InvenTrust Properties Corp.
For the period ended Sep 30, 2025. Filed Oct 29, 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.
Sep 30, 2025 · Filed Oct 29, 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 2025-06-30; filed 2025-07-30.
0001307748-25-000157
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001307748-25-000185
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 185 previous paragraphs and 197 current paragraphs.
101 unchanged; 53 reworded; 38 added; 22 removed; 9 previous and 5 current paragraphs rearranged.
Tables are not compared: 14 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 (38)
Current report
On July 1, 2025, the Company acquired The Marketplace at Encino Park, a 92,000 square foot neighborhood center anchored by Sprouts Farmers Market in San Antonio, Texas, for a gross acquisition price of $38.5 million. The Company used cash on hand to fund the acquisition.
Current report
On July 17, 2025, the Company acquired West Broad Marketplace, a 386,000 square foot community center anchored by Wegmans in Richmond, Virginia, for a gross acquisition price of $86.0 million. The Company used cash on hand to fund the acquisition.
Current report
Debt
Current report
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 SOFR, in addition to other modifications. As of September 30, 2025, the Company had available liquidity of $500.0 million under its revolving credit facility.
Current report
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 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.
Current report
Interest Rate Swaps
Current report
During the three months ended September 30, 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.
Current report
•$0.2 million of net changes in credit losses and related reversals.
Current report
•$0.2 million of net changes in credit losses and related reversal.
Current report
•$8.2 million of increases from properties acquired, partially offset by:
Current report
•$2.6 million of decreases from properties disposed, and
Current report
•$17.7 million of increases from properties acquired, partially offset by:
Current report
•$4.1 million of decreases from properties disposed.
Current report
Property operating expenses for the three months ended September 30, 2025 increased $0.3 million when compared to the same period in 2024, as a result of:
Current report
•$1.6 million of decreases from properties disposed, and
Current report
Property operating expenses for the nine months ended September 30, 2025 increased $2.2 million when compared to the same period in 2024, as a result of:
Current report
•$4.7 million of increases from properties acquired, and
Current report
•$1.1 million of decreases from properties disposed, partially offset by:
Current report
•$2.3 million of increases from properties acquired, and
Current report
•$1.8 million of decreases from properties disposed.
Current report
•decreased interest expense of $1.1 million related to the $72.5 million pooled mortgage payable extinguished in September 2024, partially offset by:
Current report
•increased interest expense of $0.3 million related to the August 2025 extension of our term loan maturities,
Current report
•increased interest expenses of $0.1 million on our finance lease, and
Current report
•increased amortization of debt discounts and financing costs of $0.2 million.
Current report
Interest expense, net, for the nine months ended September 30, 2025 decreased $3.1 million when compared to the same period in 2024, primarily as a result of:
Current report
•decreased interest expense of $3.8 million related to the $72.5 million pooled mortgage payable extinguished in September 2024, partially offset by:
Current report
•increased interest expense of $0.3 million related to the August 2025 extension of our term loan maturities, and
Current report
•increased amortization of debt discounts and financing costs of $0.4 million.
Current report
During the three and nine months ended September 30, 2024, we recorded an impairment of real estate assets of $3.9 million on one retail property after receiving and accepting a letter of intent to purchase the property for less than its carrying value.
Current report
During the three and nine months ended September 30, 2024, we recognized a gain of $0.3 million on completion of a partial condemnation at one retail property.
Current report
Other income and expense, net, increased $1.4 million and $1.7 million during the three months ended and nine months ended September 30, 2025, respectively, primarily as a result of increased interest income.
Current report
Cash used in investing activities of $108.3 million for the nine months ended September 30, 2024 was the result of:
Current report
•$54.4 million to pay distributions,
Current report
Cash provided by financing activities of $111.4 million for the nine months ended September 30, 2024 was the result of:
Current report
•$247.3 million in net proceeds from the underwritten public offering of our common stock, net of underwriting discounts and commissions, and
Current report
•$0.3 million in net proceeds from our ESPP, offset by:
Current report
•$45.3 million to pay distributions,
Current report
•$1.5 million for additional costs incurred in relation to sales of our common stock,
Removed paragraphs (22)
Previous 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.
Previous 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.
Previous report
Mortgage Payoff
Previous report
On May 9, 2025, the Company extinguished at maturity a $13.0 million mortgage payable secured by The Plant with its available liquidity.
Previous report
•$0.6 million of decreased lease termination income, and
Previous report
•$9.5 million of increases from properties acquired, partially offset by:
Previous report
•$1.5 million of decreases from properties disposed.
Previous 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:
Previous report
•$1.4 million of increases from properties acquired, and
Previous 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:
Previous report
•$1.9 million of increases from properties acquired, and
Previous report
•$0.5 million of decreases from properties disposed.
Previous report
•$1.3 million of increases from properties acquired, and
Previous report
•$10.2 million of increased NOI, and
Previous report
•$2.8 million of decreased interest expense, partially offset by:
Previous report
•$4.3 million of net general working capital fluctuations, and
Previous report
•$1.3 million of decreased lease termination income.
Previous report
Cash provided by investing activities of $185.2 million for the six months ended June 30, 2025 was the result of:
Previous report
•$1.3 million from other investing activities, partially offset by:
Previous report
•$36.0 million to pay distributions, and
Previous report
Cash used in financing activities of $46.9 million for the six months ended June 30, 2024 was the result of:
Previous report
•$30.0 million to pay distributions,
Reworded paragraphs (53)
Previous wording
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 wording
On August 7, 2025, the Company acquired Asheville Market, a 130,000 square foot community center anchored by Whole Foods Market in Asheville, North Carolina, for a gross acquisition price of $45.7 million. The Company used cash on hand and assumed a mortgage payable of $22.3 million to fund the acquisition.
Previous wording
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 wording
On September 4, 2025, the Company acquired Rea Farms, a 183,000 square foot community center anchored by Harris Teeter in Charlotte, North Carolina, for a gross acquisition price of $80.0 million. The Company used cash on hand to fund the acquisition.
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 six months ended June 30, 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 nine months ended September 30, 2025 and 2024.
Previous wording
Comparison of results for the three and six months ended June 30, 2025 and 2024
Current wording
Comparison of results for the three and nine months ended September 30, 2025 and 2024
Previous 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.
Current wording
We generate substantially all of our earnings from property operations. Since January 1, 2024, we have acquired fifteen retail properties and disposed of six.
Previous wording
The following table presents the increases in income for the three and six months ended June 30, 2025 and 2024.
Current wording
The following table presents the increases in income for the three and nine months ended September 30, 2025 and 2024.
Previous 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:
Current wording
Lease income, net, for the three months ended September 30, 2025 increased $5.9 million when compared to the same period in 2024, as a result of increases from properties acquired of $10.9 million, decreases from properties disposed of $7.2 million, and the following activity related to our Same Properties:
Previous wording
•$1.2 million of increased common area maintenance and real estate tax recoveries, and
Current wording
•$0.4 million of increased common area maintenance and real estate tax recoveries, and
Previous wording
•$0.4 million of net increases in all other lease income, partially offset by:
Current wording
•$0.3 million of net increases in all other lease income, partially offset by:
Previous wording
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 wording
Lease income, net, for the nine months ended September 30, 2025 increased $18.9 million when compared to the same period in 2024, as a result of increases from properties acquired of $24.1 million, decreases from properties disposed of $11.8 million, and the following activity related to our Same Properties:
Previous wording
•$3.3 million of increased minimum base and ground rent attributable to increased occupancy and ABR PSF,
Current wording
•$5.0 million of increased minimum base and ground rent attributable to increased occupancy and ABR PSF,
Previous wording
•$2.2 million of increased common area maintenance and real estate tax recoveries, and
Current wording
•$2.6 million of increased common area maintenance and real estate tax recoveries, and
Previous wording
•$0.5 million of net increases in all other lease income, partially offset by:
Current wording
•$0.8 million of net increases in all other lease income, partially offset by:
Previous wording
•$0.9 million of decreases from properties disposed.
Current wording
•$0.9 million of decreased lease termination income,
Previous wording
•$0.3 million of net decreased straight-line rent adjustments.
Current wording
•$0.7 million of net decreased straight-line rent adjustments, and
Previous wording
The following table presents the increases in operating expenses for the three and six months ended June 30, 2025 and 2024.
Current wording
The following table presents the increases in operating expenses for the three and nine months ended September 30, 2025 and 2024.
Previous wording
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 wording
Depreciation and amortization for the three months ended September 30, 2025 increased $4.6 million when compared to the same period in 2024, as a result of:
Previous wording
•$3.6 million of net decreases from our Same Properties, and
Current wording
•$1.0 million of net decreases from our Same Properties.
Previous wording
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 wording
Depreciation and amortization for the nine months ended September 30, 2025 increased $9.0 million when compared to the same period in 2024, as a result of:
Previous wording
•$2.1 million of net decreases from our Same Properties, and
Current wording
•$4.6 million of net decreases from our Same Properties, and
Previous wording
•$0.7 million of increased repair and maintenance costs from our Same Properties, partially offset by:
Current wording
•$0.2 million of decreased repair and maintenance costs from our Same Properties.
Previous wording
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 wording
Real estate taxes for the three months ended September 30, 2025 decreased $0.2 million when compared to the same period in 2024, as a result of:
Previous wording
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 wording
Real estate taxes for the nine months ended September 30, 2025 increased $1.4 million when compared to the same period in 2024, as a result of:
Previous 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.
Current wording
General and administrative expenses for the three and nine months ended September 30, 2025 increased $0.2 million and $0.8 million, respectively, when compared to the same periods in 2024, 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 and six months ended June 30, 2025 and 2024.
Current wording
The following table presents the changes in other income and expense for the three and nine months ended September 30, 2025 and 2024.
Previous 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.
Current wording
Interest expense, net, for the three months ended September 30, 2025 decreased $0.5 million when compared to the same period in 2024, primarily as a result of:
Previous wording
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 wording
During the three months ended September 30, 2025, we recognized a gain of $0.1 million on completion of a partial condemnation at one retail property. In addition, during the nine months ended September 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 on the sale.
Previous wording
Comparison of Same Property results for the three and six months ended June 30, 2025 and 2024
Current wording
Comparison of Same Property results for the three and nine months ended September 30, 2025 and 2024
Previous 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.
Current wording
A total of 58 and 56 retail properties met our Same Property criteria for the three and nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Reconciliation of Net Income to Non-GAAP Measures
Current wording
Reconciliation of Net Income (Loss) to Non-GAAP Measures
Previous wording
The following table reconciles net income, the most directly comparable GAAP measure, to NOI and Same Property NOI:
Current wording
The following table reconciles net income (loss), the most directly comparable GAAP measure, to NOI and Same Property NOI:
Previous wording
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.
Current wording
Same Property NOI increased by $2.7 million, or 6.4%, when comparing the three months ended September 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.
Previous wording
The following table presents the changes in Same Property NOI for the six months ended June 30, 2025 and 2024:
Current wording
The following table presents the changes in Same Property NOI for the nine months ended September 30, 2025 and 2024:
Previous 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.
Current wording
Same Property NOI increased by $7.2 million, or 5.9%, when comparing the nine months ended September 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
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:
Current wording
The following table reconciles net income (loss), 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
The following table presents the reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:
Current wording
The following table reconciles net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:
Previous wording
(b)As of June 30, 2025 and 2024, total accrued capital investments and leasing costs were $5,240 and $4,377, respectively.
Current wording
(b)As of September 30, 2025 and 2024, total accrued capital investments and leasing costs were $4,900 and $5,008, respectively.
Previous 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.
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 nine months ended September 30, 2025, no shares were issued under the ATM Program. As of September 30, 2025, $236.7 million of common stock remains available for issuance under the ATM Program.
Previous 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.
Current wording
During the nine months ended September 30, 2025, we declared distributions to our stockholders totaling $55.3 million and paid cash distributions of $54.4 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 $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:
Current wording
Cash provided by operating activities of $112.7 million and $99.9 million for the nine months ended September 30, 2025 and 2024, respectively, was generated primarily from property operations. Cash provided by operating activities increased by $12.8 million primarily as a result of acquiring fifteen retail properties while only disposing of six since January 1, 2024, decreased cash paid for mortgage interest, and general working capital fluctuations due to timing of receipts and payments.
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
•$2.1 million of increases from properties acquired, partially offset by:
Current report — wording carried from elsewhere
•$3.3 million of decreases from properties disposed.
Current report — wording carried from elsewhere
•$0.9 million of increases from properties acquired.
Current report — wording carried from elsewhere
•$30.5 million for capital investments and leasing costs, and other investing activities, offset by:
Current report — wording carried from elsewhere
•$0.5 million in net proceeds received from the sale of investment properties.
Rearranged previous paragraphs (9)
Previous report — wording carried elsewhere
•$1.0 million of decreased lease termination income, and
Previous report — wording carried elsewhere
•$0.5 million of net decreased straight-line rent adjustments.
Previous report — wording carried elsewhere
•$5.0 million of increases from properties acquired, partially offset by:
Previous report — wording carried elsewhere
•$1.0 million of decreases from properties disposed.
Previous report — wording carried elsewhere
•$0.7 million of decreases from properties disposed.
Previous report — wording carried elsewhere
•$0.7 million of increases from properties acquired, and
Previous report — wording carried elsewhere
•$1.0 million of net increases from our Same Properties, partially offset by:
Previous report — wording carried elsewhere
•$0.8 million of decreases from properties disposed.
Previous report — wording carried elsewhere
• $18.1 million for capital investments and leasing costs.