EX-99.1 2 q32022earningsrelease.htm EX-99.1 Document
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CONTACT:
Dan Lombardo
Vice President of Investor Relations
630-570-0605
dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2022 Third Quarter Results
DOWNERS GROVE, III – November 1, 2022 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the period ended September 30, 2022. For the three months ended September 30, 2022 and 2021, Net Income was $0.9 million, or $0.01 per diluted share, compared to Net Income of $4.0 million, or $0.06 per diluted share, respectively.
Third Quarter 2022 Highlights:
NAREIT FFO for the quarter of $0.39 per diluted share
Core FFO for the quarter of $0.37 per diluted share
Leased Occupancy as of September 30, 2022 of 95.6%
Executed 83 leases totaling approximately 478,000 square feet of pro rata GLA, of which 441,000 square feet was executed at a blended comparable lease spread of 8.2%
Net Debt-to-Adjusted EBITDA of 5.0x at September 30, 2022
Completed the private placement of $250 million of senior notes
Completed a $10.8 million expansion of the Publix at Suncrest Village in Orlando, FL
“Since our listing on the New York Stock Exchange last October, our business plan and strategy has offered a simple and unique investment opportunity within the strip center sector,” Daniel (DJ) Busch, President and CEO of InvenTrust commented. “Our team’s efforts and execution across all areas of the business as well as our conservative balance sheet has the company positioned to navigate any economic scenario.”
FINANCIAL SUMMARY
NET INCOME
Net Income for the three months ended September 30, 2022 was $0.9 million, or $0.01 per diluted share, compared to Net Income of $4.0 million, or $0.06 per diluted share, for the same period in 2021.
Net Income for the nine months ended September 30, 2022 was $52.4 million, or $0.77 per diluted share, compared to Net Income of $5.4 million, or $0.08 per diluted share, for the same period in 2021.
NAREIT FFO
NAREIT FFO for the three months ended September 30, 2022 was $26.1 million, or $0.39 per diluted share, compared to $26.3 million, or $0.37 per diluted share, for the same period in 2021.
NAREIT FFO for the nine months ended September 30, 2022 was $88.2 million, or $1.31 per diluted share, compared to $74.1 million, or $1.03 per share, for the same period in 2021.
                
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CORE FFO
Core FFO for the three months ended September 30, 2022 was $25.2 million, or $0.37 per diluted share, compared to $27.3 million, or $0.38 per diluted share, for the same period in 2021.
Core FFO for the nine months ended September 30, 2022 was $82.9 million, or $1.23 per diluted share, compared to $73.3 million, or $1.02 per diluted share, for the same period in 2021.
PRO RATA SAME PROPERTY NOI
Pro Rata Same Property NOI for the three months ended September 30, 2022 was $35.8 million, a 2.8% decrease, compared to the same period in 2021. Excluding net out of period rent collection of $1.3 million, Pro Rata Same Property NOI would have increased 0.8%, when comparing the three months ended September 30, 2022 to the same period in 2021.
Pro Rata Same Property NOI for the nine months ended September 30, 2022 was $110.5 million, a 5.4% increase, compared to the same period in 2021. Excluding net out of period rent collection of $1.3 million, Pro Rata Same Property NOI would have increased 6.6%, when comparing the nine months ended September 30, 2022 to the same period in 2021.
DIVIDEND
For the quarter ending September 30, 2022, the Board of Directors declared a quarterly cash distribution of $0.2052 per share, payable on October 14, 2022.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
As of September 30, 2022, the Company’s Leased Occupancy was 95.6%.
Total Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 98.2% and Small Shop Leased Occupancy was 91.0%. Anchor Leased Occupancy remained flat and Small Shop Leased Occupancy increased 50 basis points on a sequential basis compared to the previous quarter.
Leased to Economic Occupancy spread of 210 basis points, which equates to approximately $5.2 million of base rent on an annualized basis.
Blended re-leasing spreads for comparable new and renewal leases signed in the third quarter were 8.2%.
Annualized Base Rent PSF (“ABR”) as of September 30, 2022 for the Pro Rata Combined Portfolio was $18.91, an increase of 2.6% compared to the same period in 2021. Anchor Tenant ABR PSF was $12.39 and Small Shop ABR PSF was $31.91 for the third quarter.
In August 2022, the Company completed a $10.8 million expansion of the Publix at Suncrest Village in Orlando, Florida.
LIQUIDITY AND CAPITAL STRUCTURE
InvenTrust had $574.1 million of total liquidity, as of September 30, 2022 comprised of $224.1 million of Pro Rata Cash and $350.0 million of availability under its Revolving Credit Facility.
InvenTrust had no debt maturing in 2022 and $38.6 million of debt maturing in 2023, as of September 30, 2022.
On August 11, 2022, the Company issued $150.0 million of seven year and $100.0 million of ten year senior notes with a weighted average fixed rate of 5.12% and weighted average term of approximately 8.2 years.
As of September 30, 2022, the Company's weighted average interest rate on its consolidated debt was 3.89% and the weighted average remaining term was 5.2 years.
As of September 30, 2022, the Company's weighted average interest rate on its pro rata debt was 3.81% and the weighted average remaining term was 4.9 years.
SUBSEQUENT ACTIVITY
On October 28, 2022, the Company acquired Eastfield Village in Huntersville, North Carolina for $22.5 million. The 96,000 square foot neighborhood center is anchored by Food Lion.
                
