What were InvenTrust Properties’ Q1 2026 FFO and Core FFO per share?

Nareit FFO was $0.53 and Core FFO was $0.49 per diluted share in Q1 2026. These compared with $0.48 and $0.46 per diluted share a year earlier, reflecting stronger operating cash flow despite higher interest expense and depreciation.

InvenTrust Properties (NYSE: IVT) lifts 2026 FFO outlook on strong Q1 leasing

Q: How did InvenTrust Properties (IVT) perform in Q1 2026?

In Q1 2026, InvenTrust grew cash-flow metrics but saw lower net income. Total income reached $82.6 million, up from $73.8 million, while net income declined to $5.2 million from $6.8 million. Nareit FFO rose to $41.3 million and Core FFO to $38.8 million.

Q: What occupancy and leasing metrics did IVT report for Q1 2026?

InvenTrust reported leased occupancy of 96.4% in Q1 2026. The company executed 64 leases totaling about 329,000 square feet, with 249,000 square feet of comparable leases achieving a blended re-leasing spread of 10.5%, indicating higher rents on renewed and new space.

Q: What acquisitions did InvenTrust complete during Q1 2026?

InvenTrust acquired three assets totaling roughly 391,000 square feet for about $123 million. Purchases included Marketplace at Hudson Station in Phoenix, Nashville West in Tennessee, and a single-tenant outparcel next to The Centre on Hugh Howell in the Atlanta market, all funded with available liquidity.

Q: How strong is InvenTrust Properties’ liquidity and leverage as of March 31, 2026?

As of March 31, 2026, InvenTrust had $345.8 million of total liquidity. This included $26.8 million of cash and $319.0 million available under its revolving credit facility. Net Debt-to-Adjusted EBITDA stood at 5.2x based on trailing twelve-month Adjusted EBITDA of $179.3 million.

Q: What 2026 guidance did InvenTrust Properties provide for FFO and Same Property NOI?

For 2026, InvenTrust guided Nareit FFO per diluted share to $2.00–$2.06. Core FFO per diluted share is projected at $1.92–$1.96, with Same Property NOI growth expected between 3.25% and 4.25%, assuming about $300 million of net investment activity and roughly $44 million of net interest expense.

Q: What new debt financing did IVT agree to after quarter-end?

On April 16, 2026, InvenTrust entered a $250 million private senior notes agreement. The notes comprise $50 million at 5.09% due 2029, $100 million at 5.32% due 2031, and $100 million at 5.60% due 2033, with an expected weighted average rate of 5.44%.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

InvenTrust Properties Corp. reported mixed first-quarter 2026 results, with higher cash-flow metrics but lower accounting profit. Total income rose to $82.6 million from $73.8 million, while net income declined to $5.2 million, or $0.07 per diluted share, from $6.8 million, or $0.09 a year earlier.

Cash-based REIT metrics improved. Nareit FFO increased to $41.3 million, or $0.53 per diluted share, from $37.2 million, or $0.48, and Core FFO rose to $38.8 million, or $0.49 per share, from $36.2 million, or $0.46. Same Property NOI grew 2.6% to $48.7 million.

The portfolio remained tight, with leased occupancy of 96.4% and a blended comparable lease spread of 10.5% on 64 leases covering 329,000 square feet. InvenTrust acquired three assets totaling 391,000 square feet for about $123 million, including the Nashville West center, expanding its Sun Belt footprint.

Liquidity stood at $345.8 million, and Net Debt-to-Adjusted EBITDA increased to 5.2x. The company entered a $250 million private senior notes agreement with a weighted average fixed rate of 5.44%. Updated 2026 guidance targets Nareit FFO per diluted share of $2.00–$2.06 and Core FFO of $1.92–$1.96, with Same Property NOI growth of 3.25%–4.25%.

Insights

Q1 shows solid cash-flow growth, heavier leverage, and modestly higher FFO guidance.

InvenTrust grew Nareit FFO per share from $0.48 to $0.53 and Core FFO per share from $0.46 to $0.49, even though net income fell to $5.2 million. That pattern is typical for active-shopping-center REITs where non-cash depreciation is large.

Operationally, Same Property NOI rose 2.6%, leased occupancy was 96.4%, and comparable leases achieved a 10.5% blended spread, signaling healthy rent growth in the Sun Belt footprint. The company also deployed about $123 million into three acquisitions, including Nashville West, to extend its external growth strategy.

On the balance sheet, Net Debt-to-Adjusted EBITDA increased from 4.5x to 5.2x, and InvenTrust agreed to $250 million of new senior notes at an average 5.44% fixed rate. Updated 2026 guidance keeps Same Property NOI growth at 3.25–4.25% and nudges FFO ranges slightly higher, suggesting confidence in underlying cash generation while accepting somewhat higher leverage.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total income: $82.6M Net income: $5.2M ($0.07 diluted EPS) Nareit FFO: $41.3M ($0.53 per diluted share) +5 more

8 metrics

Total income $82.6M Three months ended March 31, 2026

Net income $5.2M ($0.07 diluted EPS) Three months ended March 31, 2026

Nareit FFO $41.3M ($0.53 per diluted share) Three months ended March 31, 2026

Core FFO $38.8M ($0.49 per diluted share) Three months ended March 31, 2026

Same Property NOI $48.7M (2.6% growth) Three months ended March 31, 2026 vs. 2025

Leased occupancy 96.4% As of March 31, 2026 total portfolio

Acquisition volume $123.0M Three properties totaling ~391,000 square feet in Q1 2026

Net Debt-to-Adjusted EBITDA 5.2x As of March 31, 2026, trailing 12 months

Key Terms

Nareit FFO, Core FFO, Same Property NOI, Net Debt-to-Adjusted EBITDA, +2 more

6 terms

Nareit FFO financial

"Nareit FFO for the three months ended March 31, 2026 was $41.3 million"

NAREIT FFO is a standardized measure of operating performance for real estate companies that starts with net income, removes gains or losses from property sales, and adds back depreciation and amortization tied to real estate. Investors use it like a clearer view of recurring cash-earning ability—similar to checking a store’s everyday sales rather than one‑time clearance events—so it helps compare profitability and dividend capacity across property firms.

Core FFO financial

"Core FFO for the three months ended March 31, 2026 was $38.8 million"

Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.

Same Property NOI financial

"Same Property NOI for the three months ended March 31, 2026 was $48.7 million"

Same property NOI is the net operating income—rental and other property revenue minus regular operating costs—for only those real estate assets that a company owned and operated in both the current and prior comparison periods. Think of it like comparing sales at the same retail stores before and after a season to judge whether individual locations are healthier, excluding effects from buying or selling properties. Investors use it to gauge organic property performance and management effectiveness without growth-related noise.

Net Debt-to-Adjusted EBITDA financial

"Net Debt-to-Adjusted EBITDA | 5.2x | | 4.5x"

Net debt-to-adjusted EBITDA is a leverage ratio that divides a company’s net debt (total debt minus cash and equivalents) by its adjusted EBITDA, which is the company’s operating cash profit after removing one-time or unusual items. It tells investors how many years of that recurring operating cash flow would be needed to pay off current net debt, like estimating how many paychecks it would take to clear a mortgage, and helps gauge financial risk and borrowing capacity.

blended re-leasing spreads financial

"Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 10.5%."

senior notes financial

"note purchase agreement for the private placement of $250 million of senior notes"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

Earnings Snapshot

Net income: $5.2M · Guidance included

Q1 2026

Net income $5.2M -$1.6M YoY

Nareit FFO per diluted share $0.53 +$0.05 YoY

Core FFO per diluted share $0.49 +$0.03 YoY

Same Property NOI growth 2.6%

Guidance

For 2026, InvenTrust guides net income per diluted share to $0.10–$0.16, Nareit FFO per diluted share to $2.00–$2.06, Core FFO per diluted share to $1.92–$1.96, and Same Property NOI growth to 3.25%–4.25%.

Understanding 8-K Material Events →

04/28/2026 - 04:09 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 28, 2026

Date of Report (Date of earliest event reported)

___________________________________

INVENTRUST PROPERTIES CORP.

(Exact name of registrant as specified in its charter)

___________________________________


Maryland (State or other jurisdiction of incorporation)	001-40896 (Commission File Number)	34-2019608 (IRS Employer Identification No.)
3025 Highland Parkway, Suite 350 Downers Grove, Illinois 60515
(Address of principal executive offices and zip code)
(855) 377-0510
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, $0.001 par value	IVT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 - Results of Operations and Financial Condition.

On April 28, 2026, InvenTrust Properties Corp. (the "Company") issued a press release announcing its results for the quarter ended March 31, 2026. The full text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

On April 28, 2026, the Company posted on its website, at https://www.inventrustproperties.com/investor-relations/, certain supplemental information for the quarter ended March 31, 2026 (the "First Quarter Supplemental"). A copy of the First Quarter Supplemental is attached as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference.

The information furnished under this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 as amended, or the Exchange Act, except as set forth by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description
99.1						Earnings Release of InvenTrust Properties Corp., dated as of April 28, 2026 (furnished pursuant to Item 2.02)
99.2						First Quarter Supplemental (furnished pursuant to Item 2.02)
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

April 28, 2026

INVENTRUST PROPERTIES CORP.

By:

/s/ Christy L. David

Name:

Christy L. David

Title:

Executive Vice President, Chief Operating Officer, General Counsel & Secretary

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2026 First Quarter Results

DOWNERS GROVE, IL – April 28, 2026 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the quarter ended March 31, 2026. For the three months ended March 31, 2026 and 2025, the Company reported Net Income of $5.2 million, or $0.07 per diluted share, and Net Income of $6.8 million, or $0.09 per diluted share, respectively.

First Quarter 2026 Highlights:

•Nareit FFO of $0.53 per diluted share

•Core FFO of $0.49 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 2.6%

•Leased Occupancy as of March 31, 2026 of 96.4%

•Executed 64 leases totaling approximately 329,000 square feet of GLA, of which 249,000 square feet was executed at a blended comparable lease spread of 10.5%

•Acquired two properties and one single-tenant outparcel adjacent to an existing property, totaling approximately 391,000 square feet, for an aggregate acquisition price of approximately $123.0 million

•Expanded our Sun Belt presence into Nashville, Tennessee with the acquisition of Nashville West

“Our start to 2026 reflects the continued strength of the InvenTrust portfolio and the consistency of our operating platform,” said DJ Busch, President and CEO of InvenTrust. “First-quarter results were in line with our expectations and reflect the timing of lease commencements and anticipated portfolio activity, with same property NOI growth expected to step up meaningfully in the back half of the year. This acceleration is driven by contractual rent growth and a strong pipeline of signed leases scheduled to commence over the balance of the year. We also advanced our external growth strategy, deploying $123 million into high-quality acquisitions, including our entry into the Nashville market. With meaningful embedded growth, disciplined capital allocation, and sustained leasing demand, we remain well positioned to deliver durable cash flows and create long-term shareholder value.”

NET INCOME

•Net Income for the three months ended March 31, 2026 was $5.2 million, or $0.07 per diluted share, compared to $6.8 million, or $0.09 per diluted share, for the same period in 2025.

NAREIT FFO

•Nareit FFO for the three months ended March 31, 2026 was $41.3 million, or $0.53 per diluted share, compared to $37.2 million, or $0.48 per diluted share, for the same period in 2025.

CORE FFO

•Core FFO for the three months ended March 31, 2026 was $38.8 million, or $0.49 per diluted share, compared to $36.2 million, or $0.46 per diluted share, for the same period in 2025.


1 Earnings Release - Quarter Ended March 31, 2026

SAME PROPERTY NOI

•Same Property NOI for the three months ended March 31, 2026 was $48.7 million, a 2.6% increase, compared to the same period in 2025.

DIVIDEND

•For the quarter ended March 31, 2026, the Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on April 15, 2026.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of March 31, 2026, the Company’s Leased Occupancy was 96.4%.

◦Anchor Leased Occupancy was 98.5% and Small Shop Leased Occupancy was 92.9%. Anchor Leased Occupancy increased 10 basis points and Small Shop Leased Occupancy decreased 110 basis points on a sequential basis compared to the previous quarter.

◦Leased to Economic Occupancy spread of 130 basis points, which equates to approximately $4.6 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 10.5%.

•Annualized Base Rent (“ABR”) per square foot (“PSF”) as of March 31, 2026 was $20.63, an increase of 2.1% compared to the same period in 2025. Anchor Tenant ABR PSF was $13.05 and Small Shop Tenant ABR PSF was $34.01 as of March 31, 2026.

•During the first quarter, the Company completed the following acquisitions using available liquidity:

◦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.

◦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.

◦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.

LIQUIDITY AND CAPITAL STRUCTURE

•InvenTrust had $345.8 million of total liquidity, as of March 31, 2026, comprised of $26.8 million of cash and cash equivalents and $319.0 million of availability under its Revolving Credit Facility.

•InvenTrust has no debt maturing in 2026 and $26.0 million of debt maturing in 2027.

•The Company's weighted average interest rate on its debt as of March 31, 2026 was 4.13% and the weighted average remaining term was 4.0 years.

SUBSEQUENT EVENTS

•On April 16, 2026, the Company entered into a note purchase agreement for the private placement of $250 million of senior notes, 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. Combined, the notes are expected to have a weighted average tenor of approximately 5.4 years and a weighted average fixed interest rate of 5.44%, and are expected to be issued on June 29, 2026, subject to customary closing conditions.


2 Earnings Release - Quarter Ended March 31, 2026

2026 GUIDANCE

InvenTrust has updated its 2026 guidance, as summarized in the following table.


(Unaudited, dollars in thousands, except per share amounts)	Current (1) (2)			Previous
Net Income per diluted share	$0.10	—	$0.16	$0.16	—	$0.22
Nareit FFO per diluted share	$2.00	—	$2.06	$1.97	—	$2.03
Core FFO per diluted share (3)	$1.92	—	$1.96	$1.91	—	$1.95
Same Property NOI (“SPNOI”) Growth	3.25%	—	4.25%	3.25%	—	4.25%
General and administrative	$35,750	—	$36,750	$35,750	—	$36,750
Interest expense, net (4)	~ $44,000			~ $44,000
Net investment activity (5)	~ $300,000			~ $300,000

(1)The Company’s 2026 guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and depreciation, amortization, and straight-line rent adjustments related to anticipated acquisitions.

(2)The Company’s 2026 guidance includes an expectation of uncollectibility, reflected as 30-70 basis points of expected total revenue.

(3)Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, gains or losses on debt transactions, straight-line rent adjustments, depreciation and amortization of corporate assets, and non-operating income and expense.

(4)Interest expense, net, excludes amortization of debt discounts and financing costs, accretion of finance lease liability, and expected interest income of approximately $0.5 million.

(5)Net investment activity represents anticipated acquisition activity less disposition activity.

In addition to the foregoing assumptions, the Company's 2026 guidance incorporates several other assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.

The following table reconciles the range of the Company's 2026 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:


(Unaudited)	Low End		High End
Net income per diluted share	$	0.10	$	0.16
Depreciation and amortization of real estate assets	1.90		1.90


Nareit FFO per diluted share	2.00		2.06
Amortization of market-lease intangibles and inducements, net	(0.08)		(0.08)
Straight-line rent adjustments, net	(0.05)		(0.06)
Amortization of debt discounts and financing costs	0.04		0.04
Depreciation and amortization of corporate assets	0.01		0.01
Non-operating income and expense, net	—		(0.01)
Core FFO per diluted share	$	1.92	$	1.96

This earnings release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.

EARNINGS CALL INFORMATION

Date: Wednesday, April 29, 2026

Time: 10:00 a.m. ET

Dial-in: (833) 461-5787 / Access Code: 537477482

Webcast & Replay Link: https://events.q4inc.com/attendee/537477482

A webcast replay will be available shortly after the conclusion of the presentation using the webcast link above.


3 Earnings Release - Quarter Ended March 31, 2026


			Definitions

NON-GAAP FINANCIAL MEASURES

This Earnings Release includes certain financial measures and other terms that are not in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) that management believes are helpful in understanding the Company’s business. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of the Company’s non-GAAP measures to the most directly comparable GAAP financials measures are included herein.

SAME PROPERTY NOI or SPNOI

Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments (“GAAP Rent Adjustments”). The Company bifurcates NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet the Company’s Same Property criteria. NOI from other investment properties includes adjustments for the Company’s captive insurance company.

NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE FFO

The Company’s non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s ongoing operating performance.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA) and ADJUSTED EBITDA

The Company’s non-GAAP measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization. Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance.

NET DEBT-TO-ADJUSTED EBITDA

Net Debt-to-Adjusted EBITDA is Net Debt divided by trailing twelve month Adjusted EBITDA.


4 Earnings Release - Quarter Ended March 31, 2026


			Financial Statements

Condensed Consolidated Balance Sheets

In thousands, except share amounts


	As of March 31		As of December 31
	2026		2025
Assets	(unaudited)
Investment properties
Land	$	719,744	$	702,147
Building and other improvements	2,390,215		2,295,852
Construction in progress	7,599		7,473
Total	3,117,558		3,005,472
Less accumulated depreciation	(547,018)		(525,830)
Net investment properties	2,570,540		2,479,642
Cash, cash equivalents, and restricted cash	34,395		40,518
Intangible assets, net	202,691		193,963
Accounts and rents receivable	36,518		37,471
Deferred costs and other assets, net	41,334		37,053
Total assets	$	2,885,478	$	2,788,647

Liabilities
Debt, net	$	952,218	$	825,881
Accounts payable and accrued expenses	29,190		48,291
Distributions payable	19,484		18,450
Intangible liabilities, net	73,915		68,475
Other liabilities	32,589		33,288
Total liabilities	1,107,396		994,385
Commitments and contingencies

Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	—		—
Common stock, $0.001 par value, 146,000,000 shares authorized, 77,935,857 shares issued and outstanding as of March 31, 2026 and 77,691,533 shares issued and outstanding as of December 31, 2025	78		78
Additional paid-in capital	5,733,540		5,736,652
Distributions in excess of accumulated net income	(3,961,529)		(3,947,229)
Accumulated comprehensive income	5,993		4,761
Total stockholders' equity	1,778,082		1,794,262
Total liabilities and stockholders' equity	$	2,885,478	$	2,788,647


5 Earnings Release - Quarter Ended March 31, 2026


			Financial Statements, continued

Condensed Consolidated Statements of Operations and Comprehensive Income

In thousands, except share and per share amounts, unaudited


	Three Months Ended March 31
		2026		2025
Income
Lease income, net		$	82,110	$	73,389
Other property income		471		382
Total income		82,581		73,771

Operating expenses
Depreciation and amortization		36,385		30,614
Property operating		12,021		10,747
Real estate taxes		9,902		9,356
General and administrative		9,319		8,547
Total operating expenses		67,627		59,264

Other (expense) income
Interest expense, net		(10,085)		(8,322)



Other income and expense, net		315		607
Total other (expense) income, net		(9,770)		(7,715)

Net income		$	5,184	$	6,792

Weighted-average common shares outstanding - basic		77,933,973		77,563,971
Weighted-average common shares outstanding - diluted		78,415,161		78,160,787

Net income per common share - basic		$	0.07	$	0.09
Net income per common share - diluted		$	0.07	$	0.09

Comprehensive income
Net income		$	5,184	$	6,792
Unrealized gain (loss) on derivatives, net		2,838		(1,586)
Reclassification to net income		(1,606)		(2,242)
Comprehensive income		$	6,416	$	2,964


6 Earnings Release - Quarter Ended March 31, 2026


			Reconciliation of Non-GAAP Measures
			In thousands

Same Property NOI

The following table presents the components of Same Property NOI:


	Three Months Ended March 31
		2026		2025
Income
Minimum base rent		$	44,349	$	43,183
Real estate tax recoveries		8,209		7,912
Common area maintenance, insurance, and other recoveries		8,798		8,646
Ground rent income		4,872		4,760
Short-term and other lease income		1,328		1,174
(Provision for) reversal of estimated credit losses		(156)		32
Other property income		427		348
Total income		67,827		66,055

Operating Expenses
Property operating		10,282		9,981
Real estate taxes		8,857		8,615
Total operating expenses		19,139		18,596

Same Property NOI		$	48,688	$	47,459

Net Income to Same Property NOI

The following table reconciles Net Income to Same Property NOI:


	Three Months Ended March 31
		2026		2025
Net income		$	5,184	$	6,792
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net		(315)		(607)
Interest expense, net		10,085		8,322



Depreciation and amortization		36,385		30,614
General and administrative		9,319		8,547
Adjustments to NOI (a)		(4,238)		(1,799)
NOI		56,420		51,869
NOI from other investment properties		(7,732)		(4,410)
Same Property NOI		$	48,688	$	47,459

(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.


7 Earnings Release - Quarter Ended March 31, 2026


			Reconciliation of Non-GAAP Measures, continued
			in thousands, except share and per share amounts

Nareit FFO and Core FFO

The following table reconciles Net Income to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:


	Three Months Ended March 31
		2026		2025
Net income		$	5,184	$	6,792
Depreciation and amortization of real estate assets		36,111		30,366


Nareit FFO Applicable to Common Shares and Dilutive Securities		41,295		37,158
Amortization of market lease intangibles and inducements, net		(2,258)		(895)
Straight-line rent adjustments, net		(1,178)		(894)
Amortization of debt discounts and financing costs		832		683
Accretion of finance lease liability		51		—
Depreciation and amortization of corporate assets		274		248
Non-operating income and expense, net (a)		(264)		(71)
Core FFO Applicable to Common Shares and Dilutive Securities		$	38,752	$	36,229

Weighted average common shares outstanding - basic		77,933,973		77,563,971
Dilutive effect of unvested restricted shares (b)		481,188		596,816
Weighted average common shares outstanding - diluted		78,415,161		78,160,787

Net income per diluted share		$	0.07	$	0.09
Nareit FFO per diluted share		$	0.53	$	0.48
Core FFO per diluted share		$	0.49	$	0.46

(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

(b)For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.

EBITDA and Adjusted EBITDA

The following table reconciles Net Income to EBITDA and Adjusted EBITDA:


	Three Months Ended March 31
		2026		2025
Net income		$	5,184	$	6,792
Interest expense, net		10,085		8,322
Income tax expense		147		136
Depreciation and amortization		36,385		30,614
EBITDA		51,801		45,864


Amortization of market-lease intangibles and inducements, net		(2,258)		(895)
Straight-line rent adjustments, net		(1,178)		(894)

Non-operating income and expense, net (a)		(264)		(71)
Adjusted EBITDA		$	48,101	$	44,004

(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.


8 Earnings Release - Quarter Ended March 31, 2026


			Financial Leverage Ratios
			In thousands

Net Debt and Net Debt-to-Adjusted EBITDA

The following table calculates net debt and Net Debt-to-Adjusted EBITDA:


	As of March 31		As of December 31
	2026		2025
Net Debt:
Outstanding Debt, net	$	952,218	$	825,881
Less: Cash and cash equivalents	(26,799)		(34,973)
Net Debt	$	925,419	$	790,908

Net Debt-to-Adjusted EBITDA (trailing 12 months):
Net Debt	$	925,419	$	790,908
Adjusted EBITDA (trailing 12 months)	179,298		175,201
Net Debt-to-Adjusted EBITDA	5.2x		4.5x


9 Earnings Release - Quarter Ended March 31, 2026

About InvenTrust Properties Corp.

InvenTrust Properties Corp. (the “Company,” "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.inventrustproperties.com.

The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under GAAP. The information provided in this earnings release is unaudited and includes non-GAAP measures (as discussed herein), and there can be no assurance that the information will not vary from the final information in the Company's Form 10-Q for the quarter ended March 31, 2026. The Company may, but assumes no obligation to, update information in this earnings release.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this earnings release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.

The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes, including the effects of tariffs and changes in global trade policies, on the overall state of the economy and on our and our tenants' business and operations and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law.

IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this earnings release. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.

Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels

Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account (x.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties)), as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on inventrustproperties.com/investor-relations and on the Company’s social media channels.


10 Earnings Release - Quarter Ended March 31, 2026


			Table of Contents


						Page No.

Introductory Notes						i

Earnings Release						iii

Financial Information
Summary Financial Information						1
Condensed Consolidated Balance Sheets						2
Condensed Consolidated Statements of Operations and Comprehensive Income						3
Condensed Consolidated Supplemental Details of Assets and Liabilities						4
Condensed Consolidated Supplemental Details of Operations						5
Reconciliation of Non-GAAP Measures
Same Property Net Operating Income						6
Nareit FFO and Core FFO						7
EBITDA and Adjusted EBITDA						7
Summary of Outstanding Debt						8
Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs						9

Portfolio and Leasing Overview
Markets and Tenant Size						10
Top 25 Tenants by ABR and Tenant Merchandise Mix						11
Comparable & Non-Comparable Lease Statistics						12
Tenant Lease Expirations						14
Acquisitions						15

Investment Summary
Development Pipeline						16
Property Summary						17

Components of NAV as of March 31, 2026						20

Glossary of Terms						21


			Introductory Notes

About InvenTrust Properties Corp.

The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under U.S. Generally Accepted Accounting Principles (“GAAP”). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed herein), and there can be no assurance that the information will not vary from the final information in the Company's Form 10-Q for the quarter ended March 31, 2026. The Company may, but assumes no obligation to, update information in this supplemental.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this supplemental that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.

IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.

Notice Regarding Non-GAAP Financial Measures

In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. Management does not consider the Company's non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of IVT's financial performance as they may not reflect the operations of the entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of IVT's properties that could materially impact IVT's results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of IVT's liquidity, nor as an indication of funds available to cover IVT's cash needs, including IVT's ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if management does not continue to operate the business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, IVT's non-GAAP measures may not be comparable to other REITs. Reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are included on pages 6 and 7 and definitions of the Company's non-GAAP measures are included in the Glossary of Terms on page 21.


i			Supplemental - Quarter Ended March 31, 2026


			Introductory Notes

Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels

Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account (x.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on inventrustproperties.com/investor-relations and on the Company’s social media channels.


ii			Supplemental - Quarter Ended March 31, 2026

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2026 First Quarter Results

First Quarter 2026 Highlights:

•Nareit FFO of $0.53 per diluted share

•Core FFO of $0.49 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 2.6%

•Leased Occupancy as of March 31, 2026 of 96.4%

•Executed 64 leases totaling approximately 329,000 square feet of GLA, of which 249,000 square feet was executed at a blended comparable lease spread of 10.5%

•Expanded our Sun Belt presence into Nashville, Tennessee with the acquisition of Nashville West

NET INCOME

•Net Income for the three months ended March 31, 2026 was $5.2 million, or $0.07 per diluted share, compared to $6.8 million, or $0.09 per diluted share, for the same period in 2025.

NAREIT FFO

•Nareit FFO for the three months ended March 31, 2026 was $41.3 million, or $0.53 per diluted share, compared to $37.2 million, or $0.48 per diluted share, for the same period in 2025.

CORE FFO

•Core FFO for the three months ended March 31, 2026 was $38.8 million, or $0.49 per diluted share, compared to $36.2 million, or $0.46 per diluted share, for the same period in 2025.


iii			Supplemental - Quarter Ended March 31, 2026

SAME PROPERTY NOI

•Same Property NOI for the three months ended March 31, 2026 was $48.7 million, a 2.6% increase, compared to the same period in 2025.

DIVIDEND

•For the quarter ended March 31, 2026, the Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on April 15, 2026.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of March 31, 2026, the Company’s Leased Occupancy was 96.4%.

◦Leased to Economic Occupancy spread of 130 basis points, which equates to approximately $4.6 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 10.5%.

•During the first quarter, the Company completed the following acquisitions using available liquidity:

LIQUIDITY AND CAPITAL STRUCTURE

•InvenTrust has no debt maturing in 2026 and $26.0 million of debt maturing in 2027.

•The Company's weighted average interest rate on its debt as of March 31, 2026 was 4.13% and the weighted average remaining term was 4.0 years.

SUBSEQUENT EVENTS


iv			Supplemental - Quarter Ended March 31, 2026

2026 GUIDANCE

InvenTrust has updated its 2026 guidance, as summarized in the following table.


(Unaudited, dollars in thousands, except per share amounts)	Current (1) (2)			Previous
Net Income per diluted share	$0.10	—	$0.16	$0.16	—	$0.22
Nareit FFO per diluted share	$2.00	—	$2.06	$1.97	—	$2.03
Core FFO per diluted share (3)	$1.92	—	$1.96	$1.91	—	$1.95
Same Property NOI (“SPNOI”) Growth	3.25%	—	4.25%	3.25%	—	4.25%
General and administrative	$35,750	—	$36,750	$35,750	—	$36,750
Interest expense, net (4)	~ $44,000			~ $44,000
Net investment activity (5)	~ $300,000			~ $300,000

(2)The Company’s 2026 guidance includes an expectation of uncollectibility, reflected as 30-70 basis points of expected total revenue.

(4)Interest expense, net, excludes amortization of debt discounts and financing costs, accretion of finance lease liability, and expected interest income of approximately $0.5 million.

(5)Net investment activity represents anticipated acquisition activity less disposition activity.

The following table reconciles the range of the Company's 2026 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:


(Unaudited)	Low End		High End
Net income per diluted share	$	0.10	$	0.16
Depreciation and amortization of real estate assets	1.90		1.90


Nareit FFO per diluted share	2.00		2.06
Amortization of market-lease intangibles and inducements, net	(0.08)		(0.08)
Straight-line rent adjustments, net	(0.05)		(0.06)
Amortization of debt discounts and financing costs	0.04		0.04
Depreciation and amortization of corporate assets	0.01		0.01
Non-operating income and expense, net	—		(0.01)
Core FFO per diluted share	$	1.92	$	1.96


v			Supplemental - Quarter Ended March 31, 2026


			Summary Financial Information
			In thousands, except share information and per square foot amounts


	Three Months Ended March 31
		2026		2025
Financial Results

Net income		$	5,184	$	6,792
Net income per common share - basic		0.07		0.09
Net income per common share - diluted		0.07		0.09

Nareit FFO (page 7)		41,295		37,158
Nareit FFO per diluted share		0.53		0.48

Core FFO (page 7)		38,752		36,229
Core FFO per diluted share		0.49		0.46

Same Property NOI (page 6)		48,688		47,459
Same Property NOI growth		2.6%


Adjusted EBITDA (page 7)	48,101	44,004

Distributions declared per common share	0.25	0.24


Aggregate distributions declared (as a % of Core FFO)	50.3	%	50.9	%


	As of March 31, 2026		As of December 31, 2025		As of December 31, 2024
Capital Information
Shares outstanding	77,935,857		77,691,533		77,450,794

Outstanding Debt, net	$	952,218	$	825,881	$	740,415
Less: Cash and cash equivalents	(26,799)		(34,973)		(87,395)
Net Debt	$	925,419	$	790,908	$	653,020


Debt Metrics (trailing 12 months)
Adjusted EBITDA	$	179,298	$	175,201	$	158,009
Net Debt-to-Adjusted EBITDA	5.2x		4.5x		4.1x
Fixed charge coverage	5.2x		5.4x		4.5x
Net debt to real estate assets, excl property acc depr.	29.7%		26.3%		23.0%
Net debt to total assets, excl property acc depr.	27.0%		23.9%		20.7%


Distributions Paid Per Share		Liquidity and Credit Facility
Q1 2026	$0.2377	Cash and cash equivalents	$	26,799
Q4 2025	$0.2377	Available under credit facility	319,000
Q3 2025	$0.2377	Total	$	345,799
Q2 2025	$0.2377


	Same Property			Total
	Three Months Ended March 31			Three Months Ended March 31
		2026		2025		2026		2025
Portfolio Metrics
No. of properties		63		63		75		68
GLA		10,236		10,225		11,983		10,972
Economic Occupancy		95.0	%	95.3	%	95.1	%	95.4	%
Leased Occupancy		96.2	%	97.3	%	96.4	%	97.3	%
ABR PSF		$20.41		$19.97		$20.63		$20.21


1			Supplemental - Quarter Ended March 31, 2026


			Condensed Consolidated Balance Sheets
			In thousands, except share and per share amounts


	As of
	March 31, 2026		December 31, 2025
Assets	(unaudited)
Investment properties
Land	$	719,744	$	702,147
Building and other improvements	2,390,215		2,295,852
Construction in progress	7,599		7,473
Total	3,117,558		3,005,472
Less accumulated depreciation	(547,018)		(525,830)
Net investment properties	2,570,540		2,479,642
Cash, cash equivalents, and restricted cash	34,395		40,518
Intangible assets, net	202,691		193,963
Accounts and rents receivable	36,518		37,471
Deferred costs and other assets, net	41,334		37,053
Total assets	$	2,885,478	$	2,788,647

Liabilities
Debt, net	$	952,218	$	825,881
Accounts payable and accrued expenses	29,190		48,291
Distributions payable	19,484		18,450
Intangible liabilities, net	73,915		68,475
Other liabilities	32,589		33,288
Total liabilities	1,107,396		994,385
Commitments and contingencies

Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	—		—
Common stock, $0.001 par value, 146,000,000 shares authorized, 77,935,857 shares issued and outstanding as of March 31, 2026 and 77,691,533 shares issued and outstanding as of December 31, 2025	78		78
Additional paid-in capital	5,733,540		5,736,652
Distributions in excess of accumulated net income	(3,961,529)		(3,947,229)
Accumulated comprehensive income	5,993		4,761
Total stockholders' equity	1,778,082		1,794,262
Total liabilities and stockholders' equity	$	2,885,478	$	2,788,647


2			Supplemental - Quarter Ended March 31, 2026


			Condensed Consolidated Statements of Operations and Comprehensive Income
			In thousands, except share and per share information, unaudited


	Three Months Ended March 31
		2026		2025
Income
Lease income, net		$	82,110	$	73,389
Other property income		471		382
Total income		82,581		73,771

Operating expenses
Depreciation and amortization		36,385		30,614
Property operating		12,021		10,747
Real estate taxes		9,902		9,356
General and administrative		9,319		8,547
Total operating expenses		67,627		59,264

Other (expense) income
Interest expense, net		(10,085)		(8,322)



Other income and expense, net		315		607
Total other (expense) income, net		(9,770)		(7,715)

Net income		$	5,184	$	6,792

Weighted-average common shares outstanding - basic		77,933,973		77,563,971
Weighted-average common shares outstanding - diluted		78,415,161		78,160,787

Net income per common share - basic		$	0.07	$	0.09
Net income per common share - diluted		$	0.07	$	0.09

Comprehensive income
Net income		$	5,184	$	6,792
Unrealized gain (loss) on derivatives, net		2,838		(1,586)
Reclassification to net income		(1,606)		(2,242)
Comprehensive income		$	6,416	$	2,964


3			Supplemental - Quarter Ended March 31, 2026


			Condensed Consolidated Supplemental Details of Assets and Liabilities
			In thousands


	As of
	March 31, 2026		December 31, 2025

Cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	26,799	$	34,973
Restricted cash	7,596		5,545
Total	$	34,395	$	40,518

Accounts and rents receivable
Base rent, recoveries, and other receivables	$	7,494	$	9,624
Straight-line rent receivables	29,024		27,847
Total	$	36,518	$	37,471

Deferred cost and other assets, net
Deferred leasing costs, net	$	16,452	$	16,240
Derivative assets	6,041		5,196
Other assets	4,248		4,741
Financing costs, net	3,990		4,342
Deferred costs, net	5,794		4,995
Operating lease right of use assets, net	1,460		1,539
Prepaid insurance premiums	3,349		—
Total	$	41,334	$	37,053

Other liabilities
Security deposits	$	8,727	$	8,661
Deferred revenues	7,411		7,574
Unearned lease income	9,357		10,207
Other liabilities	5,019		4,282
Operating lease liabilities	2,027		2,129
Derivative liabilities	48		435
Total	$	32,589	$	33,288


4			Supplemental - Quarter Ended March 31, 2026


			Condensed Consolidated Supplemental Details of Operations
			In thousands


		Three Months Ended March 31
			2026		2025
Income
*	Minimum base rent		$	51,451	$	47,066
*	Real estate tax recoveries		9,204		8,599
*	Common area maintenance, insurance, and other recoveries		10,338		9,399
*	Ground rent income		5,805		5,076
	Amortization of market-lease intangibles and inducements, net		2,258		895
*	Short-term and other lease income		1,291		1,417
	Termination fee income		802		10
	Straight-line rent adjustments, net		1,178		894
*	(Provision for) reversal of estimated credit losses		(217)		33
	Lease income, net		82,110		73,389

*	Other property income		471		382

	Total income		$	82,581	$	73,771

Operating expenses
	Depreciation and amortization		$	36,385	$	30,614

*	Repairs and maintenance		4,148		3,375
*	Payroll, benefits, and office		2,862		2,755
*	Utilities and waste removal		2,702		2,462
*	Property insurance		1,333		1,330
*	Security, legal, and other		976		825

	Property operating expenses		12,021		10,747



*	Real estate taxes		9,902		9,356

	General and administrative		7,219		6,443
	Stock-based compensation costs		2,801		2,766
	Capitalized direct development compensation costs		(701)		(662)
	General and administrative expense		9,319		8,547

	Total operating expenses		$	67,627	$	59,264



Interest expense, net
	Term loans, including impact of derivatives		$	3,171	$	3,320
	Senior notes		3,201		3,201
	Mortgages payable		1,256		926
	Line of credit, including facility fees		1,608		200

	Capitalized interest		(171)		(8)
	Interest on finance lease liability		137		—
	Accretion of finance lease liability		51		—
	Amortization of debt discounts and financing costs		832		683
	Total interest expense, net		$	10,085	$	8,322

Other income and expense, net
	Interest on cash and cash equivalents		$	198	$	672
	Income tax expense		(147)		(136)
	Miscellaneous and settlement income		264		71
	Total other income and expense, net		$	315	$	607

* Component of Net Operating Income


5			Supplemental - Quarter Ended March 31, 2026


			Reconciliation of Non-GAAP Measures
			In thousands

Same Property NOI

The following table presents the components of Same Property NOI:


	Three Months Ended March 31
		2026		2025
Income
Minimum base rent		$	44,349	$	43,183
Real estate tax recoveries		8,209		7,912
Common area maintenance, insurance, and other recoveries		8,798		8,646
Ground rent income		4,872		4,760
Short-term and other lease income		1,328		1,174
(Provision for) reversal of estimated credit losses		(156)		32
Other property income		427		348
Total income		67,827		66,055

Operating Expenses
Property operating		10,282		9,981
Real estate taxes		8,857		8,615
Total operating expenses		19,139		18,596

Same Property NOI		$	48,688	$	47,459


Same Property NOI Growth	2.6	%

Same Property Count	63

Net Income to Same Property NOI

The following table reconciles Net Income to Same Property NOI:


	Three Months Ended March 31
		2026		2025
Net income		$	5,184	$	6,792
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net		(315)		(607)
Interest expense, net		10,085		8,322



Depreciation and amortization		36,385		30,614
General and administrative		9,319		8,547
Adjustments to NOI (a)		(4,238)		(1,799)
NOI		56,420		51,869
NOI from other investment properties		(7,732)		(4,410)
Same Property NOI		$	48,688	$	47,459

(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.


6			Supplemental - Quarter Ended March 31, 2026


			Reconciliation of Non-GAAP Measures, continued
			In thousands, except share and per share amounts

Nareit FFO and Core FFO

The following table reconciles Net Income to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:


	Three Months Ended March 31
		2026		2025
Net income		$	5,184	$	6,792
Depreciation and amortization of real estate assets		36,111		30,366


Nareit FFO Applicable to Common Shares and Dilutive Securities		41,295		37,158
Amortization of market lease intangibles and inducements, net		(2,258)		(895)
Straight-line rent adjustments, net		(1,178)		(894)
Amortization of debt discounts and financing costs		832		683
Accretion of finance lease liability		51		—
Depreciation and amortization of corporate assets		274		248
Non-operating income and expense, net (a)		(264)		(71)
Core FFO Applicable to Common Shares and Dilutive Securities		$	38,752	$	36,229

Weighted average common shares outstanding - basic		77,933,973		77,563,971
Dilutive effect of unvested restricted shares (b)		481,188		596,816
Weighted average common shares outstanding - diluted		78,415,161		78,160,787

Net income per diluted share		$	0.07	$	0.09
Nareit FFO per diluted share		$	0.53	$	0.48
Core FFO per diluted share		$	0.49	$	0.46

(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

(b)For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.

EBITDA and Adjusted EBITDA

The following table reconciles Net Income to EBITDA and Adjusted EBITDA:


	Three Months Ended March 31
		2026		2025
Net income		$	5,184	$	6,792
Interest expense, net		10,085		8,322
Income tax expense		147		136
Depreciation and amortization		36,385		30,614
EBITDA		51,801		45,864


Amortization of market-lease intangibles and inducements, net		(2,258)		(895)
Straight-line rent adjustments, net		(1,178)		(894)

Non-operating income and expense, net (a)		(264)		(71)
Adjusted EBITDA		$	48,101	$	44,004

(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.


7			Supplemental - Quarter Ended March 31, 2026


			Summary of Outstanding Debt
			In thousands

Debt Allocation


	Balance as of March 31, 2026		Weighted Average Interest Rate	Weighted Average Years to Maturity
Fixed rate secured debt	$	117,412	4.28%	2.7
Fixed rate unsecured debt	650,000		3.94%	4.6
Variable rate line of credit	181,000		4.71%	2.8
Total secured and unsecured debt	948,412		4.13%	4.0
Finance lease liability	11,133
Debt discounts and financing costs, net	(7,327)
Total Debt, net	$	952,218

Debt Payments and Maturities by Year


Maturity Year	Mortgage Payments		Mortgage Maturities		Term Loan & Senior Notes		Revolving Line of Credit		Total
Remaining 2026	$	580	$	—	$	—	$	—	$	580
2027	810		26,000		—		—		26,810
2028	495		21,321		—		—		21,816
2029	449		61,750		150,000		181,000		393,199
2030	154		5,853		200,000		—		206,007
Thereafter	—		—		300,000		—		300,000
Total	2,488		114,924		650,000		181,000		948,412
Finance lease liability									11,133
Debt discounts and financing costs, net									(7,327)
Total									$	952,218

Supplemental Detail of Debt Maturities

Maturity

Interest Rate

Balance

Mortgages Payable

Escarpment Village

Jul-27

3.86%

26,000

Asheville Market

Mar-28

4.92%

22,064

Daniels Marketplace

Jul-29

4.34%

30,250

Shops at Arbor Trails

Dec-29

4.12%

31,500

Plaza Escondida

May-30

4.24%

7,598

Total

117,412

Term Loan

$200.0 million 5 years

Aug-30

2.66% (a)

100,000

$200.0 million 5 years

Aug-30

2.66% (a)

100,000

$200.0 million 5.5 years

Feb-31

2.63% (b)

50,000

$200.0 million 5.5 years

Feb-31

2.69% (b)

50,000

$200.0 million 5.5 years

Feb-31

4.84% (b)

100,000

Total

400,000

Senior Notes

$150.0 million Series A Notes

Aug-29

5.07%

150,000

$100.0 million Series B Notes

Aug-32

5.20%

100,000

Total

250,000

Revolving Line of Credit

$500.0 million total capacity

Jan-29

1M SOFR + 1.05% (c)

181,000

Total secured and unsecured debt

4.13%

948,412

Finance Lease Liability

West Ashley Station Ground Lease

Jan-92

11,133

Total Debt

959,545

(a)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on September 22, 2026, at which point the fixed interest rate will become 4.50%.

(b)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on March 22, 2027, at which point the weighted average fixed interest rate will become 4.58%.

(c)As of March 31, 2026, 1-Month Term SOFR was 3.66%. An additional annual facility fee of 0.15% applies to entire line of credit capacity.


8			Supplemental - Quarter Ended March 31, 2026


			Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs
			Unaudited, Dollars in thousands

Debt Covenants


		For the quarter ended
Description	Unsecured Debt Covenants	Q1 2026	Q4 2025	Q3 2025	Q2 2025
Leverage Ratio	< 60.0%	26.8%	24.2%	23.0%	23.0%
Fixed Charge Coverage Ratio	> 1.50	5.1	5.2	5.1	4.7
Maximum Secured Recourse Debt	< 10% of Total Asset Value	—%	—%	—%	—%
Unsecured Interest Coverage Ratio	> 1.75	6.6	6.9	6.5	6.2
Unsecured Leverage Ratio	< 60%	25.8%	23.0%	21.8%	23.8%

Interest Rate Swaps

As of March 31, 2026, the Company is party to five effective interest rate swap agreements:


Effective Interest Rate Swaps	Effective Date	Termination Date	InvenTrust Receives	InvenTrust Pays Fixed Rate of	Fixed Rate Achieved (a)	Notional Amount
5.5 year Term Loan	4/3/23	3/22/27	1-Month SOFR	3.69%	4.84%	$	100,000
5 year Term Loan	12/21/23	9/22/26	1-Month SOFR	1.51%	2.66%	100,000
5 year Term Loan	12/21/23	9/22/26	1-Month SOFR	1.51%	2.66%	100,000
5.5 year Term Loan	6/21/24	3/22/27	1-Month SOFR	1.54%	2.69%	50,000
5.5 year Term Loan	6/21/24	3/22/27	1-Month SOFR	1.48%	2.63%	50,000
						$	400,000

(a)Interest rates reflect the Company's current credit spread of 1.15% as of March 31, 2026.

As of March 31, 2026, the Company is party to four forward-starting interest rate swap agreements:

Forward-Starting
Interest Rate Swaps

Effective Date

Termination Date

InvenTrust
Receives

InvenTrust Pays
Fixed Rate of

Fixed Rate
Achieved (a)

Notional
Amount

5 year Term Loan

9/22/26

8/26/30

Daily SOFR

3.35%

4.50%

100,000

5 year Term Loan

9/22/26

8/26/30

Daily SOFR

3.35%

4.50%

100,000

5.5 year Term Loan

3/22/27

2/24/31

Daily SOFR

3.42%

4.57%

100,000

5.5 year Term Loan

3/22/27

2/24/31

Daily SOFR

3.43%

4.58%

100,000

400,000

(a)Interest rates reflect the Company's current credit spread of 1.15% as of March 31, 2026.

Capital Investments and Leasing Costs


	Three months ended March 31
		2026		2025
Tenant improvements		$	548	$	887
Leasing costs		577		809
Property improvements		1,619		3,212
Capitalized indirect costs (a)		334		428
Total capital expenditures and leasing costs		3,078		5,336
Development and redevelopment direct costs		2,642		1,794
Development and redevelopment indirect costs (a)		367		243
Capital investments and leasing costs (b)		$	6,087	$	7,373

(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.

(b)As of March 31, 2026 and 2025, total accrued capital investments and leasing costs were $2,947 and $4,950, respectively.


9			Supplemental - Quarter Ended March 31, 2026


			Markets and Tenant Size
			GLA and dollar amounts in thousands, except per square foot amounts


Market	No. of Properties	Leased Occupancy		ABR		ABR PSF		ABR as % of Total		GLA	GLA as % of Total
Austin-Round Rock, TX	8	97.9	%	$	34,198	$	17.18	14.5	%	2,094	17.3	%
Atlanta, GA	10	97.9	%	22,724		21.79		9.7	%	1,076	9.0	%
Houston-Sugar Land-Baytown, TX	6	95.0	%	21,930		16.92		9.3	%	1,378	11.5	%
Miami-Fort Lauderdale-Miami Beach, FL	3	99.0	%	20,798		24.66		8.8	%	859	7.2	%
Dallas-Fort Worth-Arlington, TX	7	96.8	%	19,039		21.03		8.1	%	941	7.9	%
Charlotte-Gastonia-Concord, NC	6	96.4	%	16,666		23.06		7.1	%	752	6.3	%
Raleigh-Cary-Durham, NC	5	97.0	%	13,575		20.71		5.8	%	688	5.7	%
Richmond, VA	3	98.4	%	13,051		17.19		5.6	%	771	6.4	%
Orlando-Kissimmee, FL	4	97.0	%	10,606		26.83		4.5	%	411	3.4	%
Tampa-St. Petersburg, FL	3	86.5	%	10,261		16.11		4.4	%	744	6.2	%
San Antonio, TX	3	95.6	%	9,362		28.19		4.0	%	353	2.9	%
Cape Coral-Fort Myers, FL	3	98.6	%	7,987		21.62		3.4	%	380	3.2	%
Charleston-Berkeley-Dorchester, SC	3	97.9	%	7,909		27.53		3.4	%	293	2.4	%
Phoenix, AZ	4	98.5	%	7,337		25.73		3.1	%	294	2.5	%
Washington D.C., MD	2	93.0	%	6,126		37.83		2.6	%	181	1.5	%
Nashville, TN	1	98.0	%	5,705		18.67		2.4	%	324	2.7	%
Asheville, NC	1	96.7	%	2,539		20.14		1.1	%	130	1.1	%
Savannah, GA	1	100	%	2,038		19.67		0.9	%	106	0.9	%
So. California - Los Angeles, CA	1	76.1	%	1,738		19.56		0.7	%	117	1.0	%
Tucson, AZ	1	97.4	%	1,479		16.67		0.6	%	91	0.8	%
Total	75	96.4	%	$	235,068	$	20.63	100	%	11,983	100	%

Market	No. of Properties	Leased Occupancy		ABR		ABR PSF		ABR as % of Total		GLA	GLA as % of Total
Texas	24	96.7	%	$	84,529	$	18.68	35.9	%	4,766	39.6	%
Florida	13	94.7	%	49,652		22.12		21.1	%	2,394	20.0	%
North Carolina	12	96.7	%	32,780		21.79		14.0	%	1,570	13.1	%
Georgia	11	98.1	%	24,762		21.60		10.6	%	1,182	9.9	%
Virginia	3	98.4	%	13,051		17.19		5.6	%	771	6.4	%
Arizona	5	98.2	%	8,816		23.58		3.7	%	385	3.3	%
South Carolina	3	97.9	%	7,909		27.53		3.4	%	293	2.4	%
Maryland	2	93.0	%	6,126		37.83		2.6	%	181	1.5	%
Tennessee	1	98.0	%	5,705		18.67		2.4	%	324	2.7	%
California	1	76.1	%	1,738		19.56		0.7	%	117	1.0	%
	75	96.4	%	$	235,068	$	20.63	100	%	11,983	100	%


Tenant type	Economic Occupancy		Leased Occupancy		ABR		ABR PSF		GLA
20,000 SF+ (a)	98.4	%	99.0	%	$	73,385	$	11.84	6,303
10,000 - 19,999 SF (a)	94.4	%	95.5	%	21,626		20.06		1,142
5,000 - 9,999 SF (b)	92.2	%	93.6	%	25,002		27.88		973
1 - 4,999 SF (b)	90.5	%	92.7	%	115,055		35.72		3,565
Total	95.1	%	96.4	%	$	235,068	$	20.63	11,983

Anchor Tenants (a)	97.8	%	98.5	%	$	95,011	$	13.05	7,445
Small Shop Tenants (b)	90.8	%	92.9	%	$	140,057	$	34.01	4,538

(a)Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.

(b)Tenants with square footage less than 10,000 square feet are considered Small Shop Tenants.


10			Supplemental - Quarter Ended March 31, 2026


			Top 25 Tenants by Total ABR and Tenant Merchandise Mix
			In thousands


	Parent Name	Tenant Name/Count	Credit Rating (a)	No. of Leases	ABR		% of Total ABR		GLA	% of Total Occ.GLA
1	Kroger	Kroger 7 / Kroger Fuel 1 / Harris Teeter 5	BBB	13	$	8,079	3.4	%	787	6.6	%
2	Publix Super Markets, Inc.	Publix 13 / Publix Liquor 3	N/A	16	7,381		3.1	%	629	5.2	%
3	TJX Companies	Marshalls 9 / HomeGoods 5 / TJ Maxx 3	A	17	5,910		2.5	%	480	4.0	%
4	Amazon, Inc.	Whole Foods Market 8	AA	8	5,023		2.1	%	320	2.7	%
5	Albertsons	Tom Thumb 2 / Market Street 2 / Safeway 1 / Albertsons 1	BB+	6	4,400		1.9	%	365	3.0	%
6	H.E.B.	H.E.B. 4 / H.E.B. Staff Office 1	N/A	5	4,292		1.8	%	481	4.0	%
7	Apollo Global Management, Inc.	Michaels 9	B-	9	2,927		1.2	%	211	1.8	%
8	Trader Joe's		N/A	7	2,752		1.2	%	88	0.7	%
9	Nordstrom Inc.	Nordstrom Rack 4 / Nordstrom 1	BB	5	2,718		1.2	%	146	1.2	%
10	Ross Dress For Less	Ross Dress for Less 6 / dd's Discounts 1	A-	7	2,717		1.2	%	201	1.7	%
11	Dick's Sporting Goods, Inc.	Dick's Sporting Goods 3 / Going, Going, Gone 1	BBB	4	2,686		1.1	%	217	1.8	%
12	BC Partners	PetSmart 7	B+	7	2,521		1.1	%	145	1.2	%
13	Wegmans		N/A	2	2,450		1.0	%	242	2.0	%
14	Best Buy		BBB+	4	2,387		1.0	%	138	1.2	%
15	Ulta Beauty Inc.		N/A	8	2,086		0.9	%	82	0.7	%
16	Petco Health and Wellness Company, Inc.	Petco 8	B	8	2,026		0.9	%	106	0.9	%
17	Kingswood Capital Management	World Market 7	N/A	7	1,853		0.8	%	128	1.1	%
18	Costco Wholesale		AA	2	1,735		0.7	%	298	2.5	%
19	Burlington		BB+	4	1,724		0.7	%	127	1.1	%
20	Bank of America		A-	6	1,718		0.7	%	34	0.3	%
21	The Gap, Inc.	Old Navy 6	BB+	6	1,569		0.7	%	93	0.8	%
22	Five Below, Inc.		N/A	8	1,537		0.7	%	74	0.6	%
23	DSW		N/A	5	1,506		0.6	%	88	0.7	%
24	Sprouts Farmers Market		N/A	3	1,489		0.6	%	84	0.7	%
25	EOS Fitness		N/A	2	1,334		0.6	%	66	0.5	%
	Totals			169	$	74,820	31.7	%	5,630	47.0	%

(a) Reflects the most recently available S&P credit rating.

Tenant Merchandise Mix


Tenant Category	ABR		% of Total ABR
Grocery / Drug	$	41,584	17.7	%
Quick Service Restaurants	27,256		11.6	%
Personal Health and Beauty Services	25,750		11.0	%
Medical	23,369		9.9	%
Full Service Restaurants	21,371		9.1	%
Off Price	14,361		6.1	%
Apparel / Accessories	13,884		6.1	%
Fitness	10,600		4.7	%
Pets	9,188		3.9	%
Banks	9,171		3.9	%
Hobby / Sports	8,103		3.4	%
Other	6,534		2.8	%
Office / Communications	6,135		2.6	%
Home	5,852		2.5	%
Other Essential Retail / Services	4,795		2.0	%
Office (Non-Financial, Non-Medical)	2,798		1.2	%
Entertainment	2,286		1.0	%
Hardware / Auto	2,031		0.9	%
Total	$	235,068	100	%


11			Supplemental - Quarter Ended March 31, 2026


			Comparable and Non-Comparable Lease Statistics
			GLA in thousands

The Company's portfolio had 425 thousand square feet expiring during the three months ended March 31, 2026, of which 364 thousand square feet was re-leased. This achieved a retention rate of approximately 86%. The following table summarizes the activity for leases that were executed during the three months ended March 31, 2026.


	No. of Leases Executed	GLA	New Contractual Rent ($PSF) (a)	Prior Contractual Rent ($PSF) (a)	% Change over Prior Lease Rent (a)	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)

All Tenants
Comparable Renewal Leases (b)	49	240	$25.14	$22.87	9.9%	5.5	$0.06	—
Comparable New Leases (b)	6	9	41.19	34.37	19.8%	7.9	25.54	$15.79
Non-Comparable Renewal and New Leases	9	80	21.02	N/A	N/A	9.8	53.94	1.98
Total	64	329	$25.73	$23.29	10.5%	6.6	$13.90	$0.92

Anchor Tenants
Comparable Renewal Leases (b)	4	107	$14.87	$13.90	7.0%	6.1	—	—
Comparable New Leases (b)	—	—	—	—	—%	—	—	—
Non-Comparable Renewal and New Leases	1	61	16.28	N/A	N/A	10.0	$65.12	—
Total	5	168	$14.87	$13.90	7.0%	7.5	$23.74	—

Small Shop Tenants
Comparable Renewal Leases (b)	45	133	$33.45	$30.13	11.0%	5.0	$0.11	—
Comparable New Leases (b)	6	9	41.19	34.37	19.8%	7.9	25.54	$15.79
Non-Comparable Renewal and New Leases	8	19	36.65	N/A	N/A	9.0	17.06	8.52
Total	59	161	$33.95	$30.40	11.7%	5.6	$3.54	$1.89

(a)Non-comparable leases are not included in totals.
(b)Comparable leases are leases that meet all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.


12			Supplemental - Quarter Ended March 31, 2026


			Comparable and Non-Comparable Lease Statistics, continued
			GLA in thousands

The following table summarizes the activity for leases that were executed during the trailing four quarters ended March 31, 2026.


	No. of Leases Executed	GLA	New Contractual Rent ($PSF)	Prior Contractual Rent ($PSF)	% Change over Prior Lease Rent	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($ PSF)	Lease Commissions ($ PSF)

Comparable Leases
Total Renewals and New Leases
Q1 2026	55	249	$25.73	$23.29	10.5%	5.6	$1.00	$0.58
Q4 2025	60	314	25.28	22.16	14.1%	5.7	3.01	1.32
Q3 2025	49	360	16.53	14.82	11.5%	5.5	1.05	0.65
Q2 2025	65	286	27.53	23.66	16.4%	7.4	12.62	2.80
Total	229	1,209	$23.30	$20.56	13.3%	6.0	$4.29	$1.32

Renewals
Q1 2026	49	240	$25.14	$22.87	9.9%	5.5	$0.06	—
Q4 2025	49	291	23.80	20.88	14.0%	5.4	0.44	—
Q3 2025	44	345	15.75	14.27	10.4%	5.3	0.02	—
Q2 2025	51	213	27.61	25.28	9.2%	5.2	—	—
Total	193	1,089	$22.29	$20.08	11.0%	5.3	$0.14	—

New Leases
Q1 2026	6	9	$41.19	$34.37	19.8%	7.9	$25.54	$15.79
Q4 2025	11	23	43.95	38.18	15.1%	9.9	35.28	17.85
Q3 2025	5	15	34.45	27.43	25.6%	10.5	24.80	15.59
Q2 2025	14	73	27.30	18.94	44.1%	13.9	49.60	10.99
Total	36	120	$32.47	$24.89	30.5%	12.2	$41.90	$13.26

Non-Comparable Leases
Q1 2026	9	80	$21.02			9.8	$53.94	$1.98
Q4 2025	19	36	35.39			6.8	21.53	10.92
Q3 2025	7	49	23.88			17.7	67.30	3.60
Q2 2025	8	17	32.17			9.1	25.90	17.89
Total	43	182	$25.70			11.2	$48.39	$5.70


13			Supplemental - Quarter Ended March 31, 2026


			Tenant Lease Expirations
			GLA and ABR in thousands, except per square foot amounts


	Lease Expiration Year	No. of Expiring Leases	GLA of Expiring Leases	Percent of Total GLA of Expiring Leases		ABR of Expiring Leases (a)		Percent of Total ABR		Expiring ABR PSF (a)

Anchor Tenants

	2026	3	46	0.6	%	$	831	0.8	%	$18.07
	2027	33	1,023	13.9	%	14,111		14.3	%	13.79
	2028	28	703	9.6	%	10,493		10.5	%	14.93
	2029	31	946	13.0	%	12,029		12.0	%	12.72
	2030	30	1,002	13.8	%	12,317		12.3	%	12.29
	2031	19	686	9.4	%	8,382		8.4	%	12.22
	2032	12	427	5.9	%	5,641		5.6	%	13.21
	2033	9	260	3.6	%	3,445		3.4	%	13.25
	2034	15	640	8.8	%	8,638		8.6	%	13.50
	2035	8	366	5.0	%	5,210		5.2	%	14.23
	Thereafter	27	1,177	16.2	%	18,652		18.6	%	15.85
	Other (b)	1	11	0.2	%	346		0.3	%	31.45
	Totals	216	7,287	100	%	$	100,095	100	%	$13.74
	Vacant space		159
	Total		7,446

Small Shop Tenants

	2026	108	235	5.7	%	$	7,726	5.0	%	$32.88
	2027	228	547	13.3	%	18,655		12.1	%	34.10
	2028	240	578	14.0	%	19,932		12.9	%	34.48
	2029	232	621	15.1	%	22,668		14.7	%	36.50
	2030	200	496	12.0	%	18,332		11.9	%	36.96
	2031	168	493	12.0	%	17,790		11.4	%	36.09
	2032	101	280	6.8	%	10,306		6.7	%	36.81
	2033	65	188	4.6	%	7,826		5.1	%	41.63
	2034	88	244	5.9	%	10,656		6.9	%	43.67
	2035	88	244	5.9	%	11,192		7.3	%	45.87
	Thereafter	53	169	4.1	%	8,502		5.5	%	50.31
	Other (b)	11	26	0.6	%	704		0.5	%	27.08
	Totals	1,582	4,121	100	%	$	154,289	100	%	$37.44
	Vacant space		416
	Total		4,537

Total

	2026	111	281	2.5	%	$	8,557	3.4	%	$30.45
	2027	261	1,570	14.0	%	32,766		12.9	%	20.87
	2028	268	1,281	11.2	%	30,425		12.0	%	23.75
	2029	263	1,567	13.7	%	34,697		13.6	%	22.14
	2030	230	1,498	13.1	%	30,649		12.0	%	20.46
	2031	187	1,179	10.3	%	26,172		10.3	%	22.20
	2032	113	707	6.2	%	15,947		6.3	%	22.56
	2033	74	448	3.9	%	11,271		4.4	%	25.16
	2034	103	884	7.7	%	19,294		7.6	%	21.83
	2035	96	610	5.3	%	16,402		6.4	%	26.89
	Thereafter	80	1,346	11.8	%	27,154		10.7	%	20.17
	Other (b)	12	37	0.3	%	1,050		0.4	%	28.38
	Totals	1,798	11,408	100	%	$	254,384	100	%	$22.30
	Vacant space		575
	Total		11,983

(a)Expiring ABR and ABR PSF reflects ABR at the time of lease expiration.

(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.


14			Supplemental - Quarter Ended March 31, 2026


			Acquisitions
			Dollars and GLA in thousands

Acquisitions

Month

Property

Market

Acquisition Price

GLA

Leased Occ.

Major Anchors (a)

February

Marketplace at Hudson Station

Phoenix, AZ

31,250

100%

Fry's Marketplace*, EOS Fitness

February

Nashville West

Nashville, TN

88,000

324

98.0%

Costco Wholesale*, Publix*, Target*, Best Buy, Books-A-Million, Boot Barn Western and Work Wear, Dick's Sporting Goods, Dollar Tree, DSW, Marshalls, Old Navy, PetSmart, Ross Dress for Less, The Tile Shop, World Market

March

The Centre on Hugh Howell -
Outparcel (b)

Atlanta, GA

3,731

100%

N/A

Total

122,981

391

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow-anchors are noted with an asterisk.

(b)The Company acquired a single-tenant outparcel adjacent to this retail property. The assets, liabilities, and operations of the outparcel acquired are combined for presentation purposes with the retail property already owned by the Company.


15			Supplemental - Quarter Ended March 31, 2026


			Development Pipeline
			In thousands

Active Redevelopments

Estimated Completion Quarter (a)

Projected Incremental Costs

Costs to Date

Estimated Incremental Yield on Cost

Property

Market

Project Description

Bay Colony

Houston - Sugar Land-Baytown, TX

Redevelopment of an existing outparcel building.

2Q - 2026

2,300

1,300

Westpark Shopping Center

Richmond, VA

Development of an 8,400 square foot multi-tenant building.

1Q - 2027

4,500

1,000

The Parke

Austin - Round Rock, TX

Anchor space repositioning, including an 8,000 square foot expansion of the existing grocer and repositioning of small shop space.

3Q - 2027

9,700

2,400

Total Redevelopment Costs

16,500

4,700

7-10%

(a) The Company's estimated timing of completion may be impacted by factors outside of management's control, including global supply constraints or government restrictions.

Recently Completed Redevelopments

Property

Market

Project Description

Completion Quarter

Completed Costs

Sarasota Pavilion

Tampa - St. Petersburg, FL

Anchor space repositioning and remerchandising into new tenant spaces, including a 27,000 square foot anchor space and a 5,000 square foot small shop space.

1Q - 2026

5,900

Shops at Arbor Trails

Austin - Round Rock, TX

Redevelopment of a pre-existing single-tenant building to a multi-tenant building.

1Q - 2026

2,600

Buckhead Crossing

Atlanta, GA

Anchor space repositioning and remerchandising into new tenant spaces, including a 10,000 square foot anchor space and a 7,000 square foot small shop space.

1Q - 2026

4,200

Sandy Plains Centre

Atlanta, GA

Redevelopment and expansion to accommodate a 10,000 square foot swim school and additional small shop space.

3Q - 2025

2,800

Potential Developments and Redevelopments

Projects shown below are listed alphabetically, are in various stages of planning, and may or may not commence due to a number of factors.

Property

Market

Project Description

Bay Landing

Cape Coral - Fort Myers, FL

New development of building area adjacent to existing stores.

Buckhead Crossing

Atlanta, GA

New development, including addition of an outparcel building.

Garden Village

So. California - Los Angeles, CA

Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs.

Gateway Market Center

Tampa - St. Petersburg, FL

Extensive repositioning and reconfiguration of the center to right size anchor space, add freestanding buildings and improve vehicular access.

Kyle Marketplace

Austin - Round Rock, TX

New development, including addition of outparcel buildings.

Plantation Grove

Orlando - Kissimmee, FL

Redevelopment and expansion of the shopping center. Addition of new outparcel building.

Sarasota Pavilion

Tampa - St. Petersburg, FL

New development, including anchor repositioning and the addition of new outparcel building.

The Centre on Hugh Howell

Atlanta, GA

New development, including addition of outparcel building.

Twelve Oaks Shopping Center

Savannah, GA

Anchor repositioning and site improvements.


16			Supplemental - Quarter Ended March 31, 2026


			Property Summary, by Total Market GLA
			GLA in thousands

Property

Market

State

Center
Type (a)

GLA

Leased Occupancy

ABR
PSF

Grocery
Anchor (b)

Major Anchors (c)

Escarpment Village

Austin-Round Rock

170

100%

$23.12

Yes

HEB

Kyle Marketplace

Austin-Round Rock

260

98.5%

$15.40

Yes

HEB

Market at Westlake

Austin-Round Rock

100%

$22.20

Walgreens

Scofield Crossing

Austin-Round Rock

98.7%

$27.81

Crunch Fitness, Goodwill

Shops at Arbor Trails

Austin-Round Rock

357

99.6%

$14.79

Yes

Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls

Shops at the Galleria

Austin-Round Rock

537

94.8%

$15.07

Yes

Trader Joe's, Best Buy, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, Old Navy, PetSmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods, World Market

The Parke

Austin-Round Rock

409

98.8%

$16.97

Yes

Whole Foods Market, Cavender's Boot City, Dick's Sporting Goods, DSW, Five Below, La-Z-Boy Furniture Galleries, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Ulta, World Market

University Oaks Shopping Center

Austin-Round Rock

236

98.3%

$20.42

Burlington, Crunch Fitness, DSW, IKEA*, JC Penney*, PetSmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods

Custer Creek Village

Dallas-Fort Worth-Arlington

95.5%

$16.19

Yes

Tom Thumb

Eldorado Marketplace

Dallas-Fort Worth-Arlington

189

100%

$25.19

Yes

Market Street, PetSmart, Phenix Salon Suites

Prestonwood Town Center

Dallas-Fort Worth-Arlington

236

99.4%

$21.52

Yes

Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta

Riverview Village

Dallas-Fort Worth-Arlington

100%

$13.56

Yes

Tom Thumb, Petco

Riverwalk Market

Dallas-Fort Worth-Arlington

95.6%

$21.85

Yes

Market Street

Shops at Fairview Town Center

Dallas-Fort Worth-Arlington

100%

$26.41

Yes

Whole Foods Market

The Highlands of Flower Mound

Dallas-Fort Worth-Arlington

175

88.1%

$19.51

Yes

Target*, Michaels, Nordstrom Rack, Skechers, World Market

Antoine Town Center

Houston-Sugar Land-Baytown

110

92.4%

$15.08

Yes

Kroger

Bay Colony

Houston-Sugar Land-Baytown

415

96.9%

$17.11

Yes

HEB, Kohl's, LA Fitness, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens

Blackhawk Town Center

Houston-Sugar Land-Baytown

127

97.5%

$14.35

Yes

HEB, Walgreens

Cyfair Town Center

Houston-Sugar Land-Baytown

434

93.6%

$17.62

Yes

Kroger, Cinemark USA, Crunch Fitness, JC Penney

Eldridge Town Center

Houston-Sugar Land-Baytown

144

95.4%

$17.05

Yes

Kroger, Kohl's*, Petco

Stables Town Center

Houston-Sugar Land-Baytown

148

93.2%

$17.89

Yes

Kroger

Sonterra Village

San Antonio

86.9%

$37.55

Yes

Trader Joe's

Stone Ridge Market

San Antonio

219

99.0%

$26.29

Yes

HEB Plus*, Burlington, PetSmart

The Marketplace at Encino Park (d)

San Antonio

91.4%

$28.87

Yes

Sprouts Farmers Market

Total Texas

4,766

96.7%

$18.68

Bay Landing

Cape Coral - Fort Myers

100%

$11.03

Yes

The Fresh Market, HomeGoods

Daniels Marketplace (d)

Cape Coral - Fort Myers

131

100%

$32.10

Yes

Whole Foods Market

The Forum

Cape Coral - Fort Myers

186

97.1%

$17.74

Yes

Target*, dd's Discounts, Home Depot*, Michaels, Petco, Ross Dress for Less, Sky Zone, Staples

PGA Plaza

Miami-Ft Lauderdale-Miami Beach

121

100%

$37.90

Yes

Trader Joe's, Marshalls, Ulta

Southern Palm Crossing

Miami-Ft Lauderdale-Miami Beach

345

99.1%

$17.95

Yes

Costco Wholesale, Going Going Gone, Marshalls

Westfork Plaza & Paraiso Parc

Miami-Ft Lauderdale-Miami Beach

393

98.7%

$26.44

Yes

Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, Skechers, TJ Maxx, Ulta

Lakeside & Lakeside Crossing

Orlando - Kissimmee

98.5%

$50.10

Yes

Trader Joe's


17			Supplemental - Quarter Ended March 31, 2026


			Property Summary, by Total Market GLA, continued
			GLA in thousands


	Property	Market	State	Center Type (a)	GLA	Leased Occupancy	ABR PSF	Grocery Anchor (b)	Major Anchors (c)
32	Plantation Grove	Orlando - Kissimmee	FL	N	107	96.1%	$21.46	Yes	Publix
33	Rio Pinar Plaza	Orlando - Kissimmee	FL	N	131	97.0%	$20.61	Yes	Publix, Planet Fitness
34	Suncrest Village	Orlando - Kissimmee	FL	N	97	96.8%	$22.45	Yes	Publix, Orange County Tax Collector
35	Gateway Market Center	Tampa - St. Petersburg	FL	P	231	64.0%	$14.35	Yes	Publix, Target*, HomeGoods, PetSmart, TJ Maxx
36	Peachland Promenade	Tampa - St. Petersburg	FL	C	177	97.0%	$15.30	Yes	Publix, Goodwill, My Salon Suite, Planet Fitness
37	Sarasota Pavilion	Tampa - St. Petersburg	FL	P	336	96.4%	$17.37	Yes	Publix, Bank of America, Bealls, Marshalls, Michaels, Old Navy, PetSmart, Ross Dress for Less, Truist Bank, World Market
	Total Florida				2,394	94.7%	$22.12

38	Asheville Market (d)	Asheville	NC	C	130	96.7%	$20.14	Yes	Whole Foods Market, DSW, Fifth Season Gardening, Guitar Center
39	Carmel Village (d)	Charlotte-Gastonia-Concord	NC	N	54	83.3%	$28.29	No	N/A
40	Eastfield Village	Charlotte-Gastonia-Concord	NC	N	96	97.5%	$19.58	Yes	Food Lion, Gold's Gym
41	Northcross Commons	Charlotte-Gastonia-Concord	NC	N	63	100%	$29.40	Yes	Whole Foods Market
42	Rea Farms (d)	Charlotte-Gastonia-Concord	NC	C	183	96.5%	$25.76	Yes	Harris Teeter
43	Sycamore Commons	Charlotte-Gastonia-Concord	NC	P	265	98.8%	$21.30	Yes	Costco Wholesale, Best Buy, Dick's Sporting Goods, Lowe's, Michaels, Nordstrom Rack, Old Navy, Ulta, World Market
44	The Shoppes at Davis Lake	Charlotte-Gastonia-Concord	NC	N	91	93.2%	$19.24	Yes	Harris Teeter
45	Bent Tree Plaza	Raleigh-Cary-Durham	NC	N	80	100%	$16.14	Yes	Food Lion
46	Cary Park Town Center	Raleigh-Cary-Durham	NC	N	93	95.8%	$17.61	Yes	Harris Teeter, CVS
47	Commons at University Place	Raleigh-Cary-Durham	NC	N	92	100%	$17.59	Yes	Harris Teeter, CVS
48	Renaissance Center	Raleigh-Cary-Durham	NC	C	363	95.4%	$24.14	No	Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market
49	The Pointe at Creedmoor	Raleigh-Cary-Durham	NC	N	60	100%	$16.93	Yes	Harris Teeter
	Total North Carolina				1,570	96.7%	$21.79

50	Buckhead Crossing	Atlanta	GA	C	221	96.2%	$24.83	No	HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop, Ulta
51	Coweta Crossing	Atlanta	GA	N	68	100%	$11.48	Yes	Publix
52	Kennesaw Marketplace	Atlanta	GA	C	130	100%	$36.73	Yes	Whole Foods Market, Academy Sports + Outdoors, Guitar Center, Hobby Lobby, Petco
53	Moores Mill	Atlanta	GA	N	70	100%	$25.48	Yes	Publix
54	Plaza Midtown	Atlanta	GA	N	70	100%	$28.92	Yes	Publix
55	Rose Creek	Atlanta	GA	N	70	100%	$12.09	Yes	Publix
56	Sandy Plains Centre	Atlanta	GA	C	135	97.1%	$24.56	Yes	Kroger, Pet Supplies Plus, Walgreens*
57	The Centre on Hugh Howell	Atlanta	GA	N	90	97.1%	$15.76	No	Crunch Fitness
58	Thomas Crossroads	Atlanta	GA	N	105	93.8%	$10.40	Yes	Kroger
59	Windward Commons	Atlanta	GA	N	117	98.7%	$16.42	Yes	Kroger
60	Twelve Oaks Shopping Center (d)	Savannah	GA	N	106	100%	$19.67	Yes	Publix
	Total Georgia				1,182	98.1%	$21.60


18			Supplemental - Quarter Ended March 31, 2026


			Property Summary, by Total Market GLA, continued
			GLA in thousands


	Property	Market	State	Center Type (a)	GLA	Leased Occupancy	ABR PSF	Grocery Anchor (b)	Major Anchors (c)
61	Stonehenge Village	Richmond	VA	C	214	100%	$19.23	Yes	Wegmans, La-Z-Boy, Party City, Petco
62	West Broad Marketplace (d)	Richmond	VA	P	386	97.5%	$16.00	Yes	Wegmans, Burlington, Cabela's, Duluth Trading Company, Michaels, TJ Maxx
63	Westpark Shopping Center	Richmond	VA	C	171	98.4%	$17.25	Yes	Publix, Painted Tree Boutiques, Planet Fitness, The Tile Shop
	Total Virginia				771	98.4%	$17.19

64	Marketplace at Hudson Station (d)	Phoenix	AZ	N	60	100%	$34.93	Yes	Fry's Marketplace*, EOS Fitness
65	Mesa Shores (d)	Phoenix	AZ	N	111	97.5%	$20.10	Yes	Sprouts Farmers Market, Trader Joe's, EOS Fitness
66	Scottsdale North Marketplace	Phoenix	AZ	N	66	100%	$23.76	Yes	AJ's Fine Foods
67	The Plant	Phoenix	AZ	N	57	96.9%	$28.84	Yes	Sprouts Farmers Market
68	Plaza Escondida (d)	Tucson	AZ	N	91	97.4%	$16.67	Yes	Trader Joe's, Marshalls
	Total Arizona				385	98.2%	$23.58

69	Nashville West (d)	Nashville	TN	P	324	98.0%	$18.67	Yes	Costco Wholesale, Publix, Target*, Best Buy, Books-A-Million, Boot Barn Western and Work Wear, Dick's Sporting Goods, Dollar Tree, DSW, Marshalls, Old Navy, PetSmart, Ross Dress for Less, The Tile Shop, World Market
	Total Tennessee				324	98.0%	$18.67

70	Market at Mill Creek	Charleston-Berkeley-Dorchester	SC	N	80	100%	$24.42	Yes	Lowes Foods
71	Nexton Square	Charleston-Berkeley-Dorchester	SC	L	134	95.4%	$28.19	No	N/A
72	West Ashley Station (d)	Charleston-Berkeley-Dorchester	SC	N	79	100%	$29.63	Yes	Whole Foods Market
	Total South Carolina				293	97.9%	$27.53

73	The Shops at Town Center	Washington D.C	MD	N	125	97.0%	$32.32	Yes	Safeway
74	Travilah Square Shopping Center	Washington D.C	MD	N	56	84.1%	$51.21	Yes	Trader Joe's
	Total Maryland				181	93.0%	$37.83

75	Garden Village	So. California - Los Angeles	CA	N	117	76.1%	$19.56	Yes	Albertsons
	Total California				117	76.1%	$19.56

	Grand Totals				11,983	96.4%	$20.63

(a)N = Neighborhood Center, P = Power Center, C = Community Center, L = Lifestyle Center

(b)Grocers may be leased or shadow-anchors and includes traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco Wholesale).

(c)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow-anchors are noted with an asterisk.

(d)Properties are excluded from Same Property for the three months ended March 31, 2026.


19			Supplemental - Quarter Ended March 31, 2026


			Components of Net Asset Value as of March 31, 2026
			In thousands, except share information


			Page No.
NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter
NOI, excluding ground rent income	$	50,615	5
Ground rent income	5,805		5
NOI	56,420		6

Annualized NOI, excluding ground rent income	$	202,460
Annualized ground rent income	23,220

Projected remaining development
Net project costs	$	11,800	16
Estimated range for incremental yield	7-10%		16

Assets
Cash, cash equivalents, and restricted cash	$	34,395	2
Base rent, recoveries, and other receivables	7,494		4
Undeveloped land	—
Land held for development	—

Liabilities
Debt	$	959,545	8
Discounts and financing costs, net	(7,327)		8
Accounts payable and accrued expenses	29,190		2
Distributions payable	19,484		2
Other liabilities	32,589		2

Common Shares Outstanding	77,935,857		1


20			Supplemental - Quarter Ended March 31, 2026


			Glossary of Terms


Terms						Definitions
ABR Per Square Foot (ABR PSF)						ABR PSF is the ABR divided by the occupied square footage as of the end of the period.
Adjusted EBITDA						Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance.
Annualized Base Rent (ABR)						Annualized Base Rent (ABR) is the 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.
Anchor Tenant						Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
Community Center						Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants.
Comparable Lease						A Comparable Lease meets all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)						The Company's non-GAAP measure of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization.
Economic Occupancy						Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant.
GAAP Rent Adjustments						GAAP Rent Adjustments consist of amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments.
Gross Leasable Area (GLA)						Measure of the total amount of leasable space at a property in square feet.
Leased Occupancy						Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA.
Lifestyle Center						Lifestyle Centers consist of upscale national-chain specialty stores with dining and entertainment in an outdoor setting.
Nareit Funds From Operations (Nareit FFO) and Core FFO						The Company's non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company's operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s ongoing operating performance.
Neighborhood Center						Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers.
Net Debt						Net Debt is outstanding debt, net, less cash and cash equivalents.
Net Debt-to-Adjusted EBITDA						Net Debt-to-Adjusted EBITDA is net debt divided by trailing twelve month Adjusted EBITDA.
Net Operating Income (NOI)						NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP Rent Adjustments.
New Lease						New Leases are leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit).
NOI from other investment properties						NOI from other investment properties consists of properties which do not meet the Company's Same Property criteria and includes adjustments for the Company's captive insurance company.
Power Center						Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants.
Prior Contractual Rent						Base rent charged for a particular unit, prior to the current term’s first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy.
Renewal Lease						Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option.
Same Property						Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented.
Shadow Anchor Tenant						Shadow Anchor Tenant represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or immediately adjacent to a property, appear to the consumer as a retail tenant of the property and, as a result, attract additional consumer traffic to the property.
Small Shop Tenant						Tenants with square footage less than 10,000 square feet are considered Small Shop Tenants.
Specialty Lease						Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot.


21			Supplemental - Quarter Ended March 31, 2026

InvenTrust Properties Corp.

CORPORATE OFFICE

3025 Highland Pkwy | Ste 350

Downers Grove, IL 60515

630.570.0700

InvestorRelations@InvenTrustProperties.com

Source: View Original Filing on SEC EDGAR

FAQ

How did InvenTrust Properties (IVT) perform in Q1 2026?

In Q1 2026, InvenTrust grew cash-flow metrics but saw lower net income. Total income reached $82.6 million, up from $73.8 million, while net income declined to $5.2 million from $6.8 million. Nareit FFO rose to $41.3 million and Core FFO to $38.8 million.

What occupancy and leasing metrics did IVT report for Q1 2026?

InvenTrust reported leased occupancy of 96.4% in Q1 2026. The company executed 64 leases totaling about 329,000 square feet, with 249,000 square feet of comparable leases achieving a blended re-leasing spread of 10.5%, indicating higher rents on renewed and new space.

What acquisitions did InvenTrust complete during Q1 2026?

InvenTrust acquired three assets totaling roughly 391,000 square feet for about $123 million. Purchases included Marketplace at Hudson Station in Phoenix, Nashville West in Tennessee, and a single-tenant outparcel next to The Centre on Hugh Howell in the Atlanta market, all funded with available liquidity.

How strong is InvenTrust Properties’ liquidity and leverage as of March 31, 2026?

As of March 31, 2026, InvenTrust had $345.8 million of total liquidity. This included $26.8 million of cash and $319.0 million available under its revolving credit facility. Net Debt-to-Adjusted EBITDA stood at 5.2x based on trailing twelve-month Adjusted EBITDA of $179.3 million.

What 2026 guidance did InvenTrust Properties provide for FFO and Same Property NOI?

For 2026, InvenTrust guided Nareit FFO per diluted share to $2.00–$2.06. Core FFO per diluted share is projected at $1.92–$1.96, with Same Property NOI growth expected between 3.25% and 4.25%, assuming about $300 million of net investment activity and roughly $44 million of net interest expense.

What new debt financing did IVT agree to after quarter-end?

On April 16, 2026, InvenTrust entered a $250 million private senior notes agreement. The notes comprise $50 million at 5.09% due 2029, $100 million at 5.32% due 2031, and $100 million at 5.60% due 2033, with an expected weighted average rate of 5.44%.

Filing Exhibits & Attachments

5 documents

InvenTrust Properties (NYSE: IVT) lifts 2026 FFO outlook on strong Q1 leasing

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did InvenTrust Properties (IVT) perform in Q1 2026?

What occupancy and leasing metrics did IVT report for Q1 2026?

What acquisitions did InvenTrust complete during Q1 2026?

How strong is InvenTrust Properties’ liquidity and leverage as of March 31, 2026?

What 2026 guidance did InvenTrust Properties provide for FFO and Same Property NOI?

What new debt financing did IVT agree to after quarter-end?

Filing Exhibits & Attachments

Press Releases

Other Documents

InvenTrust Properties (NYSE: IVT) lifts 2026 FFO outlook on strong Q1 leasing

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT and income-investing analyst neutral

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did InvenTrust Properties (IVT) perform in Q1 2026?

What were InvenTrust Properties’ Q1 2026 FFO and Core FFO per share?

What occupancy and leasing metrics did IVT report for Q1 2026?

What acquisitions did InvenTrust complete during Q1 2026?

How strong is InvenTrust Properties’ liquidity and leverage as of March 31, 2026?

What 2026 guidance did InvenTrust Properties provide for FFO and Same Property NOI?

What new debt financing did IVT agree to after quarter-end?

Filing Exhibits & Attachments

Press Releases

Other Documents