EX-99.2 3 q12025supplemental.htm EX-99.2

| Table of Contents

|  | Page No.
Introductory Notes |  | i
Earnings Release |  | iii
Financial Information |  |
Summary Financial Information ....................................................................................................................................... |  | 1
Condensed Consolidated Balance Sheets ..................................................................................................................... |  | 2
Condensed Consolidated Statements of Operations and Comprehensive Income ................................................ |  | 3
Condensed Consolidated Supplemental Details of Assets and Liabilities ................................................................ |  | 4
Condensed 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 .................................................................................................................................................. |  | 14
Investment Summary |  |
Development Pipeline ........................................................................................................................................................ |  | 15
Property Summary ............................................................................................................................................................. |  | 16
Components of NAV as of March 31, 2025 |  | 19
Glossary of Terms |  | 20

i | Supplemental - Quarter Ended March 31, 2025 |

| 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-Q for
the quarter ended March 31, 2025. The Company 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, including the effects of recent new tariffs and changes in global trade policies on the overall state of the economy; 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.

ii | Supplemental - Quarter Ended March 31, 2025 |

| Introductory Notes

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.

iii | Supplemental - Quarter Ended March 31, 2025 |

CONTACT:
Dan Lombardo
Vice President of Investor Relations
630-570-0605
dan.lombardo@inventrustproperties.com
InvenTrust Properties Corp. Reports 2025 First Quarter Results
DOWNERS GROVE, IL – April 30, 2025 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT)
today reported financial and operating results for the quarter ended March 31, 2025. For the three months ended March
31, 2025 and 2024, the Company reported Net Income of $6.8 million, or $0.09 per diluted share, and Net Income of $2.9
million, or $0.04 per diluted share, respectively.
First Quarter 2025 Highlights:
•Nareit FFO of $0.48 per diluted share
•Core FFO of $0.46 per diluted share
•Same Property Net Operating Income (“NOI”) growth of 6.1%
•Leased Occupancy as of March 31, 2025 of 97.3%
•Executed 69 leases totaling approximately 256,000 square feet of GLA, of which 221,000 square feet was
executed at a blended comparable lease spread of 9.6%
“Our results demonstrate the strength of our necessity-based, Sun Belt-focused platform,” said DJ Busch, President and
CEO of InvenTrust. “Driven by favorable demographics, limited new supply, and resilient, albeit moderating, consumer
spending, our portfolio continues to perform well despite recent economic developments and uncertainty. Looking ahead,
we remain committed to operational excellence and pursuing disciplined acquisitions that drive long-term cash flow for our
shareholders.”
NET INCOME
•Net Income for the three months ended March 31, 2025 was $6.8 million, or $0.09 per diluted share, compared to
Net Income of $2.9 million, or $0.04 per diluted share, for the same period in 2024.
NAREIT FFO
•Nareit FFO for the three months ended March 31, 2025 was $37.2 million, or $0.48 per diluted share, compared
to $30.8 million, or $0.45 per diluted share, for the same period in 2024.
CORE FFO
•Core FFO for the three months ended March 31, 2025 was $36.2 million, or $0.46 per diluted share, compared to
$30.0 million, or $0.44 per diluted share, for the same period in 2024.
SAME PROPERTY NOI
•Same Property NOI for the three months ended March 31, 2025 was $47.3 million, a 6.1% increase, compared to
the same period in 2024.

iv | Supplemental - Quarter Ended March 31, 2025 |

DIVIDEND
•For the quarter ended March 31, 2025, the Board of Directors declared a quarterly cash distribution of $0.2377
per share, paid on April 15, 2025.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
•As of March 31, 2025, the Company’s Leased Occupancy was 97.3%.
◦Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was
99.5% and Small Shop Leased Occupancy was 93.4%. Anchor Leased Occupancy decreased 30 basis
points, and Small Shop Leased Occupancy increased 10 basis points, each on a sequential basis
compared to the previous quarter.
◦Leased to Economic Occupancy spread of 190 basis points, which equates to approximately $5.7 million
of base rent on an annualized basis.
•Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 9.6%.
•Annualized Base Rent (“ABR”) per square foot (“PSF”) as of March 31, 2025 was $20.21, an increase of 3.1%
compared to the same period in 2024. Anchor Tenant ABR PSF was $12.98 and Small Shop Tenant ABR PSF
was $33.65 for the first quarter.
LIQUIDITY AND CAPITAL STRUCTURE
•InvenTrust had $577.4 million of total liquidity, as of March 31, 2025, comprised of $77.4 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 March 31, 2025 was 4.03% and the weighted
average remaining term was 3.1 years.
SUBSEQUENT EVENTS
•On April 1, 2025, the Company acquired Plaza Escondida, a 91,000 square foot neighborhood center anchored
by Trader Joe’s in the Tucson, Arizona market, for a gross acquisition price of $23.0 million. The Company used
cash on hand and assumed a mortgage payable of $8.0 million to fund the acquisition.
•On April 24, 2025, the Company acquired Carmel Village, a 54,000 square foot neighborhood center in Charlotte,
North Carolina, for a gross acquisition price of $19.9 million. The Company used cash on hand to fund the
acquisition.

v | Supplemental - Quarter Ended March 31, 2025 |

2025 GUIDANCE
InvenTrust has reaffirmed its 2025 guidance, as summarized in the following table.

(Unaudited, dollars in thousands, except per share amounts) | Current and Previous (1) (2)
Net Income per diluted share | $0.27 | — | $0.33
Nareit FFO per diluted share | $1.83 | — | $1.89
Core FFO per diluted share (3) | $1.79 | — | $1.83
Same Property NOI (“SPNOI”) Growth | 3.50% | — | 4.50%
General and administrative | $34,250 | — | $35,750
Interest expense, net (4) | $31,000 | — | $31,500
Net investment activity (5) | ~ $100,000

(1)The Company’s 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 and dispositions.
(2)The Company’s 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 assumptions, the Company's 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 earnings 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.

1 | Supplemental - Quarter Ended March 31, 2025 |

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

| Three Months Ended March 31
| 2025 |  | 2024
Financial Results |  |  |
Net income | $6,792 |  | $2,900
Net income per common share - basic | 0.09 |  | 0.04
Net income per common share - diluted | 0.09 |  | 0.04
Nareit FFO (page 7) | 37,158 |  | 30,846
Nareit FFO per diluted share | 0.48 |  | 0.45
Core FFO (page 7) | 36,229 |  | 29,981
Core FFO per diluted share | 0.46 |  | 0.44
Same Property NOI (page 6) | 47,286 |  | 44,548
Same Property NOI growth | 6.1% |  |

Adjusted EBITDA (page 7) | 44,004 |  | 39,173
Distributions declared per common share | 0.24 |  | 0.23

