EX-99.2 3 q32024supplemental.htm EX-99.2

| Table of Contents

|  | Page No.
Introductory Notes |  | i
Press Release |  | iii
Financial Information |  |
Summary Financial Information |  | 1
Condensed Consolidated Balance Sheets |  | 2
Condensed Consolidated Statements of Operations and Comprehensive (Loss) 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
Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs |  | 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 |  | 14
Development Pipeline |  | 15
Property Summary |  | 16
Components of NAV as of September 30, 2024 |  | 19
Glossary of Terms |  | 20

| 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 U.S. 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 the Company's Form 10-Q for the quarter ended September 30, 2024. The Company 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. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this supplemental that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.
The following factors, among others, could cause actual results, 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 SEC. 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 on pages 6 and 7 and definitions of the Company's non-GAAP measures are included in the Glossary of Terms on page 20.

i | Supplemental - Quarter Ended September 30, 2024 |

| Introductory Notes

Former Joint Venture
On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”), in which it held a 55% ownership share. In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023. On December 15, 2023, IAGM was fully liquidated.
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," as of December 31, 2022 and 2021.
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 Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, 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 Ended September 30, 2024 |

CONTACT:
Dan Lombardo
Vice President of Investor Relations
630-570-0605
dan.lombardo@inventrustproperties.com
InvenTrust Properties Corp. Reports 2024 Third Quarter Results
DOWNERS GROVE, IL – October 29, 2024 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the period ended September 30, 2024. For the three months ended September 30, 2024 and 2023, the Company reported Net Loss of $0.5 million, or $0.01 per diluted share, and Net Loss of $0.8 million, or $0.01 per diluted share, respectively.
Third Quarter 2024 Highlights:
•Nareit FFO of $0.45 per diluted share
•Core FFO of $0.44 per diluted share
•Same Property Net Operating Income (“NOI”) growth of 6.5%
•Leased Occupancy as of September 30, 2024 of 97.0%
•Executed 59 leases totaling approximately 469,000 square feet of GLA, of which 403,000 square feet was executed at a blended comparable lease spread of 9.8%
•Acquired Scottsdale North Marketplace, a 66,000 square foot neighborhood center anchored by AJ’s Fine Foods, in Scottsdale, Arizona
•Issued and sold 9.2 million shares of common stock, receiving $247.3 million in net proceeds
“The InvenTrust team delivered another solid quarter of financial results," Daniel (DJ) Busch, President and CEO of InvenTrust announced. “With the continued strength of our portfolio performance, we are raising our full year Nareit and Core FFO guidance. In September, we raised approximately $250 million in new capital through an equity issuance, which will support our continued cash flow growth over time.”
NET (LOSS) INCOME
•Net Loss for the three months ended September 30, 2024 was $0.5 million, or $0.01 per diluted share, compared to Net Loss of $0.8 million, or $0.01 per diluted share, for the same period in 2023.
•Net Income for the nine months ended September 30, 2024 was $3.9 million, or $0.06 per diluted share, compared to Net Income of $2.4 million, or $0.04 per diluted share, for the same period in 2023.
NAREIT FFO
•Nareit FFO for the three months ended September 30, 2024 was $30.9 million, or $0.45 per diluted share, compared to $27.6 million, or $0.41 per diluted share, for the same period in 2023.
•Nareit FFO for the nine months ended September 30, 2024 was $91.8 million, or $1.34 per diluted share, compared to $84.7 million, or $1.25 per diluted share, for the same period in 2023.
CORE FFO
•Core FFO for the three months ended September 30, 2024 was $30.1 million, or $0.44 per diluted share, compared to $27.6 million, or $0.41 per diluted share, for the same period in 2023.
•Core FFO for the nine months ended September 30, 2024 was $89.2 million, or $1.30 per diluted share, compared to $84.1 million, or $1.24 per diluted share, for the same period in 2023.

iii | Supplemental - Quarter Ended September 30, 2024 |

SAME PROPERTY NOI
•Same Property NOI for the three months ended September 30, 2024 was $45.5 million, a 6.5% increase, compared to the same period in 2023.
•Same Property NOI for the nine months ended September 30, 2024 was $123.8 million, a 4.2% increase, compared to the same period in 2023.
DIVIDEND
•For the quarter ended September 30, 2024, the Board of Directors declared a quarterly cash distribution of $0.2263 per share, paid on October 15, 2024.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
•As of September 30, 2024, the Company’s Leased Occupancy was 97.0%.
◦Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 99.8% and Small Shop Leased Occupancy was 92.0%. Anchor Leased Occupancy increased 70 basis points, and Small Shop Leased Occupancy increased 30 basis points, each on a sequential basis compared to the previous quarter.
◦Leased to Economic Occupancy spread of 280 basis points, which equates to approximately $7.2 million of base rent on an annualized basis.
•Blended re-leasing spreads for comparable new and renewal leases signed in the third quarter were 9.8%.
•Annualized Base Rent (“ABR”) per square foot (“PSF”) as of September 30, 2024 was $19.83, an increase of 2.4% compared to the same period in 2023. Anchor Tenant ABR PSF was $12.67 and Small Shop ABR PSF was $33.50 for the third quarter.
•On August 6, 2024, the Company acquired Scottsdale North Marketplace, a 66,000 square foot neighborhood center anchored by AJ’s Fine Foods, in Scottsdale, Arizona, for a gross acquisition price of $23.0 million. The Company used cash on hand to fund the acquisition.
LIQUIDITY AND CAPITAL STRUCTURE
•On September 25, 2024, the Company issued and sold 9.2 million shares of its common stock through an offering, receiving $247.3 million in net proceeds after underwriting discounts and commissions.
•InvenTrust had $543.2 million of total liquidity, as of September 30, 2024, comprised of $193.2 million of cash and cash equivalents and $350.0 million of availability under its Revolving Credit Facility.
•InvenTrust has no debt maturing in 2024 and $35.9 million of debt maturing in 2025, as of September 30, 2024. On September 27, 2024, the Company extinguished the $72.5 million cross collateralized pooled mortgage payable maturing on November 2, 2024.
•The Company's weighted average interest rate on its debt as of September 30, 2024 was 4.03% and the weighted average remaining term was 3.6 years.
SUBSEQUENT EVENTS
•On October 9, 2024, the Company acquired Stonehenge Village, a 214,000 square foot community center anchored by Wegman’s in the Richmond, Virginia market, for a gross acquisition price of $62.1 million. The Company used cash on hand to fund the acquisition.
•On October 23, 2024, the Company entered into a third amendment to the Amended Revolving Credit Agreement, which provides for, among other things, an increase in the revolving commitments thereunder from $350.0 million to $500.0 million and an extension of the maturity date to January 15, 2029, with one six-month extension option.

iv | Supplemental - Quarter Ended September 30, 2024 |

2024 GUIDANCE
InvenTrust has updated its 2024 guidance, as summarized in the table below.

(Unaudited, dollars in thousands, except per share amounts) | Current (1) (2) |  | Previous
Net Income per diluted share | $0.09 | — | $0.12 |  | $0.08 | — | $0.12
Nareit FFO per diluted share | $1.74 | — | $1.77 |  | $1.73 | — | $1.77
Core FFO per diluted share (3) | $1.70 | — | $1.73 |  | $1.69 | — | $1.73
Same Property NOI (“SPNOI”) Growth | 4.25% | — | 5.00% |  | 3.50% | — | 4.50%
General and administrative | $33,000 | — | $34,000 |  | $33,000 | — | $34,250
Interest expense, net (4) | $34,500 | — | $35,000 |  | $35,750 | — | $36,250
Net investment activity (5) | ~ $159,000 - $215,000 |  | ~ $75,000

(1)The Company’s guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and depreciation, amortization, and straight-line rent adjustments related to acquisitions.
(2)The Company’s guidance includes an expectation of uncollectibility, reflected as 0-50 basis points of expected total revenue.
(3)Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, debt extinguishment charges, straight-line rent adjustments, depreciation and amortization of corporate assets, and non-operating income and expense.
(4)Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $3.2 million.
(5)Net investment activity represents anticipated acquisition activity less disposition activity.
In addition to the foregoing assumptions, the Company's guidance incorporates a number of other assumptions that are subject to change and may be outside the control of the Company. 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 2024 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 | $ | 0.09 |  |  | $ | 0.12 |
Depreciation and amortization of real estate assets | 1.60 |  |  | 1.60 |
Impairment of real estate assets | 0.05 |  |  | 0.05 |
Nareit FFO per diluted share | 1.74 |  |  | 1.77 |
Amortization of market-lease intangibles and inducements, net | (0.04) |  |  | (0.04) |
Straight-line rent adjustments, net | (0.03) |  |  | (0.03) |
Amortization of debt discounts and financing costs | 0.03 |  |  | 0.03 |
Core FFO per diluted share | $ | 1.70 |  |  | $ | 1.73 |

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 Ended September 30, 2024 |

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

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Financial Results |  |  |  |  |  |  |
Net (loss) income | $ | (539) |  |  | $ | (822) |  |  | $ | 3,859 |  |  | $ | 2,379 |
Net (loss) income per common share - basic | (0.01) |  |  | (0.01) |  |  | 0.06 |  |  | 0.04 |
Net (loss) income per common share - diluted | (0.01) |  |  | (0.01) |  |  | 0.06 |  |  | 0.04 |
Nareit FFO (page 7) | 30,904 |  |  | 27,565 |  |  | 91,818 |  |  | 84,744 |
Nareit FFO per diluted share | 0.45 |  |  | 0.41 |  |  | 1.34 |  |  | 1.25 |
Core FFO (page 7) | 30,107 |  |  | 27,642 |  |  | 89,222 |  |  | 84,065 |
Core FFO per diluted share | 0.44 |  |  | 0.41 |  |  | 1.30 |  |  | 1.24 |
Same Property NOI (page 6) | 45,511 |  |  | 42,720 |  |  | 123,788 |  |  | 118,764 |

Same Property NOI growth | 6.5 | % |  |  |  | 4.2 | % |  |

Adjusted EBITDA (page 7) | 39,148 |  |  | 36,152 |  |  | 116,627 |  |  | 109,667 |
Distributions declared per common share | 0.23 |  |  | 0.22 |  |  | 0.68 |  |  | 0.65 |

Aggregate distributions declared (as a % of Core FFO) | 58.0 | % |  | 52.6 | % |  | 54.0 | % |  | 51.9 | %

| As of Sept. 30, 2024 |  | As of Dec. 31, 2023 |  | As of Dec. 31, 2022 (a) |  | As of Dec. 31, 2021 (a)
Capital Information |  |  |  |  |  |  |
Shares outstanding | 77,130,431 |  | 67,807,831 |  | 67,472,553 |  | 67,344,374
Outstanding Debt, net | $ | 740,109 |  |  | $ | 814,568 |  |  | $ | 805,253 |  |  | $ | 624,289 |
Less: Cash and cash equivalents (page 4) | (193,187) |  |  | (96,385) |  |  | (164,448) |  |  | (79,628) |
Net Debt | $ | 546,922 |  |  | $ | 718,183 |  |  | $ | 640,805 |  |  | $ | 544,661 |
(a) Outstanding debt, net, Cash and cash equivalents, and Net Debt as of December 31, 2022 and 2021 are Pro Rata.
Debt Metrics (trailing 12 months) |  |  |  |  |  |  |
Adjusted EBITDA | $ | 153,419 |  |  | $ | 146,459 |  |  | $ | 132,368 |  |  | $ | 117,273 |
Net Debt-to-Adjusted EBITDA (a) | 3.6x |  | 4.9x |  | 4.8x |  | 4.6x
Fixed charge coverage | 4.3x |  | 4.3x |  | 5.0x |  | 6.4x
Net debt to real estate assets, excl property acc depr. | 20.0% |  | 27.0% |  | 24.7% |  | 22.0%
Net debt to total assets, excl property acc depr. | 17.5% |  | 24.4% |  | 21.3% |  | 19.3%
(a) Net Debt-to-Adjusted EBITDA as of December 31, 2022 and 2021 are Pro Rata.

Distributions Paid Per Share |  |  |  | Liquidity and Credit Facility
Q3 2024 |  | $0.22630 |  |  |  | Cash and cash equivalents |  | $ | 193,187 |
Q2 2024 |  | $0.22630 |  |  |  | Available under credit facility |  | 350,000 |
Q1 2024 |  | $0.21550 |  |  |  | Total |  | $ | 543,187 |
Q4 2023 |  | $0.21550 |  |  |  |  |  |

| Same Property |  | Same Property |  |  |  | Total Portfolio
| Three Months Ended September 30 |  | Nine Months Ended September 30 |  |  |  | Nine Months Ended September 30
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  | 2024 |  | 2023
Portfolio Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
No. of properties | 62 |  | 62 |  | 57 |  | 57 |  |  |  |  |  | 65 |  | 62
GLA | 10,324 |  | 10,324 |  | 9,109 |  | 9,108 |  |  |  |  |  | 10,550 |  | 10,324
Economic Occupancy | 94.1 | % |  | 92.6 | % |  | 94.3 | % |  | 92.8 | % |  |  |  |  |  | 94.2 | % |  | 92.6 | %
Leased Occupancy | 96.9 | % |  | 95.1 | % |  | 97.2 | % |  | 95.3 | % |  |  |  |  |  | 97.0 | % |  | 95.1 | %
ABR PSF | $19.69 |  | $19.36 |  | $20.15 |  | $19.78 |  |  |  |  |  | $19.83 |  | $19.36

1 | Supplemental - Quarter Ended September 30, 2024 |

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

| As of
| September 30, 2024 |  | December 31, 2023
Assets | (unaudited) |  |
Investment properties |  |  |
Land | $ | 710,160 |  |  | $ | 694,668 |
Building and other improvements | 2,013,459 |  |  | 1,956,117 |
Construction in progress | 11,716 |  |  | 5,889 |
Total | 2,735,335 |  |  | 2,656,674 |
Less accumulated depreciation | (496,559) |  |  | (461,352) |
Net investment properties | 2,238,776 |  |  | 2,195,322 |
Cash, cash equivalents and restricted cash | 202,758 |  |  | 99,763 |
Intangible assets, net | 107,004 |  |  | 114,485 |
Accounts and rents receivable | 34,797 |  |  | 35,353 |
Deferred costs and other assets, net | 37,146 |  |  | 42,408 |
Total assets | $ | 2,620,481 |  |  | $ | 2,487,331 |
Liabilities |  |  |
Debt, net | $ | 740,109 |  |  | $ | 814,568 |
Accounts payable and accrued expenses | 48,683 |  |  | 44,583 |
Distributions payable | 17,455 |  |  | 14,594 |
Intangible liabilities, net | 30,369 |  |  | 30,344 |
Other liabilities | 28,660 |  |  | 29,198 |
Total liabilities | 865,276 |  |  | 933,287 |
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, 77,130,431 shares issued and outstanding as of September 30, 2024 and 67,807,831 shares issued and outstanding as of December 31, 2023 | 77 |  |  | 68 |
Additional paid-in capital | 5,721,592 |  |  | 5,468,728 |
Distributions in excess of accumulated net income | (3,977,152) |  |  | (3,932,826) |
Accumulated comprehensive income | 10,688 |  |  | 18,074 |
Total stockholders' equity | 1,755,205 |  |  | 1,554,044 |
Total liabilities and stockholders' equity | $ | 2,620,481 |  |  | $ | 2,487,331 |

2 | Supplemental - Quarter Ended September 30, 2024 |

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

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Income |  |  |  |  |  |  |
Lease income, net | $ | 68,132 |  |  | $ | 63,716 |  |  | $ | 201,681 |  |  | $ | 192,814 |
Other property income | 389 |  |  | 346 |  |  | 1,061 |  |  | 1,060 |
Other fee income | — |  |  | — |  |  | — |  |  | 80 |
Total income | 68,521 |  |  | 64,062 |  |  | 202,742 |  |  | 193,954 |
Operating expenses |  |  |  |  |  |  |
Depreciation and amortization | 28,134 |  |  | 30,318 |  |  | 85,092 |  |  | 85,339 |
Property operating | 10,795 |  |  | 11,070 |  |  | 31,037 |  |  | 31,056 |
Real estate taxes | 9,205 |  |  | 8,781 |  |  | 27,232 |  |  | 27,361 |
General and administrative | 8,133 |  |  | 7,610 |  |  | 24,768 |  |  | 23,389 |
Total operating expenses | 56,267 |  |  | 57,779 |  |  | 168,129 |  |  | 167,145 |
Other (expense) income |  |  |  |  |  |  |
Interest expense, net | (9,470) |  |  | (9,555) |  |  | (28,744) |  |  | (28,441) |
Impairment of real estate assets | (3,854) |  |  | — |  |  | (3,854) |  |  | — |
Gain on sale of investment properties | 334 |  |  | 1,707 |  |  | 334 |  |  | 2,691 |
Equity in earnings (losses) of unconsolidated entities | — |  |  | 67 |  |  | — |  |  | (447) |
Other income and expense, net | 197 |  |  | 676 |  |  | 1,510 |  |  | 1,767 |
Total other (expense) income, net | (12,793) |  |  | (7,105) |  |  | (30,754) |  |  | (24,430) |
Net (loss) income | $ | (539) |  |  | $ | (822) |  |  | $ | 3,859 |  |  | $ | 2,379 |
Weighted-average common shares outstanding - basic | 68,526,238 |  |  | 67,531,335 |  |  | 68,101,901 |  |  | 67,521,110 |
Weighted-average common shares outstanding - diluted | 68,526,238 |  |  | 67,531,335 |  |  | 68,659,319 |  |  | 67,720,485 |
Net (loss) income per common share - basic | $ | (0.01) |  |  | $ | (0.01) |  |  | $ | 0.06 |  |  | $ | 0.04 |
Net (loss) income per common share - diluted | $ | (0.01) |  |  | $ | (0.01) |  |  | $ | 0.06 |  |  | $ | 0.04 |
Distributions declared per common share | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.68 |  |  | $ | 0.65 |
Distributions paid per common share | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.67 |  |  | $ | 0.64 |
Comprehensive (loss) income |  |  |  |  |  |  |
Net (loss) income | $ | (539) |  |  | $ | (822) |  |  | $ | 3,859 |  |  | $ | 2,379 |
Unrealized (loss) gain on derivatives, net | (7,145) |  |  | 5,978 |  |  | 2,560 |  |  | 13,496 |
Reclassification to net (loss) income | (3,315) |  |  | (4,213) |  |  | (9,946) |  |  | (11,089) |
Comprehensive (loss) income | $ | (10,999) |  |  | $ | 943 |  |  | $ | (3,527) |  |  | $ | 4,786 |

3 | Supplemental - Quarter Ended September 30, 2024 |

| Condensed Consolidated Supplemental Details of Assets and Liabilities
In thousands

| As of
| September 30, 2024 |  | December 31, 2023
Cash, cash equivalents and restricted cash |  |  |
Cash and cash equivalents | $ | 193,187 |  |  | $ | 96,385 |
Restricted cash | 9,571 |  |  | 3,378 |
Total | $ | 202,758 |  |  | $ | 99,763 |
Accounts and rents receivable |  |  |
Base rent, recoveries, and other revenue | $ | 9,007 |  |  | $ | 12,215 |
Straight-line rent | 25,790 |  |  | 23,138 |
Total | $ | 34,797 |  |  | $ | 35,353 |
Deferred cost and other assets, net |  |  |
Lease commissions, net | $ | 15,796 |  |  | $ | 14,995 |
Derivative assets | 11,580 |  |  | 18,196 |
Other assets | 3,357 |  |  | 3,309 |
Deferred costs, net | 2,323 |  |  | 2,206 |
Right of use assets, net | 1,942 |  |  | 2,253 |
Prepaid insurance premiums | 1,320 |  |  | — |
Loan fees, net | 828 |  |  | 1,449 |
Total | $ | 37,146 |  |  | $ | 42,408 |
Other liabilities |  |  |
Deferred revenues | $ | 8,389 |  |  | $ | 8,878 |
Security deposits | 7,607 |  |  | 7,127 |
Unearned lease income | 7,261 |  |  | 8,061 |
Operating lease liabilities | 2,640 |  |  | 3,023 |
Other liabilities | 1,871 |  |  | 1,987 |
Derivative liabilities | 892 |  |  | 122 |
Total | $ | 28,660 |  |  | $ | 29,198 |

