InvenTrust Properties : 2024 Q1 Supplemental

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 Property Net Operating Income	6
Nareit FFO and Core FFO	7
EBITDA and Adjusted EBITDA	7
Summary of Outstanding Debt	8
Debt Covenants, Interest Rate Swaps, and Capital Expenditures	9
Portfolio and Leasing Overview
Markets and Tenant Size	10
Top 25 Tenants by ABR and Tenant Merchandise Mix	11
Comparable & Non-ComparableLease Statistics	12
Tenant Lease Expirations	13
Investment Summary
Acquisitions	14
Development Pipeline	15
Property Summary	16
Components of NAV as of March 31, 2024	19
Glossary of Terms	20

Introductory Notes

About InvenTrust Properties Corp.

InvenTrust Properties Corp. (the "Company," "IVT," or "InvenTrust") 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. Management pursues the Company's 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 ("ESG") practices and standards. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. IVT is committed to leadership in ESG practices and has been a Global Real Estate Sustainability Benchmark ("GRESB") member since 2013. For more information, please visit www.inventrustproperties.com.

The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under U.S. Generally Accepted Accounting Principles ("GAAP"). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed below), and there can be no assurance that the information will not vary from the final information in the Company's Form 10-Q for the quarter ended March 31, 2024. The Company may, but assumes no obligation to, update information in this supplemental.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements about the Company's 2024 guidance, the amount and timing of payment of the Company's next quarterly dividend, the Company's expectation for continued growth and tenant demand for its centers, strength of and anticipated opportunities based on IVT's low leverage levels, or regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, are typically identified by words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would," "outlook," "guidance," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain.

The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes; and any material market changes and trends that could affect the Company's business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law.

IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.

Notice Regarding Non-GAAP Financial Measures

In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. Management does not consider the Company's non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of IVT's financial performance as they may not reflect the operations of the entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of IVT's properties that could materially impact IVT's results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of IVT's liquidity, nor as an indication of funds available to cover IVT's cash needs, including IVT's ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if management does not continue to operate the business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, IVT's non-GAAP measures may not be comparable to other REITs. Reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are included on pages 6 and 7 and definitions of the Company's non-GAAP measures are included in the Glossary of Terms on page 20.

i Supplemental - Quarter Ended March 31, 2024

Introductory Notes

Former Joint Venture

On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, IAGM Retail Fund I, LLC ("IAGM" or "JV"), a joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"), in which it held a 55% ownership share. In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023. On December 15, 2023, IAGM was fully liquidated.

Throughout this supplemental, where indicated as "pro rata" the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," as of December 31, 2022 and 2021.

The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying the Company's overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent the Company's legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro rata interest. Accordingly, pro rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. For additional detail regarding properties previously owned by the JV, see the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case as filed with the SEC.

Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels

Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account (twitter.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on www.inventrustproperties.com/investor-relations and on the Company's social media channels.

ii Supplemental - Quarter Ended March 31, 2024

CONTACT:

Dan Lombardo

Vice President of Investor Relations [e-mail]

InvenTrust Properties Corp. Reports 2024 First Quarter Results

DOWNERS GROVE, IL - April 30, 2024 - InvenTrust Properties Corp. ("InvenTrust" or the "Company") (NYSE: IVT) today reported financial and operating results for the first quarter of 2024. For the three months ended March 31, 2024 and 2023, the Company reported Net Income of $2.9 million, or $0.04 per diluted share, and $1.1 million, or $0.02 per diluted share, respectively.

First Quarter 2024 Highlights:

• Nareit FFO of $0.45 per diluted share
• Core FFO of $0.44 per diluted share
• Same Property Net Operating Income ("NOI") growth of 4.1%
• Leased Occupancy as of March 31, 2024 of 96.3%
• Executed 41 leases totaling approximately 180,000 square feet of GLA, of which 165,000 square feet was executed at a blended comparable lease spread of 11.2%
• Executed one anchor tenant lease at a comparable lease spread of 32.5%
• Acquired The Plant, a 57,000 square foot neighborhood center anchored by Sprouts Farmers Market in Chandler, Arizona

"InvenTrust's 2024 is off to an excellent start, driven by persistent robust leasing activity with over 180,000 square feet of leases executed at double-digit leasing spreads in the first quarter," said DJ Busch, CEO and President. "Our team continues to find new ways to unlock additional growth and value as we benefit from the strong demand for high-quality retail space in our Sun Belt markets. Our low-levered balance sheet remains primed to provide us the ability to further accelerate growth should accretive capital allocation opportunities arise."

NET INCOME

• Net Income for the three months ended March 31, 2024 was $2.9 million, or $0.04 per diluted share, compared to Net Income of $1.1 million, or $0.02 per diluted share, for the same period in 2023.

NAREIT FFO

• Nareit FFO for the three months ended March 31, 2024 was $30.8 million, or $0.45 per diluted share, compared to $28.0 million, or $0.41 per diluted share, for the same period in 2023.

CORE FFO

• Core FFO for the three months ended March 31, 2024 was $30.0 million, or $0.44 per diluted share, compared to $27.4 million, or $0.40 per diluted share, for the same period in 2023.

SAME PROPERTY NOI

• Same Property NOI for the three months ended March 31, 2024 was $41.5 million, a 4.1% increase, compared to the same period in 2023.

iii Supplemental - Quarter Ended March 31, 2024

DIVIDEND

• For the quarter ended March 31, 2024, the Board of Directors declared a quarterly cash distribution of $0.2263 per share, paid on April 15, 2024.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

• As of March 31, 2024, the Company's Leased Occupancy was 96.3%.
• • Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 98.6% and Small Shop Leased Occupancy was 92.1%. Anchor Leased Occupancy increased 40 basis points, and Small Shop Leased Occupancy decreased 40 basis points, each on a sequential basis compared to the previous quarter.
  • Leased to Economic Occupancy spread of 290 basis points, which equates to approximately $7.6 million of base rent on an annualized basis.
• Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 11.2%.
• Annualized Base Rent PSF ("ABR") as of March 31, 2024 was $19.61, an increase of 2.6% compared to the same period in 2023. Anchor Tenant ABR PSF was $12.56 and Small Shop ABR PSF was $33.16 for the first quarter.
• On February 1, 2024, the Company acquired The Plant, a 57,000 square foot neighborhood center anchored by Sprouts Farmers Market in Chandler, Arizona for a gross acquisition price of $29.5 million. The Company used cash on hand and assumed $13.0 million of existing mortgage debt to fund the acquisition.

LIQUIDITY AND CAPITAL STRUCTURE

• On February 1, 2024, the Company assumed $13.0 million of existing mortgage debt on The Plant, which matures on May 10, 2025.
• InvenTrust had $421.2 million of total liquidity, as of March 31, 2024, comprised of $71.2 million of cash and cash equivalents and $350.0 million of availability under its Revolving Credit Facility.
• InvenTrust has $88.2 million of debt maturing in 2024 and $35.9 million of debt maturing in 2025, as of March 31, 2024.
• The Company's weighted average interest rate on its debt as of March 31, 2024 was 4.28% and the weighted average remaining term was 3.7 years.

SUBSEQUENT EVENTS

• On April 9, 2024, the Company acquired Moores Mill, a 70,000 square foot neighborhood center anchored by Publix in Atlanta, Georgia for a gross acquisition price of $28.0 million. The Company used cash on hand to fund the acquisition.

iv Supplemental - Quarter Ended March 31, 2024

2024 GUIDANCE

InvenTrust has updated its 2024 guidance, as summarized in the table below.

(Unaudited, dollars in thousands, except per share amounts)	Current (1) (2)			Previous
Net Income per diluted share	$0.06	-	$0.12	$0.04	-	$0.10
Nareit FFO per diluted share	$1.71	-	$1.77	$1.69	-	$1.75
Core FFO per diluted share (3)	$1.67	-	$1.71	$1.66	-	$1.70
Same Property NOI ("SPNOI") Growth	2.75%	-	3.75%	2.25%	-	3.25%
General and administrative	$33,000	-	$34,250	$33,000	-	$34,250
Interest expense, net (4)	$35,000	-	$35,750	$35,000	-	$35,750
Net investment activity (5)	~ $75,000	~ $75,000

1. The Company's guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and depreciation, amortization, and straight-line rent adjustments related to acquisitions.
2. The Company's guidance includes an expectation of uncollectibility, reflected as 50-100 basis points of expected total revenue.
3. Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, debt extinguishment charges, straight-line rent adjustments, depreciation and amortization of corporate assets, and non-operating income and expense.
4. Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $1.0 million.
5. Net investment activity represents anticipated acquisition activity less disposition activity.

In addition to the foregoing assumptions, the Company's guidance incorporates a number of other assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.

The following table provides a reconciliation of the range of the Company's 2024 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:

(Unaudited)		Low End			High End
Net income per diluted share	$	0.06	$	0.12
Depreciation and amortization related to investment properties		1.65			1.65
Nareit FFO per diluted share		1.71			1.77
Amortization of market-lease intangibles and inducements, net		(0.03)			(0.04)
Straight-line rent adjustments, net		(0.04)			(0.05)
Amortization of debt discounts and financing costs		0.03			0.03
Core FFO per diluted share	$	1.67	$	1.71

This press release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company's results.

v Supplemental - Quarter Ended March 31, 2024

Summary Financial Information

In thousands, except share information and per square foot amounts

										Three Months Ended March 31
										2024						2023
Financial Results
Net income						$	2,900			$	1,133
Net income per common share - basic									0.04				0.02
Net income per common share - diluted									0.04				0.02
Nareit FFO (page 7)									30,846				28,018
Nareit FFO per diluted share									0.45				0.41
Core FFO (page 7)									29,981				27,371
Core FFO per diluted share									0.44				0.40
Same Property NOI (page 6)									41,473				39,857
Same Property NOI growth									4.1 %
Adjusted EBITDA (page 7)									39,173				36,217
Distributions declared per common share - basic									0.23				0.22
Aggregate distributions declared (as a % of Core FFO)									51.2 %			53.2 %
			As of			As of				As of				As of
			Mar. 31, 2024			Dec. 31, 2023		Dec. 31, 2022 (a)					Dec. 31, 2021 (a)
Capital Information
Shares outstanding		67,874,528			67,807,831				67,472,553						67,344,374
Outstanding Debt, net	$	827,527	$	814,568	$		805,253			$		624,289
Less: Cash and cash equivalents			(71,170)			(96,385)				(164,448)						(79,628)
Net Debt	$	756,357	$	718,183	$		640,805			$		544,661

(a) Outstanding debt, net, Cash and cash equivalents, and Net Debt as of December 31, 2022 and 2021 are Pro Rata.

