EX-99.2 3 q12025supplemental.htm EX-99.2 Q1 2025 Supplemental
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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 ..................................................................................................................................................
Investment Summary
Development Pipeline ........................................................................................................................................................
Property Summary .............................................................................................................................................................
Components of NAV as of March 31, 2025
Glossary of Terms
i
Supplemental - Quarter Ended March 31, 2025
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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, 2025. 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 recent new tariffs and changes in global trade policies on the overall state of the economy; and
any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that
could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition,
see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent
Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be
subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, except as may be required by applicable law.
IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this
supplemental. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to
the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that
IVT will make additional updates with respect to those or other forward-looking statements.
Notice Regarding Non-GAAP Financial Measures
In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. Management does not
consider the Company's non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in
accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of IVT's financial
performance as they may not reflect the operations of the entire portfolio, and they may not reflect the impact of general and
administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital
expenditures and leasing costs necessary to maintain the operating performance of IVT's properties that could materially impact
IVT's results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of IVT's liquidity,
nor as an indication of funds available to cover IVT's cash needs, including IVT's ability to fund distributions, and may not be a
useful measure of the impact of long-term operating performance on value if management does not continue to operate the
business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other
GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows
from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP
measures, and accordingly, IVT's non-GAAP measures may not be comparable to other REITs. Reconciliations of the Company's
non-GAAP measures to the most directly comparable GAAP financial measures are included on pages 6 and 7 and definitions of
the Company's non-GAAP measures are included in the Glossary of Terms on page 20.
ii
Supplemental - Quarter Ended March 31, 2025
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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.
iii
Supplemental - Quarter Ended March 31, 2025
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CONTACT:
Dan Lombardo
Vice President of Investor Relations
630-570-0605
dan.lombardo@inventrustproperties.com 
InvenTrust Properties Corp. Reports 2025 First Quarter Results
DOWNERS GROVE, IL – April 30, 2025 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT)
today reported financial and operating results for the quarter ended March 31, 2025. For the three months ended March
31, 2025 and 2024, the Company reported Net Income of $6.8 million, or $0.09 per diluted share, and Net Income of $2.9
million, or $0.04 per diluted share, respectively.
First Quarter 2025 Highlights:
•Nareit FFO of $0.48 per diluted share
•Core FFO of $0.46 per diluted share
•Same Property Net Operating Income (“NOI”) growth of 6.1%
•Leased Occupancy as of March 31, 2025 of 97.3%
•Executed 69 leases totaling approximately 256,000 square feet of GLA, of which 221,000 square feet was
executed at a blended comparable lease spread of 9.6%
“Our results demonstrate the strength of our necessity-based, Sun Belt-focused platform,” said DJ Busch, President and
CEO of InvenTrust. “Driven by favorable demographics, limited new supply, and resilient, albeit moderating, consumer
spending, our portfolio continues to perform well despite recent economic developments and uncertainty. Looking ahead,
we remain committed to operational excellence and pursuing disciplined acquisitions that drive long-term cash flow for our
shareholders.”
NET INCOME
•Net Income for the three months ended March 31, 2025 was $6.8 million, or $0.09 per diluted share, compared to
Net Income of $2.9 million, or $0.04 per diluted share, for the same period in 2024.
NAREIT FFO
•Nareit FFO for the three months ended March 31, 2025 was $37.2 million, or $0.48 per diluted share, compared
to $30.8 million, or $0.45 per diluted share, for the same period in 2024.
CORE FFO
•Core FFO for the three months ended March 31, 2025 was $36.2 million, or $0.46 per diluted share, compared to
$30.0 million, or $0.44 per diluted share, for the same period in 2024.
SAME PROPERTY NOI
•Same Property NOI for the three months ended March 31, 2025 was $47.3 million, a 6.1% increase, compared to
the same period in 2024.
iv
Supplemental - Quarter Ended March 31, 2025
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DIVIDEND
•For the quarter ended March 31, 2025, the Board of Directors declared a quarterly cash distribution of $0.2377
per share, paid on April 15, 2025.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
•As of March 31, 2025, the Company’s Leased Occupancy was 97.3%.
◦Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was
99.5% and Small Shop Leased Occupancy was 93.4%. Anchor Leased Occupancy decreased 30 basis
points, and Small Shop Leased Occupancy increased 10 basis points, each on a sequential basis
compared to the previous quarter.
◦Leased to Economic Occupancy spread of 190 basis points, which equates to approximately $5.7 million
of base rent on an annualized basis.
•Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 9.6%.
•Annualized Base Rent (“ABR”) per square foot (“PSF”) as of March 31, 2025 was $20.21, an increase of 3.1%
compared to the same period in 2024. Anchor Tenant ABR PSF was $12.98 and Small Shop Tenant ABR PSF
was $33.65 for the first quarter.
LIQUIDITY AND CAPITAL STRUCTURE
•InvenTrust had $577.4 million of total liquidity, as of March 31, 2025, comprised of $77.4 million of cash and cash
equivalents and $500.0 million of availability under its Revolving Credit Facility.
•InvenTrust has $35.9 million of debt maturing in 2025 and $200.0 million of debt maturing in 2026.
•The Company's weighted average interest rate on its debt as of March 31, 2025 was 4.03% and the weighted
average remaining term was 3.1 years.
SUBSEQUENT EVENTS
•On April 1, 2025, the Company acquired Plaza Escondida, a 91,000 square foot neighborhood center anchored
by Trader Joe’s in the Tucson, Arizona market, for a gross acquisition price of $23.0 million. The Company used
cash on hand and assumed a mortgage payable of $8.0 million to fund the acquisition.
•On April 24, 2025, the Company acquired Carmel Village, a 54,000 square foot neighborhood center in Charlotte,
North Carolina, for a gross acquisition price of $19.9 million. The Company used cash on hand to fund the
acquisition.
v
Supplemental - Quarter Ended March 31, 2025
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2025 GUIDANCE
InvenTrust has reaffirmed its 2025 guidance, as summarized in the following table.
(Unaudited, dollars in thousands, except per share amounts)
Current and Previous (1) (2)
Net Income per diluted share
$0.27
—
$0.33
Nareit FFO per diluted share
$1.83
—
$1.89
Core FFO per diluted share (3)
$1.79
—
$1.83
Same Property NOI (“SPNOI”) Growth
3.50%
—
4.50%
General and administrative
$34,250
—
$35,750
Interest expense, net (4)
$31,000
—
$31,500
Net investment activity (5)
~ $100,000
(1)The Company’s 2025 guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and
depreciation, amortization, and straight-line rent adjustments related to acquisitions and dispositions.
(2)The Company’s 2025 guidance includes an expectation of uncollectibility, reflected as 75-100 basis points of expected total revenue.
(3)Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, debt extinguishment charges, straight-line rent
adjustments, depreciation and amortization of corporate assets, and non-operating income and expense.
(4)Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $2.4 million.
(5)Net investment activity represents anticipated acquisition activity less disposition activity.
In addition to the foregoing assumptions, the Company's 2025 guidance incorporates a number of other assumptions that are subject to change and may
be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no
assurances that InvenTrust will achieve these results.
The following table provides a reconciliation of the range of the Company's 2025 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
$0.27
$0.33
Depreciation and amortization of real estate assets
1.56
1.56
Nareit FFO per diluted share
1.83
1.89
Amortization of market-lease intangibles and inducements, net
(0.04)
(0.05)
Straight-line rent adjustments, net
(0.04)
(0.05)
Amortization of debt discounts and financing costs
0.04
0.04
Core FFO per diluted share
$1.79
$1.83
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.
1
Supplemental - Quarter Ended March 31, 2025
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Summary Financial Information
In thousands, except share information and per square foot amounts
Three Months Ended March 31
2025
2024
Financial Results
Net income
$6,792
$2,900
Net income per common share - basic
0.09
0.04
Net income per common share - diluted
0.09
0.04
Nareit FFO (page 7)
37,158
30,846
Nareit FFO per diluted share
0.48
0.45
Core FFO (page 7)
36,229
29,981
Core FFO per diluted share
0.46
0.44
Same Property NOI (page 6)
47,286
44,548
Same Property NOI growth
6.1%
Adjusted EBITDA (page 7)
44,004
39,173
Distributions declared per common share
0.24
0.23
Aggregate distributions declared (as a % of Core FFO)
50.9%
51.2%
As of
March 31, 2025
As of
December 31, 2024
As of
December 31, 2023
Capital Information
Shares outstanding
77,567,764
77,450,794
67,807,831
Outstanding Debt, net
$740,745
$740,415
$814,568
Less: Cash and cash equivalents (page 4)
(77,368)
(87,395)
(96,385)
Net Debt
$663,377
$653,020
$718,183
Debt Metrics (trailing 12 months)
Adjusted EBITDA
$162,840
$158,009
$146,459
Net Debt-to-Adjusted EBITDA
4.1x
4.1x
4.9x
Fixed charge coverage
4.9x
4.5x
4.3x
Net debt to real estate assets, excl property acc depr.
23.4%
23.0%
27.0%
Net debt to total assets, excl property acc depr.
21.2%
20.7%
24.4%
Distributions Paid Per Share
Liquidity and Credit Facility
Q1 2025
$0.22630
Cash and cash equivalents
$77,368
Q4 2024
$0.22630
Available under credit facility
500,000
Q3 2024
$0.22630
Total
$577,368
Q2 2024
$0.22630
Same Property
Total Portfolio
Three Months Ended March 31
Three Months Ended March 31
2025
2024
2025
2024
Portfolio Metrics
No. of properties
61
61
68
63
GLA
10,132
10,110
10,972
10,385
Economic Occupancy
95.2%
93.4%
95.4%
93.4%
Leased Occupancy
97.2%
96.3%
97.3%
96.3%
ABR PSF
$20.03
$19.48
$20.21
$19.61
2
Supplemental - Quarter Ended March 31, 2025
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Condensed Consolidated Balance Sheets
In thousands, except share and per share amounts
As of
March 31, 2025
December 31, 2024
Assets
(unaudited)
Investment properties
Land
$712,827
$712,827
Building and other improvements
2,118,527
2,116,092
Construction in progress
6,245
9,951
Total
2,837,599
2,838,870
Less accumulated depreciation
(524,831)
(511,969)
Net investment properties
2,312,768
2,326,901
Cash, cash equivalents, and restricted cash
84,579
91,221
Intangible assets, net
128,956
137,420
Accounts and rents receivable
33,798
36,131
Deferred costs and other assets, net
45,404
44,277
Total assets
$2,605,505
$2,635,950
Liabilities
Debt, net
$740,745
$740,415
Accounts payable and accrued expenses
30,371
46,418
Distributions payable
18,438
17,512
Intangible liabilities, net
41,548
42,897
Other liabilities
29,597
28,703
Total liabilities
860,699
875,945
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,
77,567,764 shares issued and outstanding as of March 31, 2025 and
77,450,794 shares issued and outstanding as of December 31, 2024
78
77
Additional paid-in capital
5,730,641
5,730,367
Distributions in excess of accumulated net income
(3,996,511)
(3,984,865)
Accumulated comprehensive income
10,598
14,426
Total stockholders' equity
1,744,806
1,760,005
Total liabilities and stockholders' equity
$2,605,505
$2,635,950
3
Supplemental - Quarter Ended March 31, 2025
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Condensed Consolidated Statements of Operations and Comprehensive Income
In thousands, except share and per share information, unaudited
Three Months Ended March 31
2025
2024
Income
Lease income, net
$73,389
$66,493
Other property income
382
305
Total income
73,771
66,798
Operating expenses
Depreciation and amortization
30,614
28,168
Property operating
10,747
9,999
Real estate taxes
9,356
8,981
General and administrative
8,547
7,974
Total operating expenses
59,264
55,122
Other (expense) income
Interest expense, net
(8,322)
(9,634)
Other income and expense, net
607
858
Total other (expense) income, net
(7,715)
(8,776)
Net income
$6,792
$2,900
Weighted-average common shares outstanding - basic
77,563,971
67,874,528
Weighted-average common shares outstanding - diluted
78,160,787
68,272,050
Net income per common share - basic
$0.09
$0.04
Net income per common share - diluted
$0.09
$0.04
Comprehensive income
Net income
$6,792
$2,900
Unrealized (loss) gain on derivatives, net
(1,586)
7,319
Reclassification to net income
(2,242)
(3,317)
Comprehensive income
$2,964
$6,902
4
Supplemental - Quarter Ended March 31, 2025
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Condensed Consolidated Supplemental Details of Assets and Liabilities
In thousands
As of
March 31, 2025
December 31, 2024
Cash, cash equivalents, and restricted cash
Cash and cash equivalents
$77,368
$87,395
Restricted cash
7,211
3,826
Total
$84,579
$91,221
Accounts and rents receivable
Base rent, recoveries, and other revenue receivables
$7,045
$10,273
Straight-line rent receivables
26,753
25,858
Total
$33,798
$36,131
Deferred cost and other assets, net
Deferred leasing costs, net
$16,549
$16,139
Derivative assets
10,647
14,426
Financing costs, net
5,399
5,751
Other assets
3,888
3,329
Deferred costs, net
3,668
2,783
Prepaid insurance premiums
3,491
—
Right of use assets, net
1,762
1,849
Total
$45,404
$44,277
Other liabilities
Deferred revenues
$8,063
$8,226
Security deposits
7,991
7,938
Unearned lease income
7,980
8,320
Other liabilities
3,090
1,691
Operating lease liabilities
2,425
2,528
Derivative liabilities
48
—
Total
$29,597
$28,703
5
Supplemental - Quarter Ended March 31, 2025
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Condensed Consolidated Supplemental Details of Operations
In thousands
Three Months Ended March 31
2025
2024
Income
*
Minimum base rent
$47,066
$42,447
*
Real estate tax recoveries
8,599
8,105
*
Common area maintenance, insurance, and other recoveries
9,399
7,854
*
Ground rent income
5,076
4,737
Amortization of market-lease intangibles and inducements, net
895
576
*
Short-term and other lease income
1,417
1,261
Termination fee income
10
561
Straight-line rent adjustments, net
894
906
*
Reversal of uncollectible rent and recoveries, net
33
46
Lease income, net
73,389
66,493
*
Other property income
382
305
Total income
$73,771
$66,798
Operating expenses
Depreciation and amortization
$30,614
$28,168
*
Repairs and maintenance
3,375
2,934
*
Payroll, benefits, and office
2,755
2,675
*
Utilities and waste removal
2,462
2,128
*
Property insurance
1,330
1,542
*
Security, legal, and other expenses
825
720
Property operating expenses
10,747
9,999
*
Real estate taxes
9,356
8,981
General and administrative costs
6,443
6,412
Stock-based compensation costs
2,766
2,191
Capitalized direct development compensation costs
(662)
(629)
General and administrative expense
8,547
7,974
Total operating expenses
$59,264
$55,122
Interest expense, net
Term loans, including impact of derivatives
$3,320
$3,382
Senior notes
3,201
3,201
Mortgages payable
926
2,352
Line of credit facility fees
200
133
Capitalized interest
(8)
(9)
Amortization of debt discounts and financing costs
683
575
Total interest expense, net
$8,322
$9,634
Other income and expense, net
Interest on cash and cash equivalents
$672
$811
Income tax expense
(136)
(133)
Miscellaneous and settlement income
71
180
Total other income and expense, net
$607
$858
*  Component of Net Operating Income
6
Supplemental - Quarter Ended March 31, 2025
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Reconciliation of Non-GAAP Measures
In thousands
Same Property NOI
Three Months Ended March 31
2025
2024
Income
Minimum base rent
$42,952
$41,310
Real estate tax recoveries
8,020
7,837
Common area maintenance, insurance, and other recoveries
8,374
7,647
Ground rent income
4,613
4,501
Short-term and other lease income
1,471
1,287
Reversal of uncollectible rent and recoveries, net
68
51
Other property income
362
297
Total income
65,860
62,930
Operating Expenses
Property operating
9,807
9,731
Real estate taxes
8,767
8,651
Total operating expenses
18,574
18,382
Same Property NOI
$47,286
$44,548
Same Property NOI Growth
6.1%
Same Property Count
61
Net Income to Same Property NOI
Three Months Ended March 31
2025
2024
Net income
$6,792
$2,900
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net
(607)
(858)
Interest expense, net
8,322
9,634
Depreciation and amortization
30,614
28,168
General and administrative
8,547
7,974
Adjustments to NOI (a)
(1,799)
(2,043)
NOI
51,869
45,775
NOI from other investment properties
(4,583)
(1,227)
Same Property NOI
$47,286
$44,548
(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.
7
Supplemental - Quarter Ended March 31, 2025
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Reconciliation of Non-GAAP Measures, continued
In thousands, except share and per share amounts
Nareit FFO and Core FFO
Three Months Ended March 31
2025
2024
Net income
$6,792
$2,900
Depreciation and amortization of real estate assets
30,366
27,946
Nareit FFO Applicable to Common Shares and Dilutive Securities
37,158
30,846
Amortization of market lease intangibles and inducements, net
(895)
(576)
Straight-line rent adjustments, net
(894)
(906)
Amortization of debt discounts and financing costs
683
575
Depreciation and amortization of corporate assets
248
222
Non-operating income and expense, net (a)
(71)
(180)
Core FFO Applicable to Common Shares and Dilutive Securities
$36,229
$29,981
Weighted average common shares outstanding - basic
77,563,971
67,874,528
Dilutive effect of unvested restricted shares (b)
596,816
397,522
Weighted average common shares outstanding - diluted
78,160,787
68,272,050
Net income per diluted share
$0.09
$0.04
Nareit FFO per diluted share
$0.48
$0.45
Core FFO per diluted share
$0.46
$0.44
(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
Three Months Ended March 31
2025
2024
Net income
$6,792
$2,900
Interest expense, net
8,322
9,634
Income tax expense
136
133
Depreciation and amortization
30,614
28,168
EBITDA
45,864
40,835
Amortization of market-lease intangibles and inducements, net
(895)
(576)
Straight-line rent adjustments, net
(894)
(906)
Non-operating income and expense, net (a)
(71)
(180)
Adjusted EBITDA
$44,004
$39,173
(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
8
Supplemental - Quarter Ended March 31, 2025
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Summary of Outstanding Debt
In thousands
Balance as of
March 31, 2025
Proportion of
Total Debt
Weighted Average
Interest Rate
Weighted Average
Years to Maturity
Fixed rate secured debt
$93,380
13%
3.97%
2.4
Fixed rate unsecured debt
650,000
87%
4.04%
3.2
Discounts and financing costs, net
(2,635)
n/a
n/a
n/a
Total debt, net
$740,745
100%
4.03%
3.1
Schedule of Maturities by Year
Fixed Rate
Total Debt, net
Maturity Year
Secured Debt
Unsecured Debt
2025
$35,880
$—
$35,880
2026
—
200,000
200,000
2027
26,000
200,000
226,000
2028
—
—
—
2029
31,500
150,000
181,500
Thereafter
—
100,000
100,000
Discounts and financing costs, net
(130)
(2,505)
(2,635)
Total
$93,250
$647,495
$740,745
Debt Maturities
Maturity
Interest Rate
Balance
Mortgages Payable
The Plant
May-25
3.97%
$13,000
The Highlands of Flower Mound
Dec-25
3.88%
22,880
Escarpment Village
Jul-27
3.86%
26,000
Shops at Arbor Trails
Dec-29
4.12%
31,500
Total
93,380
Term Loan
$200.0 million 5 years
Sep-26
2.81% (a)
100,000
$200.0 million 5 years
Sep-26
2.81% (a)
100,000
$200.0 million 5.5 years
Mar-27
2.78% (a)
50,000
$200.0 million 5.5 years
Mar-27
2.84% (a)
50,000
$200.0 million 5.5 years
Mar-27
4.99% (a)
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 + 1.15% (b)
—
Grand total
4.03%
$743,380
(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.
