property improvements 13,427 11,486 Capitalized indirect costs (a) 1,411 1,435 Total capital expenditures and leasing costs 25,919 25,779 Development and redevelopment direct costs 16,993 9,253 Development and redevelopment indirect costs (a) 1,610 1,084 Capital investments and leasing costs (b) $ 44,522 $ 36,116 (a) Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.
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. Adjustments for IAGM are calculated to reflect our proportionate share of the joint venture's funds from operations on the same basis.
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.
Property operating expenses increased $0.6 million as a result of: • $1.2 million of increases from properties acquired, partially offset by: • $0.3 million of net decreased costs from our Same Properties primarily driven by decreased repairs and maintenance costs and increased insurance costs, and • $0.3 million of decreases from properties disposed.
Property operating expenses increased $3.2 million as a result of: • $5.7 million of increases from properties acquired, and • $0.3 million of increases from our Same Properties, partially offset by: • $2.8 million of decreases from properties disposed.
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.
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 support hands-on property oversight, enabling responsive tenant engagement and strong local market knowledge across our portfolio.
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. Off Balance Sheet Arrangements None.
At this time, we believe our current sources of liquidity are sufficient to meet our short- and long-term cash demands. Off Balance Sheet Arrangements None.
In 2023, we acquired five retail properties for an aggregate gross acquisition price of $244.0 million. In 2024, we disposed of one retail property and an outparcel adjacent to an existing retail property and completed a partial condemnation at one retail property for an aggregate gross disposition price of $68.6 million.
In 2024, we acquired seven retail properties for an aggregate gross acquisition price of $282.1 million. In 2025, we disposed of five retail properties and completed a partial condemnation at one retail property for an aggregate gross disposition price of $306.2 million.
In 2023, we disposed of one retail property for an aggregate gross disposition price of $13.1 million. 31 Distributions During the year ended December 31, 2024, we declared cash distributions to our stockholders totaling $65.7 million and paid cash distributions of $62.8 million.
In 2024, we disposed of one retail property and an outparcel adjacent to an existing retail property and completed a partial condemnation at one retail property for an aggregate gross disposition price of $68.6 million. Distributions During the year ended December 31, 2025, we declared cash distributions to our stockholders totaling $73.8 million and paid cash distributions of $72.8 million.
Year ended December 31 2024 2023 Increase (Decrease) Income Lease income, net $ 272,440 $ 257,146 $ 15,294 Other property income 1,534 1,450 84 Other fee income — 80 (80) Total income $ 273,974 $ 258,676 $ 15,298 Lease income, net, for the year ended December 31, 2024 increased $15.3 million when compared to the same period in 2023, as a result of increases from properties acquired of $10.6 million, decreases from properties disposed of $2.1 million, and the following activity related to our Same Properties: • $4.1 million of increased minimum base rent attributable to increased occupancy and ABR PSF, • $2.3 million of increased common area maintenance and real estate tax recoveries, • $0.8 million of net changes in credit losses and related reversals, • $0.2 million of net increases in all other income, and • $0.4 million increase in lease termination income, partially offset by: • $1.0 million of net decreased amortization of market lease intangibles.
Year ended December 31 2025 2024 Increase Income Lease income, net $ 297,477 $ 272,440 $ 25,037 Other property income 1,692 1,534 158 Total income $ 299,169 $ 273,974 $ 25,195 Lease income, net, for the year ended December 31, 2025 increased $25.0 million when compared to the same period in 2024, as a result of increases from properties acquired of $35.5 million, decreases from properties disposed of $18.3 million, and the following activity related to our Same Properties: • $6.4 million of increased minimum base and ground rent, and • $3.3 million of increased common area maintenance and real estate tax recoveries, partially offset by: • $0.8 million of decreased lease termination income, • $0.8 million of net decreased straight-line rent adjustments, and • $0.3 million of increased net credit losses and related reversals.
If a tenant vacates its space prior to the contractual expiration of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible asset or liability is written off.