4 | Supplemental - Quarter Ended September 30, 2024 |

| Condensed Consolidated Supplemental Details of Operations
In thousands

|  | Three Months Ended September 30 |  | Nine Months Ended September 30
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Income |  |  |  |  |  |  |
* | Minimum base rent | $ | 44,060 |  |  | $ | 41,559 |  |  | $ | 129,696 |  |  | $ | 123,580 |
* | Real estate tax recoveries | 8,334 |  |  | 7,808 |  |  | 24,733 |  |  | 24,273 |
* | Common area maintenance, insurance, and other recoveries | 8,450 |  |  | 7,913 |  |  | 24,345 |  |  | 22,351 |
* | Ground rent income | 4,774 |  |  | 4,797 |  |  | 14,260 |  |  | 14,304 |
| Amortization of market-lease intangibles and inducements, net | 831 |  |  | 629 |  |  | 2,064 |  |  | 2,717 |
* | Short-term and other lease income | 772 |  |  | 661 |  |  | 2,706 |  |  | 2,610 |
| Termination fee income | 30 |  |  | 75 |  |  | 1,340 |  |  | 819 |
| Straight-line rent adjustments, net | 765 |  |  | 730 |  |  | 2,652 |  |  | 2,492 |
* | Reversal of (provision for) uncollectible billed rent and recoveries, net | 116 |  |  | (456) |  |  | (115) |  |  | (332) |
| Lease income, net | 68,132 |  |  | 63,716 |  |  | 201,681 |  |  | 192,814 |
* | Other property income | 389 |  |  | 346 |  |  | 1,061 |  |  | 1,060 |
| Other fee income | — |  |  | — |  |  | — |  |  | 80 |
| Total income | $ | 68,521 |  |  | $ | 64,062 |  |  | $ | 202,742 |  |  | $ | 193,954 |
Operating expenses |  |  |  |  |  |  |
| Depreciation and amortization | $ | 28,134 |  |  | $ | 30,318 |  |  | $ | 85,092 |  |  | $ | 85,339 |
* | Property operating | 10,795 |  |  | 11,070 |  |  | 31,037 |  |  | 31,056 |
* | Real estate taxes | 9,205 |  |  | 8,781 |  |  | 27,232 |  |  | 27,361 |
| General and administrative costs | 6,202 |  |  | 5,883 |  |  | 19,349 |  |  | 18,695 |
| Stock-based compensation costs | 2,572 |  |  | 2,341 |  |  | 7,329 |  |  | 6,610 |
| Capitalized direct development compensation costs | (641) |  |  | (614) |  |  | (1,910) |  |  | (1,916) |
| General and administrative expense | 8,133 |  |  | 7,610 |  |  | 24,768 |  |  | 23,389 |
| Total operating expenses | $ | 56,267 |  |  | $ | 57,779 |  |  | $ | 168,129 |  |  | $ | 167,145 |
Interest expense, net |  |  |  |  |  |  |
| Term loans, including impact of derivatives | $ | 3,429 |  |  | $ | 3,405 |  |  | $ | 10,194 |  |  | $ | 10,311 |
| Senior notes | 3,202 |  |  | 3,202 |  |  | 9,604 |  |  | 9,604 |
| Mortgages payable | 2,158 |  |  | 1,674 |  |  | 6,825 |  |  | 4,833 |
| Line of credit facility fees | 135 |  |  | 133 |  |  | 450 |  |  | 464 |
| Capitalized interest | (21) |  |  | (26) |  |  | (71) |  |  | (57) |
| Amortization of debt discounts and financing costs | 567 |  |  | 1,167 |  |  | 1,742 |  |  | 3,286 |
| Total interest expense, net | $ | 9,470 |  |  | $ | 9,555 |  |  | $ | 28,744 |  |  | $ | 28,441 |
Other income and expense, net |  |  |  |  |  |  |
| Interest on cash and cash equivalents | $ | 356 |  |  | $ | 859 |  |  | $ | 1,638 |  |  | $ | 2,046 |
| Income tax expense | (138) |  |  | (128) |  |  | (403) |  |  | (388) |
| Miscellaneous and settlement income | (21) |  |  | (55) |  |  | 275 |  |  | 109 |
| Total other income and expense, net | $ | 197 |  |  | $ | 676 |  |  | $ | 1,510 |  |  | $ | 1,767 |

* Component of Net Operating Income

5 | Supplemental - Quarter Ended September 30, 2024 |

| Reconciliation of Non-GAAP Measures
In thousands

Same Property NOI

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Income |  |  |  |  |  |  |
Minimum base rent | $ | 42,809 |  |  | $ | 41,481 |  |  | $ | 116,321 |  |  | $ | 113,761 |
Real estate tax recoveries | 8,214 |  |  | 7,798 |  |  | 22,886 |  |  | 22,749 |
Common area maintenance, insurance, and other recoveries | 8,212 |  |  | 7,885 |  |  | 21,924 |  |  | 20,746 |
Ground rent income | 4,715 |  |  | 4,762 |  |  | 11,634 |  |  | 11,735 |
Short-term and other lease income | 799 |  |  | 691 |  |  | 2,706 |  |  | 2,575 |
Reversal of (provision for) uncollectible billed rent and recoveries, net | 162 |  |  | (491) |  |  | (55) |  |  | (366) |
Other property income | 374 |  |  | 346 |  |  | 936 |  |  | 978 |
Total income | 65,285 |  |  | 62,472 |  |  | 176,352 |  |  | 172,178 |
Operating Expenses |  |  |  |  |  |  |
Property operating | 10,691 |  |  | 10,981 |  |  | 27,518 |  |  | 28,072 |
Real estate taxes | 9,083 |  |  | 8,771 |  |  | 25,046 |  |  | 25,342 |
Total operating expenses | 19,774 |  |  | 19,752 |  |  | 52,564 |  |  | 53,414 |
Same Property NOI | $ | 45,511 |  |  | $ | 42,720 |  |  | $ | 123,788 |  |  | $ | 118,764 |

% Change | 6.5 | % |  |  |  | 4.2 | % |  |
Same Property count | 62 |  |  |  | 57 |  |

Net (Loss) Income to Same Property NOI

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Net (loss) income | $ | (539) |  |  | $ | (822) |  |  | $ | 3,859 |  |  | $ | 2,379 |
Adjustments to reconcile to non-GAAP metrics: |  |  |  |  |  |  |
Other income and expense, net | (197) |  |  | (676) |  |  | (1,510) |  |  | (1,767) |
Equity in (earnings) losses of unconsolidated entities | — |  |  | (67) |  |  | — |  |  | 447 |
Interest expense, net | 9,470 |  |  | 9,555 |  |  | 28,744 |  |  | 28,441 |
Gain on sale of investment properties | (334) |  |  | (1,707) |  |  | (334) |  |  | (2,691) |
Impairment of real estate assets | 3,854 |  |  | — |  |  | 3,854 |  |  | — |
Depreciation and amortization | 28,134 |  |  | 30,318 |  |  | 85,092 |  |  | 85,339 |
General and administrative | 8,133 |  |  | 7,610 |  |  | 24,768 |  |  | 23,389 |
Other fee income | — |  |  | — |  |  | — |  |  | (80) |
Adjustments to NOI (a) | (1,626) |  |  | (1,434) |  |  | (6,056) |  |  | (6,028) |
NOI | 46,895 |  |  | 42,777 |  |  | 138,417 |  |  | 129,429 |
NOI from other investment properties | (1,384) |  |  | (57) |  |  | (14,629) |  |  | (10,665) |
Same Property NOI | $ | 45,511 |  |  | $ | 42,720 |  |  | $ | 123,788 |  |  | $ | 118,764 |

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

6 | Supplemental - Quarter Ended September 30, 2024 |

| Reconciliation of Non-GAAP Measures, continued
In thousands

Nareit FFO and Core FFO

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Net (loss) income | $ | (539) |  |  | $ | (822) |  |  | $ | 3,859 |  |  | $ | 2,379 |
Depreciation and amortization of real estate assets | 27,923 |  |  | 30,094 |  |  | 84,439 |  |  | 84,714 |
Impairment of real estate assets | 3,854 |  |  | — |  |  | 3,854 |  |  | — |
Gain on sale of investment properties | (334) |  |  | (1,707) |  |  | (334) |  |  | (2,691) |
Unconsolidated joint venture adjustments (a) | — |  |  | — |  |  | — |  |  | 342 |
Nareit FFO Applicable to Common Shares and Dilutive Securities | 30,904 |  |  | 27,565 |  |  | 91,818 |  |  | 84,744 |
Amortization of market lease intangibles and inducements, net | (831) |  |  | (629) |  |  | (2,064) |  |  | (2,717) |
Straight-line rent adjustments, net | (765) |  |  | (730) |  |  | (2,652) |  |  | (2,492) |
Amortization of debt discounts and financing costs | 567 |  |  | 1,167 |  |  | 1,742 |  |  | 3,286 |
Depreciation and amortization of corporate assets | 211 |  |  | 224 |  |  | 653 |  |  | 625 |
Non-operating income and expense, net (b) | 21 |  |  | 55 |  |  | (275) |  |  | 791 |
Unconsolidated joint venture adjustments (c) | — |  |  | (10) |  |  | — |  |  | (172) |
Core FFO Applicable to Common Shares and Dilutive Securities | $ | 30,107 |  |  | $ | 27,642 |  |  | $ | 89,222 |  |  | $ | 84,065 |
Weighted average common shares outstanding - basic | 68,526,238 |  |  | 67,531,335 |  |  | 68,101,901 |  |  | 67,521,110 |
Dilutive effect of unvested restricted shares (d) | — |  |  | — |  |  | 557,418 |  |  | 199,375 |
Weighted average common shares outstanding - diluted | 68,526,238 |  |  | 67,531,335 |  |  | 68,659,319 |  |  | 67,720,485 |
Net (loss) income per diluted share | $ | (0.01) |  |  | $ | (0.01) |  |  | $ | 0.06 |  |  | $ | 0.04 |
Nareit FFO per diluted share | $ | 0.45 |  |  | $ | 0.41 |  |  | $ | 1.34 |  |  | $ | 1.25 |
Core FFO per diluted share | $ | 0.44 |  |  | $ | 0.41 |  |  | $ | 1.30 |  |  | $ | 1.24 |

(a)Reflects the Company’s share of adjustments for IAGM's Nareit FFO on the same basis as InvenTrust.
(b)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four remaining properties of IAGM in 2023.
(c)Reflects the Company’s share of adjustments for IAGM's Core FFO on the same basis as InvenTrust.
(d)For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator 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
| 2024 |  | 2023 |  | 2024 |  | 2023
Net (loss) income | $ | (539) |  |  | $ | (822) |  |  | $ | 3,859 |  |  | $ | 2,379 |
Interest expense, net | 9,470 |  |  | 9,555 |  |  | 28,744 |  |  | 28,441 |
Income tax expense | 138 |  |  | 128 |  |  | 403 |  |  | 388 |
Depreciation and amortization | 28,134 |  |  | 30,318 |  |  | 85,092 |  |  | 85,339 |
Unconsolidated joint venture adjustments (a) | — |  |  | (6) |  |  | — |  |  | 417 |
EBITDA | 37,203 |  |  | 39,173 |  |  | 118,098 |  |  | 116,964 |
Impairment of real estate assets | 3,854 |  |  | — |  |  | 3,854 |  |  | — |
Gain on sale of investment properties | (334) |  |  | (1,707) |  |  | (334) |  |  | (2,691) |
Amortization of market-lease intangibles and inducements, net | (831) |  |  | (629) |  |  | (2,064) |  |  | (2,717) |
Straight-line rent adjustments, net | (765) |  |  | (730) |  |  | (2,652) |  |  | (2,492) |
Non-operating income and expense, net (b) | 21 |  |  | 55 |  |  | (275) |  |  | 791 |
Unconsolidated joint venture adjustments (c) | — |  |  | (10) |  |  | — |  |  | (188) |
Adjusted EBITDA | $ | 39,148 |  |  | $ | 36,152 |  |  | $ | 116,627 |  |  | $ | 109,667 |

(a)Reflects the Company's share of adjustments for IAGM's EBITDA on the same basis as InvenTrust.
(b)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four remaining properties of IAGM in 2023.
(c)Reflects the Company's share of adjustments for IAGM's Adjusted EBITDA on the same basis as InvenTrust.

7 | Supplemental - Quarter Ended September 30, 2024 |

| Summary of Outstanding Debt
In thousands

| Balance as of Sept. 30, 2024 |  | Proportion of Total Debt |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate secured debt | $ | 93,380 |  |  | 13% |  | 3.97% |  | 2.9
Fixed rate unsecured debt | 650,000 |  |  | 87% |  | 4.04% |  | 3.7
Discounts and issuance costs, net | (3,271) |  |  | n/a |  | n/a |  | n/a
Total debt, net | $ | 740,109 |  |  | 100% |  | 4.03% |  | 3.6

Schedule of Maturities by Year |  |
| Fixed Rate |  | Total Debt, net
Maturity Year | Secured Debt |  | Unsecured Debt |
2024 | $ | — |  |  | $ | — |  |  | $ | — |
2025 | 35,880 |  |  | — |  |  | 35,880 |
2026 | — |  |  | 200,000 |  |  | 200,000 |
2027 | 26,000 |  |  | 200,000 |  |  | 226,000 |
2028 | — |  |  | — |  |  | — |
Thereafter | 31,500 |  |  | 250,000 |  |  | 281,500 |
Discounts and issuance costs, net | (365) |  |  | (2,906) |  |  | (3,271) |
Total | $ | 93,015 |  |  | $ | 647,094 |  |  | $ | 740,109 |

Debt Maturities

| Maturity Date |  | Interest Rate |  |  |  | Balance
Mortgages Payable |  |  |  |  |  |  |
The Plant | 5/10/2025 |  | 3.97% |  |  |  | $ | 13,000 |
The Highlands of Flower Mound | 12/1/2025 |  | 3.88% |  |  |  | 22,880 |
Escarpment Village | 7/1/2027 |  | 3.86% |  |  |  | 26,000 |
Shops at Arbor Trails | 12/5/2029 |  | 4.12% |  |  |  | 31,500 |
Total |  |  | 3.97% |  |  |  | 93,380 |
Term Loan |  |  |  |  |  |  |
$200.0 million 5 years | 9/22/2026 |  | 2.81% (a) |  |  |  | 100,000 |
$200.0 million 5 years | 9/22/2026 |  | 2.81% (a) |  |  |  | 100,000 |
$200.0 million 5.5 years | 3/22/2027 |  | 2.78% (a) |  |  |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | 2.84% (a) |  |  |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | 4.99% (a) |  |  |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |
Senior Notes |  |  |  |  |  |  |
$150.0 million Series A Notes | 8/11/2029 |  | 5.07% |  |  |  | 150,000 |
$100.0 million Series B Notes | 8/11/2032 |  | 5.20% |  |  |  | 100,000 |
Total |  |  |  |  |  |  | 250,000 |
Grand total |  |  | 4.03% |  |  |  | $ | 743,380 |

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

8 | Supplemental - Quarter Ended September 30, 2024 |

| 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 2024 |  | Q2 2024 |  | Q1 2024 |  | Q4 2023
Leverage Ratio |  | < 60.0% |  | < 60.0% |  | 24.0% |  | 28.4% |  | 29.2% |  | 29.0%
Fixed Charge Coverage Ratio |  | > 1.50 |  | > 1.50 |  | 4.29 |  | 4.25 |  | 4.32 |  | 4.27
Maximum Dividend Payout |  | < 95% |  | N/A |  | 48.9% |  | 49.5% |  | 49.2% |  | 49.8%
Maximum Secured Recourse Debt |  | < 10% of Total Asset Value |  | < 10% of Total Asset Value |  | —% |  | —% |  | —% |  | —%
Unsecured Interest Coverage Ratio |  | > 1.75 |  | > 1.75 |  | 6.28 |  | 5.78 |  | 5.62 |  | 5.53
Unsecured Leverage Ratio |  | < 60% |  | < 60% |  | 24.5% |  | 26.8% |  | 28.0% |  | 28.2%

Interest Rate Swaps
As of September 30, 2024, the Company is party to five effective interest rate swap agreements which achieve fixed interest rates through the maturity dates of the Amended Term Loan Agreement.

Effective Interest Rate Swaps |  | Notional Amount |  | Company Receives Variable Rate of |  | Company Pays Fixed Rate of |  | Fixed Rate Achieved |  | Effective Date |  | Maturity Date
5.5 year term loan |  | $ | 100,000 |  |  | 1-Month SOFR |  | 3.69% |  | 4.99% |  | 4/3/2023 |  | 3/22/2027
5 year term loan |  | 100,000 |  |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | 12/21/2023 |  | 9/22/2026
5 year term loan |  | 100,000 |  |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | 12/21/2023 |  | 9/22/2026
5.5 year term loan |  | 50,000 |  |  | 1-Month SOFR |  | 1.54% |  | 2.84% |  | 6/21/2024 |  | 3/22/2027
5.5 year term loan |  | 50,000 |  |  | 1-Month SOFR |  | 1.48% |  | 2.78% |  | 6/21/2024 |  | 3/22/2027
|  | $ | 400,000 |  |  |  |  |  |  |  |  |  |  |

Capital Investments and Leasing Costs

| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Tenant improvements | $ | 2,475 |  |  | $ | 2,232 |  |  | $ | 7,936 |  |  | $ | 5,687 |
Leasing costs | 979 |  |  | 678 |  |  | 2,632 |  |  | 2,518 |
Property improvements | 2,200 |  |  | 5,278 |  |  | 6,652 |  |  | 13,626 |
Capitalized indirect costs (a) | 361 |  |  | 429 |  |  | 1,178 |  |  | 1,318 |
Total capital expenditures and leasing costs | 6,015 |  |  | 8,617 |  |  | 18,398 |  |  | 23,149 |
Development and redevelopment direct costs | 2,773 |  |  | 328 |  |  | 6,410 |  |  | 2,510 |
Development and redevelopment indirect costs (a) | 304 |  |  | 210 |  |  | 804 |  |  | 650 |
Capital investments and leasing costs (b) | $ | 9,092 |  |  | $ | 9,155 |  |  | $ | 25,612 |  |  | $ | 26,309 |

(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.
(b)As of September 30, 2024 and 2023, total accrued capital investments and leasing costs were $5,008 and $3,836, respectively.

9 | Supplemental - Quarter Ended September 30, 2024 |

| 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 |  | 97.9 | % |  | $ | 33,458 |  |  | $ | 16.91 |  |  | 17.0 | % |  | 2,057 |  | 19.5 | %
Houston-Sugar Land-Baytown, TX |  | 6 |  | 94.4 | % |  | 21,428 |  |  | 16.36 |  | 10.9 | % |  | 1,409 |  | 13.4 | %
Atlanta Metro Area, GA |  | 10 |  | 97.0 | % |  | 20,856 |  |  | 20.82 |  | 10.5 | % |  | 1,069 |  | 10.2 | %
Miami-Fort Lauderdale-Miami Beach, FL |  | 3 |  | 98.2 | % |  | 19,880 |  |  | 23.76 |  | 10.1 | % |  | 859 |  | 8.1 | %
Dallas-Fort Worth-Arlington, TX |  | 7 |  | 98.0 | % |  | 18,522 |  |  | 20.39 |  | 9.4 | % |  | 941 |  | 8.9 | %
Raleigh-Cary-Durham, NC |  | 5 |  | 95.1 | % |  | 13,233 |  |  | 20.30 |  | 6.7 | % |  | 688 |  | 6.5 | %
So. California - Los Angeles, CA |  | 3 |  | 95.3 | % |  | 11,159 |  |  | 20.98 |  | 5.7 | % |  | 579 |  | 5.5 | %
Orlando-Kissimmee, FL |  | 4 |  | 98.9 | % |  | 10,266 |  |  | 25.49 |  | 5.2 | % |  | 411 |  | 3.9 | %
Charlotte-Gastonia-Concord, NC |  | 4 |  | 98.7 | % |  | 9,794 |  |  | 20.43 |  | 5.0 | % |  | 515 |  | 4.9 | %
Tampa-St. Petersburg, FL |  | 3 |  | 97.1 | % |  | 8,786 |  |  | 13.46 |  | 4.5 | % |  | 752 |  | 7.1 | %
San Antonio, TX |  | 2 |  | 94.5 | % |  | 6,516 |  |  | 26.79 |  | 3.3 | % |  | 261 |  | 2.5 | %
Washington D.C., MD |  | 2 |  | 94.2 | % |  | 5,890 |  |  | 36.33 |  | 3.0 | % |  | 181 |  | 1.7 | %
So. California - San Diego, CA |  | 2 |  | 98.0 | % |  | 5,755 |  |  | 26.29 |  | 2.9 | % |  | 225 |  | 2.1 | %
So. California - Inland Empire, CA |  | 2 |  | 98.4 | % |  | 5,149 |  |  | 24.25 |  | 2.6 | % |  | 246 |  | 2.3 | %
Phoenix, AZ |  | 2 |  | 99.1 | % |  | 3,001 |  |  | 25.26 |  | 1.5 | % |  | 123 |  | 1.2 | %
Richmond, VA |  | 1 |  | 98.4 | % |  | 2,756 |  |  | 16.37 |  | 1.4 | % |  | 171 |  | 1.6 | %
Cape Coral-Fort Myers, FL |  | 1 |  | 98.0 | % |  | 614 |  |  | 10.15 |  | 0.3 | % |  | 63 |  | 0.6 | %
Total |  | 65 |  | 97.0 | % |  | $ | 197,063 |  |  | $ | 19.83 |  |  | 100 | % |  | 10,550 |  | 100 | %

