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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 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 September 30, 2025, 2,514,805 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 nine months ended September 30, 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 | 179,267 |  |  | 361,634 |  |  | $22.98
Shares vested | (38,632) |  |  | (188,101) |  |  | $17.85
Unearned performance shares | — |  |  | (188,100) |  |  | $16.41
Shares forfeited | (9,381) |  |  | (3,401) |  |  | $24.34
Outstanding as of September 30, 2025 | 319,029 |  |  | 1,128,760 |  |  | $19.77
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 3,250,156 shares remain available for future issuance as of September 30, 2025. The following table summarizes the Company's common stock activity under the ESPP:
| Nine months ended September 30
| 2025 |  | 2024
Gross shares purchased | 24,209 |  | 13,907
Discounted issuance price | $20.17 |  | $20.07
Issuance proceeds | $488 |  | $280
Stock-Based Compensation Expense The following table summarizes the Company's stock-based compensation expense:
| Three months ended September 30 |  | Nine months ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Incentive Award Plan, net (a) | $ | 2,678 |  |  | $ | 2,539 |  |  | $ | 8,086 |  |  | $ | 7,227 |
Employee Stock Purchase Plan (b) | 33 |  |  | 33 |  |  | 109 |  |  | 102 |
Stock-based compensation, net | $ | 2,711 |  |  | $ | 2,572 |  |  | $ | 8,195 |  |  | $ | 7,329 |
(a)As of September 30, 2025, there was $14,256 of estimated unrecognized compensation expense to be recognized through December 2028. (b)As of September 30, 2025, there was $213 of estimated unrecognized compensation expense to be recognized through June 2027.

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