Certain statements in this "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and elsewhere in these interim condensed
consolidated financial statements for the quarter ended March 31, 2022 (the
"Quarterly Report"), other than purely historical information, are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended
("Exchange Act"). These statements include statements about InvenTrust
Properties Corp.'s (the "Company") plans, objectives, strategies, financial
performance and outlook, trends, the amount and timing of future cash
distributions, prospects or future events; and they involve known and unknown
risks that are difficult to predict.

As a result, our actual financial results, performance, achievements, or
prospects may differ materially from those expressed or implied by these
forward-looking statements. In some cases, forward-looking statements can be
identified by the use of words such as "may," "could," "expect," "intend,"
"plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict,"
"potential," "continue," "likely," "will," "would," "illustrative," and "should"
and variations of these terms and similar expressions, or the negatives of these
terms or similar expressions. Such forward-looking statements are necessarily
based upon estimates and assumptions that, while we consider reasonable based on
our knowledge and understanding of the business and industry, are inherently
uncertain. These statements are expressed in good faith and are not guarantees
of future performance or results. Our actual results could differ materially
from those expressed in the forward-looking statements and stockholders should
not rely on forward-looking statements in making investment decisions.

There are a number of risks, uncertainties and other important factors, many of
which are beyond our control, that could cause our actual results to differ
materially from the forward-looking statements contained in this Quarterly
Report. Such risks, uncertainties and other important factors, include, among
others, the risks, uncertainties and factors set forth in our filings with the
Securities and Exchange Commission ("SEC"), including our Annual Report on Form
10-K for the year ended December 31, 2021 (the "Annual Report"), and as updated
in this Quarterly Report and other quarterly and current reports, which are on
file with the SEC and are available at the SEC's website (www.sec.gov). Such
risks and uncertainties are related to, among others, the following:

•our ability to collect rent from tenants or to rent space on favorable terms or at all;

•declaration of bankruptcy by our retail tenants;

•the economic success and viability of our anchor retail tenants;



•our ability to identify, execute and complete acquisition opportunities and to
integrate and successfully operate any retail properties acquired in the future
and manage the risks associated with such retail properties;

•our ability to manage the risks of expanding, developing or redeveloping our retail properties;

•loss of members of our senior management team or other key personnel;

•changes in the competitive environment in the leasing market and any other market in which we operate;

•shifts in consumer retail shopping from brick and mortar stores to e-commerce;

•the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants;

•our ability to refinance or repay maturing debt or to obtain new financing on attractive terms;

•future increases in interest rates;

•inflation;

•our status as a real estate investment trust ("REIT") for federal tax purposes; and

•changes in federal, state or local tax law, including legislative, administrative, regulatory or other actions affecting REITs.



These factors are not necessarily all of the important factors that could cause
our actual results, performance or achievements to differ materially from those
expressed in or implied by any of our forward-looking statements. Other unknown
or unpredictable factors also could harm our business, financial condition,
results of operations, cash flows and overall value. All forward-looking
statements attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements set forth above.
Forward-looking statements are only as of the date they are made; we do not
undertake or assume any obligation to update publicly any of these
forward-looking statements to reflect actual results, new information, future
events, changes in assumptions or changes in other factors affecting
forward-looking statements, except to the extent required by applicable law. If
we update one or more forward-looking statements, no inference should be drawn
that we will make additional updates with respect to those or other
forward-looking statements.

                                       15
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The following discussion and analysis relates to the three months ended
March 31, 2022 and 2021 and as of March 31, 2022 and December 31, 2021. It
should be read in conjunction with our condensed consolidated financial
statements and the related notes included in this Quarterly Report. All square
feet and dollar amounts are stated in thousands, except per share amounts and
per square foot metrics, unless otherwise noted.

Overview

Strategy and Outlook

InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail
REIT that owns, leases, redevelops, acquires and manages grocery-anchored
neighborhood and community centers, as well as high-quality power centers that
often have a grocery component in markets with favorable demographics, including
above average growth in population, employment, income and education levels. We
believe these conditions create favorable demand characteristics for
grocery-anchored and necessity-based essential retail centers which will
position us to capitalize on potential future rent increases while benefiting
from sustained occupancy at our centers.

Our strategically located regional field offices are within a two-hour drive of
90% 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 pursue our business
strategy by acquiring retail properties in Sun Belt markets, opportunistically
disposing of retail properties, maintaining a flexible capital structure, and
enhancing environmental, social and governance practices and standards.