State |  | No. of Properties |  | Leased Occupancy |  | ABR |  | ABR psf |  | ABR as % of Total |  | GLA |  | GLA as % of Total
Texas |  | 23 |  | 96.7 | % |  | $ | 79,924 |  |  | $ | 18.00 |  |  | 40.6 | % |  | 4,668 |  | 44.3 | %
Florida |  | 11 |  | 97.9 | % |  | 39,546 |  |  | 20.25 |  | 20.1 | % |  | 2,085 |  | 19.7 | %
North Carolina |  | 9 |  | 96.7 | % |  | 23,027 |  |  | 20.36 |  | 11.7 | % |  | 1,203 |  | 11.4 | %
California |  | 7 |  | 96.6 | % |  | 22,063 |  |  | 22.90 |  | 11.2 | % |  | 1,050 |  | 9.9 | %
Georgia |  | 10 |  | 97.0 | % |  | 20,856 |  |  | 20.82 |  | 10.5 | % |  | 1,069 |  | 10.2 | %
Maryland |  | 2 |  | 94.2 | % |  | 5,890 |  |  | 36.33 |  | 3.0 | % |  | 181 |  | 1.7 | %
Arizona |  | 2 |  | 99.1 | % |  | 3,001 |  |  | 25.26 |  | 1.5 | % |  | 123 |  | 1.2 | %
Virginia |  | 1 |  | 98.4 | % |  | 2,756 |  |  | 16.37 |  | 1.4 | % |  | 171 |  | 1.6 | %
Total |  | 65 |  | 97.0 | % |  | $ | 197,063 |  |  | $ | 19.83 |  |  | 100 | % |  | 10,550 |  | 100 | %

Tenant type |  | Economic Occupancy |  | Leased Occupancy |  | ABR |  | ABR PSF |  | GLA
20,000 SF+ (a) |  | 97.8 | % |  | 100 | % |  | $ | 63,855 |  |  | $ | 11.41 |  |  | 5,726 |
10,000 - 19,999 SF (a) |  | 93.5 | % |  | 98.9 | % |  | 18,768 |  |  | 20.26 |  |  | 990 |
5,000 - 9,999 SF (b) |  | 86.8 | % |  | 92.7 | % |  | 17,678 |  |  | 27.30 |  |  | 746 |
1 - 4,999 SF (b) |  | 89.6 | % |  | 91.8 | % |  | 96,762 |  |  | 34.95 |  |  | 3,088 |
Total |  | 94.2 | % |  | 97.0 | % |  | $ | 197,063 |  |  | $ | 19.83 |  |  | 10,550 |
Anchor Tenants (a) |  | 97.1 | % |  | 99.8 | % |  | $ | 82,623 |  |  | $ | 12.67 |  |  | 6,716 |
Small Shops (b) |  | 89.1 | % |  | 92.0 | % |  | $ | 114,440 |  |  | $ | 33.50 |  |  | 3,834 |

(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 Ended September 30, 2024 |

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

| Parent Name |  | Tenant Name/Count |  | Credit Rating (a) |  | No. of Leases |  | ABR |  | % of Total ABR |  | GLA |  | % of Total Occ.GLA
1 | Kroger |  | Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / Ralphs 3 |  | BBB |  | 15 |  | $ | 9,676 |  |  | 4.9 | % |  | 864 |  | 8.2 | %
2 | Publix Super Markets, Inc. |  | Publix 12 / Publix Liquor 3 |  | N/A |  | 15 |  | 6,926 |  |  | 3.5 | % |  | 581 |  | 5.5 | %
3 | TJX Companies |  | Marshalls 7 / HomeGoods 5 / TJ Maxx 2 |  | A |  | 14 |  | 4,907 |  |  | 2.5 | % |  | 399 |  | 3.8 | %
4 | Albertson's |  | Tom Thumb 2 / Market Street 2 / Safeway 1 / Albertsons 1 |  | BB+ |  | 6 |  | 4,359 |  |  | 2.2 | % |  | 365 |  | 3.5 | %
5 | H.E.B. |  | H.E.B. 4 / H.E.B. Staff Office 1 |  | N/A |  | 5 |  | 4,257 |  |  | 2.2 | % |  | 447 |  | 4.2 | %
6 | Amazon, Inc. |  | Whole Foods Market 5 |  | AA |  | 5 |  | 2,701 |  |  | 1.4 | % |  | 194 |  | 1.8 | %
7 | BC Partners |  | PetSmart 7 |  | B+ |  | 7 |  | 2,520 |  |  | 1.3 | % |  | 151 |  | 1.4 | %
8 | Apollo Global Management, Inc. |  | Michaels 7 |  | B- |  | 7 |  | 2,428 |  |  | 1.2 | % |  | 175 |  | 1.7 | %
9 | Best Buy |  |  |  | BBB+ |  | 4 |  | 2,270 |  |  | 1.2 | % |  | 138 |  | 1.3 | %
10 | Ulta Beauty Inc. |  |  |  | N/A |  | 8 |  | 2,050 |  |  | 1.0 | % |  | 83 |  | 0.8 | %
11 | Dick's Sporting Goods, Inc. |  | Dick's Sporting Goods 2 / Going, Going, Gone 1 |  | BBB |  | 3 |  | 1,876 |  |  | 1.0 | % |  | 171 |  | 1.6 | %
12 | Trader Joe's |  |  |  | N/A |  | 4 |  | 1,838 |  |  | 0.9 | % |  | 51 |  | 0.5 | %
13 | Sprouts Farmers Market |  |  |  | N/A |  | 3 |  | 1,798 |  |  | 0.9 | % |  | 85 |  | 0.8 | %
14 | Costco Wholesale |  |  |  | A+ |  | 2 |  | 1,735 |  |  | 0.9 | % |  | 298 |  | 2.8 | %
15 | Five Below, Inc. |  |  |  | N/A |  | 9 |  | 1,707 |  |  | 0.9 | % |  | 86 |  | 0.8 | %
16 | Ross Dress For Less |  |  |  | BBB+ |  | 4 |  | 1,500 |  |  | 0.8 | % |  | 120 |  | 1.1 | %
17 | Bank of America |  |  |  | A- |  | 6 |  | 1,450 |  |  | 0.7 | % |  | 34 |  | 0.3 | %
18 | Wells Fargo |  |  |  | BBB+ |  | 8 |  | 1,387 |  |  | 0.7 | % |  | 33 |  | 0.3 | %
19 | Petco Health and Wellness Company, Inc. |  |  |  | B |  | 6 |  | 1,364 |  |  | 0.7 | % |  | 79 |  | 0.7 | %
20 | Truist Bank |  |  |  | A |  | 6 |  | 1,262 |  |  | 0.6 | % |  | 28 |  | 0.3 | %
21 | Starbucks Corporation |  |  |  | BBB+ |  | 15 |  | 1,259 |  |  | 0.6 | % |  | 29 |  | 0.3 | %
22 | Massage Envy |  |  |  | N/A |  | 11 |  | 1,244 |  |  | 0.6 | % |  | 37 |  | 0.4 | %
23 | Xponential Fitness |  | Club Pilates 7 / StretchLab 4 / CycleBar 2 / Pure Barre 3 /YogaSix 2 / Rumble 1 |  | N/A |  | 19 |  | 1,243 |  |  | 0.6 | % |  | 36 |  | 0.3 | %
24 | Kingswood Capital Management |  | World Market 5 |  | N/A |  | 5 |  | 1,236 |  |  | 0.6 | % |  | 91 |  | 0.9 | %
25 | DSW, Inc. |  |  |  | N/A |  | 4 |  | 1,234 |  |  | 0.6 | % |  | 73 |  | 0.7 | %
| Totals |  |  |  |  |  | 191 |  | $ | 64,227 |  |  | 32.5 | % |  | 4,648 |  | 44.0 | %

(a) Reflects the most recently available S&P credit rating.
Tenant Merchandise Mix

Tenant Category |  | ABR |  | % of Total ABR
Grocery / Drug |  | $ | 38,826 |  |  | 19.6 | %
Quick Service Restaurants |  | 24,937 |  | 12.7 | %
Personal Health and Beauty Services |  | 22,067 |  | 11.2 | %
Medical |  | 18,170 |  | 9.2 | %
Full Service Restaurants |  | 16,957 |  | 8.6 | %
Off Price |  | 10,048 |  | 5.1 | %
Apparel / Accessories |  | 9,556 |  | 4.8 | %
Banks |  | 8,628 |  | 4.4 | %
Fitness |  | 7,945 |  | 4.0 | %
Pets |  | 6,622 |  | 3.4 | %
Office / Communications |  | 6,173 |  | 3.1 | %
Hobby / Sports |  | 6,050 |  | 3.1 | %
Home |  | 5,076 |  | 2.6 | %
Other |  | 5,044 |  | 2.6 | %
Other Essential Retail / Services |  | 4,785 |  | 2.4 | %
Office (Non Financial, Non-Medical) |  | 2,703 |  | 1.4 | %
Entertainment |  | 1,943 |  | 1.0 | %
Hardware / Auto |  | 1,533 |  | 0.8 | %
|  | $ | 197,063 |  |  | 100 | %

11 | Supplemental - Quarter Ended September 30, 2024 |

| Comparable and Non-Comparable Lease Statistics
GLA in thousands

The Company's Retail Portfolio had 932 thousand square feet expiring during the nine months ended September 30, 2024, of which 868 thousand square feet was re-leased. This achieved a retention rate of approximately 93%. The following tables summarize the activity for leases that were executed during the nine months ended September 30, 2024.

For the nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |
| No. of Leases Executed |  | GLA |  | New Contractual Rent ($PSF) (a) |  | Prior Contractual Rent ($PSF) (a) |  | % Change over Prior Lease Rent (a) |  | Weighted Average Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
All Tenants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comparable Renewal Leases | 112 |  | 810 |  | $20.87 |  | $19.03 |  | 9.7% |  | 5.4 |  | $0.05 |  | $—
Comparable New Leases | 19 |  | 88 |  | 26.87 |  | 23.31 |  | 15.3% |  | 10.2 |  | 31.80 |  | 12.78
Non-Comparable Renewal and New Leases | 29 |  | 196 |  | 17.33 |  | N/A |  | N/A |  | 7.6 |  | 13.29 |  | 7.43
Total | 160 |  | 1,094 |  | $21.46 |  | $19.44 |  | 10.4% |  | 6.2 |  | $4.97 |  | $2.36
(a)Non-comparable leases are not included in totals.
Trailing Four Quarters ended September 30, 2024 |  |  |  |  |  |  |  |  |  |
| No. of Leases Executed |  | GLA |  | New Contractual Rent ($PSF) |  | Prior Contractual Rent ($PSF) |  | % Change over Prior Lease Rent |  | Weighted Average Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Comparable Leases |  |  |  |  |  |  |  |  |  |  |  |
Total New and Renewal Leases |  |  |  |  |  |  |  |  |  |  |  |
Q3 2024 | 48 |  | 403 |  | $18.26 |  | $16.63 |  | 9.8% |  | 6.2 |  | $2.89 |  | $1.30
Q2 2024 | 49 |  | 330 |  | 22.43 |  | 20.33 |  | 10.3% |  | 5.3 |  | 0.97 |  | 0.82
Q1 2024 | 34 |  | 165 |  | 27.28 |  | 24.54 |  | 11.2% |  | 6.1 |  | 8.14 |  | 1.97
Q4 2023 | 68 |  | 429 |  | 20.21 |  | 17.74 |  | 13.9% |  | 6.5 |  | 7.97 |  | 3.00
Total | 199 |  | 1,327 |  | $21.05 |  | $18.89 |  | 11.4% |  | 6.1 |  | $4.17 |  | $1.81
| No. of Leases Executed |  | GLA |  | New Contractual Rent ($PSF) |  | Prior Contractual Rent ($PSF) |  | % Change over Prior Lease Rent |  | Weighted Average Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
New Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q3 2024 | 9 |  | 39 |  | $26.42 |  | $23.14 |  | 14.2% |  | 9.9 |  | $29.13 |  | $13.55
Q2 2024 | 7 |  | 17 |  | 41.05 |  | 37.33 |  | 10.0% |  | 10.1 |  | 18.57 |  | 15.80
Q1 2024 | 3 |  | 32 |  | 19.77 |  | 15.90 |  | 24.3% |  | 10.5 |  | 42.18 |  | 10.21
Q4 2023 | 15 |  | 112 |  | 21.40 |  | 15.98 |  | 33.9% |  | 10.7 |  | 29.75 |  | 11.26
Total | 34 |  | 200 |  | $23.81 |  | $19.18 |  | 24.1% |  | 10.5 |  | $30.65 |  | $11.93
| No. of Leases Executed |  | GLA |  | New Contractual Rent ($PSF) |  | Prior Contractual Rent ($PSF) |  | % Change over Prior Lease Rent |  | Weighted Average Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Renewals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q3 2024 | 39 |  | 364 |  | $17.40 |  | $15.94 |  | 9.2% |  | 5.8 |  | $0.11 |  | $—
Q2 2024 | 42 |  | 313 |  | 21.41 |  | 19.40 |  | 10.4% |  | 5.0 |  | — |  | —
Q1 2024 | 31 |  | 133 |  | 29.08 |  | 26.59 |  | 9.4% |  | 5.0 |  | — |  | —
Q4 2023 | 53 |  | 317 |  | 19.79 |  | 18.37 |  | 7.7% |  | 5.0 |  | 0.29 |  | 0.08
Total | 165 |  | 1,127 |  | $20.56 |  | $18.84 |  | 9.1% |  | 5.3 |  | $0.12 |  | $0.02
| No. of Leases Executed |  | GLA |  | New Contractual Rent ($PSF) |  |  |  |  |  | Weighted Average Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Non-Comparable Leases
Q3 2024 | 11 |  | 66 |  | $27.47 |  |  |  |  |  | 10.0 |  | $15.10 |  | $13.98
Q2 2024 | 11 |  | 115 |  | 8.55 |  |  |  |  |  | 6.4 |  | 10.92 |  | 3.17
Q1 2024 | 7 |  | 15 |  | 39.61 |  |  |  |  |  | 6.5 |  | 23.50 |  | 10.93
Q4 2023 | 18 |  | 124 |  | 16.26 |  |  |  |  |  | 5.2 |  | 13.93 |  | 5.51
Total | 47 |  | 320 |  | $16.92 |  |  |  |  |  | 6.7 |  | $13.54 |  | $6.68

12 | Supplemental - Quarter Ended September 30, 2024 |

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

|  | Lease Expiration Year |  | No. of Expiring Leases |  | GLA of Expiring Leases |  | Percent of Total GLA of Expiring Leases |  | ABR of Expiring Leases |  | Percent of Total ABR |  | Expiring ABR PSF (a)
Anchor Tenants |  |  |  |  |  |  |  |  |  |  |  |
|  | 2024 |  | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | –
|  | 2025 |  | 12 |  |  | 517 |  |  | 7.9 | % |  | 5,290 |  |  | 6.2 | % |  | $10.23
|  | 2026 |  | 14 |  |  | 430 |  |  | 6.6 | % |  | 5,783 |  |  | 6.8 | % |  | 13.45 |
|  | 2027 |  | 41 |  |  | 1,369 |  |  | 21.0 | % |  | 19,990 |  |  | 23.4 | % |  | 14.60 |
|  | 2028 |  | 24 |  |  | 579 |  |  | 8.9 | % |  | 8,612 |  |  | 10.1 | % |  | 14.87 |
|  | 2029 |  | 31 |  |  | 912 |  |  | 14.0 | % |  | 11,704 |  |  | 13.7 | % |  | 12.83 |
|  | 2030 |  | 17 |  |  | 531 |  |  | 8.1 | % |  | 7,125 |  |  | 8.3 | % |  | 13.42 |
|  | 2031 |  | 8 |  |  | 349 |  |  | 5.4 | % |  | 3,494 |  |  | 4.1 | % |  | 10.01 |
|  | 2032 |  | 9 |  |  | 345 |  |  | 5.3 | % |  | 4,537 |  |  | 5.3 | % |  | 13.15 |
|  | 2033 |  | 8 |  |  | 250 |  |  | 3.8 | % |  | 3,700 |  |  | 4.3 | % |  | 14.80 |
|  | Thereafter |  | 27 |  |  | 1,241 |  |  | 19.0 | % |  | 15,216 |  |  | 17.8 | % |  | 12.26 |
|  | Other (b) |  | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
|  | Totals |  | 191 |  |  | 6,523 |  |  | 100 | % |  | $ | 85,451 |  |  | 100 | % |  | $13.10
|  | Vacant space |  |  |  | 193 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 6,716 |  |  |  |  |  |  |  |  |
Small Shops |  |  |  |  |  |  |  |  |  |  |  |
|  | 2024 |  | 18 |  |  | 39 |  |  | 1.1 | % |  | 1,213 |  |  | 1.0 | % |  | $31.10
|  | 2025 |  | 136 |  |  | 291 |  |  | 8.5 | % |  | 9,134 |  |  | 7.3 | % |  | 31.39 |
|  | 2026 |  | 204 |  |  | 511 |  |  | 15.0 | % |  | 16,695 |  |  | 13.3 | % |  | 32.67 |
|  | 2027 |  | 239 |  |  | 563 |  |  | 16.5 | % |  | 19,917 |  |  | 15.8 | % |  | 35.38 |
|  | 2028 |  | 207 |  |  | 482 |  |  | 14.1 | % |  | 17,406 |  |  | 13.9 | % |  | 36.11 |
|  | 2029 |  | 186 |  |  | 509 |  |  | 14.9 | % |  | 18,843 |  |  | 15.1 | % |  | 37.02 |
|  | 2030 |  | 89 |  |  | 225 |  |  | 6.6 | % |  | 9,107 |  |  | 7.3 | % |  | 40.48 |
|  | 2031 |  | 75 |  |  | 222 |  |  | 6.5 | % |  | 8,455 |  |  | 6.8 | % |  | 38.09 |
|  | 2032 |  | 79 |  |  | 193 |  |  | 5.7 | % |  | 7,708 |  |  | 6.2 | % |  | 39.94 |
|  | 2033 |  | 54 |  |  | 140 |  |  | 4.1 | % |  | 6,345 |  |  | 5.1 | % |  | 45.32 |
|  | Thereafter |  | 77 |  |  | 227 |  |  | 6.7 | % |  | 9,903 |  |  | 7.9 | % |  | 43.63 |
|  | Other (b) |  | 6 |  |  | 11 |  |  | 0.3 | % |  | 362 |  |  | 0.3 | % |  | 32.91 |
|  | Totals |  | 1,370 |  |  | 3,413 |  |  | 100 | % |  | $ | 125,088 |  |  | 100 | % |  | $36.65
|  | Vacant space |  |  |  | 421 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 3,834 |  |  |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |
|  | 2024 |  | 18 |  |  | 39 |  |  | 0.4 | % |  | $ | 1,213 |  |  | 0.6 | % |  | $31.10
|  | 2025 |  | 148 |  |  | 808 |  |  | 8.1 | % |  | 14,424 |  |  | 6.9 | % |  | 17.85 |
|  | 2026 |  | 218 |  |  | 941 |  |  | 9.5 | % |  | 22,478 |  |  | 10.7 | % |  | 23.89 |
|  | 2027 |  | 280 |  |  | 1,932 |  |  | 19.5 | % |  | 39,907 |  |  | 18.8 | % |  | 20.66 |
|  | 2028 |  | 231 |  |  | 1,061 |  |  | 10.7 | % |  | 26,018 |  |  | 12.4 | % |  | 24.52 |
|  | 2029 |  | 217 |  |  | 1,421 |  |  | 14.3 | % |  | 30,547 |  |  | 14.5 | % |  | 21.50 |
|  | 2030 |  | 106 |  |  | 756 |  |  | 7.6 | % |  | 16,232 |  |  | 7.7 | % |  | 21.47 |
|  | 2031 |  | 83 |  |  | 571 |  |  | 5.7 | % |  | 11,949 |  |  | 5.7 | % |  | 20.93 |
|  | 2032 |  | 88 |  |  | 538 |  |  | 5.4 | % |  | 12,245 |  |  | 5.8 | % |  | 22.76 |
|  | 2033 |  | 62 |  |  | 390 |  |  | 3.9 | % |  | 10,045 |  |  | 4.8 | % |  | 25.76 |
|  | Thereafter |  | 104 |  |  | 1,468 |  |  | 14.8 | % |  | 25,119 |  |  | 11.9 | % |  | 17.11 |
|  | Other (b) |  | 6 |  |  | 11 |  |  | 0.1 | % |  | 362 |  |  | 0.2 | % |  | 32.91 |
|  | Totals |  | 1,561 |  |  | 9,936 |  |  | 100 | % |  | $ | 210,539 |  |  | 100 | % |  | $21.19
|  | Vacant space |  |  |  | 614 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 10,550 |  |  |  |  |  |  |  |  |

