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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Incentive Award Plan The Company's board of directors (the "Board") adopted the InvenTrust Properties Corp. 2015 Incentive Award Plan effective as of June 19, 2015 (the "Incentive Award Plan"). On May 6, 2016, the Board adopted the first amendment to the Incentive Award Plan and on March 20, 2024, the Board adopted the second amendment to the Incentive Award Plan (collectively, the "Amendments"). The Company's stockholders approved the Incentive Award Plan, as amended by the Amendments, on May 7, 2024, which, among other things, increased the aggregate number of shares of common stock that may be issued pursuant to awards granted under the Incentive Award Plan (the "Share Limit") by 2,750,000 shares to 5,750,000 shares. Any forfeited awards or unearned performance shares subject to an award are added back to the Share Limit. As of March 31, 2025, 2,538,698 shares were available for future issuance under the Incentive Award Plan, as amended by the Amendments. 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
|  | 2025 |  | 2024
Volatility |  | 27.00% |  | 31.00%
Risk free interest rate |  | 4.35% |  | 4.42%
Dividend Yield |  | 3.30% |  | 3.40%
The following table summarizes the Company's restricted stock unit ("RSU") activity during the three months ended March 31, 2025 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, 2025 | 187,775 |  |  | 1,146,728 |  |  | $17.71
Shares granted | 145,859 |  |  | 361,634 |  |  | $22.68
Shares vested | — |  |  | (188,101) |  |  | $16.41
Unearned performance shares | — |  |  | (188,100) |  |  | $16.41
Shares forfeited | (1,275) |  |  | (1,992) |  |  | $19.90
Outstanding as of March 31, 2025 | 332,359 |  |  | 1,130,169 |  |  | $19.76
Employee Stock Purchase Plan Employees may purchase up to an aggregate of 3,300,000 shares of the Company's common stock under an Employee Stock Purchase Plan (the "ESPP"), of which 3,263,953 shares remain available for future issuance as of March 31, 2025. The following table summarizes the Company's common stock activity under the ESPP:
| Three months ended March 31, 2025
Gross shares purchased | 10,412
Discounted issuance price | $20.14
Issuance proceeds | $210
Stock-Based Compensation Expense The following table summarizes the Company's stock-based compensation expense:
|  |  | Three months ended March 31
|  |  |  |  | 2025 |  | 2024
Incentive Award Plan, net (a) |  |  |  |  | $ | 2,728 |  |  | $ | 2,156 |
Employee Stock Purchase Plan (b) |  |  |  |  | 38 |  |  | 35 |
Stock-based compensation, net |  |  |  |  | $ | 2,766 |  |  | $ | 2,191 |
(a)As of March 31, 2025, there was $18,942 of total estimated unrecognized compensation expense to be recognized through December 2028. (b)As of March 31, 2025, there was $45 of total estimated unrecognized compensation expense to be recognized through December 2026.

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