EX-99.2 3 q32023supplemental.htm EX-99.2

| Table of Contents

|  | Page No.
Introductory Notes |  | i
Earnings Release |  | iii
Financial Information |  |
Summary Financial Information |  | 1
Condensed Consolidated Balance Sheets |  | 2
Condensed Consolidated Statements of Operations and Comprehensive Income |  | 3
Condensed Consolidated Supplemental Details of Assets and Liabilities |  | 4
Condensed Consolidated Supplemental Details of Operations |  | 5
Reconciliation of Non-GAAP Measures |  |
Same Property Net Operating Income |  | 6
NAREIT FFO and Core FFO |  | 7
EBITDA and Adjusted EBITDA |  | 7
Summary of Outstanding Debt |  | 8
Consolidated Debt Covenants, Interest Rate Swaps, and Capital Expenditures |  | 9
Portfolio and Leasing Overview |  |
Markets and Tenant Size |  | 10
Top 25 Tenants by ABR and Tenant Merchandise Mix |  | 11
Comparable & Non-Comparable Lease Statistics |  | 12
Tenant Lease Expirations |  | 13
Investment Summary |  |
Acquisitions and Dispositions |  | 14
Development Pipeline |  | 15
Property Summary |  | 16
Components of NAV as of September 30, 2023 |  | 18
Glossary of Terms |  | 19

| Introductory Notes

About InvenTrust Properties Corp.
InvenTrust Properties Corp. (the “Company,” "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. Management pursues the Company's 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. For more information, please visit www.inventrustproperties.com.
The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under Generally Accepted Accounting Principles (“GAAP”). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed below), and there can be no assurance that the information will not vary from the final information in IVT's Form 10-Q for the quarter ended September 30, 2023. IVT may, but assumes no obligation to, update information in this supplemental.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this supplemental, 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 2023 guidance, tenant demand for IVT's centers, strength of IVT's platform position and leverage levels, or regarding management’s intentions, beliefs, expectations, representations, 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 the Company and its 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: 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 management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company'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. IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. IVT undertakes 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 IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.
Notice Regarding Non-GAAP Financial Measures
In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. Management does not consider the Company's non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of IVT's financial performance as they may not reflect the operations of the entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of IVT's properties that could materially impact IVT's results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of IVT's liquidity, nor as an indication of funds available to cover IVT's cash needs, including IVT's ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if management does not continue to operate the business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, IVT's non-GAAP measures may not be comparable to other REITs. Reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are included in this supplemental on pages 6 and 7 and definitions of the Company's non-GAAP measures are included in the Glossary of Terms on page 19.

i | Supplemental - Quarter End September 30, 2023 |

| Introductory Notes

Pro Rata Financial Information
As of December 31, 2022, the Company owned a 55% interest in IAGM Retail Fund I, LLC (“IAGM” or “JV”), 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. As of December 31, 2022, IAGM was the Company’s sole joint venture and was unconsolidated.
On January 18, 2023, the Company acquired the four remaining retail properties from IAGM for an aggregate purchase price of $222.3 million by acquiring 100% of the membership interests in each of IAGM's wholly owned subsidiaries. The Company assumed aggregate mortgage debt of $92.5 million and funded the remaining balance with its available liquidity.
Throughout this supplemental, where indicated as “pro rata” 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, for the three and nine months ended September 30, 2022 and as of December 31, 2022. As of September 30, 2023, as a result of the Company’s acquisition of the remaining IAGM properties, net assets of IAGM were $7.0 million, inclusive of cash and cash equivalents of $9.2 million, which has been included as part of Pro Rata Cash.
The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying the Company's overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent the Company's legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro rata interest. Accordingly, pro rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. For additional detail regarding properties previously owned by the JV, see the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in each case as filed with the SEC.
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 X 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 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.

ii | Supplemental - Quarter End September 30, 2023 |

CONTACT:
Dan Lombardo
Vice President of Investor Relations
630-570-0605
dan.lombardo@inventrustproperties.com
InvenTrust Properties Corp. Reports 2023 Third Quarter Results
DOWNERS GROVE, III – November 1, 2023 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the period ended September 30, 2023. For the three months ended September 30, 2023 and 2022, the Company reported a Net Loss of $0.8 million, or $0.01 per diluted share, compared to Net Income of $0.9 million, or $0.01 per diluted share, respectively.
Third Quarter 2023 Highlights:
•NAREIT FFO of $0.41 per diluted share
•Core FFO of $0.41 per diluted share
•Same Property Net Operating Income (“NOI”) growth of 5.3%
•Leased Occupancy as of September 30, 2023 of 95.1%
•Executed 74 leases totaling approximately 273,000 square feet of GLA, of which 168,000 square feet was executed at a blended comparable lease spread of 9.3%
“InvenTrust’s third quarter operating results continue to reflect robust tenant demand across the portfolio, despite recent pockets of modest retail disruption. We believe this unprecedented demand is undoubtedly due to the high-quality nature of our properties and the sustained demographic drivers within our Sun Belt markets,” stated Daniel (DJ) Busch, President and CEO of InvenTrust. “We also remain committed to our low leverage business model, which affords us the ability to capitalize when appropriate and grow cash flow into the future.”
NET (LOSS) INCOME
•Net Loss for the three months ended September 30 2023 was $0.8 million, or $0.01 per diluted share, compared to Net Income of $0.9 million, or $0.01 per diluted share, for the same period in 2022.
•Net Income for the nine months ended September 30, 2023 was $2.4 million, or $0.04 per diluted share, compared to Net Income of $52.4 million, or $0.77 per diluted share, for the same period in 2022.
NAREIT FFO
•NAREIT FFO for the three months ended September 30, 2023 was $27.6 million, or $0.41 per diluted share, compared to $26.1 million, or $0.39 per diluted share, for the same period in 2022.
•NAREIT FFO for the nine months ended September 30, 2023 was $84.7 million, or $1.25 per diluted share, compared to $88.2 million, or $1.31 per diluted share, for the same period in 2022.
CORE FFO
•Core FFO for the three months ended September 30, 2023 was $27.6 million, or $0.41 per diluted share, compared to $25.2 million, or $0.37 per diluted share, for the same period in 2022.
•Core FFO for the nine months ended September 30, 2023 was $84.1 million, or $1.24 per diluted share, compared to $82.9 million, or $1.23 per diluted share, for the same period in 2022.

iii | Supplemental - Quarter End September 30, 2023 |

SAME PROPERTY NOI
•Same Property NOI for the three months ended September 30, 2023 was $37.5 million, a 5.3% increase compared to the same period in 2022.
•Same Property NOI for the nine months ended September 30, 2023 was $106.3 million, a 4.4% increase compared to the same period in 2022.
DIVIDEND
•For the quarter ending September 30, 2023, the Board of Directors declared a quarterly cash distribution of $0.2155 per share, paid on October 13, 2023.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
•As of September 30, 2023, the Company’s Leased Occupancy was 95.1%.
◦Total Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 96.6% and Small Shop Leased Occupancy was 92.4%. Anchor Leased Occupancy decreased 200 basis points, driven primarily by anchor tenant bankruptcies, and Small Shop Leased Occupancy increased 40 basis points on a sequential basis compared to the previous quarter.
◦Leased to Economic Occupancy spread of 250 basis points, which equates to approximately $6.4 million of base rent on an annualized basis.
•Blended re-leasing spreads for comparable new and renewal leases signed in the third quarter were 9.3%.
•Annualized Base Rent PSF (“ABR”) as of September 30, 2023 was $19.36, an increase of 2.4% compared to the same period in 2022. Anchor Tenant ABR PSF was $12.45 and Small Shop ABR PSF was $32.61 for the third quarter.
•On August 25, 2023, the Company disposed of Trowbridge Crossing, a 63,000 square foot neighborhood center anchored by a Publix in Sandy Springs, Georgia, for a gross disposition price of $11.5 million. The Company recognized a gain on sale of $1.7 million on the sale of this property.
LIQUIDITY AND CAPITAL STRUCTURE
•InvenTrust had $456.6 million of total liquidity, as of September 30, 2023, comprised of $106.6 million of Pro Rata Cash and $350.0 million of availability under its Revolving Credit Facility. As of September 30, 2023, net assets of IAGM were $7.0 million, inclusive of cash and cash equivalents of $9.2 million.
•InvenTrust has $92.5 million of debt maturing in 2023 and $15.7 million of debt maturing in 2024, as of September 30, 2023. On October 17, 2023, the Company extended the maturity of its $92.5 million of mortgage debt maturing in 2023 by exercising one of its two 12-month extension options. The maturity date of the debt is now November 2, 2024.
•As of September 30, 2023, the Company's weighted average interest rate was 3.88% and the weighted average remaining term was 4.1 years.

iv | Supplemental - Quarter End September 30, 2023 |

2023 GUIDANCE
InvenTrust has updated its 2023 guidance, as summarized in the table below.

(Unaudited, dollars in thousands, except per share amounts) | Current |  | Previous
Net Income per diluted share (1) | $0.05 | — | $0.08 |  | $0.06 | — | $0.11
NAREIT FFO per diluted share (2) | $1.66 | — | $1.69 |  | $1.64 | — | $1.69
Core FFO per diluted share | $1.63 | — | $1.65 |  | $1.61 | — | $1.64
Same Property NOI (“SPNOI”) Growth | 4.25% | — | 5.00% |  | 4.00% | — | 5.00%
General and administrative | $31,500 | — | $32,500 |  | $31,250 | — | $32,750
Interest expense, net (3) | $34,000 | — | $34,500 |  | $34,000 | — | $34,500
Adjustments for uncollectibility (4) | 50 bps | — | 150 bps |  | 50 bps | — | 150 bps
Net investment activity (5) | ~ $111,000 |  | ~ $150,000

The Company’s 2023 Guidance contemplates the following assumptions:
(1) Net Income per diluted share excludes effects from potential acquisitions or dispositions.
(2) NAREIT FFO per diluted share:
•Excludes effects from potential acquisitions or dispositions.
•Excludes any items that impact NAREIT FFO comparability, including loss on debt extinguishment, non-routine or one-time items of which, in management’s judgement, are not pertinent to measuring on-going operating performance.
•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) Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $3.0 million.
(4) Adjustments for uncollectibility are reflected as basis points of expected total revenue.
(5) Net investment activity represents anticipated acquisition activity less disposition activity.
In addition to the foregoing assumptions, the Company's 2023 Guidance incorporates a number of other assumptions that are subject to change and may be outside the control of the Company. For example, the Company’s guidance is inclusive of prior period rent that the Company anticipates collecting. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.
The following table provides a reconciliation of the range of the Company's 2023 estimated net income per diluted share to estimated NAREIT FFO and Core FFO per diluted share:

(Unaudited) | Low End |  | High End
Net income per diluted share | $ | 0.05 |  |  | $ | 0.08 |
Depreciation and amortization related to investment properties | 1.65 |  |  | 1.65 |
Gain on sale of investment properties, net | (0.04) |  |  | (0.04) |
NAREIT FFO Applicable to Common Shares and Dilutive Securities per diluted share | 1.66 |  |  | 1.69 |
Amortization of market-lease intangibles and inducements, net | (0.05) |  |  | (0.05) |
Straight-line rent adjustments, net | (0.04) |  |  | (0.04) |
Amortization of debt discounts and financing costs | 0.06 |  |  | 0.06 |
Adjusting items, net (a) | — |  |  | (0.01) |
Core FFO Applicable to Common Shares and Dilutive Securities per diluted share | $ | 1.63 |  |  | $ | 1.65 |

(a)Adjusting items, net, are primarily 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 basis difference recognition arising from acquiring the four remaining properties of the Company’s joint venture, and miscellaneous and settlement income.
This press release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.

v | Supplemental - Quarter End September 30, 2023 |

| Summary Financial Information
In thousands, except share information and per square foot amounts

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Financial Results |  |  |  |  |  |  |
Net (loss) income | $ | (822) |  |  | $ | 936 |  |  | $ | 2,379 |  |  | $ | 52,358 |
Net (loss) income per common share - basic | (0.01) |  |  | 0.01 |  |  | 0.04 |  |  | 0.78 |
Net (loss) income per common share - diluted | (0.01) |  |  | 0.01 |  |  | 0.04 |  |  | 0.77 |
NAREIT FFO (page 7) | 27,565 |  |  | 26,097 |  |  | 84,744 |  |  | 88,201 |
NAREIT FFO per diluted share | 0.41 |  |  | 0.39 |  |  | 1.25 |  |  | 1.31 |
Core FFO (page 7) | 27,642 |  |  | 25,223 |  |  | 84,065 |  |  | 82,875 |
Core FFO per diluted share | 0.41 |  |  | 0.37 |  |  | 1.24 |  |  | 1.23 |
Same Property NOI (page 6) | 37,512 |  |  | 35,632 |  |  | 106,301 |  |  | 101,810 |

Same Property NOI growth | 5.3 | % |  |  |  | 4.4 | % |  |

Adjusted EBITDA (page 7) | 36,152 |  |  | 32,754 |  |  | 109,667 |  |  | 100,746 |
Distributions declared per share | $ | 0.22 |  |  | $ | 0.21 |  |  | $ | 0.65 |  |  | $ | 0.62 |

Aggregate distributions declared (as a % of Core FFO) | 52.6 | % |  | 54.9 | % |  | 51.9 | % |  | 50.1 | %

| As of Sept. 30, 2023 (a) |  | As of Dec. 31, 2022 (a) |  | As of Dec. 31, 2021 (a) |  | As of Dec. 31, 2020 (a)
Capital Information |  |  |  |  |  |  |
Shares outstanding | 67,531,335 |  | 67,472,553 |  | 67,344,374 |  | 71,998,654
Outstanding Debt, net | $ | 834,206 |  |  | $ | 805,253 |  |  | $ | 624,289 |  |  | $ | 688,422 |
Less: Pro Rata Cash | (106,559) |  |  | (164,448) |  |  | (79,628) |  |  | (249,854) |
Net Debt | $ | 727,647 |  |  | $ | 640,805 |  |  | $ | 544,661 |  |  | $ | 438,568 |
(a) Outstanding debt, net, and Net Debt as of December 31, 2022, 2021 and 2020 are Pro Rata. Pro Rata Cash as of September 30, 2023 includes the Company's share of cash remaining in the JV.
Pro Rata Debt Metrics (trailing 12 months) |  |  |  |  |  |  |
Adjusted EBITDA (trailing 12 months) | $ | 141,289 |  |  | $ | 132,368 |  |  | $ | 117,273 |  |  | $ | 117,078 |
Net Debt-to-Adjusted EBITDA | 5.2x |  | 4.8x |  | 4.6x |  | 3.7x
Fixed charge coverage | 4.2x |  | 5.0x |  | 6.4x |  | 5.9x
Net debt to real estate assets, excl property acc depr. | 27.4 | % |  | 24.7 | % |  | 22.0 | % |  | 17.7 | %
Net debt to total assets, excl property acc depr. | 24.5 | % |  | 21.3 | % |  | 19.3 | % |  | 14.6 | %

Distributions Paid Per Share |  |  |  | Liquidity and Credit Facility
Q3 2023 |  | $0.21550 |  |  |  | Cash |  | $ | 106,559 |
Q2 2023 |  | $0.21550 |  |  |  | Available under credit facility |  | 350,000 |
Q1 2023 |  | $0.20520 |  |  |  | Total |  | $ | 456,559 |
Q4 2022 |  | $0.20520 |  |  |  |  |  |

| Same Property |  | Same Property |  | Total Portfolio
| Three Months Ended September 30 |  | Nine Months Ended September 30 |  | Nine Months Ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 (a)
Portfolio Metrics |  |  |  |  |  |  |  |  |  |  |
No. of properties | 55 |  | 55 |  | 51 |  | 51 |  | 62 |  | 62
GLA (square feet) | 8,794 |  | 8,794 |  | 8,029 |  | 8,028 |  | 10,324 |  | 9,843
Economic Occupancy | 92.9 | % |  | 94.1 | % |  | 92.6 | % |  | 93.8 | % |  | 92.6 | % |  | 93.5 | %
Leased Occupancy | 95.3 | % |  | 96.2 | % |  | 95.0 | % |  | 96.1 | % |  | 95.1 | % |  | 95.6 | %
ABR PSF | $19.70 |  | $19.10 |  | $20.04 |  | $19.41 |  | $19.36 |  | $18.91
(a) Total Portfolio metrics for the three and nine months ended September 30, 2022 are Pro Rata and have not been recasted to reflect the acquisition of the JV properties in 2023.

1 | Supplemental - Quarter End September 30, 2023 |

| Condensed Consolidated Balance Sheets
In thousands, except share and per share amounts

| As of
| September 30, 2023 |  | December 31, 2022
Assets | (unaudited) |  |
Investment properties |  |  |
Land | $ | 694,668 |  |  | $ | 650,764 |
Building and other improvements | 1,951,619 |  |  | 1,825,893 |
Construction in progress | 5,083 |  |  | 5,005 |
Total | 2,651,370 |  |  | 2,481,662 |
Less accumulated depreciation | (442,953) |  |  | (389,361) |
Net investment properties | 2,208,417 |  |  | 2,092,301 |
Cash, cash equivalents and restricted cash | 104,111 |  |  | 137,762 |
Investment in unconsolidated entities | 3,820 |  |  | 56,131 |
Intangible assets, net | 122,767 |  |  | 101,167 |
Accounts and rents receivable | 33,930 |  |  | 34,528 |
Deferred costs and other assets, net | 56,979 |  |  | 51,145 |
Total assets | $ | 2,530,024 |  |  | $ | 2,473,034 |
Liabilities |  |  |
Debt, net | $ | 834,206 |  |  | $ | 754,551 |
Accounts payable and accrued expenses | 46,629 |  |  | 42,792 |
Distributions payable | 14,553 |  |  | 13,837 |
Intangible liabilities, net | 31,570 |  |  | 29,658 |
Other liabilities | 31,534 |  |  | 28,287 |
Total liabilities | 958,492 |  |  | 869,125 |
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, 67,531,335 shares issued and outstanding as of September 30, 2023 and 67,472,553 shares issued and outstanding as of December 31, 2022 | 68 |  |  | 67 |
Additional paid-in capital | 5,463,458 |  |  | 5,456,968 |
Distributions in excess of accumulated net income | (3,921,122) |  |  | (3,879,847) |
Accumulated comprehensive income | 29,128 |  |  | 26,721 |
Total stockholders' equity | 1,571,532 |  |  | 1,603,909 |
Total liabilities and stockholders' equity | $ | 2,530,024 |  |  | $ | 2,473,034 |

2 | Supplemental - Quarter End September 30, 2023 |

| Condensed Consolidated Statements of Operations and Comprehensive Income
In thousands, except share and per share information, unaudited

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Income |  |  |  |  |  |  |
Lease income, net | $ | 63,716 |  |  | $ | 57,859 |  |  | $ | 192,814 |  |  | $ | 174,562 |
Other property income | 346 |  |  | 304 |  |  | 1,060 |  |  | 886 |
Other fee income | — |  |  | 594 |  |  | 80 |  |  | 1,988 |
Total income | 64,062 |  |  | 58,757 |  |  | 193,954 |  |  | 177,436 |
Operating expenses |  |  |  |  |  |  |
Depreciation and amortization | 30,318 |  |  | 24,021 |  |  | 85,339 |  |  | 71,055 |
Property operating | 11,070 |  |  | 10,787 |  |  | 31,056 |  |  | 28,256 |
Real estate taxes | 8,781 |  |  | 8,937 |  |  | 27,361 |  |  | 25,595 |
General and administrative | 7,610 |  |  | 7,236 |  |  | 23,389 |  |  | 23,239 |
Total operating expenses | 57,779 |  |  | 50,981 |  |  | 167,145 |  |  | 148,145 |
Other (expense) income |  |  |  |  |  |  |
Interest expense, net | (9,555) |  |  | (7,689) |  |  | (28,441) |  |  | (18,129) |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | (96) |
Gain on sale of investment properties | 1,707 |  |  | — |  |  | 2,691 |  |  | 36,856 |
Equity in earnings (losses) of unconsolidated entities | 67 |  |  | 352 |  |  | (447) |  |  | 3,784 |
Other income and expense, net | 676 |  |  | 497 |  |  | 1,767 |  |  | 652 |
Total other (expense) income, net | (7,105) |  |  | (6,840) |  |  | (24,430) |  |  | 23,067 |
Net (loss) income | $ | (822) |  |  | $ | 936 |  |  | $ | 2,379 |  |  | $ | 52,358 |
Weighted-average common shares outstanding - basic | 67,531,335 |  |  | 67,427,571 |  |  | 67,521,110 |  |  | 67,398,713 |
Weighted-average common shares outstanding - diluted | 67,531,335 |  |  | 67,547,259 |  |  | 67,720,485 |  |  | 67,558,315 |
Net (loss) income per common share - basic | $ | (0.01) |  |  | $ | 0.01 |  |  | $ | 0.04 |  |  | $ | 0.78 |
Net (loss) income per common share - diluted | $ | (0.01) |  |  | $ | 0.01 |  |  | $ | 0.04 |  |  | $ | 0.77 |
Distributions declared per common share outstanding | $ | 0.22 |  |  | $ | 0.21 |  |  | $ | 0.65 |  |  | $ | 0.62 |
Distributions paid per common share outstanding | $ | 0.22 |  |  | $ | 0.21 |  |  | $ | 0.64 |  |  | $ | 0.62 |
Comprehensive income |  |  |  |  |  |  |
Net (loss) income | $ | (822) |  |  | $ | 936 |  |  | $ | 2,379 |  |  | $ | 52,358 |
Unrealized gain on derivatives, net | 5,978 |  |  | 11,992 |  |  | 13,496 |  |  | 32,912 |
Reclassification (to) from net income | (4,213) |  |  | (770) |  |  | (11,089) |  |  | 747 |
Comprehensive income | $ | 943 |  |  | $ | 12,158 |  |  | $ | 4,786 |  |  | $ | 86,017 |

3 | Supplemental - Quarter End September 30, 2023 |

| Condensed Consolidated Supplemental Details of Assets and Liabilities
In thousands

| As of
| September 30, 2023 |  | December 31, 2022
Accounts and rents receivable |  |  |
Billed base rent, recoveries, and other revenue | $ | 11,648 |  |  | $ | 14,701 |
Straight-line rent receivables | 22,282 |  |  | 19,827 |
Total | $ | 33,930 |  |  | $ | 34,528 |
Deferred cost and other assets, net |  |  |
Derivative assets | $ | 29,256 |  |  | $ | 25,201 |
Lease commissions, net | 14,635 |  |  | 13,834 |
Other assets | 5,001 |  |  | 4,092 |
Deferred costs, net | 4,079 |  |  | 3,089 |
Right of use assets, net | 2,352 |  |  | 2,650 |
Loan fees, net | 1,656 |  |  | 2,279 |
Total | $ | 56,979 |  |  | $ | 51,145 |
Other liabilities |  |  |
Unearned income | $ | 9,038 |  |  | $ | 7,155 |
Deferred revenues | 7,844 |  |  | 9,531 |
Security deposits | 7,020 |  |  | 6,318 |
Other liabilities | 4,513 |  |  | 1,997 |
Operating lease liabilities | 3,119 |  |  | 3,265 |
Financing lease liabilities | — |  |  | 21 |
Total | $ | 31,534 |  |  | $ | 28,287 |

4 | Supplemental - Quarter End September 30, 2023 |

| Condensed Consolidated Supplemental Details of Operations
In thousands

|  | Three Months Ended September 30 |  | Nine Months Ended September 30
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Income |  |  |  |  |  |  |
* | Minimum base rent | $ | 41,559 |  |  | $ | 36,535 |  |  | $ | 123,580 |  |  | $ | 108,309 |
* | Real estate tax recoveries | 7,808 |  |  | 8,137 |  |  | 24,273 |  |  | 23,143 |
* | Common area maintenance, insurance, and other recoveries | 7,913 |  |  | 7,166 |  |  | 22,351 |  |  | 20,462 |
* | Ground rent income | 4,797 |  |  | 3,808 |  |  | 14,304 |  |  | 11,178 |
| Amortization of market-lease intangibles and inducements, net | 629 |  |  | 985 |  |  | 2,717 |  |  | 4,594 |
* | Short-term and other lease income | 661 |  |  | 674 |  |  | 2,610 |  |  | 2,858 |
| Termination fee income | 75 |  |  | 35 |  |  | 819 |  |  | 352 |
| Straight-line rent adjustment, net | 837 |  |  | 709 |  |  | 2,383 |  |  | 2,079 |
| (Provision for) reversal of uncollectible straight-line rent, net | (107) |  |  | 48 |  |  | 109 |  |  | 1,046 |
* | Provision for uncollectible billed rent and recoveries | (461) |  |  | (260) |  |  | (927) |  |  | (640) |
* | Reversal of uncollectible billed rent and recoveries | 5 |  |  | 22 |  |  | 595 |  |  | 1,181 |
| Lease income, net | 63,716 |  |  | 57,859 |  |  | 192,814 |  |  | 174,562 |
* | Other property income | 346 |  |  | 304 |  |  | 1,060 |  |  | 886 |
| JV property management fee | — |  |  | 304 |  |  | 48 |  |  | 1,018 |
| JV asset management fee | — |  |  | 215 |  |  | 32 |  |  | 686 |
| JV leasing commissions | — |  |  | 75 |  |  | — |  |  | 284 |
| Other fee income | — |  |  | 594 |  |  | 80 |  |  | 1,988 |
| Total income | $ | 64,062 |  |  | $ | 58,757 |  |  | $ | 193,954 |  |  | $ | 177,436 |
Operating Expenses |  |  |  |  |  |  |
| Depreciation and amortization | $ | 30,318 |  |  | $ | 24,021 |  |  | $ | 85,339 |  |  | $ | 71,055 |
* | Property operating | 11,070 |  |  | 10,787 |  |  | 31,056 |  |  | 28,256 |
* | Real estate taxes | 8,781 |  |  | 8,937 |  |  | 27,361 |  |  | 25,595 |
| General and administrative expenses | 5,908 |  |  | 6,415 |  |  | 18,695 |  |  | 21,317 |
| Stock-based compensation costs | 2,316 |  |  | 1,595 |  |  | 6,610 |  |  | 4,120 |
| Capitalized direct development compensation costs | (614) |  |  | (774) |  |  | (1,916) |  |  | (2,198) |
| General and administrative | 7,610 |  |  | 7,236 |  |  | 23,389 |  |  | 23,239 |
| Total operating expenses | $ | 57,779 |  |  | $ | 50,981 |  |  | $ | 167,145 |  |  | $ | 148,145 |

* Component of Net Operating Income

5 | Supplemental - Quarter End September 30, 2023 |

| Reconciliation of Non-GAAP Measures
In thousands

Same Property Net Operating Income

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Income |  |  |  |  |  |  |
Minimum base rent | $ | 36,597 |  |  | $ | 35,528 |  |  | $ | 101,724 |  |  | $ | 97,363 |
Real estate tax recoveries | 6,997 |  |  | 7,738 |  |  | 20,051 |  |  | 19,948 |
Common area maintenance, insurance, and other recoveries | 6,999 |  |  | 6,844 |  |  | 18,144 |  |  | 17,781 |
Ground rent income | 3,706 |  |  | 3,711 |  |  | 10,159 |  |  | 9,970 |
Short-term and other lease income | 655 |  |  | 655 |  |  | 2,491 |  |  | 2,761 |
Provision for uncollectible billed rent and recoveries | (461) |  |  | (200) |  |  | (739) |  |  | (528) |
Reversal of uncollectible billed rent and recoveries | — |  |  | 75 |  |  | 395 |  |  | 1,162 |
Other property income | 304 |  |  | 307 |  |  | 886 |  |  | 862 |
Total income | 54,797 |  |  | 54,658 |  |  | 153,111 |  |  | 149,319 |
Operating Expenses |  |  |  |  |  |  |
Property operating | 9,497 |  |  | 10,500 |  |  | 24,509 |  |  | 25,255 |
Real estate taxes | 7,788 |  |  | 8,526 |  |  | 22,301 |  |  | 22,254 |
Total operating expenses | 17,285 |  |  | 19,026 |  |  | 46,810 |  |  | 47,509 |
Same Property NOI | $ | 37,512 |  |  | $ | 35,632 |  |  | $ | 106,301 |  |  | $ | 101,810 |

% Change over Prior Period | 5.3 | % |  |  |  | 4.4 | % |  |
Same Property count | 55 |  |  |  | 51 |  |

Net (Loss) Income to Same Property NOI

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Net (loss) income | $ | (822) |  |  | $ | 936 |  |  | $ | 2,379 |  |  | $ | 52,358 |
Adjustments to reconcile to non-GAAP metrics: |  |  |  |  |  |  |
Other income and expense, net | (676) |  |  | (497) |  |  | (1,767) |  |  | (652) |
Equity in (earnings) losses of unconsolidated entities | (67) |  |  | (352) |  |  | 447 |  |  | (3,784) |
Interest expense, net | 9,555 |  |  | 7,689 |  |  | 28,441 |  |  | 18,129 |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | 96 |
Gain on sale of investment properties | (1,707) |  |  | — |  |  | (2,691) |  |  | (36,856) |
Depreciation and amortization | 30,318 |  |  | 24,021 |  |  | 85,339 |  |  | 71,055 |
General and administrative | 7,610 |  |  | 7,236 |  |  | 23,389 |  |  | 23,239 |
Other fee income | — |  |  | (594) |  |  | (80) |  |  | (1,988) |
Adjustments to NOI (a) | (1,434) |  |  | (1,777) |  |  | (6,028) |  |  | (8,071) |
NOI | 42,777 |  |  | 36,662 |  |  | 129,429 |  |  | 113,526 |
NOI from other investment properties | (5,265) |  |  | (1,030) |  |  | (23,128) |  |  | (11,716) |
Same Property NOI | $ | 37,512 |  |  | $ | 35,632 |  |  | $ | 106,301 |  |  | $ | 101,810 |

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

6 | Supplemental - Quarter End September 30, 2023 |

| Reconciliation of Non-GAAP Measures, continued
In thousands

NAREIT FFO and Core FFO

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Net (loss) income | $ | (822) |  |  | $ | 936 |  |  | $ | 2,379 |  |  | $ | 52,358 |
Depreciation and amortization related to investment properties | 30,094 |  |  | 23,826 |  |  | 84,714 |  |  | 70,444 |
Gain on sale of investment properties | (1,707) |  |  | — |  |  | (2,691) |  |  | (36,856) |
Unconsolidated joint venture adjustments (a) | — |  |  | 1,335 |  |  | 342 |  |  | 2,255 |
NAREIT FFO Applicable to Common Shares and Dilutive Securities | 27,565 |  |  | 26,097 |  |  | 84,744 |  |  | 88,201 |
Amortization of market lease intangibles and inducements, net | (629) |  |  | (985) |  |  | (2,717) |  |  | (4,594) |
Straight-line rent adjustments, net | (730) |  |  | (757) |  |  | (2,492) |  |  | (3,125) |
Amortization of debt discounts and financing costs | 1,167 |  |  | 734 |  |  | 3,286 |  |  | 2,075 |
Adjusting items, net (b) | 279 |  |  | (38) |  |  | 1,416 |  |  | 18 |
Unconsolidated joint venture adjusting items, net (c) | (10) |  |  | 172 |  |  | (172) |  |  | 300 |
Core FFO Applicable to Common Shares and Dilutive Securities | $ | 27,642 |  |  | $ | 25,223 |  |  | $ | 84,065 |  |  | $ | 82,875 |
Weighted average common shares outstanding - basic | 67,531,335 |  |  | 67,427,571 |  |  | 67,521,110 |  |  | 67,398,713 |
Dilutive effect of unvested restricted shares (d) | — |  |  | 119,688 |  |  | 199,375 |  |  | 159,602 |
Weighted average common shares outstanding - diluted | 67,531,335 |  |  | 67,547,259 |  |  | 67,720,485 |  |  | 67,558,315 |
NAREIT FFO Applicable to Common Shares and Dilutive Securities per share | $ | 0.41 |  |  | $ | 0.39 |  |  | $ | 1.25 |  |  | $ | 1.31 |
Core FFO Applicable to Common Shares and Dilutive Securities per share | $ | 0.41 |  |  | $ | 0.37 |  |  | $ | 1.24 |  |  | $ | 1.23 |

(a)Represents the Company’s 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, 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 basis difference recognition arising from acquiring the four remaining properties of the Company’s joint venture, and miscellaneous and settlement income.
(c)Represents the Company’s share of amortization of market lease intangibles and 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.
EBITDA and Adjusted EBITDA

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Net (loss) income | $ | (822) |  |  | $ | 936 |  |  | $ | 2,379 |  |  | $ | 52,358 |
Interest expense, net | 9,555 |  |  | 7,689 |  |  | 28,441 |  |  | 18,129 |
Income tax expense | 128 |  |  | 96 |  |  | 388 |  |  | 269 |
Depreciation and amortization | 30,318 |  |  | 24,021 |  |  | 85,339 |  |  | 71,055 |
Unconsolidated joint venture adjustments (a) | (6) |  |  | 1,864 |  |  | 417 |  |  | 6,021 |
EBITDA | 39,173 |  |  | 34,606 |  |  | 116,964 |  |  | 147,832 |
Adjustments to reconcile to Adjusted EBITDA |  |  |  |  |  |  |
Gain on sale of investment properties | (1,707) |  |  | — |  |  | (2,691) |  |  | (36,856) |
Loss on debt extinguishment | — |  |  | — |  |  | — |  |  | 96 |
Non-operating income and expense, net (b) | 55 |  |  | (233) |  |  | 791 |  |  | (689) |
Other leasing adjustments (c) | (1,359) |  |  | (1,742) |  |  | (5,209) |  |  | (7,719) |
Unconsolidated joint venture adjusting items, net (d) | (10) |  |  | 123 |  |  | (188) |  |  | (1,918) |
Adjusted EBITDA | $ | 36,152 |  |  | $ | 32,754 |  |  | $ | 109,667 |  |  | $ | 100,746 |

(a)Represents IVT's share of depreciation, amortization, interest expense, net, and income tax expense related to IAGM.
(b)Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as basis difference recognition arising from acquiring the four remaining properties of IVT's joint venture, and miscellaneous and settlement income.
(c)Other leasing adjustments includes amortization of above and below market leases and straight-line rent adjustments.
(d)Represents IVT's share of loss on extinguishment of debt, amortization of market lease intangibles and inducements, net, straight line rent adjustments, net and non-operating income and expense, net, related to IAGM.

7 | Supplemental - Quarter End September 30, 2023 |

| Summary of Outstanding Debt
In thousands

| Balance as of September 30, 2023 |  | Ratio |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate secured debt | $ | 171,080 |  |  | 20% |  | 3.12% |  | 2.1
Variable rate secured debt | 17,468 |  |  | 2% |  | 6.97% |  | 0.1
Fixed rate unsecured debt | 650,000 |  |  | 78% |  | 4.00% |  | 4.7
Issuance costs, net of accumulated amortization | (4,342) |  |  | n/a |  | n/a |  | n/a
Total consolidated debt, net | $ | 834,206 |  |  | 100% |  | 3.88% |  | 4.1

Schedule of Maturities by Year |  |
|  | Fixed Rate |  |  | Variable Rate |  | Total Debt, net
Maturity Year |  | Secured Debt |  | Unsecured Debt |  |  | Secured Debt |  | Unsecured Debt |
2023 |  | $ | 75,000 |  |  | $ | — |  |  |  | $ | 17,468 |  |  | $ | — |  |  | $ | 92,468 |
2024 |  | 15,700 |  |  | — |  |  |  | — |  |  | — |  |  | 15,700 |
2025 |  | 22,880 |  |  | — |  |  |  | — |  |  | — |  |  | 22,880 |
2026 |  | — |  |  | 200,000 |  |  |  | — |  |  | — |  |  | 200,000 |
2027 |  | 26,000 |  |  | 200,000 |  |  |  | — |  |  | — |  |  | 226,000 |
Thereafter |  | 31,500 |  |  | 250,000 |  |  |  | — |  |  | — |  |  | 281,500 |
Issuance costs, net of amortization |  | — |  |  | — |  |  |  | — |  |  | — |  |  | (4,342) |
Total |  | $ | 171,080 |  |  | $ | 650,000 |  |  |  | $ | 17,468 |  |  | $ | — |  |  | $ | 834,206 |

Debt Maturities as of September 30, 2023

| Maturity Date |  | Interest Rate |  | Interest Rate Type |  | Balance
Mortgages Payable |  |  |  |  |  |  |
The Highlands of Flower Mound | 12/1/2025 |  | 3.88% |  | Fixed |  | $ | 22,880 |
Escarpment Village | 7/1/2027 |  | 3.86% |  | Fixed |  | 26,000 |
Shops at Arbor Trails | 12/5/2029 |  | 4.12% |  | Fixed |  | 31,500 |
Total |  |  |  |  |  |  | 80,380 |
Pooled Mortgages Payable |  |  |  |  |  |  |
Plantation Grove | 6/5/2024 |  | 4.24% |  | Fixed |  | 7,300 |
Suncrest Village | 6/5/2024 |  | 4.24% |  | Fixed |  | 8,400 |
Total |  |  |  |  |  |  | 15,700 |
Cross collateralized (a) | 11/2/2023 |  | 2.00% (b) |  | Fixed |  | 45,000 |
Cross collateralized (a) | 11/2/2023 |  | 1.97% (b) |  | Fixed |  | 30,000 |
Cross collateralized (a) | 11/2/2023 |  | 1M SOFR + 1.65% (c) |  | Variable |  | 17,468 |
Total |  |  |  |  |  |  | 92,468 |
Total mortgages payable |  |  | 3.48% |  |  |  | 188,548 |
Term Loans |  |  |  |  |  |  |
$200.0 million 5 years | 9/22/2026 |  | 2.71% (b) |  | Fixed |  | 100,000 |
$200.0 million 5 years | 9/22/2026 |  | 2.72% (b) |  | Fixed |  | 100,000 |
$200.0 million 5.5 years | 3/22/2027 |  | 2.77% (b) |  | Fixed |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | 2.76% (b) |  | Fixed |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | 4.99% (b) (d) |  | Fixed |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |
Senior Notes |  |  |  |  |  |  |
$150.0 million | 8/11/2029 |  | 5.07% |  | Fixed |  | 150,000 |
$100.0 million | 8/11/2032 |  | 5.20% |  | Fixed |  | 100,000 |
Total |  |  |  |  |  |  | 250,000 |
Grand total |  |  | 3.88% |  |  |  | $ | 838,548 |

(a)The pooled mortgage is cross collateralized by four properties and has two 12-month extension options. On October 17, 2023, the Company extended the maturity of the $92.5 million of debt by exercising one of its two extension options. The maturity date of the debt is now November 2, 2024.
(b)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.
(c)As of September 30, 2023, 1-Month Term SOFR was 5.32%.
(d)As of April 3, 2023, variable rate was swapped to an all-in fixed rate of 4.99% through the maturity date.

8 | Supplemental - Quarter End September 30, 2023 |

| Consolidated Debt Covenants, Interest Rate Swaps, and Capital Expenditures
Unaudited, dollars in thousands

Debt Covenants (trailing 12 months)

|  |  |  |  |  | For the quarter ended
Description |  | Term Loan Covenants |  | Senior Note Covenants |  | Q3 2023 |  | Q2 2023 |  | Q1 2023 |  | Q4 2022
Leverage Ratio |  | < 60.0% |  | < 60.0% |  | 29.7% |  | 29.6% |  | 29.5% |  | 28.9%
Fixed Charge Coverage Ratio |  | > 1.50 |  | > 1.50 |  | 4.06 |  | 4.07 |  | 4.28 |  | 4.8
Maximum Dividend Payout |  | < 95% |  | N/A |  | 52.3% |  | 52.4% |  | 51.1% |  | 49.4%
Maximum Secured Recourse Debt |  | < 10% of Total Asset Value |  | < 10% of Total Asset Value |  | —% |  | —% |  | —% |  | —%
Unsecured Interest Coverage Ratio |  | > 1.75 |  | > 1.75 |  | 5.43 |  | 5.10 |  | 4.97 |  | 3.67
Unsecured Leverage Ratio |  | < 60% |  | < 60% |  | 28.9% |  | 29.1% |  | 29.7% |  | 31.0%

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 effectively fix the interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement.
On January 18, 2023, the Company acquired IAGM's two interest rate swap agreements, which achieve fixed interest rates on an aggregate notional amount of $75.0 million of the assumed pooled mortgage, each priced in 1-Month Term SOFR.
On March 16, 2023, the Company entered into one interest rate swap agreement with a notional amount of $100.0 million at 3.69%, achieving an all-in fixed interest rate of 4.99%. As of the effective date of April 3, 2023, the entirety of the Company's variable rate term loans was swapped to fixed rates through the maturity dates of the Amended Term Loan Agreement.

Effective Interest Rate Swaps |  | Effective Date |  | Maturity Date |  | InvenTrust Receives |  | InvenTrust Pays Fixed Rate of |  | Fixed Rate Achieved |  | Notional Amount
5 year term loan |  | 12/2/2019 |  | 12/21/2023 |  | 1-Month SOFR |  | 1.41% |  | 2.71% |  | $ | 100,000 |
5 year term loan |  | 12/2/2019 |  | 12/21/2023 |  | 1-Month SOFR |  | 1.42% |  | 2.72% |  | 100,000 |
5.5 year term loan |  | 12/2/2019 |  | 6/21/2024 |  | 1-Month SOFR |  | 1.46% |  | 2.76% |  | 50,000 |
5.5 year term loan |  | 12/2/2019 |  | 6/21/2024 |  | 1-Month SOFR |  | 1.47% |  | 2.77% |  | 50,000 |
Pooled mortgage |  | 1/18/2023 |  | 11/2/2023 |  | 1-Month SOFR |  | 0.35% |  | 2.00% |  | 45,000 |
Pooled mortgage |  | 1/18/2023 |  | 11/2/2023 |  | 1-Month SOFR |  | 0.32% |  | 1.97% |  | 30,000 |
5.5 year term loan |  | 4/3/2023 |  | 3/22/2027 |  | 1-Month SOFR |  | 3.69% |  | 4.99% |  | 100,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 475,000 |

Forward Interest Rate Swaps |  | Effective Date |  | Maturity Date |  | InvenTrust Receives |  | InvenTrust Pays Fixed Rate of |  | Fixed Rate Achieved |  | Notional Amount
5 year term loan |  | 12/21/2023 |  | 9/22/2026 |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | $ | 100,000 |
5 year term loan |  | 12/21/2023 |  | 9/22/2026 |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | 100,000 |
5.5 year term loan |  | 6/21/2024 |  | 3/22/2027 |  | 1-Month SOFR |  | 1.54% |  | 2.84% |  | 50,000 |
5.5 year term loan |  | 6/21/2024 |  | 3/22/2027 |  | 1-Month SOFR |  | 1.48% |  | 2.78% |  | 50,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 300,000 |

Capital Expenditures

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Leasing and Maintenance Capital Expenditures: |  |  |  |  |  |  |
Tenant improvements | $ | 2,232 |  |  | $ | 1,318 |  |  | $ | 5,687 |  |  | $ | 4,796 |
Leasing commissions | 678 |  |  | 1,453 |  |  | 2,518 |  |  | 3,732 |
Maintenance capital expenditures | 5,707 |  |  | 2,737 |  |  | 14,944 |  |  | 9,672 |
Total leasing and maintenance capital expenditures (a) | 8,617 |  |  | 5,508 |  |  | 23,149 |  |  | 18,200 |
Investment in development and redevelopment projects (b) | 538 |  |  | 2,599 |  |  | 3,160 |  |  | 9,238 |
Grand total | $ | 9,155 |  |  | $ | 8,107 |  |  | $ | 26,309 |  |  | $ | 27,438 |

(a)As of September 30, 2023 and 2022, total accrued leasing and maintenance capital expenditures are $3,718 and $4,023, respectively. These accrued amounts are not reflected in the table above.
(b)As of September 30, 2023 and 2022, total accrued investment in development and redevelopment projects are $118 and $301, respectively. These accrued amounts are not reflected in the table above.

9 | Supplemental - Quarter End September 30, 2023 |

| Markets and Tenant Size
GLA and dollar amounts in thousands, except per square foot amounts

Market |  | No. of Properties |  | Leased Occupancy |  | ABR |  | ABR psf |  | ABR as % of Total |  | GLA |  | GLA as % of Total
Austin-Round Rock, TX |  | 8 |  | 94.9 | % |  | $ | 32,398 |  |  | $16.64 |  | 17.4 | % |  | 2,056 |  | 19.9 | %
Houston-Sugar Land-Baytown, TX |  | 6 |  | 93.7 | % |  | 20,615 |  |  | 16.22 |  | 11.2 | % |  | 1,409 |  | 13.6 | %
Miami-Fort Lauderdale-Miami Beach, FL |  | 3 |  | 98.0 | % |  | 18,634 |  |  | 23.13 |  | 10.1 | % |  | 859 |  | 8.3 | %
Atlanta Metro Area, GA |  | 9 |  | 97.9 | % |  | 18,451 |  |  | 20.55 |  | 10.0 | % |  | 995 |  | 9.6 | %
Dallas-Fort Worth-Arlington, TX |  | 7 |  | 98.5 | % |  | 17,553 |  |  | 19.63 |  | 9.5 | % |  | 939 |  | 9.1 | %
Raleigh-Cary-Durham, NC |  | 5 |  | 96.6 | % |  | 13,185 |  |  | 19.89 |  | 7.1 | % |  | 688 |  | 6.7 | %
So. California - Los Angeles, CA |  | 3 |  | 94.0 | % |  | 11,342 |  |  | 21.04 |  | 6.1 | % |  | 579 |  | 5.6 | %
Charlotte-Gastonia-Concord, NC |  | 4 |  | 93.7 | % |  | 9,414 |  |  | 19.89 |  | 5.1 | % |  | 515 |  | 5.0 | %
Orlando-Kissimmee, FL |  | 4 |  | 99.0 | % |  | 8,702 |  |  | 23.91 |  | 4.7 | % |  | 378 |  | 3.7 | %
Tampa-St. Petersburg, FL |  | 3 |  | 88.9 | % |  | 8,476 |  |  | 13.12 |  | 4.6 | % |  | 753 |  | 7.3 | %
Washington D.C/Richmond Metro Area |  | 3 |  | 90.1 | % |  | 8,432 |  |  | 26.59 |  | 4.6 | % |  | 358 |  | 3.5 | %
San Antonio, TX |  | 2 |  | 95.1 | % |  | 6,087 |  |  | 25.78 |  | 3.3 | % |  | 261 |  | 2.5 | %
So. California - San Diego, CA |  | 2 |  | 100 | % |  | 5,883 |  |  | 26.41 |  | 3.2 | % |  | 225 |  | 2.2 | %
So. California - Inland Empire, CA |  | 2 |  | 86.9 | % |  | 5,102 |  |  | 24.14 |  | 2.8 | % |  | 246 |  | 2.4 | %
Cape Coral-Fort Myers, FL |  | 1 |  | 98.0 | % |  | 573 |  |  | 9.67 |  | 0.3 | % |  | 63 |  | 0.6 | %
Total |  | 62 |  | 95.1 | % |  | $ | 184,847 |  |  | $19.36 |  | 100 | % |  | 10,324 |  | 100 | %

State |  | No. of Properties |  | Leased Occupancy |  | ABR |  | ABR psf |  | ABR as % of Total |  | GLA |  | GLA as % of Total
Texas |  | 23 |  | 95.3 | % |  | $ | 76,653 |  |  | $17.63 |  | 41.4 | % |  | 4,665 |  | 45.1 | %
Florida |  | 11 |  | 94.8 | % |  | 36,385 |  |  | 19.40 |  | 19.7 | % |  | 2,053 |  | 19.9 | %
North Carolina |  | 9 |  | 95.4 | % |  | 22,599 |  |  | 19.89 |  | 12.2 | % |  | 1,203 |  | 11.7 | %
California |  | 7 |  | 93.6 | % |  | 22,327 |  |  | 22.94 |  | 12.1 | % |  | 1,050 |  | 10.2 | %
Georgia |  | 9 |  | 97.9 | % |  | 18,451 |  |  | 20.55 |  | 10.0 | % |  | 995 |  | 9.6 | %
Maryland/Virginia |  | 3 |  | 90.1 | % |  | 8,432 |  |  | 26.59 |  | 4.6 | % |  | 358 |  | 3.5 | %
Total |  | 62 |  | 95.1 | % |  | $ | 184,847 |  |  | $19.36 |  | 100 | % |  | 10,324 |  | 100 | %

Tenant type |  | Economic Occupancy |  | Leased Occupancy |  | ABR |  | ABR PSF |  | GLA
20,000 SF+ (a) |  | 95.1 | % |  | 96.7 | % |  | $ | 59,780 |  |  | $ | 11.19 |  |  | 5,618 |
10,000 - 19,999 SF (a) |  | 92.6 | % |  | 95.8 | % |  | 18,296 |  |  | 19.67 |  |  | 1,004 |
5,000 - 9,999 SF (b) |  | 87.1 | % |  | 91.1 | % |  | 16,706 |  |  | 26.54 |  |  | 732 |
1 - 4,999 SF (b) |  | 89.0 | % |  | 92.8 | % |  | 90,065 |  |  | 34.06 |  |  | 2,970 |
Total |  | 92.6 | % |  | 95.1 | % |  | $ | 184,847 |  |  | $ | 19.36 |  |  | 10,324 |
Anchor Tenants (a) |  | 94.7 | % |  | 96.6 | % |  | $ | 78,076 |  |  | $ | 12.45 |  |  | 6,622 |
Small Shops (b) |  | 88.7 | % |  | 92.4 | % |  | $ | 106,771 |  |  | $ | 32.61 |  |  | 3,702 |

(a)Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
(b)Tenants with square footage less than 10,000 square feet are considered Small Shops.

10 | Supplemental - Quarter End September 30, 2023 |

| Top 25 Tenants by Total ABR and Tenant Merchandise Mix
In thousands

| Parent Name |  | Tenant Name/Count |  | No. of Leases |  | Credit Rating (S&P) |  | ABR |  | % of Total ABR |  | GLA |  | % of Total Occ.GLA
1 | Kroger |  | Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / Ralphs 3 |  | 15 |  | BBB |  | $ | 9,676 |  |  | 5.2 | % |  | 864 |  | 8.4 | %
2 | Publix Super Markets, Inc. |  | Publix 11 / Publix Liquor 3 |  | 14 |  | N/A |  | 6,202 |  |  | 3.4 | % |  | 541 |  | 5.2 | %
3 | TJX Companies |  | Marshalls 7 / HomeGoods 5 / TJ Maxx 2 |  | 14 |  | A |  | 4,872 |  |  | 2.6 | % |  | 397 |  | 3.8 | %
4 | Albertsons |  | Tom Thumb 2 / Safeway 1 / Market Street 2 /Albertsons 1 |  | 6 |  | BB+ |  | 4,303 |  |  | 2.3 | % |  | 365 |  | 3.5 | %
5 | H.E.B. |  | H.E.B. 4 / H.E.B. Staff Office 1 |  | 5 |  | N/A |  | 4,220 |  |  | 2.3 | % |  | 447 |  | 4.3 | %
6 | Amazon, Inc. |  | Whole Foods Market 5 |  | 5 |  | AA |  | 2,701 |  |  | 1.5 | % |  | 194 |  | 1.9 | %
7 | BC Partners |  | PetSmart 7 |  | 7 |  | B+ |  | 2,436 |  |  | 1.3 | % |  | 151 |  | 1.5 | %
8 | Best Buy |  |  |  | 4 |  | BBB+ |  | 2,270 |  |  | 1.2 | % |  | 138 |  | 1.3 | %
9 | Apollo Global Management, Inc. |  | Michaels 7 |  | 7 |  | A- |  | 2,052 |  |  | 1.1 | % |  | 161 |  | 1.6 | %
10 | Ulta Beauty Inc. |  |  |  | 8 |  | N/A |  | 2,028 |  |  | 1.1 | % |  | 83 |  | 0.8 | %
11 | Dick's Sporting Goods, Inc. |  | Dick's Sporting Goods 2 / Going, Going, Gone 1 |  | 3 |  | BBB |  | 1,876 |  |  | 1.0 | % |  | 171 |  | 1.7 | %
12 | Costco Wholesale |  |  |  | 2 |  | A+ |  | 1,735 |  |  | 0.9 | % |  | 298 |  | 2.9 | %
13 | Trader Joe's |  |  |  | 4 |  | N/A |  | 1,703 |  |  | 0.9 | % |  | 51 |  | 0.5 | %
14 | Five Below, Inc. |  |  |  | 9 |  | N/A |  | 1,675 |  |  | 0.9 | % |  | 86 |  | 0.8 | %
15 | Bank of America |  |  |  | 7 |  | A- |  | 1,654 |  |  | 0.9 | % |  | 39 |  | 0.4 | %
16 | Wells Fargo |  |  |  | 9 |  | BBB+ |  | 1,546 |  |  | 0.8 | % |  | 37 |  | 0.4 | %
17 | Ross Dress For Less |  |  |  | 4 |  | BBB+ |  | 1,453 |  |  | 0.8 | % |  | 120 |  | 1.2 | %
18 | Massage Envy |  |  |  | 13 |  | N/A |  | 1,417 |  |  | 0.8 | % |  | 44 |  | 0.4 | %
19 | Petco Health and Wellness Company, Inc. |  | Petco 6 |  | 6 |  | B+ |  | 1,364 |  |  | 0.7 | % |  | 79 |  | 0.8 | %
20 | DSW, Inc. |  |  |  | 4 |  | N/A |  | 1,296 |  |  | 0.7 | % |  | 73 |  | 0.7 | %
21 | Sprouts Farmers Market |  |  |  | 2 |  | N/A |  | 1,266 |  |  | 0.7 | % |  | 56 |  | 0.5 | %
22 | Xponential Fitness |  | Club Pilates 5 / CycleBar 4 / Pure Barre 3 /StrechLab 3 / YogaSix 2 / Rumble 1 |  | 18 |  | N/A |  | 1,219 |  |  | 0.7 | % |  | 36 |  | 0.4 | %
23 | Kingswood Capital Management |  | World Market 5 |  | 5 |  | N/A |  | 1,168 |  |  | 0.6 | % |  | 91 |  | 0.9 | %
24 | Truist Bank |  |  |  | 5 |  | A |  | 1,163 |  |  | 0.6 | % |  | 26 |  | 0.2 | %
25 | JP Morgan Chase |  | Chase Bank 7 |  | 7 |  | A |  | 1,084 |  |  | 0.6 | % |  | 36 |  | 0.3 | %
| Totals |  |  |  | 183 |  |  |  | $ | 62,379 |  |  | 33.6 | % |  | 4,584 |  | 44.4 | %

Tenant Merchandise Mix

Tenant Category |  | ABR Portfolio |  | % of Total ABR
Grocery / Drug Stores |  | $ | 36,887 |  |  | 20.0 | %
Quick Service Restaurants |  | 22,778 |  | 12.3 | %
Personal Health and Beauty Services |  | 20,695 |  | 11.2 | %
Medical |  | 16,983 |  | 9.2 | %
Full Service Restaurants |  | 15,470 |  | 8.4 | %
Off Price |  | 9,648 |  | 5.2 | %
Banks |  | 8,850 |  | 4.8 | %
Apparel / Accessories |  | 8,528 |  | 4.6 | %
Fitness |  | 6,815 |  | 3.7 | %
Pets |  | 6,135 |  | 3.3 | %
Office / Communications |  | 6,063 |  | 3.3 | %
Hobby / Sports |  | 5,610 |  | 3.0 | %
Home |  | 5,146 |  | 2.8 | %
Other Essential Retail / Services |  | 4,715 |  | 2.6 | %
Other |  | 4,592 |  | 2.5 | %
Office (Non Financial, Non-Medical) |  | 2,467 |  | 1.3 | %
Entertainment |  | 1,901 |  | 1.0 | %
Hardware / Auto |  | 1,564 |  | 0.8 | %
|  | $ | 184,847 |  |  | 100 | %

11 | Supplemental - Quarter End September 30, 2023 |

| Comparable and Non-Comparable Lease Statistics
GLA in thousands

The following tables summarize the leasing activity for leases that were executed during the nine months ended September 30, 2023. In the Company's Retail Portfolio, IVT had GLA totaling 628 thousand square feet expiring during the nine months ended September 30, 2023, of which 556 thousand square feet was re-leased to the in-place tenant. This achieved a retention rate of approximately 89%.

For the nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |
| No. of Leases Executed |  | GLA |  | ABR PSF (a) |  | Prior ABR PSF (a) |  | % Change over Prior Lease (a) |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
All Tenants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comparable Renewal Leases | 137 |  | 510 |  | $24.91 |  | $23.27 |  | 7.0% |  | 5.3 |  | $0.62 |  | $—
Comparable New Leases | 17 |  | 35 |  | 35.67 |  | 32.10 |  | 11.1% |  | 9.1 |  | 21.65 |  | 14.04
Non-Comparable Renewal and New Leases | 59 |  | 319 |  | 23.73 |  | N/A |  | N/A |  | 7.4 |  | 14.07 |  | 7.35
Total | 213 |  | 864 |  | $25.60 |  | $23.84 |  | 7.4% |  | 6.2 |  | $6.44 |  | $3.28
(a)Non-comparable leases are not included in totals.
Trailing Four Quarters ended September 30, 2023 |  |  |  |  |  |  |  |  |  |
| No. of Leases Executed |  | GLA |  | ABR PSF |  | Prior ABR PSF |  | % Change over Prior Lease |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Comparable Leases |  |  |  |  |  |  |  |  |  |  |  |
Total New and Renewal Leases |  |  |  |  |  |  |  |  |  |  |  |
Q3 2023 | 53 |  | 168 |  | $28.66 |  | $26.23 |  | 9.3% |  | 5.8 |  | $2.61 |  | $1.14
Q2 2023 | 53 |  | 244 |  | 20.82 |  | 19.67 |  | 5.8% |  | 5.2 |  | 1.14 |  | 0.54
Q1 2023 | 48 |  | 133 |  | 30.53 |  | 28.50 |  | 7.1% |  | 5.7 |  | 2.68 |  | 1.26
Q4 2022 | 38 |  | 332 |  | 16.97 |  | 16.00 |  | 6.1% |  | 8.4 |  | 3.81 |  | 0.65
Total | 192 |  | 877 |  | $22.33 |  | $20.87 |  | 7.0% |  | 6.6 |  | $2.67 |  | $0.81
| No. of Leases Executed |  | GLA |  | ABR PSF |  | Prior ABR PSF |  | % Change over Prior Lease |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
New Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q3 2023 | 8 |  | 17 |  | $35.65 |  | $30.71 |  | 16.1% |  | 9.4 |  | $24.05 |  | $11.35
Q2 2023 | 5 |  | 8 |  | 36.68 |  | 31.81 |  | 15.3% |  | 7.9 |  | 9.41 |  | 15.90
Q1 2023 | 4 |  | 10 |  | 34.85 |  | 34.75 |  | 0.3% |  | 9.7 |  | 27.91 |  | 17.11
Q4 2022 | 4 |  | 62 |  | 11.73 |  | 9.83 |  | 19.3% |  | 15.1 |  | 20.57 |  | 3.50
Total | 21 |  | 97 |  | $20.40 |  | $17.90 |  | 14.0% |  | 12.9 |  | $20.96 |  | $7.32
| No. of Leases Executed |  | GLA |  | ABR PSF |  | Prior ABR PSF |  | % Change over Prior Lease |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Renewals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q3 2023 | 45 |  | 151 |  | $27.88 |  | $25.72 |  | 8.4% |  | 5.4 |  | $0.21 |  | $—
Q2 2023 | 48 |  | 236 |  | 20.26 |  | 19.25 |  | 5.2% |  | 5.1 |  | 0.85 |  | —
Q1 2023 | 44 |  | 123 |  | 30.19 |  | 28.00 |  | 7.8% |  | 5.4 |  | 0.68 |  | —
Q4 2022 | 34 |  | 270 |  | 18.17 |  | 17.40 |  | 4.4% |  | 6.9 |  | — |  | —
Total | 171 |  | 780 |  | $22.57 |  | $21.24 |  | 6.3% |  | 5.8 |  | $0.40 |  | $—
| No. of Leases Executed |  | GLA |  | ABR PSF |  |  |  |  |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Non-Comparable Leases
Q3 2023 | 21 |  | 105 |  | $25.49 |  |  |  |  |  | 8.7 |  | $19.25 |  | $11.63
Q2 2023 | 24 |  | 103 |  | 24.79 |  |  |  |  |  | 8.9 |  | 17.14 |  | 8.10
Q1 2023 | 14 |  | 112 |  | 21.10 |  |  |  |  |  | 4.7 |  | 6.38 |  | 2.64
Q4 2022 | 14 |  | 103 |  | 11.91 |  |  |  |  |  | 4.2 |  | 13.30 |  | 4.84
Total | 73 |  | 423 |  | $20.84 |  |  |  |  |  | 6.6 |  | $13.88 |  | $6.74

12 | Supplemental - Quarter End September 30, 2023 |

| Tenant Lease Expirations
GLA and ABR in thousands, except per square foot amounts

Anchor Tenants |  |  |  |  |  |  |  |
|  | Lease Expiration Year |  | No. of Expiring Leases |  | GLA of Expiring Leases (square feet) |  | Percent of Total GLA of Expiring Leases |  | ABR of Expiring Leases |  | Percent of Total ABR |  | Expiring ABR PSF (a)
|  | 2023 |  | 2 |  |  | 83 |  |  | 1.3 | % |  | $ | 402 |  |  | 0.5 | % |  | $4.84
|  | 2024 |  | 15 |  |  | 388 |  |  | 6.2 | % |  | 5,161 |  |  | 6.4 | % |  | 13.30 |
|  | 2025 |  | 19 |  |  | 811 |  |  | 12.9 | % |  | 9,040 |  |  | 11.2 | % |  | 11.15 |
|  | 2026 |  | 16 |  |  | 478 |  |  | 7.6 | % |  | 6,260 |  |  | 7.8 | % |  | 13.10 |
|  | 2027 |  | 40 |  |  | 1,342 |  |  | 21.4 | % |  | 19,605 |  |  | 24.5 | % |  | 14.61 |
|  | 2028 |  | 24 |  |  | 579 |  |  | 9.2 | % |  | 8,432 |  |  | 10.5 | % |  | 14.56 |
|  | 2029 |  | 18 |  |  | 547 |  |  | 8.7 | % |  | 6,846 |  |  | 8.5 | % |  | 12.52 |
|  | 2030 |  | 8 |  |  | 204 |  |  | 3.3 | % |  | 2,991 |  |  | 3.7 | % |  | 14.66 |
|  | 2031 |  | 6 |  |  | 294 |  |  | 4.7 | % |  | 2,659 |  |  | 3.3 | % |  | 9.04 |
|  | 2032 |  | 9 |  |  | 345 |  |  | 5.5 | % |  | 4,537 |  |  | 5.6 | % |  | 13.15 |
|  | Thereafter |  | 27 |  |  | 1,202 |  |  | 19.2 | % |  | 14,437 |  |  | 18.0 | % |  | 12.01 |
|  | Other (b) |  | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
|  | Totals |  | 184 |  |  | 6,273 |  |  | 100 | % |  | $ | 80,370 |  |  | 100 | % |  | $12.81
|  | Vacant space |  |  |  | 349 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 6,622 |  |  |  |  |  |  |  |  |
Small Shops |  |  |  |  |  |  |  |  |  |  |  |
|  | 2023 |  | 25 |  |  | 60 |  |  | 1.8 | % |  | $ | 1,680 |  |  | 1.4 | % |  | $28.00
|  | 2024 |  | 125 |  |  | 308 |  |  | 9.5 | % |  | 10,066 |  |  | 8.6 | % |  | 32.68
|  | 2025 |  | 152 |  |  | 339 |  |  | 10.3 | % |  | 10,987 |  |  | 9.5 | % |  | 32.41
|  | 2026 |  | 200 |  |  | 497 |  |  | 15.2 | % |  | 16,329 |  |  | 14.1 | % |  | 32.86
|  | 2027 |  | 226 |  |  | 545 |  |  | 16.6 | % |  | 19,237 |  |  | 16.6 | % |  | 35.30
|  | 2028 |  | 186 |  |  | 443 |  |  | 13.5 | % |  | 15,961 |  |  | 13.7 | % |  | 36.03
|  | 2029 |  | 109 |  |  | 314 |  |  | 9.6 | % |  | 10,936 |  |  | 9.4 | % |  | 34.83
|  | 2030 |  | 66 |  |  | 168 |  |  | 5.1 | % |  | 6,507 |  |  | 5.6 | % |  | 38.73
|  | 2031 |  | 67 |  |  | 206 |  |  | 6.3 | % |  | 7,771 |  |  | 6.7 | % |  | 37.72
|  | 2032 |  | 82 |  |  | 207 |  |  | 6.3 | % |  | 8,225 |  |  | 7.1 | % |  | 39.73
|  | Thereafter |  | 56 |  |  | 157 |  |  | 4.8 | % |  | 7,401 |  |  | 6.4 | % |  | 47.14
|  | Other (b) |  | 10 |  |  | 33 |  |  | 1.0 | % |  | 1,024 |  |  | 0.9 | % |  | 31.03
|  | Totals |  | 1,304 |  |  | 3,277 |  |  | 100 | % |  | $ | 116,124 |  |  | 100 | % |  | $35.44
|  | Vacant space |  |  |  | 425 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 3,702 |  |  |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |
|  | 2023 |  | 27 |  |  | 143 |  |  | 1.5 | % |  | $ | 2,082 |  |  | 1.1 | % |  | $14.56
|  | 2024 |  | 140 |  |  | 696 |  |  | 7.3 | % |  | 15,227 |  |  | 7.8 | % |  | 21.88 |
|  | 2025 |  | 171 |  |  | 1,150 |  |  | 12.0 | % |  | 20,027 |  |  | 10.2 | % |  | 17.41 |
|  | 2026 |  | 216 |  |  | 975 |  |  | 10.2 | % |  | 22,589 |  |  | 11.5 | % |  | 23.17 |
|  | 2027 |  | 266 |  |  | 1,887 |  |  | 19.9 | % |  | 38,842 |  |  | 19.8 | % |  | 20.58 |
|  | 2028 |  | 210 |  |  | 1,022 |  |  | 10.7 | % |  | 24,393 |  |  | 12.4 | % |  | 23.87 |
|  | 2029 |  | 127 |  |  | 861 |  |  | 9.0 | % |  | 17,782 |  |  | 9.0 | % |  | 20.65 |
|  | 2030 |  | 74 |  |  | 372 |  |  | 3.9 | % |  | 9,498 |  |  | 4.8 | % |  | 25.53 |
|  | 2031 |  | 73 |  |  | 500 |  |  | 5.2 | % |  | 10,430 |  |  | 5.3 | % |  | 20.86 |
|  | 2032 |  | 91 |  |  | 552 |  |  | 5.8 | % |  | 12,762 |  |  | 6.5 | % |  | 23.12 |
|  | Thereafter |  | 83 |  |  | 1,359 |  |  | 14.2 | % |  | 21,838 |  |  | 11.1 | % |  | 16.07 |
|  | Other (b) |  | 10 |  |  | 33 |  |  | 0.3 | % |  | 1,024 |  |  | 0.5 | % |  | 31.03 |
|  | Totals |  | 1,488 |  |  | 9,550 |  |  | 100 | % |  | $ | 196,494 |  |  | 100 | % |  | $20.58
|  | Vacant space |  |  |  | 774 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 10,324 |  |  |  |  |  |  |  |  |

(a)Expiring ABR PSF reflects ABR PSF at the time of lease expiration.
(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.

13 | Supplemental - Quarter End September 30, 2023 |

| Acquisitions and Dispositions
Dollars and GLA in thousands

Acquisitions

Date |  | Property Name |  | Market |  | Acquisition Price |  | GLA |  | Leased Occ. |  | Anchor Tenants (a)
1/18/23 |  | Bay Colony (b) |  | Houston-Sugar Land-Baytown, TX |  | $ | 79,100 |  |  | 416 |  | 93.0% |  | HEB, Kohl's, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens
1/18/23 |  | Blackhawk Town Center (b) |  | Houston-Sugar Land-Baytown, TX |  | 26,300 |  |  | 127 |  | 99.1% |  | HEB, Walgreens
1/18/23 |  | Cyfair Town Center (b) |  | Houston-Sugar Land-Baytown, TX |  | 79,200 |  |  | 433 |  | 92.3% |  | Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
1/18/23 |  | Stables Town Center (b) |  | Houston-Sugar Land-Baytown, TX |  | 37,000 |  |  | 148 |  | 94.5% |  | Kroger
6/2/23 |  | The Shoppes at Davis Lake |  | Charlotte-Gastonia-Concord, NC |  | 22,400 |  |  | 91 |  | 97.2% |  | Harris Teeter
|  |  |  |  |  | $ | 244,000 |  |  | 1,215 |  |  |  |

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically.
(b)These retail properties were acquired from the JV.
Dispositions

Date |  | Property Name |  | Market |  | Disposition Price |  | GLA |  | Leased Occ. |  | Anchor Tenants (a)
6/20/23 |  | Shops at the Galleria (b) |  | Austin-Round Rock, TX |  | $ | 1,692 |  |  | — |  | —% |  | N/A
8/25/23 |  | Trowbridge Crossing |  | Atlanta Metro Area |  | 11,450 |  |  | 63 |  | 95.4% |  | Publix
|  |  |  |  |  | $ | 13,142 |  |  | 63 |  |  |  |

(a)Grocers listed first and bolded.
(b)This disposition was related to the completion of a partial condemnation at one retail property.
Joint Venture Dispositions

Ownership |  | Date |  | Property Name |  | Market |  | Disposition Price (a) |  | GLA (a) |  | Leased Occ. |  | Anchor Tenants (b)
55% |  | 1/18/23 |  | Bay Colony |  | Houston-Sugar Land-Baytown, TX |  | $ | 79,100 |  |  | 416 |  | 93.0% |  | HEB, Kohl's, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens
55% |  | 1/18/23 |  | Blackhawk Town Center |  | Houston-Sugar Land-Baytown, TX |  | 26,300 |  |  | 127 |  | 99.1% |  | HEB, Walgreens
55% |  | 1/18/23 |  | Cyfair Town Center |  | Houston-Sugar Land-Baytown, TX |  | 79,200 |  |  | 433 |  | 92.3% |  | Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
55% |  | 1/18/23 |  | Stables Town Center |  | Houston-Sugar Land-Baytown, TX |  | 37,000 |  |  | 148 |  | 94.5% |  | Kroger
|  |  |  |  |  |  |  | $ | 221,600 |  |  | 1,124 |  |  |  |

(a)Disposition Price and GLA for the Joint Venture Disposition activity are reflected at 100%.
(b)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically.

14 | Supplemental - Quarter End September 30, 2023 |

| Development Pipeline
In thousands

Active Redevelopments |  |  |  |  |  | Estimated Completion Quarter (a) |  | Projected Incremental Costs |  |  |  | Estimated Incremental Yield on Cost
Property Name |  | Market |  | Project Description |  |  |  | Costs to Date |
Southern Palm Crossing |  | Miami-Fort Lauderdale-Miami Beach, FL |  | Redevelopment of a former bank building for a freestanding building with a drive-through. |  | 2Q - 2024 |  | $1,400 |  | $900 |  |
Buckhead Crossing |  | Atlanta Metro Area, GA |  | Anchor space repositioning, including re-merchandising of the shopping center. |  | 2Q - 2024 |  | 800 |  | 100 |  |
Pavilion at LaQuinta |  | So. California - Inland Empire |  | Redevelopment of a freestanding building. |  | 3Q - 2024 |  | 625 |  | 500 |  |
Sarasota Pavilion |  | Tampa-St. Petersburg, FL |  | Redevelopment of a pre-existing single tenant building to a multi-tenant building. |  | 3Q - 2025 |  | 8,100 |  | 50 |  |
Sandy Plains Centre |  | Atlanta Metro Area, GA |  | Redevelopment and expansion of the shopping center. |  | 4Q - 2025 |  | 3,200 |  | 150 |  |
Totals |  |  |  |  |  |  |  | $14,125 |  | $1,700 |  | 7-10%
(a) The Company's estimated timing of completion may be impacted by factors outside of management's control, including global supply constraints or government restrictions. |  |  |  |
Recently Completed Redevelopments |  |  |  |  |  |  |  |  |  |
Property Name |  | Market |  | Project Description |  | Completion Quarter |  | Completed Costs |  |  |  |
Cyfair Town Center |  | Houston-Sugar Land-Baytown, TX |  | Outparcel redevelopment to include a drive-through. |  | 3Q - 2023 |  | $650 |  |  |  |
Eldridge Town Center |  | Houston-Sugar Land-Baytown, TX |  | Demolition of bank building and ground up construction of freestanding Chipotle building with a drive-through. |  | 3Q - 2022 |  | $1,600 |  |  |  |
Cyfair Town Center |  | Houston-Sugar Land-Baytown, TX |  | Renovation and re-merchandising of center including façade and common area enhancements, upgraded signage and rebranding. |  | 3Q - 2022 |  | $2,600 |  |  |  |
Suncrest Village |  | Orlando-Kissimmee, FL |  | Redevelopment of center including demolition and expansion of the Publix grocery store, upgrades to the facade, signage enhancement, and common area improvements. |  | 3Q - 2022 |  | $10,800 |  |  |  |
Potential Developments and Redevelopments |  |  |  |  |  |  |  |  |  |
Projects listed below are in various stages of planning and may or may not commence due to a number of factors. |  |  |  |
Property Name |  | Market |  | Project Description |  |  |  |  |  |  |  |
Gateway Market Center |  | Tampa-St. Petersburg, FL |  | Extensive repositioning and reconfiguration of the shopping center to right size anchor space, add freestanding buildings and improve vehicular access.
Garden Village |  | So. California - Los Angeles, CA |  | Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs.
Kyle Marketplace |  | Austin-Round Rock, TX |  | New development, including addition of outparcel buildings.
Antoine Town Center |  | Houston-Sugar Land-Baytown, TX |  | New development, including addition of an outparcel building with a drive-through.
Sarasota Pavilion |  | Tampa-St. Petersburg, FL |  | Anchor space repositioning, including re-merchandising of the shopping center and outparcel development.
Westpark Shopping Center |  | Washington D.C./Richmond Metro Area |  | New development, including addition of outparcel buildings.
River Oaks Shopping Center |  | So. California - Los Angeles, CA |  | Redevelopment of an outparcel and common area improvements.
Buckhead Crossing |  | Atlanta Metro Area, GA |  | Anchor space repositioning, including re-merchandising of the shopping center and addition of a freestanding building.
Shops at Arbor Trails |  | Austin-Round Rock, TX |  | Redevelopment of an outparcel and common area improvements. |  |
Bay Landing |  | Cape Coral-Fort Myers, FL |  | New development of building area adjacent to existing stores. |  |  |
The Parke |  | Austin-Round Rock, TX |  | Anchor repositioning and expansion. |  |
Pavilion at LaQuinta |  | So. California - Inland Empire |  | Anchor repositioning. |  |
Bay Colony |  | Houston-Sugar Land-Baytown, TX |  | Redevelopment of an existing outparcel building.
Plantation Grove |  | Orlando-Kissimmee |  | Redevelopment and expansion of the shopping center. |  |  |  |  |  |  |  |
Custer Creek |  | Dallas-Fort Worth-Arlington |  | Redevelopment of an outparcel and common area improvements.

15 | Supplemental - Quarter End September 30, 2023 |

| Property Summary, by State and Market
GLA in thousands

| Name | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c)
1 | Bear Creek Village Center | So. California - Inland Empire | CA | N | 80 | 100% | $25.55 | Yes | Stater Brothers
2 | Pavilion at LaQuinta | So. California - Inland Empire | CA | P | 166 | 80.5% | $23.28 | Yes | Sprouts Farmers Market, Best Buy, DSW, OfficeMax
3 | Garden Village | So. California - Los Angeles | CA | N | 117 | 90.2% | $18.49 | Yes | Albertson's, Rite Aid
4 | River Oaks | So. California - Los Angeles | CA | C | 275 | 96.1% | $21.08 | Yes | Sprouts Farmers Market, Target, Big 5 Sporting Goods, Five Below, Total Wine & More, Ulta
5 | Stevenson Ranch | So. California - Los Angeles | CA | C | 187 | 93.5% | $22.50 | Yes | Ralphs, Furniture Design Center, LA Fitness, PetSmart
6 | Campus Marketplace | So. California - San Diego | CA | N | 144 | 100% | $31.29 | Yes | Ralphs, CVS, Discovery Isle Child Development Center
7 | Old Grove Marketplace | So. California - San Diego | CA | N | 81 | 100% | $17.93 | Yes | Ralphs, Lowe's*
| Total CA |  |  |  | 1,050 | 93.6% | $22.94 |  |
8 | Bay Landing (e) | Cape Coral - Fort Meyers | FL | N | 63 | 98.0% | $9.67 | Yes | The Fresh Market, HomeGoods
9 | PGA Plaza Palm Beach Gardens | Miami-Ft Lauderdale-Miami Beach | FL | C | 121 | 96.8% | $35.32 | Yes | Trader Joe's, Marshalls, Ulta
10 | Southern Palm Crossing | Miami-Ft Lauderdale-Miami Beach | FL | P | 345 | 100% | $17.01 | Yes | Costco Wholesale, Going Going Gone, Marshalls
11 | Westfork & Paraiso | Miami-Ft Lauderdale-Miami Beach | FL | N | 393 | 96.6% | $24.96 | Yes | Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, Skechers, TJ Maxx, Ulta
12 | Lakeside & Lakeside Crossing | Orlando - Kissimmee | FL | N | 76 | 100% | $47.18 | Yes | Trader Joe's
13 | Plantation Grove | Orlando - Kissimmee | FL | N | 74 | 98.1% | $15.60 | Yes | Publix
14 | Rio Pinar Plaza | Orlando - Kissimmee | FL | N | 131 | 98.1% | $19.00 | Yes | Publix, Planet Fitness
15 | Suncrest Village | Orlando - Kissimmee | FL | N | 97 | 100.0% | $18.34 | Yes | Publix, Orange County Tax Collector
16 | Gateway Market Center | Tampa - St. Petersburg | FL | P | 231 | 95.1% | $10.81 | Yes | Publix, Target*, Beall's, HomeGoods, Party City, PetSmart, TJ Maxx
17 | Peachland Promenade | Tampa - St. Petersburg | FL | N | 177 | 97.0% | $14.69 | Yes | Publix, Goodwill, My Salon Suite, Planet Fitness
18 | Sarasota Pavilion | Tampa - St. Petersburg | FL | P | 345 | 80.6% | $14.06 | Yes | Publix, Bank of America, Beall's, Marshalls, Michaels, PetSmart, Ross Dress for Less, Truist Bank
| Total FL |  |  |  | 2,053 | 94.8% | $19.40 |  |
19 | Buckhead Crossing | Atlanta Metro Area | GA | P | 221 | 97.3% | $21.37 | No | HomeGoods, Marshalls, Michaels, Office Depot, Ross Dress for Less, The Tile Shop
20 | Coweta Crossing | Atlanta Metro Area | GA | N | 68 | 100% | $11.04 | Yes | Publix
21 | Kennesaw Marketplace | Atlanta Metro Area | GA | C | 130 | 100% | $35.48 | Yes | Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco*
22 | Plaza Midtown | Atlanta Metro Area | GA | N | 70 | 100% | $27.67 | Yes | Publix
23 | Rose Creek | Atlanta Metro Area | GA | N | 70 | 100% | $11.44 | Yes | Publix
24 | Sandy Plains Centre | Atlanta Metro Area | GA | C | 131 | 95.8% | $23.44 | Yes | Kroger, Pet Supplies Plus, Walgreens*
25 | The Centre on Hugh Howell | Atlanta Metro Area | GA | N | 83 | 94.3% | $21.58 | No | Crunch Fitness
26 | Thomas Crossroads | Atlanta Metro Area | GA | N | 105 | 95.0% | $10.09 | Yes | Kroger
27 | Windward Commons | Atlanta Metro Area | GA | N | 117 | 99.9% | $15.31 | Yes | Kroger
| Total GA |  |  |  | 995 | 97.9% | $20.55 |  |
28 | The Shops at Town Center | Washington D.C/Richmond Metro Area | MD | N | 125 | 97.3% | $30.39 | Yes | Safeway
29 | Travilah Square Shopping Center | Washington D.C/Richmond Metro Area | MD | N | 56 | 96.0% | $49.12 | Yes | Trader Joe's
30 | Westpark Shopping Center | Washington D.C/Richmond Metro Area | VA | C | 177 | 83.1% | $15.99 | Yes | Publix, Planet Fitness, The Tile Shop
| Total MD/VA |  |  |  | 358 | 90.1% | $26.59 |  |
31 | Eastfield Village (d) | Charlotte-Gastonia-Concord | NC | N | 96 | 96.1% | $17.67 | Yes | Food Lion, Gold's Gym
32 | Northcross Commons | Charlotte-Gastonia-Concord | NC | N | 63 | 100% | $26.74 | Yes | Whole Foods Market
33 | Sycamore Commons | Charlotte-Gastonia-Concord | NC | P | 265 | 90.6% | $20.13 | Yes | Costco Wholesale*, Best Buy, Dick's Sporting Goods, Lowe's*, Michaels, Old Navy, Ulta, World Market
34 | The Shoppes at Davis Lake (d) | Charlotte-Gastonia-Concord | NC | N | 91 | 96.0% | $16.73 | Yes | Harris Teeter