(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 Ended September 30, 2024 |

| Acquisitions and Dispositions
Dollars and GLA in thousands

Acquisitions

Date |  | Property Name |  | Market |  | Acquisition Price |  | GLA |  | Leased Occ. |  | Anchor Tenants (a)
2/1/2024 |  | The Plant |  | Phoenix, AZ |  | $ | 29,500 |  |  | 57 |  | 100% |  | Sprouts Farmers Market
4/9/2024 |  | Moores Mill |  | Atlanta Metro Area, GA |  | 28,000 |  |  | 70 |  | 100% |  | Publix
6/13/2024 |  | Maguire Groves (b) |  | Orlando-Kissimmee, FL |  | 16,100 |  |  | 33 |  | 100% |  | Publix
8/6/2024 |  | Scottsdale North Marketplace |  | Phoenix, AZ |  | 23,000 |  |  | 66 |  | 98.4% |  | AJ's Fine Foods
|  |  |  |  |  | $ | 96,600 |  |  | 226 |  |  |  |

(a)Grocers listed first and bolded.
(b)Maguire Groves is a 33,000 square foot neighborhood center immediately adjacent to Plantation Grove, a Publix anchored neighborhood center wholly-owned by InvenTrust, in Ocoee, Florida.
Dispositions

Date |  | Property Name |  | Market |  | Disposition Price |  | GLA |  | Leased Occ. |  | Anchor Tenants (a)
7/22/2024 |  | Eldridge Town Center & Windermere Village (a) |  | Houston, TX |  | $ | 602 |  |  | — |  | —% |  | N/A

(a)This disposition was related to the completion of a partial condemnation at one retail property.

14 | Supplemental - Quarter Ended September 30, 2024 |

| Development Pipeline
In thousands

Active Redevelopments |  |  |  |  |  | Estimated Completion Quarter (a) |  | Projected Incremental Costs |  | Costs to Date |  | Estimated Incremental Yield on Cost
Property |  | Market |  | Project Description |  |  |  |
Antoine Town Center |  | Houston-Sugar Land-Baytown, TX |  | New development, including addition of an outparcel building with a drive-through. |  | 4Q - 2024 |  | $ | 300 |  |  | $ | 200 |  |  |
Sarasota Pavilion |  | Tampa-St. Petersburg, FL |  | Redevelopment and remerchandising of a former anchor space into new tenant spaces, including an 18,000 square foot anchor space, a 14,000 square foot anchor space, and additional small shop space. |  | 1Q - 2025 |  | 6,800 |  |  | 4,400 |  |  |
Sandy Plains Centre |  | Atlanta Metro Area, GA |  | Redevelopment and expansion to accommodate a 10,000 square foot swim school and additional small shop space. |  | 4Q - 2025 |  | 3,200 |  |  | 2,000 |  |  |
River Oaks |  | So. California - Los Angeles, CA |  | Redevelopment of an outparcel and common area improvements. |  | 4Q - 2025 |  | 600 |  |  | — |  |  |
Sarasota Pavilion |  | Tampa-St. Petersburg, FL |  | Anchor space repositioning and remerchandising into new tenant spaces, including a 27,000 square foot anchor space and a 5,000 square foot small shop space |  | 1Q - 2026 |  | 8,400 |  |  | 100 |  |  |
Buckhead Crossing |  | Atlanta Metro Area, GA |  | Anchor space repositioning and remerchandising into new tenant spaces, including a 10,000 square foot anchor space and a 7,000 square foot small shop space |  | 2Q - 2026 |  | 5,600 |  |  | 100 |  |  |
Total Redevelopment Costs |  |  |  |  |  | $ | 24,900 |  |  | $ | 6,800 |  |  | 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 |  | Market |  | Project Description |  | Completion Quarter |  | Completed Costs |  |  |  |
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 |  | $ | 1,550 |  |  |  |  |
Buckhead Crossing |  | Atlanta Metro Area, GA |  | Anchor space repositioning |  | 2Q - 2024 |  | 700 |  |  |  |  |
Pavilion at LaQuinta |  | So. California - Inland Empire |  | Redevelopment of a freestanding building. |  | 2Q - 2024 |  | 800 |  |  |  |  |
Potential Developments and Redevelopments |  |  |  |  |  |  |  |
Projects shown below are listed alphabetically, are in various stages of planning, and may or may not commence due to a number of factors. |  |  |  |
Property |  | Market |  | Project Description |  |  |  |  |  |  |  |
Bay Colony |  | Houston-Sugar Land-Baytown, TX |  | Redevelopment of an existing outparcel building.
Bay Landing |  | Cape Coral-Fort Myers, FL |  | New development of building area adjacent to existing stores.
Buckhead Crossing |  | Atlanta Metro Area, GA |  | New development, including addition of an outparcel building. |  |  |  |  |  |  |  |
Campus Marketplace |  | So. California - San Diego, CA |  | Redevelopment of an existing outparcel building.
Custer Creek Village |  | Dallas-Fort Worth-Arlington, TX |  | Redevelopment of an outparcel and common area improvements.
Garden Village |  | So. California - Los Angeles, CA |  | Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs.
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.
Kyle Marketplace |  | Austin-Round Rock, TX |  | New development, including addition of outparcel buildings.
Pavilion at LaQuinta |  | So. California - Inland Empire, CA |  | Anchor repositioning.
Plantation Grove |  | Orlando-Kissimmee, FL |  | Redevelopment and expansion of the shopping center.
River Oaks |  | So. California - Los Angeles, CA |  | Anchor repositioning and expansion.
Sarasota Pavilion |  | Tampa-St. Petersburg, FL |  | Redevelopment of an existing outparcel building. |  |  |  |  |  |  |  |
Shops at Arbor Trails |  | Austin-Round Rock, TX |  | Redevelopment of an outparcel and common area improvements.
The Parke |  | Austin-Round Rock, TX |  | Anchor repositioning and expansion.
Westpark Shopping Center |  | Richmond, VA |  | New development, including addition of outparcel buildings.

15 | Supplemental - Quarter Ended September 30, 2024 |

| Property Summary, by Total Market GLA
GLA in thousands

| Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c)
1 | Escarpment Village | Austin-Round Rock | TX | N | 170 | 100% | $22.21 | Yes | HEB
2 | Kyle Marketplace | Austin-Round Rock | TX | C | 226 | 99.4% | $17.70 | Yes | HEB
3 | Market at Westlake | Austin-Round Rock | TX | N | 30 | 100% | $21.87 | No | Walgreens
4 | Scofield Crossing | Austin-Round Rock | TX | N | 95 | 98.7% | $18.12 | Yes | Hana World Market, Goodwill
5 | Shops at Arbor Trails | Austin-Round Rock | TX | C | 357 | 97.7% | $13.93 | Yes | Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls
6 | Shops at the Galleria | Austin-Round Rock | TX | P | 537 | 94.6% | $14.22 | 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
7 | The Parke | Austin-Round Rock | TX | P | 406 | 99.1% | $16.91 | Yes | Whole Foods Market, Cavender's Boot City, Dick's Sporting Goods, DSW, Five Below, La-Z-Boy Furniture Galleries, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Ulta, World Market
8 | University Oaks | Austin-Round Rock | TX | P | 236 | 100% | $22.15 | No | Crunch Fitness, DSW, IKEA*, J.C. Penney*, Jo-Ann Fabrics, PetSmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods
9 | Custer Creek Village | Dallas-Fort Worth-Arlington | TX | N | 96 | 96.0% | $15.62 | Yes | Tom Thumb
10 | Eldorado Marketplace | Dallas-Fort Worth-Arlington | TX | C | 189 | 100% | $24.01 | Yes | Market Street, PetSmart, Phenix Salon Suites
11 | Prestonwood Town Center | Dallas-Fort Worth-Arlington | TX | P | 236 | 96.5% | $20.54 | Yes | Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta
12 | Riverview Village | Dallas-Fort Worth-Arlington | TX | N | 89 | 100% | $13.39 | Yes | Tom Thumb, Petco
13 | Riverwalk Market | Dallas-Fort Worth-Arlington | TX | N | 90 | 95.6% | $21.64 | Yes | Market Street
14 | Shops at Fairview Town Center | Dallas-Fort Worth-Arlington | TX | N | 66 | 100% | $25.01 | Yes | Whole Foods Market
15 | The Highlands of Flower Mound | Dallas-Fort Worth-Arlington | TX | P | 175 | 98.7% | $20.00 | Yes | Target*, Market by Macy's, Michaels, Party City, Skechers, World Market
16 | Antoine Town Center | Houston-Sugar Land-Baytown | TX | N | 110 | 97.3% | $15.28 | Yes | Kroger
17 | Bay Colony (d) | Houston-Sugar Land-Baytown | TX | C | 415 | 94.2% | $15.70 | Yes | HEB, Kohl's, LA Fitness, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens
18 | Blackhawk Town Center (d) | Houston-Sugar Land-Baytown | TX | N | 127 | 99.1% | $14.04 | Yes | HEB, Walgreens
19 | Cyfair Town Center (d) | Houston-Sugar Land-Baytown | TX | C | 434 | 94.4% | $16.86 | Yes | Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
20 | Eldridge Town Center & Windermere Village | Houston-Sugar Land-Baytown | TX | C | 175 | 91.5% | $18.36 | Yes | Kroger, Kohl's*, Petco
21 | Stables Town Center II (d) | Houston-Sugar Land-Baytown | TX | N | 148 | 92.6% | $17.46 | Yes | Kroger
22 | Sonterra Village | San Antonio | TX | N | 42 | 91.3% | $34.83 | Yes | Trader Joe's
23 | Stone Ridge Market | San Antonio | TX | C | 219 | 95.2% | $25.26 | Yes | HEB Plus*, Burlington, PetSmart
| Total Texas |  |  |  | 4,668 | 96.7% | $18.00 |  |
24 | Bay Landing | Cape Coral - Fort Meyers | FL | N | 63 | 98.0% | $10.15 | Yes | The Fresh Market, HomeGoods
25 | PGA Plaza Palm Beach Gardens | Miami-Ft Lauderdale-Miami Beach | FL | C | 121 | 98.2% | $35.99 | Yes | Trader Joe's, Marshalls, Ulta
26 | Southern Palm Crossing | Miami-Ft Lauderdale-Miami Beach | FL | P | 345 | 99.1% | $17.76 | Yes | Costco Wholesale, Going Going Gone, Marshalls
27 | Westfork & Paraiso | Miami-Ft Lauderdale-Miami Beach | FL | N | 393 | 97.5% | $25.41 | Yes | Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, Skechers, TJ Maxx, Ulta
28 | Lakeside & Lakeside Crossing | Orlando - Kissimmee | FL | N | 76 | 100% | $48.66 | Yes | Trader Joe's
29 | Plantation Grove (e) | Orlando - Kissimmee | FL | N | 107 | 98.7% | $20.27 | Yes | Publix
30 | Rio Pinar Plaza | Orlando - Kissimmee | FL | N | 131 | 99.2% | $19.51 | Yes | Publix, Planet Fitness
31 | Suncrest Village | Orlando - Kissimmee | FL | N | 97 | 97.9% | $21.22 | Yes | Publix, Orange County Tax Collector
32 | Gateway Market Center | Tampa - St. Petersburg | FL | P | 231 | 95.1% | $10.80 | Yes | Publix, Target*, Bealls, HomeGoods, Party City, PetSmart, TJ Maxx
33 | Peachland Promenade | Tampa - St. Petersburg | FL | N | 177 | 98.6% | $15.11 | Yes | Publix, Goodwill, My Salon Suite, Planet Fitness
34 | Sarasota Pavilion | Tampa - St. Petersburg | FL | P | 344 | 97.7% | $14.60 | Yes | Publix, Bank of America, Bealls, Marshalls, Michaels, PetSmart, Ross Dress for Less, Truist Bank
| Total Florida |  |  |  | 2,085 | 97.9% | $20.25 |  |

16 | Supplemental - Quarter Ended September 30, 2024 |

| Property Summary, by Total Market GLA
GLA in thousands

| Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c)
35 | Eastfield Village | Charlotte-Gastonia-Concord | NC | N | 96 | 97.5% | $18.58 | Yes | Food Lion, Gold's Gym
36 | Northcross Commons | Charlotte-Gastonia-Concord | NC | N | 63 | 100% | $27.86 | Yes | Whole Foods Market
37 | Sycamore Commons | Charlotte-Gastonia-Concord | NC | P | 265 | 100% | $20.48 | Yes | Costco Wholesale*, Best Buy, Dick's Sporting Goods, Lowe's*, Michaels, Old Navy, Ulta, World Market
38 | The Shoppes at Davis Lake (d) | Charlotte-Gastonia-Concord | NC | N | 91 | 95.1% | $16.72 | Yes | Harris Teeter
39 | Bent Tree Plaza | Raleigh-Cary-Durham | NC | N | 80 | 100% | $14.87 | Yes | Food Lion
40 | Cary Park Town Center | Raleigh-Cary-Durham | NC | N | 93 | 100% | $17.83 | Yes | Harris Teeter, CVS
41 | Commons at University Place | Raleigh-Cary-Durham | NC | N | 92 | 100% | $17.26 | Yes | Harris Teeter, CVS
42 | Renaissance Center | Raleigh-Cary-Durham | NC | P | 363 | 90.8% | $23.74 | No | Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market
43 | The Pointe at Creedmoor | Raleigh-Cary-Durham | NC | N | 60 | 100% | $16.87 | Yes | Harris Teeter
| Total North Carolina |  |  |  | 1,203 | 96.7% | $20.36 |  |
44 | Buckhead Crossing | Atlanta Metro Area | GA | P | 221 | 95.0% | $23.51 | No | HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop
45 | Coweta Crossing | Atlanta Metro Area | GA | N | 68 | 100% | $11.25 | Yes | Publix
46 | Kennesaw Marketplace | Atlanta Metro Area | GA | C | 130 | 94.3% | $35.70 | Yes | Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco*
47 | Moores Mill (f) | Atlanta Metro Area | GA | N | 70 | 100% | $24.64 | Yes | Publix
48 | Plaza Midtown | Atlanta Metro Area | GA | N | 70 | 97.0% | $29.15 | Yes | Publix
49 | Rose Creek | Atlanta Metro Area | GA | N | 70 | 100% | $11.56 | Yes | Publix
50 | Sandy Plains Centre | Atlanta Metro Area | GA | C | 135 | 98.9% | $23.87 | Yes | Kroger, Pet Supplies Plus, Walgreens*
51 | The Centre on Hugh Howell | Atlanta Metro Area | GA | N | 83 | 98.4% | $13.68 | No | Crunch Fitness
52 | Thomas Crossroads | Atlanta Metro Area | GA | N | 105 | 91.4% | $9.65 | Yes | Kroger
53 | Windward Commons | Atlanta Metro Area | GA | N | 117 | 100% | $15.63 | Yes | Kroger
| Total Georgia |  |  |  | 1,069 | 97.0% | $20.82 |  |
54 | Bear Creek Village Center | So. California - Inland Empire | CA | N | 80 | 98.1% | $25.70 | Yes | Stater Brothers
55 | Pavilion at LaQuinta | So. California - Inland Empire | CA | P | 166 | 98.6% | $23.39 | Yes | Sprouts Farmers Market, Best Buy, DSW, OfficeMax, PGA TOUR Superstore
56 | Garden Village | So. California - Los Angeles | CA | N | 117 | 90.2% | $19.57 | Yes | Albertson's, Rite Aid
57 | River Oaks | So. California - Los Angeles | CA | C | 275 | 99.4% | $20.53 | Yes | Sprouts Farmers Market, Target, Big 5 Sporting Goods, Dollar Tree, Five Below, Total Wine & More, Ulta
58 | Stevenson Ranch | So. California - Los Angeles | CA | C | 187 | 92.5% | $22.51 | Yes | Ralphs, Furniture Design Center, LA Fitness, PetSmart
59 | Campus Marketplace | So. California - San Diego | CA | N | 144 | 98.3% | $31.06 | Yes | Ralphs, CVS, Discovery Isle Child Development Center
60 | Old Grove Marketplace | So. California - San Diego | CA | N | 81 | 97.5% | $17.89 | Yes | Ralphs, Lowe's*
| Total California |  |  |  | 1,050 | 96.6% | $22.90 |  |
61 | The Shops at Town Center | Washington D.C | MD | N | 125 | 96.2% | $30.96 | Yes | Safeway
62 | Travilah Square Shopping Center | Washington D.C | MD | N | 56 | 89.8% | $51.74 | Yes | Trader Joe's
| Total Maryland |  |  |  | 181 | 94.2% | $36.33 |  |
63 | Westpark Shopping Center | Richmond Metro Area | VA | C | 171 | 98.4% | $16.37 | Yes | Publix, Painted Tree Boutiques, Planet Fitness, The Tile Shop
| Total Virginia |  |  |  | 171 | 98.4% | $16.37 |  |

17 | Supplemental - Quarter Ended September 30, 2024 |

| Property Summary, by Total Market GLA
GLA in thousands

| Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c)
64 | Scottsdale North Marketplace (f) | Phoenix | AZ | N | 66 | 98.4% | $21.97 | Yes | AJ's Fine Foods
65 | The Plant (f) | Phoenix | AZ | N | 57 | 100% | $28.85 | Yes | Sprouts Farmers Market
| Total Arizona |  |  |  | 123 | 99.1% | $25.26 |  |
| Grand Totals |  |  |  | 10,550 | 97.0% | $19.83 |  |

(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 nine months ended September 30, 2024.
(e)The Company operates Plantation Grove and Maguire Groves as a single property under the Plantation Grove name. The operations, GLA, economic and leased occupancy, and ABR of Maguire Groves are classified as an other investment property for the three and nine months ended September 30, 2024.
(f)Properties are excluded from Same Property for the three and nine months ended September 30, 2024.

18 | Supplemental - Quarter Ended September 30, 2024 |

| Components of Net Asset Value as of September 30, 2024
In thousands, except share information

|  |  |  | Page No.
NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter |  |  |  |
NOI, excluding ground rent income |  | $ | 42,121 |  |  | 5
Ground rent income |  | 4,774 |  | 5
NOI |  | 46,895 |  |  | 5
Annualized NOI, excluding ground rent income |  | $ | 168,484 |  |  |
Annualized ground rent income |  | 19,096 |  |
Projected remaining development |  |  |  |
Net project costs |  | $ | 18,100 |  |  | 15
Estimated range for incremental yield |  | 7-10% |  | 15
Other Assets |  |  |  |
Cash, cash equivalents and restricted cash |  | $ | 202,758 |  |  | 2
Base rent, recoveries, and other revenue receivables |  | 9,007 |  |  | 4
Undeveloped land |  | — |  |
Land held for development |  | — |  |
Liabilities |  |  |  |
Debt |  | $ | 743,380 |  |  | 8
Discounts and issuance costs, net |  | (3,271) |  | 8
Accounts payable and accrued expenses |  | 48,683 |  |  | 2
Distributions payable |  | 17,455 |  |  | 2
Other liabilities |  | 28,660 |  |  | 2
Common Shares Outstanding |  | 77,130,431 |  | 1

19 | Supplemental - Quarter Ended September 30, 2024 |

| 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 amortization market lease intangibles, amortization of lease incentives, and straight-line rent adjustments.
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 net debt divided by trailing twelve month Adjusted EBITDA.
Net Operating Income (NOI) |  | NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, 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 55% ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," as of December 31, 2022 and 2021.
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.

20 | Supplemental - Quarter Ended September 30, 2024 |