IVT 8-K
InvenTrust Properties Corp. (IVT)
8-K
2026-04-28
For: 2026-04-28
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April 28, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices and zip code) | ||||||||
(Registrant's telephone number, including area code) | ||||||||
N/A | ||||||||
(Former name or former address, if changed since last report) | ||||||||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition.
On April 28, 2026, InvenTrust Properties Corp. (the "Company") issued a press release announcing its results for the quarter ended March 31, 2026. The full text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
On April 28, 2026, the Company posted on its website, at https://www.inventrustproperties.com/investor-relations/, certain supplemental information for the quarter ended March 31, 2026 (the "First Quarter Supplemental"). A copy of the First Quarter Supplemental is attached as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference.
The information furnished under this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 as amended, or the Exchange Act, except as set forth by specific reference in such filing.
Item 9.01 - Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: | April 28, 2026 | INVENTRUST PROPERTIES CORP. | ||||||||||||
By: | /s/ Christy L. David | |||||||||||||
Name: | Christy L. David | |||||||||||||
Title: | Executive Vice President, Chief Operating Officer, General Counsel & Secretary | |||||||||||||
 | ||||||||
CONTACT:
Dan Lombardo
Vice President of Investor Relations
630-570-0605
InvenTrust Properties Corp. Reports 2026 First Quarter Results
DOWNERS GROVE, IL – April 28, 2026 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the quarter ended March 31, 2026. For the three months ended March 31, 2026 and 2025, the Company reported Net Income of $5.2 million, or $0.07 per diluted share, and Net Income of $6.8 million, or $0.09 per diluted share, respectively.
First Quarter 2026 Highlights:
•Nareit FFO of $0.53 per diluted share
•Core FFO of $0.49 per diluted share
•Same Property Net Operating Income (“NOI”) growth of 2.6%
•Leased Occupancy as of March 31, 2026 of 96.4%
•Executed 64 leases totaling approximately 329,000 square feet of GLA, of which 249,000 square feet was executed at a blended comparable lease spread of 10.5%
•Acquired two properties and one single-tenant outparcel adjacent to an existing property, totaling approximately 391,000 square feet, for an aggregate acquisition price of approximately $123.0 million
•Expanded our Sun Belt presence into Nashville, Tennessee with the acquisition of Nashville West
“Our start to 2026 reflects the continued strength of the InvenTrust portfolio and the consistency of our operating platform,” said DJ Busch, President and CEO of InvenTrust. “First-quarter results were in line with our expectations and reflect the timing of lease commencements and anticipated portfolio activity, with same property NOI growth expected to step up meaningfully in the back half of the year. This acceleration is driven by contractual rent growth and a strong pipeline of signed leases scheduled to commence over the balance of the year. We also advanced our external growth strategy, deploying $123 million into high-quality acquisitions, including our entry into the Nashville market. With meaningful embedded growth, disciplined capital allocation, and sustained leasing demand, we remain well positioned to deliver durable cash flows and create long-term shareholder value.”
NET INCOME
•Net Income for the three months ended March 31, 2026 was $5.2 million, or $0.07 per diluted share, compared to $6.8 million, or $0.09 per diluted share, for the same period in 2025.
NAREIT FFO
•Nareit FFO for the three months ended March 31, 2026 was $41.3 million, or $0.53 per diluted share, compared to $37.2 million, or $0.48 per diluted share, for the same period in 2025.
CORE FFO
•Core FFO for the three months ended March 31, 2026 was $38.8 million, or $0.49 per diluted share, compared to $36.2 million, or $0.46 per diluted share, for the same period in 2025.
1 Earnings Release - Quarter Ended March 31, 2026 |  | |||||||
SAME PROPERTY NOI
•Same Property NOI for the three months ended March 31, 2026 was $48.7 million, a 2.6% increase, compared to the same period in 2025.
DIVIDEND
•For the quarter ended March 31, 2026, the Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on April 15, 2026.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
•As of March 31, 2026, the Company’s Leased Occupancy was 96.4%.
◦Anchor Leased Occupancy was 98.5% and Small Shop Leased Occupancy was 92.9%. Anchor Leased Occupancy increased 10 basis points and Small Shop Leased Occupancy decreased 110 basis points on a sequential basis compared to the previous quarter.
◦Leased to Economic Occupancy spread of 130 basis points, which equates to approximately $4.6 million of base rent on an annualized basis.
•Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 10.5%.
•Annualized Base Rent (“ABR”) per square foot (“PSF”) as of March 31, 2026 was $20.63, an increase of 2.1% compared to the same period in 2025. Anchor Tenant ABR PSF was $13.05 and Small Shop Tenant ABR PSF was $34.01 as of March 31, 2026.
•During the first quarter, the Company completed the following acquisitions using available liquidity:
◦On February 13, 2026, the Company acquired Marketplace at Hudson Station, a 60,000 square foot neighborhood center shadow-anchored by Fry’s Marketplace in the Phoenix, Arizona market, for a gross acquisition price of $31.25 million.
◦On February 20, 2026, the Company acquired Nashville West, a 324,000 square foot power center shadow-anchored by Target, Costco, and Publix in Nashville, Tennessee, for a gross acquisition price of $88.0 million.
◦On March 12, 2026, the Company acquired a 7,000 square foot single-tenant outparcel adjacent to its neighborhood center, The Centre on Hugh Howell, in the Atlanta, Georgia market, for a gross acquisition price of $3.7 million.
LIQUIDITY AND CAPITAL STRUCTURE
•InvenTrust had $345.8 million of total liquidity, as of March 31, 2026, comprised of $26.8 million of cash and cash equivalents and $319.0 million of availability under its Revolving Credit Facility.
•InvenTrust has no debt maturing in 2026 and $26.0 million of debt maturing in 2027.
•The Company's weighted average interest rate on its debt as of March 31, 2026 was 4.13% and the weighted average remaining term was 4.0 years.
SUBSEQUENT EVENTS
•On April 16, 2026, the Company entered into a note purchase agreement for the private placement of $250 million of senior notes, consisting of $50 million at 5.09% due June 29, 2029, $100 million at 5.32% due June 29, 2031, and $100 million at 5.60% due June 29, 2033. Combined, the notes are expected to have a weighted average tenor of approximately 5.4 years and a weighted average fixed interest rate of 5.44%, and are expected to be issued on June 29, 2026, subject to customary closing conditions.
2 Earnings Release - Quarter Ended March 31, 2026 | | |||||||
2026 GUIDANCE
InvenTrust has updated its 2026 guidance, as summarized in the following table.
| (Unaudited, dollars in thousands, except per share amounts) | Current (1) (2) | Previous | |||||||||||||||||||||
| Net Income per diluted share | $0.10 | — | $0.16 | $0.16 | — | $0.22 | |||||||||||||||||
| Nareit FFO per diluted share | $2.00 | — | $2.06 | $1.97 | — | $2.03 | |||||||||||||||||
Core FFO per diluted share (3) | $1.92 | — | $1.96 | $1.91 | — | $1.95 | |||||||||||||||||
| Same Property NOI (“SPNOI”) Growth | 3.25% | — | 4.25% | 3.25% | — | 4.25% | |||||||||||||||||
| General and administrative | $35,750 | — | $36,750 | $35,750 | — | $36,750 | |||||||||||||||||
Interest expense, net (4) | ~ $44,000 | ~ $44,000 | |||||||||||||||||||||
Net investment activity (5) | ~ $300,000 | ~ $300,000 | |||||||||||||||||||||
(1)The Company’s 2026 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 anticipated acquisitions.
(2)The Company’s 2026 guidance includes an expectation of uncollectibility, reflected as 30-70 basis points of expected total revenue.
(3)Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, gains or losses on debt transactions, 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, accretion of finance lease liability, and expected interest income of approximately $0.5 million.
(5)Net investment activity represents anticipated acquisition activity less disposition activity.
In addition to the foregoing assumptions, the Company's 2026 guidance incorporates several 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 reconciles the range of the Company's 2026 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 | $ | 0.10 | $ | 0.16 | |||||||
| Depreciation and amortization of real estate assets | 1.90 | 1.90 | |||||||||
| Nareit FFO per diluted share | 2.00 | 2.06 | |||||||||
| Amortization of market-lease intangibles and inducements, net | (0.08) | (0.08) | |||||||||
| Straight-line rent adjustments, net | (0.05) | (0.06) | |||||||||
| Amortization of debt discounts and financing costs | 0.04 | 0.04 | |||||||||
| Depreciation and amortization of corporate assets | 0.01 | 0.01 | |||||||||
| Non-operating income and expense, net | — | (0.01) | |||||||||
| Core FFO per diluted share | $ | 1.92 | $ | 1.96 | |||||||
This earnings 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.
EARNINGS CALL INFORMATION
Date: Wednesday, April 29, 2026
Time: 10:00 a.m. ET
Dial-in: (833) 461-5787 / Access Code: 537477482
Webcast & Replay Link: https://events.q4inc.com/attendee/537477482
A webcast replay will be available shortly after the conclusion of the presentation using the webcast link above.
3 Earnings Release - Quarter Ended March 31, 2026 | | |||||||
 | Definitions | ||||
NON-GAAP FINANCIAL MEASURES
This Earnings Release includes certain financial measures and other terms that are not in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) that management believes are helpful in understanding the Company’s business. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of the Company’s non-GAAP measures to the most directly comparable GAAP financials measures are included herein.
SAME PROPERTY NOI or SPNOI
Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments (“GAAP Rent Adjustments”). The Company bifurcates NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet the Company’s Same Property criteria. NOI from other investment properties includes adjustments for the Company’s captive insurance company.
NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE FFO
The Company’s non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, 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. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company’s 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 ongoing operating performance.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA) and ADJUSTED EBITDA
The Company’s non-GAAP measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization. Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance.
NET DEBT-TO-ADJUSTED EBITDA
Net Debt-to-Adjusted EBITDA is Net Debt divided by trailing twelve month Adjusted EBITDA.
4 Earnings Release - Quarter Ended March 31, 2026 | | |||||||
| Financial Statements | ||||
Condensed Consolidated Balance Sheets
In thousands, except share amounts
| As of March 31 | As of December 31 | ||||||||||
| 2026 | 2025 | ||||||||||
| Assets | (unaudited) | ||||||||||
| Investment properties | |||||||||||
| Land | $ | 719,744 | $ | 702,147 | |||||||
| Building and other improvements | 2,390,215 | 2,295,852 | |||||||||
| Construction in progress | 7,599 | 7,473 | |||||||||
| Total | 3,117,558 | 3,005,472 | |||||||||
| Less accumulated depreciation | (547,018) | (525,830) | |||||||||
| Net investment properties | 2,570,540 | 2,479,642 | |||||||||
| Cash, cash equivalents, and restricted cash | 34,395 | 40,518 | |||||||||
| Intangible assets, net | 202,691 | 193,963 | |||||||||
| Accounts and rents receivable | 36,518 | 37,471 | |||||||||
| Deferred costs and other assets, net | 41,334 | 37,053 | |||||||||
| Total assets | $ | 2,885,478 | $ | 2,788,647 | |||||||
| Liabilities | |||||||||||
| Debt, net | $ | 952,218 | $ | 825,881 | |||||||
| Accounts payable and accrued expenses | 29,190 | 48,291 | |||||||||
| Distributions payable | 19,484 | 18,450 | |||||||||
| Intangible liabilities, net | 73,915 | 68,475 | |||||||||
| Other liabilities | 32,589 | 33,288 | |||||||||
| Total liabilities | 1,107,396 | 994,385 | |||||||||
| 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, 77,935,857 shares issued and outstanding as of March 31, 2026 and 77,691,533 shares issued and outstanding as of December 31, 2025 | 78 | 78 | |||||||||
| Additional paid-in capital | 5,733,540 | 5,736,652 | |||||||||
| Distributions in excess of accumulated net income | (3,961,529) | (3,947,229) | |||||||||
| Accumulated comprehensive income | 5,993 | 4,761 | |||||||||
| Total stockholders' equity | 1,778,082 | 1,794,262 | |||||||||
| Total liabilities and stockholders' equity | $ | 2,885,478 | $ | 2,788,647 | |||||||
5 Earnings Release - Quarter Ended March 31, 2026 | | |||||||
| Financial Statements, continued | ||||
Condensed Consolidated Statements of Operations and Comprehensive Income
In thousands, except share and per share amounts, unaudited
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Income | |||||||||||
| Lease income, net | $ | 82,110 | $ | 73,389 | |||||||
| Other property income | 471 | 382 | |||||||||
| Total income | 82,581 | 73,771 | |||||||||
| Operating expenses | |||||||||||
| Depreciation and amortization | 36,385 | 30,614 | |||||||||
| Property operating | 12,021 | 10,747 | |||||||||
| Real estate taxes | 9,902 | 9,356 | |||||||||
| General and administrative | 9,319 | 8,547 | |||||||||
| Total operating expenses | 67,627 | 59,264 | |||||||||
| Other (expense) income | |||||||||||
| Interest expense, net | (10,085) | (8,322) | |||||||||
| Other income and expense, net | 315 | 607 | |||||||||
| Total other (expense) income, net | (9,770) | (7,715) | |||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Weighted-average common shares outstanding - basic | 77,933,973 | 77,563,971 | |||||||||
| Weighted-average common shares outstanding - diluted | 78,415,161 | 78,160,787 | |||||||||
| Net income per common share - basic | $ | 0.07 | $ | 0.09 | |||||||
| Net income per common share - diluted | $ | 0.07 | $ | 0.09 | |||||||
| Comprehensive income | |||||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Unrealized gain (loss) on derivatives, net | 2,838 | (1,586) | |||||||||
| Reclassification to net income | (1,606) | (2,242) | |||||||||
| Comprehensive income | $ | 6,416 | $ | 2,964 | |||||||
6 Earnings Release - Quarter Ended March 31, 2026 | | |||||||
| Reconciliation of Non-GAAP Measures | ||||
| In thousands | |||||
Same Property NOI
The following table presents the components of Same Property NOI:
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Income | |||||||||||
| Minimum base rent | $ | 44,349 | $ | 43,183 | |||||||
| Real estate tax recoveries | 8,209 | 7,912 | |||||||||
| Common area maintenance, insurance, and other recoveries | 8,798 | 8,646 | |||||||||
| Ground rent income | 4,872 | 4,760 | |||||||||
| Short-term and other lease income | 1,328 | 1,174 | |||||||||
| (Provision for) reversal of estimated credit losses | (156) | 32 | |||||||||
| Other property income | 427 | 348 | |||||||||
| Total income | 67,827 | 66,055 | |||||||||
| Operating Expenses | |||||||||||
| Property operating | 10,282 | 9,981 | |||||||||
| Real estate taxes | 8,857 | 8,615 | |||||||||
| Total operating expenses | 19,139 | 18,596 | |||||||||
| Same Property NOI | $ | 48,688 | $ | 47,459 | |||||||
Net Income to Same Property NOI
The following table reconciles Net Income to Same Property NOI:
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Adjustments to reconcile to non-GAAP metrics: | |||||||||||
| Other income and expense, net | (315) | (607) | |||||||||
| Interest expense, net | 10,085 | 8,322 | |||||||||
| Depreciation and amortization | 36,385 | 30,614 | |||||||||
| General and administrative | 9,319 | 8,547 | |||||||||
| Adjustments to NOI (a) | (4,238) | (1,799) | |||||||||
| NOI | 56,420 | 51,869 | |||||||||
| NOI from other investment properties | (7,732) | (4,410) | |||||||||
| Same Property NOI | $ | 48,688 | $ | 47,459 | |||||||
(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.