Evaluation of Financial Condition



Historically, management has evaluated our financial condition and operating
performance by focusing on the following financial and nonfinancial 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 FFO Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Cash flow from operations as determined in accordance with GAAP;

•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.

Recent Developments

Acquisitions and Line of Credit Draw Down



On February 2, 2022, we acquired two properties in Austin, Texas for $189.3
million, Escarpment Village, approximately 170 thousand square feet and anchored
by H.E.B., and Shops at Arbor Trails, approximately 357 thousand square feet and
anchored by Costco and Whole Foods. We funded the acquisitions with cash on
hand, drawing down $105.0 million on our line of credit, and by assuming
mortgage debt on Shops at Arbor Trails and Escarpment Village of $31.5 million
and $26.0 million, respectively.

Dispositions



On March 3, 2022, IAGM Retail Fund I, LLC ("IAGM"), our joint venture
partnership with PGGM Private Real Estate Fund ("PGGM"), disposed of Price
Plaza, a 206 thousand square foot retail property located in Katy, Texas, for a
gross disposition price of $39.1 million and recognized a gain on sale of $3.8
million. Our share of IAGM's gain on sale was $2.1 million. The property's buyer
assumed a $17.8 million mortgage payable at the property.

                                       16
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Share Repurchase Program



On February 23, 2022, we established a new share repurchase program (the "SRP")
of up to $150.0 million of our outstanding shares of common stock. 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. The SRP replaced our prior
share repurchase program (the "Prior SRP"), which the Board previously suspended
effective September 5, 2021. As of March 31, 2022, we have not repurchased any
common stock under the SRP.

Debt



On March 4, 2022, we paid off a $22.3 million mortgage payable at Pavilion at La
Quinta using cash on hand and recognized a loss on debt extinguishment of $0.1
million.

ATM Program

On March 7, 2022, we established an at-the-market equity offering program (the
"ATM Program") through which we may sell from time to time up to an aggregate of
$250.0 million of our common stock. In connection with the ATM Program, we may
sell shares of our common stock to or through sales agents, or we may enter into
separate forward sale agreements with one of the agents, or one of their
respective affiliates, as a forward purchaser. When we enter into a forward sale
agreement, we expect that the forward purchaser will attempt to borrow from
third parties and sell, through a forward seller, shares of our common stock to
hedge the forward purchaser's exposure under the forward sale agreement. As of
March 31, 2022, we have not sold any common stock under the ATM Program.

Reduction of Authorized Shares



On April 28, 2022, we filed an amendment to our charter to decrease the number
of authorized shares of common stock from 1,460,000,000 to 146,000,000, in
proportion with the one-for-ten reverse stock split effected by the Company on
August 5, 2021. The authorized shares of preferred stock remain at 40,000,000.
The authorized shares of common stock have been retroactively adjusted within
the accompanying condensed consolidated financial statements to give effect to
the reduction as of March 31, 2022.

Our Retail Portfolio



Our wholly-owned and managed retail properties include grocery-anchored
community and neighborhood centers and power centers, including those classified
as necessity-based, as defined in our Annual Report. As of March 31, 2022, we
owned or had an interest in 63 retail properties with a total gross leasable
area ("GLA") of approximately 10.6 million square feet, which includes 6 retail
properties with a GLA of approximately 1.6 million square feet owned through our
55% ownership interest in an unconsolidated joint venture, IAGM.

Where appropriate, we have included results from the IAGM properties at 55% ("at
share") when combined with our wholly-owned properties, defined as "Pro Rata
Combined Retail Portfolio". The following table summarizes our retail portfolio
as of March 31, 2022 and 2021.

                                              Wholly-Owned                                     IAGM                                   Pro Rata Combined
                                           Retail Properties                            Retail Properties                              Retail Portfolio
                                     2022                    2021                 2022                    2021                  2022                     2021
No. of properties                     57                      55                    6                      10                    63                       65
GLA (square feet)                    9,081                   8,394                1,562                   2,470                 9,940                    9,752
Economic occupancy (a)               93.9%                   92.1%                86.5%                   83.2%                 93.2%                    90.9%
Leased occupancy (b)                 95.1%                   94.1%                87.3%                   85.3%                 94.4%                    92.9%
ABR PSF (c)                         $18.76                  $18.40               $17.23                  $17.13                $18.64                   $18.24


(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. Actual use may be less than economic occupancy. Specialty Leases
represent leases of less than one year in duration for small shop space and
include any term length for common area space.

(b)Leased occupancy is defined as economic occupancy plus the percentage of signed but not yet commenced GLA divided by total GLA.



(c)Annualized Base Rent ("ABR") is computed as base rent for the period
multiplied by twelve months. Base rent is inclusive of ground rent and any
abatement concessions, but excludes Specialty Lease rent. ABR per square foot
("PSF") is computed as ABR divided by the occupied square footage as of the end
of the period.

                                       17
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Retail Portfolio Summary by Center Type

The following tables summarize our retail portfolio, by center type, as defined in our Annual Report, as of March 31, 2022 and 2021.

Community and neighborhood centers



                                            Wholly-Owned                                        IAGM                                   Pro Rata Combined
                                         Retail Properties                               Retail Properties                              Retail Portfolio
                                   2022                    2021                     2022                    2021                 2022                     2021
No. of properties                   45                      44                        5                      5                    50                       49
GLA (square feet)                  5,508                   5,051                    1,387                  1,386                 6,271                    5,813
Economic occupancy                 94.4%                   93.1%                    85.9%                  87.2%                 93.4%                    92.3%
Leased occupancy                   95.7%                   94.9%                    86.9%                  88.0%                 94.6%                    94.0%
ABR PSF                           $19.80                  $19.44                   $17.11                  $16.68               $19.50                   $19.10


Power centers

                                            Wholly-Owned                                     IAGM                                   Pro Rata Combined
                                         Retail Properties                            Retail Properties                              Retail Portfolio
                                   2022                    2021                 2022                    2021                  2022                     2021
No. of properties                   12                      11                    1                       5                    13                       16
GLA (square feet)                  3,573                   3,343           

     175                    1,084                 3,669                    3,939
Economic occupancy                 93.1%                   90.7%                90.8%                   78.0%                 93.0%                    88.8%
Leased occupancy                   94.4%                   93.0%                90.8%                   81.8%                 94.0%                    91.3%
ABR PSF                           $17.15                  $16.81               $18.13                  $17.75                $17.18                   $16.93

Same Property Retail Portfolio Summary



The following tables summarize the GLA, economic occupancy and ABR PSF of the
properties included in our retail portfolio classified as same property for the
three months ended March 31, 2022 and 2021. Same Property Retail Portfolio
summaries include results from properties owned for the entirety of both periods
presented.

Three months ended March 31

                                               Wholly-Owned                                        IAGM                                   Pro Rata Combined
                                            Retail Properties                               Retail Properties                              Retail Portfolio
                                     2022                         2021                2022                    2021                  2022                     2021
No. of properties                     54                           54                   6                       6                    60                       60
GLA (square feet)                    8,321                       8,256                1,562                   1,562                 9,180                    9,115
Economic occupancy                   93.9%                       92.0%                86.5%                   85.5%                 93.2%                    91.4%
Leased occupancy                     95.0%                       94.0%                87.3%                   86.5%                 94.3%                    93.3%
ABR PSF                             $18.94                       $18.59              $17.23                  $16.85                $18.79                   $18.44


                                       18

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Lease Expirations

The following table presents the lease expirations of our economic occupied Pro Rata Combined Retail Portfolio as of March 31, 2022.



                               No. of                    GLA of                   Percent of               ABR of
       Lease                  Expiring              Expiring Leases              Total GLA of             Expiring              Percent of             Expiring
  Expiration Year            Leases (a)              (square feet)             Expiring Leases             Leases               Total ABR               ABR PSF
       2022                      101                        310                      3.3%               $    6,418                 3.5%              $    20.70
       2023                      204                      1,041                     11.2%                   19,253                10.5%                   18.49
       2024                      201                      1,032                     11.1%                   21,177                11.6%                   20.52
       2025                      185                      1,166                     12.6%                   21,085                11.5%                   18.08
       2026                      204                        877                      9.5%                   20,372                11.1%                   23.23
       2027                      188                      1,723                     18.6%                   33,465                18.3%                   19.42
       2028                      87                         461                      5.0%                   10,590                 5.8%                   22.97
       2029                      91                         530                      5.7%                   11,473                 6.3%                   21.65
       2030                      68                         339                      3.7%                    8,632                 4.7%                   25.46
       2031                      76                         491                      5.3%                   10,442                 5.7%                   21.27
    Thereafter                   72                       1,249                     13.5%                   19,307                10.5%                   15.46
     Other (b)                   13                          42                      0.5%                      965                 0.5%                   22.98
                                1,490                     9,261                      100%               $  183,179                 100%              $    19.78

(a)No. of expiring leases includes IAGM at 100%.