For the amortization period, the remaining term of leases with renewal options at terms below market reflect the assumed exercise of such below-market renewal options, if reasonably assured. 34 If a tenant vacates its space prior to the contractual expiration of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangible asset or liability is written off.
Real estate taxes increased $1.6 million as a result of: • $0.9 million of increases from properties acquired, and • $1.0 million of increases from our Same Properties, and partially offset by: • $0.3 million of decreases from properties disposed. 23 General and administrative expenses increased $1.4 million as a result of $0.8 million of increased stock-based compensation expense and $0.6 million of increased other compensation costs.
Real estate taxes increased $1.3 million as a result of: • $3.2 million of increases from properties acquired, and • $0.8 million of net increases from our Same Properties, partially offset by: • $2.7 million of decreases from properties disposed.
Year ended December 31 2024 2023 Increase Operating expenses Depreciation and amortization $ 113,948 $ 113,430 $ 518 Property operating 43,413 42,832 581 Real estate taxes 36,441 34,809 1,632 General and administrative 33,172 31,797 1,375 Total operating expenses $ 226,974 $ 222,868 $ 4,106 Depreciation and amortization increased $0.5 million as a result of: • $5.8 million of increases from properties acquired, partially offset by: • $0.5 million of decreases from properties disposed, and • $4.8 million of decreased amortization from our Same Properties, primarily driven by in-place lease intangibles.
Year ended December 31 2025 2024 Increase Operating expenses Depreciation and amortization $ 128,497 $ 113,948 $ 14,549 Property operating 46,633 43,413 3,220 Real estate taxes 37,710 36,441 1,269 General and administrative 34,925 33,172 1,753 Total operating expenses $ 247,765 $ 226,974 $ 20,791 Depreciation and amortization increased $14.5 million as a result of: • $26.3 million of increases from properties acquired, partially offset by: • $5.3 million of net decreases from our Same Properties, primarily driven by in-place lease intangibles, and • $6.5 million of decreases from properties disposed.
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.
As of December 31, 2025, $236.7 million of common stock remains available for issuance under the ATM Program. 30 We believe our status as an NYSE-listed issuer facilitates 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.
Summary of Cash Flows Year ended December 31 Change 2024 2023 Cash provided by operating activities $ 136,876 $ 129,621 $ 7,255 Cash used in investing activities (240,535) (79,718) (160,817) Cash provided by (used in) financing activities 95,117 (87,902) 183,019 Decrease in cash, cash equivalents and restricted cash (8,542) (37,999) 29,457 Cash, cash equivalents and restricted cash at beginning of year 99,763 137,762 (37,999) Cash, cash equivalents and restricted cash at end of year $ 91,221 $ 99,763 $ (8,542) Cash provided by operating activities of $136.9 million and $129.6 million for the years ended December 31, 2024 and 2023, respectively, was generated primarily from income from property operations.
Summary of Cash Flows Year ended December 31 Change 2025 2024 Cash provided by operating activities $ 155,416 $ 136,876 $ 18,540 Cash used in investing activities (144,905) (240,535) 95,630 Cash (used in) provided by financing activities (61,214) 95,117 (156,331) Decrease in cash, cash equivalents, and restricted cash (50,703) (8,542) (42,161) Cash, cash equivalents, and restricted cash at beginning of year 91,221 99,763 (8,542) Cash, cash equivalents, and restricted cash at end of year $ 40,518 $ 91,221 $ (50,703) Cash provided by operating activities of $155.4 million and $136.9 million for the years ended December 31, 2025 and 2024, respectively, was generated primarily from income from property operations.
Maturity Date Interest Rate Principal Balance $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 (a) Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.
Maturity Date Interest Rate Principal Balance $200.0 million 5 year Aug-30 2.66% (a) $ 100,000 $200.0 million 5 year Aug-30 2.66% (a) 100,000 $200.0 million 5.5 year Feb-31 2.63% (a) 50,000 $200.0 million 5.5 year Feb-31 2.69% (b) 50,000 $200.0 million 5.5 year Feb-31 4.84% (b) 100,000 Total $ 400,000 (a) 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%.
