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Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt The Company's debt consists of mortgages payable, unsecured term loans, senior notes, and an unsecured revolving line of credit. The Company believes it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs. It is anticipated that the Company will use proceeds from property sales, cash on hand, and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term. The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of December 31, 2024 and 2023, the Company was in compliance with all loan covenants. On February 6, 2023, the Company extinguished the $13.7 million mortgage payable secured by Renaissance Center with its available liquidity. On October 17, 2023, the Company extended the maturity of its $92.5 million cross-collateralized mortgage debt maturing in 2023 by exercising one of its two 12-month extension options. On December 22, 2023, the Company partially paid down the mortgage debt by $20.0 million, resulting in the release of Blackhawk Town Center from collateralization. On June 5, 2024, the Company extinguished the $7.3 million and $8.4 million pooled mortgages payable secured by Plantation Grove and Suncrest Village, respectively, with its available liquidity. On September 27, 2024, the Company extinguished the remaining $72.5 million pooled mortgage payable secured by Cyfair Town Center, Bay Colony, and Stables Town Center with its available liquidity. Credit Agreements On September 22, 2021, the Company entered into an amendment to the Revolving Credit Agreement (the "Amended Revolving Credit Agreement"), which provides for, among other things, an extension of the maturity of the $350.0 million Revolving Credit Agreement to September 22, 2025, with two six-month extension options. 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 6-month extension option. On September 22, 2021, the Company entered into an amendment to its $400.0 million Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity dates and a reallocation of indebtedness under the two outstanding tranches of term loans thereunder. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on September 22, 2026, and a $200.0 million 5.5-year tranche maturing on March 22, 2027. On May 11, 2022, the Company transitioned its Amended Revolving Credit Agreement and Amended Term Loan Agreement from 1-Month LIBOR to 1-Month Term SOFR. On June 3, 2022, in connection with and upon effectiveness of the Note Purchase Agreement (as defined below) and in accordance with the terms of the Amended Term Loan Credit Agreement and Amended Revolving Credit Agreement, each of the administrative agents under such agreements released all of the subsidiary guarantors from their guaranty obligations that were previously made for the benefit of the lenders under such agreements. Senior Notes On August 11, 2022, the Company issued $250.0 million aggregate principal amount of senior notes in a private placement, of which (i) $150.0 million are designated as 5.07% Senior Notes, Series A, due August 11, 2029 (the "Series A Notes") and (ii) $100.0 million are designated as 5.20% Senior Notes, Series B, due August 11, 2032 (the "Series B Notes" and, together with the Series A Notes, the "Notes") pursuant to a note purchase agreement (the "Note Purchase Agreement"), dated June 3, 2022, between the Company and the various purchasers named therein. The Notes were issued at par in accordance with the Note Purchase Agreement and pay interest semiannually on February 11th and August 11th until their respective maturities. The Company may prepay at any time all or any part of the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount prepaid plus accrued interest and a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes will be required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain material credit facilities of the Company. Currently, there are no subsidiary guarantees of the Notes. The following table summarizes the Company's debt as of December 31, 2024 and 2023:
|  |  | Interest Rate Type |  | As of December 31, 2024 |  | As of December 31, 2023
| Maturity Date |  |  | Interest Rate |  | Amount |  | Interest Rate |  | Amount
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgages payable | Various |  | Fixed |  | 3.97% (a) |  | $ | 93,380 |  |  | 4.01% (a) |  | $ | 96,080 |
Variable rate mortgages payable (b) | N/A |  | Variable |  | N/A |  | — |  |  | 1M SOFR+ 1.65% (c) |  | 72,468 |
Total |  |  |  |  |  |  | 93,380 |  |  |  |  | 168,548 |
Term Loans |  |  |  |  |  |  |  |  |  |  |
$200.0 million 5 year | 9/22/26 |  | Fixed |  | 2.81% (d) |  | 100,000 |  |  | 2.81% (d) |  | 100,000 |
$200.0 million 5 year | 9/22/26 |  | Fixed |  | 2.81% (d) |  | 100,000 |  |  | 2.81% (d) |  | 100,000 |
