Form 8-K

8-K — InvenTrust Properties Corp.

Accession: 0001307748-26-000111

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001307748

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ivtp-20260428.htm (Primary)

EX-99.1 (q12026earningsrelease.htm)

EX-99.2 (q12026supplemental.htm)

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8-K

8-K (Primary)

Filename: ivtp-20260428.htm · Sequence: 1

ivtp-20260428

FALSE000130774800013077482026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 28, 2026

Date of Report (Date of earliest event reported)

___________________________________

INVENTRUST PROPERTIES CORP.

(Exact name of registrant as specified in its charter)

___________________________________

Maryland

(State or other jurisdiction of

incorporation)

001-40896

(Commission File Number)

34-2019608

(IRS Employer Identification No.)

3025 Highland Parkway, Suite 350

Downers Grove, Illinois 60515

(Address of principal executive offices and zip code)

(855) 377-0510

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, $0.001 par value

IVT

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 - Results of Operations and Financial Condition.

On April 28, 2026, InvenTrust Properties Corp. (the "Company") issued a press release announcing its results for the quarter ended March 31, 2026. The full text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

On April 28, 2026, the Company posted on its website, at https://www.inventrustproperties.com/investor-relations/, certain supplemental information for the quarter ended March 31, 2026 (the "First Quarter Supplemental"). A copy of the First Quarter Supplemental is attached as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference.

The information furnished under this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 as amended, or the Exchange Act, except as set forth by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Earnings Release of InvenTrust Properties Corp., dated as of April 28, 2026 (furnished pursuant to Item 2.02)

99.2

First Quarter Supplemental (furnished pursuant to Item 2.02)

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

April 28, 2026

INVENTRUST PROPERTIES CORP.

By:

/s/ Christy L. David

Name:

Christy L. David

Title:

Executive Vice President, Chief Operating Officer, General Counsel & Secretary

EX-99.1

Filename: q12026earningsrelease.htm · Sequence: 2

Document

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2026 First Quarter Results

DOWNERS GROVE, IL – April 28, 2026 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the quarter ended March 31, 2026. For the three months ended March 31, 2026 and 2025, the Company reported Net Income of $5.2 million, or $0.07 per diluted share, and Net Income of $6.8 million, or $0.09 per diluted share, respectively.

First Quarter 2026 Highlights:

•Nareit FFO of $0.53 per diluted share

•Core FFO of $0.49 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 2.6%

•Leased Occupancy as of March 31, 2026 of 96.4%

•Executed 64 leases totaling approximately 329,000 square feet of GLA, of which 249,000 square feet was executed at a blended comparable lease spread of 10.5%

•Acquired two properties and one single-tenant outparcel adjacent to an existing property, totaling approximately 391,000 square feet, for an aggregate acquisition price of approximately $123.0 million

•Expanded our Sun Belt presence into Nashville, Tennessee with the acquisition of Nashville West

“Our start to 2026 reflects the continued strength of the InvenTrust portfolio and the consistency of our operating platform,” said DJ Busch, President and CEO of InvenTrust. “First-quarter results were in line with our expectations and reflect the timing of lease commencements and anticipated portfolio activity, with same property NOI growth expected to step up meaningfully in the back half of the year. This acceleration is driven by contractual rent growth and a strong pipeline of signed leases scheduled to commence over the balance of the year. We also advanced our external growth strategy, deploying $123 million into high-quality acquisitions, including our entry into the Nashville market. With meaningful embedded growth, disciplined capital allocation, and sustained leasing demand, we remain well positioned to deliver durable cash flows and create long-term shareholder value.”

NET INCOME

•Net Income for the three months ended March 31, 2026 was $5.2 million, or $0.07 per diluted share, compared to $6.8 million, or $0.09 per diluted share, for the same period in 2025.

NAREIT FFO

•Nareit FFO for the three months ended March 31, 2026 was $41.3 million, or $0.53 per diluted share, compared to $37.2 million, or $0.48 per diluted share, for the same period in 2025.

CORE FFO

•Core FFO for the three months ended March 31, 2026 was $38.8 million, or $0.49 per diluted share, compared to $36.2 million, or $0.46 per diluted share, for the same period in 2025.

1 Earnings Release - Quarter Ended March 31, 2026

SAME PROPERTY NOI

•Same Property NOI for the three months ended March 31, 2026 was $48.7 million, a 2.6% increase, compared to the same period in 2025.

DIVIDEND

•For the quarter ended March 31, 2026, the Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on April 15, 2026.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of March 31, 2026, the Company’s Leased Occupancy was 96.4%.

◦Anchor Leased Occupancy was 98.5% and Small Shop Leased Occupancy was 92.9%. Anchor Leased Occupancy increased 10 basis points and Small Shop Leased Occupancy decreased 110 basis points on a sequential basis compared to the previous quarter.

◦Leased to Economic Occupancy spread of 130 basis points, which equates to approximately $4.6 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 10.5%.

•Annualized Base Rent (“ABR”) per square foot (“PSF”) as of March 31, 2026 was $20.63, an increase of 2.1% compared to the same period in 2025. Anchor Tenant ABR PSF was $13.05 and Small Shop Tenant ABR PSF was $34.01 as of March 31, 2026.

•During the first quarter, the Company completed the following acquisitions using available liquidity:

◦On February 13, 2026, the Company acquired Marketplace at Hudson Station, a 60,000 square foot neighborhood center shadow-anchored by Fry’s Marketplace in the Phoenix, Arizona market, for a gross acquisition price of $31.25 million.

◦On February 20, 2026, the Company acquired Nashville West, a 324,000 square foot power center shadow-anchored by Target, Costco, and Publix in Nashville, Tennessee, for a gross acquisition price of $88.0 million.

◦On March 12, 2026, the Company acquired a 7,000 square foot single-tenant outparcel adjacent to its neighborhood center, The Centre on Hugh Howell, in the Atlanta, Georgia market, for a gross acquisition price of $3.7 million.

LIQUIDITY AND CAPITAL STRUCTURE

•InvenTrust had $345.8 million of total liquidity, as of March 31, 2026, comprised of $26.8 million of cash and cash equivalents and $319.0 million of availability under its Revolving Credit Facility.

•InvenTrust has no debt maturing in 2026 and $26.0 million of debt maturing in 2027.

•The Company's weighted average interest rate on its debt as of March 31, 2026 was 4.13% and the weighted average remaining term was 4.0 years.

SUBSEQUENT EVENTS

•On April 16, 2026, the Company entered into a note purchase agreement for the private placement of $250 million of senior notes, consisting of $50 million at 5.09% due June 29, 2029, $100 million at 5.32% due June 29, 2031, and $100 million at 5.60% due June 29, 2033. Combined, the notes are expected to have a weighted average tenor of approximately 5.4 years and a weighted average fixed interest rate of 5.44%, and are expected to be issued on June 29, 2026, subject to customary closing conditions.

2 Earnings Release - Quarter Ended March 31, 2026

2026 GUIDANCE

InvenTrust has updated its 2026 guidance, as summarized in the following table.

(Unaudited, dollars in thousands, except per share amounts)

Current (1) (2)

Net Income per diluted share $0.10 — $0.16 $0.16 — $0.22

Nareit FFO per diluted share $2.00 — $2.06 $1.97 — $2.03

Core FFO per diluted share (3)

$1.92 — $1.96 $1.91 — $1.95

Same Property NOI (“SPNOI”) Growth 3.25% — 4.25% 3.25% — 4.25%

General and administrative $35,750 — $36,750 $35,750 — $36,750

Interest expense, net (4)

~ $44,000 ~ $44,000

Net investment activity (5)

~ $300,000 ~ $300,000

(1)The Company’s 2026 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 anticipated acquisitions.

(2)The Company’s 2026 guidance includes an expectation of uncollectibility, reflected as 30-70 basis points of expected total revenue.

(3)Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, gains or losses on debt transactions, 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, accretion of finance lease liability, and expected interest income of approximately $0.5 million.

(5)Net investment activity represents anticipated acquisition activity less disposition activity.

In addition to the foregoing assumptions, the Company's 2026 guidance incorporates several 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 reconciles the range of the Company's 2026 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 $ 0.10 $ 0.16

Depreciation and amortization of real estate assets 1.90 1.90

Nareit FFO per diluted share 2.00 2.06

Amortization of market-lease intangibles and inducements, net (0.08) (0.08)

Straight-line rent adjustments, net (0.05) (0.06)

Amortization of debt discounts and financing costs 0.04 0.04

Depreciation and amortization of corporate assets 0.01 0.01

Non-operating income and expense, net — (0.01)

Core FFO per diluted share $ 1.92 $ 1.96

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.

EARNINGS CALL INFORMATION

Date: Wednesday, April 29, 2026

Time: 10:00 a.m. ET

Dial-in: (833) 461-5787 / Access Code: 537477482

Webcast & Replay Link: https://events.q4inc.com/attendee/537477482

A webcast replay will be available shortly after the conclusion of the presentation using the webcast link above.

3 Earnings Release - Quarter Ended March 31, 2026

Definitions

NON-GAAP FINANCIAL MEASURES

This Earnings Release includes certain financial measures and other terms that are not in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) that management believes are helpful in understanding the Company’s business. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of the Company’s non-GAAP measures to the most directly comparable GAAP financials measures are included herein.

SAME PROPERTY NOI or SPNOI

Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. 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 such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments (“GAAP Rent Adjustments”). The Company bifurcates NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet the Company’s Same Property criteria. NOI from other investment properties includes adjustments for the Company’s captive insurance company.

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.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA) and ADJUSTED EBITDA

The Company’s non-GAAP measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization. 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.

NET DEBT-TO-ADJUSTED EBITDA

Net Debt-to-Adjusted EBITDA is Net Debt divided by trailing twelve month Adjusted EBITDA.

4 Earnings Release - Quarter Ended March 31, 2026

Financial Statements

Condensed Consolidated Balance Sheets

In thousands, except share amounts

As of March 31 As of December 31

2026 2025

Assets (unaudited)

Investment properties

Land $ 719,744 $ 702,147

Building and other improvements 2,390,215 2,295,852

Construction in progress 7,599 7,473

Total 3,117,558 3,005,472

Less accumulated depreciation (547,018) (525,830)

Net investment properties 2,570,540 2,479,642

Cash, cash equivalents, and restricted cash 34,395 40,518

Intangible assets, net 202,691 193,963

Accounts and rents receivable 36,518 37,471

Deferred costs and other assets, net 41,334 37,053

Total assets $ 2,885,478 $ 2,788,647

Liabilities

Debt, net $ 952,218 $ 825,881

Accounts payable and accrued expenses 29,190 48,291

Distributions payable 19,484 18,450

Intangible liabilities, net 73,915 68,475

Other liabilities 32,589 33,288

Total liabilities 1,107,396 994,385

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,

77,935,857 shares issued and outstanding as of March 31, 2026 and

77,691,533 shares issued and outstanding as of December 31, 2025

78 78

Additional paid-in capital 5,733,540 5,736,652

Distributions in excess of accumulated net income (3,961,529) (3,947,229)

Accumulated comprehensive income 5,993 4,761

Total stockholders' equity 1,778,082 1,794,262

Total liabilities and stockholders' equity $ 2,885,478 $ 2,788,647

5 Earnings Release - Quarter Ended March 31, 2026

Financial Statements, continued

Condensed Consolidated Statements of Operations and Comprehensive Income

In thousands, except share and per share amounts, unaudited

Three Months Ended March 31

2026 2025

Income

Lease income, net $ 82,110 $ 73,389

Other property income 471 382

Total income 82,581 73,771

Operating expenses

Depreciation and amortization 36,385 30,614

Property operating 12,021 10,747

Real estate taxes 9,902 9,356

General and administrative 9,319 8,547

Total operating expenses 67,627 59,264

Other (expense) income

Interest expense, net (10,085) (8,322)

Other income and expense, net 315 607

Total other (expense) income, net (9,770) (7,715)

Net income $ 5,184 $ 6,792

Weighted-average common shares outstanding - basic 77,933,973 77,563,971

Weighted-average common shares outstanding - diluted 78,415,161 78,160,787

Net income per common share - basic $ 0.07 $ 0.09

Net income per common share - diluted $ 0.07 $ 0.09

Comprehensive income

Net income $ 5,184 $ 6,792

Unrealized gain (loss) on derivatives, net 2,838 (1,586)

Reclassification to net income (1,606) (2,242)

Comprehensive income $ 6,416 $ 2,964

6 Earnings Release - Quarter Ended March 31, 2026

Reconciliation of Non-GAAP Measures

In thousands

Same Property NOI

The following table presents the components of Same Property NOI:

Three Months Ended March 31

2026 2025

Income

Minimum base rent $ 44,349 $ 43,183

Real estate tax recoveries 8,209 7,912

Common area maintenance, insurance, and other recoveries 8,798 8,646

Ground rent income 4,872 4,760

Short-term and other lease income 1,328 1,174

(Provision for) reversal of estimated credit losses (156) 32

Other property income 427 348

Total income 67,827 66,055

Operating Expenses

Property operating 10,282 9,981

Real estate taxes 8,857 8,615

Total operating expenses 19,139 18,596

Same Property NOI $ 48,688 $ 47,459

Net Income to Same Property NOI

The following table reconciles Net Income to Same Property NOI:

Three Months Ended March 31

2026 2025

Net income $ 5,184 $ 6,792

Adjustments to reconcile to non-GAAP metrics:

Other income and expense, net (315) (607)

Interest expense, net 10,085 8,322

Depreciation and amortization 36,385 30,614

General and administrative 9,319 8,547

Adjustments to NOI (a) (4,238) (1,799)

NOI 56,420 51,869

NOI from other investment properties (7,732) (4,410)

Same Property NOI $ 48,688 $ 47,459

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

7 Earnings Release - Quarter Ended March 31, 2026

Reconciliation of Non-GAAP Measures, continued

in thousands, except share and per share amounts

Nareit FFO and Core FFO

The following table reconciles Net Income to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:

Three Months Ended March 31

2026 2025

Net income $ 5,184 $ 6,792

Depreciation and amortization of real estate assets 36,111 30,366

Nareit FFO Applicable to Common Shares and Dilutive Securities 41,295 37,158

Amortization of market lease intangibles and inducements, net (2,258) (895)

Straight-line rent adjustments, net (1,178) (894)

Amortization of debt discounts and financing costs 832 683

Accretion of finance lease liability 51 —

Depreciation and amortization of corporate assets 274 248

Non-operating income and expense, net (a) (264) (71)

Core FFO Applicable to Common Shares and Dilutive Securities $ 38,752 $ 36,229

Weighted average common shares outstanding - basic 77,933,973 77,563,971

Dilutive effect of unvested restricted shares (b) 481,188 596,816

Weighted average common shares outstanding - diluted 78,415,161 78,160,787

Net income per diluted share $ 0.07 $ 0.09

Nareit FFO per diluted share $ 0.53 $ 0.48

Core FFO per diluted share $ 0.49 $ 0.46

(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

The following table reconciles Net Income to EBITDA and Adjusted EBITDA:

Three Months Ended March 31

2026 2025

Net income $ 5,184 $ 6,792

Interest expense, net 10,085 8,322

Income tax expense 147 136

Depreciation and amortization 36,385 30,614

EBITDA 51,801 45,864

Amortization of market-lease intangibles and inducements, net (2,258) (895)

Straight-line rent adjustments, net (1,178) (894)

Non-operating income and expense, net (a) (264) (71)

Adjusted EBITDA $ 48,101 $ 44,004

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

8 Earnings Release - Quarter Ended March 31, 2026

Financial Leverage Ratios

In thousands

Net Debt and Net Debt-to-Adjusted EBITDA

The following table calculates net debt and Net Debt-to-Adjusted EBITDA:

As of March 31 As of December 31

2026 2025

Net Debt:

Outstanding Debt, net $ 952,218 $ 825,881

Less: Cash and cash equivalents (26,799) (34,973)

Net Debt $ 925,419 $ 790,908

Net Debt-to-Adjusted EBITDA (trailing 12 months):

Net Debt $ 925,419 $ 790,908

Adjusted EBITDA (trailing 12 months) 179,298 175,201

Net Debt-to-Adjusted EBITDA 5.2x 4.5x

9 Earnings Release - Quarter Ended March 31, 2026

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 GAAP. The information provided in this earnings release 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, 2026. The Company may, but assumes no obligation to, update information in this earnings release.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this earnings release, or made during the earnings call, 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 earnings release 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 tariffs and changes in global trade policies, on the overall state of the economy and on our and our tenants' business and operations 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 earnings release. 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.

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.

