10-Q

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, 2022

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: 001-40896

INVENTRUST PROPERTIES CORP.

(Exact name of registrant as specified in its charter)

Maryland				34-2019608
(State or other jurisdiction of incorporation or organization)				(I.R.S. Employer Identification No.)
3025 Highland Parkway,	Suite 350	Downers Grove,	Illinois	60515
(Address of principal executive offices)				(Zip Code)
(855)			377-0510
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, $0.001 par value	IVT	New York Stock Exchange

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. ☐

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, 2022, there were 67,388,703 shares of the registrant's common stock outstanding.

INVENTRUST PROPERTIES CORP.

Quarterly Report on Form 10-Q

For the quarterly period ended March 31, 2022

Table of Contents

	Part I - Financial Information	Page
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021	1
	Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2022 and 2021 (unaudited)	2
	Condensed Consolidated Statements of Equity for the three months ended March 31, 2022 and 2021 (unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)	4
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	29
	Part II - Other Information
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	30
	Signatures	31

-i-

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Balance Sheets

(in thousands, except share amounts)

	As of
	March 31, 2022		December 31, 2021
	(unaudited)
Assets
Investment properties
Land	$	647,180	$	598,936
Building and other improvements	1,794,138		1,664,525
Construction in progress	13,156		9,642
Total	2,454,474		2,273,103
Less accumulated depreciation	(366,394)		(350,256)
Net investment properties	2,088,080		1,922,847
Cash, cash equivalents and restricted cash	25,723		44,854
Investment in unconsolidated entities	81,337		107,944
Intangible assets, net	92,652		81,026
Accounts and rents receivable	25,941		30,059
Deferred costs and other assets, net	40,419		25,685
Total assets	$	2,354,152	$	2,212,415
Liabilities
Debt, net	$	673,336	$	533,082
Accounts payable and accrued expenses	27,830		36,208
Distributions payable	13,828		13,802
Intangible liabilities, net	30,109		28,995
Other liabilities	24,843		28,776
Total liabilities	769,946		640,863
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	—		—
Common stock, $0.001 par value, 146,000,000 shares authorized, 67,388,703 shares issued and outstanding as of March 31, 2022 and 67,344,374 shares issued and outstanding as of December 31, 2021	67		67
Additional paid-in capital	5,453,100		5,452,550
Distributions in excess of accumulated net income	(3,881,070)		(3,876,743)
Accumulated comprehensive income (loss)	12,109		(4,322)
Total stockholders' equity	1,584,206		1,571,552
Total liabilities and stockholders' equity	$	2,354,152	$	2,212,415

See accompanying notes to the condensed consolidated financial statements.

1

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(in thousands, except share and per share amounts)

	Three months ended March 31,
	2022		2021
Income
Lease income, net	$	57,768	$	49,926
Other property income	264		182
Other fee income	754		1,013
Total income	58,786		51,121
Operating expenses
Depreciation and amortization	22,829		21,687
Property operating	8,285		8,009
Real estate taxes	8,043		8,133
General and administrative	7,887		10,351
Total operating expenses	47,044		48,180
Other (expense) income
Interest expense, net	(4,809)		(3,985)
Loss on extinguishment of debt	(96)		—
Gain on sale of investment properties, net	—		519
Equity in earnings of unconsolidated entities	2,716		620
Other income and expense, net	(52)		(195)
Total other (expense) income, net	(2,241)		(3,041)
Net income (loss)	$	9,501	$	(100)
Weighted-average common shares outstanding, basic	67,354,717		71,998,654
Weighted-average common shares outstanding, diluted	67,576,038		71,998,654
Net income (loss) per common share, basic and diluted	$	0.14	$	—
Distributions declared per common share outstanding	$	0.21	$	0.20
Distributions paid per common share outstanding	$	0.20	$	0.19
Comprehensive income
Net income (loss)	$	9,501	$	(100)
Unrealized gain on derivatives	15,406		1,893
Reclassification to net income (loss)	1,025		1,048
Comprehensive income	$	25,932	$	2,841

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 Shares	Common Stock		Additional Paid-in Capital		Distributions in Excess of Accumulated Net Income		Accumulated Comprehensive Income (Loss)		Total
Beginning balance, January 1, 2022	67,344,374	$	67	$	5,452,550	$	(3,876,743)	$	(4,322)	$	1,571,552
Net income	—	—		—		9,501		—		9,501
Unrealized gain on derivatives	—	—		—		—		15,406		15,406
Reclassification to interest expense, net	—	—		—		—		1,003		1,003
Reclassification to equity in earnings of unconsolidated entities	—	—		—		—		22		22
Distributions declared	—	—		—		(13,828)		—		(13,828)
Stock-based compensation, net	44,329	—		550		—		—		550
Ending balance, March 31, 2022	67,388,703	$	67	$	5,453,100	$	(3,881,070)	$	12,109	$	1,584,206

	Number of Shares	Common Stock		Additional Paid-in Capital		Distributions in Excess of Accumulated Net Income		Accumulated Comprehensive Income (Loss)		Total
Beginning balance, January 1, 2021	71,998,654	$	72	$	5,566,902	$	(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, 2021	71,998,654	$	72	$	5,568,285	$	(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,
	2022		2021
Cash flows from operating activities:
Net income (loss)	$	9,501	$	(100)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	22,829		21,687
Amortization of above and below-market leases and lease inducements, net	(2,547)		(1,243)
Amortization of debt discounts and financing costs	664		383
Straight-line rent adjustment, net	(663)		(640)
(Reversal of) provision for estimated credit losses	(1,109)		191
Gain on sale of investment properties, net	—		(519)
Loss on extinguishment of debt	96		—
Equity in earnings of unconsolidated entities	(2,716)		(620)
Distributions from unconsolidated entities	4,950		3,300
Stock-based compensation, net	1,082		2,496
Changes in operating assets and liabilities:
Accounts and rents receivable	5,890		4,006
Deferred costs and other assets, net	(3,487)		(2,263)
Accounts payable and accrued expenses	(8,610)		(5,562)
Other liabilities	897		(270)
Net cash provided by operating activities	26,777		20,846
Cash flows from investing activities:
Purchase of investment properties	(130,918)		—
Capital expenditures and tenant improvements	(4,303)		(2,953)
Investment in development and redevelopment projects	(2,363)		(544)
Proceeds from sale of investment properties, net	—		899
Distributions from unconsolidated entities	25,300		—
Lease commissions and other leasing costs	(1,067)		(1,037)
Other assets	(7)		(90)
Other liabilities	(923)		(765)
Net cash used in investing activities	(114,281)		(4,490)
Cash flows from financing activities:
Distributions to shareholders	(13,802)		(13,642)
Line of credit proceeds	105,000		—
Line of credit repayments	—		(50,000)
Payoffs of debt	(22,328)		—
Principal payments on mortgage debt	(298)		(329)
Payment of finance lease liabilities	(109)		(116)
Payment of loan fees and deposits	(90)		—
Net cash provided by (used in) financing activities	68,373		(64,087)
Net decrease in cash, cash equivalents and restricted cash	(19,131)		(47,731)
Cash, cash equivalents and restricted cash at the beginning of the period	44,854		223,770
Cash, cash equivalents and restricted cash at the end of the period	$	25,723	$	176,039

4

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

	Three months ended March 31,
	2022		2021
Supplemental disclosure and schedules:
Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest	$	3,930	$	3,732
Cash paid for income taxes, net of refunds	$	—	$	107
Distributions payable to shareholders	$	13,828	$	14,065
Accrued capital expenditures and tenant improvements	$	1,459	$	1,682
Capitalized costs placed in service	$	1,391	$	1,287
Purchase of investment properties:
Net investment properties	$	176,623	$	—
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	17,022		—
Accounts payable and accrued expenses, lease intangibles, and other liabilities	(5,227)		—
Assumption of mortgage debt	(57,500)		—
Cash outflow for purchase of investment properties, net	130,918		—
Assumption of mortgage principal	57,500		—
Capitalized acquisition costs	(814)		—
Credits and other changes in cash outflow, net	1,736		—
Gross acquisition price of investment properties	$	189,340	$	—
Sale of investment properties:
Net investment properties	$	—	$	380
Gain on sale of investment properties, net	—		519
Proceeds from sale of investment properties, net	—		899
Credits and other changes in cash inflow, net	—		—
Gross disposition price of investment properties	$	—	$	899

See accompanying notes to the condensed consolidated financial statements.

5

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements

March 31, 2022 and 2021

(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, 2021, 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 square feet and dollar amounts are stated in thousands, except per share amounts.

1. Organization

On October 4, 2004, InvenTrust Properties Corp. (the "Company" or "InvenTrust") was incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and has elected and operates in a manner to be taxed 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, leasing, redeveloping, acquiring and managing a multi-tenant retail platform.

As a REIT, the Company is entitled to a tax deduction for some or all of the dividends paid to stockholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to stockholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates.

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, 2022 and 2021, the Company had an investment in one unconsolidated real estate joint venture, as disclosed in "Note 6. Investment in Unconsolidated Entities".

Reduction of Authorized Shares

On April 28, 2022, the Company filed an amendment to its charter to decrease the number of authorized shares of common stock from 1,460,000,000 to 146,000,000, in proportion with the one-for-ten reverse stock split effected by the Company on August 5, 2021. The authorized shares of preferred stock remain at 40,000,000. The authorized shares of common stock have been retroactively adjusted within the accompanying condensed consolidated financial statements to give effect to the reduction as of March 31, 2022.

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, 2022 and 2021:

	Wholly-Owned Retail Properties		Unconsolidated Retail Properties at 100%
	2022	2021	2022	2021
No. of properties	57	55	6	10
Gross Leasable Area (square feet)	9,081	8,394	1,562	2,470

6

2. Basis of Presentation and Recently Issued Accounting Pronouncements

Estimates, Risks, and Uncertainties

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.

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 year	As of March 31, 2022
Remaining 2022	$	121,973
2023	151,108
2024	134,798
2025	116,967
2026	100,053
Thereafter	285,221
Total	$	910,120

The table above includes payments from tenants who have taken possession of their space, including 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.

The following table reflects the disaggregation of lease income, net:

	Three months ended March 31,
	2022		2021
Minimum base rent	$	35,048	$	30,990
Real estate tax recoveries	7,267		6,994
Common area maintenance, insurance, and other recoveries	6,292		5,938
Ground rent income	3,610		3,256
Above and below-market rent and lease inducement amortization, net	2,547		1,243
Short-term and other lease income	1,064		935
Termination fee income	168		121
Straight-line rent adjustment, net	663		640
Reversal of (provision for) uncollectible straight-line rent	494		(123)
Provision for uncollectible billed rent and recoveries	(236)		(909)
Reversal of uncollectible billed rent and recoveries	851		841
Lease income, net	$	57,768	$	49,926

Other Fee Income

The following table reflects the disaggregation of other fee income:

	Timing of Satisfaction of Performance Obligations	Three months ended March 31,
		2022		2021
Property management fees	Over time	$	412	$	587
Asset management fees	Over time	251		271
Leasing commissions and other fees	Point in time	91		155
Other fee income		$	754	$	1,013

The Company had receivables of $228 and $215 as of March 31, 2022 and December 31, 2021, respectively, which are included in deferred costs and other assets, net on the condensed consolidated balance sheets.

7

4. Acquired Properties

The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2022:

Acquisition Date	Property	Metropolitan Area	Gross Acquisition Price		Square Feet
February 2, 2022	Shops at Arbor Trails	Austin, TX	$	112,190	357
February 2, 2022	Escarpment Village	Austin, TX	77,150		170
			$	189,340	527

Transaction costs of $814 were capitalized during the three months ended March 31, 2022. There were no retail properties acquired during the three months ended March 31, 2021.

5. Disposed Properties

There was no real property disposed of during the three months ended March 31, 2022.

The following table reflects the real property disposed of during the three months ended March 31, 2021:

Disposition Date	Property	Metropolitan Area	Square Feet	Gross Disposition Price		Gain (Loss) on Sale, net
February 28, 2021	Sonterra Village (a)	San Antonio, TX	N/A	$	616	$	436
March 14, 2021	Eldridge Town Center (a)	Houston, TX	N/A	133		104
March 31, 2021	Windward Commons (a)	Alpharetta, GA	N/A	150		(21)
				$	899	$	519

(a)These were partial condemnations at three retail properties.

6. Investment in Unconsolidated Entities

Joint Venture Interest in IAGM

As of March 31, 2022 and December 31, 2021, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). IAGM was formed on April 17, 2013 for the purpose of acquiring, owning, managing, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities.

During the three months ended March 31, 2022, IAGM disposed of Price Plaza, a 206 thousand square foot retail property, for a gross disposition price of $39,100 and recognized a gain on sale of $3,751. The Company's share of IAGM's gain on sale was $2,063. The buyer assumed a $17,800 mortgage payable secured by the property.

During the three months ended March 31, 2021, IAGM prepaid mortgages payable of $23,150.

IAGM is party to 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"). As of March 31, 2022, and December 31, 2021 the interest rate swaps were recorded as assets with fair values of $2,213 and $530, respectively, on IAGM's condensed consolidated balance sheet, of which the Company's share was $1,217 and $291, respectively. 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.

8

Condensed Financial Information

The following table presents condensed balance sheet information for IAGM:

	As of
	March 31, 2022		December 31, 2021
Assets:
Net investment properties	$	251,685	$	288,014
Other assets	64,037		98,696
Total assets	$	315,722	$	386,710
Liabilities and equity:
Mortgages debt, net	$	148,242	$	165,831
Other liabilities	7,506		12,409
Equity	159,974		208,470
Total liabilities and equity	315,722		386,710
Company's share of equity	88,841		115,513
Outside basis difference, net (a)	(7,504)		(7,569)
Carrying value of investments in unconsolidated entities	$	81,337	$	107,944

(a)The outside basis difference reflects unamortized deferred gains on historical sales of Antoine Town Center and Prestonwood Town Center.

The following table presents condensed income statement information of IAGM:

	Three months ended March 31,
	2022		2021
Total income	$	8,379	$	11,429
Depreciation and amortization	(2,905)		(3,764)
Property operating	(1,330)		(2,073)
Real estate taxes	(1,411)		(2,372)
Asset management fees	(251)		(271)
Interest expense, net	(1,159)		(1,692)
Other (expense) and income, net	(142)		(129)
Loss on debt extinguishment	(111)		(14)
Gain on sale of real estate	3,751		—
Net income	$	4,821	$	1,114
Company's share of net income	$	2,652	$	612
Outside basis adjustment for investee's sale of real estate, net	64		8
Equity in earnings of unconsolidated entities	$	2,716	$	620

The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2022, for the remainder of 2022, each of the next four years and thereafter:

Scheduled maturities by year:	As of March 31, 2022
2022	$	—
2023	126,022
2024	—
2025	22,880
2026	—
Thereafter	—
Total	$	148,902

As of March 31, 2022 and December 31, 2021, 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.

9

7. Debt

The Company's debt consists of mortgages payable, unsecured term loans, and an unsecured revolving line of credit. 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. 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, 2022 and December 31, 2021, the Company was in compliance with all loan covenants.

Credit Agreements

On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated its prior unsecured revolving credit agreement in its entirety, and provided for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). On September 22, 2021, the Company entered into an amendment to the Revolving Credit Agreement (the "Amended Revolving Credit Agreement"), which provides for, among other things, an extension of the maturity the $350,000 Revolving Credit Agreement to September 22, 2025, with two six-month extension options.

On December 21, 2018, the Company entered into an unsecured term loan credit agreement, which amended and restated its prior unsecured term loan credit agreement in its entirety (the “Term Loan Credit Agreement”). On September 22, 2021, the Company entered into an amendment to its $400,000 Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity and a reallocation of indebtedness under the two outstanding tranches of term loans thereunder. The Amended Term Loan Agreement consists of a $200,000 5-year tranche maturing on September 22, 2026, and a $200,000 5.5-year tranche maturing on March 22, 2027.

Interest Rate Swaps

The Company is party to four interest rate forward swap agreements which address the periods between the maturity dates of the four effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps achieve fixed interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement.

The following table summarizes the Company's debt as of March 31, 2022 and December 31, 2021:

		Interest Rate Type	As of March 31, 2022			As of December 31, 2021
	Maturity Date		Interest Rate	Amount		Interest Rate	Amount
Mortgages Payable
Total mortgages payable	Various	Fixed	3.9600%	$	140,829	4.0700%	$	105,955
Term loans
$200.0 million 5 years	9/22/2026	Fixed	2.6795% (a)	100,000		2.6795% (a)	100,000
$200.0 million 5 years	9/22/2026	Fixed	2.6795% (a)	100,000		2.6795% (a)	100,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.6915% (a)	50,000		2.6915% (a)	50,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.6990% (a)	50,000		2.6990% (a)	50,000
$200.0 million 5.5 years	3/22/2027	Variable	1M LIBOR + 1.20% (b)	100,000		1M LIBOR +  1.20% (b)	100,000
Total				400,000			400,000
Revolving Line of Credit
$350.0 million total capacity	9/22/2025 (d)	Variable	1M LIBOR +  1.04% (b) (c)	136,000		1M LIBOR +  1.05% (b)	31,000
Total debt			2.5587%	676,829		2.6122%	536,955
Debt discounts and issuance costs, net of accumulated amortization				(3,493)			(3,873)
Debt, net				$	673,336		$	533,082

(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.

(b)As of March 31, 2022 and December 31 2021, 1-Month LIBOR was 0.4520% and 0.1013%, respectively.

(c)For the year ending December 31, 2022, the Company qualified for a 0.01% sustainability adjustment.

(d)Maturity date is not inclusive of two six-month extension options.

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The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2022 for the remainder of 2022, each of the next four years and thereafter.

Scheduled maturities by year:	As of March 31, 2022
2022	$	—
2023	38,999
2024	15,700
2025	28,630
2026	—
Thereafter	57,500
Total mortgage payable maturities	$	140,829

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, 2022						December 31, 2021
Cash Flow Hedges: (a)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Derivative interest rate swaps (b)(c)	$	—	$	12,109	$	—	$	—	$	(4,322)	$	—

(a)During the twelve months subsequent to March 31, 2022, an estimated $1,503 of derivative interest rate assets recognized in accumulated comprehensive income (loss) will be reclassified into earnings.

(b)The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. IAGM's derivative assets or liabilities are recognized as a part of investment in unconsolidated entities.

(c)As of March 31, 2022 and December 31, 2021, 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.

Nonrecurring Measurements

Investment Properties

During the three months ended March 31, 2022 and 2021, the Company had no Level 3 nonrecurring fair value measurements.

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, 2022 and December 31, 2021:

	March 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Mortgages payable	$	140,829	$	135,024	$	105,955	$	104,938
Term loans	$	400,000	$	400,644	$	400,000	$	400,470
Revolving line of credit	$	136,000	$	136,329	$	31,000	$	31,062

The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 5.21% and 4.44% as of March 31, 2022 and December 31, 2021, respectively. The Company estimated the fair value of its term loans using a weighted-average effective market interest rate of 3.53% and 2.39% as of March 31, 2022 and December 31, 2021, respectively. The Company classifies its debt instrument valuations within Level 2 of the fair value hierarchy.

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9. Earnings Per Share and Equity Transactions

Basic earnings per share ("EPS") is computed using the two-class method by dividing net income or loss by the weighted average number of common shares outstanding for the period (the "common shares") and participating securities. The time-based restricted share awards issued pursuant to the Incentive Award Plan are deemed to be participating securities. Diluted EPS is generally computed using the treasury-stock method by dividing net income or loss by the common shares plus potential common shares resulting from time-based restricted share awards.

The following table reconciles the amounts used in calculating basic and diluted earnings per share:

	Three months ended March 31,
	2022		2021
Numerator:
Net income (loss) attributed to common shareholders	$	9,501	$	(100)
Denominator:
Weighted average common shares outstanding - basic	67,354,717		71,998,654
Dilutive effect of unvested restricted shares (a)	221,321		—
Weighted average common shares outstanding - diluted	67,576,038		71,998,654
Basic and diluted earnings per common share:
Net income (loss) per common share, basic and diluted	$	0.14	$	—

(a)For the three months ended March 31, 2021, the Company has excluded the anti-dilutive effect of unvested restricted shares.

Share Repurchase Program

On February 23, 2022, the Company established a new share repurchase program (the "SRP") of up to $150.0 million of the Company's outstanding shares of common stock. The SRP may be suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or particular amount of shares. The SRP replaced the Company's prior share repurchase program (the "Prior SRP"), which the Board previously suspended effective September 5, 2021. As of March 31, 2022, the Company has not repurchased any common stock under the SRP.

ATM Program

On March 7, 2022, the Company established an at-the-market equity offering program (the "ATM Program") through which the Company may sell from time to time up to an aggregate of $250.0 million of its common stock. In connection with the ATM Program, the Company may sell shares of its common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. When the Company enters into a forward sale agreement, it expects that the forward purchaser will attempt to borrow from third parties and sell, through a forward seller, shares of its common stock to hedge the forward purchaser's exposure under the forward sale agreement. As of March 31, 2022, the Company has not sold any common stock under the ATM Program.

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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. The Company is authorized to grant up to 3,000,000 shares of the Company's common stock pursuant to awards under the Incentive Award Plan. As of March 31, 2022, 1,065,232 shares were available for future issuance under the Incentive Award Plan. Awards granted can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at fair value, earn dividends throughout the vesting period, and have no voting rights.

Time-based restricted stock unit ("RSU") awards are generally measured at grant date fair value and not subsequently re-measured. Time-based 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 awards are measured at grant date fair value and each grantee is eligible to vest in a number of RSUs ranging from 0% to 100% of the total number granted based on specified performance levels. Performance-based awards vest at the conclusion of the performance period, subject to the recipients' continued service to the Company and achievement of the specified performance levels.

Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period. The number of common shares ultimately issued is based on the Company's total shareholder return ("TSR") relative to that of the FTSE NAREIT Shopping Index peer group on a percentile basis. The resulting compensation expense is recorded over the service period regardless of whether the TSR performance measures are achieved.

The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:

	Three months ended March 31, 2022
Volatility	33.89%
Risk free interest rate	0.79	%	-	1.76%
Dividend Yield	3.24%

The following table summarizes the Company's RSU activity during the three months ended March 31, 2022:

	Unvested Time- Based RSUs	Unvested Performance and Market-Based RSUs	Weighted-Average Grant Date Price Per Share
Outstanding as of January 1, 2022	138,235	471,368	$	30.12
Shares granted	97,606	396,338	$	18.27
Shares vested	—	(76,520)	$	31.40
Shares forfeited	—	(61,102)	$	31.40
Outstanding as of March 31, 2022	235,841	730,084	$	22.97

As of March 31, 2022, there was $10,292 of total estimated unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2024. The Company recognized stock-based compensation expense of $1,082 and $2,496 for the three months ended March 31, 2022 and 2021, respectively.

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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 operating leases for office space used in its business. In addition, the Company has non-cancelable contracts of property improvements that have been deemed to contain finance leases.

Future minimum lease obligations as of March 31, 2022, were as follows:

	Minimum Lease Payments
	Operating Leases		Finance Leases
Remaining 2022	$	114	$	173
2023	513		21
2024	575		—
2025	456		—
2026	460		—
Thereafter	1,740		—
Total expected minimum lease obligation	3,858		194
Less: Amount representing interest (a)	(672)		(20)
Present value of net minimum lease payments	$	3,186	$	174

(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, 2022, through the date the financial statements were issued for recognition and disclosure purposes.

On April 21, 2022, the Company acquired Highlands of Flower Mound, a 175,000 square foot power center shadow anchored by Target, located in Flower Mound, Texas, from IAGM for $38.0 million. The Company assumed $22.9 million of existing mortgage debt to partially finance the acquisition.

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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, 2022 (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 ("Exchange Act"). 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, 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, 2021 (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:

•our ability to collect rent from tenants or to rent space on favorable terms or at all;

•declaration of bankruptcy by our retail tenants;

•the economic success and viability of our anchor retail tenants;

•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 redeveloping our retail properties;

•loss of members of our senior management team or other key personnel;

•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;

•the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants;

•our ability to refinance or repay maturing debt or to obtain new financing on attractive terms;

•future increases in interest rates;

•inflation;

•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.

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The following discussion and analysis relates to the three months ended March 31, 2022 and 2021 and as of March 31, 2022 and December 31, 2021. It should be read in conjunction with our condensed consolidated financial statements and the related notes included in this Quarterly Report. All square feet and dollar amounts are stated in thousands, except per share amounts and per square foot metrics, unless otherwise noted.

Overview

Strategy and Outlook

InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers that often have a grocery component in markets with favorable demographics, including above average growth in population, employment, income and education levels. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based essential retail centers which will position us to capitalize on potential future rent increases while benefiting from sustained occupancy at our centers.

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 of our tenants and provides us with in-depth local market knowledge. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, maintaining a flexible capital structure, and enhancing environmental, social and governance practices and standards.

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") and Same Property NOI, supplemental non-GAAP measures;

•NAREIT Funds From Operations ("NAREIT FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Core FFO Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Cash flow from operations as determined in accordance with GAAP;

•Economic and leased occupancy and rental rates;

•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.

Recent Developments

Acquisitions and Line of Credit Draw Down

On February 2, 2022, we acquired two properties in Austin, Texas for $189.3 million, Escarpment Village, approximately 170 thousand square feet and anchored by H.E.B., and Shops at Arbor Trails, approximately 357 thousand square feet and anchored by Costco and Whole Foods. We funded the acquisitions with cash on hand, drawing down $105.0 million on our line of credit, and by assuming mortgage debt on Shops at Arbor Trails and Escarpment Village of $31.5 million and $26.0 million, respectively.

Dispositions

On March 3, 2022, IAGM Retail Fund I, LLC ("IAGM"), our joint venture partnership with PGGM Private Real Estate Fund ("PGGM"), disposed of Price Plaza, a 206 thousand square foot retail property located in Katy, Texas, for a gross disposition price of $39.1 million and recognized a gain on sale of $3.8 million. Our share of IAGM's gain on sale was $2.1 million. The property's buyer assumed a $17.8 million mortgage payable at the property.

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Share Repurchase Program

On February 23, 2022, we established a new share repurchase program (the "SRP") of up to $150.0 million of our outstanding shares of common stock. The SRP may be suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or particular amount of shares. The SRP replaced our prior share repurchase program (the "Prior SRP"), which the Board previously suspended effective September 5, 2021. As of March 31, 2022, we have not repurchased any common stock under the SRP.

Debt

On March 4, 2022, we paid off a $22.3 million mortgage payable at Pavilion at La Quinta using cash on hand and recognized a loss on debt extinguishment of $0.1 million.

