Here are a few brief analogies for InvenTrust Properties (IVT):

• It's like the Simon Property Group (SPG) for grocery-anchored shopping centers, focusing on essential open-air retail instead of large enclosed malls.

• It's like the McDonald's of essential retail properties, owning the prime, widely distributed locations for grocery stores and neighborhood shops, rather than operating the stores themselves.

• Retail Property Ownership: Owning grocery-anchored neighborhood and select power centers predominantly in Sun Belt markets.
• Retail Space Leasing: Providing lease opportunities to tenants within their multi-tenant retail properties.
• Retail Property Redevelopment: Enhancing and modernizing existing retail properties to increase their value and attractiveness.
• Retail Property Acquisition: Strategically purchasing new grocery-anchored and select power centers to expand their portfolio.
• Retail Property Management: Overseeing the daily operations, maintenance, and tenant relations for their portfolio of retail centers.

InvenTrust Properties (IVT) is a retail Real Estate Investment Trust (REIT). As such, its customers are not individuals, but rather other companies that lease commercial space within its properties. These properties primarily consist of grocery-anchored neighborhood centers and select power centers.

Major customers for a retail REIT like InvenTrust Properties typically include anchor tenants and other significant retailers that occupy substantial space and drive traffic to its shopping centers. Based on the company's focus on "grocery-anchored neighborhood centers" and "essential retail," its major customers would be leading grocery store chains, discount retailers, pharmacies, and other prominent service and retail providers. While specific tenant rosters vary by property, the following are examples of major customer companies that commonly lease space in the types of centers IVT owns and manages, including their symbols if they are public:

• Grocery Store Chains:
  • Kroger (KR)
  • Albertsons Companies (ACI)
  • Sprouts Farmers Market (SFM)
• Essential and Discount Retailers:
  • The TJX Companies (TJX) - operates TJ Maxx, Marshalls, HomeGoods
  • Ross Stores, Inc. (ROST)
  • CVS Health Corporation (CVS)
  • Walgreens Boots Alliance, Inc. (WBA)

Daniel J. Busch President & Chief Executive Officer

Mr. Busch was appointed Chief Executive Officer and Director of InvenTrust Properties in August 2021, having previously served as President since February 2021. From 2019 to August 2021, he held the position of Executive Vice President, Chief Financial Officer and Treasurer for the company. Before joining InvenTrust in September 2019, Mr. Busch was the Managing Director, Retail at Green Street Advisors, an independent research and advisory firm focused on the commercial real estate industry. His prior experience also includes serving as an equity research analyst at Telsey Advisory Group and working in a corporate capacity at Petco Animal Supplies Inc.

Michael D. Phillips Executive Vice President, Chief Financial Officer and Treasurer

Mr. Phillips was appointed Chief Financial Officer of InvenTrust Properties in August 2021. Prior to this role, he served as Senior Vice President and Chief Accounting Officer of InvenTrust since 2009. Before his tenure at InvenTrust, Mr. Phillips spent five years as Manager of Finance at Pasquinelli Homebuilding.

Christy L. David Executive Vice President, Chief Operating Officer, General Counsel and Secretary

Ms. David joined InvenTrust in 2014 as Managing Counsel – Transactions. She was promoted to Vice President, Deputy General Counsel and Secretary in November 2016, and then to General Counsel in 2017. Prior to joining InvenTrust, Ms. David worked at The Inland Group Inc., where she was responsible for managing, reviewing, and drafting legal documents related to InvenTrust's acquisitions, dispositions, corporate contracts, and spin-offs.

David P. Bryson Senior Vice President, Chief Accounting Officer and Controller

Mr. Bryson served as Vice President and Controller of InvenTrust Properties since May 2021 before his current appointment. He previously spent 15 years at Ernst & Young LLP, where his most recent role was Senior Manager in their Real Estate Assurance Services practice.

James Puzon Senior Vice President, Corporate Finance and Portfolio Management

Mr. Puzon was appointed to his current position in June 2021. He has held various senior financial roles at InvenTrust, including Vice President of Corporate Finance and Operations. Before joining InvenTrust, Mr. Puzon served in positions of increasing responsibility at Brookfield Properties Retail (formerly General Growth Properties), including Vice President, Corporate Finance and Director, Corporate Finance.

1. Concentration in Sunbelt Markets: InvenTrust Properties focuses predominantly on Sun Belt markets. While this strategy aims to capitalize on favorable demographics, it also creates a concentration risk. A slowdown in population migration, weakening labor markets, or increased competition from new supply within these specific regions could materially and adversely affect the company's financial results.
2. Interest Rate Movements and Capital Costs: As a real estate investment trust (REIT), InvenTrust Properties relies on debt for acquisitions and capital improvements. Movements in interest rates can significantly impact the company's funding costs and overall profitability. Rising interest rates, in particular, could lead to higher financing expenses for existing debt and make future capital redeployment or acquisitions less favorable, especially if investment spreads are not high enough. Upcoming term loan refinancings also expose the company to potential changes in funding costs.
3. Tenant and Retail Industry Risks: Despite focusing on grocery-anchored and necessity-based retail centers, InvenTrust Properties is susceptible to risks stemming from its tenants and the broader retail industry. These risks include the ability to timely re-lease space, as there is no assurance that leases will be renewed or re-leased on terms equal to or better than current terms. Furthermore, factors such as rising household debt levels, future retailer store closings, retailer consolidation, retailer bankruptcies, and the ongoing impact of e-commerce could negatively affect tenant demand, occupancy rates, and rental income.

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

1. Strategic Acquisitions in Sun Belt Markets: InvenTrust is actively pursuing and executing a strategy of acquiring retail properties in high-growth Sun Belt markets. The company acquired approximately $465 million of necessity-based retail assets in 2025 and plans for about $300 million of net investment activity in 2026, including an $88 million Nashville power center. This focused acquisition strategy is expected to expand its portfolio and increase its revenue base.
2. Consistent Same Property Net Operating Income (NOI) Growth: The company anticipates continued growth from its existing portfolio. InvenTrust reported Same Property NOI growth of 5.0% for the full year 2024 and 5.3% for 2025, and has provided guidance for Same Property NOI growth of 3.25% to 4.25% for 2026. This growth is driven by a combination of rent escalations, efficient property management, and high occupancy levels within its current assets.
3. Strong Leasing Spreads and High Occupancy Rates: InvenTrust has demonstrated robust leasing fundamentals, with leased occupancy reaching 97.4% as of December 31, 2024, and 96.7% as of December 31, 2025. In 2025, the company achieved blended leasing spreads of 13.3%, with new lease spreads at 30.9% and renewals at 10.9%. Record small shop occupancy and annual rent escalators averaging over 3.1% for new and renewal small shop leases in 2025 further contribute to revenue expansion.
4. Redevelopment Projects: InvenTrust is leveraging redevelopments to enhance its multi-tenant retail platform. Redevelopment initiatives are expected to contribute an estimated 50-100 basis points of incremental NOI growth annually, optimizing existing assets for increased profitability and attracting new tenants.

Capital Allocation Decisions (Last 3-5 Years)

Outbound Investments

• In 2025, InvenTrust acquired approximately $465 million of necessity-based retail assets, while selling five California properties and redeploying $306 million.
• For 2026, the company plans approximately $300 million of net investment activity, including an $88 million acquisition of the Nashville West Shopping Center in the first quarter.
• On January 18, 2023, InvenTrust acquired the four remaining retail properties from its unconsolidated joint venture, IAGM, for an aggregate purchase price of $222.3 million.

Capital Expenditures

• InvenTrust Properties' capital expenditures, including redevelopment, averaged 23% of Net Operating Income (NOI) from 2021 to 2024.
• The company is undertaking targeted redevelopment projects, primarily focused on anchor repositioning and small shop improvements, which are expected to contribute 50–100 basis points of incremental NOI growth annually.
• Net cash used in investing activities, often driven by capital expenditures and asset-related activities, was approximately $90.6 million in Q4 2025.