0001307748-21-000043.txt : 20210507 0001307748-21-000043.hdr.sgml : 20210507 20210507101648 ACCESSION NUMBER: 0001307748-21-000043 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 68 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210507 DATE AS OF CHANGE: 20210507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: InvenTrust Properties Corp. CENTRAL INDEX KEY: 0001307748 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 342019608 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51609 FILM NUMBER: 21900837 BUSINESS ADDRESS: STREET 1: 3025 HIGHLAND PARKWAY SUITE 350 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 BUSINESS PHONE: 855-377-0510 MAIL ADDRESS: STREET 1: 3025 HIGHLAND PARKWAY SUITE 350 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 FORMER COMPANY: FORMER CONFORMED NAME: Inland American Real Estate Trust, Inc. DATE OF NAME CHANGE: 20041103 10-Q 1 ivtp-20210331.htm 10-Q ivtp-20210331
0001307748falseDecember 312021Q1P3Y00013077482021-01-012021-03-31xbrli:shares00013077482021-05-01iso4217:USD00013077482021-03-3100013077482020-12-310001307748ivtp:IAGMRetailFundILLCMember2021-03-310001307748ivtp:IAGMRetailFundILLCMember2020-12-31iso4217:USDxbrli:shares00013077482020-01-012020-03-310001307748us-gaap:RealEstateOtherMember2021-01-012021-03-310001307748us-gaap:RealEstateOtherMember2020-01-012020-03-310001307748us-gaap:ManagementServiceMember2021-01-012021-03-310001307748us-gaap:ManagementServiceMember2020-01-012020-03-310001307748us-gaap:CommonStockMember2019-12-310001307748us-gaap:AdditionalPaidInCapitalMember2019-12-310001307748us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-12-310001307748us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100013077482019-12-310001307748us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-01-012020-03-310001307748us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001307748us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001307748us-gaap:CommonStockMember2020-01-012020-03-310001307748us-gaap:CommonStockMember2020-03-310001307748us-gaap:AdditionalPaidInCapitalMember2020-03-310001307748us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-03-310001307748us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100013077482020-03-310001307748us-gaap:CommonStockMember2020-12-310001307748us-gaap:AdditionalPaidInCapitalMember2020-12-310001307748us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-12-310001307748us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001307748us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-01-012021-03-310001307748us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001307748us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001307748us-gaap:CommonStockMember2021-03-310001307748us-gaap:AdditionalPaidInCapitalMember2021-03-310001307748us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-03-310001307748us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100013077482020-09-30ivtp:joint_ventureivtp:property0001307748srt:RetailSiteMember2021-03-310001307748srt:RetailSiteMember2020-03-310001307748us-gaap:CorporateJointVentureMember2021-01-012021-03-310001307748us-gaap:CorporateJointVentureMember2020-01-012020-03-31utr:sqft0001307748us-gaap:CorporateJointVentureMember2021-03-310001307748us-gaap:CorporateJointVentureMember2020-03-310001307748srt:MinimumMember2021-03-310001307748srt:MaximumMember2021-03-310001307748ivtp:TaxandInsuranceRecoveryIncomeMember2021-01-012021-03-310001307748ivtp:TaxandInsuranceRecoveryIncomeMember2020-01-012020-03-310001307748ivtp:CommonAreaMaintenanceandOtherRecoveryIncomeMember2021-01-012021-03-310001307748ivtp:CommonAreaMaintenanceandOtherRecoveryIncomeMember2020-01-012020-03-310001307748ivtp:AmortizationofAboveandBelowmarketLeaseandLeaseInducementsNetMember2021-01-012021-03-310001307748ivtp:AmortizationofAboveandBelowmarketLeaseandLeaseInducementsNetMember2020-01-012020-03-310001307748ivtp:ShorttermTerminationFeeandOtherLeaseIncomeMember2021-01-012021-03-310001307748ivtp:ShorttermTerminationFeeandOtherLeaseIncomeMember2020-01-012020-03-310001307748ivtp:UncollectibleStraightLineRentMember2021-01-012021-03-310001307748ivtp:UncollectibleStraightLineRentMember2020-01-012020-03-310001307748ivtp:UncollectibleBilledRentMember2021-01-012021-03-310001307748ivtp:UncollectibleBilledRentMember2020-01-012020-03-310001307748ivtp:PropertyManagementMember2021-01-012021-03-310001307748ivtp:PropertyManagementMember2020-01-012020-03-310001307748us-gaap:AssetManagement1Member2021-01-012021-03-310001307748us-gaap:AssetManagement1Member2020-01-012020-03-310001307748ivtp:LeasingandOtherMember2021-01-012021-03-310001307748ivtp:LeasingandOtherMember2020-01-012020-03-310001307748ivtp:TrowbridgeCrossingMembersrt:RetailSiteMember2020-01-012020-03-310001307748ivtp:TrowbridgeCrossingMembersrt:RetailSiteMember2020-03-310001307748ivtp:AntoineTownCenterMembersrt:RetailSiteMember2020-01-012020-03-310001307748ivtp:AntoineTownCenterMembersrt:RetailSiteMember2020-03-310001307748srt:RetailSiteMember2020-01-012020-03-310001307748srt:RetailSiteMember2020-03-310001307748us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembersrt:RetailSiteMemberivtp:SonterraVillageMember2021-01-012021-03-310001307748us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembersrt:RetailSiteMemberivtp:EldridgeTownCenterMember2021-01-012021-03-310001307748us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberivtp:WindwardCommonsMembersrt:RetailSiteMember2021-01-012021-03-310001307748us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembersrt:RetailSiteMember2021-01-012021-03-310001307748ivtp:UniversityOaksShoppingCenterRoundRockTxMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembersrt:RetailSiteMember2020-01-012020-03-310001307748us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberivtp:CenterplaceOfGreeleyGreeleyCoMembersrt:RetailSiteMember2020-01-012020-03-310001307748us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembersrt:RetailSiteMember2020-01-012020-03-31xbrli:pure0001307748ivtp:IAGMRetailFundILLCMember2020-01-012020-03-310001307748ivtp:IAGMRetailFundILLCMember2020-03-310001307748ivtp:AntoineTownCenterMemberus-gaap:SubsequentEventMember2021-05-070001307748ivtp:IAGMRetailFundILLCMember2021-01-012021-03-31ivtp:derivative_instrument0001307748ivtp:IAGMRetailFundILLCMemberus-gaap:InterestRateSwapMember2020-03-310001307748ivtp:IAGMRetailFundILLCMemberivtp:InterestRateSwapEffectiveDateApril120201.979FixedInterestMember2020-03-310001307748ivtp:IAGMRetailFundILLCMemberivtp:InterestRateSwapEffectiveDateApril120201.956FixedInterestMember2020-03-310001307748ivtp:IAGMRetailFundILLCMemberus-gaap:InterestRateSwapMember2021-03-310001307748us-gaap:InterestRateSwapMember2021-03-310001307748ivtp:IAGMRetailFundILLCMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-03-310001307748ivtp:IAGMRetailFundILLCMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-12-310001307748ivtp:IAGMRetailFundILLCMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-03-310001307748ivtp:IAGMRetailFundILLCMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-03-310001307748us-gaap:MortgagesMember2021-03-310001307748ivtp:TermLoanMemberus-gaap:UnsecuredDebtMember2021-03-310001307748us-gaap:MortgagesMember2020-12-310001307748srt:MinimumMemberus-gaap:MortgagesMember2021-03-310001307748srt:MinimumMemberus-gaap:MortgagesMember2020-12-310001307748us-gaap:MortgagesMembersrt:MaximumMember2021-03-310001307748us-gaap:MortgagesMembersrt:MaximumMember2020-12-310001307748ivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2018-12-210001307748ivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2021-03-310001307748ivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001307748ivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-03-310001307748ivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-12-310001307748us-gaap:RevolvingCreditFacilityMember2021-03-310001307748us-gaap:RevolvingCreditFacilityMember2020-12-310001307748ivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2020-04-012020-06-300001307748us-gaap:LondonInterbankOfferedRateLIBORMemberivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2020-04-012020-06-300001307748ivtp:RevolvingCreditFacilityAmendedandRestatedMember2020-10-012020-12-310001307748ivtp:RevolvingCreditFacilityAmendedandRestatedMember2021-01-012021-03-310001307748ivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2018-12-212018-12-21ivtp:option0001307748us-gaap:UnsecuredDebtMemberivtp:TermLoan5yearSwappedtoFixedRate2.6795Memberivtp:InterestRateSwapOneMember2021-03-310001307748us-gaap:UnsecuredDebtMemberivtp:TermLoan5yearSwappedtoFixedRate2.6795Memberivtp:InterestRateSwapOneMember2021-01-012021-03-310001307748us-gaap:UnsecuredDebtMemberivtp:TermLoan5yearSwappedtoFixedRate2.6795Memberivtp:InterestRateSwapOneMember2020-12-310001307748us-gaap:UnsecuredDebtMemberivtp:InterestRateSwapTwoMemberivtp:TermLoan5yearSwappedtoFixedRate2.6795Member2021-03-310001307748us-gaap:UnsecuredDebtMemberivtp:InterestRateSwapTwoMemberivtp:TermLoan5yearSwappedtoFixedRate2.6795Member2021-01-012021-03-310001307748us-gaap:UnsecuredDebtMemberivtp:InterestRateSwapTwoMemberivtp:TermLoan5yearSwappedtoFixedRate2.6795Member2020-12-310001307748ivtp:TermLoan5YearVariableRate13151PercentMemberus-gaap:UnsecuredDebtMember2021-03-310001307748ivtp:TermLoan5YearVariableRate13151PercentMemberus-gaap:UnsecuredDebtMember2021-01-012021-03-310001307748ivtp:TermLoan5YearVariableRate13151PercentMemberus-gaap:UnsecuredDebtMember2020-12-310001307748ivtp:TermLoan5.5yearSwappedtoFixedRate2.6915Memberus-gaap:UnsecuredDebtMember2021-03-310001307748ivtp:TermLoan5.5yearSwappedtoFixedRate2.6915Memberus-gaap:UnsecuredDebtMember2021-01-012021-03-310001307748ivtp:TermLoan5.5yearSwappedtoFixedRate2.6915Memberus-gaap:UnsecuredDebtMember2020-12-310001307748ivtp:TermLoan5.5yearSwappedtoFixedRate2.6990Memberus-gaap:UnsecuredDebtMember2021-03-310001307748ivtp:TermLoan5.5yearSwappedtoFixedRate2.6990Memberus-gaap:UnsecuredDebtMember2021-01-012021-03-310001307748ivtp:TermLoan5.5yearSwappedtoFixedRate2.6990Memberus-gaap:UnsecuredDebtMember2020-12-310001307748us-gaap:UnsecuredDebtMemberivtp:TermLoan55YearVariableRate13151PercentMember2021-03-310001307748us-gaap:UnsecuredDebtMemberivtp:TermLoan55YearVariableRate13151PercentMember2021-01-012021-03-310001307748us-gaap:UnsecuredDebtMemberivtp:TermLoan55YearVariableRate13151PercentMember2020-12-310001307748ivtp:TermLoanMemberus-gaap:UnsecuredDebtMember2020-12-31ivtp:swap0001307748ivtp:InterestRateSwapThreeMemberus-gaap:UnsecuredDebtMemberivtp:TermLoan5yearSwappedtoFixedRate2.6795Member2021-03-310001307748ivtp:TermLoan5.5yearSwappedtoFixedRate2.6915Memberivtp:InterestRateSwapFiveMemberus-gaap:UnsecuredDebtMember2021-03-310001307748ivtp:TermLoan5.5yearSwappedtoFixedRate2.6990Memberus-gaap:UnsecuredDebtMemberivtp:InterestRateSwapSixMember2021-03-310001307748us-gaap:LondonInterbankOfferedRateLIBORMemberivtp:TermLoan5YearVariableRate13151PercentMemberus-gaap:UnsecuredDebtMemberivtp:InterestRateSwapOneMember2021-03-010001307748us-gaap:LondonInterbankOfferedRateLIBORMemberivtp:TermLoan5YearVariableRate13151PercentMemberus-gaap:UnsecuredDebtMemberivtp:InterestRateSwapOneMember2020-12-010001307748us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-03-310001307748us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-03-310001307748us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-03-310001307748us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001307748us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310001307748us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001307748us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-03-310001307748us-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-03-310001307748us-gaap:MortgagesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310001307748us-gaap:MortgagesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001307748us-gaap:MortgagesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001307748us-gaap:CarryingReportedAmountFairValueDisclosureMemberivtp:TermLoanMemberus-gaap:UnsecuredDebtMember2021-03-310001307748us-gaap:EstimateOfFairValueFairValueDisclosureMemberivtp:TermLoanMemberus-gaap:UnsecuredDebtMember2021-03-310001307748us-gaap:CarryingReportedAmountFairValueDisclosureMemberivtp:TermLoanMemberus-gaap:UnsecuredDebtMember2020-12-310001307748us-gaap:EstimateOfFairValueFairValueDisclosureMemberivtp:TermLoanMemberus-gaap:UnsecuredDebtMember2020-12-310001307748us-gaap:CarryingReportedAmountFairValueDisclosureMemberivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2021-03-310001307748us-gaap:EstimateOfFairValueFairValueDisclosureMemberivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2021-03-310001307748us-gaap:CarryingReportedAmountFairValueDisclosureMemberivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001307748us-gaap:EstimateOfFairValueFairValueDisclosureMemberivtp:RevolvingCreditFacilityAmendedandRestatedMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001307748us-gaap:MortgagesMemberivtp:MeasurementInputWeightedAverageEffectiveMarketrateMember2021-03-310001307748us-gaap:MortgagesMemberivtp:MeasurementInputWeightedAverageEffectiveMarketrateMember2020-12-310001307748us-gaap:MeasurementInputDiscountRateMemberus-gaap:LineOfCreditMember2021-03-310001307748us-gaap:MeasurementInputDiscountRateMemberus-gaap:LineOfCreditMember2020-12-3100013077482019-05-012019-05-010001307748us-gaap:CommonStockMember2019-05-012019-05-010001307748us-gaap:CommonStockMember2020-12-212020-12-210001307748us-gaap:CommonStockMember2020-12-210001307748us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-310001307748us-gaap:RestrictedStockUnitsRSUMembersrt:DirectorMember2021-01-012021-03-310001307748us-gaap:RestrictedStockUnitsRSUMemberivtp:A2015IncentiveAwardPlanApprovedOnJune192015Memberivtp:A2015IncentiveAwardPlanMember2021-03-310001307748us-gaap:RestrictedStockUnitsRSUMember2020-12-010001307748us-gaap:RestrictedStockUnitsRSUMember2020-12-310001307748ivtp:PerformanceBasedRestrictedStockUnitsRSUMember2020-12-310001307748ivtp:PerformanceBasedRestrictedStockUnitsRSUMember2021-01-012021-03-310001307748us-gaap:RestrictedStockUnitsRSUMember2021-03-310001307748ivtp:PerformanceBasedRestrictedStockUnitsRSUMember2021-03-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
COMMISSION FILE NUMBER: 000-51609
INVENTRUST PROPERTIES CORP.
(Exact name of registrant as specified in its charter)
Maryland34-2019608
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
3025 Highland Parkway,Suite 350Downers Grove,Illinois60515
(Address of principal executive offices)(Zip Code)
(855)
377-0510
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
  