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



In preparing the above table, we have not assumed that unexercised contractual
lease renewal or extension options contained in our leases will, in fact, be
exercised. Our retail business is neither highly dependent on specific retailers
nor subject to lease roll-over concentration. We believe this minimizes risk to
our retail portfolio from significant revenue variances over time.

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Leasing Activity, Pro Rata Combined Retail Portfolio



The following table summarizes the leasing activity for leases that were
executed during the three months ended March 31, 2022, compared with expiring or
expired leases for the same or previous tenant for renewals and the same unit
for new leases at the 63 properties in our Pro Rata Combined Retail Portfolio.
Except for number of leases, all figures reflect results from our wholly owned
and IAGM properties at share. These tables do not include rent deferral lease
amendments executed as a result of the impact of the COVID-19 pandemic.

In our Pro Rata Combined Retail Portfolio, we had GLA totaling 1.04 million square feet expiring during the three months ended March 31, 2022, of which 971 thousand square feet was re-leased. This achieved a retention rate of approximately 93.1%.



                           No. of Leases                                             New                    Prior                 % Change
                         Executed for the                                        Contractual             Contractual             over Prior             Weighted Average           Tenant Improvement
                        Three Months Ended                GLA SF                    Rent                    Rent                    Lease                  Lease Term                  Allowance                     Lease
                          March 31, 2022              (in thousands)             ($PSF) (b)              ($PSF) (b)               Rent (b)                   (Years)                     ($PSF)               Commissions ($PSF)
All Tenants
Comparable
Renewal
Leases (a)                      46                          114                    $27.72                  $26.56                   4.4%                       4.1                       $0.98                        $-
Comparable New
Leases (a)                       1                          11                     $15.50                  $13.00                   19.2%                     11.0                       $45.00                      $9.86
Non-Comparable
Renewal and New
Leases                          21                          58                     $30.80                    N/A                     N/A                      10.0                       $42.07                     $11.80
Total                           68                          183                    $26.69                  $25.41                   5.0%                       6.4                       $16.52                      $4.30

Anchor Tenants (leases ten thousand square feet and over)
Comparable
Renewal
Leases (a)                       3                          36                     $18.08                  $17.28                   4.6%                       2.5                       $1.38                        $-
Comparable New
Leases (a)                       1                          11                     $15.50                  $13.00                   19.2%                     11.0                       $45.00                      $9.86
Non-Comparable
Renewal and New
Leases                           -                           -                       $-                      $-                      N/A                        -                          $-                         $-
Total                            4                          47                     $17.50                  $16.31                   7.3%                       4.4                       $11.22                      $2.22

Small Shop Tenants (leases under ten thousand square feet)
Comparable
Renewal
Leases (a)                      43                          78                     $32.19                  $30.85                   4.3%                       4.9                       $0.79                        $-
Comparable New
Leases (a)                       -                           -                       $-                      $-                      -%                         -                          $-                         $-
Non-Comparable
Renewal and New
Leases                          21                          58                     $30.80                    N/A                     N/A                      10.0                       $42.07                     $11.80
Total                           64                          136                    $32.19                  $30.85                   4.3%                       7.1                       $18.34                      $5.02


(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.

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


                                       20
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Results of Operations

Comparison of results for the three months ended March 31, 2022 and 2021



We generate substantially all of our earnings from property operations. Since
January 1, 2021, we have acquired three retail properties and disposed of one
retail property.

The following table presents the changes in our income for the three months ended March 31, 2022 and 2021.


                                       Three months ended March 31,
                               2022              2021        Increase (Decrease)
Income
Lease income, net       $    57,768           $ 49,926      $              7,842
Other property income           264                182                        82
Other fee income                754              1,013                      (259)
Total income            $    58,786           $ 51,121      $              7,665


Lease income, net, for the three months ended March 31, 2022, increased by $7.8
million when compared to the same period in 2021, primarily as a result of
increased minimum rent of $4.4 million, net changes in credit losses and related
reversals of $1.3 million, increased recovery income of $0.7 million, increased
percentage rent of $0.1 million, and net increased GAAP rent adjustments of $1.3
million.

