Financial Performance - Net Income for Q4 2024 was $9.8 million, or $0.13 per diluted share, compared to $2.9 million, or $0.04 per diluted share in Q4 2023[14]. - Nareit FFO for Q4 2024 was $0.45 per diluted share, and $1.78 per diluted share for the full year[18]. - Core FFO for Q4 2024 was $0.43 per diluted share, and $1.73 per diluted share for the full year[18]. - Same Property Net Operating Income (NOI) growth was 7.1% for Q4 2024 and 5.0% for the full year[18]. - Total income for the year ended December 31, 2024, reached $273,974,000, up 5.9% from $258,676,000 in 2023[32]. - Net income for Q4 2024 was $9,799,000, significantly higher than $2,890,000 in Q4 2023, marking an increase of 239.5%[32]. - Comprehensive income for Q4 2024 was $13,537,000, compared to a loss of $8,164,000 in Q4 2023[32]. - The company reported a net income per common share of $0.13 for Q4 2024, up from $0.04 in Q4 2023, representing a 225% increase[32]. - Nareit FFO applicable to common shares for the year ended December 31, 2024, was $126,710,000, compared to $115,498,000 in 2023[39]. - Adjusted EBITDA for the year ended December 31, 2024, was $158,009,000, an increase from $146,459,000 in 2023[41]. Occupancy and Leasing - Leased Occupancy as of December 31, 2024 was 97.4%, a sequential increase of 40 basis points in Q4 and a full year increase of 120 basis points[18]. - Executed 52 leases in Q4 2024, totaling approximately 232,000 square feet of GLA, with a blended comparable lease spread of 15.5%[18]. - Same Property NOI for Q4 2024 was $45.9 million, reflecting a 7.1% increase compared to Q4 2023[21]. - The company reported a total of 68 properties with an overall occupancy rate of 97.4% as of December 31, 2024[54]. - The company achieved a tenant occupancy rate of 98.5% for properties over 20,000 square feet, indicating strong demand for larger spaces[54]. - The weighted average lease term for all leases executed was 6.2 years[60]. - The company achieved a total of 210 leases executed, covering 1,323 thousand square feet[60]. Acquisitions and Investments - Acquired four properties in Q4 2024, totaling approximately 614,000 square feet, including two properties in Charleston, South Carolina[18]. - The company funded four acquisitions in Q4 2024 totaling $205.5 million, including Stonehenge Village for $62.1 million and The Forum for $41.4 million[21]. - The disciplined acquisition approach in key Sun Belt markets positions the Company for sustained success in 2025 and beyond[16]. - The company acquired properties totaling 282,070 thousand in price and 840 thousand GLA, with all properties fully leased or nearly fully leased[65]. Debt and Liquidity - Total liquidity as of December 31, 2024, was $587.4 million, consisting of $87.4 million in cash and $500.0 million available under the Revolving Credit Facility[23]. - The Company's weighted average interest rate on debt was 4.03% as of December 31, 2024, with $35.9 million of debt maturing in 2025[23]. - The company reported a total debt of $740,415,000 as of December 31, 2024, with a weighted average interest rate of 4.03%[44]. - The company has fixed rate unsecured debt of $650,000,000, which constitutes 87% of total debt[44]. - Total liabilities decreased to $875,945,000 in 2024 from $933,287,000 in 2023, a reduction of 6.15%[31]. Dividends - The Board of Directors approved a 5% increase to the Company's dividends starting in April 2025[18]. - The Company declared a quarterly cash distribution of $0.2263 per share for Q4 2024, with a 5% increase in the annual dividend rate to $0.9508[21]. - The maximum dividend payout ratio was 49.5% in Q4 2024, remaining below the covenant limit of 95%[49]. Future Guidance - Initial guidance for 2025 includes Nareit FFO per diluted share of $1.83 to $1.89, and Core FFO per diluted share of $1.79 to $1.83[25]. - Same Property NOI growth for 2025 is projected at 3.50%, down from 5.0% in 2024[25]. Capital Expenditures - Total capital expenditures and leasing costs for the three months ended December 31, 2024, amounted to $7,381,000, a decrease from $8,037,000 in the previous quarter[51]. - Capital investments and leasing costs for the year ended December 31, 2024, totaled $36,116,000, slightly up from $35,744,000 in 2023[51]. Property Performance - The average base rent (ABR) per square foot across all properties is $20.07, with Texas properties contributing 38.5% to total ABR[54]. - Total Gross Leasable Area (GLA) for the company is 10,972 thousand square feet with an overall occupancy rate of 97.4%[76]. - Annualized Net Operating Income (NOI), excluding ground rent income, is $172,376 thousand, while total NOI is $48,155 thousand for the most recent quarter[80]. Redevelopment and Development Projects - The active redevelopment pipeline includes projects with estimated costs of $28,400 thousand and projected incremental costs of $8,800 thousand, with expected yields of 7-10%[70]. - The company plans to redevelop the Sarasota Pavilion with an estimated cost of $6,800 thousand, expected to complete in Q1 2025[70]. - Recently completed redevelopments include the Southern Palm Crossing at a cost of $1,550 thousand and Buckhead Crossing at a cost of $700 thousand[71].

Financial Data and Key Metrics Changes - Same-property NOI for Q3 2024 was $45.5 million, growing 6.5% year-over-year, driven by an increase in base rent and better collections from revenues deemed uncollectible [13][14] - Year-to-date same-property NOI reached $123.8 million, a 4.2% increase compared to the first nine months of 2023 [14] - NAREIT FFO for the first nine months was $91.8 million or $1.34 per diluted share, reflecting a 7.2% increase year-over-year [14] - Core FFO grew 4.8% to $1.30 per share year-to-date [15] - The company declared an annualized dividend payment of $0.91 per share, a 5% increase over the previous year [17] Business Line Data and Key Metrics Changes - Leased occupancy climbed to 97%, setting a new high watermark for the portfolio [12] - Blended comparable leasing spreads for the quarter were 9.8%, with new leases at 14.2% and renewals at 9.2% [22] - The retention rate was 93%, with 90% of renewals having embedded rent escalators of 3% or higher [22] Market Data and Key Metrics Changes - 97% of the company's ABR is generated from Sun Belt assets, with plans to reach 100% in the future [19] - The total portfolio ABR was $19.83, a 2.4% increase compared to 2023 [22] - The company signed 160 leases for over 1,094,000 square feet year-to-date, indicating strong leasing activity [23] Company Strategy and Development Direction - The company executed a follow-on equity offering raising approximately $250 million to strengthen its balance sheet and support growth [8][9] - Increased net investment activity guidance for the year to a range of $159 million to $215 million due to optimism in the transaction market [11] - Focus on transforming retailer leasing demand into increased ABR and additional portfolio occupancy [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving transaction market and expects continued healthy demand for retail space [28][39] - The company anticipates a similar cadence and growth in same-property NOI for 2025 as seen in the last two years [32] - Management noted that bad debt trends have been favorable, with expectations for a normalized run rate around 75 basis points [33] Other Important Information - The company closed on two properties in Q3, including a $23 million acquisition in Phoenix and a $62.1 million acquisition in Richmond [10] - Minimal damage was reported from recent hurricanes, and the company continues to support affected communities [25] Q&A Session Summary Question: Impact of interest rate reversal on acquisition opportunities - Management indicated that the reversal of interest rates has not impacted their acquisition pipeline, and they expect the transaction market to open up post-election [26][28] Question: Performance of tenants in discretionary categories - Management noted that sales have stabilized, with strong performance in value areas and food service, indicating healthy occupancy cost ratios [29] Question: Thoughts on 2025 same-store NOI growth - Management aims for consistent growth in same-property NOI and cash flow, expecting similar growth patterns as in previous years [31][32] Question: Update on noncore assets - Management stated that noncore assets are primarily those outside the Sun Belt, with plans to recycle capital when appropriate [34][36] Question: Changes in the retail environment - Management confirmed robust demand for retail space, with high occupancy levels and broad-based demand across categories [40]

With uncertainty surrounding the market amid the rise in geopolitical tensions and the upcoming presidential election, the REIT sector has experienced a bit of a pullback recently. Cooling from the rally they experienced in July, some Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone ...