(b)As of March 31, 2025, 1-Month Term SOFR was 4.32%. Additional annual facility fee of 0.15% applies to entire line of credit capacity.
9
Supplemental - Quarter Ended March 31, 2025
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Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs
Unaudited, dollars in thousands
Debt Covenants (trailing 12 months)
 
For the quarter ended
Description
Term Loan Covenants
Senior Note Covenants
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Leverage Ratio
< 60.0%
< 60.0%
23.2%
23.2%
24.0%
28.4%
Fixed Charge Coverage Ratio
> 1.50
> 1.50
4.9
4.5
4.3
4.3
Maximum Dividend Payout
< 95%
N/A
49.4%
49.5%
48.9%
49.5%
Maximum Secured Recourse Debt
< 10% of Total Asset Value
< 10% of Total Asset Value
—%
—%
—%
—%
Unsecured Interest Coverage Ratio
> 1.75
> 1.75
6.5
6.3
6.3
5.8
Unsecured Leverage Ratio
< 60%
< 60%
22.8%
23.1%
24.5%
26.8%
Interest Rate Swaps
As of March 31, 2025, the Company is party to five effective interest rate swap agreements:
Interest Rate
Swaps
Effective Date
Termination Date
InvenTrust Receives
InvenTrust Pays
Fixed Rate of
Fixed Rate
Achieved
Notional
Amount
5.5 year Term Loan
4/3/23
3/22/27
1-Month SOFR
3.69%
4.99%
$100,000
5 year Term Loan
12/21/23
9/22/26
1-Month SOFR
1.51%
2.81%
100,000
5 year Term Loan
12/21/23
9/22/26
1-Month SOFR
1.51%
2.81%
100,000
5.5 year Term Loan
6/21/24
3/22/27
1-Month SOFR
1.54%
2.84%
50,000
5.5 year Term Loan
6/21/24
3/22/27
1-Month SOFR
1.48%
2.78%
50,000
$400,000
Capital Investments and Leasing Costs
Three months ended March 31
2025
2024
Tenant improvements
$887
$2,298
Leasing costs
809
991
Property improvements
3,212
2,129
Capitalized indirect costs (a)
428
445
Total capital expenditures and leasing costs
5,336
5,863
Development and redevelopment direct costs
1,794
1,038
Development and redevelopment indirect costs (a)
243
192
Capital investments and leasing costs (b)
$7,373
$7,093
(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.
(b)As of March 31, 2025 and 2024, total accrued capital investments and leasing costs were $4,950 and $5,588, respectively.
10
Supplemental - Quarter Ended March 31, 2025
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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
98.5%
$33,630
$17.05
16.0%
2,091
19.1%
Houston-Sugar Land-Baytown, TX
6
95.7%
21,947
16.76
10.5%
1,378
12.6%
Atlanta Metro Area, GA
10
96.8%
20,906
20.89
10.0%
1,069
9.7%
Miami-Fort Lauderdale-Miami Beach, FL
3
98.4%
20,301
24.18
9.7%
859
7.8%
Dallas-Fort Worth-Arlington, TX
7
97.6%
18,701
20.75
8.9%
941
8.6%
Raleigh-Cary-Durham, NC
5
96.7%
13,373
20.52
6.4%
688
6.3%
Charlotte-Gastonia-Concord, NC
4
98.1%
10,563
21.02
5.0%
515
4.7%
Orlando-Kissimmee, FL
4
97.4%
10,172
25.72
4.9%
411
3.6%
Tampa-St. Petersburg, FL
3
95.8%
9,654
15.57
4.6%
744
6.8%
So. California - Los Angeles, CA
2
96.7%
7,525
20.24
3.6%
392
3.6%
Richmond, VA
2
98.5%
6,802
17.92
3.2%
385
3.5%
San Antonio, TX
2
94.6%
6,511
27.10
3.1%
261
2.4%
Washington D.C., MD
2
90.2%
5,983
36.59
2.9%
181
1.6%
So. California - Inland Empire, CA
2
99.4%
5,693
23.64
2.7%
246
2.2%
So. California - San Diego, CA
2
99.2%
5,688
26.45
2.7%
225
2.1%
Charleston-Berkeley-Dorchester, SC
2
98.1%
5,461
26.03
2.6%
214
2.0%
Cape Coral-Fort Myers, FL
2
97.1%
3,727
15.59
1.8%
249
2.3%
Phoenix, AZ
2
99.1%
3,005
25.66
1.4%
123
1.1%
Total
68
97.3%
$209,642
$20.21
100%
10,972
100%
State
No. of
Properties
Leased
Occupancy
ABR
ABR PSF
ABR as
% of Total
GLA
GLA as
% of Total
Texas
23
97.3%
$80,789
$18.26
38.5%
4,671
42.7%
Florida
12
97.2%
43,854
20.94
21.0%
2,263
20.5%
North Carolina
9
97.3%
23,936
20.74
11.4%
1,203
11.0%
Georgia
10
96.8%
20,906
20.89
10.0%
1,069
9.7%
California
6
98.1%
18,906
22.84
9.0%
863
7.9%
Virginia
2
98.5%
6,802
17.92
3.2%
385
3.5%
Maryland
2
90.2%
5,983
36.59
2.9%
181
1.6%
South Carolina
2
98.1%
5,461
26.03
2.6%
214
2.0%
Arizona
2
99.1%
3,005
25.66
1.4%
123
1.1%
Total
68
97.3%
$209,642
$20.21
100%
10,972
100%
Tenant type
Economic
Occupancy
Leased
Occupancy
ABR
ABR PSF
GLA
20,000 SF+ (a)
99.0%
100%
$66,396
$11.60
5,879
10,000 - 19,999 SF (a)
95.7%
96.7%
21,089
20.74
1,062
5,000 - 9,999 SF (b)
90.2%
95.4%
19,438
27.52
782
1 - 4,999 SF (b)
90.1%
92.9%
102,719
35.13
3,249
Total
95.4%
97.3%
$209,642
$20.21
10,972
Anchor Tenants (a)
98.5%
99.5%
$87,485
$12.98
6,941
Small Shop Tenants (b)
90.1%
93.4%
$122,157
$33.65
4,031
(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.
11
Supplemental - Quarter Ended March 31, 2025
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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 Gas 1 /
Harris Teeter 4 / Ralphs 2
BBB
14
$8,931
4.3%
821
7.5%
2
Publix Super Markets, Inc.
Publix 12 / Publix Liquor 3
N/A
15
6,926
3.3%
581
5.3%
3
TJX Companies
Marshalls 7 / HomeGoods 5 / TJ Maxx 2
A
14
4,907
2.3%
399
3.6%
4
Albertson's
Tom Thumb 2 / Market Street 2 /
Safeway 1 / Albertsons 1
BB+
6
4,359
2.1%
365
3.3%
5
H.E.B.
H.E.B. 4 / H.E.B. Staff Office 1
N/A
5
4,257
2.0%
447
4.1%
6
Amazon, Inc.
Whole Foods Market 5
AA
5
2,742
1.3%
194
1.8%
7
Apollo Global Management, Inc.
Michaels 8
B-
8
2,690
1.3%
190
1.7%
8
Best Buy
BBB+
4
2,270
1.1%
138
1.3%
9
Ross Dress For Less
Ross Dress for Less 5 / dd's Discounts 1
BBB+
6
2,193
1.0%
171
1.6%
10
BC Partners
PetSmart 6
B+
6
2,117
1.0%
125
1.1%
11
Ulta Beauty Inc.
N/A
8
2,085
1.0%
83
0.8%
12
Petco Health and Wellness
Company, Inc.
B
8
2,014
1.0%
106
1.0%
13
Dick's Sporting Goods, Inc.
Dick's Sporting Goods 2 / 
Going, Going, Gone 1
BBB
3
1,966
0.9%
171
1.6%
14
Trader Joe's
N/A
4
1,910
0.9%
51
0.5%
15
Sprouts Farmers Market
N/A
3
1,798
0.9%
85
0.8%
16
Costco Wholesale
AA
2
1,735
0.8%
298
2.7%
17
Five Below, Inc.
N/A
9
1,707
0.8%
86
0.8%
18
Bank of America
A-
6
1,672
0.8%
34
0.3%
19
Nordstrom Inc.
Nordstrom Rack 2 / Nordstrom 1
BB
3
1,602
0.8%
89
0.8%
20
Kingswood Capital Management
World Market 6
N/A
6
1,591
0.8%
110
1.0%
21
Wells Fargo
BBB+
8
1,387
0.7%
33
0.3%
22
Starbucks Corporation
BBB+
16
1,372
0.7%
31
0.3%
23
The Gap, Inc.
Old Navy 5
BB
5
1,290
0.6%
73
0.7%
24
Massage Envy
N/A
11
1,273
0.6%
37
0.3%
25
Truist Bank
A
6
1,265
0.6%
28
0.3%
Totals
181
$66,059
31.6%
4,746
43.5%
(a) Reflects the most recently available S&P credit rating.
Tenant Merchandise Mix
Tenant Category
ABR
% of Total ABR
Grocery / Drug
$40,385
19.4%
Quick Service Restaurants
25,866
12.3%
Personal Health and Beauty Services
23,063
11.0%
Medical
19,612
9.4%
Full Service Restaurants
18,759
8.9%
Off Price
11,306
5.4%
Apparel / Accessories
10,648
5.1%
Banks
9,396
4.5%
Fitness
7,790
3.7%
Pets
7,225
3.4%
Hobby / Sports
6,911
3.3%
Office / Communications
6,100
2.9%
Other
5,278
2.5%
Home
5,270
2.5%
Other Essential Retail / Services
5,006
2.4%
Office (Non Financial, Non-Medical)
2,985
1.4%
Entertainment
2,386
1.1%
Hardware / Auto
1,656
0.8%
$209,642
100.00%
12
Supplemental - Quarter Ended March 31, 2025
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Comparable and Non-Comparable Lease Statistics
GLA in thousands
The Company's portfolio had 323 thousand square feet expiring during the three months ended March 31, 2025, of which 290 thousand
square feet was re-leased. This achieved a retention rate of approximately 90%. The following table summarizes the activity for leases
that were executed during the three months ended March 31, 2025.
No. of
Leases
Executed
GLA
New
Contractual
Rent
($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)
47
209
$21.79
$20.04
8.7%
5.2
$0.11
$0.08
Comparable
New Leases (b)
6
12
37.27
30.99
20.3%
8.7
16.83
18.26
Non-Comparable
Renewal and New Leases
16
35
32.42
N/A
N/A
7.6
26.62
12.68
Total
69
256
$22.62
$20.63
9.6%
5.7
$4.48
$2.63
Anchor Tenants (leases ten thousand square feet and over)
Comparable
Renewal Leases (b)
4
121
$13.12
$12.61
4.0%
5.0
$—
$—
Comparable
New Leases (b)
—
—
—
—
—%
—
—
—
Non-Comparable
Renewal and New
Leases
—
—
—
N/A
N/A
—
—
—
Total
4
121
$13.12
$12.61
4.0%
5.0
$—
$—
Small Shop Tenants (leases under ten thousand square feet)
Comparable
Renewal Leases (b)
43
88
$33.75
$30.29
11.4%
5.5
$0.27
$0.20
Comparable
New Leases (b)
6
12
37.27
30.99
20.3%
8.7
16.83
18.26
Non-Comparable
Renewal and New Leases
16
35
32.42
N/A
N/A
7.6
26.62
12.68
Total
65
135
$34.17
$30.37
12.5%
6.3
$8.52
$5.00
(a)Non-comparable leases are not included in totals.
(b)Comparable leases are leases that meet all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year
prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent
with the previous tenant.
13
Supplemental - Quarter Ended March 31, 2025
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Comparable and Non-Comparable Lease Statistics, continued
GLA in thousands
The following table summarizes the activity for leases that were executed during the trailing four quarters ended March 31, 2025.
No. of
Leases
Executed
GLA
New
Contractual
Rent
($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 Renewal and New Leases
Q1 2025
53
221
$22.62
$20.63
9.6%
5.4
$1.00
$1.05
Q4 2024
40
189
24.73
21.41
15.5%
6.0
1.65
1.08
Q3 2024
48
403
18.26
16.63
9.8%
6.2
2.89
1.30
Q2 2024
49
330
22.43
20.33
10.3%
5.3
0.97
0.82
Total
190
1,143
$21.38
$19.26
11.0%
5.8
$1.76
$1.08
Renewals
Q1 2025
47
209
$21.79
$20.04
8.7%
5.2
$0.11
$0.08
Q4 2024
33
175
23.35
20.38
14.6%
5.6
—
—
Q3 2024
39
364
17.40
15.94
9.2%
5.8
0.11
—
Q2 2024
42
313
21.41
19.40
10.4%
5.0
—
—
Total
161
1,061
$20.43
$18.50
10.4%
5.4
$0.06
$0.02
New Leases
Q1 2025
6
12
$37.27
$30.99
20.3%
8.7
$16.83
$18.26
Q4 2024
7
14
41.95
34.34
22.2%
11.0
22.25
14.63
Q3 2024
9
39
26.42
23.14
14.2%
9.9
29.13
13.55
Q2 2024
7
17
41.05
37.33
10.0%
10.1
18.57
15.80
Total
29
82
$33.74
$29.17
15.7%
10.0
$23.95
$14.89
Non-Comparable Leases
Q1 2025
16
35
$32.42
7.6
$26.62
$12.68
Q4 2024
12
43
34.19
9.6
33.02
17.50
Q3 2024
10
65
26.84
10.0
14.02
13.72
Q2 2024
10
113
8.29
6.3
10.93
3.04
Total
48
256
$20.60
8.0
$17.55
$9.48
14
Supplemental - Quarter Ended March 31, 2025
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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
Percent of
Total ABR
Expiring
ABR PSF (a)
Anchor Tenants
2025
6
328
4.8%
$2,810
3.1%
$8.57
2026
15
426
6.2%
5,954
6.6%
13.98
2027
38
1,291
18.6%
18,060
19.9%
13.99
2028
25
603
8.8%
8,864
9.8%
14.70
2029
30
916
13.3%
11,729
12.9%
12.80
2030
23
726
10.6%
9,709
10.7%
13.37
2031
9
382
5.6%
4,087
4.5%
10.70
2032
9
345
5.0%
4,537
5.0%
13.15
2033
10
286
4.2%
4,174
4.6%
14.59
2034
13
575
8.4%
7,302
8.0%
12.70
Thereafter
23
979
14.3%
13,194
14.5%
13.48
Other (b)
1
11
0.2%
346
0.4%
31.45
Totals
202
6,868
100%
$90,766
100%
$13.22
Vacant space
73
Total
6,941
Small Shop Tenants
2025
82
178
4.9%
$5,504
4.1%
$30.92
2026
215
541
14.9%
17,714
13.3%
32.74
2027
245
574
15.8%
20,169
15.1%
35.14
2028
214
511
14.1%
17,890
13.3%
35.01
2029
210
559
15.4%
20,596
15.5%
36.84
2030
140
359
9.9%
13,548
10.2%
37.74
2031
80
228
6.3%
8,737
6.6%
38.32
2032
80
197
5.4%
7,632
5.7%
38.74
2033
58
147
4.0%
6,520
4.9%
44.35
2034
72
194
5.3%
8,336
6.3%
42.97
Thereafter
41
135
3.7%
6,305
4.7%
46.70
Other (b)
6
11
0.3%
335
0.3%
30.45
Totals
1,443
3,634
100%
$133,286
100%
$36.68
Vacant space
397
Total
4,031
Total
2025
88
506
4.8%
$8,314
3.7%
$16.43
2026
230
967
9.2%
23,668
10.6%
24.48
2027
283
1,865
17.8%
38,229
17.1%
20.50
2028
239
1,114
10.7%
26,754
11.9%
24.02
2029
240
1,475
14.0%
32,325
14.4%
21.92
2030
163
1,085
10.3%
23,257
10.4%
21.44
2031
89
610
5.8%
12,824
5.7%
21.02
2032
89
542
5.2%
12,169
5.4%
22.45
2033
68
433
4.1%
10,694
4.8%
24.70
2034
85
769
7.3%
15,638
7.0%
20.34
Thereafter
64
1,114
10.6%
19,499
8.7%
17.50
Other (b)
7
22
0.2%
681
0.3%
30.95
Totals
1,645
10,502
100%
$224,052
100%
$21.33
Vacant space
470
Total
10,972
(a)Expiring ABR PSF reflects ABR PSF at the time of lease expiration.
(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.
15
Supplemental - Quarter Ended March 31, 2025
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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
Campus Marketplace
So. California - San Diego, CA
Redevelopment of an existing outparcel building.
2Q - 2025
$800
$500
Sandy Plains Centre
Atlanta Metro Area, GA
Redevelopment and expansion to accommodate a 10,000 square foot swim
school and additional small shop space.
3Q - 2025
3,200
2,500
River Oaks
So. California - Los Angeles, CA
Redevelopment of an outparcel and common area improvements.
4Q - 2025
600
200
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
8,400
200
Shops at Arbor Trails
Austin-Round Rock, TX
Redevelopment of a pre-existing single tenant building to a multi-tenant building.
1Q - 2026
3,000
1,200
Buckhead Crossing
Atlanta Metro Area, 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
2Q - 2026
5,600
200
Total Redevelopment Costs
$21,600
$4,800
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
Redevelopment and remerchandising of a former anchor space into new tenant
spaces, including an 18,000 square foot anchor space, a 14,000 square foot
anchor space, and additional small shop space.
1Q - 2025
$6,800
Southern Palm Crossing
Miami-Fort Lauderdale-Miami Beach, FL
Redevelopment of a former bank building for a freestanding building with a drive-
through.
2Q - 2024
1,550
Buckhead Crossing
Atlanta Metro Area, GA
Anchor space repositioning
2Q - 2024
700
Pavilion at LaQuinta
So. California - Inland Empire
Redevelopment of a freestanding building.
2Q - 2024
800
Antoine Town Center
Houston-Sugar Land-Baytown, TX
New development, including addition of an outparcel building with a drive-
through.
4Q - 2024
200
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 Colony
Houston - Sugar Land-Baytown, TX
Redevelopment of an existing outparcel building.
Bay Landing
Cape Coral - Fort Myers, FL
New development of building area adjacent to existing stores.
Buckhead Crossing
Atlanta Metro Area, GA
New development, including addition of an outparcel building.
Campus Marketplace
So. California - San Diego, CA
Redevelopment of an existing 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.
River Oaks
So. California - Los Angeles, CA
Anchor repositioning and expansion.
Sarasota Pavilion
Tampa - St. Petersburg, FL
New development, including addition of outparcel building.
The Centre on Hugh Howell
Atlanta Metro Area, GA
New development, including addition of outparcel building.
The Parke
Austin - Round Rock, TX
Anchor repositioning and expansion.
Westpark Shopping Center
Richmond, VA
New development, including addition of outparcel building.
16
Supplemental - Quarter Ended March 31, 2025
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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
N
170
100%
$22.49
Yes
HEB
2
Kyle Marketplace
Austin-Round Rock
TX
C
260
100%
$17.83
Yes
HEB
3
Market at Westlake
Austin-Round Rock
TX
N
30
100%
$22.00
No
Walgreens
4
Scofield Crossing
Austin-Round Rock
TX
N
95
98.7%
$18.36
Yes
Hana World Market, Goodwill
5
Shops at Arbor Trails
Austin-Round Rock
TX
C
357
100%
$14.12
Yes
Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls
6
Shops at the Galleria
Austin-Round Rock
TX
P
537
95.4%
$14.27
No
Best Buy, Five Below, Home Consignment Center, HomeGoods, Lowe's,
Marshalls, Michaels, OfficeMax, 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
406
98.9%
$16.93
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
Austin-Round Rock
TX
P
236
100%
$22.51
No
Crunch Fitness, DSW, IKEA*, JC Penney*, Jo-Ann Fabrics, Petsmart,
Ross Dress for Less, Spec's Wine Spirits & Finer Foods
9
Custer Creek Village
Dallas-Fort Worth-Arlington
TX
N
96
100%
$15.92
Yes
Tom Thumb
10
Eldorado Marketplace
Dallas-Fort Worth-Arlington
TX
C
189
100%
$24.66
Yes
Market Street, PetSmart, Phenix Salon Suites
11
Prestonwood Town Center
Dallas-Fort Worth-Arlington
TX
P
236
98.7%
$21.12
Yes
Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels,
Petco, Ulta
12
Riverview Village
Dallas-Fort Worth-Arlington
TX
N
89
100%
$13.43
Yes
Tom Thumb, Petco
13
Riverwalk Market
Dallas-Fort Worth-Arlington
TX
N
90
93.4%
$21.49
Yes
Market Street
14
Shops at Fairview Town Center
Dallas-Fort Worth-Arlington
TX
N
66
100%
$25.84
Yes
Whole Foods Market
15
The Highlands of Flower Mound
Dallas-Fort Worth-Arlington
TX
P
175
92.2%
$19.92
Yes
Target*, Market by Macy's, Michaels, Skechers, World Market
16
Antoine Town Center
Houston-Sugar Land-Baytown
TX
N
110
97.3%
$15.47
Yes
Kroger
17
Bay Colony
Houston-Sugar Land-Baytown
TX
C
415
95.3%
$16.57
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
99.1%
$14.04
Yes
HEB, Walgreens
19
Cyfair Town Center
Houston-Sugar Land-Baytown
TX
C
434
95.0%
$17.60
Yes
Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
20
Eldridge Town Center
Houston-Sugar Land-Baytown
TX
C
144
95.1%
$17.34
Yes
Kroger, Kohl's*, Petco
21
Stables Town Center II
Houston-Sugar Land-Baytown
TX
N
148
95.4%
$17.70
Yes
Kroger
22
Sonterra Village
San Antonio
TX
N
42
84.2%
$36.74
Yes
Trader Joe's
23
Stone Ridge Market
San Antonio
TX
C
219
96.6%
$25.41
Yes
HEB Plus*, Burlington, PetSmart
Total Texas
4,671
97.3%
$18.26
24
Bay Landing
Cape Coral - Fort Meyers
FL
N
63
100%
$10.16
Yes
The Fresh Market, HomeGoods
25
The Forum (d)
Cape Coral - Fort Meyers
FL
P
186
96.1%
$17.43
Yes
Target*, dd's Discounts, Home Depot*, Michaels, Petco, Ross Dress for
Less, Sky Zone, Staples
26
PGA Plaza Palm Beach Gardens
Miami-Ft Lauderdale-Miami Beach
FL
C
121
99.1%
$37.15
Yes
Trader Joe's, Marshalls, Ulta
27
Southern Palm Crossing
Miami-Ft Lauderdale-Miami Beach
FL
P
345
98.6%
$17.83
Yes
Costco Wholesale, Going Going Gone, Marshalls
28
Westfork & Paraiso
Miami-Ft Lauderdale-Miami Beach
FL
N
393
98.0%
$25.85
Yes
Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree,
Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less,
Skechers, TJ Maxx, Ulta
29
Lakeside & Lakeside Crossing
Orlando - Kissimmee
FL
N
76
100%
$48.99
Yes
Trader Joe's
30
Plantation Grove (e)
Orlando - Kissimmee
FL
N
107
98.7%
$20.21
Yes
Publix
31
Rio Pinar Plaza
Orlando - Kissimmee
FL
N
131
94.6%
$19.37
Yes
Publix, Planet Fitness
32
Suncrest Village
Orlando - Kissimmee
FL
N
97
97.9%
$21.71
Yes
Publix, Orange County Tax Collector
33
Gateway Market Center
Tampa - St. Petersburg
FL
P
231
89.9%
$14.23
Yes
Publix, Target*, Beall's, HomeGoods, Petsmart, TJ Maxx
34
Peachland Promenade
Tampa - St. Petersburg
FL
N
177
98.6%
$15.37
Yes
Publix, Goodwill, My Salon Suite, Planet Fitness
35
Sarasota Pavilion
Tampa - St. Petersburg
FL
P
336
98.3%
$16.35
Yes
Publix, Bank of America, Bealls, Marshalls, Michaels, PetSmart, Ross
Dress for Less, Truist Bank
Total Florida
2,263
97.2%
$20.94
17
Supplemental - Quarter Ended March 31, 2025
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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)
36
Eastfield Village
Charlotte-Gastonia-Concord
NC