In that regard, we have historically used Core FFO as an input to our compensation plan to determine cash bonuses and measure the achievement of certain performance-based equity awards.
In that regard, we use Core FFO as an input to our compensation plan to determine cash bonuses.
(c) Reflects the Company’s share of adjustments for IAGM's Adjusted EBITDA on the same basis as InvenTrust. 28 Liquidity and Capital Resources Capital Investments and Leasing Costs Operating retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions.
Liquidity and Capital Resources Capital Investments and Leasing Costs Operating retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions.
The following table presents the reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA: Year ended December 31 2024 2023 Net income $ 13,658 $ 5,269 Interest expense, net 37,100 38,138 Income tax expense 543 517 Depreciation and amortization 113,948 113,430 Unconsolidated joint venture adjustments (a) — 417 EBITDA 165,249 157,771 Impairment of real estate assets 3,854 — Gain on sale of investment properties, net (3,857) (2,691) Amortization of market-lease intangibles and inducements, net (2,804) (3,343) Straight-line rent adjustments, net (3,400) (3,349) Non-operating income and expense, net (b) (1,033) (1,821) Unconsolidated joint venture adjusting items, net (c) — (108) Adjusted EBITDA $ 158,009 $ 146,459 (a) Reflects the Company's share of adjustments for IAGM's EBITDA on the same basis as InvenTrust.
The following table reconciles net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA: Year ended December 31 2025 2024 Net income $ 111,421 $ 13,658 Interest expense, net 34,519 37,100 Income tax expense 568 543 Depreciation and amortization 128,497 113,948 EBITDA 275,005 165,249 Impairment of real estate assets — 3,854 Gain on sale of investment properties, net (90,961) (3,857) Amortization of market-lease intangibles and inducements, net (4,422) (2,804) Straight-line rent adjustments, net (3,671) (3,400) Non-operating income and expense, net (a) (750) (1,033) Adjusted EBITDA $ 175,201 $ 158,009 (a) Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.
The following table presents the reconciliation of net income, 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: Year ended December 31 2024 2023 Net income $ 13,658 $ 5,269 Depreciation and amortization of real estate assets 113,055 112,578 Impairment of real estate assets 3,854 — Gain on sale of investment properties, net (3,857) (2,691) Unconsolidated joint venture adjustments (a) — 342 Nareit FFO Applicable to Common Shares and Dilutive Securities 126,710 115,498 Amortization of market lease intangibles and inducements, net (2,804) (3,343) Straight-line rent adjustments, net (3,400) (3,349) Amortization of debt discounts and financing costs 2,403 4,113 Depreciation and amortization of corporate assets 893 852 Non-operating income and expense, net (b) (1,033) (1,821) Unconsolidated joint venture adjusting items, net (c) — (92) Core FFO Applicable to Common Shares and Dilutive Securities $ 122,769 $ 111,858 Weighted average common shares outstanding - basic 70,394,448 67,531,898 Dilutive effect of unvested restricted shares (d) 616,120 281,282 Weighted average common shares outstanding - diluted 71,010,568 67,813,180 Net income per diluted share $ 0.19 $ 0.08 Per share adjustments for Nareit FFO 1.59 1.62 Nareit FFO per diluted share $ 1.78 $ 1.70 Per share adjustments for Core FFO (0.05) (0.05) Core FFO per diluted share $ 1.73 $ 1.65 (a) Reflects the Company’s share of adjustments for IAGM's Nareit FFO on the same basis as InvenTrust.
