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Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Notes and Loans Payable [Abstract] |
Debt | Debt The Company's debt consists of mortgages payable, unsecured term loans, senior notes, an unsecured revolving line of credit, and a finance lease liability. 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 September 30, 2025 and December 31, 2024, the Company was in compliance with all loan covenants. Mortgages Payable On April 1, 2025, the Company assumed a $7,981 mortgage payable upon the acquisition of Plaza Escondida. On May 9, 2025, the Company extinguished a $13,000 mortgage payable secured by The Plant with its available liquidity. On August 7, 2025, the Company assumed a $22,281 mortgage payable upon the acquisition of Asheville Market. Credit Agreements The Company has a $500.0 million revolving credit facility (the "Revolving Credit Facility"). The Revolving Credit Facility is scheduled to mature on January 15, 2029, with one 6-month extension option. On August 25, 2025, the Company entered into an amendment to the Revolving Credit Facility (the "Revolving Credit Facility Amendment"), which modified the applicable interest rate thereunder by removing the credit spread adjustment to SOFR, in addition to other modifications. As of September 30, 2025, the Company had available liquidity of $500.0 million under the Revolving Credit Facility. On August 25, 2025, the Company entered into an amendment (the "Term Loan 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 of each tranche. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on August 26, 2030, and a $200.0 million 5.5-year tranche maturing February 24, 2031. The Term Loan Amendment also modified the interest rates, with each tranche bearing interest at a rate equal to, at the Company's option, term SOFR, daily simple SOFR or the adjusted base rate (with no credit spread adjustment) plus a margin ranging from 115 to 160 basis points (in the case of SOFR loans) and 15 to 60 basis points (in the case of base rate loans), in each case, based on the Company’s leverage ratio. Senior Notes 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"). The Notes were issued at par and pay interest semiannually on February 11th and August 11th until their respective maturities. 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. Finance Lease Liability On June 10, 2025, in connection with its acquisition of West Ashley Station, the Company assumed a ground lease and recognized a related finance lease liability of $10,973. As of September 30, 2025, the balance of the finance lease liability was $11,033. See "Note 11. Commitments and Contingencies". The following table summarizes the Company's debt as of September 30, 2025 and December 31, 2024:
|  |  |  |  | As of September 30, 2025 |  | As of December 31, 2024
| Maturity |  | Rate Type |  | Interest Rate |  | Amount |  | Interest Rate |  | Amount
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |
Total mortgages payable | Various |  | Fixed |  | 4.18% (a) |  | $ | 110,424 |  |  | 3.97% (a) |  | $ | 93,380 |
Term Loan |  |  |  |  |  |  |  |  |  |  |
$200.0 million 5 year | Aug-30 |  | Fixed |  | 2.66% (b) |  | 100,000 |  |  | 2.81% (b) |  | 100,000 |
$200.0 million 5 year | Aug-30 |  | Fixed |  | 2.66% (b) |  | 100,000 |  |  | 2.81% (b) |  | 100,000 |
$200.0 million 5.5 year | Feb-31 |  | Fixed |  | 2.63% (c) |  | 50,000 |  |  | 2.78% (b) |  | 50,000 |
$200.0 million 5.5 year | Feb-31 |  | Fixed |  | 2.69% (c) |  | 50,000 |  |  | 2.84% (b) |  | 50,000 |
$200.0 million 5.5 year | Feb-31 |  | Fixed |  | 4.84% (c) |  | 100,000 |  |  | 4.99% (b) |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |  |  |  |  | 400,000 |
Senior Notes |  |  |  |  |  |  |  |  |  |  |
$150.0 million Series A Notes | Aug-29 |  | Fixed |  | 5.07% |  | 150,000 |  |  | 5.07% |  | 150,000 |
$100.0 million Series B Notes | Aug-32 |  | Fixed |  | 5.20% |  | 100,000 |  |  | 5.20% |  | 100,000 |
Total |  |  |  |  |  |  | 250,000 |  |  |  |  | 250,000 |
Revolving Line of Credit |  |  |  |  |  |  |  |  |  |  |
$500.0 million total capacity | Jan-29 |  | Variable |  | 1M SOFR + 1.05% (d)(e) |  | — |  |  | 1M SOFR + 1.15% (d)(e) |  | — |