Aggregate distributions declared (as a % of Core FFO) | 50.9% |  | 51.2%

| As of March 31, 2025 |  | As of December 31, 2024 |  | As of December 31, 2023
Capital Information |  |  |  |  |
Shares outstanding | 77,567,764 |  | 77,450,794 |  | 67,807,831
Outstanding Debt, net | $740,745 |  | $740,415 |  | $814,568
Less: Cash and cash equivalents (page 4) | (77,368) |  | (87,395) |  | (96,385)
Net Debt | $663,377 |  | $653,020 |  | $718,183
Debt Metrics (trailing 12 months) |  |  |  |  |
Adjusted EBITDA | $162,840 |  | $158,009 |  | $146,459
Net Debt-to-Adjusted EBITDA | 4.1x |  | 4.1x |  | 4.9x
Fixed charge coverage | 4.9x |  | 4.5x |  | 4.3x
Net debt to real estate assets, excl property acc depr. | 23.4% |  | 23.0% |  | 27.0%
Net debt to total assets, excl property acc depr. | 21.2% |  | 20.7% |  | 24.4%

Distributions Paid Per Share |  |  |  | Liquidity and Credit Facility
Q1 2025 |  | $0.22630 |  |  |  | Cash and cash equivalents |  | $77,368
Q4 2024 |  | $0.22630 |  |  |  | Available under credit facility |  | 500,000
Q3 2024 |  | $0.22630 |  |  |  | Total |  | $577,368
Q2 2024 |  | $0.22630 |  |  |  |  |  |

| Same Property |  | Total Portfolio
| Three Months Ended March 31 |  | Three Months Ended March 31
| 2025 |  | 2024 |  | 2025 |  | 2024
Portfolio Metrics |  |  |  |  |  |  |
No. of properties | 61 |  | 61 |  | 68 |  | 63
GLA | 10,132 |  | 10,110 |  | 10,972 |  | 10,385
Economic Occupancy | 95.2% |  | 93.4% |  | 95.4% |  | 93.4%
Leased Occupancy | 97.2% |  | 96.3% |  | 97.3% |  | 96.3%
ABR PSF | $20.03 |  | $19.48 |  | $20.21 |  | $19.61

2 | Supplemental - Quarter Ended March 31, 2025 |

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

| As of
| March 31, 2025 |  | December 31, 2024
Assets | (unaudited) |  |
Investment properties |  |  |
Land | $712,827 |  | $712,827
Building and other improvements | 2,118,527 |  | 2,116,092
Construction in progress | 6,245 |  | 9,951
Total | 2,837,599 |  | 2,838,870
Less accumulated depreciation | (524,831) |  | (511,969)
Net investment properties | 2,312,768 |  | 2,326,901
Cash, cash equivalents, and restricted cash | 84,579 |  | 91,221
Intangible assets, net | 128,956 |  | 137,420
Accounts and rents receivable | 33,798 |  | 36,131
Deferred costs and other assets, net | 45,404 |  | 44,277
Total assets | $2,605,505 |  | $2,635,950
Liabilities |  |  |
Debt, net | $740,745 |  | $740,415
Accounts payable and accrued expenses | 30,371 |  | 46,418
Distributions payable | 18,438 |  | 17,512
Intangible liabilities, net | 41,548 |  | 42,897
Other liabilities | 29,597 |  | 28,703
Total liabilities | 860,699 |  | 875,945
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, 77,567,764 shares issued and outstanding as of March 31, 2025 and 77,450,794 shares issued and outstanding as of December 31, 2024 | 78 |  | 77
Additional paid-in capital | 5,730,641 |  | 5,730,367
Distributions in excess of accumulated net income | (3,996,511) |  | (3,984,865)
Accumulated comprehensive income | 10,598 |  | 14,426
Total stockholders' equity | 1,744,806 |  | 1,760,005
Total liabilities and stockholders' equity | $2,605,505 |  | $2,635,950

3 | Supplemental - Quarter Ended March 31, 2025 |

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

| Three Months Ended March 31
| 2025 |  | 2024
Income |  |  |
Lease income, net | $73,389 |  | $66,493
Other property income | 382 |  | 305
Total income | 73,771 |  | 66,798
Operating expenses |  |  |
Depreciation and amortization | 30,614 |  | 28,168
Property operating | 10,747 |  | 9,999
Real estate taxes | 9,356 |  | 8,981
General and administrative | 8,547 |  | 7,974
Total operating expenses | 59,264 |  | 55,122
Other (expense) income |  |  |
Interest expense, net | (8,322) |  | (9,634)
Other income and expense, net | 607 |  | 858
Total other (expense) income, net | (7,715) |  | (8,776)
Net income | $6,792 |  | $2,900
Weighted-average common shares outstanding - basic | 77,563,971 |  | 67,874,528
Weighted-average common shares outstanding - diluted | 78,160,787 |  | 68,272,050
Net income per common share - basic | $0.09 |  | $0.04
Net income per common share - diluted | $0.09 |  | $0.04
Comprehensive income |  |  |
Net income | $6,792 |  | $2,900
Unrealized (loss) gain on derivatives, net | (1,586) |  | 7,319
Reclassification to net income | (2,242) |  | (3,317)
Comprehensive income | $2,964 |  | $6,902

4 | Supplemental - Quarter Ended March 31, 2025 |

| Condensed Consolidated Supplemental Details of Assets and Liabilities
In thousands

| As of
| March 31, 2025 |  | December 31, 2024
Cash, cash equivalents, and restricted cash |  |  |
Cash and cash equivalents | $77,368 |  | $87,395
Restricted cash | 7,211 |  | 3,826
Total | $84,579 |  | $91,221
Accounts and rents receivable |  |  |
Base rent, recoveries, and other revenue receivables | $7,045 |  | $10,273
Straight-line rent receivables | 26,753 |  | 25,858
Total | $33,798 |  | $36,131
Deferred cost and other assets, net |  |  |
Deferred leasing costs, net | $16,549 |  | $16,139
Derivative assets | 10,647 |  | 14,426
Financing costs, net | 5,399 |  | 5,751
Other assets | 3,888 |  | 3,329
Deferred costs, net | 3,668 |  | 2,783
Prepaid insurance premiums | 3,491 |  | —
Right of use assets, net | 1,762 |  | 1,849
Total | $45,404 |  | $44,277
Other liabilities |  |  |
Deferred revenues | $8,063 |  | $8,226
Security deposits | 7,991 |  | 7,938
Unearned lease income | 7,980 |  | 8,320
Other liabilities | 3,090 |  | 1,691
Operating lease liabilities | 2,425 |  | 2,528
Derivative liabilities | 48 |  | —
Total | $29,597 |  | $28,703

5 | Supplemental - Quarter Ended March 31, 2025 |

| Condensed Consolidated Supplemental Details of Operations
In thousands

|  | Three Months Ended March 31
|  | 2025 |  | 2024
Income |  |  |
* | Minimum base rent | $47,066 |  | $42,447
* | Real estate tax recoveries | 8,599 |  | 8,105
* | Common area maintenance, insurance, and other recoveries | 9,399 |  | 7,854
* | Ground rent income | 5,076 |  | 4,737
| Amortization of market-lease intangibles and inducements, net | 895 |  | 576
* | Short-term and other lease income | 1,417 |  | 1,261
| Termination fee income | 10 |  | 561
| Straight-line rent adjustments, net | 894 |  | 906
* | Reversal of uncollectible rent and recoveries, net | 33 |  | 46
| Lease income, net | 73,389 |  | 66,493
* | Other property income | 382 |  | 305
| Total income | $73,771 |  | $66,798
Operating expenses |  |  |
| Depreciation and amortization | $30,614 |  | $28,168
* | Repairs and maintenance | 3,375 |  | 2,934
* | Payroll, benefits, and office | 2,755 |  | 2,675
* | Utilities and waste removal | 2,462 |  | 2,128
* | Property insurance | 1,330 |  | 1,542
* | Security, legal, and other expenses | 825 |  | 720
| Property operating expenses | 10,747 |  | 9,999
* | Real estate taxes | 9,356 |  | 8,981
| General and administrative costs | 6,443 |  | 6,412
| Stock-based compensation costs | 2,766 |  | 2,191
| Capitalized direct development compensation costs | (662) |  | (629)
| General and administrative expense | 8,547 |  | 7,974
| Total operating expenses | $59,264 |  | $55,122
Interest expense, net |  |  |
| Term loans, including impact of derivatives | $3,320 |  | $3,382
| Senior notes | 3,201 |  | 3,201
| Mortgages payable | 926 |  | 2,352
| Line of credit facility fees | 200 |  | 133
| Capitalized interest | (8) |  | (9)
| Amortization of debt discounts and financing costs | 683 |  | 575
| Total interest expense, net | $8,322 |  | $9,634
Other income and expense, net |  |  |
| Interest on cash and cash equivalents | $672 |  | $811
| Income tax expense | (136) |  | (133)
| Miscellaneous and settlement income | 71 |  | 180
| Total other income and expense, net | $607 |  | $858

* Component of Net Operating Income

6 | Supplemental - Quarter Ended March 31, 2025 |

| Reconciliation of Non-GAAP Measures
In thousands

Same Property NOI

| Three Months Ended March 31
| 2025 |  | 2024
Income |  |  |
Minimum base rent | $42,952 |  | $41,310
Real estate tax recoveries | 8,020 |  | 7,837
Common area maintenance, insurance, and other recoveries | 8,374 |  | 7,647
Ground rent income | 4,613 |  | 4,501
Short-term and other lease income | 1,471 |  | 1,287
Reversal of uncollectible rent and recoveries, net | 68 |  | 51
Other property income | 362 |  | 297
Total income | 65,860 |  | 62,930
Operating Expenses |  |  |
Property operating | 9,807 |  | 9,731
Real estate taxes | 8,767 |  | 8,651
Total operating expenses | 18,574 |  | 18,382
Same Property NOI | $47,286 |  | $44,548

Same Property NOI Growth | 6.1% |  |
Same Property Count | 61 |  |

Net Income to Same Property NOI

| Three Months Ended March 31
| 2025 |  | 2024
Net income | $6,792 |  | $2,900
Adjustments to reconcile to non-GAAP metrics: |  |  |
Other income and expense, net | (607) |  | (858)
Interest expense, net | 8,322 |  | 9,634
Depreciation and amortization | 30,614 |  | 28,168
General and administrative | 8,547 |  | 7,974
Adjustments to NOI (a) | (1,799) |  | (2,043)
NOI | 51,869 |  | 45,775
NOI from other investment properties | (4,583) |  | (1,227)
Same Property NOI | $47,286 |  | $44,548

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

7 | Supplemental - Quarter Ended March 31, 2025 |

| Reconciliation of Non-GAAP Measures, continued
In thousands, except share and per share amounts

Nareit FFO and Core FFO

| Three Months Ended March 31
| 2025 |  | 2024
Net income | $6,792 |  | $2,900
Depreciation and amortization of real estate assets | 30,366 |  | 27,946
Nareit FFO Applicable to Common Shares and Dilutive Securities | 37,158 |  | 30,846
Amortization of market lease intangibles and inducements, net | (895) |  | (576)
Straight-line rent adjustments, net | (894) |  | (906)
Amortization of debt discounts and financing costs | 683 |  | 575
Depreciation and amortization of corporate assets | 248 |  | 222
Non-operating income and expense, net (a) | (71) |  | (180)
Core FFO Applicable to Common Shares and Dilutive Securities | $36,229 |  | $29,981
Weighted average common shares outstanding - basic | 77,563,971 |  | 67,874,528
Dilutive effect of unvested restricted shares (b) | 596,816 |  | 397,522
Weighted average common shares outstanding - diluted | 78,160,787 |  | 68,272,050
Net income per diluted share | $0.09 |  | $0.04
Nareit FFO per diluted share | $0.48 |  | $0.45
Core FFO per diluted share | $0.46 |  | $0.44

(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
(b)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 March 31
| 2025 |  | 2024
Net income | $6,792 |  | $2,900
Interest expense, net | 8,322 |  | 9,634
Income tax expense | 136 |  | 133
Depreciation and amortization | 30,614 |  | 28,168
EBITDA | 45,864 |  | 40,835
Amortization of market-lease intangibles and inducements, net | (895) |  | (576)
Straight-line rent adjustments, net | (894) |  | (906)
Non-operating income and expense, net (a) | (71) |  | (180)
Adjusted EBITDA | $44,004 |  | $39,173

(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

8 | Supplemental - Quarter Ended March 31, 2025 |

| Summary of Outstanding Debt
In thousands

| Balance as of March 31, 2025 |  | Proportion of Total Debt |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed rate secured debt | $93,380 |  | 13% |  | 3.97% |  | 2.4
Fixed rate unsecured debt | 650,000 |  | 87% |  | 4.04% |  | 3.2
Discounts and financing costs, net | (2,635) |  | n/a |  | n/a |  | n/a
Total debt, net | $740,745 |  | 100% |  | 4.03% |  | 3.1

Schedule of Maturities by Year |  |
| Fixed Rate |  | Total Debt, net
Maturity Year | Secured Debt |  | Unsecured Debt |
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 | (130) |  | (2,505) |  | (2,635)
Total | $93,250 |  | $647,495 |  | $740,745

Debt Maturities

| Maturity |  | Interest Rate |  | Balance
Mortgages Payable |  |  |  |  |
The Plant | May-25 |  | 3.97% |  | $13,000
The Highlands of Flower Mound | Dec-25 |  | 3.88% |  | 22,880
Escarpment Village | Jul-27 |  | 3.86% |  | 26,000
Shops at Arbor Trails | Dec-29 |  | 4.12% |  | 31,500
Total |  |  |  |  | 93,380
Term Loan |  |  |  |  |
$200.0 million 5 years | Sep-26 |  | 2.81% (a) |  | 100,000
$200.0 million 5 years | Sep-26 |  | 2.81% (a) |  | 100,000
$200.0 million 5.5 years | Mar-27 |  | 2.78% (a) |  | 50,000
$200.0 million 5.5 years | Mar-27 |  | 2.84% (a) |  | 50,000
$200.0 million 5.5 years | Mar-27 |  | 4.99% (a) |  | 100,000
Total |  |  |  |  | 400,000
Senior Notes |  |  |  |  |
$150.0 million Series A Notes | Aug-29 |  | 5.07% |  | 150,000
$100.0 million Series B Notes | Aug-32 |  | 5.20% |  | 100,000
Total |  |  |  |  | 250,000
Revolving Line of Credit |  |  |  |  |
$500.0 million total capacity | Jan-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 March 31, 2025, 1-Month Term SOFR was 4.32%. Additional annual facility fee of 0.15% applies to entire line of credit capacity.