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2022 GUIDANCE
InvenTrust has updated its 2022 guidance, as summarized in the table below.
(Unaudited, dollars in thousands, except per share amounts)CurrentPrevious
Net Income per diluted share (1)
$0.76$0.80$0.74$0.78
NAREIT FFO per diluted share (2)
$1.65$1.69$1.61$1.65
Core FFO per diluted share$1.57$1.60$1.52$1.56
Same Property NOI (“SPNOI”) Growth 4.00%5.00%4.00%5.00%
General and administrative (3)
+/- $32,250$32,750$33,750
Interest expense, net+/- $24,500$24,500$25,500
Net investment activity (4)
+/- $135,000+/- $210,000
(1) Net Income per diluted share excludes potential gains and losses on asset sales, and any related GAAP adjustments resulting from these transactions.
(2) 2022 NAREIT FFO per diluted share Guidance:
Excludes potential gains or losses on asset sales, and any related GAAP adjustments resulting from these transactions.
Excludes any items that impact NAREIT FFO comparability, including loss on debt extinguishment, non-routine or one-time items or transaction expenses.
Includes an expectation that some tenants will move from the cash basis of accounting to the accrual basis of accounting which can result in volatility in straight-line rental income adjustments.
(3) General and administrative guidance is inclusive of expenses associated with our oversight of the joint venture.
(4) Net investment activity represents anticipated acquisition activity less disposal activity for 2022.
Net Income, NAREIT FFO, Core FFO and SPNOI guidance are inclusive of prior period unrecognized rent that we anticipate collecting in 2022.
The Company's 2022 Guidance is based on a number of assumptions that are subject to change and may be outside the Company’s control. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.

CONFERENCE CALL INFORMATION
Date:        Wednesday, November 2, 2022            
Time:        9:00 a.m. ET
Dial-in:         (844) 200-6205 / Access Code: 844005
Webcast:     https://events.q4inc.com/attendee/509450688


Replay
Webcast Archive: https://www.inventrustproperties.com/investor-relations/
A webcast replay will be available shortly after the conclusion of the presentation using the webcast link above.

                
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NON-GAAP FINANCIAL MEASURES
This Earnings Release includes certain non-GAAP financial measures and other terms that management believes are helpful in understanding our business. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of our non-GAAP measures to the most directly comparable GAAP financials measures are included herein.

SAME PROPERTY NOI or SPNOI
Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. NOI excludes general and administrative expenses, direct listing costs, 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).

NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE FFO
Our non-GAAP measure of NAREIT Funds from Operations ("NAREIT FFO"), based on the National Association of Real Estate Investment Trusts ("NAREIT") definition, 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 our unconsolidated joint venture is calculated to reflect our proportionate share of the joint venture's NAREIT FFO 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.

ADJUSTED EBITDA
Our non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, transaction expenses, straight-line rent adjustments, amortization of above and below market leases and lease inducements, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance. Adjustments for our unconsolidated joint venture is calculated to reflect our proportionate share of the joint venture's Adjusted EBITDA on the same basis.

NET DEBT-TO-ADJUSTED EBITDA
Net Debt-to-Adjusted EBITDA is Pro Rata Net Debt divided by Adjusted EBITDA on a trailing twelve month basis.

PRO RATA
Where appropriate, the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," with the exception of property and lease count.
                
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Financial Statements

Condensed Consolidated Balance Sheets
Dollars in thousands, except share amounts
As of September 30As of December 31
20222021
Assets(unaudited)
Investment properties
Land $649,634 $598,936 
Building and other improvements1,820,161 1,664,525 
Construction in progress4,650 9,642 
Total2,474,445 2,273,103 
Less accumulated depreciation(385,000)(350,256)
Net investment properties2,089,445 1,922,847 
Cash, cash equivalents and restricted cash216,516 44,854 
Investment in unconsolidated entities56,490 107,944 
Intangible assets, net92,295 81,026 
Accounts and rents receivable34,184 30,059 
Deferred costs and other assets, net54,479 25,685 
Total assets$2,543,409 $2,212,415 
Liabilities
Debt, net$807,639 $533,082 
Accounts payable and accrued expenses45,032 36,208 
Distributions payable13,836 13,802 
Intangible liabilities, net30,247 28,995 
Other liabilities27,908 28,776 
Total liabilities924,662 640,863 
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, 67,427,571 shares
issued and outstanding as of September 30, 2022 and 67,344,374 shares issued and
outstanding as of December 31, 2021
67 67 
Additional paid-in capital5,455,228 5,452,550 
Distributions in excess of accumulated net income(3,865,885)(3,876,743)
Accumulated comprehensive income (loss)29,337 (4,322)
Total stockholders' equity1,618,747 1,571,552 
Total liabilities and stockholders' equity$2,543,409 $2,212,415 



                
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Financial Statements, Continued

Condensed Consolidated Statements of Operations and Comprehensive Income
Dollars in thousands, except share and per share amounts, unaudited


Three Months Ended September 30Nine Months Ended September 30
2022202120222021
Income
Lease income, net$57,859 $53,965 $174,562 $154,869 
Other property income304 310 886 760 
Other fee income594 863 1,988 2,770 
Total income58,757 55,138 177,436 158,399 
Operating expenses
Depreciation and amortization24,021 21,318 71,055 65,000 
Property operating10,787 8,143 28,256 23,926 
Real estate taxes8,937 8,490 25,595 24,781 
General and administrative7,236 8,782 23,239 29,043 
Direct listing costs— 1,704 — 1,704 
Total operating expenses50,981 48,437 148,145 144,454 
Other (expense) income
Interest expense, net(7,689)(3,999)(18,129)(11,956)
Loss on extinguishment of debt— (400)(96)(400)
Gain on sale of investment properties, net— 636 36,856 1,516 
Equity in earnings of unconsolidated entities352 1,046 3,784 2,441 
Other income and expense, net497 652 (155)
Total other (expense) income, net(6,840)(2,709)23,067 (8,554)
Net income$936 $3,992 $52,358 $5,391 
Weighted-average common shares outstanding - basic67,427,571 71,261,403 67,398,713 71,731,832 
Weighted-average common shares outstanding - diluted67,547,259 71,395,625 67,558,315 71,802,082 
Net income per common share - basic$0.01 $0.06 $0.78 $0.08 
Net income per common share - diluted$0.01 $0.06 $0.77 $0.08 
Distributions declared per common share outstanding$0.21 $0.20 $0.62 $0.58 
Distributions paid per common share outstanding$0.21 $0.20 $0.62 $0.58 
Comprehensive income
Net income$936 $3,992 $52,358 $5,391 
Unrealized gain (loss) on derivatives11,992 (195)32,912 1,560 
Reclassification (to) from net income(770)1,102 747 3,228 
Comprehensive income$12,158 $4,899 $86,017 $10,179 
                
