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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Incentive Award Plan The Company's 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 awards or unearned performance shares subject to an award are added back to the Share Limit. As of December 31, 2024, outstanding restricted stock unit ("RSU") awards are categorized as either time-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 December 31, 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 |  | 2022
Volatility |  | 31.00% |  | 34.00% |  | 33.89%
Risk free interest rate |  | 4.42% |  | 4.45% |  | 0.79 | % | - | 1.76%
Dividend Yield |  | 3.40% |  | 3.20% |  | 3.24%
The following table summarizes the Company's RSU activity under the Incentive Award Plan:
| Unvested Time- Based RSUs |  | Unvested Performance and Market-Based RSUs |  | Weighted Average Grant Date Price Per Share
Outstanding as of January 1, 2022 | 138,235 |  | 471,368 |  | $30.12
Shares granted | 127,862 |  | 396,338 |  | $18.97
Shares vested | (135,491) |  | (76,520) |  | $29.36
Unearned performance shares | — |  | (61,102) |  | $31.40
Shares forfeited | (7,179) |  | (18,033) |  | $23.42
Outstanding as of December 31, 2022 | 123,427 |  | 712,051 |  | $23.35
Shares granted | 152,393 |  | 445,828 |  | $18.40
Shares vested | (126,885) |  | (60,042) |  | $29.50
Unearned performance shares | — |  | (69,803) |  | $31.40
Shares forfeited | (1,343) |  | (3,263) |  | $19.51
Outstanding as of December 31, 2023 | 147,592 |  | 1,024,771 |  | $19.36
Shares granted | 197,884 |  | 335,936 |  | $19.78
Shares vested | (155,511) |  | (113,954) |  | $26.33
Unearned performance shares | — |  | (82,665) |  | $28.90
Shares forfeited | (2,190) |  | (17,360) |  | $17.41
Outstanding as of December 31, 2024 | 187,775 |  | 1,146,728 |  | $17.71
Employee Stock Purchase Plan Employees may purchase up to an aggregate of 3,300,000 shares of the Company's common stock under the ESPP, of which 3,274,365 shares remain available as of December 31, 2024. The following table summarizes the Company's activity under the ESPP:
| Year ended December 31
| 2024 |  | 2023
Shares purchased | 13,907 |  | 11,728
Discounted issuance price | $20.14 |  | $20.07
Issuance proceeds | $280 |  | $235
Stock-Based Compensation Expense The following table summarizes the Company's stock-based compensation expense:
| Year ended December 31
| 2024 |  | 2023 |  | 2022
Incentive Award Plan, net (a) | $ | 9,759 |  |  | $ | 8,953 |  |  | $ | 6,541 |
Employee Stock Purchase Plan (b) | 137 |  |  | 68 |  |  | — |
Stock-based compensation expense, net | $ | 9,896 |  |  | $ | 9,021 |  |  | $ | 6,541 |
(a)As of December 31, 2024, there was $10,225 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2027. (b)As of December 31, 2024, there was $76 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through June 2026.

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