9 | Supplemental - Quarter Ended March 31, 2025 |

| 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 |  | Q1 2025 |  | Q4 2024 |  | Q3 2024 |  | Q2 2024
Leverage Ratio |  | < 60.0% |  | < 60.0% |  | 23.2% |  | 23.2% |  | 24.0% |  | 28.4%
Fixed Charge Coverage Ratio |  | > 1.50 |  | > 1.50 |  | 4.9 |  | 4.5 |  | 4.3 |  | 4.3
Maximum Dividend Payout |  | < 95% |  | N/A |  | 49.4% |  | 49.5% |  | 48.9% |  | 49.5%
Maximum Secured Recourse Debt |  | < 10% of Total Asset Value |  | < 10% of Total Asset Value |  | —% |  | —% |  | —% |  | —%
Unsecured Interest Coverage Ratio |  | > 1.75 |  | > 1.75 |  | 6.5 |  | 6.3 |  | 6.3 |  | 5.8
Unsecured Leverage Ratio |  | < 60% |  | < 60% |  | 22.8% |  | 23.1% |  | 24.5% |  | 26.8%

Interest Rate Swaps
As of March 31, 2025, 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 March 31
| 2025 |  | 2024
Tenant improvements | $887 |  | $2,298
Leasing costs | 809 |  | 991
Property improvements | 3,212 |  | 2,129
Capitalized indirect costs (a) | 428 |  | 445
Total capital expenditures and leasing costs | 5,336 |  | 5,863
Development and redevelopment direct costs | 1,794 |  | 1,038
Development and redevelopment indirect costs (a) | 243 |  | 192
Capital investments and leasing costs (b) | $7,373 |  | $7,093

(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.
(b)As of March 31, 2025 and 2024, total accrued capital investments and leasing costs were $4,950 and $5,588, respectively.

10 | Supplemental - Quarter Ended March 31, 2025 |

| 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 |  | 98.5% |  | $33,630 |  | $17.05 |  | 16.0% |  | 2,091 |  | 19.1%
Houston-Sugar Land-Baytown, TX |  | 6 |  | 95.7% |  | 21,947 |  | 16.76 |  | 10.5% |  | 1,378 |  | 12.6%
Atlanta Metro Area, GA |  | 10 |  | 96.8% |  | 20,906 |  | 20.89 |  | 10.0% |  | 1,069 |  | 9.7%
Miami-Fort Lauderdale-Miami Beach, FL |  | 3 |  | 98.4% |  | 20,301 |  | 24.18 |  | 9.7% |  | 859 |  | 7.8%
Dallas-Fort Worth-Arlington, TX |  | 7 |  | 97.6% |  | 18,701 |  | 20.75 |  | 8.9% |  | 941 |  | 8.6%
Raleigh-Cary-Durham, NC |  | 5 |  | 96.7% |  | 13,373 |  | 20.52 |  | 6.4% |  | 688 |  | 6.3%
Charlotte-Gastonia-Concord, NC |  | 4 |  | 98.1% |  | 10,563 |  | 21.02 |  | 5.0% |  | 515 |  | 4.7%
Orlando-Kissimmee, FL |  | 4 |  | 97.4% |  | 10,172 |  | 25.72 |  | 4.9% |  | 411 |  | 3.6%
Tampa-St. Petersburg, FL |  | 3 |  | 95.8% |  | 9,654 |  | 15.57 |  | 4.6% |  | 744 |  | 6.8%
So. California - Los Angeles, CA |  | 2 |  | 96.7% |  | 7,525 |  | 20.24 |  | 3.6% |  | 392 |  | 3.6%
Richmond, VA |  | 2 |  | 98.5% |  | 6,802 |  | 17.92 |  | 3.2% |  | 385 |  | 3.5%
San Antonio, TX |  | 2 |  | 94.6% |  | 6,511 |  | 27.10 |  | 3.1% |  | 261 |  | 2.4%
Washington D.C., MD |  | 2 |  | 90.2% |  | 5,983 |  | 36.59 |  | 2.9% |  | 181 |  | 1.6%
So. California - Inland Empire, CA |  | 2 |  | 99.4% |  | 5,693 |  | 23.64 |  | 2.7% |  | 246 |  | 2.2%
So. California - San Diego, CA |  | 2 |  | 99.2% |  | 5,688 |  | 26.45 |  | 2.7% |  | 225 |  | 2.1%
Charleston-Berkeley-Dorchester, SC |  | 2 |  | 98.1% |  | 5,461 |  | 26.03 |  | 2.6% |  | 214 |  | 2.0%
Cape Coral-Fort Myers, FL |  | 2 |  | 97.1% |  | 3,727 |  | 15.59 |  | 1.8% |  | 249 |  | 2.3%
Phoenix, AZ |  | 2 |  | 99.1% |  | 3,005 |  | 25.66 |  | 1.4% |  | 123 |  | 1.1%
Total |  | 68 |  | 97.3% |  | $209,642 |  | $20.21 |  | 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% |  | $80,789 |  | $18.26 |  | 38.5% |  | 4,671 |  | 42.7%
Florida |  | 12 |  | 97.2% |  | 43,854 |  | 20.94 |  | 21.0% |  | 2,263 |  | 20.5%
North Carolina |  | 9 |  | 97.3% |  | 23,936 |  | 20.74 |  | 11.4% |  | 1,203 |  | 11.0%
Georgia |  | 10 |  | 96.8% |  | 20,906 |  | 20.89 |  | 10.0% |  | 1,069 |  | 9.7%
California |  | 6 |  | 98.1% |  | 18,906 |  | 22.84 |  | 9.0% |  | 863 |  | 7.9%
Virginia |  | 2 |  | 98.5% |  | 6,802 |  | 17.92 |  | 3.2% |  | 385 |  | 3.5%
Maryland |  | 2 |  | 90.2% |  | 5,983 |  | 36.59 |  | 2.9% |  | 181 |  | 1.6%
South Carolina |  | 2 |  | 98.1% |  | 5,461 |  | 26.03 |  | 2.6% |  | 214 |  | 2.0%
Arizona |  | 2 |  | 99.1% |  | 3,005 |  | 25.66 |  | 1.4% |  | 123 |  | 1.1%
Total |  | 68 |  | 97.3% |  | $209,642 |  | $20.21 |  | 100% |  | 10,972 |  | 100%