Debt Metrics (trailing 12 months)
Adjusted EBITDA	$	149,415	$	146,459	$	132,368	$	117,273
Net Debt-to-Adjusted EBITDA (a)		5.1x		4.9x		4.8x		4.6x
Fixed charge coverage		4.3x		4.3x		5.0x		6.4x
Net debt to real estate assets, excl property acc depr.		28.2 %		27.0 %		24.7 %		22.0 %
Net debt to total assets, excl property acc depr.		25.6 %		24.4 %		21.3 %		19.3 %

(a) Net Debt-to-Adjusted EBITDA as of December 31, 2022 and 2021 are Pro Rata.

Distributions Paid Per Share

Q1 2024	$0.21550
Q4 2023	$0.21550
Q3 2023	$0.21550
Q2 2023	$0.21550

Liquidity and Credit Facility
Cash and cash equivalents	$	71,170
Available under credit facility		350,000
Total	$	421,170

	Same Property		Total Portfolio
	Three Months Ended March 31		Three Months Ended March 31
	2024	2023	2024			2023
Portfolio Metrics
No. of properties	57	57	63			62
GLA	9,113	9,108	10,385			10,295
Economic Occupancy	93.4 %	94.5 %	93.4 %			94.0 %
Leased Occupancy	96.5 %	96.4 %	96.3 %			96.1 %
ABR PSF	$19.95	$19.54	$19.61			$19.12

• Supplemental - Quarter Ended March 31, 2024

Condensed Consolidated Balance Sheets

In thousands, except share and per share amounts

		As of
		March 31, 2024		December 31, 2023
Assets		(unaudited)
Investment properties
Land	$	698,532	$	694,668
Building and other improvements		1,979,896			1,956,117
Construction in progress		7,202			5,889
Total		2,685,630			2,656,674
Less accumulated depreciation		(476,541)			(461,352)
Net investment properties		2,209,089			2,195,322
Cash, cash equivalents and restricted cash		75,116			99,763
Intangible assets, net		110,920			114,485
Accounts and rents receivable		29,766			35,353
Deferred costs and other assets, net		51,477			42,408
Total assets	$	2,476,368	$	2,487,331
Liabilities
Debt, net	$	827,527	$	814,568
Accounts payable and accrued expenses		28,764			44,583
Distributions payable		15,360			14,594
Intangible liabilities, net		29,730			30,344
Other liabilities		26,938			29,198
Total liabilities		928,319			933,287
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding		-			-
Common stock, $0.001 par value, 146,000,000 shares authorized,
67,874,528 shares issued and outstanding as of March 31, 2024 and		68			68
67,807,831 shares issued and outstanding as of December 31, 2023
Additional paid-in capital		5,471,191			5,468,728
Distributions in excess of accumulated net income		(3,945,286)			(3,932,826)
Accumulated comprehensive income		22,076			18,074
Total stockholders' equity		1,548,049			1,554,044
Total liabilities and stockholders' equity	$	2,476,368	$	2,487,331

• Supplemental - Quarter Ended March 31, 2024

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

In thousands, except share and per share information, unaudited

		Three Months Ended March 31
		2024			2023
Income
Lease income, net	$	66,493	$	64,830
Other property income		305			295
Other fee income		-			80
Total income		66,798			65,205
Operating expenses
Depreciation and amortization		28,168			26,758
Property operating		9,999			10,230
Real estate taxes		8,981			9,628
General and administrative		7,974			7,731
Total operating expenses		55,122			54,347
Other (expense) income
Interest expense, net		(9,634)			(9,509)
Equity in losses of unconsolidated entities		-			(663)
Other income and expense, net		858			447
Total other (expense) income, net		(8,776)			(9,725)
Net income	$	2,900	$	1,133
Weighted-average common shares outstanding - basic		67,874,528			67,508,641
Weighted-average common shares outstanding - diluted		68,272,050			67,654,524
Net income per common share - basic	$	0.04	$	0.02
Net income per common share - diluted	$	0.04	$	0.02
Distributions declared per common share outstanding	$	0.23	$	0.22
Distributions paid per common share outstanding	$	0.22	$	0.20
Comprehensive income (loss)
Net income	$	2,900	$	1,133
Unrealized gain (loss) on derivatives, net		7,319			(3,317)
Reclassification to net income		(3,317)			(2,892)
Comprehensive income (loss)	$	6,902	$	(5,076)

• Supplemental - Quarter Ended March 31, 2024