Nor should Nareit FFO and Core FFO be considered as measures of liquidity, our ability to make cash distributions, or our ability to service our debt. 27 The following table reconciles net income, 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: Year ended December 31 2025 2024 Net income $ 111,421 $ 13,658 Depreciation and amortization of real estate assets 127,387 113,055 Impairment of real estate assets — 3,854 Gain on sale of investment properties, net (90,961) (3,857) Nareit FFO Applicable to Common Shares and Dilutive Securities 147,847 126,710 Amortization of market lease intangibles and inducements, net (4,422) (2,804) Straight-line rent adjustments, net (3,671) (3,400) Amortization of debt discounts and financing costs 2,870 2,403 Accretion of finance lease liability 109 — Depreciation and amortization of corporate assets 1,110 893 Non-operating income and expense, net (a) (750) (1,033) Core FFO Applicable to Common Shares and Dilutive Securities $ 143,093 $ 122,769 Weighted average common shares outstanding - basic 77,598,121 70,394,448 Dilutive effect of unvested restricted shares (b) 740,328 616,120 Weighted average common shares outstanding - diluted 78,338,449 71,010,568 Net income per diluted share $ 1.42 $ 0.19 Per share adjustments for Nareit FFO 0.47 1.59 Nareit FFO per diluted share $ 1.89 $ 1.78 Per share adjustments for Core FFO (0.06) (0.05) Core FFO per diluted share $ 1.83 $ 1.73 (a) Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.
Evaluation of Operating Performance and Financial Condition In addition to measures of operating performance determined in accordance with U.S. generally accepted accounting principles ("GAAP"), management evaluates our operating performance and financial condition by focusing on the following financial and non-financial 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 ("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. 20 Recent Developments Acquisitions and Mortgage Assumption During the year ended December 31, 2024, we acquired the following properties: Date Property Anchor Market Square Feet Gross Acquisition Price Assumption of Mortgage Debt 2/1/24 The Plant (a) Sprouts Farmers Market Phoenix, AZ 57 $ 29,500 $ 13,000 4/9/24 Moores Mill Publix Atlanta Metro Area, GA 70 28,000 — 6/13/24 Maguire Groves (b) Publix Orlando-Kissimmee, FL 33 16,100 — 8/6/24 Scottsdale North Marketplace AJ's Fine Foods Phoenix, AZ 66 23,000 — 10/9/24 Stonehenge Village Wegmans Richmond, VA 214 62,100 — 11/26/24 The Forum Target Cape Coral-Fort Myers, FL 186 41,370 — 12/18/24 Market at Mill Creek Lowes Foods Charleston-Berkeley-Dorchester, SC 80 27,300 — 12/18/24 Nexton Square N/A Charleston-Berkeley-Dorchester, SC 134 54,700 — Total 840 $ 282,070 $ 13,000 (a) The Company recognized a fair value adjustment of $0.4 million related to the mortgage payable secured by the property.
Evaluation of Operating Performance and Financial Condition In addition to measures of operating performance determined in accordance with U.S. generally accepted accounting principles ("GAAP"), management evaluates our operating performance and financial condition by focusing on the following financial and non-financial 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. 20 Recent Developments Acquisitions and Mortgage Assumptions The Company acquired the following properties during the year ended December 31, 2025: Month Acquired Property Grocery Anchor(s) Market Square Feet Gross Acquisition Price Assumption of Mortgage Debt Apr-25 Plaza Escondida (a) Trader Joe's Tucson, AZ 91 $ 23,000 $ 7,981 Apr-25 Carmel Village N/A Charlotte-Gastonia-Concord, NC 54 19,925 — Jun-25 West Ashley Station (b) Whole Foods Market Charleston-Berkeley-Dorchester, SC 79 26,600 — Jun-25 Twelve Oaks Shopping Center Publix Savannah, GA 106 35,850 — Jul-25 The Marketplace at Encino Park Sprouts Farmers Market San Antonio, TX 92 38,500 — Jul-25 West Broad Marketplace Wegmans Richmond Metro Area, VA 386 86,000 — Aug-25 Asheville Market (c) Whole Foods Market Asheville, NC 130 45,700 22,281 Sep-25 Rea Farms Harris Teeter Charlotte-Gastonia-Concord, NC 183 80,000 — Dec-25 Daniels Marketplace (d) Whole Foods Market Cape Coral - Fort Myers, FL 131 72,250 30,250 Dec-25 Mesa Shores Sprouts Farmers Market, Trader Joe's Phoenix - Mesa - Chandler, AZ 111 36,750 — Total 1,363 $ 464,575 $ 60,512 (a) The Company recognized a fair value adjustment of $507 related to the mortgage payable secured by the property.