The following table presents the changes in our operating expenses for the three months ended March 31, 2022 and 2021.


                                               Three months ended March 31,
                                       2022              2021        Increase (Decrease)
Operating expenses
Depreciation and amortization    $    22,829          $ 21,687      $              1,142
Property operating                     8,285             8,009                       276
Real estate taxes                      8,043             8,133                       (90)
General and administrative             7,887            10,351                    (2,464)
Total operating expenses         $    47,044          $ 48,180      $             (1,136)


Depreciation and amortization expenses for the three months ended March 31,
2022, increased $1.1 million when compared to the same period in 2021, primarily
as a result of the acquisition of three retail properties since January 1, 2021
generating increased depreciation and amortization expense of $2.0 million,
which was partially offset by $0.9 million of reduced depreciation and
amortization expense pertaining to the demolition of a building at one retail
property in 2021.

General and administrative expenses for the three months ended March 31, 2022,
decreased $2.5 million when compared to the same period in 2021, primarily as a
result of decreased long-term incentive plan costs of $1.4 million, decreased
stock administration and investor relations costs of $0.7 million, and net
decreases in all other costs of $0.4 million.

The following table presents the changes in our other income and expenses.


                                                                 Three 

months ended March 31,


                                                      2022                     2021               Change, net
Other (expense) income
Interest expense, net                         $      (4,809)              $     (3,985)         $        (824)
Loss on extinguishment of debt                          (96)                         -                    (96)

Gain on sale of investment properties, net                -                        519                   (519)
Equity in earnings of unconsolidated entities         2,716                        620                  2,096
Other income and expense, net                           (52)                      (195)                   143
Total other (expense) income, net             $      (2,241)              $     (3,041)         $         800


Interest expense, net

Interest expense, net, for the three months ended March 31, 2022 increased $0.8 million when compared to the same period in 2021, primarily as a result of:



•fluctuations in our line of credit balances and 1-month LIBOR interest rates on
our corporate credit facilities generating increased interest expense of $0.3
million,

                                       21
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•assumption of mortgages on Shops at Arbor Trails and Escarpment Village of
$31.5 million and $26.0 million, respectively, generating increased interest
expense of $0.3 million,

•increased amortization of debt issuance costs of $0.3 million, and was offset by:



•paying off a $22.3 million mortgage payable on one retail property, decreasing
interest expense by $0.1 million and generating a loss on debt extinguishment of
$0.1 million.

Gain on sale of investment properties, net

During the three months ended March 31, 2021, we recognized a net gain of $0.5 million on the completion of partial condemnations at three retail properties.

Equity in earnings of unconsolidated entities



Equity in earnings of unconsolidated entities for the three months ended
March 31, 2022, increased $2.1 million when compared to the same period in 2021,
primarily as a result of a gain on sale of a property of $2.1 million and
decreased interest expense of $0.3 million, which were partially offset by
decreased earnings from property operations of $0.3 million. The aforementioned
amounts represent our proportionate share of the activity.

Net Operating Income



We evaluate the performance of our retail properties based on NOI, which
excludes general and administrative expenses, depreciation and amortization,
provision for asset impairment, other income and expense, net, 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 straight-line
rent, above/below market lease amortization and amortization of lease
incentives). We bifurcate NOI into Same Property NOI and NOI from other
investment properties based on whether the underlying retail properties meet our
same property criteria.

We believe the supplemental non-GAAP financial measures of NOI, same property
NOI, and NOI from other investment properties provide added comparability across
periods when evaluating our financial condition and operating performance that
is not readily apparent from "Operating income" or "Net income" in accordance
with GAAP.