Smile Like everything else in economics, the business of owning and leasing shopping center space is ultimately dictated by supply & demand. If there is more supply in a given market than demand, it will, of course, benefit the supply side, and the opposite holds true the other way around. Anytime you can spot a supply/demand imbalance, especially if the factors being considered are long-term, structural trends, it may present a good investment opportunity. It's tricky, of course, because by the time you sp ...

Introduction Some may not prefer shopping center related REITs as they seem to experience slower growth. Everyone loves a fast-growing stock with fast-growing dividends. However, I think shopping center REITs are perfect as their income streams are as reliable as ever. One reason is that they are typically recession-resistant, although they do experience some volatility during economic downturns. Reason being is most of IVT's properties are anchored by grocery stores. And no matter what is happening in the ...

And though I'm not necessarily complaining about the other retail REITs' governance practices, I particularly like that IVT separates the roles of CEO and Chairman of the Board. The CEO, DJ Busch, primarily gained experience at Green Street, which is a commercial real estate research outlet notorious for its emphasis on good governance practices. And the Chairman of the Board is Julian Whitehurst, the former CEO of National Retail Properties, now called NNN REIT (NNN). In my last article on IVT from Decembe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Maryland 34-2019608 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3025 Highland Parkway, Suite 350 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission Fi ...

Introductory Notes Table of Contents | | Page No. | | --- | --- | | Introductory Notes | i | | Press Release | iii | | Financial Information | | | Summary Financial Information | 1 | | Condensed Consolidated Balance Sheets | 2 | | Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | 3 | | Condensed Consolidated Supplemental Details of Assets and Liabilities | 4 | | Condensed Consolidated Supplemental Details of Operations | 5 | | Reconciliation of Non-GAAP Measures | | | Same Pr ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) InvenTrust Properties Corp. is a REIT specializing in owning and managing 62 grocery-anchored retail properties totaling 10.3 million square feet in the U.S. Sun Belt, focusing on strategic growth and ESG Retail Portfolio Summary (as of December 31, 2023) | Metric | Value | | :--- | :--- | | Number of properties | 62 | | Gross Leasable Area (GLA) | 10.3 million sq. ft. | | Economic Occupancy | 93.3% | | Leased Occupancy | 96.2% | | Annualized Base Rent (ABR) PSF | $19.48 | - The company's business strategy is centered on four key pillars: acquiring retail properties in high-growth Sun Belt markets, opportunistically disposing of non-core assets, maintaining a flexible capital structure, and enhancing environmental, social, and governance (ESG) practices[21](index=21&type=chunk)[30](index=30&type=chunk) - As of December 31, 2023, the company had **104** full-time employees, with approximately **67%** diversity (gender and racial/ethnic groups), including **61%** women and **19%** racial minorities[29](index=29&type=chunk)[30](index=30&type=chunk) - In 2023, the company increased its GRESB (Global Real Estate Sustainability Benchmark) score by **five points** year-over-year, reflecting progress on its ESG goals[34](index=34&type=chunk) - On **January 18, 2023**, the Company acquired the four remaining retail properties from its unconsolidated joint venture, IAGM, and subsequently liquidated the venture[20](index=20&type=chunk) [Risk Factors](index=7&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including economic downturns, e-commerce shifts, geographic concentration, real estate investment challenges, financial risks, and cybersecurity threats - The company has significant geographic concentration, with approximately **41.7%** of its total annualized base rental income generated by properties in Texas as of December 31, 2023[45](index=45&type=chunk) - The business is dependent on the success of both anchor tenants (occupying 10,000+ sq. ft.) and small shop tenants (less than 10,000 sq. ft.), which generate approximately **58.0%** of total annualized base rental income[46](index=46&type=chunk)[47](index=47&type=chunk) - Lease expirations pose a risk, with leases representing **5.0%** of the retail portfolio's GLA scheduled to expire in 2024, and **12.1%** in 2025 as of December 31, 2023[48](index=48&type=chunk) - Failure to qualify as a REIT would subject the company to federal income tax at corporate rates and disqualify it from REIT status for four years, significantly impacting cash available for distributions[96](index=96&type=chunk)[97](index=97&type=chunk) - Cybersecurity threats are a growing risk, as threat actors become more sophisticated, potentially leading to operational interruption, data exposure, and reputational damage[90](index=90&type=chunk)[93](index=93&type=chunk) [Unresolved Staff Comments](index=16&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[99](index=99&type=chunk) [Cybersecurity](index=17&type=section&id=Item%201C.%20Cybersecurity) The company implements a cybersecurity risk management program guided by the NIST Cybersecurity Framework, overseen by the Audit Committee, with no material past incidents reported - The company's cybersecurity program is designed and assessed based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF)[101](index=101&type=chunk) - The Audit Committee of the Board of Directors has been delegated oversight of cybersecurity and other information technology risks[103](index=103&type=chunk) - Management, led by the Vice President of Information Technology, is responsible for the day-to-day assessment and management of cybersecurity threats and supervises external consultants[106](index=106&type=chunk) - The company has not identified any risks from known cybersecurity threats or prior incidents that have materially affected its operations, business strategy, or financial condition[102](index=102&type=chunk) [Properties](index=18&type=section&id=Item%202.%20Properties) InvenTrust's portfolio comprises 62 wholly-owned retail properties totaling 10.3 million square feet, primarily grocery-anchored, with high occupancy and geographic concentration in the Sun Belt Portfolio Overview (as of Dec 31, 2023) | Metric | Wholly-Owned 2023 | | :--- | :--- | | No. of properties | 62 | | GLA (square feet, in thousands) | 10,324 | | Economic occupancy | 93.3% | | Leased occupancy | 96.2% | | ABR PSF | $19.48 | Top 5 Markets by ABR (as of Dec 31, 2023) | Market | % of Total ABR | | :--- | :--- | | Austin-Round Rock, TX | 17.5% | | Houston-Sugar Land-Baytown, TX | 11.2% | | Miami-Fort Lauderdale-Miami Beach, FL | 10.1% | | Dallas-Fort Worth-Arlington, TX | 9.8% | | Atlanta Metro Area, GA | 9.7% | Top 5 Tenants by ABR (as of Dec 31, 2023) | Tenant | % of Total ABR | | :--- | :--- | | Kroger | 5.2% | | Publix Super Markets, Inc. | 3.3% | | TJX Companies | 2.6% | | Albertson's | 2.3% | | H.E.B. | 2.3% | Lease Expiration Schedule (% of Total ABR) | Expiration Year | % of Total ABR | | :--- | :--- | | 2024 | 5.4% | | 2025 | 10.1% | | 2026 | 11.2% | | 2027 | 19.5% | | 2028 | 12.8% | [Legal Proceedings](index=19&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, which management does not expect to materially affect its financial condition or operations - The company is subject to ordinary course legal proceedings but does not expect them to have a material adverse effect on its financial condition or operations[115](index=115&type=chunk) [Mine Safety Disclosures](index=19&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[116](index=116&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=20&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) InvenTrust's common stock trades on the NYSE under 'IVT', with a $150 million share repurchase program and 2023 cash distributions totaling $57.5 million - The company's common stock is traded on the New York Stock Exchange (NYSE) under the ticker symbol "**IVT**"[117](index=117&type=chunk) - A share repurchase program for up to **$150.0 million** was established in February 2022, with no common stock repurchased under this program as of December 31, 2023[119](index=119&type=chunk) 2023 vs. 2022 Distribution Tax Characterization | Common Stock Tax Characterization | 2023 | 2022 | | :--- | :--- | :--- | | Ordinary distribution | 78.50% | 93.20% | | Capital gain distributions | 21.50% | —% | | Total | 100.00% | 100.00% | Cumulative Total Stockholder Return (10/12/2021 - 12/31/2023) | Ticker / Index | 10/12/2021 | 12/31/2023 | | :--- | :--- | :--- | | IVT | $100.00 | $115.87 | | FTSE NAREIT Equity Index | $100.00 | $96.99 | | FTSE NAREIT Shopping Centers Index | $100.00 | $105.70 | | S&P 500 Index | $100.00 | $113.63 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company's 2023 financial performance shows increased total income to $258.7 million, a net income of $5.3 million, 4.9% Same Property NOI growth, and Core FFO per diluted share of $1.65, supported by strong liquidity and a 'BBB-' credit rating - In 2023, the company acquired five retail properties for a gross price of **$244.0 million** and disposed of one property and a partial interest for **$13.1 million**[136](index=136&type=chunk)[137](index=137&type=chunk) - During Q4 2023, the company raised **$5.4 million** in net proceeds under its at-the-market (ATM) equity program by issuing **208,040** shares[140](index=140&type=chunk) Leasing Activity Spreads (Year Ended Dec 31, 2023) | Lease Type | Number of Leases | % Change over Prior Rent | | :--- | :--- | :--- | | Comparable Renewal Leases | 190 | 7.2% | | Comparable New Leases | 32 | 25.3% | | **Total Comparable** | **222** | **9.8%** | Results of Operations Comparison (in thousands) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Total Income | $258,676 | $236,707 | | Total Operating Expenses | $222,868 | $201,458 | | Gain on sale of investment properties | $2,691 | $38,249 | | Net Income | $5,269 | $52,233 | - Same Property Net Operating Income (NOI) increased by **4.9%** to **$142.1 million** for the year ended December 31, 2023, compared to **$135.5 million** in 2022, driven by higher minimum rent and increased expense recoveries[167](index=167&type=chunk)[168](index=168&type=chunk) FFO & Core FFO per Diluted Share | Metric | 2023 | 2022 | | :--- | :--- | :--- | | NAREIT FFO per diluted share | $1.70 | $1.66 | | Core FFO per diluted share | $1.65 | $1.57 | - The company's liquidity is supported by operating cash flows, proceeds from property sales, and debt financing, including an ATM program with **$244.6 million** remaining capacity as of year-end, and Fitch Ratings affirmed the company's '**BBB-**' investment-grade rating with a Stable outlook[193](index=193&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate volatility on variable-rate debt, mitigated by interest rate swaps, with a 1% rate change impacting annual interest expense by approximately $0.7 million - The company's primary market risk is from changes in interest rates affecting its variable-rate debt and future refinancing[217](index=217&type=chunk) - As of December 31, 2023, the company had **$472.5 million** in variable-rate debt, of which **$400.0 million** has been swapped to a fixed rate, mitigating a large portion of the interest rate risk[217](index=217&type=chunk) - A permanent **1%** change in interest rates on the unhedged variable-rate debt (**$72.5 million**) would result in an approximate annual change in interest expense of **$0.7 million**[222](index=222&type=chunk) Effective Interest Rate Swaps (as of Dec 31, 2023) | Notional Amount (in thousands) | InvenTrust Pays (Fixed Rate) | InvenTrust Receives (Variable Rate) | Maturity Date | | :--- | :--- | :--- | :--- | | $100,000 | 1.46% - 1.47% | 1-Month SOFR | Jun 21, 2024 | | $100,000 | 3.69% | 1-Month SOFR | Mar 22, 2027 | | $200,000 | 1.51% | 1-Month SOFR | Sep 22, 2026 | [Consolidated Financial Statements and Supplementary Data](index=38&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the company's audited consolidated financial statements and supplementary data, commencing on page F-1 - This section refers to the Index to Consolidated Financial Statements and Financial Statement Schedule, which begins on page F-1 of the report[226](index=226&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=38&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - Not applicable[227](index=227&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with no material changes reported - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[228](index=228&type=chunk) - Management concluded that the company maintained effective internal control over financial reporting as of December 31, 2023, based on the COSO framework (2013)[229](index=229&type=chunk) - There were no changes in internal control over financial reporting during the fourth quarter of 2023 that materially affected, or are reasonably likely to materially affect, these controls[231](index=231&type=chunk) [Other Information](index=38&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[232](index=232&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=38&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[233](index=233&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=39&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the company's 2024 Proxy Statement - Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's upcoming Proxy Statement[234](index=234&type=chunk) [Executive Compensation](index=39&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's 2024 Proxy Statement - Information regarding executive compensation is incorporated by reference from the company's upcoming Proxy Statement[235](index=235&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=39&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section incorporates security ownership information by reference and details equity compensation plans as of December 31, 2023 Equity Compensation Plan Information (as of Dec 31, 2023) | Plan Category | Number of Shares Issuable Upon Vesting | Number of Securities Remaining Available for Future Issuance | | :--- | :--- | :--- | | Equity compensation plans not approved by stockholders (Incentive Award Plan) | 1,172,363 | 536,429 | | Equity compensation plans approved by stockholders (ESPP) | N/A | 3,288,272 | | **Total** | **1,172,363** | **3,824,701** | [Certain Relationships and Related Transactions, and Director Independence](index=40&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from the company's 2024 Proxy Statement - Information regarding related transactions and director independence is incorporated by reference from the company's upcoming Proxy Statement[240](index=240&type=chunk) [Principal Accounting Fees and Services](index=40&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the company's 2024 Proxy Statement - Information regarding principal accounting fees and services is incorporated by reference from the company's upcoming Proxy Statement[241](index=241&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=40&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the Annual Report, including governance documents and material contracts - This section provides an index of all financial statements, schedules, and exhibits filed with the Form 10-K[242](index=242&type=chunk) [Form 10-K Summary](index=42&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no information for this item - None[247](index=247&type=chunk)

Financial Data and Key Metrics Changes - InvenTrust reported NAREIT FFO of $27.6 million or $0.41 per diluted share for Q3 2023, an increase of 5.1% compared to the same period in 2022 [14] - Year-to-date NAREIT FFO was $84.7 million or $1.25 per diluted share, a decrease of $0.06 per share driven by private placement debt funding and GAAP adjustments related to acquisitions [14] - Same-property NOI grew 5.3% over Q3 last year, with year-to-date same-property NOI at $106.3 million, growing 4.4% over the first nine months of 2022 [38] Business Line Data and Key Metrics Changes - The anchor space lease occupancy finished at 96.6%, a decline of 200 basis points from the last quarter, primarily due to new vacancies from recent bankruptcies [18] - Small shop leased occupancy increased to 92.4% [18] - Comparable leasing spreads were at 16% for new leases and 8% for renewal leases [43] Market Data and Key Metrics Changes - The total portfolio lease occupancy finished at 95.1% as of September 30 [43] - The total portfolio ABR was $19.36, an increase of 2.4% compared to 2022 [43] - New retail construction remains materially lower than historical averages, and shopping center vacancy is at its lowest level since the global financial crisis [12] Company Strategy and Development Direction - The company focuses on owning and operating essential open-air retail centers exclusively in the Sun Belt region, maintaining a low-leveraged capital structure [34] - Management acknowledges the strength of the current retail environment and the attractiveness of Sun Belt assets, indicating a positive outlook for continued momentum [21] - The company is selective in its external growth criteria due to uncertainty in capital markets, prioritizing sustainable cash flow growth [37] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in market rent growth outpacing the national average due to demographic trends in the Sun Belt [4] - The company anticipates challenges in 2024 due to tenant bankruptcies but believes it can overcome these headwinds through effective leasing strategies [24][60] - Management highlighted the resilience of small shop retailers and the overall strength of the retail environment despite recent bankruptcies [60][82] Other Important Information - The company declared a dividend payment of $0.215 per share, a 5% increase over last year [16] - Fitch Ratings affirmed the company's long-term issuer rating at BBB- with a stable outlook [16] - The company has $457 million of total liquidity, including $350 million of borrowing capacity available on its revolving line of credit [15] Q&A Session Summary Question: Inquiry about Bed Bath and Beyond bankruptcies and timelines for backfilling - Management confirmed they have five Bed Bath & Beyond spaces, with negotiations ongoing for four of them, expecting execution by the end of the year [48] - The expected timeline for backfilling these spaces is around 12 to 15 months, with payback periods under two years for most cases [24][25] Question: Comments on bid-ask spreads in core Sun Belt markets - Management noted that the bid-ask spread has narrowed for smaller assets, while larger assets remain more challenging due to financing costs [30][53] Question: Guidance for same-property NOI and tenant fallout - Management explained the wide range in fourth-quarter guidance is due to the size of the company and potential unforeseen fallout [58] - They acknowledged the resilience of shopping center REITs despite recent bankruptcies, indicating a strong overall performance [60] Question: Cost of retenanting and project development - Management indicated that costs for retenanting can be upwards of $150 to $175 per square foot, depending on the project specifics [64] - They emphasized the importance of ensuring that the economics and returns make sense for the company [64]