UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40896 INVENTRUST PROPERTIES CORP. (Exact name of registrant as specified in its charter) Maryland 34-2019608 (State or other jurisdiction o ...

Financial Data and Key Metrics Changes - Same property NOI grew approximately 6% year-over-year for the first half of the year, with a second quarter increase of 4.8% compared to the same period last year [4][10] - NAREIT FFO per share rose nearly 5% year-over-year, with second quarter results at $0.45 per diluted share, reflecting a 2.3% increase [4][10] - Year-to-date same property NOI totaled $85.1 million, a 5.6% increase over 2024 [10] - The company finished the quarter with $787 million in total liquidity and a net leverage ratio of 17% [11][12] Business Line Data and Key Metrics Changes - Leased occupancy remained strong at 97.3%, with small shop occupancy reaching a record high of 93.8% [4][15] - The company executed 73 leases for approximately 304,000 square feet in the second quarter, achieving a blended leasing spread of 16.4% [15] - Annual rent escalators of 3% or higher were embedded in over 90% of renewal leases, supporting long-term NOI growth [15] Market Data and Key Metrics Changes - The company is actively targeting investment opportunities in high-growth markets such as Asheville, Charleston, Charlotte, Nashville, Phoenix, and Savannah [6][7] - The retail leasing environment remains healthy, with strong demand from various categories including quick service restaurants and wellness providers [14][17] Company Strategy and Development Direction - The company is focusing on a tactical reallocation of capital, enhancing its focus on core markets expected to deliver long-term value [5][8] - The strategy includes scaling the enterprise efficiently with minimal increases to G&A and leveraging a well-capitalized balance sheet [8] - The company is confident in its acquisition pipeline and plans to be active in 2025, utilizing proceeds from asset sales and available borrowing capacity [7][12] Management's Comments on Operating Environment and Future Outlook - Management raised same property NOI growth expectations for the year to 4% to 5%, citing resilient retailers despite inflationary pressures [4][5] - The company expressed optimism about the transaction market improving in the back half of the year, which could enhance acquisition opportunities [24][39] Other Important Information - The company declared an annualized dividend of $0.95 per share, representing a 5% increase over the prior year [12] - Recent acquisitions include properties in Charleston, Savannah, San Antonio, and Richmond, reflecting a disciplined capital allocation strategy [18][19][20] Q&A Session Summary Question: Does the back-end loaded acquisition activity mean guidance would have been raised if acquisitions occurred as initially expected? - Management indicated that similar movements in expectations would have been seen relative to internal operations, especially given the significant proceeds from the California portfolio [22][23] Question: What was the same store growth profile of the California assets sold? - Management noted that the growth profile for the California assets was not as favorable as that in the Southeast, influenced by demographic trends and business-friendly environments [25][26] Question: Is the 4% to 5% same store growth expected to be sustainable next year? - Management suggested that the 4% growth has been sustainable over the last couple of years, with high occupancy levels and visibility into future occupancy gains [27][28] Question: Is there a decline in the number of core grocery opportunities available? - Management acknowledged strong competition for grocery-anchored centers but expressed confidence in their ability to redeploy capital effectively [31][32] Question: What is the current acquisition pipeline in terms of size and pricing? - Management stated that the acquisition pipeline typically has around $1 billion in opportunities, with confidence in reaching the $100 million net acquisition guidance [38][39]

Financial Data and Key Metrics Changes - For the first half of 2025, same property NOI grew approximately 6% and NAREIT FFO per share rose nearly 5% year over year [4] - Same property NOI for the second quarter was $42.6 million, representing a 4.8% increase compared to the same period last year [8] - NAREIT FFO for the second quarter was $35.5 million or $0.45 per diluted share, reflecting a 2.3% increase year over year [9] - Year to date, same property NOI totaled $85.1 million, a 5.6% increase over 2024 [9] - The company declared an annualized dividend of $0.95 per share, representing a 5% increase over the prior year [11] Business Line Data and Key Metrics Changes - Leased occupancy stood at 97.3%, with small shop occupancy reaching a new high of 93.8% [4][14] - The company executed 73 leases for approximately 304,000 square feet in the second quarter, with new leases signed at a 44.1% spread and renewals at 9.2%, resulting in a blended leasing spread of 16.4% [13] - The retention rate remained robust at 91%, with over 90% of renewal leases embedding annual rent escalators of 3% or higher [13] Market Data and Key Metrics Changes - The company is actively targeting investment opportunities in markets such as Asheville, Charleston, Charlotte, Nashville, Phoenix, and Savannah, which exhibit healthy population and job growth [5] - The company has successfully closed on six properties totaling approximately $230 million and has secured or is under contract for another two properties valued at nearly $126 million [5] Company Strategy and Development Direction - The company is raising its same property NOI growth expectations for the year to 4% to 5% [5] - The sale of the California portfolio was described as a tactical reallocation of capital to enhance focus on core markets expected to deliver long-term value [5] - The company aims to leverage its well-capitalized balance sheet to support sustained expansion and is focused on growing sustainable cash flow and delivering superior total returns for shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of retailers within the portfolio despite a less confident consumer and inflationary pressures [4] - The company noted that the transaction market was slower than anticipated in the spring but is seeing a speed-up in activity, which provides optimism for the second half of the year [22] - Management indicated that the 4% to 5% same store growth expectation appears sustainable based on current occupancy levels and embedded rent escalations [26] Other Important Information - The company has a total liquidity of $787 million, including $500 million in borrowing capacity under its revolving line of credit [10] - The net leverage ratio stood at 17%, and net debt to adjusted EBITDA was 2.8 times on a trailing twelve-month basis [10] Q&A Session Summary Question: Given acquisition activity is more back end loaded than initially expected, would guidance have been raised if acquisition activity had occurred as planned? - Management indicated that similar movements in expectations would have been seen relative to internal operations, especially given the significant proceeds from the California portfolio [21] Question: What was the same store growth profile of the California assets sold? - Management noted that the growth profile for the California assets was not as favorable as that experienced in the Southeast, influenced by demographic trends and business-friendly environments [24][25] Question: Is there a decline in the number of accretive core grocery opportunities available? - Management acknowledged strong institutional interest in grocery-anchored centers, leading to increased competition, but emphasized their ability to redeploy proceeds effectively [30][31] Question: What is the current acquisition pipeline in terms of size and pricing? - Management stated that the acquisition pipeline typically has about $1 billion in opportunities and expressed confidence in reaching the $100 million net acquisition guidance [37][38]

Portfolio & Strategy - InvenTrust owns 67 retail properties[11], with a focus on the Sun Belt region, where 97% of their properties are located[11] - 85% of InvenTrust's annualized base rent (ABR) is derived from grocery-anchored centers[11] - The company is actively tracking over $1 billion in acquisition opportunities exclusively in current and target Sun Belt markets[29] - InvenTrust is moving towards 100% Sun Belt concentration[20] Financial Performance & Guidance - Q2 2025 Core Funds From Operations (FFO) per diluted share was $0.44[22] - The tenant retention rate was 91%[22], and leased occupancy reached 97.3%[22] - Comparable leasing spreads for new and renewals were 16.4%[22] - Net Debt-to-Adjusted EBITDA stood at 2.8x[22] - The company maintains total liquidity of $787 million[22] - Full year 2025 Core FFO per diluted share is projected to be between $1.79 and $1.83, representing a growth of 3.5% to 5.8%[12] - Same Property Net Operating Income (SPNOI) growth for 2025 is guided at 4.0% to 5.0%[12]

InvenTrust Properties Corp. (IVT) came out with quarterly funds from operations (FFO) of $0.44 per share, missing the Zacks Consensus Estimate of $0.45 per share. This compares to FFO of $0.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -2.22%. A quarter ago, it was expected that this company would post FFO of $0.46 per share when it actually produced FFO of $0.46, delivering no surprise.Over the last four quarters, the company ...

Table of Contents | | Page No. | | --- | --- | | Introductory Notes | i | | Earnings Release | iii | | Financial Information | | | Summary Financial Information | 1 | | Condensed Consolidated Balance Sheets | 2 | | Condensed Consolidated Statements of Operations and Comprehensive Income | 3 | | Condensed Consolidated Supplemental Details of Assets and Liabilities | 4 | | Condensed Consolidated Supplemental Details of Operations | 5 | | Reconciliation of Non-GAAP Measures | | | Same Property Net Operating In ...

Company Overview - InvenTrust Properties Corp. is a US retail REIT focused on Sunbelt shopping centers, which are projected to experience growth at a rate significantly higher than the national average in the coming years [1]. Market Position - The company plays a key role in the retail sector within the Sunbelt region, indicating a strategic positioning to capitalize on regional economic growth trends [1].

