# InvenTrust Properties Corp. (IVT)

Informational only - not investment advice.

CIK: 0001307748
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=1307748
Filing source: https://www.sec.gov/Archives/edgar/data/1307748/000130774826000045/ivtp-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0001307748-26-000045 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001307748.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 299,169,000 USD | 2025 | verified |
| Net income | 111,421,000 USD | 2025 | verified |
| Assets | 2,788,647,000 USD | 2025 | verified |
| Free cash flow | 110,894,000 USD | 2025 | computed |
| Net margin | 37.24% | 2025 | computed |
| Operating margin | 20.06% | 2025 | computed |
| Revenue YoY | +9.20% | 2025 | computed |
| ROE | 6.21% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | IVT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 37.2% | 16.8% | 81 | 149 |
| Operating margin | 20.1% | 23.2% | 40 | 66 |
| Revenue growth | 9.2% | 3.7% | 75 | 149 |
| FCF margin | 37.1% | 21.8% | 70 | 70 |
| ROE | 6.2% | 5.7% | 53 | 151 |
| ROA | 4.0% | 1.5% | 78 | 155 |
| Liabilities / equity | 0.55 | 1.48 | 9 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 299169000 | USD | 2025 | 2026-02-12 |
| Net income | 111421000 | USD | 2025 | 2026-02-12 |
| Assets | 2788647000 | USD | 2025 | 2026-02-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001307748.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 251,809,000 | 242,674,000 | 226,490,000 | 197,833,000 | 211,979,000 | 236,707,000 | 258,676,000 | 273,974,000 | 299,169,000 |
| Net income | 252,722,000 | 61,793,000 | 83,849,000 | 38,399,000 | -10,174,000 | -5,360,000 | 52,233,000 | 5,269,000 | 13,658,000 | 111,421,000 |
| Operating income | 27,626,000 | 16,697,000 | 47,062,000 | 36,375,000 | -28,357,000 | -8,135,000 | 16,984,000 | -30,539,000 | -33,342,000 | 60,017,000 |
| Diluted EPS |  |  |  | 0.53 | -0.14 | -0.08 | 0.77 | 0.08 | 0.19 | 1.42 |
| Operating cash flow | 133,164,000 | 118,152,000 | 124,657,000 | 106,008,000 | 94,155,000 | 89,956,000 | 125,795,000 | 129,621,000 | 136,876,000 | 155,416,000 |
| Capital expenditures | 13,721,000 | 15,910,000 | 27,233,000 | 17,754,000 | 12,918,000 | 15,361,000 | 33,183,000 | 35,744,000 | 36,116,000 | 44,522,000 |
| Dividends paid | 98,606,000 | 53,358,000 | 54,194,000 | 53,250,000 | 54,214,000 | 55,561,000 | 55,302,000 | 57,491,000 | 62,779,000 | 72,847,000 |
| Assets | 2,786,754,000 | 2,698,604,000 | 2,536,006,000 | 2,507,188,000 | 2,407,339,000 | 2,212,415,000 | 2,473,034,000 | 2,487,331,000 | 2,635,950,000 | 2,788,647,000 |
| Liabilities | 837,226,000 | 792,882,000 | 683,692,000 | 687,587,000 | 668,476,000 | 640,863,000 | 869,125,000 | 933,287,000 | 875,945,000 | 994,385,000 |
| Stockholders' equity | 1,949,528,000 | 1,905,722,000 | 1,852,307,000 | 1,819,601,000 | 1,738,863,000 | 1,571,552,000 | 1,603,909,000 | 1,554,044,000 | 1,760,005,000 | 1,794,262,000 |
| Free cash flow | 119,443,000 | 102,242,000 | 97,424,000 | 88,254,000 | 81,237,000 | 74,595,000 | 92,612,000 | 93,877,000 | 100,760,000 | 110,894,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 24.54% | 34.55% | 16.95% | -5.14% | -2.53% | 22.07% | 2.04% | 4.99% | 37.24% |
| Operating margin |  | 6.63% | 19.39% | 16.06% | -14.33% | -3.84% | 7.18% | -11.81% | -12.17% | 20.06% |
| Return on equity | 12.96% | 3.24% | 4.53% | 2.11% | -0.59% | -0.34% | 3.26% | 0.34% | 0.78% | 6.21% |
| Return on assets | 9.07% | 2.29% | 3.31% | 1.53% | -0.42% | -0.24% | 2.11% | 0.21% | 0.52% | 4.00% |
| Liabilities / equity | 0.43 | 0.42 | 0.37 | 0.38 | 0.38 | 0.41 | 0.54 | 0.60 | 0.50 | 0.55 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/IVT/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001307748.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.01 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.02 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  | 2,068,000 | 0.03 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 64,062,000 | -822,000 | -0.01 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 64,722,000 | 2,890,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 66,798,000 | 2,900,000 | 0.04 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 67,423,000 | 1,498,000 | 0.02 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 68,521,000 | -539,000 | -0.01 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 71,232,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 73,771,000 | 6,792,000 | 0.09 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 73,551,000 | 95,942,000 | 1.23 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 74,466,000 | 6,026,000 | 0.08 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 77,381,000 | 2,661,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 82,581,000 | 5,184,000 | 0.07 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 82,830,000 | 1,369,000 | 0.02 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from IVT's latest 10-K: [/company/IVT/business/](/company/IVT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from IVT's latest 10-K: [/company/IVT/risk-factors/](/company/IVT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1307748/000130774826000194/ivt-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-08-03
Report date: 2026-06-30

Overview

Strategy and Outlook

InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires, and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers that often have a grocery component. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure.

InvenTrust focuses on Sun Belt markets with favorable demographics, including above-average growth in population, employment, income, and education levels. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based retail centers, which will position us to capitalize on potential future rent increases while enjoying sustained occupancy at our centers. Our strategically located field offices support hands-on property oversight, enabling responsive tenant engagement and strong local market knowledge across our portfolio. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.

Macroeconomic Trends

Our business, and the business and operations of our tenants, depend on the overall state of the economy, and we and they could be negatively impacted by slower economic growth and the potential for a recession. Although certain indicators suggest that inflation has moderated, the economic outlook remains uncertain due to ongoing geopolitical tensions, evolving global trade policies and tariff actions, and continued supply chain disruptions. These factors, along with volatility in energy prices and interest rates, may contribute to broader economic uncertainty and could adversely impact our tenants' operations. Additionally, other challenging macroeconomic conditions, and the resulting impact on the economy and consumer spending, could negatively impact our business and that of our tenants.

Evaluation of Operating Performance and Financial Condition

In addition to measures of operating performance determined in accordance with U.S. generally accepted accounting principles ("GAAP"), management evaluates our operating performance and financial condition by focusing on the following non-GAAP financial measures and operating metrics, discussed in further detail herein:

[[GREPCENT_TABLE]]
[["Non-GAAP Financial Measures","","Operating Metrics"],["\u2022Net Operating Income (\"NOI\") and Same Property NOI\u2022Nareit Funds From Operations (\"Nareit FFO\") Applicable to Common Shares and Dilutive Securities\u2022Core Funds From Operations (\"Core FFO\") Applicable to Common Shares and Dilutive Securities\u2022Earnings Before Interest, Taxes, Depreciation, and Amortization (\"EBITDA\")\u2022Adjusted EBITDA","","\u2022Economic and leased occupancy and rental rates\u2022Leasing activity and lease rollover\u2022Operating expense levels and trends\u2022General and administrative expense levels and trends\u2022Debt maturities and leverage ratios\u2022Liquidity levels."]]
[[/GREPCENT_TABLE]]

20

Recent Developments

Acquisitions

On May 8, 2026, the Company acquired 3609 South, a 29,000 square foot unanchored neighborhood center in Charlotte, North Carolina, for a gross acquisition price of $16.6 million. The Company used available liquidity to fund the acquisition.

On June 17, 2026, the Company acquired Sweetgrass Corner, a 95,000 square foot community center anchored by Trader Joe’s in Charleston, South Carolina, for a gross acquisition price of $51.0 million. The Company used available liquidity to fund the acquisition.

On June 18, 2026, the Company acquired Western Plaza, a 162,000 square foot community center anchored by The Fresh Market in Knoxville, Tennessee, for a gross acquisition price of $65.0 million. The Company used available liquidity to fund the acquisition.

Debt

On June 29, 2026, the Company issued $250 million aggregate principal amount of senior notes in a private placement, 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 (collectively, the "2026 Notes") pursuant to a note purchase agreement (the "2026 Note Purchase Agreement"), dated April 16, 2026, between the Company and the various purchasers named therein. The 2026 Notes were issued at par and pay interest semiannually on June 29th and December 29th until their respective maturities.

The Company may prepay at any time all, or from time to time any part of, the 2026 Notes, in an amount not less than 5% of the aggregate principal amount of any series of the 2026 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus accrued interest and a Make-Whole Amount (as defined in the 2026 Note Purchase Agreement). The 2026 Notes are required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain primary credit facilities of the Company. Currently, there are no subsidiary guarantees of the 2026 Notes.

Our Retail Portfolio

The following table summarizes our retail portfolio as of June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","As of June 30"],["","2026","","2025"],["No. of properties","78","","67"],["GLA (square feet)","12,278","","10,556"],["Economic occupancy (a)","94.6%","","95.5%"],["Leased occupancy (b)","96.2%","","97.3%"],["ABR PSF (c)","$20.94","","$20.18"]]
[[/GREPCENT_TABLE]]

(a)Economic occupancy is defined as the percentage of occupied GLA divided by total GLA (excluding Specialty Leases) for which a tenant is obligated to pay rent under the terms of its lease agreement as of the rent commencement date, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. Specialty Leases include small shop leases with terms of less than one year and leases of common area space with terms of any length.

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

(c)Annualized Base Rent ("ABR") is computed as base rent for the 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. ABR per square foot ("PSF") is computed as ABR divided by the occupied square footage as of the end of the period.

21

Summary by Same Property

Properties classified as same property were owned for the entirety of both periods presented ("Same Properties"). The following table summarizes the Same Properties of our retail portfolio for the three and six months ended June 30, 2026 and 2025.

[[GREPCENT_TABLE]]
[["","","","Three and six months ended June 30"],["","","","","","2026","","2025"],["No. of properties","","","","","63","","63"],["GLA (square feet)","","","","","10,243","","10,225"],["Economic occupancy","","","","","94.7%","","95.5%"],["Leased occupancy","","","","","96.0%","","97.3%"],["ABR PSF","","","","","$20.61","","$20.14"]]
[[/GREPCENT_TABLE]]

Lease Expirations

Our retail business is neither highly dependent on specific retailers nor subject to lease rollover concentration. We believe this minimizes risk to our retail portfolio from significant revenue variances over time.

Results of Operations

Comparison of results for the three and six months ended June 30, 2026 and 2025

We generate substantially all of our earnings from property operations. Since January 1, 2025, we have acquired fifteen retail properties and disposed of five retail properties.

The following table presents the comparative results of our income.

[[GREPCENT_TABLE]]
[["","Three months ended June 30","","Six months ended June 30"],["","2026","","2025","","Increase","","2026","","2025","","Increase"],["Income"],["Lease income, net","$","82,343","","","$","73,130","","","$","9,213","","","$","164,453","","","$","146,519","","","$","17,934"],["Other property income","487","","","421","","","66","","","958","","","803","","","155"],["Total income","$","82,830","","","$","73,551","","","$","9,279","","","$","165,411","","","$","147,322","","","$","18,089"]]
[[/GREPCENT_TABLE]]

Lease income, net, for the three months ended June 30, 2026 increased $9.2 million when compared to the same period in 2025, as a result of increases from properties acquired of $12.8 million, decreases from properties disposed of $4.1 million, and the following activity related to our Same Properties:

•$1.5 million of increased minimum base and ground rent, and

•$0.1 million of net increases in all other lease income, partially offset by:

•$0.5 million of decreased common area maintenance and real estate tax recoveries,

•$0.5 million of decreased below-market lease intangible amortization, and

•$0.1 million of increased credit losses net of related reversals.

Lease income, net, for the six months ended June 30, 2026 increased $17.9 million when compared to the same period in 2025, as a result of increases from properties acquired of $25.2 million, decreases from properties disposed of $10.2 million, and the following activity related to our Same Properties:

•$2.7 million of increased minimum base and ground rent,

•$0.4 million of increased lease termination income, and

•$0.3 million of increased short-term and other lease income, partially offset by:

•$0.3 million of increased credit losses net of related reversals, and

•$0.2 million of net decreased straight-line rent adjustments.

22

The following table presents the comparative results of our operating expenses.

[[GREPCENT_TABLE]]
[["","Three months ended June 30","","Six months ended June 30"],["","2026","","2025","","Increase (Decrease)","","2026","","2025","","Increase"],["Operating expenses"],["Depreciation and amortization","$","38,660","","","$","30,738","","","$","7,922","","","$","75,045","","","$","61,352","","","$","13,693"],["Property operating","12,653","","","11,476","","","1,177","","","24,674","","","22,223","","","2,451"],["Real estate taxes","9,907","","","10,194","","","(287)","","","19,809","","","19,550","","","259"],["General and administrative","8,942","","","8,706","","","236","","","18,261","","","17,253","","","1,008"],["Total operating expenses","$","70,162","","","$","61,114","","","$","9,048","","","$","137,789","","","$","120,378","","","$","17,411"]]
[[/GREPCENT_TABLE]]

Depreciation and amortization for the three months ended June 30, 2026 increased $7.9 million when compared to the same period in 2025, as a result of:

•$9.0 million of increases from properties acquired, and

•$0.1 million of net increases from our Same Properties, partially offset by:

•$1.2 million of decreases from properties disposed.

Depreciation and amortization for the six months ended June 30, 2026 increased $13.7 million when compared to the same period in 2025, as a result of:

•$17.6 million of increases from properties acquired, partially offset by:

•$2.9 million of decreases from properties disposed, and

•$1.0 million of net decreases from our Same Properties.

Property operating expenses for the three months ended June 30, 2026 increased $1.2 million when compared to the same period in 2025, as a result of:

•$2.5 million of increases from properties acquired, and

•$0.2 million of net increases from our Same Properties, partially offset by:

•$1.5 million of decreases from properties disposed.

Property operating expenses for the six months ended June 30, 2026 increased $2.5 million when compared to the same period in 2025, as a result of:

•$4.6 million of increases from properties acquired, and

•$0.7 million of net increases from our Same Properties, partially offset by:

•$2.8 million of decreases from properties disposed.

Real estate taxes for the three months ended June 30, 2026 decreased $0.3 million when compared to the same period in 2025, as a result of:

•$0

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1307748/000130774826000045/ivtp-20251231.htm
Complete FY 2025 MD&A: /company/IVT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-12
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis relates to the operations of the Company for the years ended December 31, 2025 and 2024 and its financial position as of December 31, 2025 and 2024. Discussion of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2024. The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes included in this Annual Report. This discussion contains forward-looking statements about our business. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in "Forward-Looking Statements" and "Part I, Item 1A. Risk Factors" contained in this Annual Report and in our other reports that we file from time to time with the SEC.

Executive Summary

Strategy and Outlook

InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires, and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers that often have a grocery component. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure.

InvenTrust focuses on Sun Belt markets with favorable demographics, including above-average growth in population, employment, income, and education levels. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based retail centers, which will position us to capitalize on potential future rent increases while enjoying sustained occupancy at our centers. Our strategically located field offices support hands-on property oversight, enabling responsive tenant engagement and strong local market knowledge across our portfolio. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.

Evaluation of Operating Performance and Financial Condition

In addition to measures of operating performance determined in accordance with U.S. generally accepted accounting principles ("GAAP"), management evaluates our operating performance and financial condition by focusing on the following financial and non-financial indicators, discussed in further detail herein:

•Net Operating Income ("NOI") and Same Property NOI, supplemental non-GAAP measures;

•Nareit Funds From Operations ("Nareit FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Core Funds From Operations ("Core FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA"), a supplemental non-GAAP measure;

•Adjusted EBITDA, a supplemental non-GAAP measure;

•Economic and leased occupancy and rental rates;

•Leasing activity and lease rollover;

•Operating expense levels and trends;

•General and administrative expense levels and trends;

•Debt maturities and leverage ratios; and

•Liquidity levels.

20

Recent Developments

Acquisitions and Mortgage Assumptions

The Company acquired the following properties during the year ended December 31, 2025:

[[GREPCENT_TABLE]]
[["Month Acquired","","Property","","Grocery Anchor(s)","","Market","","Square Feet","","Gross Acquisition Price","","Assumption of Mortgage Debt"],["Apr-25","","Plaza Escondida (a)","","Trader Joe's","","Tucson, AZ","","91","","$","23,000","","","$","7,981"],["Apr-25","","Carmel Village","","N/A","","Charlotte-Gastonia-Concord, NC","","54","","19,925","","","\u2014"],["Jun-25","","West Ashley Station (b)","","Whole Foods Market","","Charleston-Berkeley-Dorchester, SC","","79","","26,600","","","\u2014"],["Jun-25","","Twelve Oaks Shopping Center","","Publix","","Savannah, GA","","106","","35,850","","","\u2014"],["Jul-25","","The Marketplace at Encino Park","","Sprouts Farmers Market","","San Antonio, TX","","92","","38,500","","","\u2014"],["Jul-25","","West Broad Marketplace","","Wegmans","","Richmond Metro Area, VA","","386","","86,000","","","\u2014"],["Aug-25","","Asheville Market (c)","","Whole Foods Market","","Asheville, NC","","130","","45,700","","","22,281"],["Sep-25","","Rea Farms","","Harris Teeter","","Charlotte-Gastonia-Concord, NC","","183","","80,000","","","\u2014"],["Dec-25","","Daniels Marketplace (d)","","Whole Foods Market","","Cape Coral - Fort Myers, FL","","131","","72,250","","","30,250"],["Dec-25","","Mesa Shores","","Sprouts Farmers Market, Trader Joe's","","Phoenix - Mesa - Chandler, AZ","","111","","36,750","","","\u2014"],["Total","","","","","","","","1,363","","$","464,575","","","$","60,512"]]
[[/GREPCENT_TABLE]]

(a)The Company recognized a fair value adjustment of $507 related to the mortgage payable secured by the property.

(b)The Company recognized a finance lease liability of $10,973 associated with the ground lease assumed upon acquisition. See "Note 13. Commitments and Contingencies".

(c)The Company recognized a fair value adjustment of $607 related to the mortgage payable secured by the property.

(d)The Company recognized a fair value adjustment of $967 related to the mortgage payable secured by the property.

Dispositions

The Company disposed of the following properties during the year ended December 31, 2025:

[[GREPCENT_TABLE]]
[["Month Disposed","","Property","","Market","","Square Feet","","Gross Disposition Price","","Gain on Sale"],["Jun-25","","California portfolio (a)","","California","","746","","","$","306,000","","","$","90,909"],["Sep-25","","Custer Creek Village (b)","","Dallas - Fort Worth - Arlington, TX","","N/A","","229","","","52"],["Total","","","","","","746","","","$","306,229","","","$","90,961"]]
[[/GREPCENT_TABLE]]

(a)The Company disposed of five properties through a portfolio sale, consisting of River Oaks Shopping Center, Campus Marketplace, Old Grove Marketplace, Bear Creek Village Center, and Pavilion at La Quinta, and recognized a gain on sale of $90.9 million.

(b)This disposition was related to the completion of a partial condemnation at one retail property

Debt

The Company has a $500.0 million revolving credit facility (the "Revolving Credit Facility"). The Revolving Credit Facility is scheduled to mature on January 15, 2029, with one 6-month extension option. On August 25, 2025, the Company entered into an amendment to its Revolving Credit Facility, which modified the applicable interest rate thereunder by removing the credit spread adjustment to Secured Overnight Financing Rate ("SOFR"), in addition to other modifications. As of December 31, 2025, the Company had available liquidity of $445.0 million under its amended Revolving Credit Facility.

On August 25, 2025, the Company entered into an amendment (the "Term Loan Amendment") to its $400.0 million Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity dates of each tranche. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on August 26, 2030, and a $200.0 million 5.5-year tranche maturing February 24, 2031. The Term Loan Amendment also modified

21

the interest rates, with each tranche bearing interest at a rate equal to, at the Company's option, term SOFR, daily simple SOFR or the adjusted base rate (with no credit spread adjustment) plus a margin ranging from 115 to 160 basis points (in the case of SOFR loans) and 15 to 60 basis points (in the case of base rate loans), in each case, based on the Company's leverage ratio.

Interest Rate Swaps

During the year ended December 31, 2025, in connection with the execution of the Term Loan Amendment, the Company entered into four forward-starting interest rate swap agreements that address the periods between the termination dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement.

Our Retail Portfolio

The following table summarizes our retail portfolio as of December 31, 2025 and 2024.

[[GREPCENT_TABLE]]
[["","Year ended December 31"],["","2025","","2024"],["No. of properties","73","","68"],["GLA (square feet)","11,589","","10,972"],["Economic occupancy","95.4%","","95.3%"],["Leased occupancy","96.7%","","97.4%"],["ABR PSF","$20.41","","$20.07"]]
[[/GREPCENT_TABLE]]

Same Property Summary

Properties classified as same property were owned for the entirety of both periods presented ("Same Properties"). The following table summarizes the Same Properties of our retail portfolio for the years ended December 31, 2025 and 2024.

[[GREPCENT_TABLE]]
[["","Year ended December 31"],["","2025","","2024"],["No. of properties","56","","56"],["GLA (square feet)","9,385","","9,384"],["Economic occupancy","95.1%","","95.0%"],["Leased occupancy","96.4%","","97.3%"],["ABR PSF","$19.99","","$19.60"]]
[[/GREPCENT_TABLE]]

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Leasing Activity

The Company's portfolio had 1.25 million square feet expiring during the year ended December 31, 2025, of which 1.06 million square feet was re-leased. This achieved a retention rate of approximately 85%. The following table summarizes the activity for leases that were executed during the year ended December 31, 2025.

[[GREPCENT_TABLE]]
[["","No. of Leases Executed","","GLA SF (in thousands)","","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)","190","","1,055","","$21.52","","$19.41","","10.9%","","5.3","","$0.15","","$0.02"],["Comparable New Leases (b)","35","","121","","$32.10","","$24.53","","30.9%","","12.2","","$40.98","","$13.40"],["Non-Comparable Renewal and New Leases","47","","130","","$29.32","","N/A","","N/A","","11.2","","$39.15","","$8.95"],["Total","272","","1,306","","$22.60","","$19.94","","13.3%","","6.5","","$7.81","","$2.14"],["Anchor tenants (leases ten thousand square feet and over)"],["Comparable Renewal Leases (b)","17","","624","","$12.72","","$11.68","","8.9%","","5.1","","$\u2014","","$\u2014"],["Comparable New Leases (b)","1","","44","","$17.50","","$9.00","","94.4%","","16.2","","$60.00","","$6.00"],["Non-Comparable Renewal and New Leases","1","","38","","$19.95","","N/A","","N/A","","20.2","","$79.11","","$\u2014"],["Total","19","","706","","$13.03","","$11.51","","13.2%","","6.6","","$7.97","","$0.37"],["Small shop tenants (leases under ten thousand square feet)"],["Comparable Renewal Leases (b)","173","","431","","$34.23","","$30.59","","11.9%","","5.6","","$0.37","","$0.04"],["Comparable New Leases (b)","34","","77","","$40.38","","$33.35","","21.1%","","10.0","","$30.19","","$17.60"],["Non-Comparable Renewal and New Leases","46","","92","","$33.16","","N/A","","N/A","","7.5","","$22.73","","$12.63"],["Total","253","","600","","$35.17","","$31.01","","13.4%","","6.4","","$7.62","","$4.22"]]
[[/GREPCENT_TABLE]]

(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.

23

Results of Operations

Comparison of results for the years ended December 31, 2025 and 2024

We generate substantially all of our earnings from property operations. Since January 1,

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/IVT/mda/fy2025/
All MD&A years: /company/IVT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/IVT/mda/fy2024/): filed 2025-02-13; accession 0001307748-25-000028 (https://www.sec.gov/Archives/edgar/data/1307748/000130774825000028/ivtp-20241231.htm)
- [FY 2023 MD&A](/company/IVT/mda/fy2023/): filed 2024-02-14; accession 0001307748-24-000016 (https://www.sec.gov/Archives/edgar/data/1307748/000130774824000016/ivtp-20231231.htm)
- [FY 2022 MD&A](/company/IVT/mda/fy2022/): filed 2023-02-21; accession 0001307748-23-000031 (https://www.sec.gov/Archives/edgar/data/1307748/000130774823000031/ivtp-20221231.htm)
- [FY 2021 MD&A](/company/IVT/mda/fy2021/): filed 2022-02-15; accession 0001307748-22-000021 (https://www.sec.gov/Archives/edgar/data/1307748/000130774822000021/ivtp-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/IVT.md · JSON record: /company/IVT.json · verified financials: /company/IVT/financials.json / /company/IVT/financials.csv · machine TOC for the whole site: /llms.txt