ATM Program

On March 7, 2022, we established an at-the-market equity offering program (the "ATM Program") through which we may sell from time to time up to an aggregate of $250.0 million of our common stock. In connection with the ATM Program, we may sell shares of our common stock to or through sales agents, or we may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. When we enter into a forward sale agreement, we expect that the forward purchaser will attempt to borrow from third parties and sell, through a forward seller, shares of our common stock to hedge the forward purchaser's exposure under the forward sale agreement. As of March 31, 2022, we have not sold any common stock under the ATM Program.

Reduction of Authorized Shares

On April 28, 2022, we filed an amendment to our charter to decrease the number of authorized shares of common stock from 1,460,000,000 to 146,000,000, in proportion with the one-for-ten reverse stock split effected by the Company on August 5, 2021. The authorized shares of preferred stock remain at 40,000,000. The authorized shares of common stock have been retroactively adjusted within the accompanying condensed consolidated financial statements to give effect to the reduction as of March 31, 2022.

Our Retail Portfolio

Our wholly-owned 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, 2022, we owned or had an interest in 63 retail properties with a total gross leasable area ("GLA") of approximately 10.6 million square feet, which includes 6 retail properties with a GLA of approximately 1.6 million square feet owned through our 55% ownership interest in an unconsolidated joint venture, 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, 2022 and 2021.

	Wholly-Owned Retail Properties		IAGM Retail Properties		Pro Rata Combined Retail Portfolio
	2022	2021	2022	2021	2022	2021
No. of properties	57	55	6	10	63	65
GLA (square feet)	9,081	8,394	1,562	2,470	9,940	9,752
Economic occupancy (a)	93.9%	92.1%	86.5%	83.2%	93.2%	90.9%
Leased occupancy (b)	95.1%	94.1%	87.3%	85.3%	94.4%	92.9%
ABR PSF (c)	$18.76	$18.40	$17.23	$17.13	$18.64	$18.24

(a)Economic occupancy is defined as the percentage of occupied GLA divided by total GLA (excluding Specialty Leases) for which a tenant is obligated to pay rent under the terms of its lease agreement as of the rent commencement date, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. Specialty Leases represent leases of less than one year in duration for small shop space and include any term length for common area space.

(b)Leased occupancy is defined as economic occupancy plus the percentage of signed but not yet commenced GLA divided by total GLA.

(c)Annualized Base Rent ("ABR") is computed as base rent for the period multiplied by twelve months. Base rent is inclusive of ground rent and any abatement concessions, but excludes Specialty Lease rent. ABR per square foot ("PSF") is computed as ABR divided by the occupied square footage as of the end of the period.

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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, 2022 and 2021.

Community and neighborhood centers
	Wholly-Owned Retail Properties		IAGM Retail Properties		Pro Rata Combined Retail Portfolio
	2022	2021	2022	2021	2022	2021
No. of properties	45	44	5	5	50	49
GLA (square feet)	5,508	5,051	1,387	1,386	6,271	5,813
Economic occupancy	94.4%	93.1%	85.9%	87.2%	93.4%	92.3%
Leased occupancy	95.7%	94.9%	86.9%	88.0%	94.6%	94.0%
ABR PSF	$19.80	$19.44	$17.11	$16.68	$19.50	$19.10

Power centers
	Wholly-Owned Retail Properties		IAGM Retail Properties		Pro Rata Combined Retail Portfolio
	2022	2021	2022	2021	2022	2021
No. of properties	12	11	1	5	13	16
GLA (square feet)	3,573	3,343	175	1,084	3,669	3,939
Economic occupancy	93.1%	90.7%	90.8%	78.0%	93.0%	88.8%
Leased occupancy	94.4%	93.0%	90.8%	81.8%	94.0%	91.3%
ABR PSF	$17.15	$16.81	$18.13	$17.75	$17.18	$16.93

Same Property Retail Portfolio Summary

The following tables summarize the GLA, economic occupancy and ABR PSF of the properties included in our retail portfolio classified as same property for the three months ended March 31, 2022 and 2021. Same Property Retail Portfolio summaries include results from properties owned for the entirety of both periods presented.

Three months ended March 31
	Wholly-Owned Retail Properties		IAGM Retail Properties		Pro Rata Combined Retail Portfolio
	2022	2021	2022	2021	2022	2021
No. of properties	54	54	6	6	60	60
GLA (square feet)	8,321	8,256	1,562	1,562	9,180	9,115
Economic occupancy	93.9%	92.0%	86.5%	85.5%	93.2%	91.4%
Leased occupancy	95.0%	94.0%	87.3%	86.5%	94.3%	93.3%
ABR PSF	$18.94	$18.59	$17.23	$16.85	$18.79	$18.44

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Lease Expirations

The following table presents the lease expirations of our economic occupied Pro Rata Combined Retail Portfolio as of March 31, 2022.

Lease Expiration Year	No. of Expiring Leases (a)	GLA of Expiring Leases (square feet)	Percent of Total GLA of Expiring Leases	ABR of Expiring Leases		Percent of Total ABR	Expiring ABR PSF
2022	101	310	3.3%	$	6,418	3.5%	$	20.70
2023	204	1,041	11.2%	19,253		10.5%	18.49
2024	201	1,032	11.1%	21,177		11.6%	20.52
2025	185	1,166	12.6%	21,085		11.5%	18.08
2026	204	877	9.5%	20,372		11.1%	23.23
2027	188	1,723	18.6%	33,465		18.3%	19.42
2028	87	461	5.0%	10,590		5.8%	22.97
2029	91	530	5.7%	11,473		6.3%	21.65
2030	68	339	3.7%	8,632		4.7%	25.46
2031	76	491	5.3%	10,442		5.7%	21.27
Thereafter	72	1,249	13.5%	19,307		10.5%	15.46
Other (b)	13	42	0.5%	965		0.5%	22.98
	1,490	9,261	100%	$	183,179	100%	$	19.78

(a)No. of expiring leases includes IAGM at 100%.

(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.

In preparing the above table, we have not assumed that unexercised contractual lease renewal or extension options contained in our leases will, in fact, be exercised. Our retail business is neither highly dependent on specific retailers nor subject to lease roll-over concentration. We believe this minimizes risk to our retail portfolio from significant revenue variances over time.

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Leasing Activity, Pro Rata Combined Retail Portfolio

The following table summarizes the leasing activity for leases that were executed during the three months ended March 31, 2022, compared with expiring or expired leases for the same or previous tenant for renewals and the same unit for new leases at the 63 properties in our Pro Rata Combined Retail Portfolio. Except for number of leases, all figures reflect results from our wholly owned and IAGM properties at share. These tables do not include rent deferral lease amendments executed as a result of the impact of the COVID-19 pandemic.

In our Pro Rata Combined Retail Portfolio, we had GLA totaling 1.04 million square feet expiring during the three months ended March 31, 2022, of which 971 thousand square feet was re-leased. This achieved a retention rate of approximately 93.1%.

	No. of Leases Executed for the Three Months Ended March 31, 2022	GLA SF (in thousands)	New Contractual Rent ($PSF) (b)	Prior Contractual Rent ($PSF) (b)	% Change over Prior Lease Rent (b)	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($PSF)	Lease Commissions ($PSF)
All Tenants
Comparable Renewal Leases (a)	46	114	$27.72	$26.56	4.4%	4.1	$0.98	$—
Comparable New Leases (a)	1	11	$15.50	$13.00	19.2%	11.0	$45.00	$9.86
Non-Comparable Renewal and New Leases	21	58	$30.80	N/A	N/A	10.0	$42.07	$11.80
Total	68	183	$26.69	$25.41	5.0%	6.4	$16.52	$4.30
Anchor Tenants (leases ten thousand square feet and over)
Comparable Renewal Leases (a)	3	36	$18.08	$17.28	4.6%	2.5	$1.38	$—
Comparable New Leases (a)	1	11	$15.50	$13.00	19.2%	11.0	$45.00	$9.86
Non-Comparable Renewal and New Leases	—	—	$—	$—	N/A	—	$—	$—
Total	4	47	$17.50	$16.31	7.3%	4.4	$11.22	$2.22
Small Shop Tenants (leases under ten thousand square feet)
Comparable Renewal Leases (a)	43	78	$32.19	$30.85	4.3%	4.9	$0.79	$—
Comparable New Leases (a)	—	—	$—	$—	—%	—	$—	$—
Non-Comparable Renewal and New Leases	21	58	$30.80	N/A	N/A	10.0	$42.07	$11.80
Total	64	136	$32.19	$30.85	4.3%	7.1	$18.34	$5.02

(a)Comparable leases are leases that meet all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.

(b)Non-comparable leases are not included in totals.

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Results of Operations

Comparison of results for the three months ended March 31, 2022 and 2021

We generate substantially all of our earnings from property operations. Since January 1, 2021, we have acquired three retail properties and disposed of one retail property.

The following table presents the changes in our income for the three months ended March 31, 2022 and 2021.

	Three months ended March 31,
	2022		2021		Increase (Decrease)
Income
Lease income, net	$	57,768	$	49,926	$	7,842
Other property income	264		182		82
Other fee income	754		1,013		(259)
Total income	$	58,786	$	51,121	$	7,665

Lease income, net, for the three months ended March 31, 2022, increased by $7.8 million when compared to the same period in 2021, primarily as a result of increased minimum rent of $4.4 million, net changes in credit losses and related reversals of $1.3 million, increased recovery income of $0.7 million, increased percentage rent of $0.1 million, and net increased GAAP rent adjustments of $1.3 million.

The following table presents the changes in our operating expenses for the three months ended March 31, 2022 and 2021.

	Three months ended March 31,
	2022		2021		Increase (Decrease)
Operating expenses
Depreciation and amortization	$	22,829	$	21,687	$	1,142
Property operating	8,285		8,009		276
Real estate taxes	8,043		8,133		(90)
General and administrative	7,887		10,351		(2,464)
Total operating expenses	$	47,044	$	48,180	$	(1,136)

Depreciation and amortization expenses for the three months ended March 31, 2022, increased $1.1 million when compared to the same period in 2021, primarily as a result of the acquisition of three retail properties since January 1, 2021 generating increased depreciation and amortization expense of $2.0 million, which was partially offset by $0.9 million of reduced depreciation and amortization expense pertaining to the demolition of a building at one retail property in 2021.

General and administrative expenses for the three months ended March 31, 2022, decreased $2.5 million when compared to the same period in 2021, primarily as a result of decreased long-term incentive plan costs of $1.4 million, decreased stock administration and investor relations costs of $0.7 million, and net decreases in all other costs of $0.4 million.

The following table presents the changes in our other income and expenses.

	Three months ended March 31,
	2022		2021		Change, net
Other (expense) income
Interest expense, net	$	(4,809)	$	(3,985)	$	(824)
Loss on extinguishment of debt	(96)		—		(96)
Gain on sale of investment properties, net	—		519		(519)
Equity in earnings of unconsolidated entities	2,716		620		2,096
Other income and expense, net	(52)		(195)		143
Total other (expense) income, net	$	(2,241)	$	(3,041)	$	800

Interest expense, net

Interest expense, net, for the three months ended March 31, 2022 increased $0.8 million when compared to the same period in 2021, primarily as a result of:

•fluctuations in our line of credit balances and 1-month LIBOR interest rates on our corporate credit facilities generating increased interest expense of $0.3 million,

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•assumption of mortgages on Shops at Arbor Trails and Escarpment Village of $31.5 million and $26.0 million, respectively, generating increased interest expense of $0.3 million,

•increased amortization of debt issuance costs of $0.3 million, and was offset by:

•paying off a $22.3 million mortgage payable on one retail property, decreasing interest expense by $0.1 million and generating a loss on debt extinguishment of $0.1 million.

Gain on sale of investment properties, net

During the three months ended March 31, 2021, we recognized a net gain of $0.5 million on the completion of partial condemnations at three retail properties.

Equity in earnings of unconsolidated entities

Equity in earnings of unconsolidated entities for the three months ended March 31, 2022, increased $2.1 million when compared to the same period in 2021, primarily as a result of a gain on sale of a property of $2.1 million and decreased interest expense of $0.3 million, which were partially offset by decreased earnings from property operations of $0.3 million. The aforementioned amounts represent our proportionate share of the activity.

Net Operating Income

We evaluate the performance of our retail properties based on NOI, which excludes general and administrative expenses, depreciation and amortization, provision for asset impairment, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments (such as straight-line rent, above/below market lease amortization and amortization of lease incentives). We bifurcate NOI into Same Property NOI and NOI from other investment properties based on whether the underlying retail properties meet our same property criteria.

We believe the supplemental non-GAAP financial measures of NOI, same property NOI, and NOI from other investment properties provide added comparability across periods when evaluating our financial condition and operating performance that is not readily apparent from "Operating income" or "Net income" in accordance with GAAP.

Comparison of Same Property results for the three months ended March 31, 2022 and 2021

A total of 54 wholly-owned retail properties and 60 Pro Rata retail properties met our Same Property criteria for the three months ended March 31, 2022 and 2021. The following table presents the reconciliation of net income (loss), the most directly comparable GAAP measure, to NOI, Same Property NOI, and Pro Rata Same Property NOI for the three months ended March 31, 2022 and 2021:

	Three months ended March 31,
	2022		2021
Net income (loss)	$	9,501	$	(100)
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	52		195
Equity in earnings of unconsolidated entities	(2,716)		(620)
Interest expense, net	4,809		3,985
Loss on extinguishment of debt	96		—
Gain on sale of investment properties, net	—		(519)
Depreciation and amortization	22,829		21,687
General and administrative	7,887		10,351
Other fee income	(754)		(1,013)
Adjustments to NOI (a)	(3,872)		(1,881)
NOI	37,832		32,085
NOI from other investment properties	(2,096)		(150)
Same Property NOI	35,736		31,935
IAGM Same Property NOI at share	3,001		2,596
Pro Rata Same Property NOI	$	38,737	$	34,531

(a)Adjustments to NOI include termination fee income and expense and GAAP rent adjustments.

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Comparison of the components of Same Property NOI for the three months ended March 31, 2022 and 2021

	Three months ended March 31,
	2022		2021		Change		Var.
Lease income, net	$	50,666	$	47,894	$	2,772	5.8	%
Other property income	269		187		82		43.9	%
	50,935		48,081		2,854		5.9	%
Property operating	7,847		8,012		(165)		(2.1)	%
Real estate taxes	7,352		8,134		(782)		(9.6)	%
	15,199		16,146		(947)		(5.9)	%
Same Property NOI	$	35,736	$	31,935	$	3,801	11.9	%

Same Property NOI increased by $3.8 million, or 11.9%, when comparing the three months ended March 31, 2022 to the same period in 2021, and was primarily a result of:

•increased minimum rent of $2.2 million,

•net changes in credit losses and related reversals of $0.7 million,

•decreased recoverable expenses of $0.7 million,

•decreased non-recoverable expenses of $0.3 million

•increased percentage rent of $0.1 million, and was offset by:

•decreased recovery income of $0.2 million.

The increase in minimum rent is primarily attributable increased economic and leased occupancy levels when comparing the three months ended March 31, 2022 to the same period in 2021.

During the three months ended March 31, 2022, we recognized credit losses relating to billed rent and recoveries of $0.2 million and reversals of credit losses of $0.8 million. During the three months ended March 31, 2021, we recognized credit losses relating to billed rent and recoveries of $0.9 million and reversals of credit losses of $0.8 million.

Real estate taxes and recoverable operating expenses, net of associated recoveries, decreased $0.5 million when comparing the three months ended March 31, 2022 to the same period in 2021, primarily reflecting increased real estate tax refunds.

Non-recoverable operating expenses relating to tenant lease negotiations decreased when comparing the three months ended March 31, 2022 to the same period in 2021.

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Funds From Operations

The National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as Funds From Operations ("NAREIT FFO"). Our NAREIT FFO is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for IAGM are calculated to reflect our proportionate share of the joint venture's funds from operations on the same basis.

Core Funds From Operations ("Core FFO") is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within NAREIT FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's on-going operating performance. In that regard, we use Core FFO as an input to our compensation plan to determine cash bonuses and measure the achievement of certain performance-based equity awards.

See our Annual Report on Form 10-K for expanded descriptions of NAREIT FFO and Core FFO. FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities is calculated as follows:

	Three months ended March 31,
	2022		2021
Net income (loss)	$	9,501	$	(100)
Depreciation and amortization related to investment properties	22,622		21,447
Gain on sale of investment properties, net	—		(519)
Unconsolidated joint venture adjustments (a)	(465)		2,070
NAREIT FFO Applicable to Common Shares and Dilutive Securities	31,658		22,898
Amortization of above and below-market leases and lease inducements, net	(2,547)		(1,243)
Straight-line rent adjustments, net	(1,157)		(517)
Adjusting items, net (b)	873		819
Unconsolidated joint venture adjusting items, net (c)	194		168
Core FFO Applicable to Common Shares and Dilutive Securities	$	29,021	$	22,125
Weighted average common shares outstanding - basic	67,354,717		71,998,654
Dilutive effect of unvested restricted shares (d)	221,321		—
Weighted average common shares outstanding - diluted	67,576,038		71,998,654
Net income (loss) per common share, basic and diluted	$	0.14	$	—
Per share adjustments - NAREIT FFO Applicable to Common Shares and Dilutive Securities	0.33		0.32
NAREIT FFO Applicable to Common Shares and Dilutive Securities per share	$	0.47	$	0.32
Per share adjustments - Core FFO Applicable to Common Shares and Dilutive Securities	(0.04)		(0.01)
Core FFO Applicable to Common Shares and Dilutive Securities per share	$	0.43	$	0.31

(a)Represents our share of depreciation, amortization and gain on sale related to investment properties held in IAGM.

(b)Adjusting items, net, are primarily loss on extinguishment of debt, amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.

(c)Represents our share of amortization of above and below-market leases and lease inducements, net, straight line rent adjustments, net and adjusting items, net related to IAGM.

(d)For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating diluted earnings per share in accordance with GAAP. For the three months ended March 31, 2021, unvested restricted shares were antidilutive and therefore excluded from the denominator in the diluted earnings per share calculation in accordance with GAAP.

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Liquidity and Capital Resources

Development, Redevelopment, Capital Expenditures and Leasing Activities

The following table summarizes capital resources used through development and redevelopment, capital expenditures, and leasing activities at our retail properties owned during the three months ended March 31, 2022. These costs are classified as cash used in capital expenditures and tenant improvements and investment in development and redevelopment projects on the condensed consolidated statements of cash flows during the three months ended March 31, 2022.

	Development and Redevelopment			Capital Expenditures		Leasing			Total
Direct costs	$	1,986	(a)	$	1,145	$	2,818	(c)	$	5,949
Indirect costs	377		(b)	340		—			717
Total	$	2,363		$	1,485	$	2,818		$	6,666

(a)Direct development and redevelopment costs relate to construction of buildings at our retail properties.

(b)Indirect development and redevelopment costs relate to capitalized interest, real estate taxes, insurance, and payroll attributed to improvements at our retail properties.

(c)Direct leasing costs relate to improvements to a tenant space that are either paid directly by or reimbursed to the tenants.

Short-Term Liquidity and Capital Resources

On a short-term basis, our principal uses for funds are to pay our operating and corporate expenses, interest and principal on our indebtedness, property capital expenditures, and to make distributions to our stockholders.

Our ability to maintain adequate liquidity for our operations in the future is dependent upon a number of factors, including our revenue, macroeconomic conditions, our ability to contain costs, including capital expenditures, and to collect rents and other receivables, and various other factors, many of which are beyond our control. We will continue to monitor our liquidity position and may seek to raise funds through debt or equity financing in the future to fund operations, significant investments or acquisitions that are consistent with our strategy. Our ability to raise these funds may also be diminished by other macroeconomic factors.

Long-Term Liquidity and Capital Resources

Our objectives are to maximize revenue generated by our retail platform, to further enhance the value of our retail properties to produce attractive current yield and long-term returns for our stockholders, and to generate sustainable and predictable cash flow from our operations to distribute to our stockholders.

Any future determination to pay distributions will be at the discretion of our board of directors (the "Board") and will depend on our financial condition, capital requirements, restrictions contained in current or future financing instruments, and such other factors as our Board deems relevant.

Our primary sources and uses of capital are as follows:

Sources	Uses
•Operating cash flows from our real estate investments; •Distributions from our joint venture investment; •Proceeds from sales of properties; •Proceeds from mortgage loan borrowings on properties; •Proceeds from corporate borrowings; and •Proceeds from any ATM Program activities.	•To invest in properties; •To fund development, redevelopment, maintenance and capital expenditures or leasing incentives; •To make distributions to our stockholders; •To service or pay down our debt; •To pay our operating expenses; and •To fund other general corporate uses.

From time to time, we may seek to acquire additional amounts of our outstanding common stock through cash purchases or exchanges for other securities. Such purchases or exchanges, if any, will depend on our liquidity requirements, contractual restrictions, and other factors.

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Distributions

During the three months ended March 31, 2022, we declared distributions to our stockholders totaling $13.8 million and paid cash distributions of $13.8 million. As we execute on our retail strategy and continue to evaluate our business, results of operations and cash flows, our Board will continue to evaluate our distribution on a periodic basis.

Summary of Cash Flows

	Three months ended March 31,				Change
	2022		2021
Cash provided by operating activities	$	26,777	$	20,846	$	5,931
Cash used in investing activities	(114,281)		(4,490)		(109,791)
Cash provided by (used in) financing activities	68,373		(64,087)		132,460
Decrease in cash, cash equivalents and restricted cash	(19,131)		(47,731)		28,600
Cash, cash equivalents and restricted cash at beginning of period	44,854		223,770		(178,916)
Cash, cash equivalents and restricted cash at end of period	$	25,723	$	176,039	$	(150,316)

Cash provided by operating activities of $26.8 million and $20.8 million for the three months ended March 31, 2022 and 2021, respectively, was generated primarily from income from property operations and operating distributions from IAGM. Cash provided by operating activities increased $5.9 million when comparing the three months ended March 31, 2022, to the same period in 2021, primarily from increased cash from property operations as a result of the resiliency of our tenants and markets in which we operate, increased distributions from IAGM, general fluctuations in working capital, and the acquisition of three retail properties, which was partially offset by the disposition of one retail property since January 1, 2021.

Cash used in investing activities of $114.3 million for the three months ended March 31, 2022, was primarily the result of:

•$130.9 million for acquisitions of investment properties,

•$4.3 million for capital expenditures and tenant improvements,

•$2.4 million for investment in development projects,

•$1.1 million for lease commissions and other leasing costs, and

•$0.9 million for cash outflows from other investing activities, which was partially offset by cash provided of

•$25.3 million from distributions from unconsolidated entities.

Cash used in investing activities of $4.5 million for the three months ended March 31, 2021, was primarily the result of:

•$3.0 million for capital expenditures and tenant improvements,

•$0.5 million for investment in development projects,

•$1.0 million for lease commissions and other leasing costs, and

•$0.9 million for cash inflows from other investing activities, which was partially offset by cash provided of

•$0.9 million from net proceeds received from the sale of investment properties.

Cash provided by financing activities of $68.4 million for the three months ended March 31, 2022, was primarily the result of:

•$105.0 million drawn from the line of credit to partially finance our Austin acquisitions, which was partially offset by cash used of

•$22.3 million for pay-offs of debt,

•$13.8 million to pay distributions, and

•$0.5 million for principal payments on mortgage debt, payment of finance lease liabilities, and payment of loan fees and other deposits.

Cash used in financing activities of $64.1 million for the three months ended March 31, 2021, was primarily the result of:

•$50.0 million for pay-down of line of credit,

•$13.6 million to pay distributions, and

•$0.5 million for principal payments on mortgage debt, payment of finance lease liabilities, and payment of loan fees and other deposits.

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We consider all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements with a maturity of three months or less, at the date of purchase, to be cash equivalents. We maintain our cash and cash equivalents at major financial institutions. The combined account balances at one or more institutions generally exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage. We periodically assess the credit risk associated with these financial institutions. As a result, there is what we believe to be insignificant credit risk related to amounts on deposit in excess of FDIC insurance coverage.

Off Balance Sheet Arrangements

The Company does not have off balance sheet arrangements other than its joint venture, IAGM, as disclosed in "Part I. Item 1. Financial Statements - Note 6. Investment in Unconsolidated Entities."

Contractual Obligations

We have obligations related to our mortgage loans, term loan, and revolving credit facility as described in "Note 7. Debt" in the condensed consolidated financial statements. The unconsolidated joint venture in which we have an investment has third-party mortgage debt of $148.9 million as of March 31, 2022, as described in "Note 6. Investment in Unconsolidated Entities" in the condensed consolidated financial statements. It is anticipated that our unconsolidated joint venture will be able to repay or refinance all of its debt on a timely basis.

The following table presents, on a consolidated basis, obligations and commitments to make future payments under debt obligations and lease agreements. It excludes third-party debt associated with our unconsolidated joint venture and debt discounts that are not future cash obligations as of March 31, 2022.

	Payments due by year ending December 31,
	2022		2023		2024		2025		2026		Thereafter		Total
Long-term debt:
Fixed rate debt, principal (a)	$	—	$	38,999	$	15,700	$	28,630	$	200,000	$	157,500	$	440,829
Variable-rate debt, principal	—		—		—		136,000		—		100,000		236,000
Interest	15,086		21,969		21,378		18,517		12,501		5,635		95,086
Total long-term debt	15,086		60,968		37,078		183,147		212,501		263,135		771,915
Operating lease obligations (b)	114		513		575		456		460		1,740		3,858
Finance lease obligations (c)	173		21		—		—		—		—		194
Grand total	$	15,373	$	61,502	$	37,653	$	183,603	$	212,961	$	264,875	$	775,967

(a)Includes $300.0 million of variable-rate unsecured term loans that have been swapped to a fixed rate until September 22, 2026, and $100.0 million of variable-rate unsecured term loans that have been swapped to a fixed rate until March 22, 2027.

(b)Includes leases on corporate office spaces.

(c)Includes contracts for property improvements which have been deemed to contain finance leases.

27

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to market risk associated with changes in interest rates both in terms of variable-rate debt and the price of new fixed-rate debt upon maturity of existing debt and for acquisitions.

Interest Rate Risk

Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows. As of March 31, 2022, our debt included outstanding variable-rate line of credit balances of $136.0 million and term loans of $400.0 million, of which $300.0 million has been swapped to a fixed rate. If market rates of interest on all variable-rate debt as of March 31, 2022 permanently increased and decreased by 1%, the annual increase and decrease in interest expense on the variable-rate debt and future earnings and cash flows would be approximately $2.4 million. See our Annual Report for expanded discussion regarding how we achieve our interest rate risk management objectives and how we often use financial instruments to hedge exposures to changes in interest rates on loans.

Our unsecured revolving line of credit, term loans, and interest rate swaps are indexed to USD-LIBOR. However, as our amended and restated line of credit and term loan agreements and interest rate swap agreements have provisions that allow for a transition to a new alternative rate, we believe that the transition from USD-LIBOR to the Secured Overnight Financing Rate ("SOFR") or other replacement rate will not have a material impact on our condensed consolidated financial statements. See our Annual Report on Form 10-K for expanded discussion regarding recent LIBOR transition related matters.