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Pro Rata Same Property NOI
Dollars in thousands

The following table reflects Pro Rata Same Property NOI:

Three Months Ended September 30Nine Months Ended September 30
2022202120222021
Income
Minimum base rent$33,044 $30,402 $97,643 $91,089 
Real estate tax recoveries7,097 7,067 20,190 20,899 
Common area maintenance, insurance, and other recoveries6,471 5,770 18,427 17,155 
Ground rent income3,407 3,247 10,084 9,730 
Short-term and other lease income649 849 2,812 2,486 
Provision for uncollectible billed rent and recoveries(255)(13)(614)(1,611)
Reversal of uncollectible billed rent and recoveries69 2,259 1,177 4,011 
Other property income296 310 869 764 
Total income50,778 49,891 150,588 144,523 
Operating Expenses
Property operating 9,803 7,786 25,530 23,218 
Real estate taxes7,801 7,950 22,390 23,797 
Total operating expenses17,604 15,736 47,920 47,015 
Same Property NOI33,174 34,155 102,668 97,508 
JV Same Property NOI2,589 2,643 7,880 7,347 
Pro Rata Same Property NOI$35,763 $36,798 $110,548 $104,855 

Pro Rata Same Property NOI
The following table presents a reconciliation of Net Income to Pro Rata Same Property NOI:

Three Months Ended September 30Nine Months Ended September 30
2022202120222021
Net income$936 $3,992 $52,358 $5,391 
Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net(497)(8)(652)155 
Equity in earnings of unconsolidated entities(352)(1,046)(3,784)(2,441)
Interest expense, net7,689 3,999 18,129 11,956 
Loss on extinguishment of debt— 400 96 400 
Gain on sale of investment properties, net— (636)(36,856)(1,516)
Depreciation and amortization24,021 21,318 71,055 65,000 
General and administrative7,236 8,782 23,239 29,043 
Direct listing costs— 1,704 — 1,704 
Other fee income(594)(863)(1,988)(2,770)
Adjustments to NOI (a)(1,777)(1,825)(8,071)(5,674)
NOI36,662 35,817 113,526 101,248 
NOI from other investment properties(3,488)(1,662)(10,858)(3,740)
Same Property NOI33,174 34,155 102,668 97,508 
IAGM Same Property NOI at share2,589 2,643 7,880 7,347 
Pro Rata Same Property NOI$35,763 $36,798 $110,548 $104,855 
(a)Adjustments to NOI include termination fee income and expense and GAAP rent adjustments.
                
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NAREIT FFO and Core FFO
Dollars in thousands, except share and per share amounts

The following table presents a reconciliation of Net Income to NAREIT FFO and Core FFO Attributable to Common Shares and Dilutive Securities and provides additional information related to its operations:

Three Months Ended September 30Nine Months Ended September 30
2022202120222021
Net income$936 $3,992 $52,358 $5,391 
Depreciation and amortization related to investment properties23,826 21,107 70,444 64,328 
Gain on sale of investment properties, net— (636)(36,856)(1,516)
Unconsolidated joint venture adjustments (a)1,335 1,787 2,255 5,943 
NAREIT FFO Applicable to Common Shares and Dilutive Securities26,097 26,250 88,201 74,146 
Amortization of above and below-market leases and lease inducements, net(985)(1,019)(4,594)(3,404)
Straight-line rent adjustments, net(757)(633)(3,125)(1,902)
Direct listing costs— 1,704 — 1,704 
Adjusting items, net (b)696 758 2,093 2,214 
Unconsolidated joint venture adjusting items, net (c)172 260 300 566 
Core FFO Applicable to Common Shares and Dilutive Securities$25,223 $27,320 $82,875 $73,324 
Weighted average common shares outstanding - basic67,427,571 71,261,403 67,398,713 71,731,832 
Dilutive effect of unvested restricted shares (d)119,688 134,222 159,602 70,250 
Weighted average common shares outstanding - diluted67,547,259 71,395,625 67,558,315 71,802,082 
NAREIT FFO Applicable to Common Shares and Dilutive Securities
per share
$0.39 $0.37 $1.31 $1.03 
Core FFO Applicable to Common Shares and Dilutive Securities
per share
$0.37 $0.38 $1.23 $1.02 
(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.
                
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EBITDA, Pro Rata
Dollars in thousands

The following table presents a pro rata reconciliation of Net Income to EBITDA and Adjusted EBITDA, with reconciling items reflecting our consolidated entities and our pro rata share of our JV:
Three Months Ended September 30Nine Months Ended September 30
2022202120222021
Net income$936 $3,992 $52,358 $5,391 
Interest expense8,200 4,690 19,772 14,385 
Income tax expense114 74 329 275 
Depreciation and amortization25,356 23,325 75,373 71,163 
EBITDA34,606 32,081 147,832 91,214 
Adjustments to reconcile to Adjusted EBITDA
Direct listing costs— 1,704 — 1,704 
Gain on sale of investment properties, net— (856)(38,919)(1,736)
Loss on debt extinguishment— 518 207 526 
Non-operating income and expense, net (a)
(207)(229)(827)(6)
Other leasing adjustments (b)
(1,645)(1,588)(7,547)(5,072)
Adjusted EBITDA$32,754 $31,630 $100,746 $86,630 
(a)Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
(b)Other leasing adjustments includes amortization of above and below market leases and straight-line rent adjustments.

Financial Leverage Ratios
Dollars in thousands

The following table presents the calculation of net debt and Net Debt-to-Adjusted EBITDA:

As of September 30As of December 31
20222021
Pro Rata Net Debt:
Pro Rata Outstanding Debt, net$876,738 $624,289 
Less: Pro Rata Cash(224,107)(79,628)
Pro Rata Net Debt$652,631 $544,661 
Pro Rata Net Debt-to-Adjusted EBITDA (trailing 12 months):
Pro Rata Net Debt$652,631 $544,661 
Adjusted EBITDA (trailing 12 months)131,389 117,273 
Net Debt-to-Adjusted EBITDA5.0x4.6x
                
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About InvenTrust Properties Corp.
InvenTrust Properties Corp. (“we,” the “Company,” “our,” “us,” "IVT" or "InvenTrust") 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. 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 ("ESG") practices and standards. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. IVT is committed to leadership in ESG practices and has been a Global Real Estate Sustainability Benchmark (“GRESB”) member since 2013. As of September 30, 2022, the Company is an owner and manager of 62 retail properties, representing 10.5 million square feet of retail space. For more information, please visit www.inventrustproperties.com.

Forward-Looking Statements Disclaimer
Forward-Looking Statements in this press release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements about the Company’s 2022 guidance and ability to navigate any economic scenario, or regarding management’s intentions, beliefs, expectations, representation, plans or predictions of the future, are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would,” “outlook,” “guidance,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. The following factors, among others, could cause actual results and financial position and timing of certain events to differ materially from those described in the forward-looking statements: the effects and duration of the COVID-19 pandemic; interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in InvenTrust’s most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the Securities and Exchange Commission. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. 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.

Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels
Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust Twitter account (twitter.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties)) as a means of disclosing information about the Company's business to our colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on www.inventrustproperties.com/investor-relations and on the Company’s social media channels.

                
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