In the first quarter of 2022, we entered into an ATM Program pursuant to which we may sell shares of our common stock up to an aggregate purchase price of $250.0 million.
We received $247.3 million of net proceeds, after deducting $10.3 million in underwriting discounts and commissions. We maintain 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.
Senior Notes, Maturities The following table summarizes the outstanding borrowings under our Senior Notes as of December 31, 2024.
Our Retail Portfolio The following table summarizes our retail portfolio as of December 31, 2025 and 2024.
Adjustments for IAGM are calculated to reflect our proportionate share of the joint venture's EBITDA on the same basis. Adjusted EBITDA is an additional supplemental non-GAAP financial measure of our operating performance.
Adjusted EBITDA is an additional supplemental non-GAAP financial measure of our operating performance.
Scheduled maturities by year: Principal Balance 2025 $ 35,880 2026 — 2027 26,000 2028 — 2029 31,500 Thereafter — Total mortgages payable $ 93,380 Credit Agreements, Maturities The following table summarizes the outstanding borrowings under our unsecured term loans as of December 31, 2024.
Scheduled maturities by year: Scheduled Principal Payments Principal Balance Total 2026 $ 773 $ — $ 773 2027 810 26,000 26,810 2028 495 21,321 21,816 2029 449 61,750 62,199 2030 154 5,853 6,007 Thereafter — — — Total mortgages payable $ 2,681 $ 114,924 $ 117,605 Term Loan, Maturities The following table summarizes the outstanding borrowings under our unsecured term loan as of December 31, 2025.
Impairment of real estate assets During the year ended December 31, 2024, the Company 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.
Impairment of real estate assets During the year ended December 31, 2024, the Company recorded an impairment of real estate assets of $3.9 million on one retail property. The property was sold on October 31, 2024 for $57.8 million, resulting in a loss on sale of $0.6 million, which was primarily related to closing costs.
The following table presents the changes in our income for the years ended December 31, 2024 and 2023.
Comparison of the components of Same Property NOI for the years ended December 31, 2025 and 2024 A total of 56 retail properties met our Same Property criteria for the years ended December 31, 2025 and 2024. The following table presents the changes in Same Property NOI for the years ended December 31, 2025 and 2024.
Maturity Date Fixed Interest Rate Principal Balance $150.0 million Series A 8/11/29 5.07% $ 150,000 $100.0 million Series B 8/11/32 5.20% 100,000 $ 250,000 32 Contractual Obligations We have obligations related to our mortgage loans, senior notes, term loans, and revolving credit facility as described in "Note 8. Debt" in the consolidated financial statements.
Maturity Date Variable Interest Rate Principal Balance $500.0 million total capacity Jan-29 1M SOFR + 1.05% (a) $ 55,000 $ 55,000 (a) As of December 31, 2025 1-Month Term SOFR was 3.69%. 33 Contractual Obligations We have obligations related to our mortgage loans, senior notes, term loans, revolving credit facility, and ground lease as described in "Note 8.
Year ended December 31 2024 2023 Change, net Other income (expense) Interest expense, net $ (37,100) $ (38,138) $ 1,038 Loss on extinguishment of debt — (15) 15 Impairment of real estate assets (3,854) — (3,854) Gain on sale of investment properties, net 3,857 2,691 1,166 Equity in losses of unconsolidated entities — (557) 557 Other income and expense, net 3,755 5,480 (1,725) Total other (expense) income, net $ (33,342) $ (30,539) $ (2,803) Interest expense, net Interest expense, net, decreased $1.0 million primarily as a result of: • decreased amortization of $1.7 million, partially offset by: • increased interest expense of $0.7 million related to the $92.5 million pooled mortgage payable assumed from our previously owned unconsolidated joint venture, IAGM Retail Fund I, LLC ("IAGM") on October 17, 2023.
Year ended December 31 2025 2024 Change, net Other income (expense) Interest expense, net $ (34,519) $ (37,100) $ 2,581 Impairment of real estate assets — (3,854) 3,854 Gain on sale of investment properties, net 90,961 3,857 87,104 Other income and expense, net 3,575 3,755 (180) Total other (expense) income, net $ 60,017 $ (33,342) $ 93,359 Interest expense, net Interest expense, net, decreased $2.6 million primarily as a result of: • decreased interest expense of $3.6 million related to the $72.5 million pooled mortgage payable extinguished in September 2024, partially offset by: • increased interest expenses of $0.3 million related to our finance lease, • increased interest expense of $0.3 million related to our revolving credit facility, and • increased amortization of debt discounts and financing costs of $0.4 million.
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.
We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.
(b) Non-comparable leases are not included in totals. 22 Results of Operations Comparison of results for the years ended December 31, 2024 and 2023 We generate substantially all of our earnings from property operations. Since January 1, 2023, we have acquired twelve retail properties and disposed of two retail properties.
Since January 1, 2024, we have acquired seventeen retail properties and disposed of six retail properties. The following table presents the comparative results of our income for the years ended December 31, 2025 and 2024.
The following table presents the changes in our other income and expenses for the years ended December 31, 2024 and 2023.
General and administrative expenses increased $1.8 million as a result of $1.0 million of increased stock-based compensation expense and $0.8 million of increased other compensation costs. 24 The following table presents the comparative results of our other income and expenses for the years ended December 31, 2025 and 2024.
Year ended December 31 2024 2023 No. of properties 56 56 GLA (square feet) 8,916 8,890 Economic occupancy 95.3% 93.8% Leased occupancy 97.6% 96.4% ABR PSF $20.34 $19.82 Leasing Activity The following tables summarize the activity for leases executed during the year ended December 31, 2024, compared with expiring or expired leases for the same or previous tenant for renewals, and the same unit for new leases.
Year ended December 31 2025 2024 No. of properties 56 56 GLA (square feet) 9,385 9,384 Economic occupancy 95.1% 95.0% Leased occupancy 96.4% 97.3% ABR PSF $19.99 $19.60 22 Leasing Activity The Company's portfolio had 1.25 million square feet expiring during the year ended December 31, 2025, of which 1.06 million square feet was re-leased.
On October 23, 2024, we 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.
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.
Cash used in financing activities of $87.9 million for the year ended December 31, 2023, was primarily the result of: • $57.5 million to pay distributions, • $33.8 million for pay-off of debt, debt prepayment penalties, principal payments of mortgage debt, payment of loan fees, and other financing activities, and • $1.6 million for the payment of tax withholdings for share-based compensation, which was partially offset by: • $5.0 million from net proceeds from the sale of common stock under the ESPP and ATM.
Cash used in investing activities of $144.9 million for the year ended December 31, 2025, was primarily the result of: • $400.9 million for acquisitions of investment properties, and • $44.5 million for capital investments and leasing costs, which were partially offset by: • $299.5 million from the sale of investment properties, and • $1.0 million from other investing activities.
Removed
(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.
Added
(b) The Company recognized a finance lease liability of $10,973 associated with the ground lease assumed upon acquisition. See " Note 13. Commitments and Contingencies ". (c) The Company recognized a fair value adjustment of $607 related to the mortgage payable secured by the property.
Removed
Dispositions During the year ended December 31, 2024, we disposed of the following properties: Date Property Market Square Feet Gross Disposition Price Gain (Loss) on Sale, net 7/22/2024 Eldridge Town Center & Windermere Village (a) Houston - Sugar Land - Baytown, TX N/A $ 602 $ 334 10/31/2024 Stevenson Ranch So.