10 Earnings Release - Quarter Ended March 31, 2026

EX-99.2

Filename: q12026supplemental.htm · Sequence: 3

Document

Table of Contents

Page No.

Introductory Notes i

Earnings Release iii

Financial Information

Summary Financial Information

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Operations and Comprehensive Income

Condensed Consolidated Supplemental Details of Assets and Liabilities

Condensed Consolidated Supplemental Details of Operations

Reconciliation of Non-GAAP Measures

Same Property Net Operating Income

Nareit FFO and Core FFO

EBITDA and Adjusted EBITDA

Summary of Outstanding Debt

Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs

Portfolio and Leasing Overview

Markets and Tenant Size

Top 25 Tenants by ABR and Tenant Merchandise Mix

Comparable & Non-Comparable Lease Statistics

Tenant Lease Expirations

Acquisitions

Investment Summary

Development Pipeline

Property Summary

Components of NAV as of March 31, 2026

Glossary of Terms

Introductory Notes

About InvenTrust Properties Corp.

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, 2026. 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.

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 21.

Supplemental - Quarter Ended March 31, 2026

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.

Supplemental - Quarter Ended March 31, 2026

CONTACT:

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

InvenTrust Properties Corp. Reports 2026 First Quarter Results

First Quarter 2026 Highlights:

•Nareit FFO of $0.53 per diluted share

•Core FFO of $0.49 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 2.6%

•Leased Occupancy as of March 31, 2026 of 96.4%

•Executed 64 leases totaling approximately 329,000 square feet of GLA, of which 249,000 square feet was executed at a blended comparable lease spread of 10.5%

•Expanded our Sun Belt presence into Nashville, Tennessee with the acquisition of Nashville West

NET INCOME

•Net Income for the three months ended March 31, 2026 was $5.2 million, or $0.07 per diluted share, compared to $6.8 million, or $0.09 per diluted share, for the same period in 2025.

NAREIT FFO

•Nareit FFO for the three months ended March 31, 2026 was $41.3 million, or $0.53 per diluted share, compared to $37.2 million, or $0.48 per diluted share, for the same period in 2025.

CORE FFO

•Core FFO for the three months ended March 31, 2026 was $38.8 million, or $0.49 per diluted share, compared to $36.2 million, or $0.46 per diluted share, for the same period in 2025.

iii

Supplemental - Quarter Ended March 31, 2026

SAME PROPERTY NOI

•Same Property NOI for the three months ended March 31, 2026 was $48.7 million, a 2.6% increase, compared to the same period in 2025.

DIVIDEND

•For the quarter ended March 31, 2026, the Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on April 15, 2026.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

•As of March 31, 2026, the Company’s Leased Occupancy was 96.4%.

◦Leased to Economic Occupancy spread of 130 basis points, which equates to approximately $4.6 million of base rent on an annualized basis.

•Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were 10.5%.

•During the first quarter, the Company completed the following acquisitions using available liquidity:

LIQUIDITY AND CAPITAL STRUCTURE

•InvenTrust has no debt maturing in 2026 and $26.0 million of debt maturing in 2027.

•The Company's weighted average interest rate on its debt as of March 31, 2026 was 4.13% and the weighted average remaining term was 4.0 years.

SUBSEQUENT EVENTS

Supplemental - Quarter Ended March 31, 2026

2026 GUIDANCE

InvenTrust has updated its 2026 guidance, as summarized in the following table.

(Unaudited, dollars in thousands, except per share amounts)

Current (1) (2)

Net Income per diluted share $0.10 — $0.16 $0.16 — $0.22

Nareit FFO per diluted share $2.00 — $2.06 $1.97 — $2.03

Core FFO per diluted share (3)

$1.92 — $1.96 $1.91 — $1.95

Same Property NOI (“SPNOI”) Growth 3.25% — 4.25% 3.25% — 4.25%

General and administrative $35,750 — $36,750 $35,750 — $36,750

Interest expense, net (4)

~ $44,000 ~ $44,000

Net investment activity (5)

~ $300,000 ~ $300,000

(2)The Company’s 2026 guidance includes an expectation of uncollectibility, reflected as 30-70 basis points of expected total revenue.

(4)Interest expense, net, excludes amortization of debt discounts and financing costs, accretion of finance lease liability, and expected interest income of approximately $0.5 million.

(5)Net investment activity represents anticipated acquisition activity less disposition activity.

The following table reconciles the range of the Company's 2026 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 $ 0.10 $ 0.16

Depreciation and amortization of real estate assets 1.90 1.90

Nareit FFO per diluted share 2.00 2.06

Amortization of market-lease intangibles and inducements, net (0.08) (0.08)

Straight-line rent adjustments, net (0.05) (0.06)

Amortization of debt discounts and financing costs 0.04 0.04

Depreciation and amortization of corporate assets 0.01 0.01

Non-operating income and expense, net — (0.01)

Core FFO per diluted share $ 1.92 $ 1.96

Supplemental - Quarter Ended March 31, 2026

Summary Financial Information

In thousands, except share information and per square foot amounts

Three Months Ended March 31

2026 2025

Financial Results

Net income $ 5,184 $ 6,792

Net income per common share - basic 0.07 0.09

Net income per common share - diluted 0.07 0.09

Nareit FFO (page 7) 41,295 37,158

Nareit FFO per diluted share 0.53 0.48

Core FFO (page 7) 38,752 36,229

Core FFO per diluted share 0.49 0.46

Same Property NOI (page 6) 48,688 47,459

Same Property NOI growth 2.6%

Adjusted EBITDA (page 7)

48,101 44,004

Distributions declared per common share 0.25 0.24

Aggregate distributions declared (as a % of Core FFO) 50.3 % 50.9 %

As of

March 31, 2026 As of

December 31, 2025 As of

December 31, 2024

Capital Information

Shares outstanding 77,935,857 77,691,533 77,450,794

Outstanding Debt, net $ 952,218 $ 825,881 $ 740,415

Less: Cash and cash equivalents (26,799) (34,973) (87,395)

Net Debt $ 925,419 $ 790,908 $ 653,020

Debt Metrics (trailing 12 months)

Adjusted EBITDA $ 179,298 $ 175,201 $ 158,009

Net Debt-to-Adjusted EBITDA 5.2x 4.5x 4.1x

Fixed charge coverage 5.2x 5.4x 4.5x

Net debt to real estate assets, excl property acc depr. 29.7% 26.3% 23.0%

Net debt to total assets, excl property acc depr. 27.0% 23.9% 20.7%

Distributions Paid Per Share Liquidity and Credit Facility

Q1 2026 $0.2377 Cash and cash equivalents $ 26,799

Q4 2025 $0.2377 Available under credit facility 319,000

Q3 2025 $0.2377 Total $ 345,799

Q2 2025 $0.2377

Same Property Total

Three Months Ended March 31 Three Months Ended March 31

2026 2025 2026 2025

Portfolio Metrics

No. of properties 63 63 75 68

GLA 10,236 10,225 11,983 10,972

Economic Occupancy 95.0 % 95.3 % 95.1 % 95.4 %

Leased Occupancy 96.2 % 97.3 % 96.4 % 97.3 %

ABR PSF $20.41 $19.97 $20.63 $20.21

Supplemental - Quarter Ended March 31, 2026

Condensed Consolidated Balance Sheets

In thousands, except share and per share amounts

As of

March 31, 2026 December 31, 2025

Assets (unaudited)

Investment properties

Land $ 719,744 $ 702,147

Building and other improvements 2,390,215 2,295,852

Construction in progress 7,599 7,473

Total 3,117,558 3,005,472

Less accumulated depreciation (547,018) (525,830)

Net investment properties 2,570,540 2,479,642

Cash, cash equivalents, and restricted cash 34,395 40,518

Intangible assets, net 202,691 193,963

Accounts and rents receivable 36,518 37,471

Deferred costs and other assets, net 41,334 37,053

Total assets $ 2,885,478 $ 2,788,647

Liabilities

Debt, net $ 952,218 $ 825,881

Accounts payable and accrued expenses 29,190 48,291

Distributions payable 19,484 18,450

Intangible liabilities, net 73,915 68,475

Other liabilities 32,589 33,288

Total liabilities 1,107,396 994,385

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,

77,935,857 shares issued and outstanding as of March 31, 2026 and

77,691,533 shares issued and outstanding as of December 31, 2025

78 78

Additional paid-in capital 5,733,540 5,736,652

Distributions in excess of accumulated net income (3,961,529) (3,947,229)

