XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.24.3

Stock-Based Compensation | 9 Months Ended
--- | ---
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Incentive Award Plan The Company's board of directors (the "Board") adopted the InvenTrust Properties Corp. 2015 Incentive Award Plan effective as of June 19, 2015 (the "Incentive Award Plan"). On May 6, 2016, the Board adopted the first amendment to the Incentive Award Plan and on March 20, 2024, the Board adopted the second amendment to the Incentive Award Plan (collectively, the "Amendments"). The Company's stockholders approved the Incentive Award Plan, as amended by the Amendments, on May 7, 2024, which, among other things, increased the aggregate number of shares of common stock that may be issued pursuant to awards granted under the Incentive Award Plan (the "Share Limit") by 2,750,000 shares to 5,750,000 shares. Any forfeited or unearned performance shares subject to an award are added back to the Share Limit. Outstanding restricted stock unit ("RSU") awards are categorized as either time-based awards, performance-based awards, or market-based awards. All awards are granted at fair value, earn dividends throughout the vesting period, and have no voting rights. As of September 30, 2024, 2,854,824 shares were available for future issuance under the Incentive Award Plan. Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period. The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:
|  | At Grant Date
|  | 2024 |  | 2023
Volatility |  | 31.00% |  | 34.00%
Risk free interest rate |  | 4.42% |  | 4.45%
Dividend Yield |  | 3.40% |  | 3.20%
The following table summarizes the Company's RSU activity during the nine months ended September 30, 2024:
| Unvested Time- Based RSUs |  | Unvested Performance and Market-Based RSUs |  | Weighted-Average Grant Date Price Per Share
Outstanding as of January 1, 2024 | 147,592 |  |  | 1,024,771 |  |  | $19.36
Shares granted | 197,884 |  |  | 335,936 |  |  | $19.78
Shares vested | (42,600) |  |  | (113,954) |  |  | $27.17
Unearned performance shares | — |  |  | (82,665) |  |  | $28.90
Shares forfeited | (2,190) |  |  | (17,360) |  |  | $17.41
Outstanding as of September 30, 2024 | 300,686 |  |  | 1,146,728 |  |  | $18.29
Employee Stock Purchase Plan On May 4, 2023, the Company established an Employee Stock Purchase Plan (the "ESPP") pursuant to which employees may purchase up to an aggregate of 3,300,000 shares of the Company's common stock, of which 3,274,365 shares remain available for future issuance as of September 30, 2024. The following table summarizes the Company's common stock activity under the ESPP:
| Nine months ended September 30, 2024
Gross shares purchased | 13,907
Discounted issuance price | $20.07
Issuance proceeds | $280
Stock-Based Compensation Expense The following table summarizes the Company's stock-based compensation expense:
| Three months ended September 30 |  | Nine months ended September 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Incentive Award Plan, net (a) | $ | 2,539 |  |  | $ | 2,307 |  |  | $ | 7,227 |  |  | $ | 6,576 |
Employee Stock Purchase Plan (b) | 33 |  |  | 34 |  |  | 102 |  |  | 34 |
Stock-based compensation expense, net | $ | 2,572 |  |  | $ | 2,341 |  |  | $ | 7,329 |  |  | $ | 6,610 |
(a)As of September 30, 2024, there was $12,757 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2027. (b)As of September 30, 2024, there was $111 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through June 2026.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration