InvenTrust Properties Corp.
For the period ended Jun 30, 2025. Filed Jul 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.
Jun 30, 2025 · Filed Jul 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 2025-03-31; filed 2025-04-30.
0001307748-25-000085
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001307748-25-000157
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 148 previous paragraphs and 185 current paragraphs.
98 unchanged; 38 reworded; 41 added; 7 removed; 5 previous and 8 current paragraphs rearranged.
Tables are not compared: 13 previous and 14 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 (41)
Current report
Recent Developments
Current report
Acquisitions
Current report
On April 1, 2025, the Company acquired Plaza Escondida, a 91,000 square foot neighborhood center anchored by Trader Joe’s in Tucson, Arizona, 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.
Current report
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.
Current report
On June 10, 2025, the Company acquired West Ashley Station, a 79,000 square foot neighborhood center anchored by Whole Foods Market in Charleston, South Carolina, for a gross acquisition price of $26.6 million. The Company used cash on hand to fund the acquisition.
Current report
On June 23, 2025, the Company acquired Twelve Oaks Shopping Center, a 106,000 square foot neighborhood center anchored by Publix in Savannah, Georgia, for a gross acquisition price of $35.9 million. The Company used cash on hand to fund the acquisition.
Current report
Mortgage Payoff
Current report
On May 9, 2025, the Company extinguished at maturity a $13.0 million mortgage payable secured by The Plant with its available liquidity.
Current report
Lease income, net, for the six months ended June 30, 2025 increased $13.0 million when compared to the same period in 2024, as a result of increases from properties acquired of $13.1 million, decreases from properties disposed of $4.6 million, and the following activity related to our Same Properties:
Current report
•$1.0 million of decreased lease termination income, and
Current report
Depreciation and amortization for the three months ended June 30, 2025 increased $1.9 million when compared to the same period in 2024, as a result of:
Current report
•$2.1 million of net decreases from our Same Properties, and
Current report
•$1.0 million of decreases from properties disposed.
Current report
Depreciation and amortization for the six months ended June 30, 2025 increased $4.4 million when compared to the same period in 2024, as a result of:
Current report
•$3.6 million of net decreases from our Same Properties, and
Current report
•$1.5 million of decreases from properties disposed.
Current report
Property operating expenses for the three months ended June 30, 2025 increased $1.2 million when compared to the same period in 2024, as a result of:
Current report
•$0.9 million of decreases from properties disposed.
Current report
Property operating expenses for the six months ended June 30, 2025 increased $2.0 million when compared to the same period in 2024, as a result of:
Current report
•$1.9 million of increases from properties acquired, and
Current report
•$0.7 million of decreases from properties disposed.
Current report
Real estate taxes for the three months ended June 30, 2025 increased $1.1 million when compared to the same period in 2024, as a result of:
Current report
•$0.7 million of increases from properties acquired, and
Current report
•$0.9 million of net increases from our Same Properties, partially offset by:
Current report
•$0.5 million of decreases from properties disposed.
Current report
Real estate taxes for the six months ended June 30, 2025 increased $1.5 million when compared to the same period in 2024, as a result of:
Current report
•$1.3 million of increases from properties acquired, and
Current report
•$1.0 million of net increases from our Same Properties, partially offset by:
Current report
•$0.8 million of decreases from properties disposed.
Current report
During the three and six months ended June 30, 2025, we completed a portfolio sale of five properties in California for an aggregate gross disposition price of $306.0 million and recognized a gain of $90.9 million.
Current report
The following table presents the changes in Same Property NOI for the six months ended June 30, 2025 and 2024:
Current report
•$1.3 million of decreased lease termination income.
Current report
Cash provided by investing activities of $185.2 million for the six months ended June 30, 2025 was the result of:
Current report
•$299.4 million from the sale of investment properties, and
Current report
•$97.4 million for acquisitions of investment properties, and
Current report
•$60.5 million for acquisitions of investment properties, and
Current report
•$16.7 million for capital investments, leasing costs, and other investing activities.
Current report
•$13.1 million for pay-offs of mortgage debt and other financing activities,
Current report
•$30.0 million to pay distributions,
Current report
•$15.7 million for pay-offs of mortgage debt.
Showing the first 40 of 41 passages. Open the source sections for the rest.
Removed paragraphs (7)
Previous report
Depreciation and amortization increased $2.4 million as a result of:
Previous report
•$1.6 million of net decreased depreciation and amortization from our Same Properties, and
Previous report
•$0.5 million decrease from the disposal of one property.
Previous report
Property operating expenses increased $0.7 million as a result of:
Previous report
•$0.8 million decrease from the disposal of one property.
Previous report
Real estate taxes increased $0.4 million primarily as a result of increases from properties acquired.
Previous report
•$16.5 million for acquisition of one investment property, and
Reworded paragraphs (38)
Previous wording
•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 wording
•the effects of uncertain and evolving tariff activity 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;
Previous wording
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 wording
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. Uncertain and evolving tariffs and trade issues continue to contribute 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.
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 months ended March 31, 2025 and 2024.
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 and six months ended June 30, 2025 and 2024.
Previous wording
Comparison of results for the three months ended March 31, 2025 and 2024
Current wording
Comparison of results for the three and six months ended June 30, 2025 and 2024
Previous 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.
Current wording
We generate substantially all of our earnings from property operations. Since January 1, 2024, we have acquired eleven retail properties and disposed of six.
Previous wording
The following table presents the increases in income for the three months ended March 31, 2025 and 2024.
Current wording
The following table presents the increases in income for the three and six months ended June 30, 2025 and 2024.
Previous 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:
Current wording
Lease income, net, for the three months ended June 30, 2025 increased $6.1 million when compared to the same period in 2024, as a result of increases from properties acquired of $6.8 million, decreases from properties disposed of $3.1 million, and the following activity related to our Same Properties:
Previous wording
•$1.8 million of increased minimum base and ground rent attributable to increased occupancy and ABR PSF,
Current wording
•$1.7 million of increased minimum base and ground rent attributable to increased occupancy and ABR PSF,
Previous wording
•$0.9 million of increased common area maintenance and real estate tax recoveries, and
Current wording
•$1.2 million of increased common area maintenance and real estate tax recoveries, and
Previous wording
•$0.2 million of net increases in all other lease income, partially offset by:
Current wording
•$0.4 million of net increases in all other lease income, partially offset by:
Previous wording
•$0.1 million of net decreased straight-line rent adjustments.
Current wording
•$0.3 million of net decreased straight-line rent adjustments.
Previous wording
The following table presents the increases in operating expenses for the three months ended March 31, 2025 and 2024.
Current wording
The following table presents the increases in operating expenses for the three and six months ended June 30, 2025 and 2024.
Previous wording
•$4.5 million of increases from properties acquired, partially offset by:
Current wording
•$5.0 million of increases from properties acquired, partially offset by:
Previous wording
•$0.3 million of increased repair and maintenance costs from our Same Properties, partially offset by:
Current wording
•$0.7 million of increased repair and maintenance costs from our Same Properties, partially offset by:
Previous wording
General and administrative expenses increased $0.6 million primarily as a result of increased stock-based compensation costs.
Current wording
General and administrative expenses for the six months ended June 30, 2025 increased $0.6 million when compared to the same period in 2024, primarily as a result of increased stock-based compensation costs.
Previous wording
The following table presents the changes in other income and expense for the three months ended March 31, 2025 and 2024.
Current wording
The following table presents the changes in other income and expense for the three and six months ended June 30, 2025 and 2024.
Previous wording
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 wording
Interest expense, net for the three and six months ended June 30, 2025 decreased $1.3 million and $2.6 million, respectively, when compared to the same periods in 2024, primarily as a result of the extinguishment of a $72.5 million pooled mortgage payable in September 2024.
Previous wording
Comparison of Same Property results for the three months ended March 31, 2025 and 2024
Current wording
Comparison of Same Property results for the three and six months ended June 30, 2025 and 2024
Previous wording
A total of 61 retail properties met our Same Property criteria for the three months ended March 31, 2025 and 2024.
Current wording
A total of 57 and 56 retail properties met our Same Property criteria for the three and six months ended June 30, 2025 and 2024, respectively.
Previous wording
The following table presents the reconciliation of net income, the most directly comparable GAAP measure, to NOI and Same Property NOI:
Current wording
The following table reconciles net income, the most directly comparable GAAP measure, to NOI and Same Property NOI:
Previous wording
Comparison of the components of Same Property NOI for the three months ended March 31, 2025 and 2024
Current wording
Comparison of the components of Same Property NOI
Previous wording
The following table presents the changes in Same Property NOI:
Current wording
The following table presents the changes in Same Property NOI for the three months ended June 30, 2025 and 2024:
Previous 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.
Current wording
Same Property NOI increased by $4.5 million, or 5.6%, when comparing the six months ended June 30, 2025 to the same period in 2024, and was primarily a result of increased occupancy, increased ABR PSF from fixed annual rent escalations, favorable lease spreads, and leases with advantageous fixed recovery terms.
Previous wording
(b)As of March 31, 2025 and 2024, total accrued capital investments and leasing costs were $4,950 and $5,588, respectively.
Current wording
(b)As of June 30, 2025 and 2024, total accrued capital investments and leasing costs were $5,240 and $4,377, 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. 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.
Current wording
The Company maintains 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 and six months ended June 30, 2025, no shares were issued under the ATM Program. As of June 30, 2025, $236.7 million of common stock remains available for issuance under the ATM Program.
Previous 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.
Current wording
During the six months ended June 30, 2025, we declared distributions to our stockholders totaling $36.9 million and paid cash distributions of $36.0 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 $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:
Current wording
Cash provided by operating activities of $68.9 million and $61.5 million for the six months ended June 30, 2025 and 2024, respectively, was generated primarily from property operations. Cash provided by operating activities increased by $7.4 million, primarily as a result of cash flows relating to:
Previous wording
•$6.1 million of increased NOI, and
Current wording
•$10.2 million of increased NOI, and
Previous wording
•$1.4 million of decreased interest expense, partially offset by
Current wording
•$2.8 million of decreased interest expense, partially offset by:
Previous wording
•$1.5 million of net general working capital fluctuations, and
Current wording
•$4.3 million of net general working capital fluctuations, and
Previous wording
•$0.3 million from other investing activities.
Current wording
•$1.3 million from other investing activities, partially offset by:
Previous wording
• $7.4 million for capital investments and leasing costs, partially offset by
Current wording
• $18.1 million for capital investments and leasing costs.
Previous wording
Cash used in investing activities of $7.1 million for the three months ended March 31, 2025 was the result of:
Current wording
Cash used in investing activities of $77.2 million for the six months ended June 30, 2024 was the result of:
Previous wording
Cash used in financing activities of $19.7 million for the three months ended March 31, 2025 was the result of:
Current wording
Cash used in financing activities of $51.3 million for the six months ended June 30, 2025 was the result of:
Previous wording
•$17.5 million to pay distributions, and
Current wording
•$36.0 million to pay distributions, and
Previous wording
Cash used in financing activities of $15.8 million for the three months ended March 31, 2024 was the result of:
Current wording
Cash used in financing activities of $46.9 million for the six months ended June 30, 2024 was the result of:
Previous wording
•$1.2 million for the payment of tax withholdings for share-based compensation.
Current wording
•$1.2 million for the payment of tax withholdings for share-based compensation, and
Previous wording
We have obligations related to our mortgage loans, senior notes, term loans, and revolving credit facility as described in"Note 7. Debt" in the condensed consolidated financial statements.
Current wording
We have obligations related to our mortgage loans, senior notes, term loans, revolving credit facility, and ground lease as described in"Note 6. Debt" in the condensed consolidated financial statements.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
•$3.3 million of increased minimum base and ground rent attributable to increased occupancy and ABR PSF,
Current report — wording carried from elsewhere
•$2.2 million of increased common area maintenance and real estate tax recoveries, and
Current report — wording carried from elsewhere
•$0.5 million of net increases in all other lease income, partially offset by:
Current report — wording carried from elsewhere
•$0.5 million of net decreased straight-line rent adjustments.
Current report — wording carried from elsewhere
•$9.5 million of increases from properties acquired, partially offset by:
Current report — wording carried from elsewhere
•$1.4 million of increases from properties acquired, and
Current report — wording carried from elsewhere
•$0.8 million of increased repair and maintenance costs from our Same Properties, partially offset by:
Current report — wording carried from elsewhere
Same Property NOI increased by $2.0 million, or 4.8%, when comparing the three months ended June 30, 2025 to the same period in 2024, and was primarily a result of increased occupancy, increased ABR PSF from fixed annual rent escalations, and favorable lease spreads.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
•$1.2 million of increases from properties acquired, and
Previous report — wording carried elsewhere
•$0.6 million of decreased lease termination income.
Previous report — wording carried elsewhere
Cash used in investing activities of $23.7 million for the three months ended March 31, 2024 was the result of:
Previous report — wording carried elsewhere
•$7.2 million for capital investments and leasing costs.
Previous report — wording carried elsewhere
•$14.6 million to pay distributions, and