Portfolio Overview - InvenTrust owns 68 retail properties[6] - The portfolio is heavily concentrated in the Sun Belt region, with 97% of properties located there[6] - Grocery-anchored properties account for 86% of the portfolio[6] - The total gross leasable area (GLA) of the portfolio is 11 million square feet[6] - The average center size is 161,000 square feet[6] Financial Performance (Q1 2025) - Core FFO per diluted share was $0.46[17] - Same Property NOI (SPNOI) growth was 6.1%[17, 87] - The tenant retention rate was 90%[17] - Leased occupancy reached 97.3%[17] - ABR per square foot was $20.21[17] - Net Debt-to-Adjusted EBITDA was 4.1x[17, 58] - Net Leverage Ratio was 23.4%[17] - Total liquidity was $577 million[17, 58] 2025 Guidance - Core FFO per diluted share is projected to be between $1.79 and $1.83, representing a growth of 3.5% to 5.8%[7] - SPNOI growth is expected to be between 3.5% and 4.5%[7, 68] - Net acquisition activity is anticipated to be approximately $100 million[68, 104]

Financial Data and Key Metrics Changes - Same property NOI grew by 6.1% in Q1 2025, reaching $47.3 million, driven by strong demand and effective lease management [6][13] - NAREIT FFO for the quarter totaled $37.2 million or $0.48 per diluted share, representing a 6.7% increase year-over-year [13] - Core FFO rose 4.5% year-over-year to $0.46 per share, supported by internal growth and acquisitions [14] - The company declared an annualized dividend payment of $0.95 per share, a 5% increase over the previous year [15] Business Line Data and Key Metrics Changes - The portfolio remains highly leased, with small shop lease occupancy achieving a record high of 93.4%, up 130 basis points from last year [17] - The total portfolio ABR ended Q1 at $20.21 per square foot, reflecting a 3.1% increase compared to Q1 2024 [18] - The company executed 256,000 square feet of new leases and renewals during the quarter, achieving a retention rate of 90% [17] Market Data and Key Metrics Changes - 90.7% of net operating income is generated from the Sunbelt region, which continues to be a top-performing retail market [6] - The company is actively pursuing acquisitions in high-growth markets such as Asheville, Charlotte, Charleston, San Antonio, and Orlando [11] Company Strategy and Development Direction - The company is focused on necessity-based open retail centers in Sunbelt markets, which have shown resilience despite economic challenges [5][6] - Plans to exit California are underway, with expectations to significantly reduce investments in the state in 2025 [9][10] - The capital allocation plan includes evaluating asset sales and capital recycling to enhance the portfolio with high-quality necessity-based tenants [11][12] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the economic environment, citing strong tenant health and minimal exposure to recent retail bankruptcies [7][19] - The company anticipates some impact on same property NOI later in the year due to announced bankruptcies, but expects to maintain guidance for same property NOI growth of 3.5% to 4.5% [15][19] Other Important Information - The company maintains a low leverage ratio of 23.4%, allowing for opportunistic growth without relying heavily on capital markets [14][12] - The current pipeline for acquisitions stands at $1.5 to $2 billion, focusing on grocery-anchored centers [11] Q&A Session Summary Question: How does the company expect to achieve the 3.5% to 4.5% same store NOI growth for the year after a strong Q1? - Management indicated that while Q1 was strong, there are factors such as anticipated bad debt and unique Q1 circumstances that may lead to deceleration in the following quarters [21][22][25] Question: What is the reception and pricing expectation for the California assets currently on the market? - Management reported strong interest in the California assets, with several in the due diligence phase, and expressed confidence in potential pricing outcomes [33][34] Question: Has there been any change in leasing conversations post-April 2 amid macro uncertainty? - Management noted that leasing demand remains healthy and conversations with tenants have not changed significantly [35][36] Question: What is the company's strategy regarding capital recycling and market expansion? - Management confirmed that capital recycling involves selling lower cap rate California assets and reinvesting in higher-yielding opportunities, with a focus on maintaining quality in smaller markets [41][42][48]

分组1 - InvenTrust Properties Corp. reported quarterly funds from operations (FFO) of $0.46 per share, matching the Zacks Consensus Estimate and showing an increase from $0.44 per share a year ago [1] - The company posted revenues of $73.77 million for the quarter ended March 2025, which was 1.40% below the Zacks Consensus Estimate, compared to $66.8 million in the same quarter last year [2] - InvenTrust Properties shares have declined approximately 7.2% since the beginning of the year, while the S&P 500 has decreased by 5.5% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.45, with expected revenues of $74.2 million, and for the current fiscal year, the estimate is $1.84 on revenues of $303.55 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is in the bottom 36% of over 250 Zacks industries, indicating potential challenges for stock performance [8]