16 | Supplemental - Quarter End September 30, 2023 |

| Property Summary, by State and Market
GLA in thousands

| Name | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c)
35 | Bent Tree Plaza | Raleigh-Cary-Durham | NC | N | 80 | 100% | $14.87 | Yes | Food Lion
36 | Cary Park Town Center | Raleigh-Cary-Durham | NC | N | 93 | 100% | $17.43 | Yes | Harris Teeter, CVS
37 | Commons at University Place | Raleigh-Cary-Durham | NC | N | 92 | 100% | $16.97 | Yes | Harris Teeter, CVS
38 | Renaissance Center | Raleigh-Cary-Durham | NC | P | 363 | 93.6% | $23.09 | No | Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market
39 | The Pointe at Creedmoor | Raleigh-Cary-Durham | NC | N | 60 | 100% | $16.82 | Yes | Harris Teeter
| Total NC |  |  |  | 1,203 | 95.4% | $19.89 |  |
40 | Escarpment Village (e) | Austin-Round Rock | TX | N | 170 | 100% | $21.79 | Yes | HEB
41 | Kyle Marketplace | Austin-Round Rock | TX | C | 225 | 100% | $17.26 | Yes | HEB
42 | Market at Westlake | Austin-Round Rock | TX | N | 30 | 100% | $21.69 | No | Walgreens
43 | Scofield Crossing | Austin-Round Rock | TX | N | 95 | 96.0% | $17.40 | Yes | Hana World Market, Goodwill
44 | Shops at Arbor Trails (e) | Austin-Round Rock | TX | C | 357 | 98.1% | $13.73 | Yes | Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls
45 | Shops at the Galleria | Austin-Round Rock | TX | P | 537 | 95.2% | $14.17 | No | Best Buy, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, OfficeMax, Old Navy, PetSmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods, World Market
46 | The Parke | Austin-Round Rock | TX | P | 406 | 92.4% | $16.93 | Yes | Whole Foods Market, Dick's Sporting Goods, DSW, Five Below, La-Z Boy Furniture Galleries, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Ulta, World Market
47 | University Oaks | Austin-Round Rock | TX | P | 236 | 84.3% | $21.40 | No | DSW, IKEA*, J.C. Penney*, Jo-Ann Fabrics, PetSmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods
48 | Custer Creek Village | Dallas-Fort Worth-Arlington | TX | N | 96 | 97.4% | $15.52 | Yes | Tom Thumb
49 | Eldorado Marketplace | Dallas-Fort Worth-Arlington | TX | C | 189 | 98.5% | $23.73 | Yes | Market Street, PetSmart, Phenix Salon Suites
50 | Prestonwood Town Center | Dallas-Fort Worth-Arlington | TX | P | 233 | 96.9% | $19.31 | Yes | Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta
51 | Riverview Village | Dallas-Fort Worth-Arlington | TX | N | 89 | 100% | $13.28 | Yes | Tom Thumb, Petco
52 | Riverwalk Market | Dallas-Fort Worth-Arlington | TX | N | 90 | 100% | $21.11 | Yes | Market Street
53 | Shops at Fairview Town Center | Dallas-Fort Worth-Arlington | TX | N | 66 | 100% | $24.84 | Yes | Whole Foods Market
54 | The Highlands of Flower Mound (e) | Dallas-Fort Worth-Arlington | TX | P | 175 | 98.9% | $18.43 | Yes | Target*, Market by Macy's, Michaels, Party City, Skechers, World Market
55 | Antoine Town Center | Houston-Sugar Land-Baytown | TX | N | 110 | 98.6% | $14.44 | Yes | Kroger
56 | Bay Colony (d) | Houston-Sugar Land-Baytown | TX | C | 416 | 93.7% | $16.44 | Yes | HEB, Kohl's, LA Fitness, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens
57 | Blackhawk Town Center (d) | Houston-Sugar Land-Baytown | TX | N | 127 | 99.1% | $14.00 | Yes | HEB, Walgreens
58 | Cyfair Town Center (d) | Houston-Sugar Land-Baytown | TX | C | 434 | 92.3% | $16.01 | Yes | Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
59 | Eldridge Town Center & Windermere Village | Houston-Sugar Land-Baytown | TX | C | 175 | 90.6% | $18.22 | Yes | Kroger, Kohl's*, Petco
60 | Stables Town Center II (d) | Houston-Sugar Land-Baytown | TX | N | 148 | 93.6% | $17.51 | Yes | Kroger
61 | Sonterra Village | San Antonio | TX | N | 42 | 100% | $33.38 | Yes | Trader Joe's
62 | Stone Ridge Market (d) | San Antonio | TX | C | 219 | 94.2% | $24.11 | Yes | HEB Plus*, Burlington, PetSmart
| Total TX |  |  |  | 4,665 | 95.3% | $17.63 |  |
| Grand Totals |  |  |  | 10,324 | 95.1% | $19.36 |  |

(a)N = Neighborhood Center, P = Power Center, C = Community Center
(b)Grocers may be leased or shadow-anchors and includes traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco).
(c)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.
(d)Properties are excluded from Same Property for the three and nine months ended September 30, 2023.
(e)Properties are excluded from Same Property for the nine months ended September 30, 2023.

17 | Supplemental - Quarter End September 30, 2023 |

| Components of Net Asset Value as of September 30, 2023
In thousands, except share information

|  |  |  | Page No.
NOI Excluding Termination Fee Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter |  |  |  |
NOI, excluding ground rent income |  | $ | 37,980 |  |  | 5
Ground rent income |  | 4,797 |  | 5
NOI |  | 42,777 |  |  | 5
Annualized NOI, excluding ground rent income |  | 151,920 |  |
Annualized ground rent income |  | 19,188 |  |
Projected remaining development |  |  |  |
Net Project Costs |  | 12,425 |  | 15
Estimated Range for Incremental Yield |  | 7-10% |  | 15
Fee Income, Most Recent Quarter |  |  |  |
JV Management Fees & Commissions |  | — |  |  | 5
Other Assets |  |  |  |
Cash, cash equivalents and restricted cash |  | 104,111 |  | 2
Billed base rent, recoveries, and other revenue |  | 11,648 |  |  | 4
Undeveloped Land |  | — |  |
Land Held for Development |  | — |  |
Total JV Other Assets, at share (a) |  | 5,104 |  |  |
Liabilities |  |  |  |
Debt |  | 838,548 |  | 8
Issuance costs, net of accumulated amortization |  | (4,342) |  | 8
Accounts payable and accrued expenses |  | 46,629 |  |  | 2
Distributions payable |  | 14,553 |  |  | 2
Other liabilities |  | 31,534 |  |  | 2
Projected remaining project costs |  | 12,425 |  | 15
Total JV Other Liabilities, at share (b) |  | 1,239 |  |  |
Common Shares Outstanding |  | 67,531,335 |  | 2

(a)Total JV other assets, at share, includes cash and cash equivalents and accounts receivable.
(b)Total JV liabilities, at share, includes accounts payable and accrued expenses and other liabilities.

18 | Supplemental - Quarter End September 30, 2023 |

| Glossary of Terms

Terms |  | Definitions
ABR Per Square Foot (ABR PSF) |  | ABR PSF is the ABR divided by the occupied square footage for that period.
Adjusted EBITDA |  | The Company's non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, 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 the Company's unconsolidated joint venture are calculated to reflect its proportionate share of the joint venture's Adjusted EBITDA on the same basis.
Annualized Base Rent (ABR) |  | Annualized Base Rent (ABR) is the base rent for the period multiplied by twelve months. Base rent is inclusive of ground rent and any abatement concessions, but excludes Specialty Lease income.
Anchor Tenant |  | Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
Community Center |  | Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants.
Comparable Lease |  | A Comparable Lease meets 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.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) |  | The Company's non-GAAP measure of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, plus federal and state tax expense, interest expense, net, and depreciation and amortization. Adjustments for the Company's unconsolidated joint venture are calculated to reflect its proportionate share of the joint venture's EBITDA on the same basis.
Economic Occupancy |  | Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant.
GAAP Rent Adjustments |  | GAAP Rent Adjustments consist of straight-line rent adjustments, amortization of market lease intangibles, and amortization of lease incentives.
Gross Leasable Area (GLA) |  | Measure of the total amount of leasable space at a property in square feet.
Leased Occupancy |  | Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA.
NAREIT Funds From Operations (NAREIT FFO) and Core FFO |  | The Company's 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 the Company's unconsolidated joint venture are calculated to reflect the Company's 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 the Company's 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.
Neighborhood Center |  | Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers.
Net Debt-to-Adjusted EBITDA |  | Net Debt-to-Adjusted EBITDA is Pro Rata net debt divided by trailing twelve month Adjusted EBITDA.
Net Operating Income (NOI) |  | NOI 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.
New Lease |  | New Leases are leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit).
NOI from other investment properties |  | NOI from other investment properties consists of properties which do not meet the Company's Same Property criteria and includes adjustments for the Company's captive insurance company.
Power Center |  | Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants.
Prior Contractual Rent |  | Base rent charged for a particular unit, prior to the current term’s first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy.
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, for the three and nine months ended September 30, 2023. Pro Rata Cash includes IVT’s share of the cash and cash equivalents held in the joint venture as of September 30, 2023.
Pro Rata Net Debt |  | Pro rata net debt is total outstanding debt, net, less cash and cash equivalents, including IVT's JV share.
Renewal Lease |  | Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option.
Same Property |  | Information provided on a same-property basis includes the results of properties that were owned and operated for the entirety of both periods presented.
Shadow Anchor Tenant |  | Shadow Anchor Tenant represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or immediately adjacent to a property, appear to the consumer as a retail tenant of the property and, as a result, attract additional consumer traffic to the property.
Small Shop Tenant |  | Tenants with square footage less than 10,000 square feet are considered Small Shops.
Specialty Lease |  | Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot.
Wholly-owned |  | Wholly-owned properties are those properties owned outright by the Company and does not include properties owned through an investment in a joint venture.

19 | Supplemental - Quarter End September 30, 2023 |