InvenTrust Properties Corp.
For the period ended Mar 31, 2025. Filed Apr 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 30, 2025
IVT$31.51-0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-29.
0001307748-24-000101
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-30.
0001307748-25-000085
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 167 previous paragraphs and 148 current paragraphs.
70 unchanged; 41 reworded; 31 added; 51 removed; 5 previous and 6 current paragraphs rearranged.
Tables are not compared: 16 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (31)
Current report
•the effects of recent new tariffs and changes in global trade policies on the overall state of the economy and on our business, including the impact on our tenants' business, operations and ability to pay rent;
Current report
Macroeconomic Trends
Current report
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 have suggested that inflation has made downward progress, the economy continues to be impacted by elevated inflation rates and faces further inflation risk. The new tariffs and trade issues are contributing to overall uncertainty with respect to the economy and may adversely impact our tenants operations. Additionally, other potential challenging macroeconomic conditions, and the resulting impact on the economy and consumer spending, could negatively impact our and our tenants' business.
Current report
•Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA"), a supplemental non-GAAP measure;
Current report
•Adjusted EBITDA, a supplemental non-GAAP measure;
Current report
The following table presents the increases in income for the three months ended March 31, 2025 and 2024.
Current report
•$0.6 million of decreased lease termination income, and
Current report
•$0.1 million of net decreased straight-line rent adjustments.
Current report
The following table presents the increases in operating expenses for the three months ended March 31, 2025 and 2024.
Current report
Depreciation and amortization increased $2.4 million as a result of:
Current report
•$4.5 million of increases from properties acquired, partially offset by:
Current report
•$0.5 million decrease from the disposal of one property.
Current report
Property operating expenses increased $0.7 million as a result of:
Current report
•$0.8 million decrease from the disposal of one property.
Current report
Real estate taxes increased $0.4 million primarily as a result of increases from properties acquired.
Current report
General and administrative expenses increased $0.6 million primarily as a result of increased stock-based compensation costs.
Current report
The following table presents the changes in other income and expense for the three months ended March 31, 2025 and 2024.
Current report
Interest expense, net decreased $1.3 million primarily as a result of decreased interest expense related to the extinguishment of a $72.5 million pooled mortgage payable in September 2024.
Current report
Reconciliation of Net Income to Non-GAAP Measures
Current report
The following table presents the changes in Same Property NOI:
Current report
Earnings Before Interest, Taxes, Depreciation, and Amortization
Current report
Our measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization.
Current report
Our adjustments to EBITDA to arrive at Adjusted EBITDA include removing the impact of (i) gains (or losses) resulting from dispositions of properties, (ii) impairment charges on depreciable real property, (iii) amortization of market-lease intangibles and inducements, (iv) straight-line rent adjustments, (v) gains (or losses) resulting from debt extinguishments, and (vi) other non-operating revenue and expense items which, in our judgment, are not pertinent to measuring ongoing operating performance.
Current report
The following table presents the reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:
Current report
•$6.1 million of increased NOI, and
Current report
•$1.4 million of decreased interest expense, partially offset by
Current report
•$1.5 million of net general working capital fluctuations, and
Current report
•$0.6 million of decreased lease termination income.
Current report
• $7.4 million for capital investments and leasing costs, partially offset by
Current report
•$0.3 million from other investing activities.
Current report
•$16.5 million for acquisition of one investment property, and
Removed paragraphs (51)
Previous report
Recent Developments
Previous report
On August 6, 2024, the Company acquired Scottsdale North Marketplace, a 66,000 square foot neighborhood center anchored by AJ’s Fine Foods, in Scottsdale, Arizona, for a gross acquisition price of $23.0 million. The Company used cash on hand to fund the acquisition.
Previous report
On September 25, 2024, the Company completed an underwritten public offering of its common stock at a price to the public of $28.00 per share. The Company issued and sold 9,200,000 shares of its common stock, including 1,200,000 shares issued in connection with the full exercise of the underwriters' over-allotment option. The Company received $247.3 million of net proceeds, after deducting $10.3 million in underwriting discounts and commissions.
Previous report
On September 27, 2024, the Company extinguished the $72.5 million pooled mortgage payable secured by Cyfair Town Center, Bay Colony, and Stables Town Center.
Previous report
Our wholly-owned and managed retail properties include grocery-anchored community and neighborhood centers and power centers, including those classified as necessity-based, as defined in our Annual Report. As of September 30, 2024, we owned 65 retail properties with a total gross leasable area ("GLA") of approximately 10.6 million square feet. The following table summarizes our retail portfolio as of September 30, 2024 and 2023.
Previous report
Summary by Center Type
Previous report
The following table presents the lease expirations of our retail portfolio as of September 30, 2024. This table does not include expirations of signed but not yet commenced leases, nor does it assume that unexercised contractual lease renewal or extension options contained in our leases will, in fact, be exercised.
Previous report
(a)Expiring ABR PSF reflects ABR PSF at the time of lease expiration.
Previous report
(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.
Previous report
Leasing Activity, Retail Portfolio
Previous report
The following tables summarize the activity for leases that were executed during the nine months ended September 30, 2024, compared with expiring or expired leases for the same or previous tenant for renewals, and the same unit for new leases at the 65 properties in the retail portfolio. The Company's retail portfolio had GLA totaling 932 thousand square feet expiring during the nine months ended September 30, 2024, of which 868 thousand square feet was re-leased to the in-place tenant. This achieved a retention rate of approximately 93%.
Previous report
(a)Comparable leases are leases that meet all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
Previous report
(b)Non-comparable leases are not included in totals.
Previous report
The following table presents the changes in our income for the three and nine months ended September 30, 2024 and 2023.
Previous report
•$0.7 million of net changes in credit losses and related reversal, and
Previous report
Lease income, net, for the nine months ended September 30, 2024 increased $8.9 million when compared to the same period in 2023, as a result of increases from properties acquired of $6.0 million, decreases from properties disposed of $0.8 million, and the following activity related to our Same Properties:
Previous report
•$0.3 million of net changes in credit losses and related reversals, partially offset by:
Previous report
The following table presents the changes in our operating expenses for the three and nine months ended September 30, 2024 and 2023.
Previous report
Depreciation and amortization for the three months ended September 30, 2024 decreased $2.2 million when compared to the same period in 2023, as a result of:
Previous report
•$1.3 million of increases from properties acquired.
Previous report
Depreciation and amortization for the nine months ended September 30, 2024 decreased $0.2 million when compared to the same period in 2023, as a result of:
Previous report
•$0.2 million of decreases from properties disposed, partially offset by:
Previous report
•$3.6 million of increases from properties acquired.
Previous report
Real estate taxes for the nine months ended September 30, 2024 decreased $0.1 million when compared to the same period in 2023, as a result of a decrease of $0.3 million of real estate taxes from our Same Properties attributable to appeals, partially offset by $0.2 million of increases from properties acquired.
Previous report
General and administrative expenses for the three months ended September 30, 2024 increased $0.5 million when compared to the same period in 2023, as a result of $0.2 million of increased stock-based compensation expense, $0.2 million of increased other compensation costs, and $0.1 million of increased legal and professional fees.
Previous report
General and administrative expenses for the nine months ended September 30, 2024 increased $1.4 million when compared to the same period in 2023, as a result of $0.6 million of increased stock-based compensation expense, and $0.8 million of increased other compensation costs.
Previous report
The following table presents the changes in our other income and expenses for the three and nine months ended September 30, 2024 and 2023.
Previous report
Interest expense, net, for the three months ended September 30, 2024 decreased $0.1 million when compared to the same period in 2023, primarily as a result of decreased amortization of issuance costs of $0.6 million, partially offset by increased interest expense of $0.5 million related to the $72.5 million pooled mortgage payable assumed from our former unconsolidated joint venture, IAGM Retail Fund I, LLC ("IAGM"), which was extinguished on September 27, 2024.
Previous report
Interest expense, net, for the nine months ended September 30, 2024 increased $0.3 million when compared to the same period in 2023, primarily as a result of:
Previous report
•increased interest expense of $1.9 million related to the $72.5 million pooled mortgage payable assumed from IAGM,
Previous report
•increased interest expense of $0.3 million related to assuming a $13.0 million mortgage payable on February 1, 2024, partially offset by:
Previous report
•decreased amortization of issuance costs of $1.5 million,
Previous report
•decreased interest expense of $0.3 million related to the aggregate reduction of mortgages payable of $29.4 million since January 1, 2023, and
Previous report
•decreased interest rates on our corporate term loans generating increased interest expense of $0.1 million.
Previous report
During the three months ended September 30, 2024, the Company recorded an impairment of real estate assets of $3.85 million on one retail property after receiving and accepting a letter of intent to purchase the property for less than its carrying value.
Previous report
(b)The NOI of Maguire Groves is reflected as a component of NOI from other investment properties.
Previous report
(a)Reflects our share of adjustments for IAGM's Nareit FFO on the same basis as InvenTrust.
Previous report
(c)Reflects our share of adjustments for IAGM's Core FFO on the same basis as InvenTrust.
Previous report
On September 25, 2024, we completed an underwritten public offering of our common stock at a price to the public of $28.00 per share. We issued and sold 9,200,000 shares of common stock, including 1,200,000 shares issued in connection with the full exercise of the underwriters' over-allotment option. We received $247.3 million of net proceeds, after deducting $10.3 million in underwriting discounts and commissions.
Previous report
•$83.0 million for acquisitions of investment properties, and
Showing the first 40 of 51 passages. Open the source sections for the rest.
Reworded paragraphs (41)
Previous wording
Certain statements in this "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (this "Quarterly Report"), other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). These statements include statements about InvenTrust Properties Corp.'s (the "Company," "InvenTrust," "we," "our," or "us") plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events; and they involve known and unknown risks that are difficult to predict.
Current wording
Certain statements in this "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (this "Quarterly Report"), other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). These statements include statements about InvenTrust Properties Corp.'s (the "Company", "InvenTrust", "we", "our", or "us") plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events; and involve known and unknown risks that are difficult to predict.
Previous wording
•natural or man-made disasters, severe weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, blizzards, hailstorms, floods, wildfires, mudslides, oil spills, nuclear incidents, and outbreaks of pandemics or contagious diseases, or fear of such outbreaks;
Current wording
•natural or man-made disasters, severe weather and climate-related events, such as hurricanes, wildfires, earthquakes, tsunamis, tornadoes, droughts, blizzards, hailstorms, floods, mudslides, oil spills, nuclear incidents, and outbreaks of pandemics or contagious diseases, or fear of such outbreaks;
Previous wording
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, maintaining a flexible capital structure, and enhancing our environmental, social and governance practices and standards.
Current wording
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.
Previous wording
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 essential retail centers, which will position us to capitalize on potential future rent increases while benefiting from sustained occupancy at our centers. Our strategically located regional field offices are within a two-hour drive of over 95% of our properties which affords us the ability to respond to the needs of our tenants and provides us with in-depth local market knowledge. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.
Current wording
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 are within a two-hour drive of over 95% of our properties which affords us the ability to respond to the needs of our tenants and provides us with in-depth local market knowledge. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.
Previous wording
The following table summarizes our retail portfolio by center type, as defined in our Annual Report, as of September 30, 2024 and 2023.
Current wording
The following table summarizes our retail portfolio as of March 31, 2025 and 2024:
Previous wording
(a)Economic occupancy is defined as the percentage of occupied GLA divided by total GLA (excluding Specialty Leases) for which a tenant is obligated to pay rent under the terms of its lease agreement as of the rent commencement date, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. Specialty Leases represent small shop and anchor leases with terms of less than one year and all common area leases regardless of term.
Current wording
(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.
Previous wording
(c)Annualized Base Rent ("ABR") is computed as base rent for the period multiplied by twelve months. Base rent is inclusive of ground rent and any abatement concessions, but excludes Specialty Lease rent. ABR per square foot ("PSF") is computed as ABR divided by the occupied square footage as of the end of the period.
Current wording
(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 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.
Previous wording
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 nine months ended September 30, 2024 and 2023.
Current wording
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 months ended March 31, 2025 and 2024.
Previous wording
Our retail business is neither highly dependent on specific retailers nor subject to lease roll-over concentration. We believe this minimizes risk to our retail portfolio from significant revenue variances over time.
Current wording
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.
Previous wording
Comparison of results for the three and nine months ended September 30, 2024 and 2023
Current wording
Comparison of results for the three months ended March 31, 2025 and 2024
Previous wording
We generate substantially all of our earnings from property operations. Since January 1, 2023, we have acquired eight retail properties and disposed of one.
Current wording
We generate substantially all of our earnings from property operations. Since January 1, 2024, we have acquired seven retail properties and disposed of one.
Previous wording
Lease income, net, for the three months ended September 30, 2024 increased $4.4 million when compared to the same period in 2023, as a result of increases from properties acquired of $1.8 million, decreases from properties disposed of $0.2 million, and the following activity related to our Same Properties:
Current wording
Lease income, net, increased $6.9 million as a result of increases from properties acquired of $6.3 million, decreased $1.6 million as a result of one disposed property, and the following activity related to our Same Properties:
Previous wording
•$1.3 million of increased minimum base rent attributable to increased occupancy and ABR PSF,
Current wording
•$1.8 million of increased minimum base and ground rent attributable to increased occupancy and ABR PSF,
Previous wording
•$1.3 million of increased common area maintenance and real estate tax recoveries, and
Current wording
•$0.9 million of increased common area maintenance and real estate tax recoveries, and
Previous wording
•$0.1 million of net increases in all other lease income.
Current wording
•$0.2 million of net increases in all other lease income, partially offset by:
Previous wording
•$3.6 million of net decreased depreciation and amortization from our Same Properties, and
Current wording
•$1.6 million of net decreased depreciation and amortization from our Same Properties, and
Previous wording
Real estate taxes for the three months ended September 30, 2024 increased $0.4 million when compared to the same period in 2023, as a result of increased real estate taxes from properties acquired and real estate taxes from our Same Properties.
Current wording
•$1.2 million of increases from properties acquired, and
Previous wording
•$3.5 million of net decreased depreciation and amortization from our Same Properties, partially offset by:
Current wording
•$0.3 million of increased repair and maintenance costs from our Same Properties, partially offset by:
Previous wording
We evaluate the performance of our retail properties based on NOI, which 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, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments ("GAAP Rent Adjustments"). We bifurcate NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet our Same Property criteria. NOI from other investment properties includes adjustments for the Company's captive insurance company.
Current wording
We evaluate the performance of our retail properties based on NOI, which excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments ("GAAP Rent Adjustments"). We bifurcate NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet our Same Property criteria. NOI from other investment properties includes adjustments for the Company's captive insurance company.
Previous wording
We believe the supplemental non-GAAP financial measure of NOI, and the bifurcation into same property NOI and NOI from other investment properties, provides added comparability across periods when evaluating our financial condition and operating performance that is not readily apparent from "Operating income" or "Net income" in accordance with GAAP.
Current wording
We believe the supplemental non-GAAP measure of NOI, and the bifurcation into same property NOI and NOI from other investment properties, are important measures in assessing operating performance and provide added comparability across periods when evaluating the Company's financial condition and operating performance that is not readily apparent from Net income in accordance with GAAP.
Previous wording
Comparison of Same Property results for the three and nine months ended September 30, 2024 and 2023
Current wording
Comparison of Same Property results for the three months ended March 31, 2025 and 2024
Previous wording
A total of 62 and 57 retail properties met our Same Property criteria for the three and nine months ended September 30, 2024 and 2023, respectively. The following table presents the reconciliation of net income or loss, the most directly comparable GAAP measure, to NOI and Same Property NOI for the three and nine months ended September 30, 2024 and 2023:
Current wording
A total of 61 retail properties met our Same Property criteria for the three months ended March 31, 2025 and 2024.
Previous wording
Same Property NOI increased by $2.8 million, or 6.5%, when comparing the three months ended September 30, 2024 to the same period in 2023, and was primarily a result of increased ABR PSF, favorable lease spreads, and leases with advantageous fixed recovery terms.
Current wording
Same Property NOI increased by $2.7 million, or 6.1%, when comparing the three months ended March 31, 2025 to the same period in 2024, and was primarily a result of increased occupancy, increased ABR PSF, favorable lease spreads, and leases with advantageous fixed recovery terms.
Previous wording
The National Association of Real Estate Investment Trusts ("Nareit"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as Funds From Operations ("FFO"). Our Nareit FFO is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for IAGM are calculated to reflect our proportionate share of the joint venture's funds from operations on the same basis.
Current wording
The National Association of Real Estate Investment Trusts ("Nareit"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as Funds From Operations ("Nareit FFO"). Our Nareit FFO is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property.
Previous wording
Core FFO is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items, which some may consider not pertinent to measuring a particular company's on-going operating performance. In that regard, we use Core FFO as an input to our compensation plan to determine cash bonuses and measure the achievement of certain performance-based equity awards.
Current wording
Core FFO is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items, which some may consider not pertinent to measuring a particular company's ongoing operating performance. In that regard, we use Core FFO as an input to our compensation plan to determine cash bonuses.
Previous wording
Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities is calculated as follows:
Current wording
The following table presents the reconciliation of net income, the most directly comparable GAAP measure, to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:
Previous wording
(b)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four remaining properties of IAGM in 2023.
Current wording
(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
Previous wording
(d)For purposes of calculating non-GAAP per share metrics, we apply the same denominator used in calculating diluted earnings per share in accordance with GAAP.
Current wording
(b)For purposes of calculating non-GAAP per share metrics, we apply the same denominator used in calculating diluted earnings per share in accordance with GAAP.
Previous wording
Operating our properties generally results in paying leasing commissions and making capital investments, including value-enhancing development projects and redevelopment projects.
Current wording
Retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions.
Previous wording
(b)As of September 30, 2024 and 2023, total accrued capital investments and leasing costs were $5,008 and $3,836, respectively.
Current wording
(b)As of March 31, 2025 and 2024, total accrued capital investments and leasing costs were $4,950 and $5,588, respectively.
Previous wording
In the first quarter of 2022, we established an at-the-market equity offering program (the "ATM Program") pursuant to which we may sell shares of our common stock up to an aggregate purchase price of $250.0 million. During the three and nine months ended September 30, 2024 and 2023, no shares were issued under the ATM Program. As of September 30, 2024, $244.6 million of common stock remains available for issuance under the ATM Program.
Current wording
In the first quarter of 2022, we established an at-the-market equity offering program (the "ATM Program") pursuant to which we may sell shares of our common stock up to an aggregate purchase price of $250.0 million. In connection with the ATM Program, we may sell shares of our common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. During the three months ended March 31, 2025, no shares were issued under the ATM Program. As of March 31, 2025, $236.7 million of common stock remains available for issuance under the ATM Program.
Previous wording
During the nine months ended September 30, 2024, we declared distributions to our stockholders totaling $48.2 million and paid cash distributions of $45.3 million. As we execute on our retail strategy and continue to evaluate our business, results of operations and cash flows, our Board will continue to evaluate our distribution on a periodic basis.
Current wording
During the three months ended March 31, 2025, we declared distributions to our stockholders totaling $18.4 million and paid cash distributions of $17.5 million. As we execute on our retail strategy and continue to evaluate our business, results of operations and cash flows, our Board will continue to evaluate our distribution on a periodic basis.
Previous wording
Cash provided by operating activities of $99.9 million and $99.8 million for the nine months ended September 30, 2024 and 2023, respectively, was generated primarily from income from property operations. Cash provided by operating activities decreased $0.1 million when comparing the nine months ended September 30, 2024 to the same period in 2023, as a result of general working capital fluctuations. Since January 1, 2023, we have acquired eight retail properties and disposed of one.
Current wording
Cash provided by operating activities of $20.2 million and $14.8 million for the three months ended March 31, 2025 and 2024, respectively, was generated primarily from property operations. Cash provided by operating activities increased by $5.4 million, primarily as a result of cash flows relating to:
Previous wording
Cash used in investing activities of $108.3 million for the nine months ended September 30, 2024 was the result of:
Current wording
Cash used in investing activities of $7.1 million for the three months ended March 31, 2025 was the result of:
Previous wording
Cash used in investing activities of $76.2 million for the nine months ended September 30, 2023 was the result of:
Current wording
Cash used in investing activities of $23.7 million for the three months ended March 31, 2024 was the result of:
Previous wording
•$25.8 million for capital investments, leasing costs, and other investing activities, which were partially offset by:
Current wording
•$7.2 million for capital investments and leasing costs.
Previous wording
Cash used in financing activities of $57.3 million for the nine months ended September 30, 2023 was the result of:
Current wording
Cash used in financing activities of $19.7 million for the three months ended March 31, 2025 was the result of:
Previous wording
•$42.9 million to pay distributions, and
Current wording
•$17.5 million to pay distributions, and
Previous wording
•$0.3 million in net proceeds from our Employee Stock Purchase Plan (the "ESPP"), which were partially offset by:
Current wording
•$0.2 million in net proceeds from our Employee Stock Purchase Plan (the "ESPP").
Previous wording
•$1.2 million for the payment of tax withholdings for share-based compensation, and
Current wording
•$1.2 million for the payment of tax withholdings for share-based compensation.
Showing the first 40 of 41 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
The following table presents the reconciliation of net income, the most directly comparable GAAP measure, to NOI and Same Property NOI:
Current report — wording carried from elsewhere
Adjusted EBITDA is an additional supplemental non-GAAP financial measure of our 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.
Current report — wording carried from elsewhere
(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
Current report — wording carried from elsewhere
•$2.4 million for the payment of tax withholdings for share-based compensation, partially offset by
Current report — wording carried from elsewhere
Cash used in financing activities of $15.8 million for the three months ended March 31, 2024 was the result of:
Current report — wording carried from elsewhere
•$14.6 million to pay distributions, and
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
•$0.7 million of increased common area maintenance and real estate tax recoveries,
Previous report — wording carried elsewhere
•$2.6 million of increased minimum base rent attributable to increased occupancy and ABR PSF,
Previous report — wording carried elsewhere
•$0.5 million of decreased amortization of market lease intangibles.
Previous report — wording carried elsewhere
Comparison of the components of Same Property NOI for the nine months ended September 30, 2024 and 2023
Previous report — wording carried elsewhere
Same Property NOI increased by $5.0 million, or 4.2%, when comparing the nine months ended September 30, 2024 to the same period in 2023, and was primarily a result of increased ABR PSF, favorable lease spreads, leases with advantageous fixed recovery terms, and successful real estate tax appeals.