Comparison of Same Property results for the three months ended March 31, 2022 and 2021



A total of 54 wholly-owned retail properties and 60 Pro Rata retail properties
met our Same Property criteria for the three months ended March 31, 2022 and
2021. The following table presents the reconciliation of net income (loss), the
most directly comparable GAAP measure, to NOI, Same Property NOI, and Pro Rata
Same Property NOI for the three months ended March 31, 2022 and 2021:
                                                                   Three months ended March 31,
                                                                    2022                   2021
Net income (loss)                                            $         9,501          $       (100)
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net                                             52                   195
Equity in earnings of unconsolidated entities                         (2,716)                 (620)
Interest expense, net                                                  4,809                 3,985
Loss on extinguishment of debt                                            96                     -
Gain on sale of investment properties, net                                 -                  (519)

Depreciation and amortization                                         22,829                21,687
General and administrative                                             7,887                10,351
Other fee income                                                        (754)               (1,013)
Adjustments to NOI (a)                                                (3,872)               (1,881)
NOI                                                                   37,832                32,085
NOI from other investment properties                                  (2,096)                 (150)
Same Property NOI                                                     35,736                31,935
IAGM Same Property NOI at share                                        3,001                 2,596
Pro Rata Same Property NOI                                   $        

38,737 $ 34,531

(a)Adjustments to NOI include termination fee income and expense and GAAP rent adjustments.




                                       22
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Comparison of the components of Same Property NOI for the three months ended
March 31, 2022 and 2021

                                      Three months ended March 31,
                              2022              2021        Change        Var.
Lease income, net       $    50,666          $ 47,894      $ 2,772        5.8  %
Other property income           269               187           82       43.9  %
                             50,935            48,081        2,854        5.9  %
Property operating            7,847             8,012         (165)      (2.1) %
Real estate taxes             7,352             8,134         (782)      (9.6) %
                             15,199            16,146         (947)      (5.9) %
Same Property NOI       $    35,736          $ 31,935      $ 3,801       11.9  %


Same Property NOI increased by $3.8 million, or 11.9%, when comparing the three months ended March 31, 2022 to the same period in 2021, and was primarily a result of:

•increased minimum rent of $2.2 million,

•net changes in credit losses and related reversals of $0.7 million,

•decreased recoverable expenses of $0.7 million,

•decreased non-recoverable expenses of $0.3 million

•increased percentage rent of $0.1 million, and was offset by:

•decreased recovery income of $0.2 million.




The increase in minimum rent is primarily attributable increased economic and
leased occupancy levels when comparing the three months ended March 31, 2022 to
the same period in 2021.

During the three months ended March 31, 2022, we recognized credit losses
relating to billed rent and recoveries of $0.2 million and reversals of credit
losses of $0.8 million. During the three months ended March 31, 2021, we
recognized credit losses relating to billed rent and recoveries of $0.9 million
and reversals of credit losses of $0.8 million.

Real estate taxes and recoverable operating expenses, net of associated recoveries, decreased $0.5 million when comparing the three months ended March 31, 2022 to the same period in 2021, primarily reflecting increased real estate tax refunds.

Non-recoverable operating expenses relating to tenant lease negotiations decreased when comparing the three months ended March 31, 2022 to the same period in 2021.


                                       23
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Funds From Operations

The National Association of Real Estate Investment Trusts ("NAREIT"), an
industry trade group, has promulgated a widely accepted non-GAAP financial
measure of operating performance known as Funds From Operations ("NAREIT FFO").
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.

Core Funds From Operations ("Core FFO") is an additional supplemental non-GAAP
financial measure of our 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 that regard, we use Core FFO as an input to our compensation
plan to determine cash bonuses and measure the achievement of certain
performance-based equity awards.

See our Annual Report on Form 10-K for expanded descriptions of NAREIT FFO and
Core FFO. FFO Applicable to Common Shares and Dilutive Securities and Core FFO
Applicable to Common Shares and Dilutive Securities is calculated as follows:

                                                                   Three months ended March 31,
                                                                    2022                    2021
Net income (loss)                                            $        

9,501 $ (100) Depreciation and amortization related to investment properties

                                                            22,622                 21,447
Gain on sale of investment properties, net                                 -                   (519)
Unconsolidated joint venture adjustments (a)                            (465)                 2,070

NAREIT FFO Applicable to Common Shares and Dilutive Securities

                                                            31,658                 22,898

Amortization of above and below-market leases and lease inducements, net

                                                      (2,547)                (1,243)
Straight-line rent adjustments, net                                   (1,157)                  (517)
Adjusting items, net (b)                                                 873                    819
Unconsolidated joint venture adjusting items, net (c)                    194                    168

Core FFO Applicable to Common Shares and Dilutive Securities $ 29,021 $ 22,125



Weighted average common shares outstanding - basic                67,354,717             71,998,654
Dilutive effect of unvested restricted shares (d)                    221,321                      -
Weighted average common shares outstanding - diluted              67,576,038             71,998,654

