Organization

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

On October 4, 2004, InvenTrust Properties Corp. (the "Company") was incorporated as Inland American Real Estate Trust, Inc. as a Maryland corporation and has elected to be taxed, and currently qualifies, as a real estate investment trust ("REIT") for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April of 2015 and is focused on owning, managing, acquiring and developing a multi-tenant retail platform.

The Company is taxed and operates in a manner that will allow the Company to continue to qualify as a REIT for U.S. federal income tax purposes. So long as it maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to stockholders. If the Company fails to continue to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and will not be able to re-elect REIT status during the four years following the year of the failure.

The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries and any consolidated variable interest entities ("VIEs"). Subsidiaries generally consist of limited liability companies ("LLCs") and limited partnerships ("LPs"). All significant intercompany balances and transactions have been eliminated.

Each retail property is owned by a separate legal entity that maintains its own books and financial records, and each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 7. Debt."

The Company determined it has a single reportable segment, multi-tenant retail, for disclosure purposes in accordance with GAAP. The following table summarizes the Company's multi-tenant retail portfolio as of March 31, 2020 and 2019:



	Total Portfolio		Wholly-Owned and Consolidated Retail Properties (a)		Unconsolidated Retail Properties (b)
	2020	2019	2020	2019	2020	2019
No. of properties	66	73	56	60	10	13
Square feet	10,958,613	12,251,264	8,488,479	9,645,450	2,470,134	2,605,814


(a)	Includes one retail property classified as a consolidated VIE at March 31, 2019.


(b)	Reflects partial ownership of properties owned through the Company's interest in an unconsolidated joint venture.

Impact of the COVID-19 Pandemic on the Company's Financial Statements

The Company is closely monitoring the impact of the coronavirus disease 2019 ("COVID-19") pandemic on all aspects of its business, including how it will impact its tenants and their ability to make rental payments in a timely fashion or at all. The Company did not experience significant disruptions during the three months ended March 31, 2020 from the COVID-19 pandemic.

Under the federal legislation enacted on March 27, 2020, known as the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), certain limitations on the deductibility of net operating losses ("NOLs") enacted under prior federal tax legislation have been temporarily rolled back. In particular, the CARES Act permits businesses to carryback NOLs generated in taxable years beginning after December 31, 2017 and before January 1, 2021 to the previous five years and temporarily suspends, until taxable years beginning after December 31, 2020, the annual limit of the 80% on the amount of taxable income

that NOLs generated in taxable years beginning after December 31, 2017 may offset. As a result of the anticipated NOL carryback claims for the Company's taxable REIT subsidiaries, total additional tax benefits of $1,168 have been recognized as part of interest and other income, net, on the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2020.