Total secured and unsecured debt |  |  |  |  | 3.98% |  | 760,424 |  |  | 4.03% |  | 743,380 |
Finance Lease Liability |  |  |  |  |  |  |  |  |  |  |
West Ashley Station Ground Lease | Jan-92 |  | N/A |  | N/A |  | 11,033 |  |  | N/A |  | N/A
Debt discounts and financing costs, net |  |  |  |  |  | (6,885) |  |  |  |  | (2,965) |
Debt, net |  |  |  |  |  |  | $ | 764,572 |  |  |  |  | $ | 740,415 |
(a)Interest rates reflect the weighted average of the Company's mortgages payable. (b)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on September 22, 2026, at which point the fixed interest rate will become 4.50%. (c)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on March 22, 2027, at which point the weighted average fixed interest rate will become 4.58%. (d)As of September 30, 2025 and December 31, 2024, 1-Month Term SOFR was 4.13% and 4.33%, respectively. (e)Interest rate applies to drawn balance only. An additional annual facility fee of 0.15% applies to entire line of credit capacity. The following table summarizes the scheduled payments and maturities of the Company's debt as of September 30, 2025:
Scheduled maturities by year: | Mortgage Payments |  | Mortgage Maturities |  | Term Loan & Senior Notes |  | Total
Remaining 2025 | $ | 189 |  |  | $ | 22,880 |  |  | $ | — |  |  | $ | 23,069 |
2026 | 773 |  |  | — |  |  | — |  |  | 773 |
2027 | 810 |  |  | 26,000 |  |  | — |  |  | 26,810 |
2028 | 495 |  |  | 21,321 |  |  | — |  |  | 21,816 |
2029 | 449 |  |  | 31,500 |  |  | 150,000 |  |  | 181,949 |
Thereafter | 154 |  |  | 5,853 |  |  | 500,000 |  |  | 506,007 |
Total | $ | 2,870 |  |  | $ | 107,554 |  |  | $ | 650,000 |  |  | $ | 760,424 |
Finance lease liability |  |  |  |  |  |  | 11,033 |
Debt discounts and financing costs, net |  |  |  |  |  |  | (6,885) |
Total Debt, net |  |  |  |  |  |  | $ | 764,572 |
Interest Rate Swaps During the three months ended September 30, 2025, in connection with the execution of the Term Loan Amendment, the Company entered into four forward-starting interest rate swap agreements. As of September 30, 2025, the Company was party to five effective and four forward-starting interest rate swap agreements, which address the periods between the termination dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps achieve fixed interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement. The following table summarizes the Company's effective interest rate swaps as of September 30, 2025:
Effective Interest Rate Swaps |  | Effective Date |  | Termination Date |  | InvenTrust Receives |  | InvenTrust Pays Fixed Rate of |  | Fixed Rate Achieved (a) |  | Notional Amount
5.5 year Term Loan |  | 4/3/23 |  | 3/22/27 |  | 1-Month SOFR |  | 3.69% |  | 4.84% |  | $ | 100,000 |
5 year Term Loan |  | 12/21/23 |  | 9/22/26 |  | 1-Month SOFR |  | 1.51% |  | 2.66% |  | 100,000
5 year Term Loan |  | 12/21/23 |  | 9/22/26 |  | 1-Month SOFR |  | 1.51% |  | 2.66% |  | 100,000
5.5 year Term Loan |  | 6/21/24 |  | 3/22/27 |  | 1-Month SOFR |  | 1.54% |  | 2.69% |  | 50,000
5.5 year Term Loan |  | 6/21/24 |  | 3/22/27 |  | 1-Month SOFR |  | 1.48% |  | 2.63% |  | 50,000
|  |  |  |  |  |  |  | $ | 400,000 |
(a)Interest rates reflect the Company's current credit spread of 1.15%. The following table summarizes the Company's forward-starting interest rate swaps as of September 30, 2025:
Forward-Starting Interest Rate Swaps |  | Effective Date |  | Termination Date |  | InvenTrust Receives |  | InvenTrust Pays Fixed Rate of |  | Fixed Rate Achieved (a) |  | Notional Amount |  |
5 year Term Loan |  | 9/22/26 |  | 8/26/30 |  | Daily SOFR |  | 3.35% |  | 4.50% |  | $ | 100,000 |  |  |
5 year Term Loan |  | 9/22/26 |  | 8/26/30 |  | Daily SOFR |  | 3.35% |  | 4.50% |  | 100,000 |  |
5.5 year Term Loan |  | 3/22/27 |  | 2/24/31 |  | Daily SOFR |  | 3.42% |  | 4.57% |  | 100,000 |  |
5.5 year Term Loan |  | 3/22/27 |  | 2/24/31 |  | Daily SOFR |  | 3.43% |  | 4.58% |  | 100,000 |  |
|  |  |  |  |  |  |  | $ | 400,000 |  |  |
(a)Interest rates reflect the Company's current credit spread of 1.15%.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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