Tenant type |  | Economic Occupancy |  | Leased Occupancy |  | ABR |  | ABR PSF |  | GLA
20,000 SF+ (a) |  | 99.0% |  | 100% |  | $66,396 |  | $11.60 |  | 5,879
10,000 - 19,999 SF (a) |  | 95.7% |  | 96.7% |  | 21,089 |  | 20.74 |  | 1,062
5,000 - 9,999 SF (b) |  | 90.2% |  | 95.4% |  | 19,438 |  | 27.52 |  | 782
1 - 4,999 SF (b) |  | 90.1% |  | 92.9% |  | 102,719 |  | 35.13 |  | 3,249
Total |  | 95.4% |  | 97.3% |  | $209,642 |  | $20.21 |  | 10,972
Anchor Tenants (a) |  | 98.5% |  | 99.5% |  | $87,485 |  | $12.98 |  | 6,941
Small Shop Tenants (b) |  | 90.1% |  | 93.4% |  | $122,157 |  | $33.65 |  | 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 Shop Tenants.

11 | Supplemental - Quarter Ended March 31, 2025 |

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

| Parent Name |  | Tenant Name/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 |  | $8,931 |  | 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 |  | 2.3% |  | 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. |  | Michaels 8 |  | B- |  | 8 |  | 2,690 |  | 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 |  | 1.0% |  | 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 | Dick's Sporting Goods, Inc. |  | Dick's Sporting Goods 2 / Going, Going, Gone 1 |  | BBB |  | 3 |  | 1,966 |  | 0.9% |  | 171 |  | 1.6%
14 | Trader Joe's |  |  |  | N/A |  | 4 |  | 1,910 |  | 0.9% |  | 51 |  | 0.5%
15 | Sprouts Farmers Market |  |  |  | N/A |  | 3 |  | 1,798 |  | 0.9% |  | 85 |  | 0.8%
16 | Costco Wholesale |  |  |  | AA |  | 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 |  | 1,672 |  | 0.8% |  | 34 |  | 0.3%
19 | Nordstrom Inc. |  | Nordstrom Rack 2 / Nordstrom 1 |  | BB |  | 3 |  | 1,602 |  | 0.8% |  | 89 |  | 0.8%
20 | Kingswood Capital Management |  | World Market 6 |  | N/A |  | 6 |  | 1,591 |  | 0.8% |  | 110 |  | 1.0%
21 | Wells Fargo |  |  |  | BBB+ |  | 8 |  | 1,387 |  | 0.7% |  | 33 |  | 0.3%
22 | Starbucks Corporation |  |  |  | BBB+ |  | 16 |  | 1,372 |  | 0.7% |  | 31 |  | 0.3%
23 | The Gap, Inc. |  | Old Navy 5 |  | BB |  | 5 |  | 1,290 |  | 0.6% |  | 73 |  | 0.7%
24 | Massage Envy |  |  |  | N/A |  | 11 |  | 1,273 |  | 0.6% |  | 37 |  | 0.3%
25 | Truist Bank |  |  |  | A |  | 6 |  | 1,265 |  | 0.6% |  | 28 |  | 0.3%
| Totals |  |  |  |  |  | 181 |  | $66,059 |  | 31.6% |  | 4,746 |  | 43.5%

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

Tenant Category |  | ABR |  | % of Total ABR
Grocery / Drug |  | $40,385 |  | 19.4%
Quick Service Restaurants |  | 25,866 |  | 12.3%
Personal Health and Beauty Services |  | 23,063 |  | 11.0%
Medical |  | 19,612 |  | 9.4%
Full Service Restaurants |  | 18,759 |  | 8.9%
Off Price |  | 11,306 |  | 5.4%
Apparel / Accessories |  | 10,648 |  | 5.1%
Banks |  | 9,396 |  | 4.5%
Fitness |  | 7,790 |  | 3.7%
Pets |  | 7,225 |  | 3.4%
Hobby / Sports |  | 6,911 |  | 3.3%
Office / Communications |  | 6,100 |  | 2.9%
Other |  | 5,278 |  | 2.5%
Home |  | 5,270 |  | 2.5%
Other Essential Retail / Services |  | 5,006 |  | 2.4%
Office (Non Financial, Non-Medical) |  | 2,985 |  | 1.4%
Entertainment |  | 2,386 |  | 1.1%
Hardware / Auto |  | 1,656 |  | 0.8%
|  | $209,642 |  | 100.00%

12 | Supplemental - Quarter Ended March 31, 2025 |

| Comparable and Non-Comparable Lease Statistics
GLA in thousands

The Company's portfolio had 323 thousand square feet expiring during the three months ended March 31, 2025, of which 290 thousand
square feet was re-leased. This achieved a retention rate of approximately 90%. The following table summarizes the activity for leases
that were executed during the three months ended March 31, 2025.

| 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 (b) | 47 |  | 209 |  | $21.79 |  | $20.04 |  | 8.7% |  | 5.2 |  | $0.11 |  | $0.08
Comparable New Leases (b) | 6 |  | 12 |  | 37.27 |  | 30.99 |  | 20.3% |  | 8.7 |  | 16.83 |  | 18.26
Non-Comparable Renewal and New Leases | 16 |  | 35 |  | 32.42 |  | N/A |  | N/A |  | 7.6 |  | 26.62 |  | 12.68
Total | 69 |  | 256 |  | $22.62 |  | $20.63 |  | 9.6% |  | 5.7 |  | $4.48 |  | $2.63
Anchor Tenants (leases ten thousand square feet and over) |  |  |  |  |  |  |  |  |  |
Comparable Renewal Leases (b) | 4 |  | 121 |  | $13.12 |  | $12.61 |  | 4.0% |  | 5.0 |  | $— |  | $—
Comparable New Leases (b) | — |  | — |  | — |  | — |  | —% |  | — |  | — |  | —
Non-Comparable Renewal and New Leases | — |  | — |  | — |  | N/A |  | N/A |  | — |  | — |  | —
Total | 4 |  | 121 |  | $13.12 |  | $12.61 |  | 4.0% |  | 5.0 |  | $— |  | $—
Small Shop Tenants (leases under ten thousand square feet) |  |  |  |  |  |  |  |  |  |
Comparable Renewal Leases (b) | 43 |  | 88 |  | $33.75 |  | $30.29 |  | 11.4% |  | 5.5 |  | $0.27 |  | $0.20
Comparable New Leases (b) | 6 |  | 12 |  | 37.27 |  | 30.99 |  | 20.3% |  | 8.7 |  | 16.83 |  | 18.26
Non-Comparable Renewal and New Leases | 16 |  | 35 |  | 32.42 |  | N/A |  | N/A |  | 7.6 |  | 26.62 |  | 12.68
Total | 65 |  | 135 |  | $34.17 |  | $30.37 |  | 12.5% |  | 6.3 |  | $8.52 |  | $5.00
(a)Non-comparable leases are not included in totals.
(b)Comparable leases are leases that meet 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.

