InvenTrust Properties Corp.
For the period ended Sep 30, 2026. Filed Oct 27, 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.
Sep 30, 2026 · Filed Oct 27, 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 2026-06-30; filed 2026-08-03.
0001307748-26-000194
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-27.
0001307748-26-000213
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 174 previous paragraphs and 168 current paragraphs.
98 unchanged; 52 reworded; 10 added; 20 removed; 4 previous and 8 current paragraphs rearranged.
Tables are not compared: 16 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 (10)
Current report
On September 22, 2026, pursuant to the existing provisions of the Amended Term Loan Agreement, we elected to change our interest rate benchmark from 1-Month Term SOFR to Daily Simple SOFR for our $200 million 5-year tranche term loan maturing August 26, 2030. Concurrent with this election, our existing 1-Month Term SOFR swaps expired and our $200 million notional forward-starting Daily Simple SOFR swaps became effective.
Current report
•$0.3 million of increased amortization of market-lease intangibles, and
Current report
•$0.1 million of decreased lease termination income.
Current report
•$8.6 million of increases from properties acquired, partially offset by:
Current report
•$25.9 million of increases from properties acquired, partially offset by:
Current report
•$1.8 million of increases from properties acquired, and
Current report
•$5.7 million of increases from properties acquired, and
Current report
Cash used in investing activities of $54.3 million for the nine months ended September 30, 2025 was the result of:
Current report
•$57.4 million to pay distributions,
Current report
•$54.4 million to pay distributions,
Removed paragraphs (20)
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
•$0.5 million of decreased below-market lease intangible amortization, and
Previous report
•$0.2 million of net decreased straight-line rent adjustments.
Previous report
•$9.0 million of increases from properties acquired, and
Previous report
•$1.2 million of decreases from properties disposed.
Previous report
•$17.6 million of increases from properties acquired, partially offset by:
Previous report
•$1.0 million of net decreases from our Same Properties.
Previous report
•$2.5 million of increases from properties acquired, and
Previous report
•$0.2 million of net increases from our Same Properties, partially offset by:
Previous report
•$4.6 million of increases from properties acquired, and
Previous report
•$2.8 million of decreases from properties disposed.
Previous report
•$0.5 million of decreases from properties disposed, partially offset by:
Previous report
•$1.1 million of increases from properties acquired.
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
•$37.9 million to pay distributions,
Previous report
•$36.0 million to pay distributions,
Reworded paragraphs (52)
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 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.
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 inflation has moderated from prior peaks, it remains elevated, and the economic outlook remains uncertain due to ongoing geopolitical tensions, evolving global trade policies and tariff actions, and potential 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
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 wording
On July 1, 2026, we acquired New Garden Crossing, a 169,000 square foot community center anchored by Lowes Foods, in Greensboro, North Carolina, for a gross acquisition price of $34.0 million. We used available liquidity 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, 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 nine months ended September 30, 2026 and 2025.
Previous wording
Comparison of results for the three and six months ended June 30, 2026 and 2025
Current wording
Comparison of results for the three and nine months ended September 30, 2026 and 2025
Previous 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.
Current wording
We generate substantially all of our earnings from property operations. Since January 1, 2025, we have acquired sixteen retail properties and disposed of six retail properties.
Previous 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:
Current wording
Lease income, net, for the three months ended September 30, 2026 increased $12.6 million when compared to the same period in 2025, as a result of increases from properties acquired of $10.3 million, decreases from properties disposed of $0.2 million, and the following activity related to our Same Properties:
Previous wording
•$2.7 million of increased minimum base and ground rent,
Current wording
•$1.4 million of increased minimum base and ground rent,
Previous wording
•$0.5 million of decreased common area maintenance and real estate tax recoveries,
Current wording
•$0.8 million of increased common area maintenance and real estate tax recoveries,
Previous wording
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 wording
Lease income, net, for the nine months ended September 30, 2026 increased $30.5 million when compared to the same period in 2025, as a result of increases from properties acquired of $35.5 million, decreases from properties disposed of $10.4 million, and the following activity related to our Same Properties:
Previous wording
•$1.5 million of increased minimum base and ground rent, and
Current wording
•$4.0 million of increased minimum base and ground rent,
Previous wording
•$0.3 million of increased short-term and other lease income, partially offset by:
Current wording
•$0.5 million of increased short-term and other lease income, and
Previous wording
•$0.4 million of increased lease termination income, and
Current wording
•$0.3 million of increased lease termination income, partially offset by:
Previous wording
•$0.3 million of increased credit losses net of related reversals, and
Current wording
•$0.3 million of increased credit losses net of related reversals.
Previous 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:
Current wording
Depreciation and amortization for the three months ended September 30, 2026 increased $7.0 million when compared to the same period in 2025, as a result of:
Previous wording
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 wording
Depreciation and amortization for the nine months ended September 30, 2026 increased $20.7 million when compared to the same period in 2025, as a result of:
Previous wording
•$2.9 million of decreases from properties disposed, and
Current wording
•$3.0 million of decreases from properties disposed, and
Previous wording
•$2.2 million of increases from properties acquired, partially offset by:
Current wording
•$2.2 million of net decreases from our Same Properties.
Previous 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:
Current wording
Property operating expenses for the three months ended September 30, 2026 increased $2.1 million when compared to the same period in 2025, as a result of:
Previous wording
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 wording
Property operating expenses for the nine months ended September 30, 2026 increased $4.6 million when compared to the same period in 2025, as a result of:
Previous 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:
Current wording
Real estate taxes for the three months ended September 30, 2026 increased $1.3 million when compared to the same period in 2025, as a result of:
Previous wording
•$0.7 million of net increases from our Same Properties, partially offset by:
Current wording
•$0.7 million of increases from properties acquired, and
Previous wording
•$0.6 million of net decreases from our Same Properties.
Current wording
•$0.6 million of net increases from our Same Properties.
Previous wording
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 wording
Real estate taxes for the nine months ended September 30, 2026 increased $1.6 million when compared to the same period in 2025, as a result of:
Previous wording
•$1.3 million of decreases from properties disposed, and
Current wording
•$1.3 million of decreases from properties disposed.
Previous 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.
Current wording
General and administrative expenses for the three and nine months ended September 30, 2026 increased $0.2 million and $1.2 million, respectively, when compared to the same periods in 2025, primarily as a result of increased non-compensation costs.
Previous 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.
Current wording
Interest expense, net increased $4.2 million and $9.0 million during the three and nine months ended September 30, 2026, respectively, primarily as a result of the issuance of our 2026 Senior Notes and borrowings outstanding on our $500 million revolving credit facility ("Revolving Credit Facility") to fund acquisitions.
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 and nine months ended September 30, 2026, we recognized a gain of $17.4 million on the sale of one retail property. During the three months ended September 30, 2025, we recognized a gain of $0.1 million on the 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.
Previous 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.
Current wording
Other income and expense, net decreased $1.6 million and $2.8 million during the three and nine months ended September 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 and six months ended June 30, 2026 and 2025.
Current wording
A total of 66 and 62 retail properties met our Same Property criteria for the three and nine months ended September 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Same Property NOI increased by $1.5 million, or 3.1%, when comparing the three months ended September 30, 2026 to the same period in 2025, and was primarily a result of 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, 2026 and 2025:
Current wording
The following table presents the changes in Same Property NOI for the nine months ended September 30, 2026 and 2025:
Previous wording
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 wording
Same Property NOI increased by $4.7 million, or 3.4%, when comparing the nine months ended September 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 decreased insurance costs.
Previous wording
(b)For purposes of calculating non-GAAP per share metrics, we apply the same denominator used in calculating diluted earnings per share in accordance with GAAP.
Current wording
(b)For purposes of calculating non-GAAP per share measures, we apply the same denominator used in calculating diluted earnings per share in accordance with GAAP.
Previous wording
(b)As of June 30, 2026 and 2025, total accrued capital investments and leasing costs were $5,346 and $5,240, respectively.
Current wording
(b)As of September 30, 2026 and 2025, total accrued capital investments and leasing costs were $11,237 and $4,900, 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 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.
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 nine months ended September 30, 2026, no shares were issued under the ATM Program. As of September 30, 2026, $236.7 million of common stock remains available for issuance under the ATM Program.
Previous 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.
Current wording
During the nine months ended September 30, 2026, we declared distributions to our stockholders totaling $58.5 million and paid cash distributions of $57.4 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 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.
Current wording
Cash provided by operating activities was $121.5 million and $112.7 million for the nine months ended September 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 our borrowings and timing-related fluctuations in receipts and payments.
Previous wording
Cash used in investing activities of $264.2 million for the six months ended June 30, 2026 was the result of:
Current wording
Cash used in investing activities of $275.3 million for the nine months ended September 30, 2026 was the result of:
Previous wording
•$250.3 million for acquisitions of investment properties and
Current wording
•$284.1 million for acquisitions of investment properties, and
Previous wording
•$13.9 million for capital investments and leasing costs, and other investing activities.
Current wording
•$26.0 million for capital investments and leasing costs, and other investing activities, offset by:
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
•$0.9 million of increased common area maintenance and real estate tax recoveries,
Current report — wording carried from elsewhere
•$1.5 million of net decreases from our Same Properties, and
Current report — wording carried from elsewhere
•$0.1 million of decreases from properties disposed.
Current report — wording carried from elsewhere
•$0.3 million of net increases from our Same Properties.
Current report — wording carried from elsewhere
•$0.4 million of net increases from our Same Properties, partially offset by:
Current report — wording carried from elsewhere
•$2.9 million of increases from properties acquired, partially offset by:
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
•$299.5 million from the sale of investment properties.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
•$0.1 million of increased credit losses net of related reversals.
Previous report — wording carried elsewhere
•$0.1 million of net increases from our Same Properties, partially offset by:
Previous report — wording carried elsewhere
•$0.9 million of net decreases from our Same Properties, and
Previous report — wording carried elsewhere
•$18.1 million for capital investments and leasing costs.