Net income (loss) per common share, basic and diluted $ 0.14 $

           -

Per share adjustments - NAREIT FFO Applicable to Common Shares and Dilutive Securities

                                          0.33                   0.32

NAREIT FFO Applicable to Common Shares and Dilutive Securities per share

                                         $          

0.47 $ 0.32 Per share adjustments - Core FFO Applicable to Common Shares and Dilutive Securities

                                                (0.04)                 (0.01)

Core FFO Applicable to Common Shares and Dilutive Securities per share

                                                    $          

0.43 $ 0.31

(a)Represents our share of depreciation, amortization and gain on sale related to investment properties held in IAGM.



(b)Adjusting items, net, are primarily loss on extinguishment of debt,
amortization of debt discounts and financing costs, depreciation and
amortization of corporate assets, and non-operating income and expenses, net,
which includes items which are not pertinent to measuring on-going operating
performance, such as miscellaneous and settlement income.

(c)Represents our share of amortization of above and below-market leases and
lease inducements, net, straight line rent adjustments, net and adjusting items,
net related to IAGM.

(d)For purposes of calculating non-GAAP per share metrics, the same denominator
is used as that which would be used in calculating diluted earnings per share in
accordance with GAAP. For the three months ended March 31, 2021, unvested
restricted shares were antidilutive and therefore excluded from the denominator
in the diluted earnings per share calculation in accordance with GAAP.

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Liquidity and Capital Resources

Development, Redevelopment, Capital Expenditures and Leasing Activities



The following table summarizes capital resources used through development and
redevelopment, capital expenditures, and leasing activities at our retail
properties owned during the three months ended March 31, 2022. These costs are
classified as cash used in capital expenditures and tenant improvements and
investment in development and redevelopment projects on the condensed
consolidated statements of cash flows during the three months ended March 31,
2022.
                  Development and
                   Redevelopment           Capital Expenditures       Leasing          Total
Direct costs     $          1,986   (a)   $               1,145      $ 2,818   (c)   $ 5,949
Indirect costs                377   (b)                     340            -             717
Total            $          2,363         $               1,485      $ 2,818         $ 6,666

(a)Direct development and redevelopment costs relate to construction of buildings at our retail properties.

(b)Indirect development and redevelopment costs relate to capitalized interest, real estate taxes, insurance, and payroll attributed to improvements at our retail properties.

(c)Direct leasing costs relate to improvements to a tenant space that are either paid directly by or reimbursed to the tenants.

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 ability to maintain adequate liquidity for our operations in the future is
dependent upon a number of factors, including our revenue, macroeconomic
conditions, our ability to contain costs, including capital expenditures, and to
collect rents and other receivables, and various other factors, many of which
are beyond our control. We will continue to monitor our liquidity position and
may seek to raise funds through debt or equity financing in the future to fund
operations, significant investments or acquisitions that are consistent with our
strategy. Our ability to raise these funds may also be diminished by other
macroeconomic factors.

Long-Term Liquidity and Capital Resources



Our objectives are to maximize revenue generated by our retail platform, to
further enhance the value of our retail properties to produce attractive current
yield and long-term returns for our stockholders, and to generate sustainable
and predictable cash flow from our operations to distribute to our stockholders.

Any future determination to pay distributions will be at the discretion of our
board of directors (the "Board") and will depend on our financial condition,
capital requirements, restrictions contained in current or future financing
instruments, and such other factors as our Board deems relevant.

Our primary sources and uses of capital are as follows:



Sources                                                 Uses
•Operating cash flows from our real estate              •To invest in 

properties;


investments;                                            •To fund development, redevelopment,
•Distributions from our joint venture investment;       maintenance and capital expenditures or leasing
•Proceeds from sales of properties;                     incentives;
•Proceeds from mortgage loan borrowings on              •To make distributions to our stockholders;
properties;                                             •To service or pay down our debt;
•Proceeds from corporate borrowings; and                •To pay our operating expenses; and
•Proceeds from any ATM Program activities.              •To fund other 

general corporate uses.

From time to time, we may seek to acquire additional amounts of our outstanding common stock through cash purchases or exchanges for other securities. Such purchases or exchanges, if any, will depend on our liquidity requirements, contractual restrictions, and other factors.


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