13 | Supplemental - Quarter Ended March 31, 2025 |

| Comparable and Non-Comparable Lease Statistics, continued
GLA in thousands

The following table summarizes the activity for leases that were executed during the trailing four quarters ended March 31, 2025.

| No. of Leases Executed |  | GLA |  | New Contractual Rent ($PSF) |  | Prior Contractual Rent ($PSF) |  | % Change over Prior Lease Rent |  | Weighted Average Lease Term (Years) |  | Tenant Improvement Allowance ($ PSF) |  | Lease Commissions ($ PSF)
Comparable Leases |  |  |  |  |  |  |  |  |  |  |  |
Total Renewal and New Leases |  |  |  |  |  |  |  |  |  |  |  |
Q1 2025 | 53 |  | 221 |  | $22.62 |  | $20.63 |  | 9.6% |  | 5.4 |  | $1.00 |  | $1.05
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
Total | 190 |  | 1,143 |  | $21.38 |  | $19.26 |  | 11.0% |  | 5.8 |  | $1.76 |  | $1.08
Renewals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q1 2025 | 47 |  | 209 |  | $21.79 |  | $20.04 |  | 8.7% |  | 5.2 |  | $0.11 |  | $0.08
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 |  | — |  | —
Total | 161 |  | 1,061 |  | $20.43 |  | $18.50 |  | 10.4% |  | 5.4 |  | $0.06 |  | $0.02
New Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |
Q1 2025 | 6 |  | 12 |  | $37.27 |  | $30.99 |  | 20.3% |  | 8.7 |  | $16.83 |  | $18.26
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
Total | 29 |  | 82 |  | $33.74 |  | $29.17 |  | 15.7% |  | 10.0 |  | $23.95 |  | $14.89
Non-Comparable Leases
Q1 2025 | 16 |  | 35 |  | $32.42 |  |  |  |  |  | 7.6 |  | $26.62 |  | $12.68
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
Total | 48 |  | 256 |  | $20.60 |  |  |  |  |  | 8.0 |  | $17.55 |  | $9.48

14 | Supplemental - Quarter Ended March 31, 2025 |

| 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 |  | 6 |  | 328 |  | 4.8% |  | $2,810 |  | 3.1% |  | $8.57
|  | 2026 |  | 15 |  | 426 |  | 6.2% |  | 5,954 |  | 6.6% |  | 13.98
|  | 2027 |  | 38 |  | 1,291 |  | 18.6% |  | 18,060 |  | 19.9% |  | 13.99
|  | 2028 |  | 25 |  | 603 |  | 8.8% |  | 8,864 |  | 9.8% |  | 14.70
|  | 2029 |  | 30 |  | 916 |  | 13.3% |  | 11,729 |  | 12.9% |  | 12.80
|  | 2030 |  | 23 |  | 726 |  | 10.6% |  | 9,709 |  | 10.7% |  | 13.37
|  | 2031 |  | 9 |  | 382 |  | 5.6% |  | 4,087 |  | 4.5% |  | 10.70
|  | 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 |  | 8.0% |  | 12.70
|  | Thereafter |  | 23 |  | 979 |  | 14.3% |  | 13,194 |  | 14.5% |  | 13.48
|  | Other (b) |  | 1 |  | 11 |  | 0.2% |  | 346 |  | 0.4% |  | 31.45
|  | Totals |  | 202 |  | 6,868 |  | 100% |  | $90,766 |  | 100% |  | $13.22
|  | Vacant space |  |  |  | 73 |  |  |  |  |  |  |  |
|  | Total |  |  |  | 6,941 |  |  |  |  |  |  |  |
Small Shop Tenants |  |  |  |  |  |  |  |  |  |  |  |
|  | 2025 |  | 82 |  | 178 |  | 4.9% |  | $5,504 |  | 4.1% |  | $30.92
|  | 2026 |  | 215 |  | 541 |  | 14.9% |  | 17,714 |  | 13.3% |  | 32.74
|  | 2027 |  | 245 |  | 574 |  | 15.8% |  | 20,169 |  | 15.1% |  | 35.14
|  | 2028 |  | 214 |  | 511 |  | 14.1% |  | 17,890 |  | 13.3% |  | 35.01
|  | 2029 |  | 210 |  | 559 |  | 15.4% |  | 20,596 |  | 15.5% |  | 36.84
|  | 2030 |  | 140 |  | 359 |  | 9.9% |  | 13,548 |  | 10.2% |  | 37.74
|  | 2031 |  | 80 |  | 228 |  | 6.3% |  | 8,737 |  | 6.6% |  | 38.32
|  | 2032 |  | 80 |  | 197 |  | 5.4% |  | 7,632 |  | 5.7% |  | 38.74
|  | 2033 |  | 58 |  | 147 |  | 4.0% |  | 6,520 |  | 4.9% |  | 44.35
|  | 2034 |  | 72 |  | 194 |  | 5.3% |  | 8,336 |  | 6.3% |  | 42.97
|  | Thereafter |  | 41 |  | 135 |  | 3.7% |  | 6,305 |  | 4.7% |  | 46.70
|  | Other (b) |  | 6 |  | 11 |  | 0.3% |  | 335 |  | 0.3% |  | 30.45
|  | Totals |  | 1,443 |  | 3,634 |  | 100% |  | $133,286 |  | 100% |  | $36.68
|  | Vacant space |  |  |  | 397 |  |  |  |  |  |  |  |
|  | Total |  |  |  | 4,031 |  |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |
|  | 2025 |  | 88 |  | 506 |  | 4.8% |  | $8,314 |  | 3.7% |  | $16.43
|  | 2026 |  | 230 |  | 967 |  | 9.2% |  | 23,668 |  | 10.6% |  | 24.48
|  | 2027 |  | 283 |  | 1,865 |  | 17.8% |  | 38,229 |  | 17.1% |  | 20.50
|  | 2028 |  | 239 |  | 1,114 |  | 10.7% |  | 26,754 |  | 11.9% |  | 24.02
|  | 2029 |  | 240 |  | 1,475 |  | 14.0% |  | 32,325 |  | 14.4% |  | 21.92
|  | 2030 |  | 163 |  | 1,085 |  | 10.3% |  | 23,257 |  | 10.4% |  | 21.44
|  | 2031 |  | 89 |  | 610 |  | 5.8% |  | 12,824 |  | 5.7% |  | 21.02
|  | 2032 |  | 89 |  | 542 |  | 5.2% |  | 12,169 |  | 5.4% |  | 22.45
|  | 2033 |  | 68 |  | 433 |  | 4.1% |  | 10,694 |  | 4.8% |  | 24.70
|  | 2034 |  | 85 |  | 769 |  | 7.3% |  | 15,638 |  | 7.0% |  | 20.34
|  | Thereafter |  | 64 |  | 1,114 |  | 10.6% |  | 19,499 |  | 8.7% |  | 17.50
|  | Other (b) |  | 7 |  | 22 |  | 0.2% |  | 681 |  | 0.3% |  | 30.95
|  | Totals |  | 1,645 |  | 10,502 |  | 100% |  | $224,052 |  | 100% |  | $21.33
|  | Vacant space |  |  |  | 470 |  |  |  |  |  |  |  |
|  | 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.

15 | Supplemental - Quarter Ended March 31, 2025 |

| Development Pipeline
In thousands

Active Redevelopments |  |  |  |  |  | Estimated Completion Quarter (a) |  | Projected Incremental Costs |  | Costs to Date |  | Estimated Incremental Yield on Cost
Property |  | Market |  | Project Description |  |  |  |
Campus Marketplace |  | So. California - San Diego, CA |  | Redevelopment of an existing outparcel building. |  | 2Q - 2025 |  | $800 |  | $500 |  |
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 |  | 2,500 |  |
River Oaks |  | So. California - Los Angeles, CA |  | Redevelopment of an outparcel and common area improvements. |  | 4Q - 2025 |  | 600 |  | 200 |  |
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 |  | 200 |  |
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 |  | 1,200 |  |
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 |  |  |  |  |  | $21,600 |  | $4,800 |  | 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 |  |  |  |
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 |  |  |  |
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. |  |  |  |  |  |  |  |
Campus Marketplace |  | So. California - San Diego, CA |  | Redevelopment of an existing 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.
Plantation Grove |  | Orlando - Kissimmee, FL |  | Redevelopment and expansion of the shopping center. Addition of new outparcel building.
River Oaks |  | So. California - Los Angeles, CA |  | Anchor repositioning and expansion.
Sarasota Pavilion |  | Tampa - St. Petersburg, FL |  | New development, including addition of outparcel building. |  |  |  |  |  |  |  |
The Centre on Hugh Howell |  | Atlanta Metro Area, GA |  | New development, including addition of outparcel building.
The Parke |  | Austin - Round Rock, TX |  | Anchor repositioning and expansion.
Westpark Shopping Center |  | Richmond, VA |  | New development, including addition of outparcel building.

16 | Supplemental - Quarter Ended March 31, 2025 |

| Property Summary, by Total Market GLA
GLA in thousands

| 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% | $22.49 | Yes | HEB
2 | Kyle Marketplace | Austin-Round Rock | TX | C | 260 | 100% | $17.83 | 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% | $18.36 | Yes | Hana World Market, Goodwill
5 | Shops at Arbor Trails | Austin-Round Rock | TX | C | 357 | 100% | $14.12 | Yes | Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls
6 | Shops at the Galleria | Austin-Round Rock | TX | P | 537 | 95.4% | $14.27 | 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 | 98.9% | $16.93 | 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 | Austin-Round Rock | TX | P | 236 | 100% | $22.51 | 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% | $15.92 | Yes | Tom Thumb
10 | Eldorado Marketplace | Dallas-Fort Worth-Arlington | TX | C | 189 | 100% | $24.66 | Yes | Market Street, PetSmart, Phenix Salon Suites
11 | Prestonwood Town Center | Dallas-Fort Worth-Arlington | TX | P | 236 | 98.7% | $21.12 | 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 | 93.4% | $21.49 | Yes | Market Street
14 | Shops at Fairview Town Center | Dallas-Fort Worth-Arlington | TX | N | 66 | 100% | $25.84 | Yes | Whole Foods Market
15 | The Highlands of Flower Mound | Dallas-Fort Worth-Arlington | TX | P | 175 | 92.2% | $19.92 | Yes | Target*, Market by Macy's, Michaels, Skechers, World Market
16 | Antoine Town Center | Houston-Sugar Land-Baytown | TX | N | 110 | 97.3% | $15.47 | Yes | Kroger
17 | Bay Colony | Houston-Sugar Land-Baytown | TX | C | 415 | 95.3% | $16.57 | Yes | HEB, Kohl's, LA Fitness, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens
18 | Blackhawk Town Center | Houston-Sugar Land-Baytown | TX | N | 127 | 99.1% | $14.04 | Yes | HEB, Walgreens
19 | Cyfair Town Center | Houston-Sugar Land-Baytown | TX | C | 434 | 95.0% | $17.60 | Yes | Kroger, Cinemark USA, Crunch Fitness, J.C. Penney
20 | Eldridge Town Center | Houston-Sugar Land-Baytown | TX | C | 144 | 95.1% | $17.34 | Yes | Kroger, Kohl's*, Petco
21 | Stables Town Center II | Houston-Sugar Land-Baytown | TX | N | 148 | 95.4% | $17.70 | Yes | Kroger
22 | Sonterra Village | San Antonio | TX | N | 42 | 84.2% | $36.74 | Yes | Trader Joe's
23 | Stone Ridge Market | San Antonio | TX | C | 219 | 96.6% | $25.41 | Yes | HEB Plus*, Burlington, PetSmart
| Total Texas |  |  |  | 4,671 | 97.3% | $18.26 |  |
24 | Bay Landing | Cape Coral - Fort Meyers | FL | N | 63 | 100% | $10.16 | Yes | The Fresh Market, HomeGoods
25 | The Forum (d) | Cape Coral - Fort Meyers | FL | P | 186 | 96.1% | $17.43 | 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 | 99.1% | $37.15 | Yes | Trader Joe's, Marshalls, Ulta
27 | Southern Palm Crossing | Miami-Ft Lauderdale-Miami Beach | FL | P | 345 | 98.6% | $17.83 | Yes | Costco Wholesale, Going Going Gone, Marshalls
28 | Westfork & Paraiso | Miami-Ft Lauderdale-Miami Beach | FL | N | 393 | 98.0% | $25.85 | 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% | $48.99 | Yes | Trader Joe's
30 | Plantation Grove (e) | Orlando - Kissimmee | FL | N | 107 | 98.7% | $20.21 | Yes | Publix
31 | Rio Pinar Plaza | Orlando - Kissimmee | FL | N | 131 | 94.6% | $19.37 | Yes | Publix, Planet Fitness
32 | Suncrest Village | Orlando - Kissimmee | FL | N | 97 | 97.9% | $21.71 | Yes | Publix, Orange County Tax Collector
33 | Gateway Market Center | Tampa - St. Petersburg | FL | P | 231 | 89.9% | $14.23 | Yes | Publix, Target*, Beall's, HomeGoods, Petsmart, TJ Maxx
34 | Peachland Promenade | Tampa - St. Petersburg | FL | N | 177 | 98.6% | $15.37 | Yes | Publix, Goodwill, My Salon Suite, Planet Fitness
35 | Sarasota Pavilion | Tampa - St. Petersburg | FL | P | 336 | 98.3% | $16.35 | Yes | Publix, Bank of America, Bealls, Marshalls, Michaels, PetSmart, Ross Dress for Less, Truist Bank
| Total Florida |  |  |  | 2,263 | 97.2% | $20.94 |  |

17 | Supplemental - Quarter Ended March 31, 2025 |

| Property Summary, by Total Market GLA
GLA in thousands

| 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% | $18.94 | Yes | Food Lion, Gold's Gym
37 | Northcross Commons | Charlotte-Gastonia-Concord | NC | N | 63 | 100% | $28.87 | Yes | Whole Foods Market
38 | Sycamore Commons | Charlotte-Gastonia-Concord | NC | P | 265 | 100% | $21.01 | Yes | Costco Wholesale*, Best Buy, Dick's Sporting Goods, Lowe's*, Michaels, Nordstrom Rack, Old Navy, Ulta, World Market
39 | The Shoppes at Davis Lake | Charlotte-Gastonia-Concord | NC | N | 91 | 91.9% | $17.34 | Yes | Harris Teeter
40 | Bent Tree Plaza | Raleigh-Cary-Durham | NC | N | 80 | 100% | $15.31 | Yes | Food Lion
41 | Cary Park Town Center | Raleigh-Cary-Durham | NC | N | 93 | 100% | $18.01 | Yes | Harris Teeter, CVS
42 | Commons at University Place | Raleigh-Cary-Durham | NC | N | 92 | 100% | $17.42 | Yes | Harris Teeter, CVS
43 | Renaissance Center | Raleigh-Cary-Durham | NC | P | 363 | 93.8% | $23.96 | 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 | 97.3% | $20.74 |  |
45 | Buckhead Crossing | Atlanta Metro Area | GA | P | 221 | 94.3% | $23.41 | No | HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop
46 | Coweta Crossing | Atlanta Metro Area | GA | N | 68 | 100% | $11.30 | Yes | Publix
47 | Kennesaw Marketplace | Atlanta Metro Area | GA | C | 130 | 97.1% | $35.88 | Yes | Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco*
48 | Moores Mill (d) | Atlanta Metro Area | GA | N | 70 | 100% | $25.03 | Yes | Publix
49 | Plaza Midtown | Atlanta Metro Area | GA | N | 70 | 93.8% | $28.87 | Yes | Publix
50 | Rose Creek | Atlanta Metro Area | GA | N | 70 | 100% | $11.64 | Yes | Publix
51 | Sandy Plains Centre | Atlanta Metro Area | GA | C | 135 | 98.9% | $24.08 | Yes | Kroger, Pet Supplies Plus, Walgreens*
52 | The Centre on Hugh Howell | Atlanta Metro Area | GA | N | 83 | 98.4% | $14.03 | No | Crunch Fitness
53 | Thomas Crossroads | Atlanta Metro Area | GA | N | 105 | 90.1% | $9.56 | Yes | Kroger
54 | Windward Commons | Atlanta Metro Area | GA | N | 117 | 100% | $16.01 | Yes | Kroger
| Total Georgia |  |  |  | 1,069 | 96.8% | $20.89 |  |
55 | Bear Creek Village Center | So. California - Inland Empire | CA | N | 80 | 98.1% | $27.18 | Yes | Stater Brothers
56 | Pavilion at LaQuinta | So. California - Inland Empire | CA | P | 166 | 100% | $21.92 | Yes | Sprouts Farmers Market, Best Buy, DSW, OfficeMax, PGA TOUR Superstore
57 | Garden Village | So. California - Los Angeles | CA | N | 117 | 90.2% | $19.81 | Yes | Albertson's, Rite Aid
58 | River Oaks | So. California - Los Angeles | CA | C | 275 | 99.4% | $20.41 | 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 | 98.8% | $31.22 | Yes | Ralphs, CVS, Discovery Isle Child Development Center
60 | Old Grove Marketplace | So. California - San Diego | CA | N | 81 | 100% | $17.93 | Yes | Ralphs, Lowe's*
| Total California |  |  |  | 863 | 98.1% | $22.84 |  |
61 | Stonehenge Village (d) | Richmond Metro Area | VA | C | 214 | 100% | $19.13 | Yes | Wegmans, La-Z-Boy, Party City, Petco
62 | Westpark Shopping Center | Richmond Metro Area | VA | C | 171 | 96.6% | $16.35 | Yes | Publix, Painted Tree Boutiques, Planet Fitness, The Tile Shop
| Total Virginia |  |  |  | 385 | 98.5% | $17.92 |  |
63 | Market at Mill Creek (d) | Charleston-Berkeley-Dorchester | SC | N | 80 | 100% | $24.16 | Yes | Lowes Foods
64 | Nexton Square (d) | Charleston-Berkeley-Dorchester | SC | L | 134 | 96.9% | $27.18 | No | N/A
| Total South Carolina |  |  |  | 214 | 98.1% | $26.03 |  |
65 | The Shops at Town Center | Washington D.C | MD | N | 125 | 91.7% | $30.70 | Yes | Safeway
66 | Travilah Square Shopping Center | Washington D.C | MD | N | 56 | 86.9% | $50.40 | Yes | Trader Joe's
| Total Maryland |  |  |  | 181 | 90.2% | $36.59 |  |

18 | Supplemental - Quarter Ended March 31, 2025 |

| Property Summary, by Total Market GLA
GLA in thousands

| Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c)
67 | Scottsdale North Marketplace (d) | Phoenix | AZ | N | 66 | 98.4% | $22.55 | Yes | AJ's Fine Foods
68 | The Plant (d) | Phoenix | AZ | N | 57 | 100% | $28.96 | Yes | Sprouts Farmers Market
| Total Arizona |  |  |  | 123 | 99.1% | $25.66 |  |
| Grand Totals |  |  |  | 10,972 | 97.3% | $20.21 |  |

(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 three months ended March 31, 2025.
(e)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 three months ended March 31, 2025.

19 | Supplemental - Quarter Ended March 31, 2025 |

| Components of Net Asset Value as of March 31, 2025
In thousands, except share information

|  |  |  | Page No.
NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter |  |  |  |
NOI, excluding ground rent |  | $46,793 |  | 5
Ground rent income |  | 5,076 |  | 5
NOI |  | 51,869 |  | 5
Annualized NOI, excluding ground rent income |  | $187,172 |  |
Annualized ground rent income |  | 20,304 |  |
Projected remaining development |  |  |  |
Net project costs |  | $16,800 |  | 15
Estimated range for incremental yield |  | 7-10% |  | 15
Assets |  |  |  |
Cash, cash equivalents, and restricted cash |  | $84,579 |  | 2
Base rent, recoveries, and other revenue receivables |  | 7,045 |  | 4
Undeveloped land |  | — |  |
Land held for development |  | — |  |
Liabilities |  |  |  |
Debt |  | $743,380 |  | 8
Discounts and financing costs, net |  | (2,635) |  | 8
Accounts payable and accrued expenses |  | 30,371 |  | 2
Distributions payable |  | 18,438 |  | 2
Other liabilities |  | 29,597 |  | 2
Common Shares Outstanding |  | 77,567,764 |  | 1

20 | Supplemental - Quarter Ended March 31, 2025 |

| 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 ongoing operating performance.
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 any abatement concessions 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.
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. 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 ongoing 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, 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.
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 Shop Tenants.
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.