InvenTrust Properties Corp.
For the period ended Mar 31, 2026. Filed Apr 28, 2026.
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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, 2026 · Filed Apr 28, 2026
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 2025-09-30; filed 2025-10-29.
0001307748-25-000185
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-28.
0001307748-26-000112
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 197 previous paragraphs and 150 current paragraphs.
77 unchanged; 47 reworded; 24 added; 59 removed; 14 previous and 2 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 (24)
Current report
Evaluation of Operating Performance and Financial Condition
Current report
On February 13, 2026, the Company acquired Marketplace at Hudson Station, a 60,000 square foot neighborhood center shadow-anchored by Fry's Marketplace in the Phoenix, Arizona market, for a gross acquisition price of $31.25 million. The Company used available liquidity to fund the acquisition.
Current report
On February 20, 2026, the Company acquired Nashville West, a 324,000 square foot power center shadow-anchored by Target, Costco, and Publix in Nashville, Tennessee, for a gross acquisition price of $88.0 million. The Company used available liquidity to fund the acquisition.
Current report
On March 12, 2026, the Company acquired a 7,000 square foot single-tenant outparcel adjacent to its neighborhood center, The Centre on Hugh Howell, in the Atlanta, Georgia market, for a gross acquisition price of $3.7 million. The Company used available liquidity to fund the acquisition.
Current report
The following table presents the comparative results of our income.
Current report
•$0.4 million of increased lease termination income,
Current report
•$0.3 million of increased amortization of below-market lease intangibles, and
Current report
•$0.2 million of increased credit losses net of related reversals.
Current report
The following table presents the comparative results of our operating expenses.
Current report
•$8.6 million of increases from properties acquired, partially offset by:
Current report
Property operating expenses for the three months ended March 31, 2026 increased $1.3 million when compared to the same period in 2025, as a result of:
Current report
•$1.3 million of decreases from properties disposed.
Current report
General and administrative expenses for the three months ended March 31, 2026 increased $0.8 million when compared to the same period in 2025, as a result of $0.6 million of increased compensation costs and $0.2 million of increased other costs.
Current report
The following table presents the comparative results of our other income and expenses.
Current report
•increased interest expense of $1.4 million from borrowings outstanding on our Revolving Credit Facility during the three months ended March 31, 2026,
Current report
•increased interest expense of $0.7 million from an aggregate of $60.5 million of mortgages assumed since April 1, 2025, and
Current report
•decreased interest expense of $0.4 million from aggregate mortgage payoffs of $35.9 million since April 1, 2025.
Current report
The following table summarizes the cash paid for capital investments and leasing costs:
Current report
Cash provided by operating activities was $20.2 million for each of the three months ended March 31, 2026 and 2025, and was generated primarily from property operations. Operating cash flows remained consistent period over period, as incremental cash flows from our Same Properties and net acquisition activity since January 1, 2025 were offset by timing-related fluctuations in receipts and payments as well as higher interest expense related to borrowings on our Revolving Credit Facility.
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
•$126.0 million from proceeds from the line of credit, and
Current report
•$18.5 million to pay distributions,
Current report
•$17.5 million to pay distributions, and
Removed paragraphs (59)
Previous report
Evaluation of Financial Condition
Previous report
•Net Operating Income ("NOI") and Same Property NOI, supplemental non-GAAP measures;
Previous report
•Nareit Funds From Operations ("Nareit FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;
Previous report
•Core Funds From Operations ("Core FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;
Previous report
•Adjusted EBITDA, a supplemental non-GAAP measure;
Previous report
•Economic and leased occupancy and rental rates;
Previous report
•Leasing activity and lease rollover;
Previous report
•Operating expense levels and trends;
Previous report
•General and administrative expense levels and trends;
Previous report
•Debt maturities and leverage ratios; and
Previous report
•Liquidity levels.
Previous 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.
Previous 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.
Previous report
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 report
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 report
Debt
Previous 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.
Previous 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.
Previous report
Interest Rate Swaps
Previous 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.
Previous report
The following table presents the increases in income for the three and nine months ended September 30, 2025 and 2024.
Previous report
•$0.2 million of net changes in credit losses and related reversals.
Previous report
•$5.0 million of increased minimum base and ground rent attributable to increased occupancy and ABR PSF,
Previous report
•$0.9 million of decreased lease termination income,
Previous report
•$0.2 million of net changes in credit losses and related reversal.
Previous report
The following table presents the increases in operating expenses for the three and nine months ended September 30, 2025 and 2024.
Previous report
•$8.2 million of increases from properties acquired, partially offset by:
Previous report
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 report
•$17.7 million of increases from properties acquired, partially offset by:
Previous report
•$4.1 million of decreases from properties disposed.
Previous 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:
Previous report
•$0.2 million of decreased repair and maintenance costs from our Same Properties.
Previous 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:
Previous report
•$3.3 million of decreases from properties disposed.
Previous report
•$1.1 million of decreases from properties disposed, partially offset by:
Previous report
•$0.9 million of increases from properties acquired.
Previous report
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 report
•$1.8 million of decreases from properties disposed.
Previous report
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 report
The following table presents the changes in other income and expense for the three and nine months ended September 30, 2025 and 2024.
Showing the first 40 of 59 passages. Open the source sections for the rest.
Reworded paragraphs (47)
Previous 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;
Current wording
•natural or man-made disasters, severe weather and climate-related events, such as hurricanes, wildfires, earthquakes, tsunamis, tornadoes, droughts, blizzards, severe freezes and winter storms, hailstorms, floods, mudslides, oil spills, nuclear incidents, and outbreaks of pandemics or contagious diseases, or fear of such outbreaks;
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 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.
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 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.
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. 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.
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 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.
Previous wording
In addition to measures of operating performance determined in accordance with U.S. generally accepted accounting principles ("GAAP"), management evaluates our financial condition and operating performance by focusing on the following financial and nonfinancial indicators, discussed in further detail herein:
Current wording
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:
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, 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 months ended March 31, 2026 and 2025.
Previous wording
Comparison of results for the three and nine months ended September 30, 2025 and 2024
Current wording
Comparison of results for the three months ended March 31, 2026 and 2025
Previous 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.
Current wording
We generate substantially all of our earnings from property operations. Since January 1, 2025, we have acquired twelve retail properties and disposed of five retail properties.
Previous 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:
Current wording
Lease income, net, for the three months ended March 31, 2026 increased $8.7 million when compared to the same period in 2025, as a result of increases from properties acquired of $12.3 million, decreases from properties disposed of $6.1 million, and the following activity related to our Same Properties:
Previous wording
•$1.7 million of increased minimum base and ground rent attributable to increased occupancy and ABR PSF,
Current wording
•$1.3 million of increased minimum base and ground rent,
Previous wording
•$0.4 million of increased common area maintenance and real estate tax recoveries, and
Current wording
•$0.5 million of increased common area maintenance and real estate tax recoveries,
Previous wording
•$0.3 million of net increases in all other lease income, partially offset by:
Current wording
•$0.2 million of net increases in all other lease income, partially offset by:
Previous 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:
Current wording
Depreciation and amortization for the three months ended March 31, 2026 increased $5.8 million when compared to the same period in 2025, as a result of:
Previous wording
•$1.0 million of net decreases from our Same Properties.
Current wording
•$1.1 million of net decreases from our Same Properties.
Previous wording
•$2.1 million of increases from properties acquired, partially offset by:
Current wording
•$2.1 million of increases from properties acquired, and
Previous wording
•$0.9 million of net increases from our Same Properties, partially offset by:
Current wording
•$0.5 million of net increases from our Same Properties, partially offset by:
Previous 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:
Current wording
Real estate taxes for the three months ended March 31, 2026 increased $0.5 million when compared to the same period in 2025, as a result of:
Previous wording
•$0.8 million of increased repair and maintenance costs from our Same Properties, partially offset by:
Current wording
•$0.2 million of net increases from our Same Properties, partially offset by:
Previous wording
•$0.7 million of net decreased straight-line rent adjustments, and
Current wording
•$0.7 million of decreases from properties disposed.
Previous 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:
Current wording
Interest expense, net, for the three months ended March 31, 2026 increased $1.8 million when compared to the same period in 2025, primarily as a result of:
Previous wording
•increased amortization of debt discounts and financing costs of $0.2 million.
Current wording
•increased amortization of debt discounts and financing costs of $0.1 million, partially offset by:
Previous wording
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 wording
Other income and expense, net, decreased $0.3 million during the three months ended March 31, 2026, primarily as a result of decreased interest income.
Previous wording
Reconciliation of Net Income (Loss) to Non-GAAP Measures
Current wording
Reconciliation of Net Income to Non-GAAP Measures
Previous wording
The following table reconciles net income (loss), 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
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.
Current wording
A total of 63 retail properties met our Same Property criteria for the three months ended March 31, 2026 and 2025.
Previous 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.