7 Earnings Release - Quarter Ended March 31, 2026 | | |||||||
| Reconciliation of Non-GAAP Measures, continued | ||||
| in thousands, except share and per share amounts | |||||
Nareit FFO and Core FFO
The following table reconciles Net Income to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Depreciation and amortization of real estate assets | 36,111 | 30,366 | |||||||||
| Nareit FFO Applicable to Common Shares and Dilutive Securities | 41,295 | 37,158 | |||||||||
| Amortization of market lease intangibles and inducements, net | (2,258) | (895) | |||||||||
| Straight-line rent adjustments, net | (1,178) | (894) | |||||||||
| Amortization of debt discounts and financing costs | 832 | 683 | |||||||||
| Accretion of finance lease liability | 51 | — | |||||||||
| Depreciation and amortization of corporate assets | 274 | 248 | |||||||||
| Non-operating income and expense, net (a) | (264) | (71) | |||||||||
| Core FFO Applicable to Common Shares and Dilutive Securities | $ | 38,752 | $ | 36,229 | |||||||
| Weighted average common shares outstanding - basic | 77,933,973 | 77,563,971 | |||||||||
| Dilutive effect of unvested restricted shares (b) | 481,188 | 596,816 | |||||||||
| Weighted average common shares outstanding - diluted | 78,415,161 | 78,160,787 | |||||||||
| Net income per diluted share | $ | 0.07 | $ | 0.09 | |||||||
| Nareit FFO per diluted share | $ | 0.53 | $ | 0.48 | |||||||
| Core FFO per diluted share | $ | 0.49 | $ | 0.46 | |||||||
(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
(b)For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.
EBITDA and Adjusted EBITDA
The following table reconciles Net Income to EBITDA and Adjusted EBITDA:
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Interest expense, net | 10,085 | 8,322 | |||||||||
| Income tax expense | 147 | 136 | |||||||||
| Depreciation and amortization | 36,385 | 30,614 | |||||||||
| EBITDA | 51,801 | 45,864 | |||||||||
| Amortization of market-lease intangibles and inducements, net | (2,258) | (895) | |||||||||
| Straight-line rent adjustments, net | (1,178) | (894) | |||||||||
| Non-operating income and expense, net (a) | (264) | (71) | |||||||||
| Adjusted EBITDA | $ | 48,101 | $ | 44,004 | |||||||
(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
8 Earnings Release - Quarter Ended March 31, 2026 | | |||||||
| Financial Leverage Ratios | ||||
| In thousands | |||||
Net Debt and Net Debt-to-Adjusted EBITDA
The following table calculates net debt and Net Debt-to-Adjusted EBITDA:
| As of March 31 | As of December 31 | ||||||||||
| 2026 | 2025 | ||||||||||
| Net Debt: | |||||||||||
| Outstanding Debt, net | $ | 952,218 | $ | 825,881 | |||||||
| Less: Cash and cash equivalents | (26,799) | (34,973) | |||||||||
| Net Debt | $ | 925,419 | $ | 790,908 | |||||||
| Net Debt-to-Adjusted EBITDA (trailing 12 months): | |||||||||||
| Net Debt | $ | 925,419 | $ | 790,908 | |||||||
| Adjusted EBITDA (trailing 12 months) | 179,298 | 175,201 | |||||||||
| Net Debt-to-Adjusted EBITDA | 5.2x | 4.5x | |||||||||
9 Earnings Release - Quarter Ended March 31, 2026 | | |||||||
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, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. 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 GAAP. The information provided in this earnings release is unaudited and includes non-GAAP measures (as discussed herein), 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, 2026. The Company may, but assumes no obligation to, update information in this earnings release.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this earnings release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.
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, including the effects of tariffs and changes in global trade policies, on the overall state of the economy and on our and our tenants' business and operations 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 earnings release. 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.
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 (x.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 inventrustproperties.com/investor-relations and on the Company’s social media channels.
10 Earnings Release - Quarter Ended March 31, 2026 | | |||||||
 | Table of Contents | ||||
| Page No. | ||||||||
| Introductory Notes | i | |||||||
| Earnings Release | iii | |||||||
| Financial Information | ||||||||
| Summary Financial Information | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Income | ||||||||
| Condensed Consolidated Supplemental Details of Assets and Liabilities | ||||||||
| Condensed Consolidated Supplemental Details of Operations | ||||||||
| Reconciliation of Non-GAAP Measures | ||||||||
| Same Property Net Operating Income | ||||||||
| Nareit FFO and Core FFO | ||||||||
| EBITDA and Adjusted EBITDA | ||||||||
| Summary of Outstanding Debt | ||||||||
| Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs | ||||||||
| Portfolio and Leasing Overview | ||||||||
Markets and Tenant Size | ||||||||
| Top 25 Tenants by ABR and Tenant Merchandise Mix | ||||||||
Comparable & Non-Comparable Lease Statistics | ||||||||
| Tenant Lease Expirations | ||||||||
| Acquisitions | ||||||||
| Investment Summary | ||||||||
| Development Pipeline | ||||||||
| Property Summary | ||||||||
Components of NAV as of March 31, 2026 | ||||||||
| Glossary of Terms | ||||||||
| 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, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. 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 herein), 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, 2026. 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. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this supplemental that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.
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, including the effects of tariffs and changes in global trade policies, on the overall state of the economy and on our and our tenants' business and operations 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 21.
i | Supplemental - Quarter Ended March 31, 2026 |  | ||||||
| Introductory Notes | ||||
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 (x.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 inventrustproperties.com/investor-relations and on the Company’s social media channels.
ii | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| ||||||||
CONTACT:
Dan Lombardo
Vice President of Investor Relations
630-570-0605
InvenTrust Properties Corp. Reports 2026 First Quarter Results
DOWNERS GROVE, IL – April 28, 2026 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the quarter ended March 31, 2026. For the three months ended March 31, 2026 and 2025, the Company reported Net Income of $5.2 million, or $0.07 per diluted share, and Net Income of $6.8 million, or $0.09 per diluted share, respectively.
First Quarter 2026 Highlights:
•Nareit FFO of $0.53 per diluted share
•Core FFO of $0.49 per diluted share
•Same Property Net Operating Income (“NOI”) growth of 2.6%
•Leased Occupancy as of March 31, 2026 of 96.4%
•Executed 64 leases totaling approximately 329,000 square feet of GLA, of which 249,000 square feet was executed at a blended comparable lease spread of 10.5%
•Acquired two properties and one single-tenant outparcel adjacent to an existing property, totaling approximately 391,000 square feet, for an aggregate acquisition price of approximately $123.0 million
•Expanded our Sun Belt presence into Nashville, Tennessee with the acquisition of Nashville West
“Our start to 2026 reflects the continued strength of the InvenTrust portfolio and the consistency of our operating platform,” said DJ Busch, President and CEO of InvenTrust. “First-quarter results were in line with our expectations and reflect the timing of lease commencements and anticipated portfolio activity, with same property NOI growth expected to step up meaningfully in the back half of the year. This acceleration is driven by contractual rent growth and a strong pipeline of signed leases scheduled to commence over the balance of the year. We also advanced our external growth strategy, deploying $123 million into high-quality acquisitions, including our entry into the Nashville market. With meaningful embedded growth, disciplined capital allocation, and sustained leasing demand, we remain well positioned to deliver durable cash flows and create long-term shareholder value.”
NET INCOME
•Net Income for the three months ended March 31, 2026 was $5.2 million, or $0.07 per diluted share, compared to $6.8 million, or $0.09 per diluted share, for the same period in 2025.
NAREIT FFO
•Nareit FFO for the three months ended March 31, 2026 was $41.3 million, or $0.53 per diluted share, compared to $37.2 million, or $0.48 per diluted share, for the same period in 2025.
CORE FFO
•Core FFO for the three months ended March 31, 2026 was $38.8 million, or $0.49 per diluted share, compared to $36.2 million, or $0.46 per diluted share, for the same period in 2025.
iii | Supplemental - Quarter Ended March 31, 2026 | | ||||||
SAME PROPERTY NOI
•Same Property NOI for the three months ended March 31, 2026 was $48.7 million, a 2.6% increase, compared to the same period in 2025.
DIVIDEND
•For the quarter ended March 31, 2026, the Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on April 15, 2026.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
•As of March 31, 2026, the Company’s Leased Occupancy was 96.4%.
◦Anchor Leased Occupancy was 98.5% and Small Shop Leased Occupancy was 92.9%. Anchor Leased Occupancy increased 10 basis points and Small Shop Leased Occupancy decreased 110 basis points on a sequential basis compared to the previous quarter.
◦Leased to Economic Occupancy spread of 130 basis points, which equates to approximately $4.6 million of base rent on an annualized basis.
•Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 10.5%.
•Annualized Base Rent (“ABR”) per square foot (“PSF”) as of March 31, 2026 was $20.63, an increase of 2.1% compared to the same period in 2025. Anchor Tenant ABR PSF was $13.05 and Small Shop Tenant ABR PSF was $34.01 as of March 31, 2026.
•During the first quarter, the Company completed the following acquisitions using available liquidity:
◦On February 13, 2026, the Company acquired Marketplace at Hudson Station, a 60,000 square foot neighborhood center shadow-anchored by Fry’s Marketplace in the Phoenix, Arizona market, for a gross acquisition price of $31.25 million.
◦On February 20, 2026, the Company acquired Nashville West, a 324,000 square foot power center shadow-anchored by Target, Costco, and Publix in Nashville, Tennessee, for a gross acquisition price of $88.0 million.
◦On March 12, 2026, the Company acquired a 7,000 square foot single-tenant outparcel adjacent to its neighborhood center, The Centre on Hugh Howell, in the Atlanta, Georgia market, for a gross acquisition price of $3.7 million.
LIQUIDITY AND CAPITAL STRUCTURE
•InvenTrust had $345.8 million of total liquidity, as of March 31, 2026, comprised of $26.8 million of cash and cash equivalents and $319.0 million of availability under its Revolving Credit Facility.
•InvenTrust has no debt maturing in 2026 and $26.0 million of debt maturing in 2027.
•The Company's weighted average interest rate on its debt as of March 31, 2026 was 4.13% and the weighted average remaining term was 4.0 years.
SUBSEQUENT EVENTS
•On April 16, 2026, the Company entered into a note purchase agreement for the private placement of $250 million of senior notes, consisting of $50 million at 5.09% due June 29, 2029, $100 million at 5.32% due June 29, 2031, and $100 million at 5.60% due June 29, 2033. Combined, the notes are expected to have a weighted average tenor of approximately 5.4 years and a weighted average fixed interest rate of 5.44%, and are expected to be issued on June 29, 2026, subject to customary closing conditions.
iv | Supplemental - Quarter Ended March 31, 2026 | | ||||||
2026 GUIDANCE
InvenTrust has updated its 2026 guidance, as summarized in the following table.
| (Unaudited, dollars in thousands, except per share amounts) | Current (1) (2) | Previous | |||||||||||||||||||||
| Net Income per diluted share | $0.10 | — | $0.16 | $0.16 | — | $0.22 | |||||||||||||||||
| Nareit FFO per diluted share | $2.00 | — | $2.06 | $1.97 | — | $2.03 | |||||||||||||||||
Core FFO per diluted share (3) | $1.92 | — | $1.96 | $1.91 | — | $1.95 | |||||||||||||||||
| Same Property NOI (“SPNOI”) Growth | 3.25% | — | 4.25% | 3.25% | — | 4.25% | |||||||||||||||||
| General and administrative | $35,750 | — | $36,750 | $35,750 | — | $36,750 | |||||||||||||||||
Interest expense, net (4) | ~ $44,000 | ~ $44,000 | |||||||||||||||||||||
Net investment activity (5) | ~ $300,000 | ~ $300,000 | |||||||||||||||||||||
(1)The Company’s 2026 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 anticipated acquisitions.
(2)The Company’s 2026 guidance includes an expectation of uncollectibility, reflected as 30-70 basis points of expected total revenue.
(3)Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, gains or losses on debt transactions, 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, accretion of finance lease liability, and expected interest income of approximately $0.5 million.
(5)Net investment activity represents anticipated acquisition activity less disposition activity.
In addition to the foregoing assumptions, the Company's 2026 guidance incorporates several 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 reconciles the range of the Company's 2026 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 | $ | 0.10 | $ | 0.16 | |||||||
| Depreciation and amortization of real estate assets | 1.90 | 1.90 | |||||||||
| Nareit FFO per diluted share | 2.00 | 2.06 | |||||||||
| Amortization of market-lease intangibles and inducements, net | (0.08) | (0.08) | |||||||||
| Straight-line rent adjustments, net | (0.05) | (0.06) | |||||||||
| Amortization of debt discounts and financing costs | 0.04 | 0.04 | |||||||||
| Depreciation and amortization of corporate assets | 0.01 | 0.01 | |||||||||
| Non-operating income and expense, net | — | (0.01) | |||||||||
| Core FFO per diluted share | $ | 1.92 | $ | 1.96 | |||||||
This earnings 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, 2026 | | ||||||
| Summary Financial Information | ||||
| In thousands, except share information and per square foot amounts | |||||
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Financial Results | |||||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Net income per common share - basic | 0.07 | 0.09 | |||||||||
| Net income per common share - diluted | 0.07 | 0.09 | |||||||||
| Nareit FFO (page 7) | 41,295 | 37,158 | |||||||||
| Nareit FFO per diluted share | 0.53 | 0.48 | |||||||||
| Core FFO (page 7) | 38,752 | 36,229 | |||||||||
| Core FFO per diluted share | 0.49 | 0.46 | |||||||||
| Same Property NOI (page 6) | 48,688 | 47,459 | |||||||||
| Same Property NOI growth | 2.6% | ||||||||||
Adjusted EBITDA (page 7) | 48,101 | 44,004 | |||||||||
| Distributions declared per common share | 0.25 | 0.24 | |||||||||
| Aggregate distributions declared (as a % of Core FFO) | 50.3 | % | 50.9 | % | |||||||
| As of March 31, 2026 | As of December 31, 2025 | As of December 31, 2024 | |||||||||||||||
| Capital Information | |||||||||||||||||
| Shares outstanding | 77,935,857 | 77,691,533 | 77,450,794 | ||||||||||||||
| Outstanding Debt, net | $ | 952,218 | $ | 825,881 | $ | 740,415 | |||||||||||
| Less: Cash and cash equivalents | (26,799) | (34,973) | (87,395) | ||||||||||||||
| Net Debt | $ | 925,419 | $ | 790,908 | $ | 653,020 | |||||||||||
| Debt Metrics (trailing 12 months) | |||||||||||||||||
| Adjusted EBITDA | $ | 179,298 | $ | 175,201 | $ | 158,009 | |||||||||||
| Net Debt-to-Adjusted EBITDA | 5.2x | 4.5x | 4.1x | ||||||||||||||
| Fixed charge coverage | 5.2x | 5.4x | 4.5x | ||||||||||||||
| Net debt to real estate assets, excl property acc depr. | 29.7% | 26.3% | 23.0% | ||||||||||||||
| Net debt to total assets, excl property acc depr. | 27.0% | 23.9% | 20.7% | ||||||||||||||
| Distributions Paid Per Share | Liquidity and Credit Facility | |||||||||||||||||||||||||
| Q1 2026 | $0.2377 | Cash and cash equivalents | $ | 26,799 | ||||||||||||||||||||||
| Q4 2025 | $0.2377 | Available under credit facility | 319,000 | |||||||||||||||||||||||
| Q3 2025 | $0.2377 | Total | $ | 345,799 | ||||||||||||||||||||||
| Q2 2025 | $0.2377 | |||||||||||||||||||||||||
| Same Property | Total | ||||||||||||||||||||||
| Three Months Ended March 31 | Three Months Ended March 31 | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Portfolio Metrics | |||||||||||||||||||||||
| No. of properties | 63 | 63 | 75 | 68 | |||||||||||||||||||
| GLA | 10,236 | 10,225 | 11,983 | 10,972 | |||||||||||||||||||
| Economic Occupancy | 95.0 | % | 95.3 | % | 95.1 | % | 95.4 | % | |||||||||||||||
| Leased Occupancy | 96.2 | % | 97.3 | % | 96.4 | % | 97.3 | % | |||||||||||||||
| ABR PSF | $20.41 | $19.97 | $20.63 | $20.21 | |||||||||||||||||||
1 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Condensed Consolidated Balance Sheets | ||||
| In thousands, except share and per share amounts | |||||
| As of | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | (unaudited) | ||||||||||
| Investment properties | |||||||||||
| Land | $ | 719,744 | $ | 702,147 | |||||||
| Building and other improvements | 2,390,215 | 2,295,852 | |||||||||
| Construction in progress | 7,599 | 7,473 | |||||||||
| Total | 3,117,558 | 3,005,472 | |||||||||
| Less accumulated depreciation | (547,018) | (525,830) | |||||||||
| Net investment properties | 2,570,540 | 2,479,642 | |||||||||
| Cash, cash equivalents, and restricted cash | 34,395 | 40,518 | |||||||||
| Intangible assets, net | 202,691 | 193,963 | |||||||||
| Accounts and rents receivable | 36,518 | 37,471 | |||||||||
| Deferred costs and other assets, net | 41,334 | 37,053 | |||||||||
| Total assets | $ | 2,885,478 | $ | 2,788,647 | |||||||
| Liabilities | |||||||||||
| Debt, net | $ | 952,218 | $ | 825,881 | |||||||
| Accounts payable and accrued expenses | 29,190 | 48,291 | |||||||||
| Distributions payable | 19,484 | 18,450 | |||||||||
| Intangible liabilities, net | 73,915 | 68,475 | |||||||||
| Other liabilities | 32,589 | 33,288 | |||||||||
| Total liabilities | 1,107,396 | 994,385 | |||||||||
| 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, 77,935,857 shares issued and outstanding as of March 31, 2026 and 77,691,533 shares issued and outstanding as of December 31, 2025 | 78 | 78 | |||||||||
| Additional paid-in capital | 5,733,540 | 5,736,652 | |||||||||
| Distributions in excess of accumulated net income | (3,961,529) | (3,947,229) | |||||||||
| Accumulated comprehensive income | 5,993 | 4,761 | |||||||||
| Total stockholders' equity | 1,778,082 | 1,794,262 | |||||||||
| Total liabilities and stockholders' equity | $ | 2,885,478 | $ | 2,788,647 | |||||||
2 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Condensed Consolidated Statements of Operations and Comprehensive Income | ||||
| In thousands, except share and per share information, unaudited | |||||
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Income | |||||||||||
| Lease income, net | $ | 82,110 | $ | 73,389 | |||||||
| Other property income | 471 | 382 | |||||||||
| Total income | 82,581 | 73,771 | |||||||||
| Operating expenses | |||||||||||
| Depreciation and amortization | 36,385 | 30,614 | |||||||||
| Property operating | 12,021 | 10,747 | |||||||||
| Real estate taxes | 9,902 | 9,356 | |||||||||
| General and administrative | 9,319 | 8,547 | |||||||||
| Total operating expenses | 67,627 | 59,264 | |||||||||
| Other (expense) income | |||||||||||
| Interest expense, net | (10,085) | (8,322) | |||||||||
| Other income and expense, net | 315 | 607 | |||||||||
| Total other (expense) income, net | (9,770) | (7,715) | |||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Weighted-average common shares outstanding - basic | 77,933,973 | 77,563,971 | |||||||||
| Weighted-average common shares outstanding - diluted | 78,415,161 | 78,160,787 | |||||||||
| Net income per common share - basic | $ | 0.07 | $ | 0.09 | |||||||
| Net income per common share - diluted | $ | 0.07 | $ | 0.09 | |||||||
| Comprehensive income | |||||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Unrealized gain (loss) on derivatives, net | 2,838 | (1,586) | |||||||||
| Reclassification to net income | (1,606) | (2,242) | |||||||||
| Comprehensive income | $ | 6,416 | $ | 2,964 | |||||||
3 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Condensed Consolidated Supplemental Details of Assets and Liabilities | ||||
| In thousands | |||||
| As of | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| Cash, cash equivalents, and restricted cash | |||||||||||
| Cash and cash equivalents | $ | 26,799 | $ | 34,973 | |||||||
| Restricted cash | 7,596 | 5,545 | |||||||||
| Total | $ | 34,395 | $ | 40,518 | |||||||
| Accounts and rents receivable | |||||||||||
| Base rent, recoveries, and other receivables | $ | 7,494 | $ | 9,624 | |||||||
| Straight-line rent receivables | 29,024 | 27,847 | |||||||||
| Total | $ | 36,518 | $ | 37,471 | |||||||
| Deferred cost and other assets, net | |||||||||||
| Deferred leasing costs, net | $ | 16,452 | $ | 16,240 | |||||||
| Derivative assets | 6,041 | 5,196 | |||||||||
| Other assets | 4,248 | 4,741 | |||||||||
| Financing costs, net | 3,990 | 4,342 | |||||||||
| Deferred costs, net | 5,794 | 4,995 | |||||||||
| Operating lease right of use assets, net | 1,460 | 1,539 | |||||||||
| Prepaid insurance premiums | 3,349 | — | |||||||||
| Total | $ | 41,334 | $ | 37,053 | |||||||
| Other liabilities | |||||||||||
| Security deposits | $ | 8,727 | $ | 8,661 | |||||||
| Deferred revenues | 7,411 | 7,574 | |||||||||
| Unearned lease income | 9,357 | 10,207 | |||||||||
| Other liabilities | 5,019 | 4,282 | |||||||||
| Operating lease liabilities | 2,027 | 2,129 | |||||||||
| Derivative liabilities | 48 | 435 | |||||||||
| Total | $ | 32,589 | $ | 33,288 | |||||||
4 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Condensed Consolidated Supplemental Details of Operations | ||||
| In thousands | |||||
| Three Months Ended March 31 | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Income | ||||||||||||||
| * | Minimum base rent | $ | 51,451 | $ | 47,066 | |||||||||
| * | Real estate tax recoveries | 9,204 | 8,599 | |||||||||||
| * | Common area maintenance, insurance, and other recoveries | 10,338 | 9,399 | |||||||||||
| * | Ground rent income | 5,805 | 5,076 | |||||||||||
| Amortization of market-lease intangibles and inducements, net | 2,258 | 895 | ||||||||||||
| * | Short-term and other lease income | 1,291 | 1,417 | |||||||||||
| Termination fee income | 802 | 10 | ||||||||||||
| Straight-line rent adjustments, net | 1,178 | 894 | ||||||||||||
| * | (Provision for) reversal of estimated credit losses | (217) | 33 | |||||||||||
| Lease income, net | 82,110 | 73,389 | ||||||||||||
| * | Other property income | 471 | 382 | |||||||||||
| Total income | $ | 82,581 | $ | 73,771 | ||||||||||
| Operating expenses | ||||||||||||||
| Depreciation and amortization | $ | 36,385 | $ | 30,614 | ||||||||||
| * | Repairs and maintenance | 4,148 | 3,375 | |||||||||||
| * | Payroll, benefits, and office | 2,862 | 2,755 | |||||||||||
| * | Utilities and waste removal | 2,702 | 2,462 | |||||||||||
| * | Property insurance | 1,333 | 1,330 | |||||||||||
| * | Security, legal, and other | 976 | 825 | |||||||||||
| Property operating expenses | 12,021 | 10,747 | ||||||||||||
| * | Real estate taxes | 9,902 | 9,356 | |||||||||||
| General and administrative | 7,219 | 6,443 | ||||||||||||
| Stock-based compensation costs | 2,801 | 2,766 | ||||||||||||
| Capitalized direct development compensation costs | (701) | (662) | ||||||||||||
| General and administrative expense | 9,319 | 8,547 | ||||||||||||
| Total operating expenses | $ | 67,627 | $ | 59,264 | ||||||||||
| Interest expense, net | ||||||||||||||
| Term loans, including impact of derivatives | $ | 3,171 | $ | 3,320 | ||||||||||
| Senior notes | 3,201 | 3,201 | ||||||||||||
| Mortgages payable | 1,256 | 926 | ||||||||||||
| Line of credit, including facility fees | 1,608 | 200 | ||||||||||||
| Capitalized interest | (171) | (8) | ||||||||||||
| Interest on finance lease liability | 137 | — | ||||||||||||
| Accretion of finance lease liability | 51 | — | ||||||||||||
| Amortization of debt discounts and financing costs | 832 | 683 | ||||||||||||
| Total interest expense, net | $ | 10,085 | $ | 8,322 | ||||||||||
| Other income and expense, net | ||||||||||||||
| Interest on cash and cash equivalents | $ | 198 | $ | 672 | ||||||||||
| Income tax expense | (147) | (136) | ||||||||||||
Miscellaneous and settlement income | 264 | 71 | ||||||||||||
| Total other income and expense, net | $ | 315 | $ | 607 | ||||||||||
* Component of Net Operating Income
5 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Reconciliation of Non-GAAP Measures | ||||
| In thousands | |||||
Same Property NOI
The following table presents the components of Same Property NOI:
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Income | |||||||||||
| Minimum base rent | $ | 44,349 | $ | 43,183 | |||||||
| Real estate tax recoveries | 8,209 | 7,912 | |||||||||
| Common area maintenance, insurance, and other recoveries | 8,798 | 8,646 | |||||||||
| Ground rent income | 4,872 | 4,760 | |||||||||
| Short-term and other lease income | 1,328 | 1,174 | |||||||||
| (Provision for) reversal of estimated credit losses | (156) | 32 | |||||||||
| Other property income | 427 | 348 | |||||||||
| Total income | 67,827 | 66,055 | |||||||||
| Operating Expenses | |||||||||||
| Property operating | 10,282 | 9,981 | |||||||||
| Real estate taxes | 8,857 | 8,615 | |||||||||
| Total operating expenses | 19,139 | 18,596 | |||||||||
| Same Property NOI | $ | 48,688 | $ | 47,459 | |||||||
| Same Property NOI Growth | 2.6 | % | |||||||||
| Same Property Count | 63 | ||||||||||
Net Income to Same Property NOI
The following table reconciles Net Income to Same Property NOI:
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Adjustments to reconcile to non-GAAP metrics: | |||||||||||
| Other income and expense, net | (315) | (607) | |||||||||
| Interest expense, net | 10,085 | 8,322 | |||||||||
| Depreciation and amortization | 36,385 | 30,614 | |||||||||
| General and administrative | 9,319 | 8,547 | |||||||||
| Adjustments to NOI (a) | (4,238) | (1,799) | |||||||||
| NOI | 56,420 | 51,869 | |||||||||
| NOI from other investment properties | (7,732) | (4,410) | |||||||||
| Same Property NOI | $ | 48,688 | $ | 47,459 | |||||||
(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.
6 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Reconciliation of Non-GAAP Measures, continued | ||||
| In thousands, except share and per share amounts | |||||
Nareit FFO and Core FFO
The following table reconciles Net Income to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Depreciation and amortization of real estate assets | 36,111 | 30,366 | |||||||||
| Nareit FFO Applicable to Common Shares and Dilutive Securities | 41,295 | 37,158 | |||||||||
| Amortization of market lease intangibles and inducements, net | (2,258) | (895) | |||||||||
| Straight-line rent adjustments, net | (1,178) | (894) | |||||||||
| Amortization of debt discounts and financing costs | 832 | 683 | |||||||||
| Accretion of finance lease liability | 51 | — | |||||||||
| Depreciation and amortization of corporate assets | 274 | 248 | |||||||||
| Non-operating income and expense, net (a) | (264) | (71) | |||||||||
| Core FFO Applicable to Common Shares and Dilutive Securities | $ | 38,752 | $ | 36,229 | |||||||
| Weighted average common shares outstanding - basic | 77,933,973 | 77,563,971 | |||||||||
| Dilutive effect of unvested restricted shares (b) | 481,188 | 596,816 | |||||||||
| Weighted average common shares outstanding - diluted | 78,415,161 | 78,160,787 | |||||||||
| Net income per diluted share | $ | 0.07 | $ | 0.09 | |||||||
| Nareit FFO per diluted share | $ | 0.53 | $ | 0.48 | |||||||
| Core FFO per diluted share | $ | 0.49 | $ | 0.46 | |||||||
(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
(b)For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.
EBITDA and Adjusted EBITDA
The following table reconciles Net Income to EBITDA and Adjusted EBITDA:
| Three Months Ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 5,184 | $ | 6,792 | |||||||
| Interest expense, net | 10,085 | 8,322 | |||||||||
| Income tax expense | 147 | 136 | |||||||||
| Depreciation and amortization | 36,385 | 30,614 | |||||||||
| EBITDA | 51,801 | 45,864 | |||||||||
| Amortization of market-lease intangibles and inducements, net | (2,258) | (895) | |||||||||
| Straight-line rent adjustments, net | (1,178) | (894) | |||||||||
| Non-operating income and expense, net (a) | (264) | (71) | |||||||||
| Adjusted EBITDA | $ | 48,101 | $ | 44,004 | |||||||
(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
7 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Summary of Outstanding Debt | ||||
| In thousands | |||||
Debt Allocation
Balance as of March 31, 2026 | Weighted Average Interest Rate | Weighted Average Years to Maturity | |||||||||||||||
| Fixed rate secured debt | $ | 117,412 | 4.28% | 2.7 | |||||||||||||
| Fixed rate unsecured debt | 650,000 | 3.94% | 4.6 | ||||||||||||||
| Variable rate line of credit | 181,000 | 4.71% | 2.8 | ||||||||||||||
| Total secured and unsecured debt | 948,412 | 4.13% | 4.0 | ||||||||||||||
| Finance lease liability | 11,133 | ||||||||||||||||
| Debt discounts and financing costs, net | (7,327) | ||||||||||||||||
| Total Debt, net | $ | 952,218 | |||||||||||||||
Debt Payments and Maturities by Year
| Maturity Year | Mortgage Payments | Mortgage Maturities | Term Loan & Senior Notes | Revolving Line of Credit | Total | ||||||||||||||||||||||||
| Remaining 2026 | $ | 580 | $ | — | $ | — | $ | — | $ | 580 | |||||||||||||||||||
| 2027 | 810 | 26,000 | — | — | 26,810 | ||||||||||||||||||||||||
| 2028 | 495 | 21,321 | — | — | 21,816 | ||||||||||||||||||||||||
| 2029 | 449 | 61,750 | 150,000 | 181,000 | 393,199 | ||||||||||||||||||||||||
| 2030 | 154 | 5,853 | 200,000 | — | 206,007 | ||||||||||||||||||||||||
| Thereafter | — | — | 300,000 | — | 300,000 | ||||||||||||||||||||||||
| Total | 2,488 | 114,924 | 650,000 | 181,000 | 948,412 | ||||||||||||||||||||||||
| Finance lease liability | 11,133 | ||||||||||||||||||||||||||||
| Debt discounts and financing costs, net | (7,327) | ||||||||||||||||||||||||||||
| Total | $ | 952,218 | |||||||||||||||||||||||||||
Supplemental Detail of Debt Maturities
| Maturity | Interest Rate | Balance | |||||||||||||||
| Mortgages Payable | |||||||||||||||||
| Escarpment Village | Jul-27 | 3.86% | $ | 26,000 | |||||||||||||
| Asheville Market | Mar-28 | 4.92% | 22,064 | ||||||||||||||
| Daniels Marketplace | Jul-29 | 4.34% | 30,250 | ||||||||||||||
| Shops at Arbor Trails | Dec-29 | 4.12% | 31,500 | ||||||||||||||
| Plaza Escondida | May-30 | 4.24% | 7,598 | ||||||||||||||
| Total | 117,412 | ||||||||||||||||
| Term Loan | |||||||||||||||||
| $200.0 million 5 years | Aug-30 | 2.66% (a) | 100,000 | ||||||||||||||
| $200.0 million 5 years | Aug-30 | 2.66% (a) | 100,000 | ||||||||||||||
| $200.0 million 5.5 years | Feb-31 | 2.63% (b) | 50,000 | ||||||||||||||
| $200.0 million 5.5 years | Feb-31 | 2.69% (b) | 50,000 | ||||||||||||||
| $200.0 million 5.5 years | Feb-31 | 4.84% (b) | 100,000 | ||||||||||||||
| Total | 400,000 | ||||||||||||||||
| Senior Notes | |||||||||||||||||
| $150.0 million Series A Notes | Aug-29 | 5.07% | 150,000 | ||||||||||||||
| $100.0 million Series B Notes | Aug-32 | 5.20% | 100,000 | ||||||||||||||
| Total | 250,000 | ||||||||||||||||
| Revolving Line of Credit | |||||||||||||||||
| $500.0 million total capacity | Jan-29 | 1M SOFR + 1.05% (c) | 181,000 | ||||||||||||||
| Total secured and unsecured debt | 4.13% | $ | 948,412 | ||||||||||||||
| Finance Lease Liability | |||||||||||||||||
| West Ashley Station Ground Lease | Jan-92 | 11,133 | |||||||||||||||
| Total Debt | $ | 959,545 | |||||||||||||||
(a)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on September 22, 2026, at which point the fixed interest rate will become 4.50%.
(b)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on March 22, 2027, at which point the weighted average fixed interest rate will become 4.58%.
(c)As of March 31, 2026, 1-Month Term SOFR was 3.66%. An additional annual facility fee of 0.15% applies to entire line of credit capacity.
8 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs | ||||
| Unaudited, Dollars in thousands | |||||
Debt Covenants
| For the quarter ended | ||||||||||||||||||||||||||||||||
| Description | Unsecured Debt Covenants | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | |||||||||||||||||||||||||||
| Leverage Ratio | < 60.0% | 26.8% | 24.2% | 23.0% | 23.0% | |||||||||||||||||||||||||||
| Fixed Charge Coverage Ratio | > 1.50 | 5.1 | 5.2 | 5.1 | 4.7 | |||||||||||||||||||||||||||
| Maximum Secured Recourse Debt | < 10% of Total Asset Value | —% | —% | —% | —% | |||||||||||||||||||||||||||
| Unsecured Interest Coverage Ratio | > 1.75 | 6.6 | 6.9 | 6.5 | 6.2 | |||||||||||||||||||||||||||
| Unsecured Leverage Ratio | < 60% | 25.8% | 23.0% | 21.8% | 23.8% | |||||||||||||||||||||||||||
Interest Rate Swaps
As of March 31, 2026, the Company is party to five effective interest rate swap agreements:
| Effective Interest Rate Swaps | Effective Date | Termination Date | InvenTrust Receives | InvenTrust Pays Fixed Rate of | Fixed Rate Achieved (a) | Notional Amount | ||||||||||||||||||||||||||||||||
| 5.5 year Term Loan | 4/3/23 | 3/22/27 | 1-Month SOFR | 3.69% | 4.84% | $ | 100,000 | |||||||||||||||||||||||||||||||
| 5 year Term Loan | 12/21/23 | 9/22/26 | 1-Month SOFR | 1.51% | 2.66% | 100,000 | ||||||||||||||||||||||||||||||||
| 5 year Term Loan | 12/21/23 | 9/22/26 | 1-Month SOFR | 1.51% | 2.66% | 100,000 | ||||||||||||||||||||||||||||||||
| 5.5 year Term Loan | 6/21/24 | 3/22/27 | 1-Month SOFR | 1.54% | 2.69% | 50,000 | ||||||||||||||||||||||||||||||||
| 5.5 year Term Loan | 6/21/24 | 3/22/27 | 1-Month SOFR | 1.48% | 2.63% | 50,000 | ||||||||||||||||||||||||||||||||
| $ | 400,000 | |||||||||||||||||||||||||||||||||||||
(a)Interest rates reflect the Company's current credit spread of 1.15% as of March 31, 2026.
As of March 31, 2026, the Company is party to four forward-starting interest rate swap agreements:
| Forward-Starting Interest Rate Swaps | Effective Date | Termination Date | InvenTrust Receives | InvenTrust Pays Fixed Rate of | Fixed Rate Achieved (a) | Notional Amount | ||||||||||||||||||||||||||||||||
| 5 year Term Loan | 9/22/26 | 8/26/30 | Daily SOFR | 3.35% | 4.50% | $ | 100,000 | |||||||||||||||||||||||||||||||
| 5 year Term Loan | 9/22/26 | 8/26/30 | Daily SOFR | 3.35% | 4.50% | 100,000 | ||||||||||||||||||||||||||||||||
| 5.5 year Term Loan | 3/22/27 | 2/24/31 | Daily SOFR | 3.42% | 4.57% | 100,000 | ||||||||||||||||||||||||||||||||
| 5.5 year Term Loan | 3/22/27 | 2/24/31 | Daily SOFR | 3.43% | 4.58% | 100,000 | ||||||||||||||||||||||||||||||||
| $ | 400,000 | |||||||||||||||||||||||||||||||||||||
(a)Interest rates reflect the Company's current credit spread of 1.15% as of March 31, 2026.
Capital Investments and Leasing Costs
| Three months ended March 31 | |||||||||||
| 2026 | 2025 | ||||||||||
| Tenant improvements | $ | 548 | $ | 887 | |||||||
| Leasing costs | 577 | 809 | |||||||||
| Property improvements | 1,619 | 3,212 | |||||||||
| Capitalized indirect costs (a) | 334 | 428 | |||||||||
| Total capital expenditures and leasing costs | 3,078 | 5,336 | |||||||||
| Development and redevelopment direct costs | 2,642 | 1,794 | |||||||||
| Development and redevelopment indirect costs (a) | 367 | 243 | |||||||||
| Capital investments and leasing costs (b) | $ | 6,087 | $ | 7,373 | |||||||
(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.
(b)As of March 31, 2026 and 2025, total accrued capital investments and leasing costs were $2,947 and $4,950, respectively.
9 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Markets and Tenant Size | ||||
| GLA and dollar amounts in thousands, except per square foot amounts | |||||
| Market | No. of Properties | Leased Occupancy | ABR | ABR PSF | ABR as % of Total | GLA | GLA as % of Total | |||||||||||||||||||||||||||||||||||||
| Austin-Round Rock, TX | 8 | 97.9 | % | $ | 34,198 | $ | 17.18 | 14.5 | % | 2,094 | 17.3 | % | ||||||||||||||||||||||||||||||||
| Atlanta, GA | 10 | 97.9 | % | 22,724 | 21.79 | 9.7 | % | 1,076 | 9.0 | % | ||||||||||||||||||||||||||||||||||
| Houston-Sugar Land-Baytown, TX | 6 | 95.0 | % | 21,930 | 16.92 | 9.3 | % | 1,378 | 11.5 | % | ||||||||||||||||||||||||||||||||||
| Miami-Fort Lauderdale-Miami Beach, FL | 3 | 99.0 | % | 20,798 | 24.66 | 8.8 | % | 859 | 7.2 | % | ||||||||||||||||||||||||||||||||||
| Dallas-Fort Worth-Arlington, TX | 7 | 96.8 | % | 19,039 | 21.03 | 8.1 | % | 941 | 7.9 | % | ||||||||||||||||||||||||||||||||||
| Charlotte-Gastonia-Concord, NC | 6 | 96.4 | % | 16,666 | 23.06 | 7.1 | % | 752 | 6.3 | % | ||||||||||||||||||||||||||||||||||
| Raleigh-Cary-Durham, NC | 5 | 97.0 | % | 13,575 | 20.71 | 5.8 | % | 688 | 5.7 | % | ||||||||||||||||||||||||||||||||||
| Richmond, VA | 3 | 98.4 | % | 13,051 | 17.19 | 5.6 | % | 771 | 6.4 | % | ||||||||||||||||||||||||||||||||||
| Orlando-Kissimmee, FL | 4 | 97.0 | % | 10,606 | 26.83 | 4.5 | % | 411 | 3.4 | % | ||||||||||||||||||||||||||||||||||
| Tampa-St. Petersburg, FL | 3 | 86.5 | % | 10,261 | 16.11 | 4.4 | % | 744 | 6.2 | % | ||||||||||||||||||||||||||||||||||
| San Antonio, TX | 3 | 95.6 | % | 9,362 | 28.19 | 4.0 | % | 353 | 2.9 | % | ||||||||||||||||||||||||||||||||||
| Cape Coral-Fort Myers, FL | 3 | 98.6 | % | 7,987 | 21.62 | 3.4 | % | 380 | 3.2 | % | ||||||||||||||||||||||||||||||||||
| Charleston-Berkeley-Dorchester, SC | 3 | 97.9 | % | 7,909 | 27.53 | 3.4 | % | 293 | 2.4 | % | ||||||||||||||||||||||||||||||||||
| Phoenix, AZ | 4 | 98.5 | % | 7,337 | 25.73 | 3.1 | % | 294 | 2.5 | % | ||||||||||||||||||||||||||||||||||
| Washington D.C., MD | 2 | 93.0 | % | 6,126 | 37.83 | 2.6 | % | 181 | 1.5 | % | ||||||||||||||||||||||||||||||||||
| Nashville, TN | 1 | 98.0 | % | 5,705 | 18.67 | 2.4 | % | 324 | 2.7 | % | ||||||||||||||||||||||||||||||||||
| Asheville, NC | 1 | 96.7 | % | 2,539 | 20.14 | 1.1 | % | 130 | 1.1 | % | ||||||||||||||||||||||||||||||||||
| Savannah, GA | 1 | 100 | % | 2,038 | 19.67 | 0.9 | % | 106 | 0.9 | % | ||||||||||||||||||||||||||||||||||
| So. California - Los Angeles, CA | 1 | 76.1 | % | 1,738 | 19.56 | 0.7 | % | 117 | 1.0 | % | ||||||||||||||||||||||||||||||||||
| Tucson, AZ | 1 | 97.4 | % | 1,479 | 16.67 | 0.6 | % | 91 | 0.8 | % | ||||||||||||||||||||||||||||||||||
| Total | 75 | 96.4 | % | $ | 235,068 | $ | 20.63 | 100 | % | 11,983 | 100 | % | ||||||||||||||||||||||||||||||||
| Market | No. of Properties | Leased Occupancy | ABR | ABR PSF | ABR as % of Total | GLA | GLA as % of Total | |||||||||||||||||||||||||||||||||||||
| Texas | 24 | 96.7 | % | $ | 84,529 | $ | 18.68 | 35.9 | % | 4,766 | 39.6 | % | ||||||||||||||||||||||||||||||||
| Florida | 13 | 94.7 | % | 49,652 | 22.12 | 21.1 | % | 2,394 | 20.0 | % | ||||||||||||||||||||||||||||||||||
| North Carolina | 12 | 96.7 | % | 32,780 | 21.79 | 14.0 | % | 1,570 | 13.1 | % | ||||||||||||||||||||||||||||||||||
| Georgia | 11 | 98.1 | % | 24,762 | 21.60 | 10.6 | % | 1,182 | 9.9 | % | ||||||||||||||||||||||||||||||||||
| Virginia | 3 | 98.4 | % | 13,051 | 17.19 | 5.6 | % | 771 | 6.4 | % | ||||||||||||||||||||||||||||||||||
| Arizona | 5 | 98.2 | % | 8,816 | 23.58 | 3.7 | % | 385 | 3.3 | % | ||||||||||||||||||||||||||||||||||
| South Carolina | 3 | 97.9 | % | 7,909 | 27.53 | 3.4 | % | 293 | 2.4 | % | ||||||||||||||||||||||||||||||||||
| Maryland | 2 | 93.0 | % | 6,126 | 37.83 | 2.6 | % | 181 | 1.5 | % | ||||||||||||||||||||||||||||||||||
| Tennessee | 1 | 98.0 | % | 5,705 | 18.67 | 2.4 | % | 324 | 2.7 | % | ||||||||||||||||||||||||||||||||||
| California | 1 | 76.1 | % | 1,738 | 19.56 | 0.7 | % | 117 | 1.0 | % | ||||||||||||||||||||||||||||||||||
| 75 | 96.4 | % | $ | 235,068 | $ | 20.63 | 100 | % | 11,983 | 100 | % | |||||||||||||||||||||||||||||||||
| Tenant type | Economic Occupancy | Leased Occupancy | ABR | ABR PSF | GLA | |||||||||||||||||||||||||||
20,000 SF+ (a) | 98.4 | % | 99.0 | % | $ | 73,385 | $ | 11.84 | 6,303 | |||||||||||||||||||||||
10,000 - 19,999 SF (a) | 94.4 | % | 95.5 | % | 21,626 | 20.06 | 1,142 | |||||||||||||||||||||||||
5,000 - 9,999 SF (b) | 92.2 | % | 93.6 | % | 25,002 | 27.88 | 973 | |||||||||||||||||||||||||
1 - 4,999 SF (b) | 90.5 | % | 92.7 | % | 115,055 | 35.72 | 3,565 | |||||||||||||||||||||||||
| Total | 95.1 | % | 96.4 | % | $ | 235,068 | $ | 20.63 | 11,983 | |||||||||||||||||||||||
Anchor Tenants (a) | 97.8 | % | 98.5 | % | $ | 95,011 | $ | 13.05 | 7,445 | |||||||||||||||||||||||
Small Shop Tenants (b) | 90.8 | % | 92.9 | % | $ | 140,057 | $ | 34.01 | 4,538 | |||||||||||||||||||||||
(a)Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
(b)Tenants with square footage less than 10,000 square feet are considered Small Shop Tenants.
10 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Top 25 Tenants by Total ABR and Tenant Merchandise Mix | ||||
| In thousands | |||||
| Parent Name | Tenant Name/Count | Credit Rating (a) | No. of Leases | ABR | % of Total ABR | GLA | % of Total Occ.GLA | ||||||||||||||||||||||||||||||||||||||||
| 1 | Kroger | Kroger 7 / Kroger Fuel 1 / Harris Teeter 5 | BBB | 13 | $ | 8,079 | 3.4 | % | 787 | 6.6 | % | ||||||||||||||||||||||||||||||||||||
| 2 | Publix Super Markets, Inc. | Publix 13 / Publix Liquor 3 | N/A | 16 | 7,381 | 3.1 | % | 629 | 5.2 | % | |||||||||||||||||||||||||||||||||||||
| 3 | TJX Companies | Marshalls 9 / HomeGoods 5 / TJ Maxx 3 | A | 17 | 5,910 | 2.5 | % | 480 | 4.0 | % | |||||||||||||||||||||||||||||||||||||
| 4 | Amazon, Inc. | Whole Foods Market 8 | AA | 8 | 5,023 | 2.1 | % | 320 | 2.7 | % | |||||||||||||||||||||||||||||||||||||
| 5 | Albertsons | Tom Thumb 2 / Market Street 2 / Safeway 1 / Albertsons 1 | BB+ | 6 | 4,400 | 1.9 | % | 365 | 3.0 | % | |||||||||||||||||||||||||||||||||||||
| 6 | H.E.B. | H.E.B. 4 / H.E.B. Staff Office 1 | N/A | 5 | 4,292 | 1.8 | % | 481 | 4.0 | % | |||||||||||||||||||||||||||||||||||||
| 7 | Apollo Global Management, Inc. | Michaels 9 | B- | 9 | 2,927 | 1.2 | % | 211 | 1.8 | % | |||||||||||||||||||||||||||||||||||||
| 8 | Trader Joe's | N/A | 7 | 2,752 | 1.2 | % | 88 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
| 9 | Nordstrom Inc. | Nordstrom Rack 4 / Nordstrom 1 | BB | 5 | 2,718 | 1.2 | % | 146 | 1.2 | % | |||||||||||||||||||||||||||||||||||||
| 10 | Ross Dress For Less | Ross Dress for Less 6 / dd's Discounts 1 | A- | 7 | 2,717 | 1.2 | % | 201 | 1.7 | % | |||||||||||||||||||||||||||||||||||||
| 11 | Dick's Sporting Goods, Inc. | Dick's Sporting Goods 3 / Going, Going, Gone 1 | BBB | 4 | 2,686 | 1.1 | % | 217 | 1.8 | % | |||||||||||||||||||||||||||||||||||||
| 12 | BC Partners | PetSmart 7 | B+ | 7 | 2,521 | 1.1 | % | 145 | 1.2 | % | |||||||||||||||||||||||||||||||||||||
| 13 | Wegmans | N/A | 2 | 2,450 | 1.0 | % | 242 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||
| 14 | Best Buy | BBB+ | 4 | 2,387 | 1.0 | % | 138 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
| 15 | Ulta Beauty Inc. | N/A | 8 | 2,086 | 0.9 | % | 82 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
| 16 | Petco Health and Wellness Company, Inc. | Petco 8 | B | 8 | 2,026 | 0.9 | % | 106 | 0.9 | % | |||||||||||||||||||||||||||||||||||||
| 17 | Kingswood Capital Management | World Market 7 | N/A | 7 | 1,853 | 0.8 | % | 128 | 1.1 | % | |||||||||||||||||||||||||||||||||||||
| 18 | Costco Wholesale | AA | 2 | 1,735 | 0.7 | % | 298 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||
| 19 | Burlington | BB+ | 4 | 1,724 | 0.7 | % | 127 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
| 20 | Bank of America | A- | 6 | 1,718 | 0.7 | % | 34 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||
| 21 | The Gap, Inc. | Old Navy 6 | BB+ | 6 | 1,569 | 0.7 | % | 93 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
| 22 | Five Below, Inc. | N/A | 8 | 1,537 | 0.7 | % | 74 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
| 23 | DSW | N/A | 5 | 1,506 | 0.6 | % | 88 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
| 24 | Sprouts Farmers Market | N/A | 3 | 1,489 | 0.6 | % | 84 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
| 25 | EOS Fitness | N/A | 2 | 1,334 | 0.6 | % | 66 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||
| Totals | 169 | $ | 74,820 | 31.7 | % | 5,630 | 47.0 | % | |||||||||||||||||||||||||||||||||||||||
(a) Reflects the most recently available S&P credit rating.
Tenant Merchandise Mix
| Tenant Category | ABR | % of Total ABR | ||||||||||||
| Grocery / Drug | $ | 41,584 | 17.7 | % | ||||||||||
| Quick Service Restaurants | 27,256 | 11.6 | % | |||||||||||
| Personal Health and Beauty Services | 25,750 | 11.0 | % | |||||||||||
| Medical | 23,369 | 9.9 | % | |||||||||||
| Full Service Restaurants | 21,371 | 9.1 | % | |||||||||||
| Off Price | 14,361 | 6.1 | % | |||||||||||
| Apparel / Accessories | 13,884 | 6.1 | % | |||||||||||
| Fitness | 10,600 | 4.7 | % | |||||||||||
| Pets | 9,188 | 3.9 | % | |||||||||||
| Banks | 9,171 | 3.9 | % | |||||||||||
| Hobby / Sports | 8,103 | 3.4 | % | |||||||||||
| Other | 6,534 | 2.8 | % | |||||||||||
| Office / Communications | 6,135 | 2.6 | % | |||||||||||
| Home | 5,852 | 2.5 | % | |||||||||||
| Other Essential Retail / Services | 4,795 | 2.0 | % | |||||||||||
| Office (Non-Financial, Non-Medical) | 2,798 | 1.2 | % | |||||||||||
| Entertainment | 2,286 | 1.0 | % | |||||||||||
| Hardware / Auto | 2,031 | 0.9 | % | |||||||||||
| Total | $ | 235,068 | 100 | % | ||||||||||
11 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Comparable and Non-Comparable Lease Statistics | ||||
| GLA in thousands | |||||
The Company's portfolio had 425 thousand square feet expiring during the three months ended March 31, 2026, of which 364 thousand square feet was re-leased. This achieved a retention rate of approximately 86%. The following table summarizes the activity for leases that were executed during the three months ended March 31, 2026.
| No. of Leases Executed | GLA | New Contractual Rent ($PSF) (a) | Prior Contractual Rent ($PSF) (a) | % Change over Prior Lease Rent (a) | Weighted Average Lease Term (Years) | Tenant Improvement Allowance ($ PSF) | Lease Commissions ($ PSF) | ||||||||||||||||||||||||||||||||||||||||
| All Tenants | |||||||||||||||||||||||||||||||||||||||||||||||
| Comparable Renewal Leases (b) | 49 | 240 | $25.14 | $22.87 | 9.9% | 5.5 | $0.06 | — | |||||||||||||||||||||||||||||||||||||||
| Comparable New Leases (b) | 6 | 9 | 41.19 | 34.37 | 19.8% | 7.9 | 25.54 | $15.79 | |||||||||||||||||||||||||||||||||||||||
| Non-Comparable Renewal and New Leases | 9 | 80 | 21.02 | N/A | N/A | 9.8 | 53.94 | 1.98 | |||||||||||||||||||||||||||||||||||||||
| Total | 64 | 329 | $25.73 | $23.29 | 10.5% | 6.6 | $13.90 | $0.92 | |||||||||||||||||||||||||||||||||||||||
| Anchor Tenants | |||||||||||||||||||||||||||||||||||||||||||||||
| Comparable Renewal Leases (b) | 4 | 107 | $14.87 | $13.90 | 7.0% | 6.1 | — | — | |||||||||||||||||||||||||||||||||||||||
| Comparable New Leases (b) | — | — | — | — | —% | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Non-Comparable Renewal and New Leases | 1 | 61 | 16.28 | N/A | N/A | 10.0 | $65.12 | — | |||||||||||||||||||||||||||||||||||||||
| Total | 5 | 168 | $14.87 | $13.90 | 7.0% | 7.5 | $23.74 | — | |||||||||||||||||||||||||||||||||||||||
| Small Shop Tenants | |||||||||||||||||||||||||||||||||||||||||||||||
| Comparable Renewal Leases (b) | 45 | 133 | $33.45 | $30.13 | 11.0% | 5.0 | $0.11 | — | |||||||||||||||||||||||||||||||||||||||
| Comparable New Leases (b) | 6 | 9 | 41.19 | 34.37 | 19.8% | 7.9 | 25.54 | $15.79 | |||||||||||||||||||||||||||||||||||||||
| Non-Comparable Renewal and New Leases | 8 | 19 | 36.65 | N/A | N/A | 9.0 | 17.06 | 8.52 | |||||||||||||||||||||||||||||||||||||||
| Total | 59 | 161 | $33.95 | $30.40 | 11.7% | 5.6 | $3.54 | $1.89 | |||||||||||||||||||||||||||||||||||||||
(a)Non-comparable leases are not included in totals. | |||||||||||||||||||||||||||||||||||||||||||||||
(b)Comparable leases are leases that meet all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant. | |||||||||||||||||||||||||||||||||||||||||||||||
12 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Comparable and Non-Comparable Lease Statistics, continued | ||||
| GLA in thousands | |||||
The following table summarizes the activity for leases that were executed during the trailing four quarters ended March 31, 2026.
| No. of Leases Executed | GLA | New Contractual Rent ($PSF) | Prior Contractual Rent ($PSF) | % Change over Prior Lease Rent | Weighted Average Lease Term (Years) | Tenant Improvement Allowance ($ PSF) | Lease Commissions ($ PSF) | ||||||||||||||||||||||||||||||||||||||||
| Comparable Leases | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Renewals and New Leases | |||||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | 55 | 249 | $25.73 | $23.29 | 10.5% | 5.6 | $1.00 | $0.58 | |||||||||||||||||||||||||||||||||||||||
| Q4 2025 | 60 | 314 | 25.28 | 22.16 | 14.1% | 5.7 | 3.01 | 1.32 | |||||||||||||||||||||||||||||||||||||||
| Q3 2025 | 49 | 360 | 16.53 | 14.82 | 11.5% | 5.5 | 1.05 | 0.65 | |||||||||||||||||||||||||||||||||||||||
| Q2 2025 | 65 | 286 | 27.53 | 23.66 | 16.4% | 7.4 | 12.62 | 2.80 | |||||||||||||||||||||||||||||||||||||||
| Total | 229 | 1,209 | $23.30 | $20.56 | 13.3% | 6.0 | $4.29 | $1.32 | |||||||||||||||||||||||||||||||||||||||
| Renewals | |||||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | 49 | 240 | $25.14 | $22.87 | 9.9% | 5.5 | $0.06 | — | |||||||||||||||||||||||||||||||||||||||
| Q4 2025 | 49 | 291 | 23.80 | 20.88 | 14.0% | 5.4 | 0.44 | — | |||||||||||||||||||||||||||||||||||||||
| Q3 2025 | 44 | 345 | 15.75 | 14.27 | 10.4% | 5.3 | 0.02 | — | |||||||||||||||||||||||||||||||||||||||
| Q2 2025 | 51 | 213 | 27.61 | 25.28 | 9.2% | 5.2 | — | — | |||||||||||||||||||||||||||||||||||||||
| Total | 193 | 1,089 | $22.29 | $20.08 | 11.0% | 5.3 | $0.14 | — | |||||||||||||||||||||||||||||||||||||||
| New Leases | |||||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | 6 | 9 | $41.19 | $34.37 | 19.8% | 7.9 | $25.54 | $15.79 | |||||||||||||||||||||||||||||||||||||||
| Q4 2025 | 11 | 23 | 43.95 | 38.18 | 15.1% | 9.9 | 35.28 | 17.85 | |||||||||||||||||||||||||||||||||||||||
| Q3 2025 | 5 | 15 | 34.45 | 27.43 | 25.6% | 10.5 | 24.80 | 15.59 | |||||||||||||||||||||||||||||||||||||||
| Q2 2025 | 14 | 73 | 27.30 | 18.94 | 44.1% | 13.9 | 49.60 | 10.99 | |||||||||||||||||||||||||||||||||||||||
| Total | 36 | 120 | $32.47 | $24.89 | 30.5% | 12.2 | $41.90 | $13.26 | |||||||||||||||||||||||||||||||||||||||
| Non-Comparable Leases | |||||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | 9 | 80 | $21.02 | 9.8 | $53.94 | $1.98 | |||||||||||||||||||||||||||||||||||||||||
| Q4 2025 | 19 | 36 | 35.39 | 6.8 | 21.53 | 10.92 | |||||||||||||||||||||||||||||||||||||||||
| Q3 2025 | 7 | 49 | 23.88 | 17.7 | 67.30 | 3.60 | |||||||||||||||||||||||||||||||||||||||||
| Q2 2025 | 8 | 17 | 32.17 | 9.1 | 25.90 | 17.89 | |||||||||||||||||||||||||||||||||||||||||
| Total | 43 | 182 | $25.70 | 11.2 | $48.39 | $5.70 | |||||||||||||||||||||||||||||||||||||||||
13 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Tenant Lease Expirations | ||||
| GLA and ABR in thousands, except per square foot amounts | |||||
| Lease Expiration Year | No. of Expiring Leases | GLA of Expiring Leases | Percent of Total GLA of Expiring Leases | ABR of Expiring Leases (a) | Percent of Total ABR | Expiring ABR PSF (a) | ||||||||||||||||||||||||||||||||||||||
| Anchor Tenants | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 3 | 46 | 0.6 | % | $ | 831 | 0.8 | % | $18.07 | |||||||||||||||||||||||||||||||||||
| 2027 | 33 | 1,023 | 13.9 | % | 14,111 | 14.3 | % | 13.79 | ||||||||||||||||||||||||||||||||||||
| 2028 | 28 | 703 | 9.6 | % | 10,493 | 10.5 | % | 14.93 | ||||||||||||||||||||||||||||||||||||
| 2029 | 31 | 946 | 13.0 | % | 12,029 | 12.0 | % | 12.72 | ||||||||||||||||||||||||||||||||||||
| 2030 | 30 | 1,002 | 13.8 | % | 12,317 | 12.3 | % | 12.29 | ||||||||||||||||||||||||||||||||||||
| 2031 | 19 | 686 | 9.4 | % | 8,382 | 8.4 | % | 12.22 | ||||||||||||||||||||||||||||||||||||
| 2032 | 12 | 427 | 5.9 | % | 5,641 | 5.6 | % | 13.21 | ||||||||||||||||||||||||||||||||||||
| 2033 | 9 | 260 | 3.6 | % | 3,445 | 3.4 | % | 13.25 | ||||||||||||||||||||||||||||||||||||
| 2034 | 15 | 640 | 8.8 | % | 8,638 | 8.6 | % | 13.50 | ||||||||||||||||||||||||||||||||||||
| 2035 | 8 | 366 | 5.0 | % | 5,210 | 5.2 | % | 14.23 | ||||||||||||||||||||||||||||||||||||
| Thereafter | 27 | 1,177 | 16.2 | % | 18,652 | 18.6 | % | 15.85 | ||||||||||||||||||||||||||||||||||||
Other (b) | 1 | 11 | 0.2 | % | 346 | 0.3 | % | 31.45 | ||||||||||||||||||||||||||||||||||||
| Totals | 216 | 7,287 | 100 | % | $ | 100,095 | 100 | % | $13.74 | |||||||||||||||||||||||||||||||||||
| Vacant space | 159 | |||||||||||||||||||||||||||||||||||||||||||
| Total | 7,446 | |||||||||||||||||||||||||||||||||||||||||||
| Small Shop Tenants | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 108 | 235 | 5.7 | % | $ | 7,726 | 5.0 | % | $32.88 | |||||||||||||||||||||||||||||||||||
| 2027 | 228 | 547 | 13.3 | % | 18,655 | 12.1 | % | 34.10 | ||||||||||||||||||||||||||||||||||||
| 2028 | 240 | 578 | 14.0 | % | 19,932 | 12.9 | % | 34.48 | ||||||||||||||||||||||||||||||||||||
| 2029 | 232 | 621 | 15.1 | % | 22,668 | 14.7 | % | 36.50 | ||||||||||||||||||||||||||||||||||||
| 2030 | 200 | 496 | 12.0 | % | 18,332 | 11.9 | % | 36.96 | ||||||||||||||||||||||||||||||||||||
| 2031 | 168 | 493 | 12.0 | % | 17,790 | 11.4 | % | 36.09 | ||||||||||||||||||||||||||||||||||||
| 2032 | 101 | 280 | 6.8 | % | 10,306 | 6.7 | % | 36.81 | ||||||||||||||||||||||||||||||||||||
| 2033 | 65 | 188 | 4.6 | % | 7,826 | 5.1 | % | 41.63 | ||||||||||||||||||||||||||||||||||||
| 2034 | 88 | 244 | 5.9 | % | 10,656 | 6.9 | % | 43.67 | ||||||||||||||||||||||||||||||||||||
| 2035 | 88 | 244 | 5.9 | % | 11,192 | 7.3 | % | 45.87 | ||||||||||||||||||||||||||||||||||||
| Thereafter | 53 | 169 | 4.1 | % | 8,502 | 5.5 | % | 50.31 | ||||||||||||||||||||||||||||||||||||
Other (b) | 11 | 26 | 0.6 | % | 704 | 0.5 | % | 27.08 | ||||||||||||||||||||||||||||||||||||
| Totals | 1,582 | 4,121 | 100 | % | $ | 154,289 | 100 | % | $37.44 | |||||||||||||||||||||||||||||||||||
| Vacant space | 416 | |||||||||||||||||||||||||||||||||||||||||||
| Total | 4,537 | |||||||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 111 | 281 | 2.5 | % | $ | 8,557 | 3.4 | % | $30.45 | |||||||||||||||||||||||||||||||||||
| 2027 | 261 | 1,570 | 14.0 | % | 32,766 | 12.9 | % | 20.87 | ||||||||||||||||||||||||||||||||||||
| 2028 | 268 | 1,281 | 11.2 | % | 30,425 | 12.0 | % | 23.75 | ||||||||||||||||||||||||||||||||||||
| 2029 | 263 | 1,567 | 13.7 | % | 34,697 | 13.6 | % | 22.14 | ||||||||||||||||||||||||||||||||||||
| 2030 | 230 | 1,498 | 13.1 | % | 30,649 | 12.0 | % | 20.46 | ||||||||||||||||||||||||||||||||||||
| 2031 | 187 | 1,179 | 10.3 | % | 26,172 | 10.3 | % | 22.20 | ||||||||||||||||||||||||||||||||||||
| 2032 | 113 | 707 | 6.2 | % | 15,947 | 6.3 | % | 22.56 | ||||||||||||||||||||||||||||||||||||
| 2033 | 74 | 448 | 3.9 | % | 11,271 | 4.4 | % | 25.16 | ||||||||||||||||||||||||||||||||||||
| 2034 | 103 | 884 | 7.7 | % | 19,294 | 7.6 | % | 21.83 | ||||||||||||||||||||||||||||||||||||
| 2035 | 96 | 610 | 5.3 | % | 16,402 | 6.4 | % | 26.89 | ||||||||||||||||||||||||||||||||||||
| Thereafter | 80 | 1,346 | 11.8 | % | 27,154 | 10.7 | % | 20.17 | ||||||||||||||||||||||||||||||||||||
Other (b) | 12 | 37 | 0.3 | % | 1,050 | 0.4 | % | 28.38 | ||||||||||||||||||||||||||||||||||||
| Totals | 1,798 | 11,408 | 100 | % | $ | 254,384 | 100 | % | $22.30 | |||||||||||||||||||||||||||||||||||
| Vacant space | 575 | |||||||||||||||||||||||||||||||||||||||||||
| Total | 11,983 | |||||||||||||||||||||||||||||||||||||||||||
(a)Expiring ABR and ABR PSF reflects ABR at the time of lease expiration.
(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.
14 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Acquisitions | ||||
| Dollars and GLA in thousands | |||||
Acquisitions
| Month | Property | Market | Acquisition Price | GLA | Leased Occ. | Major Anchors (a) | ||||||||||||||||||||||||||||||||
| February | Marketplace at Hudson Station | Phoenix, AZ | $ | 31,250 | 60 | 100% | Fry's Marketplace*, EOS Fitness | |||||||||||||||||||||||||||||||
| February | Nashville West | Nashville, TN | 88,000 | 324 | 98.0% | Costco Wholesale*, Publix*, Target*, Best Buy, Books-A-Million, Boot Barn Western and Work Wear, Dick's Sporting Goods, Dollar Tree, DSW, Marshalls, Old Navy, PetSmart, Ross Dress for Less, The Tile Shop, World Market | ||||||||||||||||||||||||||||||||
| March | The Centre on Hugh Howell - Outparcel (b) | Atlanta, GA | 3,731 | 7 | 100% | N/A | ||||||||||||||||||||||||||||||||
| Total | $ | 122,981 | 391 | |||||||||||||||||||||||||||||||||||
(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow-anchors are noted with an asterisk.
(b)The Company acquired a single-tenant outparcel adjacent to this retail property. The assets, liabilities, and operations of the outparcel acquired are combined for presentation purposes with the retail property already owned by the Company.
15 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Development Pipeline | ||||
| In thousands | |||||
| Active Redevelopments | Estimated Completion Quarter (a) | Projected Incremental Costs | Costs to Date | Estimated Incremental Yield on Cost | ||||||||||||||||||||||||||||||||||
| Property | Market | Project Description | ||||||||||||||||||||||||||||||||||||
| Bay Colony | Houston - Sugar Land-Baytown, TX | Redevelopment of an existing outparcel building. | 2Q - 2026 | $ | 2,300 | $ | 1,300 | |||||||||||||||||||||||||||||||
| Westpark Shopping Center | Richmond, VA | Development of an 8,400 square foot multi-tenant building. | 1Q - 2027 | 4,500 | 1,000 | |||||||||||||||||||||||||||||||||
| The Parke | Austin - Round Rock, TX | Anchor space repositioning, including an 8,000 square foot expansion of the existing grocer and repositioning of small shop space. | 3Q - 2027 | 9,700 | 2,400 | |||||||||||||||||||||||||||||||||
| Total Redevelopment Costs | $ | 16,500 | $ | 4,700 | 7-10% | |||||||||||||||||||||||||||||||||
(a) The Company's estimated timing of completion may be impacted by factors outside of management's control, including global supply constraints or government restrictions. | ||||||||||||||||||||||||||||||||||||||
| Recently Completed Redevelopments | ||||||||||||||||||||||||||||||||||||||
| Property | Market | Project Description | Completion Quarter | Completed Costs | ||||||||||||||||||||||||||||||||||
| Sarasota Pavilion | Tampa - St. Petersburg, FL | Anchor space repositioning and remerchandising into new tenant spaces, including a 27,000 square foot anchor space and a 5,000 square foot small shop space. | 1Q - 2026 | $ | 5,900 | |||||||||||||||||||||||||||||||||
| Shops at Arbor Trails | Austin - Round Rock, TX | Redevelopment of a pre-existing single-tenant building to a multi-tenant building. | 1Q - 2026 | 2,600 | ||||||||||||||||||||||||||||||||||
| Buckhead Crossing | Atlanta, GA | Anchor space repositioning and remerchandising into new tenant spaces, including a 10,000 square foot anchor space and a 7,000 square foot small shop space. | 1Q - 2026 | 4,200 | ||||||||||||||||||||||||||||||||||
| Sandy Plains Centre | Atlanta, GA | Redevelopment and expansion to accommodate a 10,000 square foot swim school and additional small shop space. | 3Q - 2025 | 2,800 | ||||||||||||||||||||||||||||||||||
| Potential Developments and Redevelopments | ||||||||||||||||||||||||||||||||||||||
| Projects shown below are listed alphabetically, are in various stages of planning, and may or may not commence due to a number of factors. | ||||||||||||||||||||||||||||||||||||||
| Property | Market | Project Description | ||||||||||||||||||||||||||||||||||||
| Bay Landing | Cape Coral - Fort Myers, FL | New development of building area adjacent to existing stores. | ||||||||||||||||||||||||||||||||||||
| Buckhead Crossing | Atlanta, GA | New development, including addition of an outparcel building. | ||||||||||||||||||||||||||||||||||||
| Garden Village | So. California - Los Angeles, CA | Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs. | ||||||||||||||||||||||||||||||||||||
| Gateway Market Center | Tampa - St. Petersburg, FL | Extensive repositioning and reconfiguration of the center to right size anchor space, add freestanding buildings and improve vehicular access. | ||||||||||||||||||||||||||||||||||||
| Kyle Marketplace | Austin - Round Rock, TX | New development, including addition of outparcel buildings. | ||||||||||||||||||||||||||||||||||||
| Plantation Grove | Orlando - Kissimmee, FL | Redevelopment and expansion of the shopping center. Addition of new outparcel building. | ||||||||||||||||||||||||||||||||||||
| Sarasota Pavilion | Tampa - St. Petersburg, FL | New development, including anchor repositioning and the addition of new outparcel building. | ||||||||||||||||||||||||||||||||||||
| The Centre on Hugh Howell | Atlanta, GA | New development, including addition of outparcel building. | ||||||||||||||||||||||||||||||||||||
| Twelve Oaks Shopping Center | Savannah, GA | Anchor repositioning and site improvements. | ||||||||||||||||||||||||||||||||||||
16 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Property Summary, by Total Market GLA | ||||
| GLA in thousands | |||||
| Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c) | |||||||||||||||||||||
| 1 | Escarpment Village | Austin-Round Rock | TX | C | 170 | 100% | $23.12 | Yes | HEB | ||||||||||||||||||||
| 2 | Kyle Marketplace | Austin-Round Rock | TX | C | 260 | 98.5% | $15.40 | Yes | HEB | ||||||||||||||||||||
| 3 | Market at Westlake | Austin-Round Rock | TX | N | 30 | 100% | $22.20 | No | Walgreens | ||||||||||||||||||||
| 4 | Scofield Crossing | Austin-Round Rock | TX | N | 95 | 98.7% | $27.81 | No | Crunch Fitness, Goodwill | ||||||||||||||||||||
| 5 | Shops at Arbor Trails | Austin-Round Rock | TX | C | 357 | 99.6% | $14.79 | Yes | Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls | ||||||||||||||||||||
| 6 | Shops at the Galleria | Austin-Round Rock | TX | P | 537 | 94.8% | $15.07 | Yes | Trader Joe's, Best Buy, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, Old Navy, PetSmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods, World Market | ||||||||||||||||||||
| 7 | The Parke | Austin-Round Rock | TX | P | 409 | 98.8% | $16.97 | Yes | Whole Foods Market, Cavender's Boot City, Dick's Sporting Goods, DSW, Five Below, La-Z-Boy Furniture Galleries, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Ulta, World Market | ||||||||||||||||||||
| 8 | University Oaks Shopping Center | Austin-Round Rock | TX | P | 236 | 98.3% | $20.42 | No | Burlington, Crunch Fitness, DSW, IKEA*, JC Penney*, PetSmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods | ||||||||||||||||||||
| 9 | Custer Creek Village | Dallas-Fort Worth-Arlington | TX | N | 96 | 95.5% | $16.19 | Yes | Tom Thumb | ||||||||||||||||||||
| 10 | Eldorado Marketplace | Dallas-Fort Worth-Arlington | TX | C | 189 | 100% | $25.19 | Yes | Market Street, PetSmart, Phenix Salon Suites | ||||||||||||||||||||
| 11 | Prestonwood Town Center | Dallas-Fort Worth-Arlington | TX | P | 236 | 99.4% | $21.52 | Yes | Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta | ||||||||||||||||||||
| 12 | Riverview Village | Dallas-Fort Worth-Arlington | TX | N | 89 | 100% | $13.56 | Yes | Tom Thumb, Petco | ||||||||||||||||||||
| 13 | Riverwalk Market | Dallas-Fort Worth-Arlington | TX | N | 90 | 95.6% | $21.85 | Yes | Market Street | ||||||||||||||||||||
| 14 | Shops at Fairview Town Center | Dallas-Fort Worth-Arlington | TX | N | 66 | 100% | $26.41 | Yes | Whole Foods Market | ||||||||||||||||||||
| 15 | The Highlands of Flower Mound | Dallas-Fort Worth-Arlington | TX | P | 175 | 88.1% | $19.51 | Yes | Target*, Michaels, Nordstrom Rack, Skechers, World Market | ||||||||||||||||||||
| 16 | Antoine Town Center | Houston-Sugar Land-Baytown | TX | N | 110 | 92.4% | $15.08 | Yes | Kroger | ||||||||||||||||||||
| 17 | Bay Colony | Houston-Sugar Land-Baytown | TX | C | 415 | 96.9% | $17.11 | Yes | HEB, Kohl's, LA Fitness, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens | ||||||||||||||||||||
| 18 | Blackhawk Town Center | Houston-Sugar Land-Baytown | TX | N | 127 | 97.5% | $14.35 | Yes | HEB, Walgreens | ||||||||||||||||||||
| 19 | Cyfair Town Center | Houston-Sugar Land-Baytown | TX | C | 434 | 93.6% | $17.62 | Yes | Kroger, Cinemark USA, Crunch Fitness, JC Penney | ||||||||||||||||||||
| 20 | Eldridge Town Center | Houston-Sugar Land-Baytown | TX | C | 144 | 95.4% | $17.05 | Yes | Kroger, Kohl's*, Petco | ||||||||||||||||||||
| 21 | Stables Town Center | Houston-Sugar Land-Baytown | TX | C | 148 | 93.2% | $17.89 | Yes | Kroger | ||||||||||||||||||||
| 22 | Sonterra Village | San Antonio | TX | N | 42 | 86.9% | $37.55 | Yes | Trader Joe's | ||||||||||||||||||||
| 23 | Stone Ridge Market | San Antonio | TX | C | 219 | 99.0% | $26.29 | Yes | HEB Plus*, Burlington, PetSmart | ||||||||||||||||||||
| 24 | The Marketplace at Encino Park (d) | San Antonio | TX | N | 92 | 91.4% | $28.87 | Yes | Sprouts Farmers Market | ||||||||||||||||||||
| Total Texas | 4,766 | 96.7% | $18.68 | ||||||||||||||||||||||||||
| 25 | Bay Landing | Cape Coral - Fort Myers | FL | N | 63 | 100% | $11.03 | Yes | The Fresh Market, HomeGoods | ||||||||||||||||||||
| 26 | Daniels Marketplace (d) | Cape Coral - Fort Myers | FL | C | 131 | 100% | $32.10 | Yes | Whole Foods Market | ||||||||||||||||||||
| 27 | The Forum | Cape Coral - Fort Myers | FL | P | 186 | 97.1% | $17.74 | Yes | Target*, dd's Discounts, Home Depot*, Michaels, Petco, Ross Dress for Less, Sky Zone, Staples | ||||||||||||||||||||
| 28 | PGA Plaza | Miami-Ft Lauderdale-Miami Beach | FL | N | 121 | 100% | $37.90 | Yes | Trader Joe's, Marshalls, Ulta | ||||||||||||||||||||
| 29 | Southern Palm Crossing | Miami-Ft Lauderdale-Miami Beach | FL | C | 345 | 99.1% | $17.95 | Yes | Costco Wholesale, Going Going Gone, Marshalls | ||||||||||||||||||||
| 30 | Westfork Plaza & Paraiso Parc | Miami-Ft Lauderdale-Miami Beach | FL | C | 393 | 98.7% | $26.44 | Yes | Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, Skechers, TJ Maxx, Ulta | ||||||||||||||||||||
| 31 | Lakeside & Lakeside Crossing | Orlando - Kissimmee | FL | N | 76 | 98.5% | $50.10 | Yes | Trader Joe's | ||||||||||||||||||||
17 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Property Summary, by Total Market GLA, continued | ||||
| GLA in thousands | |||||
| Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c) | |||||||||||||||||||||
| 32 | Plantation Grove | Orlando - Kissimmee | FL | N | 107 | 96.1% | $21.46 | Yes | Publix | ||||||||||||||||||||
| 33 | Rio Pinar Plaza | Orlando - Kissimmee | FL | N | 131 | 97.0% | $20.61 | Yes | Publix, Planet Fitness | ||||||||||||||||||||
| 34 | Suncrest Village | Orlando - Kissimmee | FL | N | 97 | 96.8% | $22.45 | Yes | Publix, Orange County Tax Collector | ||||||||||||||||||||
| 35 | Gateway Market Center | Tampa - St. Petersburg | FL | P | 231 | 64.0% | $14.35 | Yes | Publix, Target*, HomeGoods, PetSmart, TJ Maxx | ||||||||||||||||||||
| 36 | Peachland Promenade | Tampa - St. Petersburg | FL | C | 177 | 97.0% | $15.30 | Yes | Publix, Goodwill, My Salon Suite, Planet Fitness | ||||||||||||||||||||
| 37 | Sarasota Pavilion | Tampa - St. Petersburg | FL | P | 336 | 96.4% | $17.37 | Yes | Publix, Bank of America, Bealls, Marshalls, Michaels, Old Navy, PetSmart, Ross Dress for Less, Truist Bank, World Market | ||||||||||||||||||||
| Total Florida | 2,394 | 94.7% | $22.12 | ||||||||||||||||||||||||||
| 38 | Asheville Market (d) | Asheville | NC | C | 130 | 96.7% | $20.14 | Yes | Whole Foods Market, DSW, Fifth Season Gardening, Guitar Center | ||||||||||||||||||||
| 39 | Carmel Village (d) | Charlotte-Gastonia-Concord | NC | N | 54 | 83.3% | $28.29 | No | N/A | ||||||||||||||||||||
| 40 | Eastfield Village | Charlotte-Gastonia-Concord | NC | N | 96 | 97.5% | $19.58 | Yes | Food Lion, Gold's Gym | ||||||||||||||||||||
| 41 | Northcross Commons | Charlotte-Gastonia-Concord | NC | N | 63 | 100% | $29.40 | Yes | Whole Foods Market | ||||||||||||||||||||
| 42 | Rea Farms (d) | Charlotte-Gastonia-Concord | NC | C | 183 | 96.5% | $25.76 | Yes | Harris Teeter | ||||||||||||||||||||
| 43 | Sycamore Commons | Charlotte-Gastonia-Concord | NC | P | 265 | 98.8% | $21.30 | Yes | Costco Wholesale*, Best Buy, Dick's Sporting Goods, Lowe's*, Michaels, Nordstrom Rack, Old Navy, Ulta, World Market | ||||||||||||||||||||
| 44 | The Shoppes at Davis Lake | Charlotte-Gastonia-Concord | NC | N | 91 | 93.2% | $19.24 | Yes | Harris Teeter | ||||||||||||||||||||
| 45 | Bent Tree Plaza | Raleigh-Cary-Durham | NC | N | 80 | 100% | $16.14 | Yes | Food Lion | ||||||||||||||||||||
| 46 | Cary Park Town Center | Raleigh-Cary-Durham | NC | N | 93 | 95.8% | $17.61 | Yes | Harris Teeter, CVS | ||||||||||||||||||||
| 47 | Commons at University Place | Raleigh-Cary-Durham | NC | N | 92 | 100% | $17.59 | Yes | Harris Teeter, CVS | ||||||||||||||||||||
| 48 | Renaissance Center | Raleigh-Cary-Durham | NC | C | 363 | 95.4% | $24.14 | No | Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market | ||||||||||||||||||||
| 49 | The Pointe at Creedmoor | Raleigh-Cary-Durham | NC | N | 60 | 100% | $16.93 | Yes | Harris Teeter | ||||||||||||||||||||
| Total North Carolina | 1,570 | 96.7% | $21.79 | ||||||||||||||||||||||||||
| 50 | Buckhead Crossing | Atlanta | GA | C | 221 | 96.2% | $24.83 | No | HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop, Ulta | ||||||||||||||||||||
| 51 | Coweta Crossing | Atlanta | GA | N | 68 | 100% | $11.48 | Yes | Publix | ||||||||||||||||||||
| 52 | Kennesaw Marketplace | Atlanta | GA | C | 130 | 100% | $36.73 | Yes | Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco* | ||||||||||||||||||||
| 53 | Moores Mill | Atlanta | GA | N | 70 | 100% | $25.48 | Yes | Publix | ||||||||||||||||||||
| 54 | Plaza Midtown | Atlanta | GA | N | 70 | 100% | $28.92 | Yes | Publix | ||||||||||||||||||||
| 55 | Rose Creek | Atlanta | GA | N | 70 | 100% | $12.09 | Yes | Publix | ||||||||||||||||||||
| 56 | Sandy Plains Centre | Atlanta | GA | C | 135 | 97.1% | $24.56 | Yes | Kroger, Pet Supplies Plus, Walgreens* | ||||||||||||||||||||
| 57 | The Centre on Hugh Howell | Atlanta | GA | N | 90 | 97.1% | $15.76 | No | Crunch Fitness | ||||||||||||||||||||
| 58 | Thomas Crossroads | Atlanta | GA | N | 105 | 93.8% | $10.40 | Yes | Kroger | ||||||||||||||||||||
| 59 | Windward Commons | Atlanta | GA | N | 117 | 98.7% | $16.42 | Yes | Kroger | ||||||||||||||||||||
| 60 | Twelve Oaks Shopping Center (d) | Savannah | GA | N | 106 | 100% | $19.67 | Yes | Publix | ||||||||||||||||||||
| Total Georgia | 1,182 | 98.1% | $21.60 | ||||||||||||||||||||||||||
18 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Property Summary, by Total Market GLA, continued | ||||
| GLA in thousands | |||||
| Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c) | |||||||||||||||||||||
| 61 | Stonehenge Village | Richmond | VA | C | 214 | 100% | $19.23 | Yes | Wegmans, La-Z-Boy, Party City, Petco | ||||||||||||||||||||
| 62 | West Broad Marketplace (d) | Richmond | VA | P | 386 | 97.5% | $16.00 | Yes | Wegmans, Burlington, Cabela's, Duluth Trading Company, Michaels, TJ Maxx | ||||||||||||||||||||
| 63 | Westpark Shopping Center | Richmond | VA | C | 171 | 98.4% | $17.25 | Yes | Publix, Painted Tree Boutiques, Planet Fitness, The Tile Shop | ||||||||||||||||||||
| Total Virginia | 771 | 98.4% | $17.19 | ||||||||||||||||||||||||||
| 64 | Marketplace at Hudson Station (d) | Phoenix | AZ | N | 60 | 100% | $34.93 | Yes | Fry's Marketplace*, EOS Fitness | ||||||||||||||||||||
| 65 | Mesa Shores (d) | Phoenix | AZ | N | 111 | 97.5% | $20.10 | Yes | Sprouts Farmers Market, Trader Joe's, EOS Fitness | ||||||||||||||||||||
| 66 | Scottsdale North Marketplace | Phoenix | AZ | N | 66 | 100% | $23.76 | Yes | AJ's Fine Foods | ||||||||||||||||||||
| 67 | The Plant | Phoenix | AZ | N | 57 | 96.9% | $28.84 | Yes | Sprouts Farmers Market | ||||||||||||||||||||
| 68 | Plaza Escondida (d) | Tucson | AZ | N | 91 | 97.4% | $16.67 | Yes | Trader Joe's, Marshalls | ||||||||||||||||||||
| Total Arizona | 385 | 98.2% | $23.58 | ||||||||||||||||||||||||||
| 69 | Nashville West (d) | Nashville | TN | P | 324 | 98.0% | $18.67 | Yes | Costco Wholesale*, Publix*, Target*, Best Buy, Books-A-Million, Boot Barn Western and Work Wear, Dick's Sporting Goods, Dollar Tree, DSW, Marshalls, Old Navy, PetSmart, Ross Dress for Less, The Tile Shop, World Market | ||||||||||||||||||||
| Total Tennessee | 324 | 98.0% | $18.67 | ||||||||||||||||||||||||||
| 70 | Market at Mill Creek | Charleston-Berkeley-Dorchester | SC | N | 80 | 100% | $24.42 | Yes | Lowes Foods | ||||||||||||||||||||
| 71 | Nexton Square | Charleston-Berkeley-Dorchester | SC | L | 134 | 95.4% | $28.19 | No | N/A | ||||||||||||||||||||
| 72 | West Ashley Station (d) | Charleston-Berkeley-Dorchester | SC | N | 79 | 100% | $29.63 | Yes | Whole Foods Market | ||||||||||||||||||||
| Total South Carolina | 293 | 97.9% | $27.53 | ||||||||||||||||||||||||||
| 73 | The Shops at Town Center | Washington D.C | MD | N | 125 | 97.0% | $32.32 | Yes | Safeway | ||||||||||||||||||||
| 74 | Travilah Square Shopping Center | Washington D.C | MD | N | 56 | 84.1% | $51.21 | Yes | Trader Joe's | ||||||||||||||||||||
| Total Maryland | 181 | 93.0% | $37.83 | ||||||||||||||||||||||||||
| 75 | Garden Village | So. California - Los Angeles | CA | N | 117 | 76.1% | $19.56 | Yes | Albertsons | ||||||||||||||||||||
| Total California | 117 | 76.1% | $19.56 | ||||||||||||||||||||||||||
| Grand Totals | 11,983 | 96.4% | $20.63 | ||||||||||||||||||||||||||
(a)N = Neighborhood Center, P = Power Center, C = Community Center, L = Lifestyle Center
(b)Grocers may be leased or shadow-anchors and includes traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco Wholesale).
(c)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow-anchors are noted with an asterisk.
(d)Properties are excluded from Same Property for the three months ended March 31, 2026.
19 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Components of Net Asset Value as of March 31, 2026 | ||||
| In thousands, except share information | |||||
| Page No. | ||||||||||||||
| NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter | ||||||||||||||
| NOI, excluding ground rent income | $ | 50,615 | ||||||||||||
| Ground rent income | 5,805 | |||||||||||||
| NOI | 56,420 | |||||||||||||
| Annualized NOI, excluding ground rent income | $ | 202,460 | ||||||||||||
| Annualized ground rent income | 23,220 | |||||||||||||
| Projected remaining development | ||||||||||||||
| Net project costs | $ | 11,800 | ||||||||||||
| Estimated range for incremental yield | 7-10% | |||||||||||||
| Assets | ||||||||||||||
| Cash, cash equivalents, and restricted cash | $ | 34,395 | ||||||||||||
| Base rent, recoveries, and other receivables | 7,494 | |||||||||||||
| Undeveloped land | — | |||||||||||||
| Land held for development | — | |||||||||||||
| Liabilities | ||||||||||||||
| Debt | $ | 959,545 | ||||||||||||
| Discounts and financing costs, net | (7,327) | |||||||||||||
| Accounts payable and accrued expenses | 29,190 | |||||||||||||
| Distributions payable | 19,484 | |||||||||||||
| Other liabilities | 32,589 | |||||||||||||
| Common Shares Outstanding | 77,935,857 | |||||||||||||
20 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
| Glossary of Terms | ||||
| Terms | Definitions | |||||||
| ABR Per Square Foot (ABR PSF) | ABR PSF is the ABR divided by the occupied square footage as of the end of the period. | |||||||
| Adjusted EBITDA | Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance. | |||||||
| Annualized Base Rent (ABR) | Annualized Base Rent (ABR) is the base rent for the last month of the period multiplied by twelve. Base rent is inclusive of ground rent and any abatement concessions and exclusive of Specialty Lease rent. | |||||||
| Anchor Tenant | Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants. | |||||||
| Community Center | Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants. | |||||||
| Comparable Lease | A Comparable Lease meets 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. | |||||||
| Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) | The Company's non-GAAP measure of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization. | |||||||
| Economic Occupancy | Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant. | |||||||
| GAAP Rent Adjustments | GAAP Rent Adjustments consist of amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments. | |||||||
| Gross Leasable Area (GLA) | Measure of the total amount of leasable space at a property in square feet. | |||||||
| Leased Occupancy | Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA. | |||||||
| Lifestyle Center | Lifestyle Centers consist of upscale national-chain specialty stores with dining and entertainment in an outdoor setting. | |||||||
| Nareit Funds From Operations (Nareit FFO) and Core FFO | The Company's non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, 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. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company's 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 ongoing operating performance. | |||||||
| Neighborhood Center | Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers. | |||||||
| Net Debt | Net Debt is outstanding debt, net, less cash and cash equivalents. | |||||||
| Net Debt-to-Adjusted EBITDA | Net Debt-to-Adjusted EBITDA is net debt divided by trailing twelve month Adjusted EBITDA. | |||||||
| Net Operating Income (NOI) | NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP Rent Adjustments. | |||||||
| New Lease | New Leases are leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit). | |||||||
NOI from other investment properties | NOI from other investment properties consists of properties which do not meet the Company's Same Property criteria and includes adjustments for the Company's captive insurance company. | |||||||
| Power Center | Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants. | |||||||
| Prior Contractual Rent | Base rent charged for a particular unit, prior to the current term’s first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy. | |||||||
| Renewal Lease | Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option. | |||||||
| Same Property | Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. | |||||||
| Shadow Anchor Tenant | Shadow Anchor Tenant represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or immediately adjacent to a property, appear to the consumer as a retail tenant of the property and, as a result, attract additional consumer traffic to the property. | |||||||
| Small Shop Tenant | Tenants with square footage less than 10,000 square feet are considered Small Shop Tenants. | |||||||
| Specialty Lease | Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot. | |||||||
21 | Supplemental - Quarter Ended March 31, 2026 | | ||||||
InvenTrust Properties Corp.
CORPORATE OFFICE
3025 Highland Pkwy | Ste 350
Downers Grove, IL 60515
630.570.0700