N
96
97.5%
$18.94
Yes
Food Lion, Gold's Gym
37
Northcross Commons
Charlotte-Gastonia-Concord
NC
N
63
100%
$28.87
Yes
Whole Foods Market
38
Sycamore Commons
Charlotte-Gastonia-Concord
NC
P
265
100%
$21.01
Yes
Costco Wholesale*, Best Buy, Dick's Sporting Goods, Lowe's*, Michaels,
Nordstrom Rack, Old Navy, Ulta, World Market
39
The Shoppes at Davis Lake
Charlotte-Gastonia-Concord
NC
N
91
91.9%
$17.34
Yes
Harris Teeter
40
Bent Tree Plaza
Raleigh-Cary-Durham
NC
N
80
100%
$15.31
Yes
Food Lion
41
Cary Park Town Center
Raleigh-Cary-Durham
NC
N
93
100%
$18.01
Yes
Harris Teeter, CVS
42
Commons at University Place
Raleigh-Cary-Durham
NC
N
92
100%
$17.42
Yes
Harris Teeter, CVS
43
Renaissance Center
Raleigh-Cary-Durham
NC
P
363
93.8%
$23.96
No
Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI,
Ulta, UNC Health Care, World Market
44
The Pointe at Creedmoor
Raleigh-Cary-Durham
NC
N
60
100%
$16.91
Yes
Harris Teeter
Total North Carolina
1,203
97.3%
$20.74
45
Buckhead Crossing
Atlanta Metro Area
GA
P
221
94.3%
$23.41
No
HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop
46
Coweta Crossing
Atlanta Metro Area
GA
N
68
100%
$11.30
Yes
Publix
47
Kennesaw Marketplace
Atlanta Metro Area
GA
C
130
97.1%
$35.88
Yes
Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*,
Hobby Lobby*, Petco*
48
Moores Mill (d)
Atlanta Metro Area
GA
N
70
100%
$25.03
Yes
Publix
49
Plaza Midtown
Atlanta Metro Area
GA
N
70
93.8%
$28.87
Yes
Publix
50
Rose Creek
Atlanta Metro Area
GA
N
70
100%
$11.64
Yes
Publix
51
Sandy Plains Centre
Atlanta Metro Area
GA
C
135
98.9%
$24.08
Yes
Kroger, Pet Supplies Plus, Walgreens*
52
The Centre on Hugh Howell
Atlanta Metro Area
GA
N
83
98.4%
$14.03
No
Crunch Fitness
53
Thomas Crossroads
Atlanta Metro Area
GA
N
105
90.1%
$9.56
Yes
Kroger
54
Windward Commons
Atlanta Metro Area
GA
N
117
100%
$16.01
Yes
Kroger
Total Georgia
1,069
96.8%
$20.89
55
Bear Creek Village Center
So. California - Inland Empire
CA
N
80
98.1%
$27.18
Yes
Stater Brothers
56
Pavilion at LaQuinta
So. California - Inland Empire
CA
P
166
100%
$21.92
Yes
Sprouts Farmers Market, Best Buy, DSW, OfficeMax, PGA TOUR
Superstore
57
Garden Village
So. California - Los Angeles
CA
N
117
90.2%
$19.81
Yes
Albertson's, Rite Aid
58
River Oaks
So. California - Los Angeles
CA
C
275
99.4%
$20.41
Yes
Sprouts Farmers Market, Target, Big 5 Sporting Goods, Dollar Tree,
Five Below, Total Wine & More, Ulta
59
Campus Marketplace
So. California - San Diego
CA
N
144
98.8%
$31.22
Yes
Ralphs, CVS, Discovery Isle Child Development Center
60
Old Grove Marketplace
So. California - San Diego
CA
N
81
100%
$17.93
Yes
Ralphs, Lowe's*
Total California
863
98.1%
$22.84
61
Stonehenge Village (d)
Richmond Metro Area
VA
C
214
100%
$19.13
Yes
Wegmans, La-Z-Boy, Party City, Petco
62
Westpark Shopping Center
Richmond Metro Area
VA
C
171
96.6%
$16.35
Yes
Publix,  Painted Tree Boutiques, Planet Fitness, The Tile Shop
Total Virginia
385
98.5%
$17.92
63
Market at Mill Creek (d)
Charleston-Berkeley-Dorchester
SC
N
80
100%
$24.16
Yes
Lowes Foods
64
Nexton Square (d)
Charleston-Berkeley-Dorchester
SC
L
134
96.9%
$27.18
No
N/A
Total South Carolina
214
98.1%
$26.03
65
The Shops at Town Center
Washington D.C
MD
N
125
91.7%
$30.70
Yes
Safeway
66
Travilah Square Shopping Center
Washington D.C
MD
N
56
86.9%
$50.40
Yes
Trader Joe's
Total Maryland
181
90.2%
$36.59
18
Supplemental - Quarter Ended March 31, 2025
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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)
67
Scottsdale North Marketplace (d)
Phoenix
AZ
N
66
98.4%
$22.55
Yes
AJ's Fine Foods
68
The Plant (d)
Phoenix
AZ
N
57
100%
$28.96
Yes
Sprouts Farmers Market
Total Arizona
123
99.1%
$25.66
Grand Totals
10,972
97.3%
$20.21
(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).
(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, 2025.
(e)The Company operates Plantation Grove and Maguire Groves as a single property under the Plantation Grove name. The operations, GLA, economic and leased occupancy, and ABR of Maguire Groves are
classified as an other investment property for the three months ended March 31, 2025.
19
Supplemental - Quarter Ended March 31, 2025
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Components of Net Asset Value as of March 31, 2025
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
$46,793
5
Ground rent income
5,076
5
NOI
51,869
5
Annualized NOI, excluding ground rent income
$187,172
Annualized ground rent income
20,304
Projected remaining development
Net project costs
$16,800
15
Estimated range for incremental yield
7-10%
15
Assets
Cash, cash equivalents, and restricted cash
$84,579
2
Base rent, recoveries, and other revenue receivables
7,045
4
Undeveloped land
—
Land held for development
—
Liabilities
Debt
$743,380
8
Discounts and financing costs, net
(2,635)
8
Accounts payable and accrued expenses
30,371
2
Distributions payable
18,438
2
Other liabilities
29,597
2
Common Shares Outstanding
77,567,764
1
20
Supplemental - Quarter Ended March 31, 2025
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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-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.
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