InvenTrust Properties Corp.
For the period ended Jun 30, 2026. Filed Aug 3, 2026.
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, 2026 · Filed Aug 3, 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 2026-03-31; filed 2026-04-28.
0001307748-26-000112
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001307748-26-000194
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 150 previous paragraphs and 174 current paragraphs.
100 unchanged; 35 reworded; 28 added; 12 removed; 3 previous and 11 current paragraphs rearranged.
Tables are not compared: 14 previous and 16 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 (28)
Current report
On May 8, 2026, the Company acquired 3609 South, a 29,000 square foot unanchored neighborhood center in Charlotte, North Carolina, for a gross acquisition price of $16.6 million. The Company used available liquidity to fund the acquisition.
Current report
On June 17, 2026, the Company acquired Sweetgrass Corner, a 95,000 square foot community center anchored by Trader Joe’s in Charleston, South Carolina, for a gross acquisition price of $51.0 million. The Company used available liquidity to fund the acquisition.
Current report
On June 18, 2026, the Company acquired Western Plaza, a 162,000 square foot community center anchored by The Fresh Market in Knoxville, Tennessee, for a gross acquisition price of $65.0 million. The Company used available liquidity to fund the acquisition.
Current report
Debt
Current report
On June 29, 2026, the Company issued $250 million aggregate principal amount of senior notes in a private placement, consisting of $50 million at 5.09% due June 29, 2029, $100 million at 5.32% due June 29, 2031, and $100 million at 5.60% due June 29, 2033 (collectively, the "2026 Notes") pursuant to a note purchase agreement (the "2026 Note Purchase Agreement"), dated April 16, 2026, between the Company and the various purchasers named therein. The 2026 Notes were issued at par and pay interest semiannually on June 29th and December 29th until their respective maturities.
Current report
The Company may prepay at any time all, or from time to time any part of, the 2026 Notes, in an amount not less than 5% of the aggregate principal amount of any series of the 2026 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus accrued interest and a Make-Whole Amount (as defined in the 2026 Note Purchase Agreement). The 2026 Notes are required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain primary credit facilities of the Company. Currently, there are no subsidiary guarantees of the 2026 Notes.
Current report
•$0.5 million of decreased below-market lease intangible amortization, and
Current report
•$0.3 million of increased short-term and other lease income, partially offset by:
Current report
•$0.2 million of net decreased straight-line rent adjustments.
Current report
•$9.0 million of increases from properties acquired, and
Current report
•$0.1 million of net increases from our Same Properties, partially offset by:
Current report
•$1.2 million of decreases from properties disposed.
Current report
Depreciation and amortization for the six months ended June 30, 2026 increased $13.7 million when compared to the same period in 2025, as a result of:
Current report
•$2.5 million of increases from properties acquired, and
Current report
•$1.5 million of decreases from properties disposed.
Current report
Property operating expenses for the six months ended June 30, 2026 increased $2.5 million when compared to the same period in 2025, as a result of:
Current report
•$4.6 million of increases from properties acquired, and
Current report
•$2.8 million of decreases from properties disposed.
Current report
•$0.5 million of decreases from properties disposed, partially offset by:
Current report
Real estate taxes for the six months ended June 30, 2026 increased $0.3 million when compared to the same period in 2025, as a result of:
Current report
The following table presents the disaggregation of interest expense, net:
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
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
•$20.0 million of net proceeds in excess of repayments on the Revolving Credit Facility, and
Current report
•$37.9 million to pay distributions,
Current report
•$36.0 million to pay distributions,
Current report
•$13.1 million for pay-offs of mortgage debt and other financing activities, and
Removed paragraphs (12)
Previous 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.
Previous 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.
Previous 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.