Accelerated filer
  
Non-accelerated filer
  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Exchange Act: None
Title of each classTrading SymbolName of each exchange on which registered
N/AN/AN/A
Securities registered pursuant to Section 12(g) of the Act: Common Stock
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No
As of May 1, 2021, there were 719,462,786 shares of the registrant's common stock outstanding.


INVENTRUST PROPERTIES CORP.

Quarterly Report on Form 10-Q
For the quarterly period ended March 31, 2021
Table of Contents

Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


-i-

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Balance Sheets
(in thousands, except share amounts)


As of
March 31, 2021December 31, 2020
(unaudited)
Assets
Investment properties
Land $577,369 $577,750 
Building and other improvements1,643,334 1,640,693 
Construction in progress4,204 3,246 
Total2,224,907 2,221,689 
Less accumulated depreciation(308,231)(292,248)
Net investment properties1,916,676 1,929,441 
Cash and cash equivalents175,120 222,610 
Restricted cash919 1,160 
Investment in unconsolidated entities106,566 109,051 
Intangible assets, net90,604 95,722 
Accounts and rents receivable25,426 28,983 
Deferred costs and other assets, net22,978 20,372 
Total assets$2,338,289 $2,407,339 
Liabilities
Debt, net$504,965 $555,109 
Accounts payable and accrued expenses24,520 28,284 
Distributions payable14,065 13,642 
Intangible liabilities, net33,165 34,872 
Other liabilities32,552 36,569 
Total liabilities609,267 668,476 
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding
  
Common stock, $0.001 par value, 1,460,000,000 shares authorized,
719,462,786 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
719 719
Additional paid-in capital5,567,638 5,566,255 
Distributions in excess of accumulated net income(3,829,827)(3,815,662)
Accumulated comprehensive loss(9,508)(12,449)
Total stockholders' equity1,729,022 1,738,863 
Total liabilities and stockholders' equity$2,338,289 $2,407,339 
See accompanying notes to the condensed consolidated financial statements.
1

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(in thousands, except share and per share amounts)
Three months ended March 31,
20212020
Income
Lease income, net$49,926 $51,284 
Other property income182 191 
Other fee income1,013 963 
Total income51,121 52,438 
Operating expenses
Depreciation and amortization21,687 22,122 
Property operating8,009 7,108 
Real estate taxes8,133 8,489 
General and administrative10,351 7,195 
Total operating expenses48,180 44,914 
Other (expense) income
Interest expense, net(3,985)(4,809)
Provision for asset impairment (9,002)
Gain on sale of investment properties, net519 457 
Equity in earnings of unconsolidated entities620 789 
Other income and expense, net(195)1,555 
Total other (expense) income, net(3,041)(11,010)
Net loss$(100)$(3,486)
Weighted-average number of common shares outstanding, basic719,462,786 720,825,864 
Weighted-average number of common shares outstanding, diluted719,462,786 720,825,864 
Net loss per common share, basic and diluted$ $ 
Distributions declared per common share outstanding$0.02 $0.02 
Distributions paid per common share outstanding$0.02 $0.02 
Comprehensive income (loss)
Net loss$(100)$(3,486)
Unrealized gain (loss) on derivatives1,893 (14,141)
Reclassification to net loss1,048 (145)
Comprehensive income (loss)$2,841 $(17,772)
See accompanying notes to the condensed consolidated financial statements.
2

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Equity
(Unaudited)
(in thousands, except share amounts)
Number of SharesCommon
Stock
Additional
Paid-in
Capital
Distributions
in Excess of Accumulated
Net Income
Accumulated Comprehensive Income (Loss)Total
Beginning balance, January 1, 2020720,807,884 $721 $5,568,707 $(3,750,884)$1,057 $1,819,601 
Net loss— — — (3,486)— (3,486)
Unrealized loss on derivatives— — — — (14,141)(14,141)
Reclassification to interest expense, net— — — — (145)(145)
Distributions declared— — — (13,678)— (13,678)
Stock-based compensation, net— — 201 — — 201 
Common stock issuance costs in excess of
proceeds from distribution reinvestment plan
21,249 — (229)— — (229)
Ending balance, March 31, 2020720,829,133 $721 $5,568,679 $(3,768,048)$(13,229)$1,788,123 

Number of SharesCommon
Stock
Additional
Paid-in
Capital
Distributions
in Excess of Accumulated
Net Income
Accumulated Comprehensive LossTotal
Beginning balance, January 1, 2021719,462,786 $719 $5,566,255 $(3,815,662)$(12,449)$1,738,863 
Net loss— — — (100)— (100)
Unrealized gain on derivatives— — — — 1,893 1,893 
Reclassification to interest expense, net— — — — 1,017 1,017 
Reclassification to equity in earnings of unconsolidated entities— — — — 31 31 
Distributions declared— — — (14,065)— (14,065)
Stock-based compensation, net— — 1,383 — — 1,383 
Ending balance, March 31, 2021719,462,786 719 5,567,638 (3,829,827)(9,508)1,729,022 


See accompanying notes to the condensed consolidated financial statements.
3

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three months ended March 31,
20212020
Cash flows from operating activities:
Net loss$(100)$(3,486)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization21,687 22,122 
Amortization of above and below-market leases and lease inducements, net(1,243)(1,542)
Amortization of debt discounts and financing costs383 467 
Straight-line rent adjustment, net(640)(541)
Provision for estimated credit losses191 763 
Provision for asset impairment 9,002 
Gain on sale of investment properties, net(519)(457)
Equity in earnings of unconsolidated entities(620)(789)
Distributions from unconsolidated entities3,300 2,299 
Stock-based compensation, net2,496 528 
Changes in operating assets and liabilities:
Accounts and rents receivable4,006 4,423 
Deferred costs and other assets, net(2,263)(3,627)
Accounts payable and accrued expenses(5,562)(9,375)
Other liabilities(270)(2,889)
Net cash provided by operating activities20,846 16,898 
Cash flows from investing activities:
Purchase of investment properties (32,377)
Capital expenditures and tenant improvements(2,953)(4,169)
Investment in development and re-development projects(544)(910)
Proceeds from sale of investment properties, net899 650 
Lease commissions and other leasing costs(1,037)(1,010)
Other assets(90)(250)
Other liabilities(765)(433)
Net cash used in investing activities(4,490)(38,499)
Cash flows from financing activities:
Proceeds from distribution reinvestment plan 49 
Distributions to shareholders(13,642)(13,252)
Proceeds from debt 150,000 
Payoffs of debt(50,000)(41,000)
Principal payments of mortgage debt(329)(457)
Payment of finance lease liabilities(116)(100)
Payment of loan fees and deposits (25)
Net cash (used in) provided by financing activities(64,087)95,215 
Net (decrease) increase in cash, cash equivalents, and restricted cash(47,731)73,614 
Cash, cash equivalents, and restricted cash at the beginning of the period223,770 260,748 
Cash, cash equivalents, and restricted cash at the end of the period$176,039 $334,362 
4

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three months ended March 31,
20212020
Reconciliation of cash, cash equivalents, and restricted cash to
condensed consolidated balance sheets:
Cash and cash equivalents$175,120 $329,212 
Restricted cash919 5,150 
Cash, cash equivalents, and restricted cash at the end of the period$176,039 $334,362 
Supplemental disclosure and schedules:
Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest$3,732 $4,567 
Cash refunded for income taxes, net$107 $5 
Distributions payable to shareholders$14,065 $13,678 
Accrued capital expenditures and tenant improvements$1,682 $1,906 
Capitalized costs placed in service$1,287 $4,312 
Reclassification of registration statement costs incurred to equity issuance costs$ $278 
Purchase of investment properties:
Net investment properties$ $30,515 
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 3,770 
Accounts payable and accrued expenses, lease intangibles, and other liabilities (1,908)
Cash outflow for purchase of investment properties, net 32,377 
Capitalized acquisition costs (63)
Credits and other changes in cash outflow, net 890 
Gross acquisition price of investment properties$ $33,204 
Sale of investment properties:
Net investment properties$380 $193 
Gain on sale of investment properties, net519 457 
Proceeds from sale of investment properties, net899 650 
Gross disposition price of investment properties$899 $650 
See accompanying notes to the condensed consolidated financial statements.
5

INVENTRUST PROPERTIES CORP.
Notes to Condensed Consolidated Financial Statements
March 31, 2021 and 2020
(Unaudited)
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Readers of these interim condensed consolidated financial statements (the "Quarterly Report") should refer to the audited consolidated financial statements of InvenTrust Properties Corp. (the "Company") as of and for the year ended December 31, 2020, which are included in the Company's Annual Report on Form 10-K (the "Annual Report") as certain note disclosures contained in such audited consolidated financial statements have been omitted from this Quarterly Report. In the opinion of management, all adjustments necessary (consisting of normal recurring accruals, except as otherwise noted) for a fair presentation have been included in these condensed consolidated financial statements. Unless otherwise noted, all dollar amounts are stated in thousands, except per share amounts. Number of properties and square feet are unaudited.
1. Organization
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. 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. Each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 6. Investment in Unconsolidated Entities". As of March 31, 2021 and 2020, the Company had an investment in one unconsolidated real estate joint venture, as disclosed in "Note 6. Investment in Unconsolidated Entities".
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 retail portfolio as of March 31, 2021 and 2020:
Wholly-Owned
Retail Properties
Unconsolidated
Retail Properties at 100%
2021202020212020
No. of properties55561010
Gross Leasable Area8,394,7578,488,4792,470,1932,470,134
Impact of the COVID-19 Pandemic on the Company's Financial Statements
The Company's business has been, and continues to be, disrupted by the coronavirus disease 2019 ("COVID-19") pandemic. The Company continues to assess the ongoing impact of the COVID-19 pandemic on all aspects of its business, including the impact on its tenants and their ability to make future rental payments in a timely fashion or at all and the possible impairment in value of our investment properties.
During the three months ended March 31, 2021, deferred rental payments of $2,899 became due; the Company has collected $2,655 of such deferred rental payments as of March 31, 2021. During the year ended December 31, 2020 and the three months ended March 31, 2021, the Company granted approximately $6,460 and $129, respectively, of rental payment deferrals, with contractual payment terms through the year ending December 31, 2023.
6


2. Basis of Presentation and Recently Issued Accounting Pronouncements
The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired retail properties, determining the fair value of debt and evaluating the collectibility of accounts receivable. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates.
Recently Issued Accounting Pronouncements Adopted
StandardDescriptionDate of adoptionEffect on the financial statements or other significant matters
ASU No. 2021-01, Reference Rate Reform (Topic 848): ScopeASU 2021-01 is intended to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition.

Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation.
January 2021The Company's adoption of ASU No. 2021-01 did not result in any incremental elections under Topic 848 regarding cash flow hedges.

The Company is continuing to evaluate the guidance of Topic 848 and may apply other elections as applicable as additional changes in the market occur. The Company expects the application of Topic 848 to assist in preserving the Company's presentation of derivatives as cash flow hedges.
Other recently issued accounting standards or pronouncements not disclosed in the foregoing table have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on the condensed consolidated financial statements of the Company.
3. Revenue Recognition
Operating Leases
Minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:

Minimum lease payments, by yearAs of March 31, 2021
Remaining 2021$109,270 
2022129,682 
2023115,896 
2024100,499 
202583,365 
Thereafter288,175 
Total$826,887 
The table above includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The remaining lease terms range from less than one year to seventy-seven years.
7


The following table reflects the disaggregation of lease income, net:
Three months ended March 31,
20212020
Minimum lease payments$34,886 $36,177 
Real estate tax recoveries6,994 7,884 
Common area maintenance, insurance, and other recoveries5,938 5,396 
Amortization of above and below-market leases and lease inducements, net1,243 1,542 
Short-term, termination fee and other lease income1,056 1,048 
Uncollectible straight-line rent(123)(163)
Uncollectible billed rent and recoveries(68)(600)
Lease income, net$49,926 $51,284 
Other Fee Income
The following table reflects the disaggregation of other fee income:
Timing of Satisfaction of Performance ObligationsThree months ended March 31,
20212020
Property management feesOver time$587 $577 
Asset management feesOver time271 285 
Leasing commissions and other feesPoint in time155 101 
Other fee income$1,013 $963 
The Company had receivables of $329 and $327 as of March 31, 2021 and December 31, 2020, respectively, which are included in deferred costs and other assets, net on the condensed consolidated balance sheets.
4. Acquired Properties
There were no retail properties acquired during the three months ended March 31, 2021.
The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2020:
Acquisition DatePropertyMetropolitan AreaGross
Acquisition Price
Square Feet
February 25, 2020Trowbridge CrossingAtlanta, GA$10,950 62,600 
March 10, 2020Antoine Town Center (a)Houston, TX22,254 110,500 
$33,204 173,100 
(a)This retail property was acquired from the Company's unconsolidated joint venture, as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities".
Transaction costs of $63 were capitalized during the three months ended March 31, 2020.
8


5. Disposed Properties
The following table reflects the completion of partial condemnations at three retail properties and the related gain or loss on sale recognized for each during the three months ended March 31, 2021:
Disposition DatePropertyMetropolitan AreaGross
Disposition Price
Gain (Loss) on Sale
February 28, 2021Sonterra VillageSan Antonio, TX$616 $436 
March 14, 2021Eldridge Town CenterHouston, TX133 104 
March 31, 2021Windward CommonsAlpharetta, GA150 (21)
$899 $519 
The following table reflects the completion of partial condemnations at two retail properties and the related gain on sale recognized for each during the three months ended March 31, 2020:
Disposition DatePropertyMetropolitan AreaGross
Disposition Price
Gain on Sale
February 10, 2020University Oaks Shopping CenterRound Rock, TX$527 $357 
February 12, 2020Centerplace of GreeleyGreeley, CO123 100 
$650 $457 
6. Investment in Unconsolidated Entities
Joint Venture Interests
IAGM Retail Fund I, LLC
As of March 31, 2021 and December 31, 2020, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a retail joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). As of March 31, 2021 and December 31, 2020, the carrying value of the Company's investment in IAGM was $106,566 and $109,051, respectively.
During the three months ended March 31, 2020, the Company purchased Antoine Town Center from IAGM for $22,254, a fair value determined by independent appraisal, which resulted in IAGM recognizing a gain on sale of $1,741. The Company deferred its share of IAGM's gain on sale of $958 and began amortizing the gain over 30 years as an increase to equity in earnings of unconsolidated entities. Subsequent to purchasing Antoine Town Center, the Company completed a sale of an outparcel at this retail property to an unrelated third party which resulted in recognizing $54 of previously deferred gain.
During the three months ended March 31, 2021 and 2020, IAGM prepaid mortgages payable of $23,150 and $14,872, respectively, with cash on hand.
During the three months ended March 31, 2020, IAGM entered into two interest rate swap agreements to achieve fixed interest rates on its senior secured term loan facility previously subject to variability in the London Inter-bank Offered Rate ("LIBOR"). Each of the interest rate swaps have an effective date of April 1, 2020 and a termination date of November 2, 2023. One interest rate swap has a notional amount of $45,000 and achieves a fixed interest rate of 1.979%. The other interest rate swap has a notional amount of $30,000 and achieves a fixed interest rate of 1.956%. The Company recognizes its share of gains or losses resulting from IAGM's interest rate swaps as an adjustment to the Company's investment in IAGM and an increase or decrease in comprehensive income. As of March 31, 2021, the interest rate swaps were recorded as a liability with a fair value of $171 on IAGM's condensed consolidated balance sheet, of which the Company's share was $94.






9


Condensed Financial Information
The following table presents condensed balance sheet information for IAGM:
As of
March 31, 2021December 31, 2020
Assets:
Net investment properties$385,505 $387,394 
Other assets40,707 72,453 
Total assets426,212 459,847 
Liabilities and equity:
Mortgages debt, net219,389 242,388 
Other liabilities13,051 19,144 
Equity193,772 198,315 
Total liabilities and equity426,212 459,847 
Company's share of equity107,436 109,928 
Outside basis difference, net (a)(870)(877)
Carrying value of investments in unconsolidated entities$106,566 $109,051 
(a)The outside basis difference relates to the unamortized deferred gain on sale of Antoine Town Center.

The following table presents condensed income statement information of IAGM:
Three months ended March 31,
20212020
Total income$11,429 $12,723 
Depreciation and amortization(3,764)(4,342)
Property operating(2,073)(1,865)
Real estate taxes(2,372)(2,426)
Asset management fees(271)(285)
Interest expense, net(1,692)(2,193)
Other (expense) and income, net(129)(90)
Loss on debt extinguishment(14)(8)
Gain on sale of real estate 1,741 
Net income$1,114 $3,255 
Company's share of net income$612 $1,744 
Outside basis adjustment for investee's sale of real estate, net8 (955)
Equity in earnings of unconsolidated entities$620 $789 
The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2021, for the remainder of 2021, each of the next four years and thereafter:
Scheduled maturities by year:As of March 31, 2021
2021$ 
2022 
2023180,125 
2024 
202522,880 
Thereafter17,800 
Total$220,805 

As of March 31, 2021 and December 31, 2020, none of IAGM's mortgages payable are recourse to the Company. It is anticipated that the joint venture will be able to repay, refinance or extend all of its debt on a timely basis.
10


7. Debt
As of March 31, 2021, the Company's total debt, net was $504,965, which consists of mortgages payable, net, of $106,437, and unsecured term loans, net, of $398,528. The Company believes it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs related to mortgages payable. It is anticipated that the Company will use proceeds from property sales, cash on hand and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term.
The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of March 31, 2021 and December 31, 2020, the Company was in compliance with all loan covenants.
Mortgages Payable
As of March 31, 2021 and December 31, 2020, the Company's mortgages payable, net were as follows:
March 31, 2021December 31, 2020
Mortgages payable (a)$106,932 $107,261 
Discount, net of accumulated amortization(74)(84)
Issuance costs, net of accumulated amortization(421)(449)
Total mortgages payable, net$106,437 $106,728 
(a)Mortgages payable had fixed interest rates ranging from 3.49% to 4.58%, with a weighted average interest rate of 4.07% as of March 31, 2021 and December 31, 2020.

The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2021 for the remainder of 2021, each of the next four years and thereafter.
Scheduled maturities by year:As of March 31, 2021
2021$ 
202222,723 
202339,879 
202415,700 
202528,630 
Thereafter 
Total mortgage payable maturities$106,932 
Credit Agreements
Revolving Credit Agreement
On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated the Company's prior unsecured revolving credit agreement in its entirety, and provides for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). As of March 31, 2021 and December 31, 2020, the Company had no outstanding borrowings and $50,000 of outstanding borrowings under the Revolving Credit Agreement, respectively, and a facility fee of 0.15%. As of March 31, 2021 and December 31, 2020, $350,000 and $300,000 of the facility was undrawn, respectively.
For general corporate purposes and to increase its financial flexibility in light of the COVID-19 pandemic, the Company drew $150,000 on the Revolving Credit Agreement at an interest rate reflecting 1-Month LIBOR plus 1.05% during the second quarter of 2020. The Company subsequently repaid $100,000 and $50,000 of that draw during the fourth quarter of 2020 and the first quarter of 2021, respectively. The Revolving Credit Agreement has a 4-year term maturing on December 21, 2022 with two six-month extension options.
11


Unsecured term loans
As of March 31, 2021 and December 31, 2020, the Company had the following unsecured term loan tranches outstanding:
March 31, 2021December 31, 2020
Principal BalanceInterest
Rate
Principal BalanceInterest
Rate
Maturity Date
$250.0 million 5 year - swapped to fixed rate
$100,000 2.6795% (a)$100,000 2.6795% (a)December 21, 2023
$250.0 million 5 year - swapped to fixed rate
100,000 2.6795% (a)100,000 2.6795% (a)December 21, 2023
$250.0 million 5 year - variable rate
50,000 1.3151% (b)50,000 1.3548% (c)December 21, 2023
$150.0 million 5.5 year - swapped to fixed rate
50,000 2.6915% (a)50,000 2.6915% (a)June 21, 2024
$150.0 million 5.5 year - swapped to fixed rate
50,000 2.6990% (a)50,000 2.6990% (a)June 21, 2024
$150.0 million 5.5 year - variable rate
50,000 1.3151% (b)50,000 1.3548% (c)June 21, 2024
Total unsecured term loans400,000 400,000 
Issuance costs, net of accumulated amortization(1,472)(1,619)
Total unsecured term loans, net$398,528 $398,381 
(a)As of March 31, 2021, the Company has four interest rate swap agreements, of which two each have a notional amount of $100,000, an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68%. The other two interest rate swap agreements each have a notional amount of $50,000, an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70%.
(b)Interest rate reflects 1-Month LIBOR plus 1.20% effective March 1, 2021.
(c)Interest rate reflects 1-Month LIBOR plus 1.20% effective December 1, 2020.
12


8. Fair Value Measurements
Recurring Measurements
The following financial instruments are remeasured at fair value on a recurring basis:
Fair Value Measurements as of
March 31, 2020December 31, 2020
Cash Flow Hedges: (a)
Level 1Level 2Level 3Level 1Level 2Level 3
Derivative interest rate liabilities (b)$ $(9,508)$ $ $(12,449)$ 
(a)During the twelve months subsequent to March 31, 2021, an estimated $4,179 of derivative interest rate liabilities recognized in accumulated comprehensive loss will be reclassified into earnings.
(b)The Company's and IAGM's derivative liabilities are recognized as a part of other liabilities and investment in unconsolidated entities, respectively, on the Company's condensed consolidated balance sheets.
Level 1
At March 31, 2021 and December 31, 2020, the Company had no Level 1 recurring fair value measurements.
Level 2
As of March 31, 2021 and December 31, 2020, the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.
Level 3
At March 31, 2021 and December 31, 2020, the Company had no Level 3 recurring fair value measurements.
Nonrecurring Measurements
Investment Properties
During the three months ended March 31, 2021, the Company had no Level 3 nonrecurring fair value measurements.
During the three months ended March 31, 2020, the Company identified one retail property that had a reduction in its expected holding period and recorded a provision for asset impairment of $9,002 on the condensed consolidated statement of operations and comprehensive income (loss) as a result of the fair value being lower than the property's carrying value. The Company's fair value was based on an executed sales contract. This property was disposed of on May 1, 2020.
Financial Instruments Not Measured at Fair Value
The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of March 31, 2021 and December 31, 2020:
March 31, 2021December 31, 2020
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Mortgages payable$106,932 $105,459 $107,261 $106,494 
Term loans$400,000 $398,922 $400,000 $400,055 
Revolving line of credit$ $ $50,000 $50,032 
The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 4.52% and 4.25% as of March 31, 2021 and December 31, 2020, respectively. The fair value estimate of the term loans and line of credit approximate the carrying value. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company's. As a result, the Company used a weighted-average interest rate of 1.68% and 1.36% as of March 31, 2021 and December 31, 2020, respectively, to estimate the fair value of its term loans. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy.
13


9. Earnings Per Share and Equity Transactions
Basic earnings per share ("EPS") is computed using the two-class method by dividing net income by the weighted average number of common shares outstanding for the period (the "common shares") and participating securities. The restricted share awards issued pursuant to the InvenTrust Properties Corp. 2015 Incentive Award Plan (as amended, the "Incentive Award Plan") are deemed to be participating securities. Diluted EPS is generally computed using the treasury-stock method by dividing net income by the common shares plus potential common shares resulting from restricted share awards.

The following table reconciles the amounts used in calculating basic and diluted earnings per share:
Three months ended March 31,
20212020
Numerator:
Net loss$(100)$(3,486)
Earnings allocated to unvested restricted shares (a)  
Net loss attributed to common shareholders$(100)$(3,486)
Denominator:
Weighted average number of common shares outstanding - basic719,462,786 720,825,864 
Effect of unvested restricted shares (b)  
Weighted average number of common shares outstanding - diluted719,462,786 720,825,864 
Basic and diluted earnings per common share:
Net loss per common share$ $ 
(a)For the three months ended March 31, 2021 and 2020, there were no undistributed earnings to be allocated.
(b)For the three months ended March 31, 2021 and 2020, the anti-dilutive effect of unvested restricted shares has been excluded.
On November 1, 2019, the Company adopted a Second Amended and Restated Share Repurchase Program ("SRP"), authorizing redemption of the Company's shares of common stock, subject to certain conditions and limitations. The Company's obligation to repurchase any shares under the SRP was conditioned upon having sufficient funds available to complete the repurchase. The repurchase price per share for all stockholders was equal to a 25% discount to the most recent estimated Net Asset Value ('"NAV") per share of the Company's common stock established by the Company's Board of Directors (the "Board"), which was $3.14 per share as of May 1, 2019. During the three months ended March 31, 2020, no shares were repurchased in connection with the SRP.
On November 1, 2019, the Company began offering shares of the Company's common stock to existing stockholders pursuant to the Company's Amended and Restated Distribution Reinvestment Plan ("DRP"). Under the DRP, stockholders were able to elect to reinvest an amount equal to the distributions declared on their shares of common stock into additional shares of the Company's common stock in lieu of receiving cash distributions. In accordance with the DRP, participants were able to acquire shares of common stock at a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Board, which was $3.14 per share as of May 1, 2019. During the three months ended March 31, 2020, 21,249 shares were issued pursuant to the DRP.
Effective July 11, 2020, the Company suspended the SRP and the DRP. On April 12, 2021, the Company announced the reinstatement of the SRP, effective May 14, 2021, for qualifying shareholders through the Third Amended and Restated Share Repurchase Program authorizing redemption of the Company's shares of common stock, subject to certain conditions and limitations. The Company's obligation to repurchase any shares under the SRP is conditioned upon having sufficient funds available to complete the repurchase. The repurchase price per share of $2.17 for eligible stockholders is equal to a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Company's Board, which was $2.89 per share as of December 21, 2020. The DRP remains suspended.
14


10. Stock-Based Compensation
Effective as of June 19, 2015, the Company's Board adopted the Incentive Award Plan, under which the Company may grant
cash and equity incentive awards to eligible employees, directors, and consultants. Time-based restricted stock units ("RSU") awards granted to employees vest equally on each of the first three anniversaries of the applicable vesting commencement date, subject to the employees' continued service to the Company. The time-based RSU awards granted to directors vest on the earlier of the one-year anniversary of the applicable grant date or the date of the Company's next annual meeting of its shareholders following the grant date, subject to the directors' continued service to the Company. Performance-based RSU awards granted to employees vest at the conclusion of the performance period, subject to the recipients' continued service to the Company and achievement of the specified performance levels. Under the Incentive Award Plan, the Company is authorized to grant up to 30,000,000 shares of the Company's common stock pursuant to awards under the Incentive Award Plan. As of March 31, 2021, 15,192,719 shares were available for future issuance under the Incentive Award Plan.
On February 18, 2021, the Board approved grants of time-based and performance-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of $2.89 as of December 1, 2020.
On February 23, 2021, the Company announced the expected retirement of its President and Chief Executive Officer in August 2021, which resulted in the acceleration of certain stock-based compensation expenses. The Company also announced the appointment of certain executives in establishing a plan of succession. In connection with the appointments, the Board approved grants of time-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of $2.89 as of December 1, 2020.
The following table summarizes the Company's RSU activity during the three months ended March 31, 2021:
Unvested Time-
Based RSUs
Unvested Performance-
Based RSUs
Weighted-Average Grant
Date Price Per Share
Outstanding as of January 1, 20211,103,816 3,320,954 $3.14 
Shares granted1,674,172 1,894,256 $2.89 
Shares forfeited (431,246)$3.14 
Outstanding as of March 31, 20212,777,988 4,783,964 $3.01 
As of March 31, 2021, there was $9,755 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2023. The Company recognized stock-based compensation expense of $2,496 and $528 for the three months ended March 31, 2021 and 2020, respectively.
15


11. Commitments and Contingencies
The Company is subject, from time to time, to various types of third-party legal claims or litigation that arise in the ordinary course of business, including, but not limited to, property loss claims, personal injury or other damages resulting from contact with the Company's properties. These claims and lawsuits and any resulting damages are generally covered by the Company's insurance policies. The Company accrues for legal costs associated with loss contingencies when these costs are probable and reasonably estimable. While the resolution of these matters cannot be predicted with certainty, based on currently available information, management does not expect that the final outcome of any pending claims or legal proceedings will have a material adverse effect on the financial condition, results of operations or cash flows of the Company.
Operating and Finance Lease Commitments
The Company has non-cancelable contracts of property improvements that have been deemed to contain finance leases. In addition, the Company has non-cancelable operating leases for office space used in its business.
Future minimum lease obligations as of March 31, 2021, were as follows:
Minimum Lease Payments
Operating LeasesFinance Leases
Remaining 2021$383 $291 
2022522 279 
2023536 21 
2024550  
202553  
Thereafter  
Total expected minimum lease obligation2,044 591 
Less: Amount representing interest (a)(198)(34)
Present value of net minimum lease payments$1,846 $557 
(a)Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.
12. Subsequent Events
In preparing its condensed consolidated financial statements, the Company has evaluated events and transactions occurring after March 31, 2021, through the date the financial statements were issued for recognition and disclosure purposes.
16


Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Certain statements in this "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in these interim condensed consolidated financial statements for the quarter ended March 31, 2021 (the "Quarterly Report"), other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements about InvenTrust Properties Corp.'s (the "Company") plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events; and they involve known and unknown risks that are difficult to predict.
As a result, our actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," and "should" and variations of these terms and similar expressions, or the negatives of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while we consider reasonable based on our knowledge and understanding of the business and industry, are inherently uncertain. These statements are expressed in good faith and are not guarantees of future performance or results. Our actual results could differ materially from those expressed in the forward-looking statements and stockholders should not rely on forward-looking statements in making investment decisions.
There are a number of risks, uncertainties and other important factors, many of which are beyond our control, and should be interpreted as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic and socio-economic environment, that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report. Such risks, uncertainties and other important factors, include, among others, the risks, uncertainties and factors set forth in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report"), and as updated in this Quarterly Report and other quarterly and current reports, which are on file with the SEC and are available at the SEC's website (www.sec.gov). Such risks and uncertainties are related to, among others, the following:
the effects of the COVID-19 pandemic in the markets where we own and operate properties, including the effect on our tenants' operations and ability to pay rent;
the duration of the COVID-19 pandemic and the timing and nature of an economic recovery from the pandemic, including the effects of any future resurgence of COVID-19, the existence and prevalence of variants of the virus, the distribution of available vaccines and the public's acceptance of such vaccines;
market, political and economic volatility experienced by the United States ("U.S.") economy or real estate industry as a whole, including as a result of the COVID-19 pandemic, and the regional and local political and economic conditions in the markets in which our retail properties are located;
our ability to collect rent from tenants or to rent space on favorable terms or at all;
the consummation of lease amendments on the agreed-upon terms and/or if consummated, payments as required by the terms of the respective agreements;
declaration of bankruptcy by our retail tenants;
the economic success and viability of our anchor retail tenants;
the continued impact of the COVID-19 pandemic on our cash flows and our ability to satisfy certain covenants required by our mortgage loans and credit agreements;
our ability to execute on a potential strategic transaction intended to enhance stockholder value and provide investment liquidity to stockholders, and the impact of the COVID-19 pandemic on our ability to execute on, and the timing of such a potential strategic transaction;
our ability to identify, execute and complete disposition opportunities and at expected valuations;
our ability to identify, execute and complete acquisition opportunities and to integrate and successfully operate any retail properties acquired in the future and manage the risks associated with such retail properties;
our ability to manage the risks of expanding, developing or re-developing our retail properties;
loss of members of our senior management team or other key personnel;
changes in governmental regulations and U.S. accounting standards or interpretations thereof;
our ability to access capital for development, re-development and acquisitions on terms and at times that are acceptable to us;
17


changes in the competitive environment in the leasing market and any other market in which we operate;
shifts in consumer retail shopping from brick and mortar stores to e-commerce;
our ability to re-lease spaces with forthcoming lease expirations and terminations, and increasing costs associated with leasing activities;
the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants;
events beyond our control, such as war, terrorist attacks, including acts of domestic terrorism, civil unrest, natural disasters and severe weather incidents, and any uninsured or under-insured loss resulting therefrom;
actions or failures by our joint venture partner;
the cost of compliance with and liabilities under environmental, health and safety laws;
changes in real estate and zoning laws and increases in real property tax rates;
our debt financing, including risk of default, loss and other restrictions placed on us;
our ability to refinance or repay maturing debt or to obtain new financing on attractive terms;
future increases in interest rates;
the availability of cash flow from operating activities to fund capital and other expenditures, service our debt and other obligations, and to fund distributions;
our status as a real estate investment trust ("REIT") for federal tax purposes; and
changes in federal, state or local tax law, including legislative, administrative, regulatory or other actions affecting REITs.
These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our business, financial condition, results of operations, cash flows and overall value. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements are only as of the date they are made; we do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information, future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
The following discussion and analysis relates to the three months ended March 31, 2021 and 2020 and as of March 31, 2021 and December 31, 2020. It should be read in conjunction with our condensed consolidated financial statements and the related notes included in this Quarterly Report. All dollar amounts are stated in thousands, except per share amounts and per square foot metrics, unless otherwise noted.
Overview
InvenTrust Properties Corp. is a premier multi-tenant retail REIT that acquires, owns, leases, redevelops, and manages grocery-anchored neighborhood centers, and select power centers that often have a grocery component, in Sun Belt markets with favorable demographics. We seek to continue to execute our strategy to enhance our retail platform by further investing in grocery-anchored centers with essential retail in our current markets, while exhibiting focused and disciplined capital allocation.
Evaluation of Financial Condition
Historically, management has evaluated our financial condition and operating performance by focusing on the following financial and nonfinancial indicators, discussed in further detail herein:
Net Operating Income ("NOI"), a supplemental non-GAAP measure;
Funds From Operations ("FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;
Adjusted FFO ("AFFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;
Cash flow from operations as determined in accordance with GAAP;
Economic and physical occupancy and rental rates;
18


Leasing activity and lease rollover;
Operating expense levels and trends;
General and administrative expense levels and trends;
Debt maturities and leverage ratios; and
Liquidity levels.
Impact of the COVID-19 Pandemic on Our Business and Financial Statements
Our business has been, and continues to be, disrupted by the COVID-19 pandemic. We continue to assess the impact of the COVID-19 pandemic on all aspects of our business, including the impact on our tenants and their ability to make future rental payments in a timely fashion or at all and the possible impairment in value of our investment properties. The states in which our retail properties are located are in varying stages of restrictions and re-openings in response to the pandemic. At this time, we are unable to predict whether cases of COVID-19 in our markets will decrease, increase, or remain the same, whether the approved COVID-19 vaccines will be efficiently distributed in our markets and widely accepted by the public, and whether local governments will mandate closures of our tenants' businesses or implement other restrictive measures on their and our operations in response to a resurgence of the pandemic. We have taken and will continue to consider a number of measures to mitigate the impact of the pandemic on our business and financial condition.
Tenant Assistance Efforts and Deferred Rental Payments
We continue to evaluate our tenants' requests and are negotiating the terms of potential lease amendments on an individual basis. We do not expect all tenant requests will result in amended agreements, nor do we intend to forgo our contractual rights under our lease agreements. There can be no assurance that all amendments will be consummated on the agreed-upon terms and/or if consummated, amounts due will be collected as required by terms of the agreement.
The status of our recurring tenant billings across our entire portfolio, including our proportionate share of the properties in our unconsolidated joint venture, is reflected in the following tables, which shows disaggregated gross rent billed by quarter since we began offering payment deferral plans related to the COVID-19 pandemic.
Disaggregation of Gross Rent Billed
Gross Rent BilledCollectedPayment
Deferral Plan
Estimated
Credit Loss
Remaining
Accounts Receivable
Quarter end June 30, 2020$52,387 $45,149 $3,100 $4,062 $76 
Quarter end Sept. 30, 2020$52,522 $49,596 $828 $1,891 $207 
Quarter end Dec. 31, 2020$53,562 $52,901 $(1,053)$1,393 $321 
Quarter end Mar. 31, 2021$52,217 $50,863 $(1,161)$1,587 $928 
Disaggregation of Gross Rent Billed
Gross Rent BilledCollectedPayment
Deferral Plan
Estimated
Credit Loss
Remaining
Accounts Receivable
Quarter end June 30, 2020100%86.2%5.9%7.8%0.1%
Quarter end Sept. 30, 2020100%94.4%1.6%3.6%0.4%
Quarter end Dec. 31, 2020100%98.8%(2.0)%2.6%0.6%
Quarter end Mar. 31, 2021100%97.4%(2.2)%3.0%1.8%
During the three months ended March 31, 2021, deferred rental payments of $3.4 million, including our proportionate share of our unconsolidated joint venture, became due; we have collected $3.1 million of such deferred rental payments as of March 31, 2021. As of March 31, 2021, we have granted approximately $6.6 million on a cumulative basis since the start of the pandemic, including our proportionate share of our unconsolidated joint venture, of rental payment deferrals, with contractual payment terms through the year ended December 31, 2023.
Current Strategy and Outlook
InvenTrust focuses on grocery-anchored neighborhood centers, and select power centers that often have a grocery component, in markets with favorable demographics, including above average growth in population, employment and income. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based retail centers which will position us to capitalize on potential future rent increases while enjoying sustained occupancy at our centers. Using these criteria, we have focused our strategy on 15 to 20 markets, including, but not limited to, the metropolitan areas of Atlanta,
19


Austin, Charlotte, Dallas-Fort Worth-Arlington, Houston, the greater Los Angeles and San Diego areas, Miami, Orlando, Raleigh- Durham, San Antonio and Tampa.
Our portfolio of grocery-anchored centers is open and our grocery tenants are continuing to serve their communities. These properties play a critical role in the communities they serve, often providing essential retail and services such as groceries and healthcare products and services.
Our strategically located regional field offices are within a two-hour drive of 90% of our properties which affords us the ability to respond to the needs and requests of our tenants as they maneuver through this crisis with the intent to minimize disruption. In an effort to assist our tenants during this time, we have launched portfolio-wide initiatives aimed at providing designated common areas for outdoor dining and increasing signage at a number of properties to improve traffic flow to ease online order pick up and contactless transactions. However, as a result of the COVID-19 pandemic: some of our tenants have not been able to make rent payments to us in a timely fashion or at all, it has taken and we expect it will continue to take longer to collect rent from a portion of our tenants, and retailer bankruptcies, failures, and store closings have increased and are expected to continue to increase, leading to an increase in vacancies at our properties.
We believe the continued refinement of our retail platform has positioned us for future success and will allow us to evaluate, and execute on, a potential strategic transaction to achieve liquidity for and provide a return of capital to our stockholders. However, we may be unable to execute on such a transaction on terms we would find attractive for our stockholders and our ability to do so will be influenced by external and macroeconomic factors including, among others, the effects and duration of the COVID-19 pandemic, interest rate movements, local, regional, national and global economic performance, competitive factors, the impact of e-commerce on the retail industry, future retailer store closings, retailer consolidation, retailers reducing store size, retailer bankruptcies, and government policy changes. At this time, the COVID-19 pandemic and related uncertainties have delayed our process for exploring and executing upon a potential strategic transaction.
Our Retail Portfolio
Our wholly-owned, consolidated and managed retail properties include grocery-anchored community and neighborhood centers and power centers, including those classified as necessity-based, as defined in our Annual Report. As of March 31, 2021, we owned or had an interest in 65 retail properties with a total gross leasable area ("GLA") of approximately 10.9 million square feet, which includes 10 retail properties with a GLA of approximately 2.5 million square feet owned through the Company's 55% ownership interest in an unconsolidated joint venture, IAGM Retail Fund I, LLC ("IAGM").
Where appropriate, we have included results from the IAGM properties at 55% ("at share") when combined with our wholly-owned properties, defined as "Pro Rata Combined Retail Portfolio". The following table summarizes our retail portfolio as of March 31, 2021 and 2020.
Wholly-Owned
Retail Properties
IAGM
Retail Properties
IAGM
Retail Properties (at share)
Pro Rata Combined
Retail Portfolio
20212020202120202021202020212020
No. of properties5556101010106566
GLA (square feet)8,394,7578,488,4792,470,1932,470,1341,358,6061,358,5739,753,3639,847,052
Economic occupancy (a)95.0%95.9%86.5%92.3%86.5%92.3%93.8%95.4%
ABR PSF (b)$18.63$18.73$17.10$17.44$17.10$17.44$18.44$18.56
(a)Economic occupancy is defined as the percentage of total GLA for which a tenant is obligated to pay rent under the terms of its lease agreement, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy.
(b)Annualized Base Rent ("ABR") is computed as revenue for the last month of the period multiplied by 12 months. ABR includes the effect of rent abatements, lease inducements, straight-line rent GAAP adjustments and ground rent income. ABR per square foot ("ABR PSF") is computed as ABR divided by the total leased square footage at the end of the period. Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR PSF.
20


Retail Portfolio Summary by Center Type
The following tables summarize our retail portfolio, by center type, as defined in our Annual Report, as of March 31, 2021 and 2020.
Community and neighborhood centers
Wholly-Owned
Retail Properties
IAGM
Retail Properties
IAGM
Retail Properties (at share)
Pro Rata Combined
Retail Portfolio
20212020202120202021202020212020
No. of properties444455554949
GLA (square feet)5,051,3344,986,1651,386,3081,386,308762,469762,4695,813,8035,748,634
Economic occupancy95.0%95.7%88.5%94.4%88.5%94.4%94.1%95.5%
ABR PSF$19.67$19.90$16.64$17.48$16.64$17.48$19.30$19.58
Power centers
Wholly-Owned
Retail Properties
IAGM
Retail Properties
IAGM
Retail Properties (at share)
Pro Rata Combined
Retail Portfolio
20212020202120202021202020212020
No. of properties111255551617
GLA (square feet)3,343,4233,502,3141,083,8851,083,826596,137596,1043,939,5604,098,418
Economic occupancy95.0%96.2%83.8%89.5%83.8%89.5%93.3%