The following table summarizes our four effective interest rate swaps as of March 31, 2022:

							Fair Value as of
Interest Rate Swap	Effective Date	Termination Date	InvenTrust Receives Variable Rate of	InvenTrust Pays Fixed Rate of	Notional Amount		March 31, 2022		December 31, 2021
5 year, fixed portion	Dec 2, 2019	Dec 21, 2023	1-Month LIBOR	1.4795%	$	100,000	$	1,371	$	(1,304)
5 year, fixed portion	Dec 2, 2019	Dec 21, 2023	1-Month LIBOR	1.4795%	100,000		1,369		(1,304)
5.5 year, fixed portion	Dec 2, 2019	Jun 21, 2024	1-Month LIBOR	1.4915%	50,000		1,004		(674)
5.5 year, fixed portion	Dec 2, 2019	Jun 21, 2024	1-Month LIBOR	1.4990%	50,000		992		(684)
					$	300,000	$	4,736	$	(3,966)

The following table summarizes our four forward interest rate swaps as of March 31, 2022:

							Fair Value as of
Interest Rate Swap	Effective Date	Termination Date	InvenTrust Receives Variable Rate of	InvenTrust Pays Fixed Rate of	Notional Amount		March 31, 2022		December 31, 2021
5 year, fixed portion	Dec 21, 2023	Sep 22, 2026	1-Month LIBOR	1.5763%	$	100,000	$	2,188	$	(230)
5 year, fixed portion	Dec 21, 2023	Sep 22, 2026	1-Month LIBOR	1.5730%	100,000		2,205		(212)
5.5 year, fixed portion	Jun 21, 2024	Mar 22, 2027	1-Month LIBOR	1.5770%	50,000		901		(87)
5.5 year, fixed portion	Jun 21, 2024	Mar 22, 2027	1-Month LIBOR	1.5960%	50,000		862		(118)
					$	300,000	$	6,156	$	(647)

The following table summarizes IAGM's effective interest rate swaps as of March 31, 2022:

							Fair Value as of
Interest Rate Swap	Effective Date	Termination Date	IAGM Receives Variable Rate of	IAGM Pays Fixed Rate of	Notional Amount		March 31, 2022		December 31, 2021
Secured term loan	Apr 1, 2020	Nov 2, 2023	1-Month LIBOR	0.4290%	$	45,000	$	1,321	$	310
Secured term loan	Apr 1, 2020	Nov 2, 2023	1-Month LIBOR	0.4060%	30,000		892		220
					$	75,000	$	2,213	$	530

The gains or losses resulting from marking-to-market our derivatives each reporting period are recognized as an increase or decrease in comprehensive income on our condensed consolidated statements of operations and comprehensive income.

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Item 4. Controls and Procedures

Disclosure Controls and Procedures

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Securities Exchange Act, our management, including our Principal Executive Officer and our Principal Financial Officer, evaluated as of March 31, 2022, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and Rule 15d-15(e). Based on that evaluation, our Principal Executive Officer and our Principal Financial Officer concluded that our disclosure controls and procedures, as of March 31, 2022, were effective for the purpose of ensuring that information required to be disclosed by us in this report is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to management, including the Principal Executive Officer and our Principal Financial Officer as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There were no changes to our internal control over financial reporting during the quarter ended March 31, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

We are subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, we believe, based on currently available information, that the final outcome of such matters will not have a material adverse effect on our financial condition, results of operations, or liquidity.

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in response to Item 1A. to Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

Exhibit No.	Description
3.1	Seventh Articles of Amendment and Restatement of InvenTrust Properties Corp., as amended (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10-Q, as filed by the Registrant with the SEC on May 14, 2015)
3.2	Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 5, 2021)
3.3	Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 5, 2021)
3.4	Articles Supplementary of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on October 12, 2021)
3.5	Third Amended and Restated Bylaws of the Company, dated as of October 12, 2021 (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on October 12, 2021)
10.1	Form of Performance-Based Restricted Stock Unit Award Agreement (2022)
31.1*	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following financial information from our Quarterly Report on Form 10-Q for the period ended March 31, 2022, filed with the SEC on May 3, 2022, is formatted in Extensible Business Reporting Language ("XBRL"): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Equity, (iv) Condensed Consolidated Statements of Cash Flows (v) Notes to Condensed Consolidated Financial Statements (tagged as blocks of text).
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
	* Filed as part of this Quarterly Report on Form 10-Q

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

InvenTrust Properties Corp.

Date:	May 3, 2022
By:	/s/ Daniel J. Busch
Name:	Daniel J. Busch
Title:	President, Chief Executive Officer (Principal Executive Officer)
Date:	May 3, 2022
By:	/s/ Michael Phillips
Name:	Michael Phillips
Title:	Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

31

EX-31.1

Exhibit 31.1

Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Daniel J. Busch, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of InvenTrust Properties Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 3, 2022
By:	/s/ Daniel J. Busch
Name:	Daniel J. Busch
Title:	President, Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Michael Phillips, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of InvenTrust Properties Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 3, 2022
By:	/s/ Michael Phillips
Name:	Michael Phillips
Title:	Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

Certification of Principal Executive Officer

Pursuant To 18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of InvenTrust Properties Corp. (the "Company") for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to such officer’s knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 3, 2022
By:	/s/ Daniel J. Busch
Name:	Daniel J. Busch
Title:	President, Chief Executive Officer (Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as a part of the Report or on a separate disclosure document.

EX-32.2

Exhibit 32.2

Certification of Principal Financial Officer

Pursuant To 18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of InvenTrust Properties Corp. (the "Company") for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to such officer’s knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 3, 2022
By:	/s/ Michael Phillips
Name:	Michael Phillips
Title:	Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as a part of the Report or on a separate disclosure document.

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40896
Entity Registrant Name	INVENTRUST PROPERTIES CORP.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	34-2019608
Entity Address, Address Line One	3025 Highland Parkway,
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Downers Grove,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	(855)
Local Phone Number	377-0510
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	IVT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67,388,703
Entity Central Index Key	0001307748
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment properties
Land	$ 647,180	$ 598,936
Building and other improvements	1,794,138	1,664,525
Construction in progress	13,156	9,642
Total	2,454,474	2,273,103
Less accumulated depreciation	(366,394)	(350,256)
Net investment properties	2,088,080	1,922,847
Cash, cash equivalents and restricted cash	25,723	44,854
Investment in unconsolidated entities	81,337	107,944
Intangible assets, net	92,652	81,026
Accounts and rents receivable	25,941	30,059
Deferred costs and other assets, net	40,419	25,685
Total assets	2,354,152	2,212,415
Liabilities
Debt, net	673,336	533,082
Accounts payable and accrued expenses	27,830	36,208
Distributions payable	13,828	13,802
Intangible liabilities, net	30,109	28,995
Other liabilities	24,843	28,776
Total liabilities	769,946	640,863
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	0	0
Common stock, $0.001 par value, 146,000,000 shares authorized, 67,388,703 shares issued and outstanding as of March 31, 2022 and 67,344,374 shares issued and outstanding as of December 31, 2021	67	67
Additional paid-in capital	5,453,100	5,452,550
Distributions in excess of accumulated net income	(3,881,070)	(3,876,743)
Accumulated comprehensive income (loss)	12,109	(4,322)
Total stockholders' equity	1,584,206	1,571,552
Total liabilities and stockholders' equity	$ 2,354,152	$ 2,212,415

XML

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	40,000,000	40,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	146,000,000	146,000,000
Common stock, shares issued (in shares)	67,388,703	67,344,374
Common stock, shares outstanding (in shares)	67,388,703	67,344,374

XML

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income
Lease income, net	$ 57,768	$ 49,926
Total income	58,786	51,121
Operating expenses
Depreciation and amortization	22,829	21,687
Property operating	8,285	8,009
Real estate taxes	8,043	8,133
General and administrative	7,887	10,351
Total operating expenses	47,044	48,180
Other (expense) income
Interest expense, net	(4,809)	(3,985)
Loss on extinguishment of debt	(96)	0
Gain on sale of investment properties, net	0	519
Equity in earnings of unconsolidated entities	2,716	620
Other income and expense, net	(52)	(195)
Total other (expense) income, net	(2,241)	(3,041)
Net income (loss)	$ 9,501	$ (100)
Weighted-average common shares outstanding, basic (in shares)	67,354,717	71,998,654
Weighted-average common shares outstanding, diluted (in shares)	67,576,038	71,998,654
Net income (loss) per common share, basic (in dollars per share)	$ 0.14	$ 0
Net income (loss) per common share, diluted (in dollars per share)	0.14	0
Distributions declared per common share outstanding (in dollars per share)	0.21	0.20
Distributions paid per common share outstanding (in dollars per share)	$ 0.20	$ 0.19
Comprehensive income
Net income (loss)	$ 9,501	$ (100)
Unrealized gain on derivatives	15,406	1,893
Reclassification to net income (loss)	1,025	1,048
Comprehensive income	25,932	2,841
Other property income
Income
Income	264	182
Other fee income
Income
Income	$ 754	$ 1,013

XML

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Net Income	Accumulated Comprehensive Income (Loss)
Balance beginning of period (in shares) at Dec. 31, 2020		71,998,654
Balance beginning of period at Dec. 31, 2020	$ 1,738,863	$ 72	$ 5,566,902	$ (3,815,662)	$ (12,449)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (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
Balance end of period (in shares) at Mar. 31, 2021		71,998,654
Balance end of period at Mar. 31, 2021	1,729,022	$ 72	5,568,285	(3,829,827)	(9,508)
Balance beginning of period (in shares) at Dec. 31, 2021		67,344,374
Balance beginning of period at Dec. 31, 2021	1,571,552	$ 67	5,452,550	(3,876,743)	(4,322)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,501			9,501
Unrealized gain on derivatives	15,406				15,406
Reclassification to interest expense, net	1,003				1,003
Reclassification to equity in earnings of unconsolidated entities	22				22
Distributions declared	(13,828)			(13,828)
Stock-based compensation, net (in shares)		44,329
Stock-based compensation, net	550		550
Balance end of period (in shares) at Mar. 31, 2022		67,388,703
Balance end of period at Mar. 31, 2022	$ 1,584,206	$ 67	$ 5,453,100	$ (3,881,070)	$ 12,109

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 9,501	$ (100)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	22,829	21,687
Amortization of above and below-market leases and lease inducements, net	(2,547)	(1,243)
Amortization of debt discounts and financing costs	664	383
Straight-line rent adjustment, net	(663)	(640)
(Reversal of) provision for estimated credit losses	(1,109)	191
Gain on sale of investment properties, net	0	(519)
Loss on extinguishment of debt	96	0
Equity in earnings of unconsolidated entities	(2,716)	(620)
Distributions from unconsolidated entities	4,950	3,300
Stock-based compensation, net	1,082	2,496
Changes in operating assets and liabilities:
Accounts and rents receivable	5,890	4,006
Deferred costs and other assets, net	(3,487)	(2,263)
Accounts payable and accrued expenses	(8,610)	(5,562)
Other liabilities	897	(270)
Net cash provided by operating activities	26,777	20,846
Cash flows from investing activities:
Purchase of investment properties	(130,918)	0
Capital expenditures and tenant improvements	(4,303)	(2,953)
Investment in development and redevelopment projects	(2,363)	(544)
Proceeds from sale of investment properties, net	0	899
Distributions from unconsolidated entities	25,300	0
Lease commissions and other leasing costs	(1,067)	(1,037)
Other assets	(7)	(90)
Other liabilities	(923)	(765)
Net cash used in investing activities	(114,281)	(4,490)
Cash flows from financing activities:
Distributions to shareholders	(13,802)	(13,642)
Line of credit proceeds	105,000	0
Line of credit repayments	0	(50,000)
Payoffs of debt	(22,328)	0
Principal payments on mortgage debt	(298)	(329)
Payment of finance lease liabilities	(109)	(116)
Payment of loan fees and deposits	(90)	0
Net cash provided by (used in) financing activities	68,373	(64,087)
Net decrease in cash, cash equivalents and restricted cash	(19,131)	(47,731)
Cash, cash equivalents and restricted cash at the beginning of the period	44,854	223,770
Cash, cash equivalents and restricted cash at the end of the period	25,723	176,039
Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest	3,930	3,732
Cash paid for income taxes, net of refunds	0	107
Distributions payable to shareholders	13,828	14,065
Accrued capital expenditures and tenant improvements	1,459	1,682
Capitalized costs placed in service	1,391	1,287
Purchase of investment properties:
Net investment properties	176,623	0
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	17,022	0
Accounts payable and accrued expenses, lease intangibles, and other liabilities	(5,227)	0
Assumption of mortgage debt	(57,500)	0
Cash outflow for purchase of investment properties, net	130,918	0
Assumption of mortgage principal	57,500	0
Capitalized acquisition costs	(814)	0
Credits and other changes in cash outflow, net	1,736	0
Gross acquisition price of investment properties	189,340	0
Sale of investment properties:
Net investment properties	0	380
Gain on sale of investment properties, net	0	519
Proceeds from sale of investment properties, net	0	899
Credits and other changes in cash inflow, net	0	0
Gross Disposition Price	$ 0	$ 899

XML

Organization

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

On October 4, 2004, InvenTrust Properties Corp. (the "Company" or "InvenTrust") was incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and has elected and operates in a manner to be taxed 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, leasing, redeveloping, acquiring and managing a multi-tenant retail platform.

As a REIT, the Company is entitled to a tax deduction for some or all of the dividends paid to stockholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to stockholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates.

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, 2022 and 2021, the Company had an investment in one unconsolidated real estate joint venture, as disclosed in "Note 6. Investment in Unconsolidated Entities".

Reduction of Authorized Shares

On April 28, 2022, the Company filed an amendment to its charter to decrease the number of authorized shares of common stock from 1,460,000,000 to 146,000,000, in proportion with the one-for-ten reverse stock split effected by the Company on August 5, 2021. The authorized shares of preferred stock remain at 40,000,000. The authorized shares of common stock have been retroactively adjusted within the accompanying condensed consolidated financial statements to give effect to the reduction as of March 31, 2022.

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, 2022 and 2021:

	Wholly-Owned Retail Properties		Unconsolidated Retail Properties at 100%
	2022	2021	2022	2021
No. of properties	57	55	6	10
Gross Leasable Area (square feet)	9,081	8,394	1,562	2,470

XML

Basis of Presentation and Recently Issued Accounting Pronouncements

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation and Recently Issued Accounting Pronouncements

Basis of Presentation and Recently Issued Accounting Pronouncements

Estimates, Risks, and Uncertainties

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.

XML

Revenue Recognition

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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 year	As of March 31, 2022
Remaining 2022	$	121,973
2023	151,108
2024	134,798
2025	116,967
2026	100,053
Thereafter	285,221
Total	$	910,120

The table above includes payments from tenants who have taken possession of their space, including 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.

The following table reflects the disaggregation of lease income, net:

	Three months ended March 31,
	2022		2021
Minimum base rent	$	35,048	$	30,990
Real estate tax recoveries	7,267		6,994
Common area maintenance, insurance, and other recoveries	6,292		5,938
Ground rent income	3,610		3,256
Above and below-market rent and lease inducement amortization, net	2,547		1,243
Short-term and other lease income	1,064		935
Termination fee income	168		121
Straight-line rent adjustment, net	663		640
Reversal of (provision for) uncollectible straight-line rent	494		(123)
Provision for uncollectible billed rent and recoveries	(236)		(909)
Reversal of uncollectible billed rent and recoveries	851		841
Lease income, net	$	57,768	$	49,926

Other Fee Income

The following table reflects the disaggregation of other fee income:

	Timing of Satisfaction of Performance Obligations	Three months ended March 31,
		2022		2021
Property management fees	Over time	$	412	$	587
Asset management fees	Over time	251		271
Leasing commissions and other fees	Point in time	91		155
Other fee income		$	754	$	1,013

The Company had receivables of $228 and $215 as of March 31, 2022 and December 31, 2021, respectively, which are included in deferred costs and other assets, net on the condensed consolidated balance sheets.

XML

Acquired Properties

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquired Properties

Acquired Properties

The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2022:

Acquisition Date	Property	Metropolitan Area	Gross Acquisition Price		Square Feet
February 2, 2022	Shops at Arbor Trails	Austin, TX	$	112,190	357
February 2, 2022	Escarpment Village	Austin, TX	77,150		170
			$	189,340	527

Transaction costs of $814 were capitalized during the three months ended March 31, 2022. There were no retail properties acquired during the three months ended March 31, 2021.

XML

Disposed Properties

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposed Properties

Disposed Properties

There was no real property disposed of during the three months ended March 31, 2022.

The following table reflects the real property disposed of during the three months ended March 31, 2021:

Disposition Date	Property	Metropolitan Area	Square Feet	Gross Disposition Price		Gain (Loss) on Sale, net
February 28, 2021	Sonterra Village (a)	San Antonio, TX	N/A	$	616	$	436
March 14, 2021	Eldridge Town Center (a)	Houston, TX	N/A	133		104
March 31, 2021	Windward Commons (a)	Alpharetta, GA	N/A	150		(21)
				$	899	$	519

(a)These were partial condemnations at three retail properties.

XML

Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

Joint Venture Interest in IAGM

As of March 31, 2022 and December 31, 2021, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). IAGM was formed on April 17, 2013 for the purpose of acquiring, owning, managing, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities.

During the three months ended March 31, 2022, IAGM disposed of Price Plaza, a 206 thousand square foot retail property, for a gross disposition price of $39,100 and recognized a gain on sale of $3,751. The Company's share of IAGM's gain on sale was $2,063. The buyer assumed a $17,800 mortgage payable secured by the property.

During the three months ended March 31, 2021, IAGM prepaid mortgages payable of $23,150.

IAGM is party to 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"). As of March 31, 2022, and December 31, 2021 the interest rate swaps were recorded as assets with fair values of $2,213 and $530, respectively, on IAGM's condensed consolidated balance sheet, of which the Company's share was $1,217 and $291, respectively. 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.

Condensed Financial Information

The following table presents condensed balance sheet information for IAGM:

	As of
	March 31, 2022		December 31, 2021
Assets:
Net investment properties	$	251,685	$	288,014
Other assets	64,037		98,696
Total assets	$	315,722	$	386,710
Liabilities and equity:
Mortgages debt, net	$	148,242	$	165,831
Other liabilities	7,506		12,409
Equity	159,974		208,470
Total liabilities and equity	315,722		386,710
Company's share of equity	88,841		115,513
Outside basis difference, net (a)	(7,504)		(7,569)
Carrying value of investments in unconsolidated entities	$	81,337	$	107,944

(a)The outside basis difference reflects unamortized deferred gains on historical sales of Antoine Town Center and Prestonwood Town Center.

The following table presents condensed income statement information of IAGM:

	Three months ended March 31,
	2022		2021
Total income	$	8,379	$	11,429
Depreciation and amortization	(2,905)		(3,764)
Property operating	(1,330)		(2,073)
Real estate taxes	(1,411)		(2,372)
Asset management fees	(251)		(271)
Interest expense, net	(1,159)		(1,692)
Other (expense) and income, net	(142)		(129)
Loss on debt extinguishment	(111)		(14)
Gain on sale of real estate	3,751		—
Net income	$	4,821	$	1,114
Company's share of net income	$	2,652	$	612
Outside basis adjustment for investee's sale of real estate, net	64		8
Equity in earnings of unconsolidated entities	$	2,716	$	620

The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2022, for the remainder of 2022, each of the next four years and thereafter:

Scheduled maturities by year:	As of March 31, 2022
2022	$	—
2023	126,022
2024	—
2025	22,880
2026	—
Thereafter	—
Total	$	148,902

As of March 31, 2022 and December 31, 2021, 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.

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Debt

3 Months Ended

Mar. 31, 2022

Notes and Loans Payable [Abstract]

Debt

Debt

The Company's debt consists of mortgages payable, unsecured term loans, and an unsecured revolving line of credit. 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. 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, 2022 and December 31, 2021, the Company was in compliance with all loan covenants.

Credit Agreements

On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated its prior unsecured revolving credit agreement in its entirety, and provided for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). On September 22, 2021, the Company entered into an amendment to the Revolving Credit Agreement (the "Amended Revolving Credit Agreement"), which provides for, among other things, an extension of the maturity the $350,000 Revolving Credit Agreement to September 22, 2025, with two six-month extension options.

On December 21, 2018, the Company entered into an unsecured term loan credit agreement, which amended and restated its prior unsecured term loan credit agreement in its entirety (the “Term Loan Credit Agreement”). On September 22, 2021, the Company entered into an amendment to its $400,000 Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity and a reallocation of indebtedness under the two outstanding tranches of term loans thereunder. The Amended Term Loan Agreement consists of a $200,000 5-year tranche maturing on September 22, 2026, and a $200,000 5.5-year tranche maturing on March 22, 2027.

Interest Rate Swaps

The Company is party to four interest rate forward swap agreements which address the periods between the maturity dates of the four effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps achieve fixed interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement.

The following table summarizes the Company's debt as of March 31, 2022 and December 31, 2021:

		Interest Rate Type	As of March 31, 2022			As of December 31, 2021
	Maturity Date		Interest Rate	Amount		Interest Rate	Amount
Mortgages Payable
Total mortgages payable	Various	Fixed	3.9600%	$	140,829	4.0700%	$	105,955
Term loans
$200.0 million 5 years	9/22/2026	Fixed	2.6795% (a)	100,000		2.6795% (a)	100,000
$200.0 million 5 years	9/22/2026	Fixed	2.6795% (a)	100,000		2.6795% (a)	100,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.6915% (a)	50,000		2.6915% (a)	50,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.6990% (a)	50,000		2.6990% (a)	50,000
$200.0 million 5.5 years	3/22/2027	Variable	1M LIBOR + 1.20% (b)	100,000		1M LIBOR +  1.20% (b)	100,000
Total				400,000			400,000
Revolving Line of Credit
$350.0 million total capacity	9/22/2025 (d)	Variable	1M LIBOR +  1.04% (b) (c)	136,000		1M LIBOR +  1.05% (b)	31,000
Total debt			2.5587%	676,829		2.6122%	536,955
Debt discounts and issuance costs, net of accumulated amortization				(3,493)			(3,873)
Debt, net				$	673,336		$	533,082

(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.

(b)As of March 31, 2022 and December 31 2021, 1-Month LIBOR was 0.4520% and 0.1013%, respectively.

(c)For the year ending December 31, 2022, the Company qualified for a 0.01% sustainability adjustment.

(d)Maturity date is not inclusive of two six-month extension options.

The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2022 for the remainder of 2022, each of the next four years and thereafter.

Scheduled maturities by year:	As of March 31, 2022
2022	$	—
2023	38,999
2024	15,700
2025	28,630
2026	—
Thereafter	57,500
Total mortgage payable maturities	$	140,829

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Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

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, 2022						December 31, 2021
Cash Flow Hedges: (a)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Derivative interest rate swaps (b)(c)	$	—	$	12,109	$	—	$	—	$	(4,322)	$	—

(a)During the twelve months subsequent to March 31, 2022, an estimated $1,503 of derivative interest rate assets recognized in accumulated comprehensive income (loss) will be reclassified into earnings.

(b)The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. IAGM's derivative assets or liabilities are recognized as a part of investment in unconsolidated entities.

(c)As of March 31, 2022 and December 31, 2021, 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.

Nonrecurring Measurements

Investment Properties

During the three months ended March 31, 2022 and 2021, the Company had no Level 3 nonrecurring fair value measurements.

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, 2022 and December 31, 2021:

	March 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Mortgages payable	$	140,829	$	135,024	$	105,955	$	104,938
Term loans	$	400,000	$	400,644	$	400,000	$	400,470
Revolving line of credit	$	136,000	$	136,329	$	31,000	$	31,062

The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 5.21% and 4.44% as of March 31, 2022 and December 31, 2021, respectively. The Company estimated the fair value of its term loans using a weighted-average effective market interest rate of 3.53% and 2.39% as of March 31, 2022 and December 31, 2021, respectively. The Company classifies its debt instrument valuations within Level 2 of the fair value hierarchy.

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Earnings Per Share and Equity Transactions

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share and Equity Transactions

Earnings Per Share and Equity Transactions

Basic earnings per share ("EPS") is computed using the two-class method by dividing net income or loss by the weighted average number of common shares outstanding for the period (the "common shares") and participating securities. The time-based restricted share awards issued pursuant to the Incentive Award Plan are deemed to be participating securities. Diluted EPS is generally computed using the treasury-stock method by dividing net income or loss by the common shares plus potential common shares resulting from time-based restricted share awards.

The following table reconciles the amounts used in calculating basic and diluted earnings per share:

	Three months ended March 31,
	2022		2021
Numerator:
Net income (loss) attributed to common shareholders	$	9,501	$	(100)
Denominator:
Weighted average common shares outstanding - basic	67,354,717		71,998,654
Dilutive effect of unvested restricted shares (a)	221,321		—
Weighted average common shares outstanding - diluted	67,576,038		71,998,654
Basic and diluted earnings per common share:
Net income (loss) per common share, basic and diluted	$	0.14	$	—

(a)For the three months ended March 31, 2021, the Company has excluded the anti-dilutive effect of unvested restricted shares.

Share Repurchase Program

On February 23, 2022, the Company established a new share repurchase program (the "SRP") of up to $150.0 million of the Company's outstanding shares of common stock. The SRP may be suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or particular amount of shares. The SRP replaced the Company's prior share repurchase program (the "Prior SRP"), which the Board previously suspended effective September 5, 2021. As of March 31, 2022, the Company has not repurchased any common stock under the SRP.

ATM Program

On March 7, 2022, the Company established an at-the-market equity offering program (the "ATM Program") through which the Company may sell from time to time up to an aggregate of $250.0 million of its common stock. In connection with the ATM Program, the Company may sell shares of its common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. When the Company enters into a forward sale agreement, it expects that the forward purchaser will attempt to borrow from third parties and sell, through a forward seller, shares of its common stock to hedge the forward purchaser's exposure under the forward sale agreement. As of March 31, 2022, the Company has not sold any common stock under the ATM Program.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

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. The Company is authorized to grant up to 3,000,000 shares of the Company's common stock pursuant to awards under the Incentive Award Plan. As of March 31, 2022, 1,065,232 shares were available for future issuance under the Incentive Award Plan. Awards granted can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at fair value, earn dividends throughout the vesting period, and have no voting rights.

Time-based restricted stock unit ("RSU") awards are generally measured at grant date fair value and not subsequently re-measured. Time-based 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 awards are measured at grant date fair value and each grantee is eligible to vest in a number of RSUs ranging from 0% to 100% of the total number granted based on specified performance levels. Performance-based awards vest at the conclusion of the performance period, subject to the recipients' continued service to the Company and achievement of the specified performance levels.

Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period. The number of common shares ultimately issued is based on the Company's total shareholder return ("TSR") relative to that of the FTSE NAREIT Shopping Index peer group on a percentile basis. The resulting compensation expense is recorded over the service period regardless of whether the TSR performance measures are achieved.

The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:

	Three months ended March 31, 2022
Volatility	33.89%
Risk free interest rate	0.79	%	-	1.76%
Dividend Yield	3.24%

The following table summarizes the Company's RSU activity during the three months ended March 31, 2022:

	Unvested Time- Based RSUs	Unvested Performance and Market-Based RSUs	Weighted-Average Grant Date Price Per Share
Outstanding as of January 1, 2022	138,235	471,368	$	30.12
Shares granted	97,606	396,338	$	18.27
Shares vested	—	(76,520)	$	31.40
Shares forfeited	—	(61,102)	$	31.40
Outstanding as of March 31, 2022	235,841	730,084	$	22.97

As of March 31, 2022, there was $10,292 of total estimated unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2024. The Company recognized stock-based compensation expense of $1,082 and $2,496 for the three months ended March 31, 2022 and 2021, respectively.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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 operating leases for office space used in its business. In addition, the Company has non-cancelable contracts of property improvements that have been deemed to contain finance leases.

Future minimum lease obligations as of March 31, 2022, were as follows:

	Minimum Lease Payments
	Operating Leases		Finance Leases
Remaining 2022	$	114	$	173
2023	513		21
2024	575		—
2025	456		—
2026	460		—
Thereafter	1,740		—
Total expected minimum lease obligation	3,858		194
Less: Amount representing interest (a)	(672)		(20)
Present value of net minimum lease payments	$	3,186	$	174

(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.

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Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In preparing its condensed consolidated financial statements, the Company has evaluated events and transactions occurring after March 31, 2022, through the date the financial statements were issued for recognition and disclosure purposes.

On April 21, 2022, the Company acquired Highlands of Flower Mound, a 175,000 square foot power center shadow anchored by Target, located in Flower Mound, Texas, from IAGM for $38.0 million. The Company assumed $22.9 million of existing mortgage debt to partially finance the acquisition.

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Organization (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Multi-Tenant Retail Portfolio

The following table summarizes the Company's retail portfolio as of March 31, 2022 and 2021:

	Wholly-Owned Retail Properties		Unconsolidated Retail Properties at 100%
	2022	2021	2022	2021
No. of properties	57	55	6	10
Gross Leasable Area (square feet)	9,081	8,394	1,562	2,470

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Minimum Lease Payments to be Received

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 year	As of March 31, 2022
Remaining 2022	$	121,973
2023	151,108
2024	134,798
2025	116,967
2026	100,053
Thereafter	285,221
Total	$	910,120

Schedule of Disaggregation of Lease Income, Net

The following table reflects the disaggregation of lease income, net:

	Three months ended March 31,
	2022		2021
Minimum base rent	$	35,048	$	30,990
Real estate tax recoveries	7,267		6,994
Common area maintenance, insurance, and other recoveries	6,292		5,938
Ground rent income	3,610		3,256
Above and below-market rent and lease inducement amortization, net	2,547		1,243
Short-term and other lease income	1,064		935
Termination fee income	168		121
Straight-line rent adjustment, net	663		640
Reversal of (provision for) uncollectible straight-line rent	494		(123)
Provision for uncollectible billed rent and recoveries	(236)		(909)
Reversal of uncollectible billed rent and recoveries	851		841
Lease income, net	$	57,768	$	49,926

Schedule of Disaggregation of Other Fee Income

The following table reflects the disaggregation of other fee income:

	Timing of Satisfaction of Performance Obligations	Three months ended March 31,
		2022		2021
Property management fees	Over time	$	412	$	587
Asset management fees	Over time	251		271
Leasing commissions and other fees	Point in time	91		155
Other fee income		$	754	$	1,013

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Acquired Properties (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Asset Acquisitions

The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2022:

Acquisition Date	Property	Metropolitan Area	Gross Acquisition Price		Square Feet
February 2, 2022	Shops at Arbor Trails	Austin, TX	$	112,190	357
February 2, 2022	Escarpment Village	Austin, TX	77,150		170
			$	189,340	527

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Disposed Properties (Tables)

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Not Discontinued Operations, Disposal Activity

The following table reflects the real property disposed of during the three months ended March 31, 2021:

Disposition Date	Property	Metropolitan Area	Square Feet	Gross Disposition Price		Gain (Loss) on Sale, net
February 28, 2021	Sonterra Village (a)	San Antonio, TX	N/A	$	616	$	436
March 14, 2021	Eldridge Town Center (a)	Houston, TX	N/A	133		104
March 31, 2021	Windward Commons (a)	Alpharetta, GA	N/A	150		(21)
				$	899	$	519

(a)These were partial condemnations at three retail properties.

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Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Combined Financial Information of Investment in Unconsolidated Entities

The following table presents condensed balance sheet information for IAGM:

	As of
	March 31, 2022		December 31, 2021
Assets:
Net investment properties	$	251,685	$	288,014
Other assets	64,037		98,696
Total assets	$	315,722	$	386,710
Liabilities and equity:
Mortgages debt, net	$	148,242	$	165,831
Other liabilities	7,506		12,409
Equity	159,974		208,470
Total liabilities and equity	315,722		386,710
Company's share of equity	88,841		115,513
Outside basis difference, net (a)	(7,504)		(7,569)
Carrying value of investments in unconsolidated entities	$	81,337	$	107,944

(a)The outside basis difference reflects unamortized deferred gains on historical sales of Antoine Town Center and Prestonwood Town Center.

The following table presents condensed income statement information of IAGM:

	Three months ended March 31,
	2022		2021
Total income	$	8,379	$	11,429
Depreciation and amortization	(2,905)		(3,764)
Property operating	(1,330)		(2,073)
Real estate taxes	(1,411)		(2,372)
Asset management fees	(251)		(271)
Interest expense, net	(1,159)		(1,692)
Other (expense) and income, net	(142)		(129)
Loss on debt extinguishment	(111)		(14)
Gain on sale of real estate	3,751		—
Net income	$	4,821	$	1,114
Company's share of net income	$	2,652	$	612
Outside basis adjustment for investee's sale of real estate, net	64		8
Equity in earnings of unconsolidated entities	$	2,716	$	620

Schedule of Contractual Obligation, Fiscal Year Maturity Schedule

The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2022, for the remainder of 2022, each of the next four years and thereafter:

Scheduled maturities by year:	As of March 31, 2022
2022	$	—
2023	126,022
2024	—
2025	22,880
2026	—
Thereafter	—
Total	$	148,902

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Debt (Tables)

3 Months Ended

Mar. 31, 2022

Notes and Loans Payable [Abstract]

Schedule of Debt

The following table summarizes the Company's debt as of March 31, 2022 and December 31, 2021:

		Interest Rate Type	As of March 31, 2022			As of December 31, 2021
	Maturity Date		Interest Rate	Amount		Interest Rate	Amount
Mortgages Payable
Total mortgages payable	Various	Fixed	3.9600%	$	140,829	4.0700%	$	105,955
Term loans
$200.0 million 5 years	9/22/2026	Fixed	2.6795% (a)	100,000		2.6795% (a)	100,000
$200.0 million 5 years	9/22/2026	Fixed	2.6795% (a)	100,000		2.6795% (a)	100,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.6915% (a)	50,000		2.6915% (a)	50,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.6990% (a)	50,000		2.6990% (a)	50,000
$200.0 million 5.5 years	3/22/2027	Variable	1M LIBOR + 1.20% (b)	100,000		1M LIBOR +  1.20% (b)	100,000
Total				400,000			400,000
Revolving Line of Credit
$350.0 million total capacity	9/22/2025 (d)	Variable	1M LIBOR +  1.04% (b) (c)	136,000		1M LIBOR +  1.05% (b)	31,000
Total debt			2.5587%	676,829		2.6122%	536,955
Debt discounts and issuance costs, net of accumulated amortization				(3,493)			(3,873)
Debt, net				$	673,336		$	533,082

(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.

(b)As of March 31, 2022 and December 31 2021, 1-Month LIBOR was 0.4520% and 0.1013%, respectively.

(c)For the year ending December 31, 2022, the Company qualified for a 0.01% sustainability adjustment.

(d)Maturity date is not inclusive of two six-month extension options.

Schedule of Maturities for Outstanding Mortgage Indebtedness

The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2022 for the remainder of 2022, each of the next four years and thereafter.

Scheduled maturities by year:	As of March 31, 2022
2022	$	—
2023	38,999
2024	15,700
2025	28,630
2026	—
Thereafter	57,500
Total mortgage payable maturities	$	140,829

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Quantitative Disclosure of the Fair Value for Each Major Category of Assets and Liabilities

The following financial instruments are remeasured at fair value on a recurring basis:

	Fair Value Measurements as of
	March 31, 2022						December 31, 2021
Cash Flow Hedges: (a)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Derivative interest rate swaps (b)(c)	$	—	$	12,109	$	—	$	—	$	(4,322)	$	—

(a)During the twelve months subsequent to March 31, 2022, an estimated $1,503 of derivative interest rate assets recognized in accumulated comprehensive income (loss) will be reclassified into earnings.

(b)The Company's derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. IAGM's derivative assets or liabilities are recognized as a part of investment in unconsolidated entities.

(c)As of March 31, 2022 and December 31, 2021, 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.

Schedule of Fair Value of Financial Instruments Presented at Carrying Values

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, 2022 and December 31, 2021:

	March 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Mortgages payable	$	140,829	$	135,024	$	105,955	$	104,938
Term loans	$	400,000	$	400,644	$	400,000	$	400,470
Revolving line of credit	$	136,000	$	136,329	$	31,000	$	31,062

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Earnings Per Share and Equity Transactions (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles the amounts used in calculating basic and diluted earnings per share:

	Three months ended March 31,
	2022		2021
Numerator:
Net income (loss) attributed to common shareholders	$	9,501	$	(100)
Denominator:
Weighted average common shares outstanding - basic	67,354,717		71,998,654
Dilutive effect of unvested restricted shares (a)	221,321		—
Weighted average common shares outstanding - diluted	67,576,038		71,998,654
Basic and diluted earnings per common share:
Net income (loss) per common share, basic and diluted	$	0.14	$	—

(a)For the three months ended March 31, 2021, the Company has excluded the anti-dilutive effect of unvested restricted shares.

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Valuation Assumptions

The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:

	Three months ended March 31, 2022
Volatility	33.89%
Risk free interest rate	0.79	%	-	1.76%
Dividend Yield	3.24%

Schedule of Restricted Stock Unit Activity

The following table summarizes the Company's RSU activity during the three months ended March 31, 2022:

	Unvested Time- Based RSUs	Unvested Performance and Market-Based RSUs	Weighted-Average Grant Date Price Per Share
Outstanding as of January 1, 2022	138,235	471,368	$	30.12
Shares granted	97,606	396,338	$	18.27
Shares vested	—	(76,520)	$	31.40
Shares forfeited	—	(61,102)	$	31.40
Outstanding as of March 31, 2022	235,841	730,084	$	22.97

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Operating Lease Obligations , Maturity

Future minimum lease obligations as of March 31, 2022, were as follows:

	Minimum Lease Payments
	Operating Leases		Finance Leases
Remaining 2022	$	114	$	173
2023	513		21
2024	575		—
2025	456		—
2026	460		—
Thereafter	1,740		—
Total expected minimum lease obligation	3,858		194
Less: Amount representing interest (a)	(672)		(20)
Present value of net minimum lease payments	$	3,186	$	174

(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.

Schedule of Future Financing Lease Obligations , Maturity

Future minimum lease obligations as of March 31, 2022, were as follows:

	Minimum Lease Payments
	Operating Leases		Finance Leases
Remaining 2022	$	114	$	173
2023	513		21
2024	575		—
2025	456		—
2026	460		—
Thereafter	1,740		—
Total expected minimum lease obligation	3,858		194
Less: Amount representing interest (a)	(672)		(20)
Present value of net minimum lease payments	$	3,186	$	174

(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.

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Organization (Details)		3 Months Ended
	Apr. 28, 2022 shares	Mar. 31, 2022 ft² property joint_venture shares	Mar. 31, 2021 ft² property joint_venture	Apr. 27, 2022 shares	Dec. 31, 2021 shares
Entity Information [Line Items]
Number of joint ventures | joint_venture		1	1
Common stock, shares authorized (in shares)		146,000,000			146,000,000
Preferred stock, shares authorized (in shares)		40,000,000			40,000,000
Subsequent Event
Entity Information [Line Items]
Common stock, shares authorized (in shares)	146,000,000			1,460,000,000
Reverse stock split ratio	0.1
Preferred stock, shares authorized (in shares)	40,000,000
Unconsolidated Retail Properties at 100%
Entity Information [Line Items]
Number of managed retail properties | property		6	10
Gross leasable area (square feet) | ft²		1,562,000	2,470,000
Wholly-Owned Retail Properties
Entity Information [Line Items]
Number of retail properties | property		57	55
Gross leasable area (square feet) | ft²		9,081,000	8,394,000

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Revenue Recognition - Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Minimum Lease Payments:
Remaining 2022	$ 121,973
2023	151,108
2024	134,798
2025	116,967
2026	100,053
Thereafter	285,221
Total	$ 910,120

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Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Minimum base rent	$ 35,048	$ 30,990
Lease income, net	57,768	49,926
Reversal of (provision for) uncollectible straight-line rent	494	(123)
Provision for uncollectible billed rent and recoveries	(236)	(909)
Real estate tax recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	7,267	6,994
Common area maintenance, insurance, and other recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	6,292	5,938
Ground rent income
Disaggregation of Revenue [Line Items]
Lease income, net	3,610	3,256
Above and below-market rent and lease inducement amortization, net
Disaggregation of Revenue [Line Items]
Lease income, net	2,547	1,243
Short-term and other lease income
Disaggregation of Revenue [Line Items]
Lease income, net	1,064	935
Termination fee income
Disaggregation of Revenue [Line Items]
Lease income, net	168	121
Straight-line rent adjustment, net
Disaggregation of Revenue [Line Items]
Lease income, net	663	640
Reversal of uncollectible billed rent and recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	$ 851	$ 841

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Revenue Recognition - Disaggregation of Other Fee Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property management fees
Disaggregation of Revenue [Line Items]
Other fee income	$ 412	$ 587
Asset management fees
Disaggregation of Revenue [Line Items]
Other fee income	251	271
Leasing commissions and other fees
Disaggregation of Revenue [Line Items]
Other fee income	91	155
Other fee income
Disaggregation of Revenue [Line Items]
Other fee income	$ 754	$ 1,013

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Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Receivables	$ 228	$ 215
Minimum
Disaggregation of Revenue [Line Items]
Remaining lease term	1 year
Maximum
Disaggregation of Revenue [Line Items]
Remaining lease term	77 years

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Acquired Properties - Summary of Retail Properties Acquired (Details) - Retail ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) ft²
Real Estate Properties [Line Items]
Asset acquisition, consideration transferred | $	$ 189,340
Gross leasable area (square feet) | ft²	527
Shops at Arbor Trails
Real Estate Properties [Line Items]
Asset acquisition, consideration transferred | $	$ 112,190
Gross leasable area (square feet) | ft²	357
Escarpment Village
Real Estate Properties [Line Items]
Asset acquisition, consideration transferred | $	$ 77,150
Gross leasable area (square feet) | ft²	170

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Acquired Properties - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($) property
Business Combination and Asset Acquisition [Abstract]
Transaction costs capitalized | $	$ 814	$ 0
Number of retail properties acquired | property		0

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Disposed Properties - Narrative (Details) - property	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Number of retail property disposed	0
Number of partial condemnations		3

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Disposed Properties - Schedule of Disposal Groups (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price	$ 0	$ 899
Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price		899
Gain (Loss) on Sale, net		519
Sonterra Village | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price		616
Gain (Loss) on Sale, net		436
Eldridge Town Center | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price		133
Gain (Loss) on Sale, net		104
Windward Commons | Retail | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Disposition Price		150
Gain (Loss) on Sale, net		$ (21)

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Investment in Unconsolidated Entities - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) ft² interest_rate_swap unconsolidated_entity	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) unconsolidated_entity
Variable Interest Entity [Line Items]
Proceeds from sale of investment properties, net	$ 0	$ 899
Interest Rate Swap
Variable Interest Entity [Line Items]
Derivative asset	1,217		$ 291
IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Prepaid mortgages payable	$ 23,150
IAGM Retail Fund LLC | Interest Rate Swap
Variable Interest Entity [Line Items]
Number of derivatives held | interest_rate_swap	2
Derivative asset	$ 2,213		$ 530
Retail
Variable Interest Entity [Line Items]
Gross leasable area (square feet) | ft²	527
Retail | Price Plaza
Variable Interest Entity [Line Items]
Deferred gain on sale of property	$ 2,063
Mortgage payable assumed by buyer	$ 17,800
Retail | Price Plaza | IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gross leasable area (square feet) | ft²	206
Proceeds from sale of investment properties, net	$ 39,100
Gain on sale	$ 3,751
IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Ownership percentage	55.00%		55.00%
Number of equity method investments | unconsolidated_entity	1		1

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Investment in Unconsolidated Entities - Combined Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Assets
Net investment properties	$ 2,088,080		$ 1,922,847
Other assets	40,419		25,685
Total assets	2,354,152		2,212,415
Liabilities and equity:
Mortgages debt, net	673,336		533,082
Other liabilities	24,843		28,776
Equity	1,584,206	$ 1,729,022	1,571,552	$ 1,738,863
Total liabilities and stockholders' equity	2,354,152		2,212,415
Carrying value of investments in unconsolidated entities	81,337		107,944
Operating expenses
Total income	58,786	51,121
Depreciation and amortization	(22,829)	(21,687)
Real estate taxes	(8,043)	(8,133)
Interest expense, net	(4,809)	(3,985)
Loss on extinguishment of debt	(96)	0
Net income (loss)	9,501	(100)
Equity in earnings of unconsolidated entities	2,716	620
Equity Method Investment, Nonconsolidated Investee or Group of Investees | IAGM Retail Fund LLC
Assets
Net investment properties	251,685		288,014
Other assets	64,037		98,696
Total assets	315,722		386,710
Liabilities and equity:
Mortgages debt, net	148,242		165,831
Other liabilities	7,506		12,409
Equity	159,974		208,470
Total liabilities and stockholders' equity	315,722		386,710
Company's share of equity	88,841		115,513
Outside basis difference, net	(7,504)		(7,569)
Carrying value of investments in unconsolidated entities	81,337		$ 107,944
Operating expenses
Total income	8,379	11,429
Depreciation and amortization	(2,905)	(3,764)
Property operating	(1,330)	(2,073)
Real estate taxes	(1,411)	(2,372)
Asset management fees	(251)	(271)
Interest expense, net	(1,159)	(1,692)
Other (expense) and income, net	(142)	(129)
Loss on extinguishment of debt	(111)	(14)
Gain on sale of real estate	3,751	0
Net income (loss)	4,821	1,114
Company's share of net income	2,652	612
Outside basis adjustment for investee's sale of real estate, net	64	8
Equity in earnings of unconsolidated entities	$ 2,716	$ 620

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Investment in Unconsolidated Entities - Unconsolidated Entities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Schedule of Debt Maturities of the Unconsolidated Entities
2022	$ 0
2023	126,022
2024	0
2025	22,880
2026	0
Thereafter	0
Total	$ 148,902

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Debt - Narrative (Details)	Sep. 22, 2021 USD ($) extension tranche	Dec. 31, 2021 interest_rate_swap	Dec. 21, 2018 USD ($)
Debt Instrument [Line Items]
Number of tranches | tranche	2
Number of interest rate swaps | interest_rate_swap		4
Revolving line of credit | Revolving line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000		$ 350,000,000
Number of extension options | extension	2
Extension option on line of credit, period	6 months
Unsecured Debt | Term loans
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Unsecured Debt | Term Loan, Tranche One
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years
Unsecured Debt | Term Loan, Tranche Two
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months

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Debt - Summary of Debt (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) extension	Dec. 31, 2021 USD ($)	Dec. 31, 2022
Debt Instrument [Line Items]
Interest rate (percent)	2.5587%	2.6122%
Amount	$ 676,829,000	$ 536,955,000
Debt discounts and issuance costs, net of accumulated amortization	(3,493,000)	(3,873,000)
Debt, net	$ 673,336,000	$ 533,082,000
Mortgages payable
Debt Instrument [Line Items]
Interest rate (percent)	3.96%	4.07%
Amount	$ 140,829,000	$ 105,955,000
Secured Debt
Debt Instrument [Line Items]
Amount	$ 400,000,000	$ 400,000,000
Secured Debt | One-month LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate, percent	0.452%	0.1013%
Secured Debt | 5 year - fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	2.6795%	2.6795%
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years
Secured Debt | 5.5 year - fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	2.6915%	2.6915%
Amount	$ 50,000,000	$ 50,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Secured Debt | 5.5 year- fixed rate
Debt Instrument [Line Items]
Interest rate (percent)	2.699%	2.699%
Amount	$ 50,000,000	$ 50,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Secured Debt | 5.5 year - variable rate
Debt Instrument [Line Items]
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Secured Debt | 5.5 year - variable rate | One-month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.20%	1.20%
Revolving Line of Credit | Revolving line of credit
Debt Instrument [Line Items]
Amount	$ 136,000,000	$ 31,000,000
Maximum borrowing capacity	$ 350,000,000
Number of extension options | extension	2
Extension option on line of credit, period	6 months
Revolving Line of Credit | One-month LIBOR | Revolving line of credit
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.04%	1.05%
Revolving Line of Credit | One-month LIBOR | Revolving line of credit | Forecast
Debt Instrument [Line Items]
Debt instrument, sustainability adjustment, percent			0.01%

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Debt - Mortgage Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of maturities for outstanding mortgage indebtedness
Total mortgage payable maturities	$ 676,829	$ 536,955
Mortgages payable
Schedule of maturities for outstanding mortgage indebtedness
2022	0
2023	38,999
2024	15,700
2025	28,630
2026	0
Thereafter	57,500
Total mortgage payable maturities	$ 140,829	$ 105,955

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Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Cash Flow Hedges:
Deferred amounts in accumulated comprehensive income (loss) that will be reclassified into earnings	$ (1,503)
Fair Value, Measurements, Recurring | Level 1
Cash Flow Hedges:
Derivative interest rate swaps	0
Derivative interest rate swaps		$ 0
Fair Value, Measurements, Recurring | Level 2
Cash Flow Hedges:
Derivative interest rate swaps	12,109
Derivative interest rate swaps		4,322
Fair Value, Measurements, Recurring | Level 3
Cash Flow Hedges:
Derivative interest rate swaps	$ 0
Derivative interest rate swaps		$ 0

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Fair Value Measurements - Narrative (Details)	Mar. 31, 2022 USD ($)	Dec. 31, 2021	Mar. 31, 2021 USD ($)
Mortgages payable | Weighted Average Effective Market Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input (percent)	0.0521	0.0444
Revolving Line of Credit | Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input (percent)	0.0353	0.0239
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurements	$ 0		$ 0

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Fair Value Measurements - Financial Instruments Not Measure at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Mortgages payable | Carrying Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 140,829	$ 105,955
Mortgages payable | Estimated Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	135,024	104,938
Unsecured Debt | Term loans | Carrying Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	400,000	400,000
Unsecured Debt | Term loans | Estimated Fair Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	400,644	400,470
Revolving line of credit | Revolving line of credit | Carrying Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	136,000	31,000
Revolving line of credit | Revolving line of credit | Estimated Fair Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	$ 136,329	$ 31,062

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Earnings Per Share and Equity Transactions - Reconciliation of Basic and Diluted Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss)	$ 9,501	$ (100)
Denominator:
Weighted average common shares outstanding - basic (in shares)	67,354,717	71,998,654
Dilutive effect of unvested restricted shares (in shares)	221,321	0
Weighted-average common shares outstanding, diluted (in shares)	67,576,038	71,998,654
Basic and diluted earnings per common share:
Net income (loss) per common share, basic (in dollars per share)	$ 0.14	$ 0
Net income (loss) per common share, diluted (in dollars per share)	$ 0.14	$ 0

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Earnings Per Share and Equity Transactions - Narrative (Details) - USD ($)	Mar. 07, 2022	Feb. 23, 2022
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 150,000,000
Private Placement
Class of Stock [Line Items]
Sale of stock consideration received on transaction	$ 250,000,000

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Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized	$ 10,292
Stock-based compensation expense	$ 1,082	$ 2,496
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target, percentage	0.00%
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target, percentage	100.00%
Restricted Stock Units (RSUs) | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock Units (RSUs) | 2015 Incentive Award Plan | 2015 Incentive Award Plan approved on June 19, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (shares)	3,000,000
Number of shares available for grant (shares)	1,065,232

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Stock-Based Compensation - Significant Assumptions Used in the Monte Carlo simulation Models (Details)	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate - minimum	0.79%
Risk-free interest rate - maximum	1.76%
2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	33.89%
Dividend Yield	3.24%

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Stock-Based Compensation - Summary of Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Unvested Time- Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding as beginning (in shares)	138,235
Shares granted (in shares)	97,606
Shares vested (in shares)	0
Shares forfeited (in shares)	0
Outstanding as ending (in shares)	235,841
Weighted-Average Grant Date Price Per Share
Outstanding as beginning (in dollars per share) | $ / shares	$ 30.12
Shares granted (in dollars per share) | $ / shares	18.27
Shares vested (in dollars per share) | $ / shares	31.40
Shares forfeited (in dollars per share) | $ / shares	31.40
Outstanding as ending (in dollars per share) | $ / shares	$ 22.97
Unvested Performance and Market-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding as beginning (in shares)	471,368
Shares granted (in shares)	396,338
Shares vested (in shares)	(76,520)
Shares forfeited (in shares)	(61,102)
Outstanding as ending (in shares)	730,084

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Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Operating Leases
Remaining 2022	$ 114
2023	513
2024	575
2025	456
2026	460
Thereafter	1,740
Total expected minimum lease obligation	3,858
Less: Amount representing interest	(672)
Present value of net minimum lease payments	3,186
Finance Leases
Remaining 2022	173
2023	21
2024	0
2025	0
2026	0
Thereafter	0
Total expected minimum lease obligation	194
Less: Amount representing interest	(20)
Present value of net minimum lease payments	$ 174

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Subsequent Events (Details) - Highlands of Flower Mound - Subsequent Event ft² in Thousands, $ in Millions	Apr. 21, 2022 USD ($) ft²
Subsequent Event [Line Items]
Gross leasable area (square feet) | ft²	175
Asset acquisition, consideration transferred	$ 38.0
Asset acquisition liabilities mortgage debt	$ 22.9