$200.0 million 5.5 year | 3/22/27 |  | Fixed |  | 2.78% (d) |  | 50,000 |  |  | 2.77% (d) |  | 50,000 |
$200.0 million 5.5 year | 3/22/27 |  | Fixed |  | 2.84% (d) |  | 50,000 |  |  | 2.76% (d) |  | 50,000 |
$200.0 million 5.5 year | 3/22/27 |  | Fixed |  | 4.99% (d) |  | 100,000 |  |  | 4.99% (d) |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |  |  |  |  | 400,000 |
Senior Notes |  |  |  |  |  |  |  |  |  |  |
$150.0 million Series A Notes | 8/11/29 |  | Fixed |  | 5.07% |  | 150,000 |  |  | 5.07% |  | 150,000 |
$100.0 million Series B Notes | 8/11/32 |  | Fixed |  | 5.20% |  | 100,000 |  |  | 5.20% |  | 100,000 |
Total |  |  |  |  |  |  | 250,000 |  |  |  |  | 250,000 |
Revolving Line of Credit |  |  |  |  |  |  |  |  |  |  |
$500.0 million total capacity (e) | 1/15/29 |  | Variable |  | 1M SOFR + 1.15% (c)(f) |  | — |  |  | 1M SOFR + 1.14% (c)(f) |  | — |
Total debt |  |  |  |  | 4.03% |  | 743,380 |  |  | 4.29% |  | 818,548 |
Debt discounts and financing costs, net |  | (2,965) |  |  |  |  | (3,980) |
Debt, net |  |  |  |  |  |  | $ | 740,415 |  |  |  |  | $ | 814,568 |
(a)Interest rates reflect the weighted average of the Company's mortgages payable. (b)These mortgages payable were cross-collateralized by three properties and were extinguished on September 27, 2024. (c)As of December 31, 2024 and 2023, 1-Month Term SOFR was 4.33% and 5.35%, respectively. (d)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (e)Prior to the third amendment, the total capacity on the Revolving Line of Credit was $350.0 million. (f)Interest rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire line of credit capacity. The following table summarizes the scheduled maturities of the Company's mortgages payable as of December 31, 2024:
Scheduled maturities by year: | Principal Balance
2025 | $ | 35,880 |
2026 | — |
2027 | 26,000 |
2028 | — |
2029 | 31,500 |
Thereafter | — |
Total | $ | 93,380 |
Interest Rate Swaps As of December 31, 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. The following table summarizes the Company's five effective interest rate swaps as of December 31, 2024:
Interest Rate Swaps |  | Effective Date |  | Termination Date |  | InvenTrust Receives |  | InvenTrust Pays Fixed Rate of |  | Fixed Rate Achieved |  | Notional Amount
5.5 Year Term Loan |  | 4/3/23 |  | 3/22/27 |  | 1-Month SOFR |  | 3.69% |  | 4.99% |  | $ | 100,000 |
5 Year Term Loan |  | 12/21/23 |  | 9/22/26 |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | 100,000 |
5 Year Term Loan |  | 12/21/23 |  | 9/22/26 |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | 100,000 |
5.5 Year Term Loan |  | 6/21/24 |  | 3/22/27 |  | 1-Month SOFR |  | 1.54% |  | 2.84% |  | 50,000 |
5.5 Year Term Loan |  | 6/21/24 |  | 3/22/27 |  | 1-Month SOFR |  | 1.48% |  | 2.78% |  | 50,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 400,000 |
The following table summarizes the Company's five effective and two forward interest rate swaps as of December 31, 2023:
Interest Rate Swaps |  | Effective Date |  | Termination Date |  | InvenTrust Receives |  | InvenTrust Pays Fixed Rate of |  | Fixed Rate Achieved |  | Notional Amount
5.5 Year Term Loan |  | 12/2/19 |  | 6/21/24 |  | 1-Month SOFR |  | 1.47% |  | 2.77% |  | $ | 50,000 |
5.5 Year Term Loan |  | 12/2/19 |  | 6/21/24 |  | 1-Month SOFR |  | 1.46% |  | 2.76% |  | 50,000 |
5.5 Year Term Loan |  | 4/3/23 |  | 3/22/27 |  | 1-Month SOFR |  | 3.69% |  | 4.99% |  | 100,000 |
5 Year Term Loan |  | 12/21/23 |  | 9/22/26 |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | 100,000 |
5 Year Term Loan |  | 12/21/23 |  | 9/22/26 |  | 1-Month SOFR |  | 1.51% |  | 2.81% |  | 100,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 400,000 |
5.5 Year Term Loan |  | 6/21/24 |  | 3/22/27 |  | 1-Month SOFR |  | 1.48% |  | 2.78% |  | $ | 50,000 |
5.5 Year Term Loan |  | 6/21/24 |  | 3/22/27 |  | 1-Month SOFR |  | 1.54% |  | 2.84% |  | 50,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 100,000 |
The following table summarizes the effects of derivative financial instruments on the consolidated financial statements for the years ended December 31, 2024, 2023 and 2022:
Location and amount of gain recognized in accumulated comprehensive income |  | Location and amount of gain (loss) reclassified from accumulated comprehensive income into net income (loss) |  | Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded
| 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022
Unrealized gain on derivatives | $ | 9,019 |  |  | $ | 6,228 |  |  | $ | 32,052 |  |  | Interest expense, net | $ | 12,667 |  |  | $ | 14,875 |  |  | $ | 1,009 |  |  | Interest expense, net | $ | 37,100 |  |  | $ | 38,138 |  |  | $ | 26,777 |

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