EX-99.2 3 q42024supplemental.htm EX-99.2

| Table of Contents

|  | Page No.
Introductory Notes |  | i
Press Release |  | iii
Financial Information |  |
Summary Financial Information |  | 1
Consolidated Balance Sheets |  | 2
Consolidated Statements of Operations and Comprehensive Income (Loss) |  | 3
Consolidated Supplemental Details of Assets and Liabilities |  | 4
Consolidated Supplemental Details of Operations |  | 5
Reconciliation of Non-GAAP Measures |  |
Same Property Net Operating Income |  | 6
Nareit FFO and Core FFO |  | 7
EBITDA and Adjusted EBITDA |  | 7
Summary of Outstanding Debt |  | 8
Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs |  | 9
Portfolio and Leasing Overview |  |
Markets and Tenant Size |  | 10
Top 25 Tenants by ABR and Tenant Merchandise Mix |  | 11
Comparable & Non-Comparable Lease Statistics |  | 12
Tenant Lease Expirations |  | 13
Investment Summary |  |
Acquisitions and Dispositions |  | 14
Development Pipeline |  | 15
Property Summary |  | 16
Components of NAV as of December 31, 2024 |  | 19
Glossary of Terms |  | 20

| Introductory Notes

About InvenTrust Properties Corp.
InvenTrust Properties Corp. (the “Company,” "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.inventrustproperties.com.
The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under U.S. Generally Accepted Accounting Principles (“GAAP”). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed herein), and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year-ended December 31, 2024. IVT may, but assumes no obligation to, update information in this supplemental.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this supplemental, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this supplemental that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.
The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law.
IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.
Notice Regarding Non-GAAP Financial Measures
In addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. Management does not consider the Company's non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of IVT's financial performance as they may not reflect the operations of the entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of IVT's properties that could materially impact IVT's results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of IVT's liquidity, nor as an indication of funds available to cover IVT's cash needs, including IVT's ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if management does not continue to operate the business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, IVT's non-GAAP measures may not be comparable to other REITs. Reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are included on pages 6 and 7 and definitions of the Company's non-GAAP measures are included in the Glossary of Terms on page 20.
Former Joint Venture

i Supplemental - Quarter Ended December 31, 2024 |

| Introductory Notes, continued

On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”), in which it held a 55% ownership share. In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023. On December 15, 2023, IAGM was fully liquidated.
Throughout this supplemental, where indicated as “pro rata” the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," as of December 31, 2022 and 2021.
The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying the Company's overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent the Company's legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro rata interest. Accordingly, pro rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. For additional detail regarding properties previously owned by the JV, see the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case as filed with the SEC.
Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels
Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account (x.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on inventrustproperties.com/investor-relations and on the Company’s social media channels.

ii Supplemental - Quarter Ended December 31, 2024 |

CONTACT:
Dan Lombardo
Vice President of Investor Relations
630-570-0605
dan.lombardo@inventrustproperties.com
InvenTrust Properties Corp. Reports 2024 Fourth Quarter and Full Year Results
DOWNERS GROVE, IL – February 11, 2025 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the fourth quarter and full year ended December 31, 2024 and provided initial guidance for 2025. For the three months ended December 31, 2024 and 2023, the Company reported Net Income of $9.8 million, or $0.13 per diluted share, compared to Net Income of $2.9 million, or $0.04 per diluted share, respectively. For the years ended December 31, 2024 and 2023, the Company reported Net Income of $13.7 million, or $0.19 per diluted share, compared to Net Income of $5.3 million, or $0.08 per diluted share, respectively.
Fourth Quarter and Full Year 2024 Highlights:
•Nareit FFO for the fourth quarter of $0.45 per diluted share, and $1.78 per diluted share for the full year
•Core FFO for the fourth quarter of $0.43 per diluted share, and $1.73 per diluted share for the full year
•Same Property Net Operating Income (“NOI”) growth of 7.1% for the fourth quarter and 5.0% for the full year
•Leased Occupancy as of December 31, 2024 of 97.4%, a fourth quarter sequential increase of 40 basis points and a full year increase of 120 basis points
•Executed 52 leases in the fourth quarter, totaling approximately 232,000 square feet of GLA, of which 189,000 was executed at a blended comparable lease spread of 15.5%, and 210 leases for the full year, totaling approximately 1,323,000 square feet of GLA, of which 1,087,000 was executed at a blended comparable lease spread of 11.3%
•Raised $7.8 million of net proceeds under the at-the-market equity offering program (the “ATM Program”) during the fourth quarter
•Acquired four properties in the fourth quarter, totaling approximately 614,000 square feet, including two properties totaling 214,000 square feet in the Charleston, South Carolina market
•The Board of Directors approved a 5% increase to the Company’s dividends starting in April 2025
”InvenTrust's strong fourth-quarter and full-year performance reflects our continued focus on operational excellence and strategic growth," said DJ Busch, President and CEO of InvenTrust. "Our impressive Same Property NOI growth, all-time high leased occupancy, and solid leasing spreads underscore the quality of our portfolio and our ability to drive long-term value. We believe our disciplined acquisition approach in key Sun Belt markets positions us for sustained success in 2025 and beyond. Additionally, the Board’s decision to increase our dividend by 5% for 2025 demonstrates confidence in our strategy and commitment to shareholder returns. We look forward to building on this momentum in the years ahead.”
NET INCOME
•Net Income for the three months ended December 31, 2024 was $9.8 million, or $0.13 per diluted share, compared to $2.9 million, or $0.04 per diluted share, for the same period in 2023.
•Net Income for the year ended December 31, 2024 was $13.7 million, or $0.19 per diluted share, compared to $5.3 million, or $0.08 per diluted share, for the same period in 2023.

iii Supplemental - Quarter Ended December 31, 2024 |

NAREIT FFO
•Nareit FFO for the three months ended December 31, 2024 was $34.9 million, or $0.45 per diluted share, as compared to $30.8 million, or $0.45 per diluted share, for the same period in 2023.
•Nareit FFO for the year ended December 31, 2024 was $126.7 million, or $1.78 per diluted share, as compared to $115.5 million, or $1.70 per diluted share, for the same period in 2023.
CORE FFO
•Core FFO for the three months ended December 31, 2024 was $33.5 million, or $0.43 per diluted share, compared to $27.8 million, or $0.41 per diluted share, for the same period in 2023.
•Core FFO for the year ended December 31, 2024 was $122.8 million, or $1.73 per diluted share, compared to $111.9 million, or $1.65 per diluted share, for the same period in 2023.
SAME PROPERTY NOI
•Same Property NOI for the three months ended December 31, 2024 was $45.9 million, a 7.1% increase, compared to the same period in 2023.
•Same Property NOI for the year ended December 31, 2024 was $162.6 million, a 5.0% increase, compared to the same period in 2023.
DIVIDEND
•For the quarter ending December 31, 2024, the Board of Directors declared a quarterly cash distribution of $0.2263 per share, paid on January 15, 2025.
•The Board of Directors approved an increase of 5% to the Company’s cash dividend. The new annual rate of $0.9508 will be reflected in the next quarterly dividend of $0.2377 expected to be paid in April 2025.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
•As of December 31, 2024, the Company’s Leased Occupancy was 97.4%.
◦Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 99.8% and Small Shop Leased Occupancy was 93.3%. Anchor Leased Occupancy remained at an all-time high and Small Shop Leased Occupancy increased by 130 basis points on a sequential basis compared to the previous quarter.
◦Leased to Economic Occupancy spread of 210 basis points, which equates to approximately $6.3 million of base rent on an annualized basis.
•Blended re-leasing spreads for comparable new and renewal leases signed in the fourth quarter and full year were 15.5% and 11.3%, respectively.
•Annualized Base Rent PSF (“ABR”) as of December 31, 2024 was $20.07, an increase of 3.0% compared to the same period in 2023. Anchor Tenant ABR PSF was $12.86 and Small Shop ABR PSF was $33.39 for the fourth quarter.
•During the fourth quarter, the Company funded four acquisitions using cash on hand:
◦Stonehenge Village in Midlothian, VA for a gross acquisition price of $62.1 million. The 214,000 square foot community center is 100% occupied and is anchored by Wegmans.
◦The Forum in Fort Myers, FL for a gross acquisition price of $41.4 million. The 186,000 square foot power center is 96.1% occupied and is shadow anchored by Target.
◦Market at Mill Creek in Mount Pleasant, SC for a gross acquisition price of $27.3 million. The 80,000 square foot neighborhood center is 100% occupied and is anchored by Lowes Foods.
◦Nexton Square in Summerville, SC, for a gross acquisition price of $54.7 million. The 134,000 square foot lifestyle center is 96.9% occupied.

iv Supplemental - Quarter Ended December 31, 2024 |

LIQUIDITY AND CAPITAL STRUCTURE
•During the three months ended December 31, 2024, the Company raised $7.8 million of net proceeds, after $0.1 million in commissions, under the ATM Program, through the issuance of 254,082 shares of common stock at a weighted average price of $30.96 per share.
•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 six-month extension option.
•InvenTrust had $587.4 million of total liquidity, as of December 31, 2024 comprised of $87.4 million of cash and cash equivalents and $500.0 million of availability under its Revolving Credit Facility.
•InvenTrust has $35.9 million of debt maturing in 2025 and $200.0 million of debt maturing in 2026.
•The Company's weighted average interest rate on its debt as of December 31, 2024 was 4.03% and the weighted average remaining term was 3.3 years.

v Supplemental - Quarter Ended December 31, 2024 |

FULL YEAR 2025 OUTLOOK AND INITIAL GUIDANCE
The Company has provided initial 2025 guidance, as summarized in the table below.

(Unaudited, dollars in thousands, except per share amounts) | Initial 2025 Guidance(1)(2) |  | 2024 Actual
Net Income per diluted share | $0.27 | — | $0.33 |  | $0.19
Nareit FFO per diluted share | $1.83 | — | $1.89 |  | $1.78
Core FFO per diluted share (3) | $1.79 | — | $1.83 |  | $1.73
Same Property NOI (“SPNOI”) Growth | 3.50% | — | 4.50% |  | 5.0%
General and administrative | $34,250 | — | $35,750 |  | $33,172
Interest expense, net (4) | $31,000 | — | $31,500 |  | $34,697
Net investment activity (5) | ~ $100,000 |  | $213,518

(1)The Company’s initial 2025 guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and depreciation, amortization, and straight-line rent adjustments related to acquisitions.
(2)The Company’s initial 2025 guidance includes an expectation of uncollectibility, reflected as 75-100 basis points of expected total revenue.
(3)Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, debt extinguishment charges, straight-line rent adjustments, depreciation and amortization of corporate assets, and non-operating income and expense.
(4)Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $2.4 million.
(5)Net investment activity represents anticipated acquisition activity less disposition activity.
In addition to the foregoing, the Company's initial 2025 Guidance incorporates a number of other assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.
The following table provides a reconciliation of the range of the Company's 2025 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:

(Unaudited) | Low End |  | High End
Net income per diluted share | $ | 0.27 |  |  | $ | 0.33 |
Depreciation and amortization of real estate assets | 1.56 |  |  | 1.56 |
Nareit FFO per diluted share | 1.83 |  |  | 1.89 |
Amortization of market-lease intangibles and inducements, net | (0.04) |  |  | (0.05) |
Straight-line rent adjustments, net | (0.04) |  |  | (0.05) |
Amortization of debt discounts and financing costs | 0.04 |  |  | 0.04 |
Core FFO per diluted share | $ | 1.79 |  |  | $ | 1.83 |

This press release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.

vi Supplemental - Quarter Ended December 31, 2024 |

| Summary Financial Information
In thousands, except share information and per square foot amounts

| Three Months Ended December 31 |  | Year Ended December 31
| 2024 |  | 2023 |  | 2024 |  | 2023
Financial Results |  |  |  |  |  |  |
Net income | $ | 9,799 |  |  | $ | 2,890 |  |  | $ | 13,658 |  |  | $ | 5,269 |
Net income per common share - basic | 0.13 |  |  | 0.04 |  |  | 0.19 |  |  | 0.08 |
Net income per common share - diluted | 0.13 |  |  | 0.04 |  |  | 0.19 |  |  | 0.08 |
Nareit FFO (page 7) | 34,892 |  |  | 30,754 |  |  | 126,710 |  |  | 115,498 |
Nareit FFO per diluted share | 0.45 |  |  | 0.45 |  |  | 1.78 |  |  | 1.70 |
Core FFO (page 7) | 33,547 |  |  | 27,793 |  |  | 122,769 |  |  | 111,858 |
Core FFO per diluted share | 0.43 |  |  | 0.41 |  |  | 1.73 |  |  | 1.65 |
Same Property NOI (page 6) | 45,878 |  |  | 42,817 |  |  | 162,555 |  |  | 154,848 |

Same Property NOI growth | 7.1 | % |  |  |  | 5.0 | % |  |

Adjusted EBITDA (page 7) | 41,382 |  |  | 36,792 |  |  | 158,009 |  |  | 146,459 |

Aggregate distributions declared (as a % of Core FFO) | 52.2 | % |  | 52.5 | % |  | 53.5 | % |  | 52.1 | %

| As of December 31, 2024 |  | As of December 31, 2023 |  | As of December 31, 2022 (a) |  | As of December 31, 2021 (a)
Capital Information |  |  |  |  |  |  |
Shares outstanding | 77,450,794 |  | 67,807,831 |  | 67,472,553 |  | 67,344,374
Outstanding Debt, net | $ | 740,415 |  |  | $ | 814,568 |  |  | $ | 805,253 |  |  | $ | 624,289 |
Less: Cash and cash equivalents | (87,395) |  |  | (96,385) |  |  | (164,448) |  |  | (79,628) |
Net Debt | $ | 653,020 |  |  | $ | 718,183 |  |  | $ | 640,805 |  |  | $ | 544,661 |
(a) Outstanding debt, net, Cash and cash equivalents, and Net Debt as of December 31, 2022 and 2021 are Pro-Rata.
Debt Metrics (trailing 12 months) |  |  |  |  |  |  |
Adjusted EBITDA | $ | 158,009 |  |  | $ | 146,459 |  |  | $ | 132,368 |  |  | $ | 117,273 |
Net Debt-to-Adjusted EBITDA (a) | 4.1x |  | 4.9x |  | 4.8x |  | 4.6x
Fixed charge coverage | 4.5x |  | 4.3x |  | 5.0x |  | 6.4x
Net debt to real estate assets, excl property acc depr. | 23.0 | % |  | 27.0 | % |  | 24.7 | % |  | 22.0 | %
Net debt to total assets, excl property acc depr. | 20.7 | % |  | 24.4 | % |  | 21.3 | % |  | 19.3 | %
(a) Net Debt-to-Adjusted EBITDA as of December 31, 2022 and 2021 are Pro-Rata.

Dividend Paid Per Share |  |  |  | Liquidity and Credit Facility
Q4 2024 |  | $0.22630 |  |  |  | Cash and cash equivalents |  | $ | 87,395 |
Q3 2024 |  | $0.22630 |  |  |  | Available under credit facility |  | 500,000 |
Q2 2024 |  | $0.22630 |  |  |  | Total |  | $ | 587,395 |
Q1 2024 |  | $0.21550 |  |  |  |  |  |

| Same Property |  | Same Property |  | Total
| Three Months Ended December 31 |  | Year Ended December 31 |  | Year Ended December 31
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Portfolio Metrics |  |  |  |  |  |  |  |  |  |  |
No. of properties | 61 |  | 61 |  | 56 |  | 56 |  | 68 |  | 62
GLA | 10,131 |  | 10,106 |  | 8,916 |  | 8,890 |  | 10,972 |  | 10,324
Economic Occupancy | 95.1 | % |  | 93.4 | % |  | 95.3 | % |  | 93.8 | % |  | 95.3 | % |  | 93.3 | %
Leased Occupancy | 97.4 | % |  | 96.2 | % |  | 97.6 | % |  | 96.4 | % |  | 97.4 | % |  | 96.2 | %
ABR PSF | $19.87 |  | $19.42 |  | $20.34 |  | $19.82 |  | $20.07 |  | $19.48

1 Supplemental - Quarter Ended December 31, 2024 |

| Consolidated Balance Sheets
In thousands, except share and per share amounts

| As of
| December 31, 2024 |  | December 31, 2023
Assets | (unaudited) |  |
Investment properties |  |  |
Land | $ | 712,827 |  |  | $ | 694,668 |
Building and other improvements | 2,116,092 |  |  | 1,956,117 |
Construction in progress | 9,951 |  |  | 5,889 |
Total | 2,838,870 |  |  | 2,656,674 |
Less accumulated depreciation | (511,969) |  |  | (461,352) |
Net investment properties | 2,326,901 |  |  | 2,195,322 |
Cash, cash equivalents and restricted cash | 91,221 |  |  | 99,763 |
Intangible assets, net | 137,420 |  |  | 114,485 |
Accounts and rents receivable | 36,131 |  |  | 35,353 |
Deferred costs and other assets, net | 44,277 |  |  | 42,408 |
Total assets | $ | 2,635,950 |  |  | $ | 2,487,331 |
Liabilities |  |  |
Debt, net | $ | 740,415 |  |  | $ | 814,568 |
Accounts payable and accrued expenses | 46,418 |  |  | 44,583 |
Distributions payable | 17,512 |  |  | 14,594 |
Intangible liabilities, net | 42,897 |  |  | 30,344 |
Other liabilities | 28,703 |  |  | 29,198 |
Total liabilities | 875,945 |  |  | 933,287 |
Commitments and contingencies |  |  |
Stockholders' Equity |  |  |
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding | — |  |  | — |
Common stock, $0.001 par value, 146,000,000 shares authorized, 77,450,794 shares issued and outstanding as of December 31, 2024 and 67,807,831 shares issued and outstanding as of December 31, 2023 | 77 |  |  | 68 |
Additional paid-in capital | 5,730,367 |  |  | 5,468,728 |
Distributions in excess of accumulated net income | (3,984,865) |  |  | (3,932,826) |
Accumulated comprehensive income | 14,426 |  |  | 18,074 |
Total stockholders' equity | 1,760,005 |  |  | 1,554,044 |
Total liabilities and stockholders' equity | $ | 2,635,950 |  |  | $ | 2,487,331 |

2 Supplemental - Quarter Ended December 31, 2024 |

| Consolidated Statements of Operations and Comprehensive Income (Loss)
In thousands, except share and per share information, unaudited

| Three Months Ended December 31 |  | Year Ended December 31
| 2024 |  | 2023 |  | 2024 |  | 2023
Income |  |  |  |  |  |  |
Lease income, net | $ | 70,759 |  |  | $ | 64,332 |  |  | $ | 272,440 |  |  | $ | 257,146 |
Other property income | 473 |  |  | 390 |  |  | 1,534 |  |  | 1,450 |
Other fee income | — |  |  | — |  |  | — |  |  | 80 |
Total income | 71,232 |  |  | 64,722 |  |  | 273,974 |  |  | 258,676 |
Operating expenses |  |  |  |  |  |  |
Depreciation and amortization | 28,856 |  |  | 28,091 |  |  | 113,948 |  |  | 113,430 |
Property operating | 12,376 |  |  | 11,776 |  |  | 43,413 |  |  | 42,832 |
Real estate taxes | 9,209 |  |  | 7,448 |  |  | 36,441 |  |  | 34,809 |
General and administrative | 8,404 |  |  | 8,408 |  |  | 33,172 |  |  | 31,797 |
Total operating expenses | 58,845 |  |  | 55,723 |  |  | 226,974 |  |  | 222,868 |
Other (expense) income |  |  |  |  |  |  |
Interest expense, net | (8,356) |  |  | (9,697) |  |  | (37,100) |  |  | (38,138) |
Loss on extinguishment of debt | — |  |  | (15) |  |  | — |  |  | (15) |
Impairment of real estate assets | — |  |  | — |  |  | (3,854) |  |  | — |
Gain on sale of investment properties, net | 3,523 |  |  | — |  |  | 3,857 |  |  | 2,691 |
Equity in losses of unconsolidated entities | — |  |  | (110) |  |  | — |  |  | (557) |
Other income and expense, net | 2,245 |  |  | 3,713 |  |  | 3,755 |  |  | 5,480 |
Total other (expense) income, net | (2,588) |  |  | (6,109) |  |  | (33,342) |  |  | (30,539) |
Net income | $ | 9,799 |  |  | $ | 2,890 |  |  | $ | 13,658 |  |  | $ | 5,269 |
Weighted-average common shares outstanding, basic | 77,222,248 |  |  | 67,563,908 |  |  | 70,394,448 |  |  | 67,531,898 |
Weighted-average common shares outstanding, diluted | 78,014,472 |  |  | 68,090,912 |  |  | 71,010,568 |  |  | 67,813,180 |
Net income per common share - basic | $ | 0.13 |  |  | $ | 0.04 |  |  | $ | 0.19 |  |  | $ | 0.08 |
Net income per common share - diluted | $ | 0.13 |  |  | $ | 0.04 |  |  | $ | 0.19 |  |  | $ | 0.08 |
Comprehensive income (loss) |  |  |  |  |  |  |
Net income | $ | 9,799 |  |  | $ | 2,890 |  |  | $ | 13,658 |  |  | $ | 5,269 |
Unrealized gain (loss) on derivatives | 6,459 |  |  | (7,268) |  |  | 9,019 |  |  | 6,228 |
Reclassification to net income | (2,721) |  |  | (3,786) |  |  | (12,667) |  |  | (14,875) |
Comprehensive income (loss) | $ | 13,537 |  |  | $ | (8,164) |  |  | $ | 10,010 |  |  | $ | (3,378) |

3 Supplemental - Quarter Ended December 31, 2024 |

| Consolidated Supplemental Details of Assets and Liabilities
In thousands

| As of
| December 31, 2024 |  | December 31, 2023
Cash, cash equivalents and restricted cash |  |  |
Cash and cash equivalents | $ | 87,395 |  |  | $ | 96,385 |
Restricted cash | 3,826 |  |  | 3,378 |
Total | $ | 91,221 |  |  | $ | 99,763 |
Accounts and rents receivable |  |  |
Billed base rent, recoveries, and other revenue receivables | $ | 10,273 |  |  | $ | 12,215 |
Straight-line rent receivables | 25,858 |  |  | 23,138 |
Total | $ | 36,131 |  |  | $ | 35,353 |
Deferred cost and other assets, net |  |  |
Deferred leasing costs, net | $ | 16,139 |  |  | $ | 14,995 |
Derivative assets | 14,426 |  |  | 18,196 |
Financing costs, net | 5,751 |  |  | 1,449 |
Other assets | 3,329 |  |  | 3,309 |
Deferred costs, net | 2,783 |  |  | 2,206 |
Right of use assets, net | 1,849 |  |  | 2,253 |
Total | $ | 44,277 |  |  | $ | 42,408 |
Other liabilities |  |  |
Unearned lease income | $ | 8,320 |  |  | $ | 8,061 |
Deferred revenues | 8,226 |  |  | 8,878 |
Security deposits | 7,938 |  |  | 7,127 |
Operating lease liabilities | 2,528 |  |  | 3,023 |
Other liabilities | 1,691 |  |  | 1,987 |
Derivative liabilities | — |  |  | 122 |
Total | $ | 28,703 |  |  | $ | 29,198 |

4 Supplemental - Quarter Ended December 31, 2024 |

| Consolidated Supplemental Details of Operations
In thousands

|  | Three Months Ended December 31 |  | Year Ended December 31
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Income |  |  |  |  |  |  |
* | Minimum base rent | $ | 45,372 |  |  | $ | 41,687 |  |  | $ | 175,068 |  |  | $ | 165,267 |
* | Real estate tax recoveries | 8,610 |  |  | 6,947 |  |  | 33,343 |  |  | 31,220 |
* | Common area maintenance, insurance, and other recoveries | 8,658 |  |  | 8,380 |  |  | 33,003 |  |  | 30,731 |
* | Ground rent income | 5,061 |  |  | 4,740 |  |  | 19,321 |  |  | 19,044 |
| Amortization of market-lease intangibles and inducements, net | 740 |  |  | 626 |  |  | 2,804 |  |  | 3,343 |
* | Short-term and other lease income | 1,861 |  |  | 1,779 |  |  | 4,567 |  |  | 4,389 |
| Lease termination income | 24 |  |  | 17 |  |  | 1,364 |  |  | 836 |
| Straight-line rent adjustments, net | 748 |  |  | 857 |  |  | 3,400 |  |  | 3,349 |
* | Provision for uncollectible billed rent and recoveries, net | (315) |  |  | (701) |  |  | (430) |  |  | (1,033) |
| Lease income, net | 70,759 |  |  | 64,332 |  |  | 272,440 |  |  | 257,146 |
* | Other property income | 473 |  |  | 390 |  |  | 1,534 |  |  | 1,450 |
| Other fee income | — |  |  | — |  |  | — |  |  | 80 |
| Total income | $ | 71,232 |  |  | $ | 64,722 |  |  | $ | 273,974 |  |  | $ | 258,676 |
Operating expenses |  |  |  |  |  |  |
| Depreciation and amortization | $ | 28,856 |  |  | $ | 28,091 |  |  | $ | 113,948 |  |  | $ | 113,430 |
* | Repairs and maintenance | 3,817 |  |  | 4,484 |  |  | 13,366 |  |  | 14,270 |
* | Payroll, benefits, and office | 2,685 |  |  | 2,685 |  |  | 10,510 |  |  | 10,690 |
* | Utilities and waste removal | 2,615 |  |  | 2,401 |  |  | 9,462 |  |  | 8,747 |
* | Property insurance | 2,255 |  |  | 1,253 |  |  | 6,668 |  |  | 5,552 |
* | Security, legal, and other expenses | 984 |  |  | 953 |  |  | 3,387 |  |  | 3,573 |
| Lease termination expense | 20 |  |  | — |  |  | 20 |  |  | — |
| Property operating expenses | 12,376 |  |  | 11,776 |  |  | 43,413 |  |  | 42,832 |
* | Real estate taxes | 9,209 |  |  | 7,448 |  |  | 36,441 |  |  | 34,809 |
| General and administrative costs | 6,491 |  |  | 6,607 |  |  | 25,840 |  |  | 25,302 |
| Stock based compensation costs | 2,567 |  |  | 2,411 |  |  | 9,896 |  |  | 9,021 |
| Capitalized direct development compensation costs | (654) |  |  | (610) |  |  | (2,564) |  |  | (2,526) |
| General and administrative expense | 8,404 |  |  | 8,408 |  |  | 33,172 |  |  | 31,797 |
| Total operating expenses | $ | 58,845 |  |  | $ | 55,723 |  |  | $ | 226,974 |  |  | $ | 222,868 |
Interest expense, net |  |  |  |  |  |  |
| Term loans, including impact of derivatives | $ | 3,469 |  |  | $ | 3,341 |  |  | $ | 13,663 |  |  | $ | 13,652 |
| Senior notes | 3,201 |  |  | 3,201 |  |  | 12,805 |  |  | 12,805 |
| Mortgages payable | 926 |  |  | 2,215 |  |  | 7,751 |  |  | 7,048 |
| Line of credit facility fees | 177 |  |  | 132 |  |  | 627 |  |  | 596 |
| Capitalized interest | (78) |  |  | (20) |  |  | (149) |  |  | (77) |
| Amortization of debt discounts and financing costs | 661 |  |  | 828 |  |  | 2,403 |  |  | 4,114 |
| Total interest expense, net | $ | 8,356 |  |  | $ | 9,697 |  |  | $ | 37,100 |  |  | $ | 38,138 |
Other income and expense, net |  |  |  |  |  |  |
| Interest on cash and cash equivalents | $ | 1,627 |  |  | $ | 1,215 |  |  | $ | 3,265 |  |  | $ | 3,261 |
| Income tax expense | (140) |  |  | (129) |  |  | (543) |  |  | (517) |
| Miscellaneous and settlement income | 758 |  |  | 2,627 |  |  | 1,033 |  |  | 2,736 |
| Total other income and expense, net | $ | 2,245 |  |  | $ | 3,713 |  |  | $ | 3,755 |  |  | $ | 5,480 |

* Component of Net Operating Income

5 Supplemental - Quarter Ended December 31, 2024 |

| Reconciliation of Non-GAAP Measures
In thousands

Same Property NOI

| Three Months Ended December 31 |  | Year Ended December 31
| 2024 |  | 2023 |  | 2024 |  | 2023
Income |  |  |  |  |  |  |
Minimum base rent | $ | 42,591 |  |  | $ | 40,817 |  |  | $ | 152,502 |  |  | $ | 148,304 |
Real estate tax recoveries | 8,223 |  |  | 6,615 |  |  | 29,463 |  |  | 28,184 |
Common area maintenance, insurance, and other recoveries | 8,098 |  |  | 8,245 |  |  | 28,788 |  |  | 27,799 |
Ground rent income | 4,563 |  |  | 4,520 |  |  | 14,674 |  |  | 14,760 |
Short-term and other lease income | 1,845 |  |  | 1,799 |  |  | 4,496 |  |  | 4,323 |
Provision for uncollectible billed rent and recoveries | (234) |  |  | (704) |  |  | (266) |  |  | (1,046) |
Other property income | 440 |  |  | 381 |  |  | 1,305 |  |  | 1,241 |
Total income | 65,526 |  |  | 61,673 |  |  | 230,962 |  |  | 223,565 |
Operating Expenses |  |  |  |  |  |  |
Property operating | 10,831 |  |  | 11,718 |  |  | 36,426 |  |  | 37,736 |
Real estate taxes | 8,817 |  |  | 7,138 |  |  | 31,981 |  |  | 30,981 |
Total operating expenses | 19,648 |  |  | 18,856 |  |  | 68,407 |  |  | 68,717 |
Same Property NOI | $ | 45,878 |  |  | $ | 42,817 |  |  | $ | 162,555 |  |  | $ | 154,848 |

% Change over Prior Period | 7.1 | % |  |  |  | 5.0 | % |  |
Same Property count | 61 |  |  |  | 56 |  |

Net Income to Same Property NOI

| Three Months Ended December 31 |  | Year Ended December 31
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 9,799 |  |  | $ | 2,890 |  |  | $ | 13,658 |  |  | $ | 5,269 |
Adjustments to reconcile to non-GAAP metrics: |  |  |  |  |  |  |
Other income and expense, net | (2,245) |  |  | (3,713) |  |  | (3,755) |  |  | (5,480) |
Equity in losses of unconsolidated entities | — |  |  | 110 |  |  | — |  |  | 557 |
Interest expense, net | 8,356 |  |  | 9,697 |  |  | 37,100 |  |  | 38,138 |
Loss on extinguishment of debt | — |  |  | 15 |  |  | — |  |  | 15 |
Gain on sale of investment properties, net | (3,523) |  |  | — |  |  | (3,857) |  |  | (2,691) |
Impairment of real estate assets | — |  |  | — |  |  | 3,854 |  |  | — |
Depreciation and amortization | 28,856 |  |  | 28,091 |  |  | 113,948 |  |  | 113,430 |
General and administrative | 8,404 |  |  | 8,408 |  |  | 33,172 |  |  | 31,797 |
Other fee income | — |  |  | — |  |  | — |  |  | (80) |
Adjustments to NOI (a) | (1,492) |  |  | (1,500) |  |  | (7,548) |  |  | (7,528) |
NOI | 48,155 |  |  | 43,998 |  |  | 186,572 |  |  | 173,427 |
NOI from other investment properties | (2,277) |  |  | (1,181) |  |  | (24,017) |  |  | (18,579) |
Same Property NOI | $ | 45,878 |  |  | $ | 42,817 |  |  | $ | 162,555 |  |  | $ | 154,848 |

(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.

6 Supplemental - Quarter Ended December 31, 2024 |

| Reconciliation of Non-GAAP Measures, continued
In thousands

Nareit FFO and Core FFO

| Three Months Ended December 31 |  | Year Ended December 31
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 9,799 |  |  | $ | 2,890 |  |  | $ | 13,658 |  |  | $ | 5,269 |
Depreciation and amortization of real estate assets | 28,616 |  |  | 27,864 |  |  | 113,055 |  |  | 112,578 |
Impairment of real estate assets | — |  |  | — |  |  | 3,854 |  |  | — |
Gain on sale of investment properties, net | (3,523) |  |  | — |  |  | (3,857) |  |  | (2,691) |
Unconsolidated joint venture adjustments (a) | — |  |  | — |  |  | — |  |  | 342 |
Nareit FFO Applicable to Common Shares and Dilutive Securities | 34,892 |  |  | 30,754 |  |  | 126,710 |  |  | 115,498 |
Amortization of market lease intangibles and inducements, net | (740) |  |  | (626) |  |  | (2,804) |  |  | (3,343) |
Straight-line rent adjustments, net | (748) |  |  | (857) |  |  | (3,400) |  |  | (3,349) |
Amortization of debt discounts and financing costs | 661 |  |  | 827 |  |  | 2,403 |  |  | 4,113 |
Depreciation and amortization of corporate assets | 240 |  |  | 227 |  |  | 893 |  |  | 852 |
Non-operating income and expense, net (b) | (758) |  |  | (2,612) |  |  | (1,033) |  |  | (1,821) |
Unconsolidated joint venture adjusting items, net (c) | — |  |  | 80 |  |  | — |  |  | (92) |
Core FFO Applicable to Common Shares and Dilutive Securities | $ | 33,547 |  |  | $ | 27,793 |  |  | $ | 122,769 |  |  | $ | 111,858 |
Weighted average common shares outstanding - basic | 77,222,248 |  |  | 67,563,908 |  |  | 70,394,448 |  |  | 67,531,898 |
Dilutive effect of unvested restricted shares (d) | 792,224 |  |  | 527,004 |  |  | 616,120 |  |  | 281,282 |
Weighted average common shares outstanding - diluted | 78,014,472 |  |  | 68,090,912 |  |  | 71,010,568 |  |  | 67,813,180 |
Net income per diluted share | $ | 0.13 |  |  | $ | 0.04 |  |  | $ | 0.19 |  |  | $ | 0.08 |
Nareit FFO per diluted share | $ | 0.45 |  |  | $ | 0.45 |  |  | $ | 1.78 |  |  | $ | 1.70 |
Core FFO per diluted share | $ | 0.43 |  |  | $ | 0.41 |  |  | $ | 1.73 |  |  | $ | 1.65 |

(a)Reflects the Company’s share of adjustments for IAGM's Nareit FFO on the same basis as InvenTrust.
(b)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four remaining properties of IAGM in 2023.
(c)Reflects the Company’s share of adjustments for IAGM's Core FFO on the same basis as InvenTrust.
(d)For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.
EBITDA and Adjusted EBITDA

| Three Months Ended December 31 |  | Year Ended December 31
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 9,799 |  |  | $ | 2,890 |  |  | $ | 13,658 |  |  | $ | 5,269 |
Interest expense, net | 8,356 |  |  | 9,697 |  |  | 37,100 |  |  | 38,138 |
Income tax expense | 140 |  |  | 129 |  |  | 543 |  |  | 517 |
Depreciation and amortization | 28,856 |  |  | 28,091 |  |  | 113,948 |  |  | 113,430 |
Unconsolidated joint venture adjustments (a) | — |  |  | — |  |  | — |  |  | 417 |
EBITDA | 47,151 |  |  | 40,807 |  |  | 165,249 |  |  | 157,771 |
Impairment of real estate assets | — |  |  | — |  |  | 3,854 |  |  | — |
Gain on sale of investment properties, net | (3,523) |  |  | — |  |  | (3,857) |  |  | (2,691) |
Amortization of market-lease intangibles and inducements, net | (740) |  |  | (626) |  |  | (2,804) |  |  | (3,343) |
Straight-line rent adjustments, net | (748) |  |  | (857) |  |  | (3,400) |  |  | (3,349) |
Non-operating income and expense, net (b) | (758) |  |  | (2,612) |  |  | (1,033) |  |  | (1,821) |
Unconsolidated joint venture adjusting items, net (c) | — |  |  | 80 |  |  | — |  |  | (108) |
Adjusted EBITDA | $ | 41,382 |  |  | $ | 36,792 |  |  | $ | 158,009 |  |  | $ | 146,459 |

(a)Reflects the Company's share of adjustments for IAGM's EBITDA on the same basis as InvenTrust.
(b)Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four remaining properties of IAGM in 2023.
(c)Reflects the Company's share of adjustments for IAGM's Adjusted EBITDA on the same basis as InvenTrust.

7 Supplemental - Quarter Ended December 31, 2024 |

| Summary of Outstanding Debt
In thousands

| Balance as of December 31, 2024 |  | Proportion of Total Debt |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate secured debt | $ | 93,380 |  |  | 13% |  | 3.97% |  | 2.6
Fixed rate unsecured debt | 650,000 |  |  | 87% |  | 4.04% |  | 3.5
Discounts and financing costs, net | (2,965) |  |  | — |  | n/a |  | n/a
Total debt, net | $ | 740,415 |  |  | 100% |  | 4.03% |  | 3.3

Schedule of Maturities by Year |  |
|  | Fixed Rate |  |
Maturity Year |  | Secured Debt |  | Unsecured Debt |  | Total Debt, net
2025 |  | $ | 35,880 |  |  | $ | — |  |  | $ | 35,880 |
2026 |  | — |  |  | 200,000 |  |  | 200,000 |
2027 |  | 26,000 |  |  | 200,000 |  |  | 226,000 |
2028 |  | — |  |  | — |  |  | — |
2029 |  | 31,500 |  |  | 150,000 |  |  | 181,500 |
Thereafter |  | — |  |  | 100,000 |  |  | 100,000 |
Discounts and financing costs, net |  | (247) |  |  | (2,718) |  |  | (2,965) |
Total |  | $ | 93,133 |  |  | $ | 647,282 |  |  | $ | 740,415 |

Debt Maturities

| Maturity Date |  | Interest Rate |  |  |  | Balance
Mortgages Payable |  |  |  |  |  |  |
The Plant | 5/10/25 |  | 3.97% |  |  |  | $ | 13,000 |
The Highlands of Flower Mound | 12/1/25 |  | 3.88% |  |  |  | 22,880 |
Escarpment Village | 7/1/27 |  | 3.86% |  |  |  | 26,000 |
Shops at Arbor Trails | 12/5/29 |  | 4.12% |  |  |  | 31,500 |
Total |  |  |  |  |  |  | 93,380 |
Term Loans |  |  |  |  |  |  |
$200.0 million 5 year | 9/22/26 |  | 2.81% (a) |  |  |  | 100,000 |
$200.0 million 5 year | 9/22/26 |  | 2.81% (a) |  |  |  | 100,000 |
$200.0 million 5.5 year | 3/22/27 |  | 2.78% (a) |  |  |  | 50,000 |
$200.0 million 5.5 year | 3/22/27 |  | 2.84% (a) |  |  |  | 50,000 |
$200.0 million 5.5 year | 3/22/27 |  | 4.99% (a) |  |  |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |
Senior Notes |  |  |  |  |  |  |
$150.0 million Series A Notes | 8/11/29 |  | 5.07% |  |  |  | 150,000 |
$100.0 million Series B Notes | 8/11/32 |  | 5.20% |  |  |  | 100,000 |
|  |  |  |  |  |  | 250,000 |
Revolving Line of Credit |  |  |  |  |  |  |
$500.0 million total capacity | 1/15/29 |  | 1M SOFR + 1.15% (b) |  |  |  | — |
Grand total |  |  | 4.03% |  |  |  | $ | 743,380 |

(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.
(b)As of December 31, 2024, 1-Month Term SOFR was 4.33%. Additional annual facility fee of 0.15% applies to entire line of credit capacity.

8 Supplemental - Quarter Ended December 31, 2024 |

| Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs
Unaudited, dollars in thousands

Debt Covenants (trailing 12 months)

|  |  |  |  |  | For the quarter ended
Description |  | Term Loan Covenants |  | Senior Note Covenants |  | Q4 2024 |  | Q3 2024 |  | Q2 2024 |  | Q1 2024
Leverage Ratio |  | < 60.0% |  | < 60.0% |  | 23.2% |  | 24.0% |  | 28.4% |  | 29.2%
Fixed Charge Coverage Ratio |  | > 1.50 |  | > 1.50 |  | 4.5 |  | 4.3 |  | 4.3 |  | 4.3
Maximum Dividend Payout |  | < 95% |  | N/A |  | 49.5% |  | 48.9% |  | 49.5% |  | 49.2%
Maximum Secured Recourse Debt |  | < 10% of Total Asset Value |  | < 10% of Total Asset Value |  | —% |  | —% |  | —% |  | —%
Unsecured Interest Coverage Ratio |  | > 1.75 |  | > 1.75 |  | 6.3 |  | 6.3 |  | 5.8 |  | 5.6
Unsecured Leverage Ratio |  | < 60% |  | < 60% |  | 23.1% |  | 24.5% |  | 26.8% |  | 28.0%

Interest Rate Swaps
As of December 31, 2024, the Company is party to five effective interest rate swap agreements:

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 |

Capital Investments and Leasing Costs

| Three Months Ended December 31 |  | Year Ended December 31
| 2024 |  | 2023 |  | 2024 |  | 2023
Tenant improvements | $ | 1,160 |  |  | $ | 2,258 |  |  | $ | 9,096 |  |  | $ | 7,945 |
Leasing costs | 1,130 |  |  | 1,370 |  | 3,762 |  | 3,888
Property improvements | 4,834 |  |  | 3,798 |  |  | 11,486 |  |  | 17,424 |
Capitalized indirect costs (a) | 257 |  |  | 611 |  |  | 1,435 |  |  | 1,929 |
Total capital expenditures and leasing costs | 7,381 |  |  | 8,037 |  |  | 25,779 |  |  | 31,186 |
Development and redevelopment direct costs | 2,843 |  |  | 1,278 |  |  | 9,253 |  |  | 3,788 |
Development and redevelopment indirect costs (a) | 280 |  |  | 120 |  |  | 1,084 |  |  | 770 |
Capital investments and leasing costs (b) | $ | 10,504 |  |  | $ | 9,435 |  |  | $ | 36,116 |  |  | $ | 35,744 |

(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.
(b)As of December 31, 2024 and 2023, total accrued capital investments and leasing costs were $3,620 and $2,562, respectively.

9 Supplemental - Quarter Ended December 31, 2024 |

| Markets and Tenant Size
GLA and dollar amounts in thousands, except per square foot amounts

Market |  | No. of Properties |  | Leased Occupancy |  | ABR |  | ABR psf |  | ABR as % of Total |  | GLA |  | GLA as % of Total
Austin-Round Rock, TX |  | 8 |  | 98.3 | % |  | $ | 33,517 |  |  | $16.97 |  | 16.1 | % |  | 2,091 |  | 19.1 | %
Houston-Sugar Land-Baytown, TX |  | 6 |  | 95.5 | % |  | 21,376 |  |  | 16.41 |  | 10.2 | % |  | 1,378 |  | 12.5 | %
Atlanta Metro Area, GA |  | 10 |  | 97.2 | % |  | 20,935 |  |  | 20.89 |  | 10.0 | % |  | 1,069 |  | 9.7 | %
Miami-Fort Lauderdale-Miami Beach, FL |  | 3 |  | 98.7 | % |  | 20,231 |  |  | 24.04 |  | 9.7 | % |  | 859 |  | 7.8 | %
Dallas-Fort Worth-Arlington, TX |  | 7 |  | 98.5 | % |  | 18,678 |  |  | 20.56 |  | 9.0 | % |  | 941 |  | 8.6 | %
Raleigh-Cary-Durham, NC |  | 5 |  | 96.7 | % |  | 13,288 |  |  | 20.39 |  | 6.4 | % |  | 688 |  | 6.3 | %
Orlando-Kissimmee, FL |  | 4 |  | 98.9 | % |  | 10,337 |  |  | 25.67 |  | 5.0 | % |  | 411 |  | 3.7 | %
Charlotte-Gastonia-Concord, NC |  | 4 |  | 99.1 | % |  | 9,972 |  |  | 20.67 |  | 4.8 | % |  | 515 |  | 4.7 | %
Tampa-St. Petersburg, FL |  | 3 |  | 96.7 | % |  | 9,486 |  |  | 15.34 |  | 4.6 | % |  | 744 |  | 6.8 | %
So. California - Los Angeles, CA |  | 2 |  | 96.7 | % |  | 7,489 |  |  | 20.14 |  | 3.6 | % |  | 392 |  | 3.6 | %
Richmond, VA |  | 2 |  | 99.3 | % |  | 6,864 |  |  | 17.94 |  | 3.3 | % |  | 385 |  | 3.5 | %
San Antonio, TX |  | 2 |  | 94.5 | % |  | 6,573 |  |  | 27.02 |  | 3.2 | % |  | 261 |  | 2.4 | %
Washington D.C., MD |  | 2 |  | 91.1 | % |  | 5,826 |  |  | 36.34 |  | 2.8 | % |  | 181 |  | 1.6 | %
So. California - San Diego, CA |  | 2 |  | 97.2 | % |  | 5,712 |  |  | 26.31 |  | 2.8 | % |  | 225 |  | 2.1 | %
So. California - Inland Empire, CA |  | 2 |  | 98.4 | % |  | 5,661 |  |  | 23.36 |  | 2.7 | % |  | 246 |  | 2.2 | %
Charleston-Berkeley-Dorchester, SC |  | 2 |  | 98.1 | % |  | 5,225 |  |  | 25.80 |  | 2.5 | % |  | 214 |  | 2.0 | %
Cape Coral-Fort Myers, FL |  | 2 |  | 96.6 | % |  | 3,718 |  |  | 15.55 |  | 1.8 | % |  | 249 |  | 2.3 | %
Phoenix, AZ |  | 2 |  | 99.1 | % |  | 3,057 |  |  | 25.73 |  | 1.5 | % |  | 123 |  | 1.1 | %
Total |  | 68 |  | 97.4 | % |  | $ | 207,945 |  |  | $20.07 |  | 100 | % |  | 10,972 |  | 100 | %

State |  | No. of Properties |  | Leased Occupancy |  | ABR |  | ABR psf |  | ABR as % of Total |  | GLA |  | GLA as % of Total
Texas |  | 23 |  | 97.3 | % |  | $ | 80,144 |  |  | $18.09 |  | 38.5 | % |  | 4,671 |  | 42.6 | %
Florida |  | 12 |  | 97.8 | % |  | 43,772 |  |  | 20.83 |  | 21.1 | % |  | 2,263 |  | 20.6 | %
North Carolina |  | 9 |  | 97.7 | % |  | 23,260 |  |  | 20.51 |  | 11.2 | % |  | 1,203 |  | 11.0 | %
Georgia |  | 10 |  | 97.2 | % |  | 20,935 |  |  | 20.89 |  | 10.0 | % |  | 1,069 |  | 9.7 | %
California |  | 6 |  | 97.3 | % |  | 18,862 |  |  | 22.69 |  | 9.1 | % |  | 863 |  | 7.9 | %
Virginia |  | 2 |  | 99.3 | % |  | 6,864 |  |  | 17.94 |  | 3.3 | % |  | 385 |  | 3.5 | %
Maryland |  | 2 |  | 91.1 | % |  | 5,826 |  |  | 36.34 |  | 2.8 | % |  | 181 |  | 1.6 | %
South Carolina |  | 2 |  | 98.1 | % |  | 5,225 |  |  | 25.80 |  | 2.5 | % |  | 214 |  | 2.0 | %
Arizona |  | 2 |  | 99.1 | % |  | 3,057 |  |  | 25.73 |  | 1.5 | % |  | 123 |  | 1.1 | %
Total |  | 68 |  | 97.4 | % |  | $ | 207,945 |  |  | $20.07 |  | 100 | % |  | 10,972 |  | 100 | %

Tenant type |  | Economic Occupancy |  | Leased Occupancy |  | ABR |  | ABR PSF |  | GLA
20,000 SF+ (a) |  | 98.5 | % |  | 100.0 | % |  | $ | 65,280 |  | $ | 11.46 |  |  | 5,879 |
10,000 - 19,999 SF (a) |  | 96.7 | % |  | 98.9 | % |  | 21,196 |  | 20.64 |  |  | 1,062 |
5,000 - 9,999 SF (b) |  | 89.5 | % |  | 95.2 | % |  | 18,940 |  | 27.06 |  |  | 782 |
1 - 4,999 SF (b) |  | 90.6 | % |  | 92.9 | % |  | 102,529 |  | 34.90 |  |  | 3,249 |
Total |  | 95.3 | % |  | 97.4 | % |  | $ | 207,945 |  | $ | 20.07 |  |  | 10,972 |
Anchor Tenants (a) |  | 98.3 | % |  | 99.8 | % |  | $ | 86,476 |  |  | $ | 12.86 |  |  | 6,941 |
Small Shops (b) |  | 90.3 | % |  | 93.3 | % |  | $ | 121,469 |  |  | $ | 33.39 |  |  | 4,031 |

(a)Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
(b)Tenants with square footage less than 10,000 square feet are considered Small Shops.

10 Supplemental - Quarter Ended December 31, 2024 |

| Top 25 Tenants by Total ABR and Tenant Merchandise Mix
In thousands

| Parent Name |  | Tenant Name / Store Count |  | Credit Rating (a) |  | No. of Leases |  | ABR |  | % of Total ABR |  | GLA |  | % of Total Occ.GLA
1 | Kroger |  | Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / Ralphs 2 |  | BBB |  | 14 |  | $ | 8,891 |  |  | 4.3 | % |  | 821 |  | 7.5 | %
2 | Publix Super Markets, Inc. |  | Publix 12 / Publix Liquor 3 |  | N/A |  | 15 |  | 6,926 |  |  | 3.3 | % |  | 581 |  | 5.3 | %
3 | TJX Companies |  | Marshalls 7 / HomeGoods 5 / TJ Maxx 2 |  | A |  | 14 |  | 4,907 |  |  | 2.4 | % |  | 399 |  | 3.6 | %
4 | Albertson's |  | Tom Thumb 2 / Market Street 2 / Safeway 1 /Albertsons 1 |  | BB+ |  | 6 |  | 4,359 |  |  | 2.1 | % |  | 365 |  | 3.3 | %
5 | H.E.B. |  | H.E.B. 4 / H.E.B. Staff Office 1 |  | N/A |  | 5 |  | 4,257 |  |  | 2.0 | % |  | 447 |  | 4.1 | %
6 | Amazon, Inc. |  | Whole Foods Market 5 |  | AA |  | 5 |  | 2,742 |  |  | 1.3 | % |  | 194 |  | 1.8 | %
7 | Apollo Global Management, Inc. |  | Michael's 8 |  | B- |  | 8 |  | 2,660 |  |  | 1.3 | % |  | 190 |  | 1.7 | %
8 | Best Buy |  |  |  | BBB+ |  | 4 |  | 2,270 |  |  | 1.1 | % |  | 138 |  | 1.3 | %
9 | Ross Dress For Less |  | Ross Dress for Less 5 / dd's Discounts 1 |  | BBB+ |  | 6 |  | 2,193 |  |  | 1.1 | % |  | 171 |  | 1.6 | %
10 | BC Partners |  | PetSmart 6 |  | B+ |  | 6 |  | 2,117 |  |  | 1.0 | % |  | 125 |  | 1.1 | %
11 | Ulta Beauty Inc. |  |  |  | N/A |  | 8 |  | 2,085 |  |  | 1.0 | % |  | 83 |  | 0.8 | %
12 | Petco Health and Wellness Company, Inc. |  |  |  | B |  | 8 |  | 2,014 |  |  | 1.0 | % |  | 106 |  | 1.0 | %
13 | Trader Joe's |  |  |  | N/A |  | 4 |  | 1,910 |  |  | 0.9 | % |  | 51 |  | 0.5 | %
14 | Dick's Sporting Goods, Inc. |  | Dick's Sporting Goods 2 / Going, Going, Gone 1 |  | BBB |  | 3 |  | 1,876 |  |  | 0.9 | % |  | 171 |  | 1.6 | %
15 | Sprouts Farmers Market |  |  |  | N/A |  | 3 |  | 1,798 |  |  | 0.9 | % |  | 85 |  | 0.8 | %
16 | Costco Wholesale |  |  |  | A+ |  | 2 |  | 1,735 |  |  | 0.8 | % |  | 298 |  | 2.7 | %
17 | Five Below, Inc. |  |  |  | N/A |  | 9 |  | 1,707 |  |  | 0.8 | % |  | 86 |  | 0.8 | %
18 | Bank of America |  |  |  | A- |  | 6 |  | 1,641 |  |  | 0.8 | % |  | 34 |  | 0.3 | %
19 | Kingswood Capital Management |  | World Market 6 |  | N/A |  | 6 |  | 1,515 |  |  | 0.7 | % |  | 110 |  | 1.0 | %
20 | Wells Fargo |  |  |  | BBB+ |  | 8 |  | 1,387 |  |  | 0.7 | % |  | 33 |  | 0.3 | %
21 | Starbucks Corporation |  |  |  | BBB+ |  | 16 |  | 1,339 |  |  | 0.6 | % |  | 31 |  | 0.3 | %
22 | Massage Envy |  |  |  | N/A |  | 11 |  | 1,270 |  |  | 0.6 | % |  | 37 |  | 0.3 | %
23 | Truist Bank |  |  |  | A |  | 6 |  | 1,265 |  |  | 0.6 | % |  | 28 |  | 0.3 | %
24 | Xponential Fitness |  | Club Pilates 7 / StrechLab 4 / Pure Barre 3 / CycleBar 2 / YogaSix 2 / Rumble 1 |  | N/A |  | 19 |  | 1,252 |  |  | 0.6 | % |  | 36 |  | 0.3 | %
25 | DSW, Inc. |  |  |  | N/A |  | 4 |  | 1,234 |  |  | 0.6 | % |  | 73 |  | 0.7 | %
| Totals |  |  |  |  |  | 196 |  | $ | 65,350 |  |  | 31.4 | % |  | 4,693 |  | 43.0 | %

(a)Reflects the most recently available S&P credit rating.
Tenant Merchandise Mix

Tenant Category |  | ABR |  | % of Total ABR
Grocery / Drug |  | $ | 40,288 |  |  | 19.4 | %
Quick Service Restaurants |  | 25,788 |  |  | 12.4 | %
Personal Health and Beauty Services |  | 23,258 |  |  | 11.2 | %
Medical |  | 19,647 |  |  | 9.4 | %
Full Service Restaurants |  | 18,321 |  |  | 8.7 | %
Off Price |  | 10,681 |  |  | 5.1 | %
Apparel / Accessories |  | 10,391 |  |  | 5.0 | %
Banks |  | 9,326 |  |  | 4.5 | %
Fitness |  | 7,417 |  |  | 3.6 | %
Pets |  | 7,213 |  |  | 3.5 | %
Hobby / Sports |  | 6,783 |  |  | 3.3 | %
Office / Communications |  | 6,215 |  |  | 3.0 | %
Other |  | 5,774 |  |  | 2.8 | %
Home |  | 5,236 |  |  | 2.5 | %
Other Essential Retail / Services |  | 4,835 |  |  | 2.3 | %
Office (Non-Financial, Non-Medical) |  | 2,851 |  |  | 1.4 | %
Entertainment |  | 2,351 |  |  | 1.1 | %
Hardware / Auto |  | 1,570 |  |  | 0.8 | %
|  | $ | 207,945 |  |  | 100 | %

11 Supplemental - Quarter Ended December 31, 2024 |

| Comparable and Non-Comparable Lease Statistics
GLA in thousands

The Company's Retail Portfolio had 1.22 million square feet expiring during the year ended December 31, 2024, of which 1.15 million square feet was re-leased. This achieved a retention rate of approximately 94%. The following tables summarize the activity for leases that were executed during the year ended December 31, 2024.
For the year ended December 31, 2024

| No. of Leases Executed |  | GLA |  | New Contractual Rent ($PSF)(a) |  | Prior Contractual Rent ($PSF)(a) |  | % Change over Prior Lease Rent (a) |  | Weighted Average Lease Term (Years) |  | Tenant Improvement Allowance ($PSF) |  | Lease Commissions ($PSF)
All tenants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comparable Renewal Leases | 145 |  | 985 |  | $21.31 |  | $19.27 |  | 10.6% |  | 5.4 |  | $0.04 |  | $—
Comparable New Leases | 26 |  | 102 |  | 28.95 |  | 24.83 |  | 16.6% |  | 10.3 |  | 30.49 |  | 13.03
Non-Comparable Renewal and New Leases | 39 |  | 236 |  | 20.07 |  | N/A |  | N/A |  | 7.9 |  | 16.59 |  | 9.10
Total | 210 |  | 1,323 |  | $22.03 |  | $19.79 |  | 11.3% |  | 6.2 |  | $5.34 |  | $2.63

(a) Non-comparable leases are not included in totals.
Trailing Four Quarters ended December 31, 2024

| No. of Leases Executed |  | GLA |  | ABR PSF |  | Prior ABR PSF |  | % Change over Prior Lease |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Comparable Leases |  |  |  |  |  |  |  |  |  |  |  |
Total New and Renewal Leases |  |  |  |  |  |  |  |  |  |  |  |
Q4 2024 | 40 |  | 189 |  | $24.73 |  | $21.41 |  | 15.5% |  | 6.0 |  | $1.65 |  | $1.08
Q3 2024 | 48 |  | 403 |  | 18.26 |  | 16.63 |  | 9.8% |  | 6.2 |  | 2.89 |  | 1.30
Q2 2024 | 49 |  | 330 |  | 22.43 |  | 20.33 |  | 10.3% |  | 5.3 |  | 0.97 |  | 0.82
Q1 2024 | 34 |  | 165 |  | 27.28 |  | 24.54 |  | 11.2% |  | 6.1 |  | 8.14 |  | 1.97
Total | 171 |  | 1,087 |  | $22.03 |  | $19.79 |  | 11.3% |  | 5.9 |  | $2.89 |  | $1.22
| No. of Leases Executed |  | GLA |  | ABR PSF |  | Prior ABR PSF |  | % Change over Prior Lease |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
New Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q4 2024 | 7 |  | 14 |  | $41.95 |  | $34.34 |  | 22.2% |  | 11.0 |  | $22.25 |  | $14.63
Q3 2024 | 9 |  | 39 |  | 26.42 |  | 23.14 |  | 14.2% |  | 9.9 |  | 29.13 |  | 13.55
Q2 2024 | 7 |  | 17 |  | 41.05 |  | 37.33 |  | 10.0% |  | 10.1 |  | 18.57 |  | 15.80
Q1 2024 | 3 |  | 32 |  | 19.77 |  | 15.90 |  | 24.3% |  | 10.5 |  | 42.18 |  | 10.21
Total | 26 |  | 102 |  | $28.95 |  | $24.83 |  | 16.6% |  | 10.3 |  | $30.49 |  | $13.03
| No. of Leases Executed |  | GLA |  | ABR PSF |  | Prior ABR PSF |  | % Change over Prior Lease |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Renewals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q4 2024 | 33 |  | 175 |  | $23.35 |  | $20.38 |  | 14.6% |  | 5.6 |  | $— |  | $—
Q3 2024 | 39 |  | 364 |  | 17.40 |  | 15.94 |  | 9.2% |  | 5.8 |  | 0.11 |  | —
Q2 2024 | 42 |  | 313 |  | 21.41 |  | 19.40 |  | 10.4% |  | 5.0 |  | — |  | —
Q1 2024 | 31 |  | 133 |  | 29.08 |  | 26.59 |  | 9.4% |  | 5.0 |  | — |  | —
Total | 145 |  | 985 |  | $21.31 |  | $19.27 |  | 10.6% |  | 5.4 |  | $0.04 |  | $—
| No. of Leases Executed |  | GLA |  | ABR PSF |  |  |  |  |  | WA Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Non-Comparable Leases
Q4 2024 | 12 |  | 43 |  | $34.19 |  |  |  |  |  | 9.6 |  | $33.02 |  | $17.50
Q3 2024 | 10 |  | 65 |  | 26.84 |  |  |  |  |  | 10.0 |  | 14.02 |  | 13.72
Q2 2024 | 10 |  | 113 |  | 8.29 |  |  |  |  |  | 6.3 |  | 10.93 |  | 3.04
Q1 2024 | 7 |  | 15 |  | 39.61 |  |  |  |  |  | 6.5 |  | 23.50 |  | 10.93
Total | 39 |  | 236 |  | $20.07 |  |  |  |  |  | 7.9 |  | $16.59 |  | $9.10

12 Supplemental - Quarter Ended December 31, 2024 |

| Tenant Lease Expirations
GLA and ABR in thousands, except per square foot amounts

|  | Lease Expiration Year |  | No. of Expiring Leases |  | GLA of Expiring Leases |  | Percent of Total GLA of Expiring Leases |  | ABR of Expiring Leases |  | Percent of Total ABR |  | Expiring ABR PSF (a)
Anchor Tenants |  |  |  |  |  |  |  |
|  | 2025 |  | 10 |  |  | 427 |  |  | 6.2 | % |  | $ | 4,125 |  |  | 4.6 | % |  | $9.66
|  | 2026 |  | 16 |  |  | 459 |  |  | 6.7 | % |  | 6,514 |  |  | 7.2 | % |  | 14.19 |
|  | 2027 |  | 39 |  |  | 1,305 |  |  | 19.0 | % |  | 18,284 |  |  | 20.3 | % |  | 14.01 |
|  | 2028 |  | 25 |  |  | 603 |  |  | 8.8 | % |  | 8,864 |  |  | 9.8 | % |  | 14.70 |
|  | 2029 |  | 31 |  |  | 928 |  |  | 13.6 | % |  | 12,004 |  |  | 13.4 | % |  | 12.94 |
|  | 2030 |  | 20 |  |  | 637 |  |  | 9.3 | % |  | 8,711 |  |  | 9.7 | % |  | 13.68 |
|  | 2031 |  | 8 |  |  | 349 |  |  | 5.1 | % |  | 3,494 |  |  | 3.8 | % |  | 10.01 |
|  | 2032 |  | 9 |  |  | 345 |  |  | 5.0 | % |  | 4,537 |  |  | 5.0 | % |  | 13.15 |
|  | 2033 |  | 10 |  |  | 286 |  |  | 4.2 | % |  | 4,174 |  |  | 4.6 | % |  | 14.59 |
|  | 2034 |  | 13 |  |  | 575 |  |  | 8.4 | % |  | 7,302 |  |  | 8.1 | % |  | 12.70 |
|  | Thereafter |  | 21 |  |  | 940 |  |  | 13.7 | % |  | 12,158 |  |  | 13.5 | % |  | 12.93 |
|  | Other (b) |  | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |
|  | Sub total |  | 202 |  |  | 6,854 |  |  | 100 | % |  | $ | 90,167 |  |  | 100 | % |  | $13.16
|  | Vacant space |  |  |  | 87 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 6,941 |  |  |  |  |  |  |  |  |
Small Shops |  |  |  |  |  |  |  |  |  |  |  |
|  | 2025 |  | 127 |  |  | 270 |  |  | 7.4 | % |  | $ | 8,397 |  |  | 6.3 | % |  | $31.10
|  | 2026 |  | 215 |  |  | 541 |  |  | 14.9 | % |  | 17,717 |  |  | 13.4 | % |  | 32.75
|  | 2027 |  | 247 |  |  | 578 |  |  | 15.9 | % |  | 20,325 |  |  | 15.3 | % |  | 35.16
|  | 2028 |  | 213 |  |  | 508 |  |  | 13.9 | % |  | 17,848 |  |  | 13.5 | % |  | 35.13
|  | 2029 |  | 210 |  |  | 559 |  |  | 15.4 | % |  | 20,608 |  |  | 15.6 | % |  | 36.87
|  | 2030 |  | 113 |  |  | 300 |  |  | 8.2 | % |  | 11,316 |  |  | 8.5 | % |  | 37.72
|  | 2031 |  | 81 |  |  | 232 |  |  | 6.4 | % |  | 8,843 |  |  | 6.7 | % |  | 38.12
|  | 2032 |  | 80 |  |  | 198 |  |  | 5.4 | % |  | 7,696 |  |  | 5.8 | % |  | 38.87
|  | 2033 |  | 59 |  |  | 149 |  |  | 4.1 | % |  | 6,615 |  |  | 5.0 | % |  | 44.40
|  | 2034 |  | 71 |  |  | 193 |  |  | 5.3 | % |  | 8,297 |  |  | 6.3 | % |  | 42.99
|  | Thereafter |  | 25 |  |  | 92 |  |  | 2.5 | % |  | 4,335 |  |  | 3.1 | % |  | 47.12
|  | Other (b) |  | 11 |  |  | 22 |  |  | 0.6 | % |  | 598 |  |  | 0.5 | % |  | 27.18 |
|  | Totals |  | 1,452 |  |  | 3,642 |  |  | 100 | % |  | $ | 132,595 |  |  | 100 | % |  | $36.41
|  | Vacant space |  |  |  | 389 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 4,031 |  |  |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |
|  | 2025 |  | 137 |  |  | 697 |  |  | 6.6 | % |  | $ | 12,522 |  |  | 5.6 | % |  | $17.97
|  | 2026 |  | 231 |  |  | 1,000 |  |  | 9.5 | % |  | 24,231 |  |  | 10.9 | % |  | 24.23 |
|  | 2027 |  | 286 |  |  | 1,883 |  |  | 17.9 | % |  | 38,609 |  |  | 17.3 | % |  | 20.50 |
|  | 2028 |  | 238 |  |  | 1,111 |  |  | 10.7 | % |  | 26,712 |  |  | 12.0 | % |  | 24.04 |
|  | 2029 |  | 241 |  |  | 1,487 |  |  | 14.2 | % |  | 32,612 |  |  | 14.6 | % |  | 21.93 |
|  | 2030 |  | 133 |  |  | 937 |  |  | 8.9 | % |  | 20,027 |  |  | 9.0 | % |  | 21.37 |
|  | 2031 |  | 89 |  |  | 581 |  |  | 5.5 | % |  | 12,337 |  |  | 5.5 | % |  | 21.23 |
|  | 2032 |  | 89 |  |  | 543 |  |  | 5.2 | % |  | 12,233 |  |  | 5.5 | % |  | 22.53 |
|  | 2033 |  | 69 |  |  | 435 |  |  | 4.1 | % |  | 10,789 |  |  | 4.8 | % |  | 24.80 |
|  | 2034 |  | 84 |  |  | 768 |  |  | 7.3 | % |  | 15,599 |  |  | 7.0 | % |  | 20.31 |
|  | Thereafter |  | 46 |  |  | 1,032 |  |  | 9.9 | % |  | 16,493 |  |  | 7.5 | % |  | 15.98 |
|  | Other (b) |  | 11 |  |  | 22 |  |  | 0.2 | % |  | 598 |  |  | 0.3 | % |  | 27.18 |
|  | Totals |  | 1,654 |  |  | 10,496 |  |  | 100 | % |  | $ | 222,762 |  |  | 100 | % |  | $21.22
|  | Vacant space |  |  |  | 476 |  |  |  |  |  |  |  |  |
|  | Total |  |  |  | 10,972 |  |  |  |  |  |  |  |  |

(a)Expiring ABR PSF reflects ABR PSF at the time of lease expiration.
(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.

13 Supplemental - Quarter Ended December 31, 2024 |

| Acquisitions and Dispositions
Dollars and GLA in thousands

Acquisitions

Date |  | Property Name |  | Market |  | Acquisition Price |  | GLA |  | Leased Occ. |  | Anchor Tenants (a)
2/1/24 |  | The Plant |  | Phoenix, AZ |  | $ | 29,500 |  |  | 57 |  | 100% |  | Sprouts Farmers Market
4/9/24 |  | Moores Mill |  | Atlanta Metro Area, GA |  | 28,000 |  |  | 70 |  | 100% |  | Publix
6/13/24 |  | Maguire Groves (b) |  | Orlando-Kissimmee, FL |  | 16,100 |  |  | 33 |  | 100% |  | Publix
8/6/24 |  | Scottsdale North Marketplace |  | Phoenix, AZ |  | 23,000 |  |  | 66 |  | 98.4% |  | AJ's Fine Foods
10/9/24 |  | Stonehenge Village |  | Richmond, VA |  | 62,100 |  |  | 214 |  | 100% |  | Wegmans, La-Z-Boy, Party City, Petco
11/26/24 |  | The Forum |  | Cape Coral - Fort Myers, FL |  | 41,370 |  |  | 186 |  | 96.1% |  | Target*, dd's Discounts, Home Depot*, Michaels, Petco, Ross Dress for Less, Sky Zone, Staples
12/18/24 |  | Market at Mill Creek |  | Charleston-Berkeley-Dorchester, SC |  | 27,300 |  |  | 80 |  | 100% |  | Lowes Foods
12/18/24 |  | Nexton Square |  | Charleston-Berkeley-Dorchester, SC |  | 54,700 |  |  | 134 |  | 96.9% |  | N/A
|  |  |  |  |  | $ | 282,070 |  |  | 840 |  |  |  |

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow-anchors are noted with an asterisk.
(b)Maguire Groves is a 33,000 square foot neighborhood center immediately adjacent to Plantation Grove, a Publix anchored neighborhood center wholly-owned by InvenTrust, in Ocoee, Florida. The Company operates these properties under the Plantation Grove name.
Dispositions

Date |  | Property Name |  | Market |  | Disposition Price |  | GLA |  | Anchor Tenants (a)
7/22/24 |  | Eldridge Town Center & Windermere Village (b) |  | Houston-Sugar Land-Baytown, TX |  | $ | 602 |  |  | N/A |  | N/A
10/31/24 |  | Stevenson Ranch |  | So. California - Los Angeles |  | 57,800 |  |  | 187 |  | Ralphs, Furniture Design Center, LA Fitness, PetSmart
12/13/24 |  | Eldridge Town Center & Windermere Village (c) |  | Houston-Sugar Land-Baytown, TX |  | 10,150 |  |  | 31 |  | N/A
|  |  |  |  |  | $ | 68,552 |  |  | 218 |  |

(a)Grocer listed first and bolded, remaining anchor tenants are shown alphabetically.
(b)This disposition was related to the completion of a partial condemnation at one retail property.
(c)This disposition included the sale of an outparcel at Eldridge Town Center and the entirety of Windermere Village. Subsequent to the transaction, the Company continues to operate the remaining property under the Eldridge Town Center name.

14 Supplemental - Quarter Ended December 31, 2024 |

| Development Pipeline
In thousands

Active Redevelopments |  |  |  |  |  |  |  |  |  |  |  |
Property |  | Market |  | Project Description |  | Estimated Completion Quarter (a) |  | Projected Incremental Costs |  | Costs to Date |  | Estimated Incremental Yield on Cost
Sarasota Pavilion |  | Tampa-St. Petersburg, FL |  | Redevelopment and remerchandising of a former anchor space into new tenant spaces, including an 18,000 square foot anchor space, a 14,000 square foot anchor space, and additional small shop space. |  | 1Q - 2025 |  | $ | 6,800 |  |  | $ | 5,300 |  |  |
Campus Marketplace |  | So. California - San Diego, CA |  | Redevelopment of an existing outparcel building. |  | 2Q - 2025 |  | 800 |  |  | 400 |  |  |
Sandy Plains Centre |  | Atlanta Metro Area, GA |  | Redevelopment and expansion to accommodate a 10,000 square foot swim school and additional small shop space. |  | 3Q - 2025 |  | 3,200 |  |  | 2,400 |  |  |
River Oaks |  | So. California - Los Angeles, CA |  | Redevelopment of an outparcel and common area improvements. |  | 4Q - 2025 |  | 600 |  |  | — |  |  |
Sarasota Pavilion |  | Tampa-St. Petersburg, FL |  | Anchor space repositioning and remerchandising into new tenant spaces, including a 27,000 square foot anchor space and a 5,000 square foot small shop space |  | 1Q - 2026 |  | 8,400 |  |  | 100 |  |  |
Shops at Arbor Trails |  | Austin-Round Rock, TX |  | Redevelopment of a pre-existing single tenant building to a multi-tenant building. |  | 1Q - 2026 |  | 3,000 |  |  | 400 |  |  |
Buckhead Crossing |  | Atlanta Metro Area, GA |  | Anchor space repositioning and remerchandising into new tenant spaces, including a 10,000 square foot anchor space and a 7,000 square foot small shop space |  | 2Q - 2026 |  | 5,600 |  |  | 200 |  |  |
Total Redevelopment Costs |  |  |  |  |  | $ | 28,400 |  |  | $ | 8,800 |  |  | 7-10%
(a) The Company's estimated timing of completion may be impacted by factors outside of management's control, including global supply constraints or government restrictions. |  |  |  |
Recently Completed Redevelopments |  |  |  |  |  |  |  |  |  |
Property |  | Market |  | Project Description |  | Completion Quarter |  | Completed Costs |  |  |  |
Southern Palm Crossing |  | Miami-Fort Lauderdale- Miami Beach, FL |  | Redevelopment of a former bank building for a freestanding building with a drive-through. |  | 2Q - 2024 |  | $ | 1,550 |  |  |  |  |
Buckhead Crossing |  | Atlanta Metro Area, GA |  | Anchor space repositioning |  | 2Q - 2024 |  | 700 |  |  |  |  |
Pavilion at LaQuinta |  | So. California - Inland Empire |  | Redevelopment of a freestanding building. |  | 2Q - 2024 |  | 800 |  |  |  |  |
Antoine Town Center |  | Houston-Sugar Land-Baytown, TX |  | New development, including addition of an outparcel building with a drive-through. |  | 4Q - 2024 |  | 200 |  |  |  |  |
Potential Developments and Redevelopments |  |  |  |  |  |  |  |
Projects shown below are listed alphabetically, are in various stages of planning, and may or may not commence due to a number of factors. |  |  |  |
Property |  | Market |  | Project Description |  |  |  |  |  |  |  |
Bay Colony |  | Houston-Sugar Land-Baytown, TX |  | Redevelopment of an existing outparcel building.
Bay Landing |  | Cape Coral-Fort Myers, FL |  | New development of building area adjacent to existing stores.
Buckhead Crossing |  | Atlanta Metro Area, GA |  | New development, including addition of an outparcel building. |  |  |  |  |  |  |  |
Garden Village |  | So. California - Los Angeles, CA |  | Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs.
Gateway Market Center |  | Tampa-St. Petersburg, FL |  | Extensive repositioning and reconfiguration of the center to right size anchor space, add freestanding buildings and improve vehicular access.
Kyle Marketplace |  | Austin-Round Rock, TX |  | New development, including addition of outparcel buildings.
Pavilion at LaQuinta |  | So. California - Inland Empire, CA |  | Anchor repositioning.
Plantation Grove |  | Orlando-Kissimmee, FL |  | Redevelopment and expansion of the shopping center.
River Oaks |  | So. California - Los Angeles, CA |  | Anchor repositioning and expansion.
Sarasota Pavilion |  | Tampa-St. Petersburg, FL |  | Redevelopment of an existing outparcel building. |  |  |  |  |  |  |  |
The Centre on Hugh Howell |  | Atlanta Metro Area, GA |  | New development, including addition of outparcel buildings. |  |  |  |  |  |  |  |
The Parke |  | Austin-Round Rock, TX |  | Anchor repositioning and expansion.
Westpark Shopping Center |  | Richmond, VA |  | New development, including addition of outparcel buildings.

15 Supplemental - Quarter Ended December 31, 2024 |

| Property Summary, by Total Market GLA
GLA in thousands

No. | Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c)
1 | Escarpment Village | Austin-Round Rock | TX | N | 170 | 100% | $22.46 | Yes | HEB
2 | Kyle Marketplace | Austin-Round Rock | TX | C | 260 | 99.5% | $17.79 | Yes | HEB
3 | Market at Westlake | Austin-Round Rock | TX | N | 30 | 100% | $22.00 | No | Walgreens
4 | Scofield Crossing | Austin-Round Rock | TX | N | 95 | 98.7% | $18.18 | Yes | Hana World Market, Goodwill
5 | Shops at Arbor Trails | Austin-Round Rock | TX | C | 357 | 99.6% | $14.10 | Yes | Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls
6 | Shops at the Galleria | Austin-Round Rock | TX | P | 537 | 95.4% | $14.31 | No | Best Buy, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, OfficeMax, Old Navy, Petsmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods, World Market
7 | The Parke | Austin-Round Rock | TX | P | 406 | 98.0% | $16.70 | Yes | Whole Foods Market, Cavender's Boot City, Dick's Sporting Goods, DSW, Five Below, La-Z-Boy Furniture Galleries, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Ulta, World Market
8 | University Oaks Shopping Center | Austin-Round Rock | TX | P | 236 | 100% | $22.27 | No | Crunch Fitness, DSW, IKEA*, JC Penney*, Jo-Ann Fabrics, Petsmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods
9 | Custer Creek Village | Dallas-Fort Worth-Arlington | TX | N | 96 | 100% | $15.65 | Yes | Tom Thumb
10 | Eldorado Marketplace | Dallas-Fort Worth-Arlington | TX | C | 189 | 100% | $24.59 | Yes | Market Street, PetSmart, Phenix Salon Suites
11 | Prestonwood Town Center | Dallas-Fort Worth-Arlington | TX | P | 236 | 95.8% | $20.46 | Yes | Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta
12 | Riverview Village | Dallas-Fort Worth-Arlington | TX | N | 89 | 100% | $13.43 | Yes | Tom Thumb, Petco
13 | Riverwalk Market | Dallas-Fort Worth-Arlington | TX | N | 90 | 95.6% | $21.80 | Yes | Market Street
14 | Shops at Fairview Town Center | Dallas-Fort Worth-Arlington | TX | N | 66 | 100% | $25.46 | Yes | Whole Foods Market
15 | The Highlands of Flower Mound | Dallas-Fort Worth-Arlington | TX | P | 175 | 100% | $20.13 | Yes | Target*, Market by Macy's, Michaels, Party City, Skechers, World Market
16 | Antoine Town Center | Houston-Sugar Land-Baytown | TX | N | 110 | 97.3% | $15.30 | Yes | Kroger
17 | Bay Colony (d) | Houston-Sugar Land-Baytown | TX | C | 415 | 95.3% | $15.85 | Yes | HEB, Kohl's, LA Fitness, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens
18 | Blackhawk Town Center (d) | Houston-Sugar Land-Baytown | TX | N | 127 | 99.1% | $14.04 | Yes | HEB, Walgreens
19 | Cyfair Town Center (d) | Houston-Sugar Land-Baytown | TX | C | 434 | 94.4% | $17.26 | Yes | Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
20 | Eldridge Town Center | Houston-Sugar Land-Baytown | TX | C | 144 | 96.2% | $17.34 | Yes | Kroger, Kohl's*, Petco
21 | Stables Town Center (d) | Houston-Sugar Land-Baytown | TX | N | 148 | 94.5% | $17.59 | Yes | Kroger
22 | Sonterra Village | San Antonio | TX | N | 42 | 91.3% | $36.01 | Yes | Trader Joe's
23 | Stone Ridge Market | San Antonio | TX | C | 219 | 95.2% | $25.31 | Yes | HEB Plus*, Burlington, PetSmart
| Total Texas |  |  |  | 4,671 | 97.3% | $18.09 |  |
24 | Bay Landing | Cape Coral - Fort Myers | FL | N | 63 | 98.0% | $10.16 | Yes | The Fresh Market, HomeGoods
25 | The Forum (e) | Cape Coral - Fort Myers | FL | P | 186 | 96.1% | $17.38 | Yes | Target*, dd's Discounts, Home Depot*, Michaels, Petco, Ross Dress for Less, Sky Zone, Staples
26 | PGA Plaza Palm Beach Gardens | Miami-Ft Lauderdale-Miami Beach | FL | C | 121 | 98.2% | $36.91 | Yes | Trader Joe's, Marshalls, Ulta
27 | Southern Palm Crossing | Miami-Ft Lauderdale-Miami Beach | FL | P | 345 | 99.1% | $17.84 | Yes | Costco Wholesale, Going Going Gone, Marshalls
28 | Westfork Plaza & Paraiso Parc | Miami-Ft Lauderdale-Miami Beach | FL | N | 393 | 98.4% | $25.61 | Yes | Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, Skechers, TJ Maxx, Ulta
29 | Lakeside & Lakeside Crossing | Orlando - Kissimmee | FL | N | 76 | 100% | $48.82 | Yes | Trader Joe's
30 | Plantation Grove (f) | Orlando - Kissimmee | FL | N | 107 | 98.7% | $20.41 | Yes | Publix
31 | Rio Pinar Plaza | Orlando - Kissimmee | FL | N | 131 | 99.2% | $19.56 | Yes | Publix, Planet Fitness
32 | Suncrest Village | Orlando - Kissimmee | FL | N | 97 | 97.9% | $21.61 | Yes | Publix, Orange County Tax Collector
33 | Gateway Market Center | Tampa - St. Petersburg | FL | P | 231 | 95.1% | $14.49 | Yes | Publix, Target*, Beall's, HomeGoods, Party City, PetSmart, TJ Maxx
34 | Peachland Promenade | Tampa - St. Petersburg | FL | N | 177 | 98.6% | $15.19 | Yes | Publix, Goodwill, My Salon Suite, Planet Fitness
35 | Sarasota Pavilion | Tampa - St. Petersburg | FL | P | 336 | 96.9% | $15.92 | Yes | Publix, Bank of America, Beall's, Marshalls, Michaels, PetSmart, Ross Dress for Less, Truist Bank, World Market
| Total Florida |  |  |  | 2,263 | 97.8% | $20.83 |  |

16 Supplemental - Quarter Ended December 31, 2024 |

| Property Summary, by Total Market GLA
GLA in thousands

No. | Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c)
36 | Eastfield Village | Charlotte-Gastonia-Concord | NC | N | 96 | 97.5% | $18.82 | Yes | Food Lion, Gold's Gym
37 | Northcross Commons | Charlotte-Gastonia-Concord | NC | N | 63 | 100% | $28.74 | Yes | Whole Foods Market
38 | Sycamore Commons | Charlotte-Gastonia-Concord | NC | P | 265 | 100% | $20.51 | Yes | Costco Wholesale*, Best Buy, Dick's Sporting Goods, Lowe's*, Michaels, Old Navy, Ulta, World Market
39 | The Shoppes at Davis Lake (d) | Charlotte-Gastonia-Concord | NC | N | 91 | 97.4% | $17.18 | Yes | Harris Teeter
40 | Bent Tree Plaza | Raleigh-Cary-Durham | NC | N | 80 | 100% | $15.23 | Yes | Food Lion
41 | Cary Park Town Center | Raleigh-Cary-Durham | NC | N | 93 | 100% | $17.95 | Yes | Harris Teeter, CVS
42 | Commons at University Place | Raleigh-Cary-Durham | NC | N | 92 | 100% | $17.30 | Yes | Harris Teeter, CVS
43 | Renaissance Center | Raleigh-Cary-Durham | NC | P | 363 | 93.8% | $23.77 | No | Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market
44 | The Pointe at Creedmoor | Raleigh-Cary-Durham | NC | N | 60 | 100% | $16.91 | Yes | Harris Teeter
| Total North Carolina |  |  |  | 1,203 | 97.7% | $20.51 |  |
45 | Buckhead Crossing | Atlanta Metro Area | GA | P | 221 | 94.3% | $23.40 | No | HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop
46 | Coweta Crossing | Atlanta Metro Area | GA | N | 68 | 100% | $11.28 | Yes | Publix
47 | Kennesaw Marketplace | Atlanta Metro Area | GA | C | 130 | 98.2% | $35.85 | Yes | Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco*
48 | Moores Mill (e) | Atlanta Metro Area | GA | N | 70 | 100% | $24.79 | Yes | Publix
49 | Plaza Midtown | Atlanta Metro Area | GA | N | 70 | 97.0% | $29.41 | Yes | Publix
50 | Rose Creek | Atlanta Metro Area | GA | N | 70 | 100% | $11.61 | Yes | Publix
51 | Sandy Plains Centre | Atlanta Metro Area | GA | C | 135 | 98.9% | $23.95 | Yes | Kroger, Pet Supplies Plus, Walgreens*
52 | The Centre on Hugh Howell | Atlanta Metro Area | GA | N | 83 | 98.4% | $13.99 | No | Crunch Fitness
53 | Thomas Crossroads | Atlanta Metro Area | GA | N | 105 | 90.1% | $9.43 | Yes | Kroger
54 | Windward Commons | Atlanta Metro Area | GA | N | 117 | 100% | $15.94 | Yes | Kroger
| Total Georgia |  |  |  | 1,069 | 97.2% | $20.89 |  |
55 | Bear Creek Village Center | So. California - Inland Empire | CA | N | 80 | 98.1% | $25.95 | Yes | Stater Brothers
56 | Pavilion at LaQuinta | So. California - Inland Empire | CA | P | 166 | 98.6% | $22.10 | Yes | Sprouts Farmers Market, Best Buy, DSW, OfficeMax, PGA TOUR Superstore
57 | Garden Village | So. California - Los Angeles | CA | N | 117 | 90.2% | $19.58 | Yes | Albertson's, Rite Aid
58 | River Oaks | So. California - Los Angeles | CA | C | 275 | 99.4% | $20.37 | Yes | Sprouts Farmers Market, Target, Big 5 Sporting Goods, Dollar Tree, Five Below, Total Wine & More, Ulta
59 | Campus Marketplace | So. California - San Diego | CA | N | 144 | 97.1% | $31.15 | Yes | Ralphs, CVS, Discovery Isle Child Development Center
60 | Old Grove Marketplace | So. California - San Diego | CA | N | 81 | 97.5% | $17.90 | Yes | Ralphs, Lowe's*
| Total California |  |  |  | 863 | 97.3% | $22.69 |  |
61 | Stonehenge Village (e) | Richmond Metro Area | VA | C | 214 | 100% | $19.12 | Yes | Wegmans, La-Z-Boy, Party City, Petco
62 | Westpark Shopping Center | Richmond Metro Area | VA | C | 171 | 98.4% | $16.44 | Yes | Publix, Painted Tree Boutiques, Planet Fitness, The Tile Shop
| Total Virginia |  |  |  | 385 | 99.3% | $17.94 |  |
63 | Market at Mill Creek (e) | Charleston-Berkeley-Dorchester | SC | N | 80 | 100% | $24.06 | Yes | Lowes Food
64 | Nexton Square (e) | Charleston-Berkeley-Dorchester | SC | L | 134 | 96.9% | $26.93 | No | N/A
| Total South Carolina |  |  |  | 214 | 98.1% | $25.80 |  |
65 | The Shops at Town Center | Washington D.C | MD | N | 125 | 91.7% | $30.63 | Yes | Safeway
66 | Travilah Square Shopping Center | Washington D.C | MD | N | 56 | 89.8% | $50.68 | Yes | Trader Joe's
| Total Maryland |  |  |  | 181 | 91.1% | $36.34 |  |

17 Supplemental - Quarter Ended December 31, 2024 |

| Property Summary, by Total Market GLA
GLA in thousands

No. | Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c)
67 | Scottsdale North Marketplace (e) | Phoenix | AZ | N | 66 | 98.4% | $22.83 | Yes | AJ's Fine Foods
68 | The Plant (e) | Phoenix | AZ | N | 57 | 100% | $28.89 | Yes | Sprouts Farmers Market
| Total Arizona |  |  |  | 123 | 99.1% | $25.73 |  |
| Grand Totals |  |  |  | 10,972 | 97.4% | $20.07 |  |

(a)N = Neighborhood Center, P = Power Center, C = Community Center, L = Lifestyle Center
(b)Grocers may be leased or shadow-anchors and includes traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco).
(c)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow-anchors are noted with an asterisk.
(d)Properties are excluded from Same Property for the year ended December 31, 2024.
(e)Properties are excluded from Same Property for the three months and year ended ended December 31, 2024.
(f)The Company operates Plantation Grove and Maguire Groves as a single property under the Plantation Grove name. The operations, GLA, economic and leased occupancy, and ABR of Maguire Groves are classified as an other investment property for the year ended December 31, 2024.

18 Supplemental - Quarter Ended December 31, 2024 |

| Components of Net Asset Value as of December 31, 2024
In thousands, except share information

NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter |  |  |  | Page No.
NOI, excluding ground rent |  | $ | 43,094 |  |  | 5
Ground rent income |  | 5,061 |  | 5
NOI |  | 48,155 |  |  | 5
Annualized NOI, excluding ground rent income |  | $ | 172,376 |  |  |
Annualized ground rent income |  | 20,244 |  |
Projected remaining development |  |  |  |
Net project costs |  | $ | 19,600 |  |  | 15
Estimated range for incremental yield |  | 7-10% |  | 15
Other Assets |  |  |  |
Cash, cash equivalents and restricted cash |  | $ | 91,221 |  |  | 2
Billed base rent, recoveries, and other revenue receivables |  | 10,273 |  | 4
Undeveloped land |  | — |  |
Land held for development |  | — |  |
Liabilities |  |  |  |
Debt |  | $ | 743,380 |  |  | 8
Discounts and financing costs, net |  | (2,965) |  | 8
Accounts payable and accrued expenses |  | 46,418 |  | 2
Distributions payable |  | 17,512 |  | 2
Other liabilities |  | 28,703 |  | 2
Common Shares Outstanding |  | 77,450,794 |  | 1

19 Supplemental - Quarter End December 31, 2024 |

| Glossary of Terms

Terms |  | Definitions
ABR Per Square Foot (ABR PSF) |  | ABR PSF is the ABR divided by the occupied square footage as of the end of the period.
Adjusted EBITDA |  | Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's on-going operating performance. Adjustments for the Company’s unconsolidated joint venture reflect the Company’s proportionate share of the joint venture's EBITDA and Adjusted EBITDA on the same basis.
Annualized Base Rent (ABR) |  | Annualized Base Rent (ABR) is the base rent for the last month of the period multiplied by twelve. Base rent is inclusive of ground rent and exclusive of Specialty Lease rent.
Anchor Tenant |  | Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
Community Center |  | Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants.
Comparable Lease |  | A Comparable Lease meets all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) |  | The Company's non-GAAP measure of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization. Adjustments for the Company's unconsolidated joint venture reflect its proportionate share of the joint venture's EBITDA on the same basis.
Economic Occupancy |  | Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant.
GAAP Rent Adjustments |  | GAAP Rent Adjustments consist of amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments.
Gross Leasable Area (GLA) |  | Measure of the total amount of leasable space at a property in square feet.
Leased Occupancy |  | Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA.
Lifestyle Center |  | Lifestyle Centers consist of upscale national-chain specialty stores with dining and entertainment in an outdoor setting.
Nareit Funds From Operations (Nareit FFO) and Core FFO |  | The Company's non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for the Company's unconsolidated joint venture are calculated to reflect the Company's proportionate share of the joint venture's Nareit FFO on the same basis. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company's operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance.
Neighborhood Center |  | Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers.
Net Debt-to-Adjusted EBITDA |  | Net Debt-to-Adjusted EBITDA is net debt divided by trailing twelve month Adjusted EBITDA.
Net Operating Income (NOI) |  | NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, lease termination income and expense, and GAAP Rent Adjustments.
New Lease |  | New Leases are leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit).
NOI from other investment properties |  | NOI from other investment properties consists of properties which do not meet the Company's Same Property criteria and includes adjustments for the Company's captive insurance company.
Power Center |  | Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants.
Prior Contractual Rent |  | Base rent charged for a particular unit, prior to the current term’s first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy.
Pro Rata |  | Where appropriate, the Company has included the results from its 55% ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," as of December 31, 2022 and 2021.
Pro Rata Net Debt |  | Pro rata net debt is total outstanding debt, net, less cash and cash equivalents, including IVT's JV share.
Renewal Lease |  | Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option.
Same Property |  | Information provided on a same-property basis includes the results of properties that were owned and operated for the entirety of both periods presented.
Shadow Anchor Tenant |  | Shadow Anchor Tenant represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or immediately adjacent to a property, appear to the consumer as a retail tenant of the property and, as a result, attract additional consumer traffic to the property.
Small Shop Tenant |  | Tenants with square footage less than 10,000 square feet are considered Small Shops.
Specialty Lease |  | Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot.
Wholly-owned |  | Wholly-owned properties are those properties owned outright by the Company and does not include properties owned through an investment in a joint venture.

20 Supplemental - Quarter End December 31, 2024 |