Added
(d) The Company recognized a fair value adjustment of $967 related to the mortgage payable secured by the property.
Removed
California - Los Angeles, CA 187 57,800 (614) 12/13/2024 Eldridge Town Center & Windermere Village (b) Houston - Sugar Land - Baytown, TX 31 10,150 4,137 Total 218 $ 68,552 $ 3,857 (a) This disposition was related to the completion of a partial condemnation at one retail property.
Added
Dispositions The Company disposed of the following properties during the year ended December 31, 2025: Month Disposed Property Market Square Feet Gross Disposition Price Gain on Sale Jun-25 California portfolio (a) California 746 $ 306,000 $ 90,909 Sep-25 Custer Creek Village (b) Dallas - Fort Worth - Arlington, TX N/A 229 52 Total 746 $ 306,229 $ 90,961 (a) The Company disposed of five properties through a portfolio sale, consisting of River Oaks Shopping Center, Campus Marketplace, Old Grove Marketplace, Bear Creek Village Center, and Pavilion at La Quinta, and recognized a gain on sale of $90.9 million.
Removed
(b) 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.
Added
(b) This disposition was related to the completion of a partial condemnation at one retail property Debt 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.
Removed
Debt On June 5, 2024, we extinguished the $7.3 million and $8.4 million pooled mortgages payable secured by Plantation Grove and Suncrest Village, respectively. On September 27, 2024, we extinguished the remaining $72.5 million pooled mortgage payable secured by Cyfair Town Center, Bay Colony, and Stables Town Center.
Added
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 Secured Overnight Financing Rate ("SOFR"), in addition to other modifications. As of December 31, 2025, the Company had available liquidity of $445.0 million under its amended Revolving Credit Facility.
Removed
We received $247.3 million of net proceeds, after deducting $10.3 million in underwriting discounts and commissions.
Added
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.
Removed
As of December 31, 2024, $236.7 million of common stock remains available for issuance under the ATM Program. 21 Our Retail Portfolio The following table summarizes our retail portfolio as of December 31, 2024 and 2023.
Added
The Term Loan Amendment also modified 21 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.
Removed
Of the retail portfolio's expiring GLA of 1.22 million square feet during the year ended December 31, 2024, 1.15 million square feet was re-leased, achieving a retention rate of approximately 94%.
Added
Interest Rate Swaps During the year ended December 31, 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.
Removed
On December 22, 2023, the Company partially paid down this mortgage debt by $20.0 million. On September 27, 2024, the Company extinguished the remaining $72.5 million pooled mortgage payable.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

5 edited+2 added−1 removed8 unchanged
Biggest changeThe following table summarizes the Company's interest rate swaps as of December 31, 2024 and 2023: Interest Rate Swaps Effective Date Termination Date InvenTrust Receives InvenTrust Pays Fixed Rate of Fixed Rate Achieved Notional Amount Fair Value as of Dec. 31 2024 2023 5.5 Year Term Loan 12/2/19 6/21/24 1-Month SOFR N/A N/A $ — $ — $ 855 5.5 Year Term Loan 12/2/19 6/21/24 1-Month SOFR N/A N/A — — 857 5.5 Year Term Loan 4/3/23 3/22/27 1-Month SOFR 3.69% 4.99% 100,000 656 (122) 5 Year Term Loan 12/21/23 9/22/26 1-Month SOFR 1.51% 2.81% 100,000 4,212 5,820 5 Year Term Loan 12/21/23 9/22/26 1-Month SOFR 1.51% 2.81% 100,000 4,226 5,845 5.5 Year Term Loan 6/21/24 3/22/27 1-Month SOFR 1.54% 2.84% 50,000 2,698 2,451 5.5 Year Term Loan 6/21/24 3/22/27 1-Month SOFR 1.48% 2.78% 50,000 2,634 2,368 $ 400,000 $ 14,426 $ 18,074 Gains or losses resulting from marking-to-market derivatives each reporting period are recognized as an increase or decrease in comprehensive income (loss) on the consolidated statements of operations and comprehensive income (loss).
Biggest changeThe following table summarizes the Company's effective interest rate swaps as of December 31, 2025 and 2024: Effective Interest Rate Swaps Effective Date Termination Date InvenTrust Receives InvenTrust Pays Fixed Rate of Fixed Rate Achieved (a) Notional Amount Fair Value as of Dec. 31, 2025 Dec. 31, 2024 5.5 year Term Loan 4/3/23 3/22/27 1-Month SOFR 3.69% 4.84% $ 100,000 $ (435) $ 656 5 year Term Loan 12/21/23 9/22/26 1-Month SOFR 1.51% 2.66% 100,000 1,413 4,212 5 year Term Loan 12/21/23 9/22/26 1-Month SOFR 1.51% 2.66% 100,000 1,418 4,226 5.5 year Term Loan 6/21/24 3/22/27 1-Month SOFR 1.54% 2.69% 50,000 1,082 2,634 5.5 year Term Loan 6/21/24 3/22/27 1-Month SOFR 1.48% 2.63% 50,000 1,118 2,698 $ 400,000 $ 4,596 $ 14,426 (a) Interest rates reflect the Company's current credit spread of 1.15% as of December 31, 2025. 36 The following table summarizes the Company's four forward-starting interest rate swaps as of December 31, 2025, which address the periods between the termination dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement: 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 Dec. 31, 2025 5 year Term Loan 9/22/26 8/26/30 Daily SOFR 3.35% 4.50% $ 100,000 $ 28 5 year Term Loan 9/22/26 8/26/30 Daily SOFR 3.35% 4.50% 100,000 36 5.5 year Term Loan 3/22/27 2/24/31 Daily SOFR 3.42% 4.57% 100,000 56 5.5 year Term Loan 3/22/27 2/24/31 Daily SOFR 3.43% 4.58% 100,000 45 $ 400,000 $ 165 (a) Interest rates reflect the Company's current credit spread of 1.15% as of December 31, 2025.
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. 35 Item 8. Consolidated Financial Statements and Supplementary Data See the Index to Consolidated Financial Statements and Financial Statement Schedule commencing on page F-1.
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 8. Consolidated Financial Statements and Supplementary Data See the Index to Consolidated Financial Statements and Financial Statement Schedule commencing on page F-1.
The Company's interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows. As of December 31, 2024, the Company's debt included outstanding variable-rate debt of $400.0 million, all of which has been swapped to a fixed rate.
The Company's interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows. As of December 31, 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 information presented above does not consider all exposures or positions that could arise in the future. Therefore, the information represented herein has limited predictive value.
Gains or losses resulting from marking-to-market derivatives each reporting period are recognized as an increase or decrease in comprehensive income (loss) on the consolidated statements of operations and comprehensive income (loss). The information presented above does not consider all exposures or positions that could arise in the future. Therefore, the information represented herein has limited predictive value.
Market risk is the adverse effect on the value of a financial instrument resulting from a change in interest rates. On March 16, 2023, the Company entered into one interest rate swap agreement with a notional amount of $100.0 million at 3.69%, achieving a fixed interest rate of 4.99%.
Market risk is the adverse effect on the value of a financial instrument resulting from a change in interest rates. As of December 31, 2025, the Company's interest rate risk was limited to $55.0 million on its revolving credit facility.
Removed
As of the effective date of April 3, 2023, the entirety of the Company's variable rate term loans were swapped to fixed rates through the maturity dates of the Amended Term Loan Agreement.
Added
If market rates of interest on all variable-rate debt as of December 31, 2025 permanently increased or decreased by 1%, the annual increase or decrease in interest expense, future earnings, and future cash flows would be approximately $0.6 million.
Added
As of December 31, 2025 and 2024, the Company was party to five effective interest rate swap agreements which, together with the four forward-starting interest rate swaps described below, achieved fixed interest rates through the maturity dates of the Amended Term Loan Agreement.

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