InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the quarter ended September 30, 2026. For the three months ended September 30, 2026 and 2025, the Company reported Net Income of $19.4 million, or $0.25 per diluted share, and $6.0 million, or $0.08 per diluted share, respectively. For the nine months ended September 30, 2026 and 2025, the Company reported Net Income of $26.0 million, or $0.33 per diluted share, and $108.8 million, or $1.39 per diluted share, respectively.

Third Quarter 2026 Highlights:

  • Nareit FFO of $0.53 per diluted share

  • Core FFO of $0.50 per diluted share

  • Same Property Net Operating Income (“NOI”) growth of 3.1%

  • Leased Occupancy as of September 30, 2026 of 96.4%

  • Executed 86 leases totaling approximately 549,000 square feet of GLA, of which 512,000 square feet was executed at a blended comparable lease spread of 14.2%

  • Acquired one property, totaling approximately 169,000 square feet, for a purchase price of $34.0 million

“InvenTrust made meaningful progress during the quarter, converting signed leases into rent-paying occupancy and cash flow,” said DJ Busch, President and Chief Executive Officer of InvenTrust. “Our internal growth drivers, together with the earnings contribution from recent acquisitions, helped drive year-to-date Nareit FFO per-share growth of approximately 10%. As we look toward 2027, our signed-but-not-open leases, redevelopment activity and acquisition opportunities provide multiple avenues to grow the business and create long-term shareholder value.”

NET INCOME

  • Net Income for the three months ended September 30, 2026 was $19.4 million, or $0.25 per diluted share, compared to $6.0 million, or $0.08 per diluted share, for the same period in 2025.

  • Net Income for the nine months ended September 30, 2026 was $26.0 million, or $0.33 per diluted share, compared to $108.8 million, or $1.39 per diluted share, for the same period in 2025.

NAREIT FFO

  • Nareit FFO for the three months ended September 30, 2026 was $41.5 million, or $0.53 per diluted share, compared to $38.4 million, or $0.49 per diluted share, for the same period in 2025.

  • Nareit FFO for the nine months ended September 30, 2026 was $122.6 million, or $1.56 per diluted share, compared to $111.1 million, or $1.42 per diluted share, for the same period in 2025.

CORE FFO

  • Core FFO for the three months ended September 30, 2026 was $39.0 million, or $0.50 per diluted share, compared to $36.7 million, or $0.47 per diluted share, for the same period in 2025.

  • Core FFO for the nine months ended September 30, 2026 was $115.9 million, or $1.47 per diluted share, compared to $107.3 million, or $1.37 per diluted share, for the same period in 2025.

SAME PROPERTY NOI

  • Same Property NOI for the three months ended September 30, 2026 was $50.4 million, a 3.1% increase, compared to the same period in 2025.

  • Same Property NOI for the nine months ended September 30, 2026 was $144.8 million, a 3.4% increase, compared to the same period in 2025.

DIVIDEND

  • For the quarter ended September 30, 2026, the Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on October 15, 2026.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

  • As of September 30, 2026, the Company’s Leased Occupancy was 96.4%.

    • Anchor Leased Occupancy was 98.4% and Small Shop Leased Occupancy was 93.2%. Anchor Leased Occupancy increased 30 basis points and Small Shop Leased Occupancy was unchanged on a sequential basis compared to the previous quarter.

    • Leased to Economic Occupancy spread of 110 basis points, which equates to approximately $4.3 million of base rent on an annualized basis.

  • Comparable leases signed in the third quarter generated a blended re-leasing spread of 14.2%, including 41.7% on new leases and 10.9% on renewals. Renewal spreads included 6.8% on option exercises and 16.0% on non-option renewals.

  • Annualized Base Rent (“ABR”) per square foot (“PSF”) as of September 30, 2026 was $20.97, an increase of 3.4% compared to the same period in 2025. Anchor Tenant ABR PSF was $13.24 and Small Shop Tenant ABR PSF was $34.51 as of September 30, 2026.

  • During the third quarter, the Company completed the following acquisition using available liquidity:

    • On July 1, 2026, the Company acquired New Garden Crossing, a 169,000 square foot community center anchored by Lowes Foods, in Greensboro, North Carolina, for a gross acquisition price of $34.0 million.

LIQUIDITY AND CAPITAL STRUCTURE

  • InvenTrust had $509.5 million of total liquidity as of September 30, 2026, comprised of $29.5 million of cash and cash equivalents and $480.0 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 September 30, 2026 was 4.70% and the weighted average remaining term was 4.1 years.

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

$0.31

—

$0.33

 

$0.12

—

$0.18

Nareit FFO per diluted share

$2.05

—

$2.07

 

$2.01

—

$2.07

Core FFO per diluted share (3)

$1.94

—

$1.96

 

$1.92

—

$1.96

Same Property NOI (“SPNOI”) Growth

3.75%

—

4.25%

 

3.25%

—

4.25%

General and administrative

$35,750

—

$36,750

 

$35,750

—

$36,750

Interest expense, net (4)

$44,000

—

$44,500

 

~ $45,000

Net investment activity (5)

$190,000

—

$255,000

 

~ $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, straight-line rent adjustments, gains or losses on debt transactions, amortization of debt discounts and financing costs, accretion of finance lease liability, 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

$

0.31

 

 

$

0.33

 

Depreciation and amortization of real estate assets

 

1.96

 

 

 

1.96

 

Gain on sale of investment properties

 

(0.22

)

 

 

(0.22

)

Nareit FFO per diluted share

 

2.05

 

 

 

2.07

 

Amortization of market-lease intangibles and inducements, net

 

(0.09

)

 

 

(0.09

)

Straight-line rent adjustments, net

 

(0.07

)

 

 

(0.07

)

Amortization of debt discounts and financing costs

 

0.05

 

 

 

0.05

 

Depreciation and amortization of corporate assets

 

0.01

 

 

 

0.01

 

Non-operating income and expense, net

 

(0.01

)

 

 

(0.01

)

Core FFO per diluted share

$

1.94

 

 

$

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, October 28, 2026

Time:

10:00 a.m. ET

Dial-in:

(833) 461-5787 / Access Code 407-103-358

Webcast & Replay Link:

https://events.q4inc.com/attendee/407103358

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

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. Reconciliations of the Company’s non-GAAP measures to the most directly comparable GAAP financial 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 Adjusted EBITDA.

Financial Statements

 

Condensed Consolidated Balance Sheets

In thousands, except share amounts

 

As of September 30

 

As of December 31

 

 

2026

 

 

 

2025

 

Assets

(unaudited)

 

 

Investment properties

 

 

 

Land

$

747,227

 

 

$

702,147

 

Building and other improvements

 

2,478,598

 

 

 

2,295,852

 

Construction in progress

 

14,976

 

 

 

7,473

 

Total

 

3,240,801

 

 

 

3,005,472

 

Less accumulated depreciation

 

(577,960

)

 

 

(525,830

)

Net investment properties

 

2,662,841

 

 

 

2,479,642

 

Cash, cash equivalents, and restricted cash

 

36,704

 

 

 

40,518

 

Intangible assets, net

 

211,585

 

 

 

193,963

 

Accounts and rents receivable

 

44,784

 

 

 

37,471

 

Deferred costs and other assets, net

 

53,466

 

 

 

37,053

 

Total assets

$

3,009,380

 

 

$

2,788,647

 

 

 

 

 

Liabilities

 

 

 

Debt, net

$

1,040,203

 

 

$

825,881

 

Accounts payable and accrued expenses

 

60,897

 

 

 

48,291

 

Distributions payable

 

19,494

 

 

 

18,450

 

Intangible liabilities, net

 

77,396

 

 

 

68,475

 

Other liabilities

 

31,890

 

 

 

33,288

 

Total liabilities

 

1,229,880

 

 

 

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, 77,978,431 shares issued and outstanding as of September 30, 2026 and 77,691,533 shares issued and outstanding as of December 31, 2025

 

78

 

 

 

78

 

Additional paid-in capital

 

5,738,889

 

 

 

5,736,652

 

Distributions in excess of accumulated net income

 

(3,979,733

)

 

 

(3,947,229

)

Accumulated comprehensive income

 

20,266

 

 

 

4,761

 

Total stockholders’ equity

 

1,779,500

 

 

 

1,794,262

 

Total liabilities and stockholders’ equity

$

3,009,380

 

 

$

2,788,647

 

Financial Statements, continued

Condensed Consolidated Statements of Operations and Comprehensive Income

In thousands, except share and per share amounts, unaudited

 

Three months ended September 30

 

Nine months ended September 30

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Income

 

 

 

 

 

 

 

Lease income, net

$

86,631

 

 

$

74,019

 

 

$

251,084

 

 

$

220,538

 

Other property income

 

486

 

 

 

447

 

 

 

1,444

 

 

 

1,250

 

Total income

 

87,117

 

 

 

74,466

 

 

 

252,528

 

 

 

221,788

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

Depreciation and amortization

 

39,731

 

 

 

32,734

 

 

 

114,776

 

 

 

94,086

 

Property operating

 

13,202

 

 

 

11,054

 

 

 

37,876

 

 

 

33,277

 

Real estate taxes

 

10,369

 

 

 

9,047

 

 

 

30,178

 

 

 

28,597

 

General and administrative

 

8,557

 

 

 

8,316

 

 

 

26,818

 

 

 

25,569

 

Total operating expenses

 

71,859

 

 

 

61,151

 

 

 

209,648

 

 

 

181,529

 

 

 

 

 

 

 

 

 

Other (expense) income

 

 

 

 

 

 

 

Interest expense, net

 

(13,210

)

 

 

(8,969

)

 

 

(34,623

)

 

 

(25,637

)

Gain on sale of investment properties

 

17,379

 

 

 

52

 

 

 

17,379

 

 

 

90,961

 

Other income and expense, net

 

(14

)

 

 

1,628

 

 

 

330

 

 

 

3,177

 

Total other (expense) income, net

 

4,155

 

 

 

(7,289

)

 

 

(16,914

)

 

 

68,501

 

 

 

 

 

 

 

 

 

Net income

$

19,413

 

 

$

6,026

 

 

$

25,966

 

 

$

108,760

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding – basic

 

77,975,439

 

 

 

77,615,993

 

 

 

77,954,965

 

 

 

77,590,691

 

Weighted-average common shares outstanding – diluted

 

78,726,151

 

 

 

78,498,873

 

 

 

78,632,013

 

 

 

78,317,551

 

 

 

 

 

 

 

 

 

Net income per common share – basic

$

0.25

 

 

$

0.08

 

 

$

0.33

 

 

$

1.40

 

Net income per common share – diluted

$

0.25

 

 

$

0.08

 

 

$

0.33

 

 

$

1.39

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

 

 

Net income

$

19,413

 

 

$

6,026

 

 

$

25,966

 

 

$

108,760

 

Unrealized gain (loss) on derivatives, net

 

18,932

 

 

 

(1,008

)

 

 

20,287

 

 

 

(2,637

)

Reclassification to net income

 

(7,994

)

 

 

(2,316

)

 

 

(4,782

)

 

 

(6,851

)

Comprehensive income

$

30,351

 

 

$

2,702

 

 

$

41,471

 

 

$

99,272

 

 

Reconciliation of Non-GAAP Measures

In thousands

Same Property NOI

The following table presents the components of Same Property NOI:

 

 

Three months ended September 30

 

Nine months ended September 30

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Income

 

 

 

 

 

 

 

Minimum base rent

$

46,411

 

 

$

45,169

 

 

$

132,829

 

 

$

129,144

 

Real estate tax recoveries

 

8,569

 

 

 

8,125

 

 

 

24,512

 

 

 

24,395

 

Common area maintenance, insurance, and other recoveries

 

9,198

 

 

 

8,822

 

 

 

26,116

 

 

 

25,337

 

Ground rent income

 

4,852

 

 

 

4,741

 

 

 

14,500

 

 

 

14,167

 

Short-term and other lease income

 

993

 

 

 

849

 

 

 

3,106

 

 

 

2,714

 

Provision for estimated credit losses

 

(163

)

 

 

(137

)

 

 

(562

)

 

 

(271

)

Other property income

 

429

 

 

 

409

 

 

 

1,267

 

 

 

1,148

 

Total income

 

70,289

 

 

 

67,978

 

 

 

201,768

 

 

 

196,634

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

Property operating

 

10,712

 

 

 

10,458

 

 

 

30,527

 

 

 

30,140

 

Real estate taxes

 

9,214

 

 

 

8,657

 

 

 

26,414

 

 

 

26,365

 

Total operating expenses

 

19,926

 

 

 

19,115

 

 

 

56,941

 

 

 

56,505

 

 

 

 

 

 

 

 

 

Same Property NOI

$

50,363

 

 

$

48,863

 

 

$

144,827

 

 

$

140,129

 
 

Net Income to Same Property NOI

The following table reconciles Net Income to Same Property NOI:

 

 

Three months ended September 30

 

Nine months ended September 30

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Net income

$

19,413

 

 

$

6,026

 

 

$

25,966

 

 

$

108,760

 

Adjustments to reconcile to non-GAAP measures:

 

 

 

 

 

 

 

Other income and expense, net

 

14

 

 

 

(1,628

)

 

 

(330

)

 

 

(3,177

)

Interest expense, net

 

13,210

 

 

 

8,969

 

 

 

34,623

 

 

 

25,637

 

Gain on sale of investment properties

 

(17,379

)

 

 

(52

)

 

 

(17,379

)

 

 

(90,961

)

Depreciation and amortization

 

39,731

 

 

 

32,734

 

 

 

114,776

 

 

 

94,086

 

General and administrative

 

8,557

 

 

 

8,316

 

 

 

26,818

 

 

 

25,569

 

Adjustments to NOI (a)

 

(3,727

)

 

 

(2,453

)

 

 

(10,691

)

 

 

(6,233

)

NOI

 

59,819

 

 

 

51,912

 

 

 

173,783

 

 

 

153,681

 

NOI from other investment properties

 

(9,456

)

 

 

(3,049

)

 

 

(28,956

)

 

 

(13,552

)

Same Property NOI

$

50,363

 

 

$

48,863

 

 

$

144,827

 

 

$

140,129

 

(a)

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

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 September 30

 

Nine months ended September 30

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Net income

$

19,413

 

 

$

6,026

 

 

$

25,966

 

 

$

108,760

 

Depreciation and amortization of real estate assets

 

39,466

 

 

 

32,446

 

 

 

113,972

 

 

 

93,263

 

Gain on sale of investment properties

 

(17,379

)

 

 

(52

)

 

 

(17,379

)

 

 

(90,961

)

Nareit FFO Applicable to Common Shares and Dilutive Securities

 

41,500

 

 

 

38,420

 

 

 

122,559

 

 

 

111,062

 

Amortization of market-lease intangibles and inducements, net

 

(2,063

)

 

 

(1,186

)

 

 

(6,014

)

 

 

(3,170

)

Straight-line rent adjustments, net

 

(1,622

)

 

 

(1,121

)

 

 

(3,802

)

 

 

(2,859

)

Amortization of debt discounts and financing costs

 

923

 

 

 

736

 

 

 

2,632

 

 

 

2,076

 

Accretion of finance lease liability

 

51

 

 

 

49

 

 

 

153

 

 

 

60

 

Depreciation and amortization of corporate assets

 

265

 

 

 

288

 

 

 

804

 

 

 

823

 

Non-operating income and expense, net (a)

 

(54

)

 

 

(484

)

 

 

(470

)

 

 

(725

)

Core FFO Applicable to Common Shares and Dilutive Securities

$

39,000

 

 

$

36,702

 

 

$

115,862

 

 

$

107,267

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

77,975,439

 

 

 

77,615,993

 

 

 

77,954,965

 

 

 

77,590,691

 

Dilutive effect of unvested restricted shares (b)

 

750,712

 

 

 

882,880

 

 

 

677,048

 

 

 

726,860

 

Weighted average common shares outstanding – diluted

 

78,726,151

 

 

 

78,498,873

 

 

 

78,632,013

 

 

 

78,317,551

 

 

 

 

 

 

 

 

 

Net income per diluted share

$

0.25

 

 

$

0.08

 

 

$

0.33

 

 

$

1.39

 

Nareit FFO per diluted share

$

0.53

 

 

$

0.49

 

 

$

1.56

 

 

$

1.42

 

Core FFO per diluted share

$

0.50

 

 

$

0.47

 

 

$

1.47

 

 

$

1.37

(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 measures, 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 September 30

 

Nine months ended September 30

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Net income

$

19,413

 

 

$

6,026

 

 

$

25,966

 

 

$

108,760

 

Interest expense, net

 

13,210

 

 

 

8,969

 

 

 

34,623

 

 

 

25,637

 

Income tax expense

 

149

 

 

 

144

 

 

 

440

 

 

 

420

 

Depreciation and amortization

 

39,731

 

 

 

32,734

 

 

 

114,776

 

 

 

94,086

 

EBITDA

 

72,503

 

 

 

47,873

 

 

 

175,805

 

 

 

228,903

 

Gain on sale of investment properties

 

(17,379

)

 

 

(52

)

 

 

(17,379

)

 

 

(90,961

)

Amortization of market-lease intangibles and inducements, net

 

(2,063

)

 

 

(1,186

)

 

 

(6,014

)

 

 

(3,170

)

Straight-line rent adjustments, net

 

(1,622

)

 

 

(1,121

)

 

 

(3,802

)

 

 

(2,859

)

Non-operating income and expense, net (a)

 

(54

)

 

 

(484

)

 

 

(470

)

 

 

(725

)

Adjusted EBITDA

$

51,385

 

 

$

45,030

 

 

$

148,140

 

 

$

131,188

 

(a)

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

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 September 30

 

As of December 31

 

 

2026

 

 

 

2025

 

Net Debt

 

 

 

Outstanding Debt, net

$

1,040,203

 

 

$

825,881

 

Less: Cash and cash equivalents

 

(29,526

)

 

 

(34,973

)

Net Debt

$

1,010,677

 

 

$

790,908

 

 

 

 

 

Trailing 12 Months, Net Debt-to-Adjusted EBITDA

 

 

 

Net Debt

$

1,010,677

 

 

$

790,908

 

Adjusted EBITDA

 

192,153

 

 

 

175,201

 

Net Debt-to-Adjusted EBITDA

5.3x

 

4.5x

 

 

 

 

Current Quarter Annualized, Net Debt-to-Adjusted EBITDA

 

 

 

Net Debt

$

1,010,677

 

 

$

790,908

 

Adjusted EBITDA

 

205,540

 

 

 

176,052

 

Net Debt-to-Adjusted EBITDA

4.9x

 

4.5x
 
 
 

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 September 30, 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.

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