It's like a **Kimco Realty** that focuses exclusively on grocery-anchored shopping centers in the Sunbelt.

Think of it as the **Simon Property Group** for grocery-anchored shopping centers, rather than enclosed malls.

• Retail Space Leasing: InvenTrust Properties provides rentable commercial spaces within its focused portfolio of essential retail centers to various businesses, primarily in the Sun Belt region.

InvenTrust Properties (IVT) is a real estate investment trust (REIT) that primarily owns and operates grocery-anchored retail shopping centers. As such, its major customers are the retail businesses that lease space within its properties.

Based on their 2023 annual report (10-K), the following are InvenTrust Properties' major customers (tenants) by aggregate annualized base rent:

• Publix Super Markets, Inc. (Private company)
• The TJX Companies, Inc. (Symbol: TJX)
• Kroger Co. (Symbol: KR)
• Ahold Delhaize NV (Symbol: ADRNY)

These top four tenants represented approximately 18.5% of InvenTrust Properties' aggregate annualized base rent as of December 31, 2023.

The accelerating shift towards online grocery shopping and alternative fulfillment methods (such as expanded click-and-collect services and localized delivery hubs) represents an emerging threat. While InvenTrust Properties focuses on necessity-based, grocery-anchored centers, the increasing adoption of these alternative fulfillment models by consumers could reduce traditional in-store foot traffic and alter the long-term demand for existing large-format grocery footprints. This trend, if it continues to accelerate, could impact lease structures, tenant mix, and the overall appeal and value of properties designed around traditional grocery shopping patterns.

InvenTrust Properties (IVT) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Embedded Rent Escalations: A significant portion of InvenTrust's lease agreements includes built-in annual rent escalators. Over 90% of their renewal leases feature annual rent escalators of 3% or more, which management highlights as a powerful driver for sustainable Net Operating Income (NOI) growth. For instance, embedded rent escalations contributed 160 basis points to same-property NOI growth in Q3 2025.

2. High Occupancy Rates and Occupancy Gains: The company consistently maintains high occupancy across its portfolio, with total lease occupancy at 97.2% and small shop lease occupancy at a strong 93.8% as of Q3 2025. Occupancy gains directly contributed 100 basis points to same-property NOI growth in the third quarter of 2025, demonstrating the positive impact of strong tenant demand and effective leasing strategies on revenue.

3. Positive Rent Spreads on New and Renewal Leases: InvenTrust is achieving substantial rent increases on both new leases and renewals. In Q3 2025, new leases commanded a 25.6% spread, while renewals averaged 10.4%, resulting in a blended leasing spread of 11.5%. These strong spreads indicate the company's ability to capitalize on market demand and extract higher rental income from its properties.

4. Strategic Acquisitions and Capital Redeployment in Sunbelt Markets: InvenTrust's strategy focuses on acquiring high-quality retail properties in fast-growing Sunbelt markets. The company actively redeploys capital, as seen with the sale of its California portfolio and subsequent reinvestment into Sunbelt regions like Asheville and Charlotte, North Carolina. This expansion into demographically robust markets with strong consumer fundamentals is expected to enhance overall portfolio value and drive revenue growth. In Q3 2025, the company completed four acquisitions totaling $250 million.

5. Redevelopment of Existing Properties: Management has indicated that redevelopment activities contribute to same-property NOI growth. By strategically redeveloping and enhancing existing assets, InvenTrust can improve property appeal, attract higher-paying tenants, and ultimately increase rental income and property values within its portfolio.

Share Repurchases

• InvenTrust Properties suspended its Share Repurchase Program (SRP) effective September 5, 2021.
• Prior to the suspension, in June 2021, the company repurchased 7.56 million shares totaling $16.4 million.
• A new share repurchase program for up to $150.0 million was established on February 23, 2022, but no common stock had been repurchased under this program as of September 30, 2025.

Share Issuance

• On September 23, 2024, InvenTrust Properties priced an underwritten public offering of 8,000,000 shares of common stock at $28.00 per share, generating gross proceeds of $224.0 million.
• The company granted underwriters an option to purchase up to an additional 1,200,000 shares in connection with this offering.
• During the fourth quarter of 2024, InvenTrust raised $7.8 million in net proceeds by issuing 254,082 shares under an at-the-market (ATM) equity offering program.

Outbound Investments

• In Q3 2025 (year-to-date), InvenTrust acquired eight centers for a gross of $355.6 million and disposed of assets for $306.2 million.
• In June 2025, the company disposed of a portfolio of five California assets for approximately $306 million, with approximately $275 million of the proceeds allocated to acquisitions in Sun Belt markets.
• Recent acquisitions include Carmel Village in Charlotte and Plaza Escondida in Tucson (Q2 2025), and Market at Mill Creek and Nexton Square in Charleston (Q4 2024).

Capital Expenditures

• Total capital expenditures and leasing costs were $5.3 million for the three months ended March 31, 2025, and $5.9 million for the same period in 2024.
• Capital expenditures were -$12.9 million in 2020, -$15.4 million in 2021, -$33.2 million in 2022, -$35.7 million in 2023, and -$36.1 million in 2024.
• The primary focus of capital expenditures includes outparcel/pad redevelopments, common area enhancements, and anchor/small shop repositioning, with estimated completion years extending to 2026+.