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]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 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 jurisdict ...

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, 2023 Maryland 34-2019608 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3025 Highland Parkway, Suite 350 Downers Grove, Illinois 60515 (855) 377-0510 (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including are ...

Inventrust Properties Corporation (NYSE:IVT) Q2 2023 Earnings Conference Call August 1, 2023 9:00 AM ET Company Participants Dan Lombardo - VP, IR DJ Busch - President, CEO, & Director Mike Phillips - CFO, EVP, & Treasurer Christy David - COO, EVP, General Counsel, Company Secretary Dave Heimberger - Chief Investment Officer, SVP Conference Call Participants Paulina Rojas - Green Street Advisors Cesar Bracho - Wells Fargo & Company Floris van Dijkum - Compass Point Lizzy Doykan - Bank of America Merrill Lyn ...

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 March 31, 2023 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 (Exact name of registrant as specified in its charter) Maryland 34-2019608 (State or other jurisdiction of incorporation or organiza ...

Financial Data and Key Metrics Changes - The company reported first quarter NAREIT FFO of $28 million or $0.41 per share, and core FFO of $27.4 million or $0.40 per share, reflecting a decline compared to the first quarter of 2022 primarily due to higher interest rate expenses and a strategic exit from Colorado in 2022 [16] - On a sequential basis, both FFO results increased over 17% compared to the fourth quarter of 2022 [16] - Same-property net operating income (NOI) grew by 3.2% over the first quarter of 2022, finishing at $35.8 million [35] - The company declared a dividend payment for the second quarter of $0.215 per share, a 5% increase over the previous year [17] Business Line Data and Key Metrics Changes - The company leased 254,000 square feet of space during the quarter, achieving a leased occupancy rate of 96.1%, a 170 basis point increase over the first quarter of 2022 [22] - The anchor space leased occupancy increased to 98.8%, while small shop occupancy rose to 91.4%, both reaching all-time highs [22] - The same property portfolio average base rent (ABR) was $19.12, an increase of 2.6% compared to March 31, 2022 [63] Market Data and Key Metrics Changes - The necessity-based retail sector continues to show strength, with approximately 60% of the company's ABR coming from grocery, discount, or necessity-based retailers [11] - The lack of new retail supply has been a tailwind for the company, as development for new strip center properties has been below historical averages for nearly a decade [12] - The suburbanization movement, accelerated by the hybrid work model, has increased consumer activity near the company's centers [13] Company Strategy and Development Direction - The company aims to deliver sector-leading cash flow growth, supported by a simple and focused portfolio [6] - The management team is focused on fine-tuning the merchandise mix across properties to meet community needs, which is a key component of long-term strategy [31] - The company is exploring acquisition opportunities while remaining disciplined and patient in capital allocation due to a challenging transaction market [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to push rents and fill vacancies due to strong demand and pricing power [61] - The company expects growth to accelerate in the second half of the year, reaffirming its 2023 core FFO guidance of $1.59 to $1.64 per share [19][37] - Management noted that the bankruptcy scenarios for struggling businesses are playing out as anticipated, providing confidence in reaffirming guidance [38] Other Important Information - The company has a net leverage ratio of 28% and net debt to adjusted EBITDA of 5.5 times on a trailing 12-month basis [36] - Approximately $436 million of total liquidity was available at quarter-end, including $350 million of borrowing capacity on the revolving line of credit [36] Q&A Session Summary Question: Can you provide an update on the Bed Bath & Beyond locations? - Management indicated that they are in constructive conversations with various tenants for the Bed Bath locations and expect letters of intent soon [21][25] Question: What are the expectations for credit loss? - Management reaffirmed their guidance on credit loss, indicating that they are comfortable with the current rent levels and potential upside if new tenants are secured [67] Question: How is the company addressing the upcoming debt maturities? - Management discussed their strategy for managing debt, including a recent $100 million swap to fix interest rates, and plans to evaluate options for upcoming maturities [74][76] Question: What is the outlook for acquisitions given the current market? - Management acknowledged the thin transaction market but remains open to opportunities, aiming for $150 million in net investment activity this year [49][70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 of in ...

Financial Data and Key Metrics Changes - InvenTrust reported full year core FFO of $105.9 million or $1.57 per share, representing a 12% growth over 2021, driven by pro rata same property NOI and acquisitions [17][18] - Pro rata same property NOI finished at $141 million, growing 4.6% over last year, with a growth of 6% when excluding out of period rent collected [18] - The net leverage ratio was 25% and net debt-to-adjusted EBITDA is 4.8 times, with a pro rata weighted average interest rate of 4% [19] Business Line Data and Key Metrics Changes - The company leased over 461,000 square feet during the quarter, totaling 1.3 million square feet for 2022, ending the year at 96.1% leased occupancy, a 220 basis point increase [25] - Anchor space leased occupancy increased to 98.7% and small shop occupancy increased to 91.3%, both reaching all-time highs [25] Market Data and Key Metrics Changes - The company noted strong demand for space across its portfolio, with limited new supply in its markets, providing significant pricing and negotiating leverage [24] - The pro rata same property portfolio ABR was $19.22, an increase of 3.3% compared to the previous year, with anchor tenant ABR at $12.43 and small shop ABR at $32.12 [51] Company Strategy and Development Direction - InvenTrust's strategy focuses on a concentrated portfolio in the Sun Belt, predominantly grocery-anchored, aiming to deliver long-term value for shareholders [28][46] - The company is actively rotating capital out of non-core markets like Colorado to increase concentration in the Sun Belt, with plans for $150 million of net investments [36][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business despite economic uncertainties, citing strong performance in the Sun Belt portfolio and resilient grocery-anchored tenants [47] - The initial 2023 guidance anticipates core FFO between $1.59 and $1.64 per share, reflecting a growth of 1.3% to 4.5% over 2022 [21] Other Important Information - The Board announced a 5% increase in the dividend, bringing the annualized dividend to $0.86 per share [20] - The company completed the acquisition of the remaining stake in its joint venture, simplifying its investment story [46] Q&A Session Summary Question: Can you provide more information on the PGGM transaction and its impact on leverage? - Management indicated that while specific pricing details were not disclosed, the returns from the PGGM partnership are promising and align with the company's strategy [32] Question: What is the strategy regarding the Colorado assets and how does it fit into the $150 million investment plan? - Management clarified that exiting Colorado was part of a strategy to focus on the Sun Belt, allowing for better capital allocation [36][38] Question: Can you provide details on the cap rates around the sales? - Management did not provide specific cap rates but emphasized the strategic nature of the transactions and the focus on the Sun Belt [41]

Start Time: 09:00 January 1, 0000 9:20 AM ET InvenTrust Properties Corp. (NYSE:IVT) Q3 2022 Earnings Conference Call November 02, 2022, 09:00 AM ET Company Participants Daniel Busch - President and CEO Mike Phillips - EVP, CFO and Treasurer Christy David - EVP, COO, General Counsel and Secretary Dan Lombardo - VP, IR Conference Call Participants Floris van Dijkum - Compass Point Craig Schmidt - Bank of America Operator Thank you for standing by and welcome to InvenTrust's Third Quarter 2022 Earnings Confere ...