Current wording
Same Property NOI increased by $1.2 million, or 2.6%, when comparing the three months ended March 31, 2026 to the same period in 2025, and was primarily a result of increased ABR PSF from fixed annual rent escalations, favorable lease spreads, and leases with advantageous fixed recovery terms.
Previous 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:
Current wording
The following table reconciles 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
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 wording
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 transactions, and (vi) other non-operating revenue and expense items which, in our judgment, are not pertinent to measuring ongoing operating performance.
Previous wording
The following table reconciles net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:
Current wording
The following table reconciles net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:
Previous wording
Retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions.
Current wording
Retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing costs.
Previous wording
(b)As of September 30, 2025 and 2024, total accrued capital investments and leasing costs were $4,900 and $5,008, respectively.
Current wording
(b)As of March 31, 2026 and 2025, total accrued capital investments and leasing costs were $2,947 and $4,950, 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 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.
Current wording
We maintain 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, 2026, no shares were issued under the ATM Program. As of March 31, 2026, $236.7 million of common stock remains available for issuance under the ATM Program.
Previous wording
We believe our status as an NYSE-listed issuer will facilitate supplementing our capital sources by selling equity securities of the Company under the ATM Program or otherwise if and when we believe appropriate to do so. Also, from time to time, we may seek to acquire amounts of our outstanding common stock through cash purchases or exchanges for other securities. Such purchases or exchanges, if any, will depend on our liquidity requirements, contractual restrictions, and other factors. At this time, we believe our current sources of liquidity are sufficient to meet our short- and long-term cash demands.
Current wording
We believe our status as an NYSE-listed issuer facilitates supplementing our capital sources by selling equity securities of the Company under the ATM Program or otherwise if and when we believe appropriate to do so. Also, from time to time, we may seek to acquire amounts of our outstanding common stock through cash purchases or exchanges for other securities. Such purchases or exchanges, if any, will depend on our liquidity requirements, contractual restrictions, and other factors. At this time, we believe our current sources of liquidity are sufficient to meet our short- and long-term cash demands.
Previous 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.
Current wording
During the three months ended March 31, 2026, we declared distributions to our stockholders totaling $19.5 million and paid cash distributions of $18.5 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 used in investing activities of $54.3 million for the nine months ended September 30, 2025 was the result of:
Current wording
Cash used in investing activities of $128.3 million for the three months ended March 31, 2026 was the result of:
Previous wording
•$83.0 million for acquisitions of investment properties, and
Current wording
•$122.2 million for acquisitions of investment properties and
Previous wording
•$30.5 million for capital investments and leasing costs, and other investing activities, offset by:
Current wording
•$6.1 million for capital investments and leasing costs, and other investing activities.
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 provided by financing activities of $111.4 million for the nine months ended September 30, 2024 was the result of:
Current wording
Cash provided by financing activities of $101.9 million for the three months ended March 31, 2026 was the result of:
Previous wording
•$0.5 million in net proceeds from our Employee Stock Purchase Plan.
Current wording
•$0.2 million in net proceeds from our Employee Stock Purchase Plan (the "ESPP"), partially offset by:
Previous wording
•$1.2 million for the payment of tax withholdings for stock-based compensation, and
Current wording
•$5.6 million for payment of tax withholdings on stock-based compensation, and
Showing the first 40 of 47 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•$1.7 million of decreases from properties disposed, and
Current report — wording carried from elsewhere
•$1.0 million of increases from properties acquired, and
Rearranged previous paragraphs (14)
Previous report — wording carried elsewhere
•Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA"), a supplemental non-GAAP measure;
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
•$2.6 million of increased common area maintenance and real estate tax recoveries, and
Previous report — wording carried elsewhere
•$0.8 million of net increases in all other lease income, partially offset by:
Previous report — wording carried elsewhere
•$2.6 million of decreases from properties disposed, and
Previous report — wording carried elsewhere
•$4.6 million of net decreases from our Same Properties, and
Previous report — wording carried elsewhere
•$1.6 million of decreases from properties disposed, and
Previous report — wording carried elsewhere
•$4.7 million of increases from properties acquired, and
Previous report — wording carried elsewhere
•$2.3 million of increases from properties acquired, and
Previous report — wording carried elsewhere
•increased amortization of debt discounts and financing costs of $0.4 million.
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
The following table presents the changes in Same Property NOI for the nine months ended September 30, 2025 and 2024:
Previous report — wording carried elsewhere
•$323.3 million for acquisitions of investment properties,
Previous report — wording carried elsewhere
•$25.8 million for capital investments, leasing costs, and other investing activities, offset by: