$IVT

InvenTrust Properties Corp.

CIK:0001307748|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income
Lease income, net	$ 82,343	$ 73,130	$ 164,453	$ 146,519
Other property income	487	421	958	803
Total income	82,830	73,551	165,411	147,322
Operating expenses
Depreciation and amortization	38,660	30,738	75,045	61,352
Property operating	12,653	11,476	24,674	22,223
Real estate taxes	9,907	10,194	19,809	19,550
General and administrative	8,942	8,706	18,261	17,253
Total operating expenses	70,162	61,114	137,789	120,378
Other (expense) income
Interest expense, net	(11,328)	(8,346)	(21,413)	(16,668)
Gain on sale of investment properties	0	90,909	0	90,909
Other income and expense, net	29	942	344	1,549
Total other (expense) income, net	(11,299)	83,505	(21,069)	75,790
Net income	$ 1,369	$ 95,942	$ 6,553	$ 102,734
Weighted-average common shares outstanding - basic (in shares)	77,955,027	77,591,538	77,944,558	77,577,831
Weighted-average common shares outstanding - diluted (in shares)	78,754,271	78,292,422	78,584,774	78,226,681
Net income per common share - basic (in dollars per share)	$ 0.02	$ 1.24	$ 0.08	$ 1.32
Net income per common share - diluted (in dollars per share)	$ 0.02	$ 1.23	$ 0.08	$ 1.31
Comprehensive income
Net income	$ 1,369	$ 95,942	$ 6,553	$ 102,734
Unrealized (loss) gain on derivatives, net	(1,483)	(43)	1,355	(1,629)
Reclassification to net income	4,818	(2,293)	3,212	(4,535)
Comprehensive income	$ 4,704	$ 93,606	$ 11,120	$ 96,570

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 6,553	$ 102,734
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	75,045	61,352
Amortization of market-lease intangibles and inducements, net	(3,951)	(1,984)
Amortization of debt discounts and financing costs	1,709	1,340
Accretion of finance lease liability	102	11
Straight-line rent adjustments, net	(2,180)	(1,738)
Provision for estimated credit losses	507	290
Gain on sale of investment properties	0	(90,909)
Stock-based compensation, net	5,613	5,484
Changes in operating assets and liabilities:
Accounts and rents receivable	(491)	709
Deferred costs and other assets, net	(1,643)	(3,179)
Accounts payable and accrued expenses	(5,235)	(5,055)
Other liabilities	(1,885)	(189)
Net cash provided by operating activities	74,144	68,866
Cash flows from investing activities:
Purchase of investment properties	(250,272)	(97,402)
Capital investments and leasing costs	(14,010)	(18,104)
Sale of investment properties, net	0	299,422
Other investing activities, net	73	1,291
Net cash (used in) provided by investing activities	(264,209)	185,207
Cash flows from financing activities:
Payment of tax withholdings for stock-based compensation	(5,570)	(2,420)
Proceeds from sale of common stock under ESPP	187	210
Payment of common stock offering costs	(40)	0
Distributions to stockholders	(37,934)	(35,950)
Proceeds from revolving credit facility	230,000	13,000
Repayments of revolving credit facility	(210,000)	(13,000)
Proceeds from senior notes	250,000	0
Payoffs of mortgage debt	0	(13,000)
Payment of mortgage principal	(384)	(95)
Payment of financing costs	(1,808)	0
Net cash provided by (used in) financing activities	224,451	(51,255)
Net increase in cash, cash equivalents, and restricted cash	34,386	202,818
Cash, cash equivalents, and restricted cash at the beginning of the period	40,518	91,221
Cash, cash equivalents, and restricted cash at the end of the period	74,904	294,039
Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest	18,962	15,362
Cash paid for income taxes, net of refunds	705	675
Distributions payable to stockholders	19,492	18,447
Accrued capital investments and leasing costs	5,346	5,240
Capitalized costs placed in service	3,720	11,301
Gross issuance of shares for stock-based compensation	14,082	6,975
Finance lease right of use assets obtained in exchange for lease liabilities	0	10,973
Reconciliation to gross acquisition price:
Purchase of investment properties	250,272	97,402
Assumption of mortgage principal	0	7,981
Capitalized acquisition costs	(1,409)	(1,050)
Closing credits	4,750	802
Prorations and other changes in cash outflow, net	1,963	240
Gross acquisition price of investment properties	255,576	105,375
Reconciliation to gross disposition price:
Sale of investment properties, net	0	299,422
Credits and other changes in cash inflow, net	0	6,578
Gross disposition price of investment properties	$ 0	$ 306,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investment properties
Land	$ 745,227	$ 702,147
Building and other improvements	2,472,966	2,295,852
Construction in progress	12,417	7,473
Total	3,230,610	3,005,472
Less accumulated depreciation	(570,912)	(525,830)
Net investment properties	2,659,698	2,479,642
Cash, cash equivalents, and restricted cash	74,904	40,518
Intangible assets, net	217,591	193,963
Accounts and rents receivable	39,631	37,471
Deferred costs and other assets, net	42,631	37,053
Total assets	3,034,455	2,788,647
Liabilities
Debt, net	1,094,796	825,881
Accounts payable and accrued expenses	46,581	48,291
Distributions payable	19,492	18,450
Intangible liabilities, net	75,775	68,475
Other liabilities	32,129	33,288
Total liabilities	1,268,773	994,385
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	0	0
Common stock, $0.001 par value, 146,000,000 shares authorized, 77,966,461 shares issued and outstanding as of June 30, 2026 and 77,691,533 shares issued and outstanding as of December 31, 2025	78	78
Additional paid-in capital	5,735,928	5,736,652
Distributions in excess of accumulated net income	(3,979,652)	(3,947,229)
Accumulated comprehensive income	9,328	4,761
Total stockholders' equity	1,765,682	1,794,262
Total liabilities and stockholders' equity	$ 3,034,455	$ 2,788,647