Previous report
•$0.3 million of increased amortization of below-market lease intangibles, and
Previous report
•$2.1 million of increases from properties acquired, and
Previous report
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 report
•increased interest expense of $0.7 million from an aggregate of $60.5 million of mortgages assumed since April 1, 2025, and
Previous report
•increased amortization of debt discounts and financing costs of $0.1 million, partially offset by:
Previous report
•decreased interest expense of $0.4 million from aggregate mortgage payoffs of $35.9 million since April 1, 2025.
Previous report
•$7.4 million for capital investments and leasing costs, partially offset by:
Previous report
•$18.5 million to pay distributions,
Previous report
•$17.5 million to pay distributions, and
Reworded paragraphs (35)
Previous 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.
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 any abatement concessions and exclusive of Specialty Lease rent. ABR per square foot ("PSF") is computed as ABR divided by the occupied square footage as of the end of the period.
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, 2026 and 2025.
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, 2026 and 2025.
Previous wording
Comparison of results for the three months ended March 31, 2026 and 2025
Current wording
Comparison of results for the three and six months ended June 30, 2026 and 2025
Previous 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.
Current wording
We generate substantially all of our earnings from property operations. Since January 1, 2025, we have acquired fifteen retail properties and disposed of five retail properties.
Previous 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:
Current wording
Lease income, net, for the three months ended June 30, 2026 increased $9.2 million when compared to the same period in 2025, as a result of increases from properties acquired of $12.8 million, decreases from properties disposed of $4.1 million, and the following activity related to our Same Properties:
Previous wording
•$0.2 million of net increases in all other lease income, partially offset by:
Current wording
•$0.1 million of net increases in all other lease income, partially offset by:
Previous wording
•$0.5 million of increased common area maintenance and real estate tax recoveries,
Current wording
•$0.5 million of decreased common area maintenance and real estate tax recoveries,
Previous wording
•$0.2 million of increased credit losses net of related reversals.
Current wording
•$0.1 million of increased credit losses net of related reversals.
Previous wording
•$1.3 million of increased minimum base and ground rent,
Current wording
•$2.7 million of increased minimum base and ground rent,
Previous wording
•$0.4 million of increased lease termination income,
Current wording
•$0.4 million of increased lease termination income, and
Previous 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:
Current wording
Depreciation and amortization for the three months ended June 30, 2026 increased $7.9 million when compared to the same period in 2025, as a result of:
Previous wording
•$8.6 million of increases from properties acquired, partially offset by:
Current wording
•$17.6 million of increases from properties acquired, partially offset by:
Previous wording
•$1.7 million of decreases from properties disposed, and
Current wording
•$2.9 million of decreases from properties disposed, and
Previous wording
•$1.0 million of increases from properties acquired, and
Current wording
•$1.0 million of net decreases from our Same Properties.
Previous wording
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 wording
Property operating expenses for the three months ended June 30, 2026 increased $1.2 million when compared to the same period in 2025, as a result of:
Previous wording
•$0.7 million of decreases from properties disposed.
Current wording
•$0.7 million of net increases from our Same Properties, partially offset by:
Previous 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:
Current wording
Real estate taxes for the three months ended June 30, 2026 decreased $0.3 million when compared to the same period in 2025, as a result of:
Previous wording
•$1.1 million of net decreases from our Same Properties.
Current wording
•$1.1 million of increases from properties acquired.
Previous wording
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 wording
General and administrative expenses for the three and six months ended June 30, 2026 increased $0.2 million and $1.0 million, respectively, when compared to the same periods in 2025, primarily as a result of increased compensation costs.
Previous wording
•increased interest expense of $1.4 million from borrowings outstanding on our Revolving Credit Facility during the three months ended March 31, 2026,
Current wording
Interest expense, net increased $3.0 million and $4.7 million during the three and six months ended June 30, 2026, respectively, primarily as a result of borrowings outstanding on our $500 million revolving credit facility ("Revolving Credit Facility") to fund acquisitions.
Previous 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.
Current wording
Other income and expense, net decreased $0.9 million and $1.2 million during the three and six months ended June 30, 2026, respectively, primarily as a result of decreased interest income due to lower cash balances.