Accumulated comprehensive income 5,993 4,761

Total stockholders' equity 1,778,082 1,794,262

Total liabilities and stockholders' equity $ 2,885,478 $ 2,788,647

Supplemental - Quarter Ended March 31, 2026

Condensed Consolidated Statements of Operations and Comprehensive Income

In thousands, except share and per share information, unaudited

Three Months Ended March 31

2026 2025

Income

Lease income, net $ 82,110 $ 73,389

Other property income 471 382

Total income 82,581 73,771

Operating expenses

Depreciation and amortization 36,385 30,614

Property operating 12,021 10,747

Real estate taxes 9,902 9,356

General and administrative 9,319 8,547

Total operating expenses 67,627 59,264

Other (expense) income

Interest expense, net (10,085) (8,322)

Other income and expense, net 315 607

Total other (expense) income, net (9,770) (7,715)

Net income $ 5,184 $ 6,792

Weighted-average common shares outstanding - basic 77,933,973 77,563,971

Weighted-average common shares outstanding - diluted 78,415,161 78,160,787

Net income per common share - basic $ 0.07 $ 0.09

Net income per common share - diluted $ 0.07 $ 0.09

Comprehensive income

Net income $ 5,184 $ 6,792

Unrealized gain (loss) on derivatives, net 2,838 (1,586)

Reclassification to net income (1,606) (2,242)

Comprehensive income $ 6,416 $ 2,964

Supplemental - Quarter Ended March 31, 2026

Condensed Consolidated Supplemental Details of Assets and Liabilities

In thousands

As of

March 31, 2026 December 31, 2025

Cash, cash equivalents, and restricted cash

Cash and cash equivalents $ 26,799 $ 34,973

Restricted cash 7,596 5,545

Total $ 34,395 $ 40,518

Accounts and rents receivable

Base rent, recoveries, and other receivables $ 7,494 $ 9,624

Straight-line rent receivables 29,024 27,847

Total $ 36,518 $ 37,471

Deferred cost and other assets, net

Deferred leasing costs, net $ 16,452 $ 16,240

Derivative assets 6,041 5,196

Other assets 4,248 4,741

Financing costs, net 3,990 4,342

Deferred costs, net 5,794 4,995

Operating lease right of use assets, net 1,460 1,539

Prepaid insurance premiums 3,349 —

Total $ 41,334 $ 37,053

Other liabilities

Security deposits $ 8,727 $ 8,661

Deferred revenues 7,411 7,574

Unearned lease income 9,357 10,207

Other liabilities 5,019 4,282

Operating lease liabilities 2,027 2,129

Derivative liabilities 48 435

Total $ 32,589 $ 33,288

Supplemental - Quarter Ended March 31, 2026

Condensed Consolidated Supplemental Details of Operations

In thousands

Three Months Ended March 31

2026 2025

Income

* Minimum base rent $ 51,451 $ 47,066

* Real estate tax recoveries 9,204 8,599

* Common area maintenance, insurance, and other recoveries 10,338 9,399

* Ground rent income 5,805 5,076

Amortization of market-lease intangibles and inducements, net 2,258 895

* Short-term and other lease income 1,291 1,417

Termination fee income 802 10

Straight-line rent adjustments, net 1,178 894

* (Provision for) reversal of estimated credit losses (217) 33

Lease income, net 82,110 73,389

* Other property income 471 382

Total income $ 82,581 $ 73,771

Operating expenses

Depreciation and amortization $ 36,385 $ 30,614

* Repairs and maintenance 4,148 3,375

* Payroll, benefits, and office 2,862 2,755

* Utilities and waste removal 2,702 2,462

* Property insurance 1,333 1,330

* Security, legal, and other 976 825

Property operating expenses 12,021 10,747

* Real estate taxes 9,902 9,356

General and administrative 7,219 6,443

Stock-based compensation costs 2,801 2,766

Capitalized direct development compensation costs (701) (662)

General and administrative expense 9,319 8,547

Total operating expenses $ 67,627 $ 59,264

Interest expense, net

Term loans, including impact of derivatives $ 3,171 $ 3,320

Senior notes 3,201 3,201

Mortgages payable 1,256 926

Line of credit, including facility fees 1,608 200

Capitalized interest (171) (8)

Interest on finance lease liability 137 —

Accretion of finance lease liability 51 —

Amortization of debt discounts and financing costs 832 683

Total interest expense, net $ 10,085 $ 8,322

Other income and expense, net

Interest on cash and cash equivalents $ 198 $ 672

Income tax expense (147) (136)

Miscellaneous and settlement income

264 71

Total other income and expense, net $ 315 $ 607

* Component of Net Operating Income

Supplemental - Quarter Ended March 31, 2026

Reconciliation of Non-GAAP Measures

In thousands

Same Property NOI

The following table presents the components of Same Property NOI:

Three Months Ended March 31

2026 2025

Income

Minimum base rent $ 44,349 $ 43,183

Real estate tax recoveries 8,209 7,912

Common area maintenance, insurance, and other recoveries 8,798 8,646

Ground rent income 4,872 4,760

Short-term and other lease income 1,328 1,174

(Provision for) reversal of estimated credit losses (156) 32

Other property income 427 348

Total income 67,827 66,055

Operating Expenses

Property operating 10,282 9,981

Real estate taxes 8,857 8,615

Total operating expenses 19,139 18,596

Same Property NOI $ 48,688 $ 47,459

Same Property NOI Growth 2.6 %

Same Property Count 63

Net Income to Same Property NOI

The following table reconciles Net Income to Same Property NOI:

Three Months Ended March 31

2026 2025

Net income $ 5,184 $ 6,792

Adjustments to reconcile to non-GAAP metrics:

Other income and expense, net (315) (607)

Interest expense, net 10,085 8,322

Depreciation and amortization 36,385 30,614

General and administrative 9,319 8,547

Adjustments to NOI (a) (4,238) (1,799)

NOI 56,420 51,869

NOI from other investment properties (7,732) (4,410)

Same Property NOI $ 48,688 $ 47,459

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

Supplemental - Quarter Ended March 31, 2026

Reconciliation of Non-GAAP Measures, continued

In thousands, except share and per share amounts

Nareit FFO and Core FFO

The following table reconciles Net Income to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:

Three Months Ended March 31

2026 2025

Net income $ 5,184 $ 6,792

Depreciation and amortization of real estate assets 36,111 30,366

Nareit FFO Applicable to Common Shares and Dilutive Securities 41,295 37,158

Amortization of market lease intangibles and inducements, net (2,258) (895)

Straight-line rent adjustments, net (1,178) (894)

Amortization of debt discounts and financing costs 832 683

Accretion of finance lease liability 51 —

Depreciation and amortization of corporate assets 274 248

Non-operating income and expense, net (a) (264) (71)

Core FFO Applicable to Common Shares and Dilutive Securities $ 38,752 $ 36,229

Weighted average common shares outstanding - basic 77,933,973 77,563,971

Dilutive effect of unvested restricted shares (b) 481,188 596,816

Weighted average common shares outstanding - diluted 78,415,161 78,160,787

Net income per diluted share $ 0.07 $ 0.09

Nareit FFO per diluted share $ 0.53 $ 0.48

Core FFO per diluted share $ 0.49 $ 0.46

(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

The following table reconciles Net Income to EBITDA and Adjusted EBITDA:

Three Months Ended March 31

2026 2025

Net income $ 5,184 $ 6,792

Interest expense, net 10,085 8,322

Income tax expense 147 136

Depreciation and amortization 36,385 30,614

EBITDA 51,801 45,864

Amortization of market-lease intangibles and inducements, net (2,258) (895)

Straight-line rent adjustments, net (1,178) (894)

Non-operating income and expense, net (a) (264) (71)

Adjusted EBITDA $ 48,101 $ 44,004

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

Supplemental - Quarter Ended March 31, 2026

Summary of Outstanding Debt

In thousands

Debt Allocation

Balance as of

March 31, 2026

Weighted Average

Interest Rate Weighted Average

Years to Maturity

Fixed rate secured debt $ 117,412 4.28% 2.7

Fixed rate unsecured debt 650,000 3.94% 4.6

Variable rate line of credit 181,000 4.71% 2.8

Total secured and unsecured debt 948,412 4.13% 4.0

Finance lease liability 11,133

Debt discounts and financing costs, net (7,327)

Total Debt, net $ 952,218

Debt Payments and Maturities by Year

Maturity Year Mortgage Payments Mortgage Maturities Term Loan &

Senior Notes Revolving

Line of Credit Total

Remaining 2026 $ 580 $ — $ — $ — $ 580

2027 810 26,000 — — 26,810

2028 495 21,321 — — 21,816

2029 449 61,750 150,000 181,000 393,199

2030 154 5,853 200,000 — 206,007

Thereafter — — 300,000 — 300,000

Total 2,488 114,924 650,000 181,000 948,412

Finance lease liability 11,133

Debt discounts and financing costs, net (7,327)

Total $ 952,218

Supplemental Detail of Debt Maturities

Maturity Interest Rate Balance

Mortgages Payable

Escarpment Village Jul-27 3.86% $ 26,000

Asheville Market Mar-28 4.92% 22,064

Daniels Marketplace Jul-29 4.34% 30,250

Shops at Arbor Trails Dec-29 4.12% 31,500

Plaza Escondida May-30 4.24% 7,598

Total 117,412

Term Loan

$200.0 million 5 years Aug-30 2.66% (a) 100,000

$200.0 million 5.5 years Feb-31 2.63% (b) 50,000

$200.0 million 5.5 years Feb-31 2.69% (b) 50,000

$200.0 million 5.5 years Feb-31 4.84% (b) 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 + 1.05% (c) 181,000

Total secured and unsecured debt 4.13% $ 948,412

Finance Lease Liability

West Ashley Station Ground Lease Jan-92 11,133

Total Debt $ 959,545

(a)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on September 22, 2026, at which point the fixed interest rate will become 4.50%.

(b)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on March 22, 2027, at which point the weighted average fixed interest rate will become 4.58%.

(c)As of March 31, 2026, 1-Month Term SOFR was 3.66%. An additional annual facility fee of 0.15% applies to entire line of credit capacity.

Supplemental - Quarter Ended March 31, 2026

Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs

Unaudited, Dollars in thousands

Debt Covenants

For the quarter ended

Description Unsecured Debt Covenants Q1 2026 Q4 2025 Q3 2025 Q2 2025

Leverage Ratio < 60.0% 26.8% 24.2% 23.0% 23.0%

Fixed Charge Coverage Ratio > 1.50 5.1 5.2 5.1 4.7

Maximum Secured Recourse Debt < 10% of Total Asset Value —% —% —% —%

Unsecured Interest Coverage Ratio > 1.75 6.6 6.9 6.5 6.2

Unsecured Leverage Ratio < 60% 25.8% 23.0% 21.8% 23.8%

Interest Rate Swaps

As of March 31, 2026, the Company is party to five effective interest rate swap agreements:

Effective

Interest Rate Swaps Effective Date Termination Date InvenTrust Receives InvenTrust Pays Fixed Rate of Fixed Rate

Achieved (a) Notional

Amount

5.5 year Term Loan 4/3/23 3/22/27 1-Month SOFR 3.69% 4.84% $ 100,000

5 year Term Loan 12/21/23 9/22/26 1-Month SOFR 1.51% 2.66% 100,000

5.5 year Term Loan 6/21/24 3/22/27 1-Month SOFR 1.54% 2.69% 50,000

5.5 year Term Loan 6/21/24 3/22/27 1-Month SOFR 1.48% 2.63% 50,000

$ 400,000

(a)Interest rates reflect the Company's current credit spread of 1.15% as of March 31, 2026.

As of March 31, 2026, the Company is party to four forward-starting interest rate swap agreements:

Forward-Starting

Interest Rate Swaps Effective Date Termination Date InvenTrust

Receives InvenTrust Pays

Fixed Rate of Fixed Rate

Achieved (a) Notional

Amount

5 year Term Loan 9/22/26 8/26/30 Daily SOFR 3.35% 4.50% $ 100,000

5 year Term Loan 9/22/26 8/26/30 Daily SOFR 3.35% 4.50% 100,000

5.5 year Term Loan 3/22/27 2/24/31 Daily SOFR 3.42% 4.57% 100,000

5.5 year Term Loan 3/22/27 2/24/31 Daily SOFR 3.43% 4.58% 100,000

$ 400,000

(a)Interest rates reflect the Company's current credit spread of 1.15% as of March 31, 2026.

Capital Investments and Leasing Costs

Three months ended March 31

2026 2025

Tenant improvements $ 548 $ 887

Leasing costs 577 809

Property improvements 1,619 3,212

Capitalized indirect costs (a) 334 428

Total capital expenditures and leasing costs 3,078 5,336

Development and redevelopment direct costs 2,642 1,794

Development and redevelopment indirect costs (a) 367 243

Capital investments and leasing costs (b) $ 6,087 $ 7,373

(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.

(b)As of March 31, 2026 and 2025, total accrued capital investments and leasing costs were $2,947 and $4,950, respectively.

Supplemental - Quarter Ended March 31, 2026

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 97.9 % $ 34,198 $ 17.18 14.5 % 2,094 17.3 %

Atlanta, GA 10 97.9 % 22,724 21.79 9.7 % 1,076 9.0 %

Houston-Sugar Land-Baytown, TX 6 95.0 % 21,930 16.92 9.3 % 1,378 11.5 %

Miami-Fort Lauderdale-Miami Beach, FL 3 99.0 % 20,798 24.66 8.8 % 859 7.2 %

Dallas-Fort Worth-Arlington, TX 7 96.8 % 19,039 21.03 8.1 % 941 7.9 %

Charlotte-Gastonia-Concord, NC 6 96.4 % 16,666 23.06 7.1 % 752 6.3 %

Raleigh-Cary-Durham, NC 5 97.0 % 13,575 20.71 5.8 % 688 5.7 %

Richmond, VA 3 98.4 % 13,051 17.19 5.6 % 771 6.4 %

Orlando-Kissimmee, FL 4 97.0 % 10,606 26.83 4.5 % 411 3.4 %

Tampa-St. Petersburg, FL 3 86.5 % 10,261 16.11 4.4 % 744 6.2 %

San Antonio, TX 3 95.6 % 9,362 28.19 4.0 % 353 2.9 %

Cape Coral-Fort Myers, FL 3 98.6 % 7,987 21.62 3.4 % 380 3.2 %

Charleston-Berkeley-Dorchester, SC 3 97.9 % 7,909 27.53 3.4 % 293 2.4 %

Phoenix, AZ 4 98.5 % 7,337 25.73 3.1 % 294 2.5 %

Washington D.C., MD 2 93.0 % 6,126 37.83 2.6 % 181 1.5 %

Nashville, TN 1 98.0 % 5,705 18.67 2.4 % 324 2.7 %

Asheville, NC 1 96.7 % 2,539 20.14 1.1 % 130 1.1 %

Savannah, GA 1 100 % 2,038 19.67 0.9 % 106 0.9 %

So. California - Los Angeles, CA 1 76.1 % 1,738 19.56 0.7 % 117 1.0 %

Tucson, AZ 1 97.4 % 1,479 16.67 0.6 % 91 0.8 %

Total 75 96.4 % $ 235,068 $ 20.63 100 % 11,983 100 %

Market No. of Properties Leased Occupancy ABR ABR PSF ABR as

% of Total GLA GLA as

% of Total

Texas 24 96.7 % $ 84,529 $ 18.68 35.9 % 4,766 39.6 %

Florida 13 94.7 % 49,652 22.12 21.1 % 2,394 20.0 %

North Carolina 12 96.7 % 32,780 21.79 14.0 % 1,570 13.1 %

Georgia 11 98.1 % 24,762 21.60 10.6 % 1,182 9.9 %

Virginia 3 98.4 % 13,051 17.19 5.6 % 771 6.4 %

Arizona 5 98.2 % 8,816 23.58 3.7 % 385 3.3 %

South Carolina 3 97.9 % 7,909 27.53 3.4 % 293 2.4 %

Maryland 2 93.0 % 6,126 37.83 2.6 % 181 1.5 %

Tennessee 1 98.0 % 5,705 18.67 2.4 % 324 2.7 %

California 1 76.1 % 1,738 19.56 0.7 % 117 1.0 %

75 96.4 % $ 235,068 $ 20.63 100 % 11,983 100 %

Tenant type Economic Occupancy Leased Occupancy ABR ABR PSF GLA

20,000 SF+ (a)

98.4 % 99.0 % $ 73,385 $ 11.84 6,303

10,000 - 19,999 SF (a)

94.4 % 95.5 % 21,626 20.06 1,142

5,000 - 9,999 SF (b)

92.2 % 93.6 % 25,002 27.88 973

1 - 4,999 SF (b)

90.5 % 92.7 % 115,055 35.72 3,565

Total 95.1 % 96.4 % $ 235,068 $ 20.63 11,983

Anchor Tenants (a)

97.8 % 98.5 % $ 95,011 $ 13.05 7,445

Small Shop Tenants (b)

90.8 % 92.9 % $ 140,057 $ 34.01 4,538

(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.

Supplemental - Quarter Ended March 31, 2026

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 Fuel 1 / Harris Teeter 5 BBB 13 $ 8,079 3.4 % 787 6.6 %

2 Publix Super Markets, Inc. Publix 13 / Publix Liquor 3 N/A 16 7,381 3.1 % 629 5.2 %

3 TJX Companies Marshalls 9 / HomeGoods 5 / TJ Maxx 3 A 17 5,910 2.5 % 480 4.0 %

4 Amazon, Inc. Whole Foods Market 8 AA 8 5,023 2.1 % 320 2.7 %

5 Albertsons Tom Thumb 2 / Market Street 2 /

Safeway 1 / Albertsons 1 BB+ 6 4,400 1.9 % 365 3.0 %

6 H.E.B. H.E.B. 4 / H.E.B. Staff Office 1 N/A 5 4,292 1.8 % 481 4.0 %

7 Apollo Global Management, Inc. Michaels 9 B- 9 2,927 1.2 % 211 1.8 %

8 Trader Joe's N/A 7 2,752 1.2 % 88 0.7 %

9 Nordstrom Inc. Nordstrom Rack 4 / Nordstrom 1 BB 5 2,718 1.2 % 146 1.2 %

10 Ross Dress For Less Ross Dress for Less 6 / dd's Discounts 1 A- 7 2,717 1.2 % 201 1.7 %

11 Dick's Sporting Goods, Inc. Dick's Sporting Goods 3 /

Going, Going, Gone 1 BBB 4 2,686 1.1 % 217 1.8 %

12 BC Partners PetSmart 7 B+ 7 2,521 1.1 % 145 1.2 %

13 Wegmans N/A 2 2,450 1.0 % 242 2.0 %

14 Best Buy BBB+ 4 2,387 1.0 % 138 1.2 %

15 Ulta Beauty Inc. N/A 8 2,086 0.9 % 82 0.7 %

16 Petco Health and Wellness Company, Inc. Petco 8 B 8 2,026 0.9 % 106 0.9 %

17 Kingswood Capital Management World Market 7 N/A 7 1,853 0.8 % 128 1.1 %

18 Costco Wholesale AA 2 1,735 0.7 % 298 2.5 %

19 Burlington BB+ 4 1,724 0.7 % 127 1.1 %

20 Bank of America A- 6 1,718 0.7 % 34 0.3 %

21 The Gap, Inc. Old Navy 6 BB+ 6 1,569 0.7 % 93 0.8 %

22 Five Below, Inc. N/A 8 1,537 0.7 % 74 0.6 %

23 DSW N/A 5 1,506 0.6 % 88 0.7 %

24 Sprouts Farmers Market N/A 3 1,489 0.6 % 84 0.7 %

25 EOS Fitness N/A 2 1,334 0.6 % 66 0.5 %

Totals 169 $ 74,820 31.7 % 5,630 47.0 %

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

Tenant Merchandise Mix

Tenant Category ABR % of Total ABR

Grocery / Drug $ 41,584 17.7 %

Quick Service Restaurants 27,256 11.6 %

Personal Health and Beauty Services 25,750 11.0 %

Medical 23,369 9.9 %

Full Service Restaurants 21,371 9.1 %

Off Price 14,361 6.1 %

Apparel / Accessories 13,884 6.1 %

Fitness 10,600 4.7 %

Pets 9,188 3.9 %

Banks 9,171 3.9 %

Hobby / Sports 8,103 3.4 %

Other 6,534 2.8 %

Office / Communications 6,135 2.6 %

Home 5,852 2.5 %

Other Essential Retail / Services 4,795 2.0 %

Office (Non-Financial, Non-Medical) 2,798 1.2 %

Entertainment 2,286 1.0 %

Hardware / Auto 2,031 0.9 %

Total $ 235,068 100 %

Supplemental - Quarter Ended March 31, 2026

Comparable and Non-Comparable Lease Statistics

GLA in thousands

The Company's portfolio had 425 thousand square feet expiring during the three months ended March 31, 2026, of which 364 thousand square feet was re-leased. This achieved a retention rate of approximately 86%. The following table summarizes the activity for leases that were executed during the three months ended March 31, 2026.

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) 49 240 $25.14 $22.87 9.9% 5.5 $0.06 —

Comparable

New Leases (b) 6 9 41.19 34.37 19.8% 7.9 25.54 $15.79

Non-Comparable

Renewal and New Leases 9 80 21.02 N/A N/A 9.8 53.94 1.98

Total 64 329 $25.73 $23.29 10.5% 6.6 $13.90 $0.92

Anchor Tenants

Comparable

Renewal Leases (b) 4 107 $14.87 $13.90 7.0% 6.1 — —

Comparable

New Leases (b) — — — — —% — — —

Non-Comparable

Renewal and New

Leases 1 61 16.28 N/A N/A 10.0 $65.12 —

Total 5 168 $14.87 $13.90 7.0% 7.5 $23.74 —

Small Shop Tenants

Comparable

Renewal Leases (b) 45 133 $33.45 $30.13 11.0% 5.0 $0.11 —

Comparable

New Leases (b) 6 9 41.19 34.37 19.8% 7.9 25.54 $15.79

Non-Comparable

Renewal and New Leases 8 19 36.65 N/A N/A 9.0 17.06 8.52

Total 59 161 $33.95 $30.40 11.7% 5.6 $3.54 $1.89

(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.

Supplemental - Quarter Ended March 31, 2026

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, 2026.

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 Renewals and New Leases

Q1 2026 55 249 $25.73 $23.29 10.5% 5.6 $1.00 $0.58

Q4 2025 60 314 25.28 22.16 14.1% 5.7 3.01 1.32

Q3 2025 49 360 16.53 14.82 11.5% 5.5 1.05 0.65

Q2 2025 65 286 27.53 23.66 16.4% 7.4 12.62 2.80

Total 229 1,209 $23.30 $20.56 13.3% 6.0 $4.29 $1.32

Renewals

Q1 2026 49 240 $25.14 $22.87 9.9% 5.5 $0.06 —

Q4 2025 49 291 23.80 20.88 14.0% 5.4 0.44 —

Q3 2025 44 345 15.75 14.27 10.4% 5.3 0.02 —

Q2 2025 51 213 27.61 25.28 9.2% 5.2 — —

Total 193 1,089 $22.29 $20.08 11.0% 5.3 $0.14 —

New Leases

Q1 2026 6 9 $41.19 $34.37 19.8% 7.9 $25.54 $15.79

Q4 2025 11 23 43.95 38.18 15.1% 9.9 35.28 17.85

Q3 2025 5 15 34.45 27.43 25.6% 10.5 24.80 15.59

Q2 2025 14 73 27.30 18.94 44.1% 13.9 49.60 10.99

Total 36 120 $32.47 $24.89 30.5% 12.2 $41.90 $13.26

Non-Comparable Leases

Q1 2026 9 80 $21.02 9.8 $53.94 $1.98

Q4 2025 19 36 35.39 6.8 21.53 10.92

Q3 2025 7 49 23.88 17.7 67.30 3.60

Q2 2025 8 17 32.17 9.1 25.90 17.89

Total 43 182 $25.70 11.2 $48.39 $5.70

Supplemental - Quarter Ended March 31, 2026

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 (a) Percent of

Total ABR Expiring

ABR PSF (a)

Anchor Tenants

2026 3 46 0.6 % $ 831 0.8 % $18.07

2027 33 1,023 13.9 % 14,111 14.3 % 13.79

2028 28 703 9.6 % 10,493 10.5 % 14.93

2029 31 946 13.0 % 12,029 12.0 % 12.72

2030 30 1,002 13.8 % 12,317 12.3 % 12.29

2031 19 686 9.4 % 8,382 8.4 % 12.22

2032 12 427 5.9 % 5,641 5.6 % 13.21

2033 9 260 3.6 % 3,445 3.4 % 13.25

2034 15 640 8.8 % 8,638 8.6 % 13.50

2035 8 366 5.0 % 5,210 5.2 % 14.23

Thereafter 27 1,177 16.2 % 18,652 18.6 % 15.85

Other (b)

1 11 0.2 % 346 0.3 % 31.45

Totals 216 7,287 100 % $ 100,095 100 % $13.74

Vacant space 159

Total 7,446

Small Shop Tenants

2026 108 235 5.7 % $ 7,726 5.0 % $32.88

2027 228 547 13.3 % 18,655 12.1 % 34.10

2028 240 578 14.0 % 19,932 12.9 % 34.48

2029 232 621 15.1 % 22,668 14.7 % 36.50

2030 200 496 12.0 % 18,332 11.9 % 36.96

2031 168 493 12.0 % 17,790 11.4 % 36.09

2032 101 280 6.8 % 10,306 6.7 % 36.81

2033 65 188 4.6 % 7,826 5.1 % 41.63

2034 88 244 5.9 % 10,656 6.9 % 43.67

2035 88 244 5.9 % 11,192 7.3 % 45.87

Thereafter 53 169 4.1 % 8,502 5.5 % 50.31

Other (b)

11 26 0.6 % 704 0.5 % 27.08

Totals 1,582 4,121 100 % $ 154,289 100 % $37.44

Vacant space 416

Total 4,537

Total

2026 111 281 2.5 % $ 8,557 3.4 % $30.45

2027 261 1,570 14.0 % 32,766 12.9 % 20.87

2028 268 1,281 11.2 % 30,425 12.0 % 23.75

2029 263 1,567 13.7 % 34,697 13.6 % 22.14

2030 230 1,498 13.1 % 30,649 12.0 % 20.46

2031 187 1,179 10.3 % 26,172 10.3 % 22.20

2032 113 707 6.2 % 15,947 6.3 % 22.56

2033 74 448 3.9 % 11,271 4.4 % 25.16

2034 103 884 7.7 % 19,294 7.6 % 21.83

2035 96 610 5.3 % 16,402 6.4 % 26.89

Thereafter 80 1,346 11.8 % 27,154 10.7 % 20.17

Other (b)

12 37 0.3 % 1,050 0.4 % 28.38

Totals 1,798 11,408 100 % $ 254,384 100 % $22.30

Vacant space 575

Total 11,983

(a)Expiring ABR and ABR PSF reflects ABR at the time of lease expiration.

(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.

Supplemental - Quarter Ended March 31, 2026

Acquisitions

Dollars and GLA in thousands

Acquisitions

Month Property Market Acquisition Price GLA Leased Occ. Major Anchors (a)

February Marketplace at Hudson Station Phoenix, AZ $ 31,250 60 100%

Fry's Marketplace*, EOS Fitness

February Nashville West Nashville, TN 88,000 324 98.0%

Costco Wholesale*, Publix*, Target*, Best Buy, Books-A-Million, Boot Barn Western and Work Wear, Dick's Sporting Goods, Dollar Tree, DSW, Marshalls, Old Navy, PetSmart, Ross Dress for Less, The Tile Shop, World Market

March The Centre on Hugh Howell -

Outparcel (b) Atlanta, GA 3,731 7 100% N/A

Total $ 122,981 391

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow-anchors are noted with an asterisk.

(b)The Company acquired a single-tenant outparcel adjacent to this retail property. The assets, liabilities, and operations of the outparcel acquired are combined for presentation purposes with the retail property already owned by the Company.

Supplemental - Quarter Ended March 31, 2026

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

Bay Colony Houston - Sugar Land-Baytown, TX Redevelopment of an existing outparcel building. 2Q - 2026 $ 2,300 $ 1,300

Westpark Shopping Center Richmond, VA Development of an 8,400 square foot multi-tenant building. 1Q - 2027 4,500 1,000

The Parke Austin - Round Rock, TX Anchor space repositioning, including an 8,000 square foot expansion of the existing grocer and repositioning of small shop space. 3Q - 2027 9,700 2,400

Total Redevelopment Costs $ 16,500 $ 4,700 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 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 $ 5,900

Shops at Arbor Trails Austin - Round Rock, TX Redevelopment of a pre-existing single-tenant building to a multi-tenant building. 1Q - 2026 2,600

Buckhead Crossing Atlanta, 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. 1Q - 2026 4,200

Sandy Plains Centre Atlanta, GA Redevelopment and expansion to accommodate a 10,000 square foot swim school and additional small shop space. 3Q - 2025 2,800

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 Landing Cape Coral - Fort Myers, FL New development of building area adjacent to existing stores.

Buckhead Crossing Atlanta, 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.

Plantation Grove Orlando - Kissimmee, FL Redevelopment and expansion of the shopping center. Addition of new outparcel building.

Sarasota Pavilion Tampa - St. Petersburg, FL New development, including anchor repositioning and the addition of new outparcel building.

The Centre on Hugh Howell Atlanta, GA New development, including addition of outparcel building.

Twelve Oaks Shopping Center Savannah, GA Anchor repositioning and site improvements.

Supplemental - Quarter Ended March 31, 2026

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 C 170 100% $23.12 Yes HEB

2 Kyle Marketplace Austin-Round Rock TX C 260 98.5% $15.40 Yes HEB

3 Market at Westlake Austin-Round Rock TX N 30 100% $22.20 No Walgreens

4 Scofield Crossing Austin-Round Rock TX N 95 98.7% $27.81 No Crunch Fitness, Goodwill

5 Shops at Arbor Trails Austin-Round Rock TX C 357 99.6% $14.79 Yes

Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls

6 Shops at the Galleria Austin-Round Rock TX P 537 94.8% $15.07 Yes

Trader Joe's, Best Buy, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, 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 409 98.8% $16.97 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 98.3% $20.42 No Burlington, Crunch Fitness, DSW, IKEA*, JC Penney*, PetSmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods

9 Custer Creek Village Dallas-Fort Worth-Arlington TX N 96 95.5% $16.19 Yes Tom Thumb

10 Eldorado Marketplace Dallas-Fort Worth-Arlington TX C 189 100% $25.19 Yes

Market Street, PetSmart, Phenix Salon Suites

11 Prestonwood Town Center Dallas-Fort Worth-Arlington TX P 236 99.4% $21.52 Yes

Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta

12 Riverview Village Dallas-Fort Worth-Arlington TX N 89 100% $13.56 Yes

Tom Thumb, Petco

13 Riverwalk Market Dallas-Fort Worth-Arlington TX N 90 95.6% $21.85 Yes Market Street

14 Shops at Fairview Town Center Dallas-Fort Worth-Arlington TX N 66 100% $26.41 Yes Whole Foods Market

15 The Highlands of Flower Mound Dallas-Fort Worth-Arlington TX P 175 88.1% $19.51 Yes

Target*, Michaels, Nordstrom Rack, Skechers, World Market

16 Antoine Town Center Houston-Sugar Land-Baytown TX N 110 92.4% $15.08 Yes Kroger

17 Bay Colony Houston-Sugar Land-Baytown TX C 415 96.9% $17.11 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 97.5% $14.35 Yes

HEB, Walgreens

19 Cyfair Town Center Houston-Sugar Land-Baytown TX C 434 93.6% $17.62 Yes

Kroger, Cinemark USA, Crunch Fitness, JC Penney

20 Eldridge Town Center Houston-Sugar Land-Baytown TX C 144 95.4% $17.05 Yes

Kroger, Kohl's*, Petco

21 Stables Town Center Houston-Sugar Land-Baytown TX C 148 93.2% $17.89 Yes Kroger

22 Sonterra Village San Antonio TX N 42 86.9% $37.55 Yes Trader Joe's

23 Stone Ridge Market San Antonio TX C 219 99.0% $26.29 Yes

HEB Plus*, Burlington, PetSmart

24 The Marketplace at Encino Park (d) San Antonio TX N 92 91.4% $28.87 Yes Sprouts Farmers Market

Total Texas 4,766 96.7% $18.68

25 Bay Landing Cape Coral - Fort Myers FL N 63 100% $11.03 Yes

The Fresh Market, HomeGoods

26 Daniels Marketplace (d) Cape Coral - Fort Myers FL C 131 100% $32.10 Yes Whole Foods Market

27 The Forum Cape Coral - Fort Myers FL P 186 97.1% $17.74 Yes

Target*, dd's Discounts, Home Depot*, Michaels, Petco, Ross Dress for Less, Sky Zone, Staples

28 PGA Plaza Miami-Ft Lauderdale-Miami Beach FL N 121 100% $37.90 Yes

Trader Joe's, Marshalls, Ulta

29 Southern Palm Crossing Miami-Ft Lauderdale-Miami Beach FL C 345 99.1% $17.95 Yes

Costco Wholesale, Going Going Gone, Marshalls

30 Westfork Plaza & Paraiso Parc Miami-Ft Lauderdale-Miami Beach FL C 393 98.7% $26.44 Yes

Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Cinemas, Ross Dress for Less, Skechers, TJ Maxx, Ulta

31 Lakeside & Lakeside Crossing Orlando - Kissimmee FL N 76 98.5% $50.10 Yes Trader Joe's

Supplemental - Quarter Ended March 31, 2026

Property Summary, by Total Market GLA, continued

GLA in thousands

Property Market State Center

Type (a) GLA Leased Occupancy ABR

PSF Grocery

Anchor (b) Major Anchors (c)

32 Plantation Grove Orlando - Kissimmee FL N 107 96.1% $21.46 Yes Publix

33 Rio Pinar Plaza Orlando - Kissimmee FL N 131 97.0% $20.61 Yes

Publix, Planet Fitness

34 Suncrest Village Orlando - Kissimmee FL N 97 96.8% $22.45 Yes

Publix, Orange County Tax Collector

35 Gateway Market Center Tampa - St. Petersburg FL P 231 64.0% $14.35 Yes

Publix, Target*, HomeGoods, PetSmart, TJ Maxx

36 Peachland Promenade Tampa - St. Petersburg FL C 177 97.0% $15.30 Yes

Publix, Goodwill, My Salon Suite, Planet Fitness

37 Sarasota Pavilion Tampa - St. Petersburg FL P 336 96.4% $17.37 Yes

Publix, Bank of America, Bealls, Marshalls, Michaels, Old Navy, PetSmart, Ross Dress for Less, Truist Bank, World Market

Total Florida 2,394 94.7% $22.12

38 Asheville Market (d) Asheville NC C 130 96.7% $20.14 Yes

Whole Foods Market, DSW, Fifth Season Gardening, Guitar Center

39 Carmel Village (d) Charlotte-Gastonia-Concord NC N 54 83.3% $28.29 No N/A

40 Eastfield Village Charlotte-Gastonia-Concord NC N 96 97.5% $19.58 Yes

Food Lion, Gold's Gym

41 Northcross Commons Charlotte-Gastonia-Concord NC N 63 100% $29.40 Yes Whole Foods Market

42 Rea Farms (d) Charlotte-Gastonia-Concord NC C 183 96.5% $25.76 Yes Harris Teeter

43 Sycamore Commons Charlotte-Gastonia-Concord NC P 265 98.8% $21.30 Yes

Costco Wholesale*, Best Buy, Dick's Sporting Goods, Lowe's*, Michaels, Nordstrom Rack, Old Navy, Ulta, World Market

44 The Shoppes at Davis Lake Charlotte-Gastonia-Concord NC N 91 93.2% $19.24 Yes Harris Teeter

45 Bent Tree Plaza Raleigh-Cary-Durham NC N 80 100% $16.14 Yes Food Lion

46 Cary Park Town Center Raleigh-Cary-Durham NC N 93 95.8% $17.61 Yes

Harris Teeter, CVS

47 Commons at University Place Raleigh-Cary-Durham NC N 92 100% $17.59 Yes

Harris Teeter, CVS

48 Renaissance Center Raleigh-Cary-Durham NC C 363 95.4% $24.14 No Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market

49 The Pointe at Creedmoor Raleigh-Cary-Durham NC N 60 100% $16.93 Yes Harris Teeter

Total North Carolina 1,570 96.7% $21.79

50 Buckhead Crossing Atlanta GA C 221 96.2% $24.83 No HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop, Ulta

51 Coweta Crossing Atlanta GA N 68 100% $11.48 Yes Publix

52 Kennesaw Marketplace Atlanta GA C 130 100% $36.73 Yes

Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco*

53 Moores Mill Atlanta GA N 70 100% $25.48 Yes Publix

54 Plaza Midtown Atlanta GA N 70 100% $28.92 Yes Publix

55 Rose Creek Atlanta GA N 70 100% $12.09 Yes Publix

56 Sandy Plains Centre Atlanta GA C 135 97.1% $24.56 Yes

Kroger, Pet Supplies Plus, Walgreens*

57 The Centre on Hugh Howell Atlanta GA N 90 97.1% $15.76 No Crunch Fitness

58 Thomas Crossroads Atlanta GA N 105 93.8% $10.40 Yes Kroger

59 Windward Commons Atlanta GA N 117 98.7% $16.42 Yes Kroger

60 Twelve Oaks Shopping Center (d) Savannah GA N 106 100% $19.67 Yes Publix

Total Georgia 1,182 98.1% $21.60

Supplemental - Quarter Ended March 31, 2026

Property Summary, by Total Market GLA, continued

GLA in thousands

Property Market State Center

Type (a) GLA Leased Occupancy ABR

PSF Grocery

Anchor (b) Major Anchors (c)

61 Stonehenge Village Richmond VA C 214 100% $19.23 Yes

Wegmans, La-Z-Boy, Party City, Petco

62 West Broad Marketplace (d) Richmond VA P 386 97.5% $16.00 Yes

Wegmans, Burlington, Cabela's, Duluth Trading Company, Michaels,

TJ Maxx

63 Westpark Shopping Center Richmond VA C 171 98.4% $17.25 Yes

Publix, Painted Tree Boutiques, Planet Fitness, The Tile Shop

Total Virginia 771 98.4% $17.19

64 Marketplace at Hudson Station (d) Phoenix AZ N 60 100% $34.93 Yes

Fry's Marketplace*, EOS Fitness

65 Mesa Shores (d) Phoenix AZ N 111 97.5% $20.10 Yes

Sprouts Farmers Market, Trader Joe's, EOS Fitness

66 Scottsdale North Marketplace Phoenix AZ N 66 100% $23.76 Yes AJ's Fine Foods

67 The Plant Phoenix AZ N 57 96.9% $28.84 Yes Sprouts Farmers Market

68 Plaza Escondida (d) Tucson AZ N 91 97.4% $16.67 Yes

Trader Joe's, Marshalls

Total Arizona 385 98.2% $23.58

69 Nashville West (d) Nashville TN P 324 98.0% $18.67 Yes

Total Tennessee 324 98.0% $18.67

70 Market at Mill Creek Charleston-Berkeley-Dorchester SC N 80 100% $24.42 Yes Lowes Foods

71 Nexton Square Charleston-Berkeley-Dorchester SC L 134 95.4% $28.19 No N/A

72 West Ashley Station (d) Charleston-Berkeley-Dorchester SC N 79 100% $29.63 Yes Whole Foods Market

Total South Carolina 293 97.9% $27.53

73 The Shops at Town Center Washington D.C MD N 125 97.0% $32.32 Yes Safeway

74 Travilah Square Shopping Center Washington D.C MD N 56 84.1% $51.21 Yes Trader Joe's

Total Maryland 181 93.0% $37.83

75 Garden Village So. California - Los Angeles CA N 117 76.1% $19.56 Yes Albertsons

Total California 117 76.1% $19.56

Grand Totals 11,983 96.4% $20.63

(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 Wholesale).

(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, 2026.

Supplemental - Quarter Ended March 31, 2026

Components of Net Asset Value as of March 31, 2026

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 income $ 50,615

Ground rent income 5,805

NOI 56,420

Annualized NOI, excluding ground rent income $ 202,460

Annualized ground rent income 23,220

Projected remaining development

Net project costs $ 11,800

Estimated range for incremental yield 7-10%

Assets

Cash, cash equivalents, and restricted cash $ 34,395

Base rent, recoveries, and other receivables 7,494

Undeveloped land —

Land held for development —

Liabilities

Debt $ 959,545

Discounts and financing costs, net (7,327)

Accounts payable and accrued expenses 29,190

Distributions payable 19,484

Other liabilities 32,589

Common Shares Outstanding 77,935,857

Supplemental - Quarter Ended March 31, 2026

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 Net Debt is outstanding debt, net, less cash and cash equivalents.

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.

Supplemental - Quarter Ended March 31, 2026

InvenTrust Properties Corp.

CORPORATE OFFICE

3025 Highland Pkwy | Ste 350

Downers Grove, IL 60515

630.570.0700

InvestorRelations@InvenTrustProperties.com

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