Previous wording
A total of 63 retail properties met our Same Property criteria for the three months ended March 31, 2026 and 2025.
Current wording
A total of 63 retail properties met our Same Property criteria for the three and six months ended June 30, 2026 and 2025.
Previous 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.
Current wording
Same Property NOI increased by $1.9 million, or 4.1%, when comparing the three months ended June 30, 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
(b)As of March 31, 2026 and 2025, total accrued capital investments and leasing costs were $2,947 and $4,950, respectively.
Current wording
(b)As of June 30, 2026 and 2025, total accrued capital investments and leasing costs were $5,346 and $5,240, respectively.
Previous 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.
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 six months ended June 30, 2026, no shares were issued under the ATM Program. As of June 30, 2026, $236.7 million of common stock remains available for issuance under the ATM Program.
Previous 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.
Current wording
During the six months ended June 30, 2026, we declared distributions to our stockholders totaling $39.0 million and paid cash distributions of $37.9 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 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 wording
Cash provided by operating activities was $74.1 million and $68.9 million for the six months ended June 30, 2026 and 2025, respectively, and was generated primarily from property operations. Operating cash flows increased period over period, as incremental cash flows from our Same Properties and net acquisitions since January 1, 2025 exceeded higher interest payments related to borrowings on our Revolving Credit Facility and timing-related fluctuations in receipts and payments.
Previous wording
Cash used in investing activities of $128.3 million for the three months ended March 31, 2026 was the result of:
Current wording
Cash used in investing activities of $264.2 million for the six months ended June 30, 2026 was the result of:
Previous wording
•$122.2 million for acquisitions of investment properties and
Current wording
•$250.3 million for acquisitions of investment properties and
Previous wording
•$6.1 million for capital investments and leasing costs, and other investing activities.
Current wording
•$13.9 million for capital investments and leasing costs, and other investing activities.
Previous wording
•$0.3 million from other investing activities.
Current wording
•$1.3 million from other investing activities, partially offset by:
Previous wording
Cash provided by financing activities of $101.9 million for the three months ended March 31, 2026 was the result of:
Current wording
Cash provided by financing activities of $224.5 million for the six months ended June 30, 2026 was the result of:
Previous wording
•$126.0 million from proceeds from the line of credit, and
Current wording
•$250.0 million from proceeds from the 2026 Notes,
Previous wording
•$0.2 million for payment of mortgage principal.
Current wording
•$2.2 million for payment of financing costs and payment of mortgage principal.
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:
Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
•$1.5 million of increased minimum base and ground rent, and
Current report — wording carried from elsewhere
Lease income, net, for the six months ended June 30, 2026 increased $17.9 million when compared to the same period in 2025, as a result of increases from properties acquired of $25.2 million, decreases from properties disposed of $10.2 million, and the following activity related to our Same Properties:
Current report — wording carried from elsewhere
•$0.3 million of increased credit losses net of related reversals, and
Current report — wording carried from elsewhere
•$0.9 million of net decreases from our Same Properties, and
Current report — wording carried from elsewhere
•$2.2 million of increases from properties acquired, partially offset by:
Current report — wording carried from elsewhere
•$1.3 million of decreases from properties disposed, and
Current report — wording carried from elsewhere
•$0.6 million of net decreases from our Same Properties.
Current report — wording carried from elsewhere
The following table presents the changes in Same Property NOI for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
Same Property NOI increased by $3.1 million, or 3.3%, when comparing the six months ended June 30, 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.
Current report — wording carried from elsewhere
•$97.4 million for acquisitions of investment properties, and
Current report — wording carried from elsewhere
•$18.1 million for capital investments and leasing costs.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
•$0.5 million of net increases from our Same Properties, partially offset by:
Previous report — wording carried elsewhere
•$1.3 million of decreases from properties disposed.
Previous report — wording carried elsewhere
Cash used in investing activities of $7.1 million for the three months ended March 31, 2025 was the result of: