# EDGAR Filing Document

**Accession Number:** 0001307748
**File Stem:** 0001307748-25-000147
**Filing Date:** 2025-7
**Character Count:** 149470
**Document Hash:** db6b2e48ce1972b9da4a4c03932a7ce4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001307748-25-000147.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001307748-25-000147

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** InvenTrust Properties Corp.
- **CENTRAL INDEX KEY:** 0001307748
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 342019608
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40896
- **FILM NUMBER:** 251161738

**BUSINESS ADDRESS:**
- **STREET 1:** 3025 HIGHLAND PARKWAY SUITE 350
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515
- **BUSINESS PHONE:** 855-377-0510

**MAIL ADDRESS:**
- **STREET 1:** 3025 HIGHLAND PARKWAY SUITE 350
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Inland American Real Estate Trust, Inc.
- **DATE OF NAME CHANGE:** 20041103

?xml version='1.0' encoding='ASCII'? ivtp-20250729

**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**

**July 29, 2025**

**Date of Report (Date of earliest event reported)**

**___________________________________**

**INVENTRUST PROPERTIES CORP.** 

**(Exact name of registrant as specified in its charter)**

**___________________________________**

---

| | | |
|:---|:---|:---|
| **Maryland**<br>**(State or other jurisdiction of** <br>**incorporation)** | **001-40896**<br>**(Commission File Number)** | **34-2019608**<br>**(IRS Employer Identification No.)** |
| **3025 Highland Parkway, Suite 350**<br>**Downers Grove, Illinois 60515** | **3025 Highland Parkway, Suite 350**<br>**Downers Grove, Illinois 60515** | **3025 Highland Parkway, Suite 350**<br>**Downers Grove, Illinois 60515** |
| **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** |
| **(855) 377-0510** | **(855) 377-0510** | **(855) 377-0510** |
| **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** |
| **N/A** | **N/A** | **N/A** |
| **(Former name or former address, if changed since last report)** | **(Former name or former address, if changed since last report)** | **(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:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| **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 July 29, 2025, InvenTrust Properties Corp. (the "Company") issued a press release announcing its results for the quarter ended June 30, 2025. 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 July 29, 2025, the Company posted on its website, at https://www.inventrustproperties.com/investor-relations/, certain supplemental information for the quarter ended June 30, 2025 (the "Second Quarter Supplemental"). A copy of the Second 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, 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 | <u>[Earnings Release of InvenTrust Properties Corp](q22025earningsrelease.htm)[.](q22025earningsrelease.htm)[, dated as of July 29, 2025 (furnished pursuant to Item 2.02)](q22025earningsrelease.htm)</u> |
| 99.2 | <u>[Second Quarter Supplemental (furnished pursuant to Item 2.02)](q22025supplemental.htm)</u> |
| 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: | July 29, 2025 | **INVENTRUST PROPERTIES CORP.** | **INVENTRUST PROPERTIES CORP.** |
|  |  | By: | /s/ Christy L. David |
|  |  | Name: | Christy L. David |
|  |  | Title: | Executive Vice President, Chief Operating Officer, General Counsel & Secretary |

---

## Exhibit 99.1

![a4471_inventrustxlogox4cxee.jpg](a4471_inventrustxlogox4cxee.jpg)<br>

**CONTACT:**

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

**InvenTrust Properties Corp. Reports 2025 Second Quarter Results**

**DOWNERS GROVE, IL – July 29, 2025** – InvenTrust Properties Corp. ("InvenTrust" or the "Company") (NYSE: IVT) today reported financial and operating results for the quarter ended June 30, 2025. For the three months ended June 30, 2025 and 2024, the Company reported Net Income of $95.9 million, or $1.23 per diluted share, and Net Income of $1.5 million, or $0.02 per diluted share, respectively.

**<u>Second Quarter 2025 Highlights:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Nareit FFO of $0.45 per diluted share*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Core FFO of $0.44 per diluted share*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** *Same Property Net Operating Income ("NOI") growth of 4.8%* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Leased Occupancy as of June 30, 2025 of 97.3%*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Executed 73 leases totaling approximately 304,000 square feet of GLA, of which 286,000 square feet was executed at a blended comparable lease spread of 16.4%*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Completed a portfolio sale of five properties in California for an aggregate gross disposition price of $306.0 million*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Acquired four properties, totaling approximately 330,000 square feet, for an aggregate acquisition price of $105.4 million*

*"This quarter marks a significant milestone in the execution of our portfolio strategy, as we successfully completed the disposition of the majority of our California assets," said DJ Busch, President and CEO of InvenTrust. "At the same time, we efficiently redeployed a significant portion of that capital into growing Sun Belt markets."*

*Busch continued, "These transactions underscore our continued commitment to portfolio simplification, operational excellence, and disciplined capital allocation. Importantly, we achieved this milestone while maintaining strong full year Same Property NOI and FFO growth guidance. We believe this repositioning enhances the long-term value of our portfolio and further strengthens InvenTrust's foundation for sustainable cash flow growth."*

**NET INCOME**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Net Income for the three months ended June 30, 2025 was $95.9 million, or $1.23 per diluted share, compared to Net Income of $1.5 million, or $0.02 per diluted share, for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Net Income for the six months ended June 30, 2025 was $102.7 million, or $1.31 per diluted share, compared to Net Income of $4.4 million, or $0.06 per diluted share, for the same period in 2024.

**NAREIT FFO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nareit FFO for the three months ended June 30, 2025 was $35.5 million, or $0.45 per diluted share, compared to $30.1 million, or $0.44 per diluted share, for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nareit FFO for the six months ended June 30, 2025 was $72.6 million, or $0.93 per diluted share, compared to $60.9 million, or $0.89 per diluted share, for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

------

**CORE FFO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO for the three months ended June 30, 2025 was $34.3 million, or $0.44 per diluted share, compared to $29.1 million, or $0.43 per diluted share, for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO for the six months ended June 30, 2025 was $70.6 million, or $0.90 per diluted share, compared to $59.1 million, or $0.87 per diluted share, for the same period in 2024.

**SAME PROPERTY NOI**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Same Property NOI for the three months ended June 30, 2025 was $42.6 million, a 4.8% increase, compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Same Property NOI for the six months ended June 30, 2025 was $85.1 million, a 5.6% increase, compared to the same period in 2024.

**DIVIDEND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the quarter ended June 30, 2025, the Board of Directors declared a quarterly cash distribution of $0.2377 per share, paid on July 15, 2025.

**PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, the Company's Leased Occupancy was 97.3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 99.5% and Small Shop Leased Occupancy was 93.8%. Anchor Leased Occupancy remained unchanged and Small Shop Leased Occupancy increased 40 basis points on a sequential basis compared to the previous quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Leased to Economic Occupancy spread of 180 basis points, which equates to approximately $5.1 million of base rent on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blended re-leasing spreads for comparable new and renewal leases signed in the second quarter were 16.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annualized Base Rent ("ABR") per square foot ("PSF") as of June 30, 2025 was $20.18, an increase of 2.4% compared to the same period in 2024. Anchor Tenant ABR PSF was $12.73 and Small Shop Tenant ABR PSF was $33.04 for the second quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 6, 2025, the Company completed a portfolio sale of five properties in California for a gross disposition price of $306.0 million. The Company recognized a gain on sale of $90.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the second quarter, the Company completed four acquisitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ On April 1, 2025, the Company acquired Plaza Escondida, a 91,000 square foot neighborhood center anchored by Trader Joe's in Tucson, Arizona, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ On June 10, 2025, the Company acquired West Ashley Station, a 79,000 square foot neighborhood center anchored by Whole Foods Market in Charleston, South Carolina, for a gross acquisition price of $26.6 million. The Company used cash on hand to fund the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ On June 23, 2025, the Company acquired Twelve Oaks Shopping Center, a 106,000 square foot neighborhood center anchored by Publix in Savannah, Georgia, for a gross acquisition price of $35.9 million. The Company used cash on hand to fund the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

------

**LIQUIDITY AND CAPITAL STRUCTURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• InvenTrust had $787.1 million of total liquidity, as of June 30, 2025, comprised of $287.1 million of cash and cash equivalents and $500.0 million of availability under its Revolving Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• InvenTrust has $22.9 million of mortgage debt maturing in 2025 and $200.0 million of term loan debt maturing in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 1, 2025, the Company assumed an $8.0 million mortgage payable with the acquisition of Plaza Escondida.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 9, 2025, the Company extinguished a $13.0 million mortgage payable secured by The Plant with its available liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 10, 2025, the Company recognized a finance lease liability of $11.0 million related to the West Ashley Station ground lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's weighted average interest rate on its debt as of June 30, 2025 was 4.03% and the weighted average remaining term was 2.9 years.

**SUBSEQUENT EVENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 1, 2025, the Company acquired Marketplace at Encino Park, a 92,000 square foot neighborhood center anchored by Sprouts Farmers Market in San Antonio, Texas, for a gross acquisition price of $38.5 million. The Company used cash on hand to fund the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 17, 2025, the Company acquired West Broad Marketplace, a 386,000 square foot community center anchored by Wegmans in Richmond, Virginia, for a gross acquisition price of $86.0 million. The Company used cash on hand to fund the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **3 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

------

**2025 GUIDANCE** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(Unaudited, dollars in thousands, except per share amounts)* | Current <sup>(1) (2)</sup> | Current <sup>(1) (2)</sup> | Previous | Previous |
| &nbsp;&nbsp;&nbsp;Net Income per diluted share | $1.43 | $1.49 | $0.27 | $0.33 |
| &nbsp;&nbsp;&nbsp;Nareit FFO per diluted share | $1.83 | $1.89 | $1.83 | $1.89 |
| &nbsp;&nbsp;Core FFO per diluted share <sup>(3)</sup> | $1.79 | $1.83 | $1.79 | $1.83 |
| &nbsp;&nbsp;&nbsp;Same Property NOI ("SPNOI") Growth | 4.00% | 5.00% | 3.50% | 4.50% |
| &nbsp;&nbsp;&nbsp;General and administrative | $34250 | $35750 | $34250 | $35750 |
| &nbsp;&nbsp;Interest expense, net <sup>(4)</sup> | $31000 | $31500 | $31000 | $31500 |
| &nbsp;&nbsp;Net investment activity <sup>(5)</sup> | ~ $100,000 | ~ $100,000 | ~ $100,000 | ~ $100,000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>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.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Company's 2025 guidance includes an expectation of uncollectibility, reflected as 65 - 85 basis points of expected total revenue.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>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.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $2.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup>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 | $1.43 | $1.49 |
| &nbsp;&nbsp;Depreciation and amortization of real estate assets | 1.56 | 1.56 |
| &nbsp;&nbsp;Gain on sale of investment properties | (1.16) | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nareit FFO per diluted share | 1.83 | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of market-lease intangibles and inducements, net | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments, net | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discounts and financing costs | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

**EARNINGS CALL INFORMATION**

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2025

Time:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10:00 a.m. ET

Dial-in: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(833) 470-1428 / Access Code: 158670

Webcast & Replay Link:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;https://events.q4inc.com/attendee/848091035

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

------

---

| | |
|:---|:---|
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | **Definitions** |
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **5 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

------

---

| | |
|:---|:---|
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | **Financial Statements** |
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | **Financial Statements** |

---

**Condensed Consolidated Balance Sheets**

*In thousands, except share amounts*

---

| | | |
|:---|:---|:---|
| | As of June 30 | As of December 31 |
| | 2025 | 2024 |
| Assets | (unaudited) |  |
| Investment properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $641255 | $712827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Building and other improvements | 2035653 | 2116092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 6466 | 9951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 2683374 | 2838870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation | (483733) | (511969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment properties | 2199641 | 2326901 |
| Cash, cash equivalents, and restricted cash | 294039 | 91221 |
| Intangible assets, net | 139908 | 137420 |
| Accounts and rents receivable | 35159 | 36131 |
| Deferred costs and other assets, net | 40737 | 44277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2709484 | $2635950 |
| Liabilities |  |  |
| Debt, net | $746335 | $740415 |
| Accounts payable and accrued expenses | 44107 | 46418 |
| Distributions payable | 18447 | 17512 |
| Intangible liabilities, net | 48314 | 42897 |
| Other liabilities | 29995 | 28703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 887198 | 875945 |
| 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, <br>77,606,396 shares issued and outstanding as of June 30, 2025 and <br>77,450,794 shares issued and outstanding as of December 31, 2024 | 78 | 77 |
| Additional paid-in capital | 5732962 | 5730367 |
| Distributions in excess of accumulated net income | (3919016) | (3984865) |
| Accumulated comprehensive income | 8262 | 14426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1822286 | 1760005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2709484 | $2635950 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

------

---

| | |
|:---|:---|
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | **Financial Statements, continued** |
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | **Financial Statements, continued** |

---

**Condensed Consolidated Statements of Operations and Comprehensive Income**

*In thousands, except share and per share amounts, unaudited*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease income, net | $73130 | $67056 | $146519 | $133549 |
| &nbsp;&nbsp;&nbsp;Other property income | 421 | 367 | 803 | 672 |
| Total income | 73551 | 67423 | 147322 | 134221 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 30738 | 28790 | 61352 | 56958 |
| &nbsp;&nbsp;&nbsp;Property operating | 11476 | 10243 | 22223 | 20242 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 10194 | 9046 | 19550 | 18027 |
| &nbsp;&nbsp;&nbsp;General and administrative | 8706 | 8661 | 17253 | 16635 |
| Total operating expenses | 61114 | 56740 | 120378 | 111862 |
| Other (expense) income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (8346) | (9640) | (16668) | (19274) |
| &nbsp;&nbsp;&nbsp;Gain on sale of investment properties | 90909 |  | 90909 |  |
| &nbsp;&nbsp;&nbsp;Other income and expense, net | 942 | 455 | 1549 | 1313 |
| Total other (expense) income, net | 83505 | (9185) | 75790 | (17961) |
| Net income | $95942 | $1498 | $102734 | $4398 |
| Weighted-average common shares outstanding - basic | 77591538 | 67900275 | 77577831 | 67887402 |
| Weighted-average common shares outstanding - diluted | 78292422 | 68327263 | 78226681 | 68299657 |
| Net income per common share - basic | $1.24 | $0.02 | $1.32 | $0.06 |
| Net income per common share - diluted | $1.23 | $0.02 | $1.31 | $0.06 |
| Comprehensive income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $95942 | $1498 | $102734 | $4398 |
| &nbsp;&nbsp;&nbsp;Unrealized (loss) gain on derivatives, net | (43) | 2386 | (1629) | 9705 |
| &nbsp;&nbsp;&nbsp;Reclassification to net income | (2293) | (3314) | (4535) | (6631) |
| &nbsp;&nbsp;&nbsp;Comprehensive income | $93606 | $570 | $96570 | $7472 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **7 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

------

---

| | |
|:---|:---|
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | **Reconciliation of Non-GAAP Measures** |
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | *In thousands* |

---

**Same Property NOI**

The following table presents the components of Same Property NOI:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| **Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Minimum base rent | $39777 | $38197 | $78459 | $75381 |
| &nbsp;&nbsp;&nbsp;Real estate tax recoveries | 8177 | 7338 | 15460 | 14463 |
| &nbsp;&nbsp;&nbsp;Common area maintenance, insurance, and other recoveries | 7555 | 7120 | 15096 | 13907 |
| &nbsp;&nbsp;&nbsp;Ground rent income | 4334 | 4222 | 8606 | 8401 |
| &nbsp;&nbsp;&nbsp;Short-term and other lease income | 802 | 592 | 1983 | 1589 |
| &nbsp;&nbsp;&nbsp;Provision for uncollectible rent and recoveries, net | (103) | (173) | (32) | (115) |
| &nbsp;&nbsp;&nbsp;Other property income | 390 | 306 | 704 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 60932 | 57602 | 120276 | 114187 |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating | 9416 | 8965 | 18355 | 17750 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 8890 | 7970 | 16860 | 15853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 18306 | 16935 | 35215 | 33603 |
| Same Property NOI | $42626 | $40667 | $85061 | $80584 |

---

**Net Income to Same Property NOI**

The following table presents a reconciliation of Net Income to Same Property NOI:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| Net income | $95942 | $1498 | $102734 | $4398 |
| Adjustments to reconcile to non-GAAP metrics: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income and expense, net | (942) | (455) | (1549) | (1313) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 8346 | 9640 | 16668 | 19274 |
| &nbsp;&nbsp;&nbsp;Gain on sale of investment properties | (90909) |  | (90909) |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 30738 | 28790 | 61352 | 56958 |
| &nbsp;&nbsp;&nbsp;General and administrative | 8706 | 8661 | 17253 | 16635 |
| &nbsp;&nbsp;&nbsp;Adjustments to NOI (a) | (1981) | (2387) | (3780) | (4430) |
| &nbsp;&nbsp;&nbsp;NOI | 49900 | 45747 | 101769 | 91522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOI from other investment properties | (7274) | (5080) | (16708) | (10938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same Property NOI | $42626 | $40667 | $85061 | $80584 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

------

---

| | |
|:---|:---|
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | **Reconciliation of Non-GAAP Measures, continued** |
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | *in thousands, except share and per share amounts* |

---

**Nareit FFO and Core FFO**

The following table presents a reconciliation of 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 June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| Net income | $95942 | $1498 | $102734 | $4398 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 30451 | 28570 | 60817 | 56516 |
| &nbsp;&nbsp;&nbsp;Gain on sale of investment properties | (90909) |  | (90909) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nareit FFO Applicable to Common Shares and Dilutive Securities | 35484 | 30068 | 72642 | 60914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of market lease intangibles and inducements, net | (1089) | (657) | (1984) | (1233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments, net | (844) | (981) | (1738) | (1887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discounts and financing costs | 657 | 600 | 1340 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of finance lease liability | 11 |  | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | 287 | 220 | 535 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating income and expense, net (a) | (170) | (116) | (241) | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core FFO Applicable to Common Shares and Dilutive Securities | $34336 | $29134 | $70565 | $59115 |
| Weighted average common shares outstanding - basic | 77591538 | 67900275 | 77577831 | 67887402 |
| Dilutive effect of unvested restricted shares (b) | 700884 | 426988 | 648850 | 412255 |
| Weighted average common shares outstanding - diluted | 78292422 | 68327263 | 78226681 | 68299657 |
| &nbsp;&nbsp;&nbsp;Net income per diluted share | $1.23 | $0.02 | $1.31 | $0.06 |
| &nbsp;&nbsp;&nbsp;Nareit FFO per diluted share | $0.45 | $0.44 | $0.93 | $0.89 |
| &nbsp;&nbsp;&nbsp;Core FFO per diluted share | $0.44 | $0.43 | $0.90 | $0.87 |

---

(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 presents a reconciliation of Net Income to EBITDA and Adjusted EBITDA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| Net income | $95942 | $1498 | $102734 | $4398 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 8346 | 9640 | 16668 | 19274 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 140 | 132 | 276 | 265 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 30738 | 28790 | 61352 | 56958 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 135166 | 40060 | 181030 | 80895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investment properties | (90909) |  | (90909) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of market-lease intangibles and inducements, net | (1089) | (657) | (1984) | (1233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments, net | (844) | (981) | (1738) | (1887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating income and expense, net (a) | (170) | (116) | (241) | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $42154 | $38306 | $86158 | $77479 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **9 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

------

---

| | |
|:---|:---|
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | **Financial Leverage Ratios** |
| ![a4471_inventrustxlogoxswiro.jpg](a4471_inventrustxlogoxswiro.jpg) | *In thousands* |

---

**Net Debt and Net Debt-to-Adjusted EBITDA**

The following table presents the calculation of net debt and Net Debt-to-Adjusted EBITDA:

---

| | | |
|:---|:---|:---|
| | As of June 30 | As of December 31 |
| | 2025 | 2024 |
| Net Debt: |  |  |
| &nbsp;&nbsp;&nbsp;Outstanding Debt, net | $746335 | $740415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Cash and cash equivalents | (287134) | (87395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Debt | $459201 | $653020 |
| Net Debt-to-Adjusted EBITDA (trailing 12 months): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Debt | $459201 | $653020 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA (trailing 12 months) | 166688 | 158009 |
| &nbsp;&nbsp;&nbsp;Net Debt-to-Adjusted EBITDA | 2.8x | 4.1x |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

------

**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 June 30, 2025. 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.

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 www.inventrustproperties.com/investor-relations and on the Company's social media channels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **11 Earnings Release -** Quarter Ended June 30, 2025 | ![logo4a.jpg](logo4a.jpg) |

---

## Exhibit 99.2

![a2025_quarterlysupplementa.jpg](a2025_quarterlysupplementa.jpg)

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Table of Contents** |

---

---

| | |
|:---|:---|
| | **<u>Page No.</u>** |
| **<u>Introductory Notes</u>** | i |
| **<u>Earnings Release</u>** | iii |
| **<u>Financial Information</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Summary Financial Information | <u>[1](#ie107ee254eff4e97b36469a6753b0659_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Balance Sheets | <u>[2](#ie107ee254eff4e97b36469a6753b0659_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Operations and Comprehensive Income | <u>[3](#ie107ee254eff4e97b36469a6753b0659_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Supplemental Details of Assets and Liabilities | <u>[4](#ie107ee254eff4e97b36469a6753b0659_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Supplemental Details of Operations | <u>[5](#ie107ee254eff4e97b36469a6753b0659_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of Non-GAAP Measures |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same Property Net Operating Income | <u>[6](#ie107ee254eff4e97b36469a6753b0659_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nareit FFO and Core FFO | <u>[7](#ie107ee254eff4e97b36469a6753b0659_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA and Adjusted EBITDA | <u>[7](#ie107ee254eff4e97b36469a6753b0659_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Summary of Outstanding Debt | <u>[8](#ie107ee254eff4e97b36469a6753b0659_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs | <u>[9](#ie107ee254eff4e97b36469a6753b0659_43)</u> |
| **<u>Portfolio and Leasing Overview</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Markets and Tenant Size | <u>[10](#ie107ee254eff4e97b36469a6753b0659_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Top 25 Tenants by ABR and Tenant Merchandise Mix | <u>[11](#ie107ee254eff4e97b36469a6753b0659_55)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Comparable & Non-Comparable Lease Statistics | <u>[12](#ie107ee254eff4e97b36469a6753b0659_58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant Lease Expirations | <u>[14](#ie107ee254eff4e97b36469a6753b0659_64)</u> |
| **<u>Investment Summary</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Pipeline | <u>[16](#ie107ee254eff4e97b36469a6753b0659_70)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Summary | <u>[17](#ie107ee254eff4e97b36469a6753b0659_73)</u> |
| **<u>Components of NAV as of June 30, 2025</u>** | <u>[20](#ie107ee254eff4e97b36469a6753b0659_76)</u> |
| **<u>Glossary of Terms</u>** | <u>[21](#ie107ee254eff4e97b36469a6753b0659_79)</u> |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Introductory Notes** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **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 June 30, 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.

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.

---

| | | |
|:---|:---|:---|
| **i** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Introductory Notes** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **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.

---

| | | |
|:---|:---|:---|
| **ii** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg)<br>

**CONTACT:**

Dan Lombardo

Vice President of Investor Relations

630-570-0605

dan.lombardo@inventrustproperties.com

**InvenTrust Properties Corp. Reports 2025 Second Quarter Results**

**DOWNERS GROVE, IL – July 29, 2025** – InvenTrust Properties Corp. ("InvenTrust" or the "Company") (NYSE: IVT) today reported financial and operating results for the quarter ended June 30, 2025. For the three months ended June 30, 2025 and 2024, the Company reported Net Income of $95.9 million, or $1.23 per diluted share, and Net Income of $1.5 million, or $0.02 per diluted share, respectively.

**<u>Second Quarter 2025 Highlights:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Nareit FFO of $0.45 per diluted share*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Core FFO of $0.44 per diluted share*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** *Same Property Net Operating Income ("NOI") growth of 4.8%* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Leased Occupancy as of June 30, 2025 of 97.3%*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Executed 73 leases totaling approximately 304,000 square feet of GLA, of which 286,000 square feet was executed at a blended comparable lease spread of 16.4%*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Completed a portfolio sale of five properties in California for an aggregate gross disposition price of $306.0 million*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Acquired four properties, totaling approximately 330,000 square feet, for an aggregate acquisition price of $105.4 million*

*"This quarter marks a significant milestone in the execution of our portfolio strategy, as we successfully completed the disposition of the majority of our California assets," said DJ Busch, President and CEO of InvenTrust. "At the same time, we efficiently redeployed a significant portion of that capital into growing Sun Belt markets."*

*Busch continued, "These transactions underscore our continued commitment to portfolio simplification, operational excellence, and disciplined capital allocation. Importantly, we achieved this milestone while maintaining strong full year Same Property NOI and FFO growth guidance. We believe this repositioning enhances the long-term value of our portfolio and further strengthens InvenTrust's foundation for sustainable cash flow growth."*

**NET INCOME**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Net Income for the three months ended June 30, 2025 was $95.9 million, or $1.23 per diluted share, compared to Net Income of $1.5 million, or $0.02 per diluted share, for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Net Income for the six months ended June 30, 2025 was $102.7 million, or $1.31 per diluted share, compared to Net Income of $4.4 million, or $0.06 per diluted share, for the same period in 2024.

**NAREIT FFO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nareit FFO for the three months ended June 30, 2025 was $35.5 million, or $0.45 per diluted share, compared to $30.1 million, or $0.44 per diluted share, for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nareit FFO for the six months ended June 30, 2025 was $72.6 million, or $0.93 per diluted share, compared to $60.9 million, or $0.89 per diluted share, for the same period in 2024.

---

| | | |
|:---|:---|:---|
| **iii** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

**CORE FFO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO for the three months ended June 30, 2025 was $34.3 million, or $0.44 per diluted share, compared to $29.1 million, or $0.43 per diluted share, for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO for the six months ended June 30, 2025 was $70.6 million, or $0.90 per diluted share, compared to $59.1 million, or $0.87 per diluted share, for the same period in 2024.

**SAME PROPERTY NOI**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Same Property NOI for the three months ended June 30, 2025 was $42.6 million, a 4.8% increase, compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Same Property NOI for the six months ended June 30, 2025 was $85.1 million, a 5.6% increase, compared to the same period in 2024.

**DIVIDEND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the quarter ended June 30, 2025, the Board of Directors declared a quarterly cash distribution of $0.2377 per share, paid on July 15, 2025.

**PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, the Company's Leased Occupancy was 97.3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was 99.5% and Small Shop Leased Occupancy was 93.8%. Anchor Leased Occupancy remained unchanged and Small Shop Leased Occupancy increased 40 basis points on a sequential basis compared to the previous quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Leased to Economic Occupancy spread of 180 basis points, which equates to approximately $5.1 million of base rent on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blended re-leasing spreads for comparable new and renewal leases signed in the second quarter were 16.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annualized Base Rent ("ABR") per square foot ("PSF") as of June 30, 2025 was $20.18, an increase of 2.4% compared to the same period in 2024. Anchor Tenant ABR PSF was $12.73 and Small Shop Tenant ABR PSF was $33.04 for the second quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 6, 2025, the Company completed a portfolio sale of five properties in California for a gross disposition price of $306.0 million. The Company recognized a gain on sale of $90.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the second quarter, the Company completed four acquisitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ On April 1, 2025, the Company acquired Plaza Escondida, a 91,000 square foot neighborhood center anchored by Trader Joe's in Tucson, Arizona, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ On June 10, 2025, the Company acquired West Ashley Station, a 79,000 square foot neighborhood center anchored by Whole Foods Market in Charleston, South Carolina, for a gross acquisition price of $26.6 million. The Company used cash on hand to fund the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ On June 23, 2025, the Company acquired Twelve Oaks Shopping Center, a 106,000 square foot neighborhood center anchored by Publix in Savannah, Georgia, for a gross acquisition price of $35.9 million. The Company used cash on hand to fund the acquisition.

---

| | | |
|:---|:---|:---|
| **iv** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

**LIQUIDITY AND CAPITAL STRUCTURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• InvenTrust had $787.1 million of total liquidity, as of June 30, 2025, comprised of $287.1 million of cash and cash equivalents and $500.0 million of availability under its Revolving Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• InvenTrust has $22.9 million of mortgage debt maturing in 2025 and $200.0 million of term loan debt maturing in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 1, 2025, the Company assumed an $8.0 million mortgage payable with the acquisition of Plaza Escondida.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 9, 2025, the Company extinguished a $13.0 million mortgage payable secured by The Plant with its available liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 10, 2025, the Company recognized a finance lease liability of $11.0 million related to the West Ashley Station ground lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's weighted average interest rate on its debt as of June 30, 2025 was 4.03% and the weighted average remaining term was 2.9 years.

**SUBSEQUENT EVENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 1, 2025, the Company acquired Marketplace at Encino Park, a 92,000 square foot neighborhood center anchored by Sprouts Farmers Market in San Antonio, Texas, for a gross acquisition price of $38.5 million. The Company used cash on hand to fund the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 17, 2025, the Company acquired West Broad Marketplace, a 386,000 square foot community center anchored by Wegmans in Richmond, Virginia, for a gross acquisition price of $86.0 million. The Company used cash on hand to fund the acquisition.

---

| | | |
|:---|:---|:---|
| **v** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

**2025 GUIDANCE**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(Unaudited, dollars in thousands, except per share amounts)* | Current <sup>(1) (2)</sup> | Current <sup>(1) (2)</sup> | Previous | Previous |
| &nbsp;&nbsp;Net Income per diluted share | $1.43 | $1.49 | $0.27 | $0.33 |
| &nbsp;&nbsp;Nareit FFO per diluted share | $1.83 | $1.89 | $1.83 | $1.89 |
| &nbsp;&nbsp;Core FFO per diluted share <sup>(3)</sup> | $1.79 | $1.83 | $1.79 | $1.83 |
| &nbsp;&nbsp;Same Property NOI ("SPNOI") Growth | 4.00% | 5.00% | 3.50% | 4.50% |
| &nbsp;&nbsp;General and administrative | $34250 | $35750 | $34250 | $35750 |
| &nbsp;&nbsp;Interest expense, net <sup>(4)</sup> | $31000 | $31500 | $31000 | $31500 |
| &nbsp;&nbsp;Net investment activity <sup>(5)</sup> | ~ $100,000 | ~ $100,000 | ~ $100,000 | ~ $100,000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>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.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Company's 2025 guidance includes an expectation of uncollectibility, reflected as 65 - 85 basis points of expected total revenue.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>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.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $2.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup>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 | $1.43 | $1.49 |
| &nbsp;&nbsp;Depreciation and amortization of real estate assets | 1.56 | 1.56 |
| &nbsp;&nbsp;Gain on sale of investment properties | (1.16) | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nareit FFO per diluted share | 1.83 | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of market-lease intangibles and inducements, net | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments, net | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discounts and financing costs | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | |
|:---|:---|:---|
| **vi** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Summary Financial Information** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands, except share information and per square foot amounts* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended June 30 | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2025 | 2024 | 2025 | 2025 | 2024 |
| **<u>Financial Results</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $| 95942 | $1498 | $| 102734 | $4398 |
| &nbsp;&nbsp;&nbsp;Net income per common share - basic | 1.24 | 1.24 | 0.02 | 1.32 | 1.32 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net income per common share - diluted | 1.23 | 1.23 | 0.02 | 1.31 | 1.31 | 0.06 |
| &nbsp;&nbsp;&nbsp;Nareit FFO (page 7) | 35484 | 35484 | 30068 | 72642 | 72642 | 60914 |
| &nbsp;&nbsp;&nbsp;Nareit FFO per diluted share | 0.45 | 0.45 | 0.44 | 0.93 | 0.93 | 0.89 |
| &nbsp;&nbsp;&nbsp;Core FFO (page 7) | 34336 | 34336 | 29134 | 70565 | 70565 | 59115 |
| &nbsp;&nbsp;&nbsp;Core FFO per diluted share | 0.44 | 0.44 | 0.43 | 0.90 | 0.90 | 0.87 |
| &nbsp;&nbsp;&nbsp;Same Property NOI (page 6) | 42626 | 42626 | 40667 | 85061 | 85061 | 80584 |
| &nbsp;&nbsp;&nbsp;Same Property NOI growth | 4.8% | 4.8% |  | 5.6% | 5.6% |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Adjusted EBITDA (page 7) | 42,154 | 38,306 | 86,158 | 77,479 |
| &nbsp;&nbsp;&nbsp;Distributions declared per common share | 0.24 | 0.23 | 0.48 | 0.45 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Aggregate distributions declared (as a % of Core FFO) | 53.7 | % | 52.8 | % | 52.3 | % | 52.0 | % |

---

    

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | As of <br>June 30, 2025 | As of <br>June 30, 2025 | As of <br>December 31, 2024 | As of <br>December 31, 2024 | As of <br>December 31, 2023 | As of <br>December 31, 2023 |
| **<u>Capital Information</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 77606396 | 77606396 | 77450794 | 77450794 | 67807831 | 67807831 |
| &nbsp;&nbsp;&nbsp;Outstanding Debt, net | $| 746335 | $| 740415 | $| 814568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Cash and cash equivalents (page 4) | (287134) | (287134) | (87395) | (87395) | (96385) | (96385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Debt | $| 459201 | $| 653020 | $| 718183 |
| **<u>Debt Metrics (trailing 12 months)</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $| 166688 | $| 158009 | $| 146459 |
| &nbsp;&nbsp;&nbsp;Net Debt-to-Adjusted EBITDA | 2.8x | 2.8x | 4.1x | 4.1x | 4.9x | 4.9x |
| &nbsp;&nbsp;&nbsp;Fixed charge coverage | 5.2x | 5.2x | 4.5x | 4.5x | 4.3x | 4.3x |
| &nbsp;&nbsp;&nbsp;Net debt to real estate assets, excl property acc depr. | 17.1% | 17.1% | 23.0% | 23.0% | 27.0% | 27.0% |
| &nbsp;&nbsp;&nbsp;Net debt to total assets, excl property acc depr. | 14.4% | 14.4% | 20.7% | 20.7% | 24.4% | 24.4% |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>Distributions Paid Per Share</u>** | **<u>Distributions Paid Per Share</u>** | **<u>Liquidity and Credit Facility</u>** | **<u>Liquidity and Credit Facility</u>** |
| Q2 2025 | $0.23770 | Cash and cash equivalents | $287134 |
| Q1 2025 | $0.22630 | Available under credit facility | 500000 |
| Q4 2024 | $0.22630 | &nbsp;&nbsp;&nbsp;&nbsp;Total | $787134 |
| Q3 2024 | $0.22630 |  |  |

---

    

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Same Property | Same Property | Same Property | Same Property | Total Portfolio | Total Portfolio |
| | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **<u>Portfolio Metrics</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;No. of properties | 57 | 57 | 56 | 56 | 67 | 64 |
| &nbsp;&nbsp;&nbsp;GLA | 9442 | 9416 | 9385 | 9359 | 10556 | 10484 |
| &nbsp;&nbsp;&nbsp;Economic Occupancy | 95.4% | 93.9% | 95.4% | 93.9% | 95.5% | 93.7% |
| &nbsp;&nbsp;&nbsp;Leased Occupancy | 97.3% | 96.5% | 97.2% | 96.5% | 97.3% | 96.4% |
| &nbsp;&nbsp;&nbsp;ABR PSF | $19.98 | $19.28 | $19.92 | $19.22 | $20.18 | $19.71 |

---

---

| | | |
|:---|:---|:---|
| **1** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Condensed Consolidated Balance Sheets** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands, except share and per share amounts* |

---

---

| | | |
|:---|:---|:---|
| | As of | As of |
| | June 30, 2025 | December 31, 2024 |
| Assets | (unaudited) |  |
| Investment properties |  |  |
| &nbsp;&nbsp;&nbsp;Land | $641255 | $712827 |
| &nbsp;&nbsp;&nbsp;Building and other improvements | 2035653 | 2116092 |
| &nbsp;&nbsp;&nbsp;Construction in progress | 6466 | 9951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 2683374 | 2838870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation | (483733) | (511969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment properties | 2199641 | 2326901 |
| Cash, cash equivalents, and restricted cash | 294039 | 91221 |
| Intangible assets, net | 139908 | 137420 |
| Accounts and rents receivable | 35159 | 36131 |
| Deferred costs and other assets, net | 40737 | 44277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2709484 | $2635950 |
| Liabilities |  |  |
| Debt, net | $746335 | $740415 |
| Accounts payable and accrued expenses | 44107 | 46418 |
| Distributions payable | 18447 | 17512 |
| Intangible liabilities, net | 48314 | 42897 |
| Other liabilities | 29995 | 28703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 887198 | 875945 |
| 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, <br>77,606,396 shares issued and outstanding as of June 30, 2025 and <br>77,450,794 shares issued and outstanding as of December 31, 2024 | 78 | 77 |
| Additional paid-in capital | 5732962 | 5730367 |
| Distributions in excess of accumulated net income | (3919016) | (3984865) |
| Accumulated comprehensive income | 8262 | 14426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1822286 | 1760005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2709484 | $2635950 |

---

---

| | | |
|:---|:---|:---|
| **2** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Condensed Consolidated Statements of Operations and Comprehensive Income** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands, except share and per share information, unaudited* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease income, net | $73130 | $67056 | $146519 | $133549 |
| &nbsp;&nbsp;&nbsp;Other property income | 421 | 367 | 803 | 672 |
| Total income | 73551 | 67423 | 147322 | 134221 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 30738 | 28790 | 61352 | 56958 |
| &nbsp;&nbsp;&nbsp;Property operating | 11476 | 10243 | 22223 | 20242 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 10194 | 9046 | 19550 | 18027 |
| &nbsp;&nbsp;&nbsp;General and administrative | 8706 | 8661 | 17253 | 16635 |
| Total operating expenses | 61114 | 56740 | 120378 | 111862 |
| Other (expense) income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (8346) | (9640) | (16668) | (19274) |
| &nbsp;&nbsp;&nbsp;Gain on sale of investment properties | 90909 |  | 90909 |  |
| &nbsp;&nbsp;&nbsp;Other income and expense, net | 942 | 455 | 1549 | 1313 |
| Total other (expense) income, net | 83505 | (9185) | 75790 | (17961) |
| Net income | $95942 | $1498 | $102734 | $4398 |
| Weighted-average common shares outstanding - basic | 77591538 | 67900275 | 77577831 | 67887402 |
| Weighted-average common shares outstanding - diluted | 78292422 | 68327263 | 78226681 | 68299657 |
| Net income per common share - basic | $1.24 | $0.02 | $1.32 | $0.06 |
| Net income per common share - diluted | $1.23 | $0.02 | $1.31 | $0.06 |
| Comprehensive income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $95942 | $1498 | $102734 | $4398 |
| &nbsp;&nbsp;&nbsp;Unrealized (loss) gain on derivatives, net | (43) | 2386 | (1629) | 9705 |
| &nbsp;&nbsp;&nbsp;Reclassification to net income | (2293) | (3314) | (4535) | (6631) |
| &nbsp;&nbsp;&nbsp;Comprehensive income | $93606 | $570 | $96570 | $7472 |

---

---

| | | |
|:---|:---|:---|
| **3** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Condensed Consolidated Supplemental Details of Assets and Liabilities** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands* |

---

---

| | | |
|:---|:---|:---|
| | As of | As of |
| | June 30, 2025 | December 31, 2024 |
| Cash, cash equivalents, and restricted cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $287134 | $87395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 6905 | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $294039 | $91221 |
| Accounts and rents receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base rent, recoveries, and other receivables | $9246 | $10273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent receivables | 25913 | 25858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $35159 | $36131 |
| Deferred cost and other assets, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred leasing costs, net | $15804 | $16139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 8596 | 14426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing costs, net | 5047 | 5751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 4066 | 3329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred costs, net | 3433 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid insurance premiums | 2103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right of use assets, net | 1688 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $40737 | $44277 |
| Other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | $7900 | $8226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits | 7798 | 7938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned lease income | 7072 | 8320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 4564 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 2327 | 2528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $29995 | $28703 |

---

---

| | | |
|:---|:---|:---|
| **4** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Condensed Consolidated Supplemental Details of Operations** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | | 2025 | 2024 | 2025 | 2024 |
| **Income** | **Income** |  |  |  |  |
| \* | Minimum base rent | $47158 | $43189 | $94224 | $85636 |
| \* | Real estate tax recoveries | 9394 | 8294 | 17993 | 16399 |
| \* | Common area maintenance, insurance, and other recoveries | 9110 | 8041 | 18509 | 15895 |
| \* | Ground rent income | 5002 | 4749 | 10078 | 9486 |
|  | Amortization of market-lease intangibles and inducements, net | 1089 | 657 | 1984 | 1233 |
| \* | Short-term and other lease income | 808 | 673 | 2225 | 1934 |
|  | Termination fee income | 48 | 749 | 58 | 1310 |
|  | Straight-line rent adjustments, net | 844 | 981 | 1738 | 1887 |
| \* | Provision for uncollectible rent and recoveries, net | (323) | (277) | (290) | (231) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lease income, net | 73130 | 67056 | 146519 | 133549 |
| \* | Other property income | 421 | 367 | 803 | 672 |
|  | &nbsp;&nbsp;&nbsp;Total income | $73551 | $67423 | $147322 | $134221 |
| **Operating expenses** | **Operating expenses** |  |  |  |  |
|  | Depreciation and amortization | $30738 | $28790 | $61352 | $56958 |
| \* | Repairs and maintenance | 3833 | 3040 | 7208 | 5974 |
| \* | Payroll, benefits, and office | 2610 | 2572 | 5365 | 5247 |
| \* | Utilities and waste removal | 2527 | 2250 | 4989 | 4378 |
| \* | Property insurance | 1586 | 1585 | 2916 | 3127 |
| \* | Security, legal, and other expenses | 920 | 796 | 1745 | 1516 |
|  | &nbsp;&nbsp;&nbsp;Property operating expenses | 11476 | 10243 | 22223 | 20242 |
| \* | Real estate taxes | 10194 | 9046 | 19550 | 18027 |
|  | General and administrative costs | 6659 | 6735 | 13102 | 13147 |
|  | Stock-based compensation costs | 2718 | 2566 | 5484 | 4757 |
|  | Capitalized direct development compensation costs | (671) | (640) | (1333) | (1269) |
|  | &nbsp;&nbsp;&nbsp;General and administrative expense | 8706 | 8661 | 17253 | 16635 |
|  | &nbsp;&nbsp;&nbsp;Total operating expenses | $61114 | $56740 | $120378 | $111862 |
| **Interest expense, net** | **Interest expense, net** |  |  |  |  |
|  | Term loans, including impact of derivatives | $3393 | $3383 | $6713 | $6765 |
|  | Senior notes | 3201 | 3201 | 6402 | 6402 |
|  | Mortgages payable | 925 | 2315 | 1851 | 4667 |
|  | Line of credit, including facility fees | 281 | 182 | 481 | 315 |
|  | Capitalized interest | (154) | (41) | (162) | (50) |
|  | Interest on finance lease liability | 32 |  | 32 |  |
|  | Accretion of finance lease liability | 11 |  | 11 |  |
|  | Amortization of debt discounts and financing costs | 657 | 600 | 1340 | 1175 |
|  | &nbsp;&nbsp;&nbsp;Total interest expense, net | $8346 | $9640 | $16668 | $19274 |
| **Other income and expense, net** | **Other income and expense, net** |  |  |  |  |
|  | Interest on cash and cash equivalents | $912 | $471 | $1584 | $1282 |
|  | Income tax expense | (140) | (132) | (276) | (265) |
|  | Miscellaneous and settlement income | 170 | 116 | 241 | 296 |
|  | &nbsp;&nbsp;&nbsp;Total other income and expense, net | $942 | $455 | $1549 | $1313 |

---

\* Component of Net Operating Income

---

| | | |
|:---|:---|:---|
| **5** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Reconciliation of Non-GAAP Measures** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands* |

---

**<u>Same Property NOI</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| **Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Minimum base rent | $39777 | $38197 | $78459 | $75381 |
| &nbsp;&nbsp;&nbsp;Real estate tax recoveries | 8177 | 7338 | 15460 | 14463 |
| &nbsp;&nbsp;&nbsp;Common area maintenance, insurance, and other recoveries | 7555 | 7120 | 15096 | 13907 |
| &nbsp;&nbsp;&nbsp;Ground rent income | 4334 | 4222 | 8606 | 8401 |
| &nbsp;&nbsp;&nbsp;Short-term and other lease income | 802 | 592 | 1983 | 1589 |
| &nbsp;&nbsp;&nbsp;Provision for uncollectible rent and recoveries, net | (103) | (173) | (32) | (115) |
| &nbsp;&nbsp;&nbsp;Other property income | 390 | 306 | 704 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 60932 | 57602 | 120276 | 114187 |
| **Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating | 9416 | 8965 | 18355 | 17750 |
| &nbsp;&nbsp;&nbsp;Real estate taxes | 8890 | 7970 | 16860 | 15853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 18306 | 16935 | 35215 | 33603 |
| Same Property NOI | $42626 | $40667 | $85061 | $80584 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Same Property NOI Growth | 4.8 | % | 5.6 | % |
| Same Property Count | 57 | 57 | 56 | 56 |

---

**<u>Net Income to Same Property NOI</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| Net income | $95942 | $1498 | $102734 | $4398 |
| Adjustments to reconcile to non-GAAP metrics: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income and expense, net | (942) | (455) | (1549) | (1313) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 8346 | 9640 | 16668 | 19274 |
| &nbsp;&nbsp;&nbsp;Gain on sale of investment properties | (90909) |  | (90909) |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 30738 | 28790 | 61352 | 56958 |
| &nbsp;&nbsp;&nbsp;General and administrative | 8706 | 8661 | 17253 | 16635 |
| &nbsp;&nbsp;&nbsp;Adjustments to NOI (a) | (1981) | (2387) | (3780) | (4430) |
| &nbsp;&nbsp;&nbsp;NOI | 49900 | 45747 | 101769 | 91522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOI from other investment properties | (7274) | (5080) | (16708) | (10938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same Property NOI | $42626 | $40667 | $85061 | $80584 |

---

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

---

| | | |
|:---|:---|:---|
| **6** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Reconciliation of Non-GAAP Measures, continued** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands, except share and per share amounts* |

---

**<u>Nareit FFO and Core FFO</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| Net income | $95942 | $1498 | $102734 | $4398 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 30451 | 28570 | 60817 | 56516 |
| &nbsp;&nbsp;&nbsp;Gain on sale of investment properties | (90909) |  | (90909) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nareit FFO Applicable to Common Shares and Dilutive Securities | 35484 | 30068 | 72642 | 60914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of market lease intangibles and inducements, net | (1089) | (657) | (1984) | (1233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments, net | (844) | (981) | (1738) | (1887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discounts and financing costs | 657 | 600 | 1340 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of finance lease liability | 11 |  | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of corporate assets | 287 | 220 | 535 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating income and expense, net (a) | (170) | (116) | (241) | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core FFO Applicable to Common Shares and Dilutive Securities | $34336 | $29134 | $70565 | $59115 |
| Weighted average common shares outstanding - basic | 77591538 | 67900275 | 77577831 | 67887402 |
| Dilutive effect of unvested restricted shares (b) | 700884 | 426988 | 648850 | 412255 |
| Weighted average common shares outstanding - diluted | 78292422 | 68327263 | 78226681 | 68299657 |
| &nbsp;&nbsp;&nbsp;Net income per diluted share | $1.23 | $0.02 | $1.31 | $0.06 |
| &nbsp;&nbsp;&nbsp;Nareit FFO per diluted share | $0.45 | $0.44 | $0.93 | $0.89 |
| &nbsp;&nbsp;&nbsp;Core FFO per diluted share | $0.44 | $0.43 | $0.90 | $0.87 |

---

(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.

**<u>EBITDA and Adjusted EBITDA</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30 | Three Months Ended June 30 | Six Months Ended June 30 | Six Months Ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| Net income | $95942 | $1498 | $102734 | $4398 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 8346 | 9640 | 16668 | 19274 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 140 | 132 | 276 | 265 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 30738 | 28790 | 61352 | 56958 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 135166 | 40060 | 181030 | 80895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investment properties | (90909) |  | (90909) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of market-lease intangibles and inducements, net | (1089) | (657) | (1984) | (1233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments, net | (844) | (981) | (1738) | (1887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating income and expense, net (a) | (170) | (116) | (241) | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $42154 | $38306 | $86158 | $77479 |

---

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

---

| | | |
|:---|:---|:---|
| **7** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Summary of Outstanding Debt** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands* |

---

---

| | | | |
|:---|:---|:---|:---|
| | Balance as of <br>June 30, 2025 | Weighted Average <br>Interest Rate | Weighted Average <br>Years to Maturity |
| Fixed rate secured debt | $88267 | 3.99% | 2.7 |
| Fixed rate unsecured debt | 650000 | 4.04% | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total secured and unsecured debt | 738267 | 4.03% | 2.9 |
| Finance lease liability | 10984 |  |  |
| Discounts and financing costs, net | (2916) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt, net | $746335 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Schedule of Maturities by Year</u>** | **<u>Schedule of Maturities by Year</u>** | **<u>Schedule of Maturities by Year</u>** | | |
|  | Fixed Rate | Fixed Rate | Finance <br>Lease Liability | Total Debt, net |
| Maturity Year | Secured Debt | Unsecured Debt | Finance <br>Lease Liability | Total Debt, net |
| 2025 | $22880 | $— | $— | $22880 |
| 2026 |  | 200000 |  | 200000 |
| 2027 | 26000 | 200000 |  | 226000 |
| 2028 |  |  |  |  |
| 2029 | 31500 | 150000 |  | 181500 |
| Thereafter | 7887 | 100000 | 10984 | 118871 |
| Discounts and financing costs, net | (624) | (2292) |  | (2916) |
| Total | $87643 | $647708 | $10984 | $746335 |

---

**<u>Debt Maturities</u>**

---

| | | | |
|:---|:---|:---|:---|
| | Maturity | Interest Rate | Balance |
| <u>Mortgages Payable</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;The Highlands of Flower Mound | Dec-25 | 3.88% | $22880 |
| &nbsp;&nbsp;&nbsp;Escarpment Village | Jul-27 | 3.86% | 26000 |
| &nbsp;&nbsp;&nbsp;Shops at Arbor Trails | Dec-29 | 4.12% | 31500 |
| &nbsp;&nbsp;&nbsp;Plaza Escondida | May-30 | 4.24% | 7887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | 88267 |
| <u>Term Loan</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;$200.0 million 5 years | Sep-26 | 2.81% (a) | 100000 |
| &nbsp;&nbsp;&nbsp;$200.0 million 5 years | Sep-26 | 2.81% (a) | 100000 |
| &nbsp;&nbsp;&nbsp;$200.0 million 5.5 years | Mar-27 | 2.78% (a) | 50000 |
| &nbsp;&nbsp;&nbsp;$200.0 million 5.5 years | Mar-27 | 2.84% (a) | 50000 |
| &nbsp;&nbsp;&nbsp;$200.0 million 5.5 years | Mar-27 | 4.99% (a) | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | 400000 |
| <u>Senior Notes</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;$150.0 million Series A Notes | Aug-29 | 5.07% | 150000 |
| &nbsp;&nbsp;&nbsp;$100.0 million Series B Notes | Aug-32 | 5.20% | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | 250000 |
| <u>Revolving Line of Credit</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;$500.0 million total capacity | Jan-29 | 1M SOFR + 1.15% (b) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total secured and unsecured debt |  | 4.03% | 738267 |
| <u>Finance Lease Liability</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;West Ashley Station Ground Lease | Jan-92 |  | 10984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Debt |  |  | $749251 |

---

(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.

(b)As of June 30, 2025, 1-Month Term SOFR was 4.32%. An additional annual facility fee of 0.15% applies to entire line of credit capacity.

---

| | | |
|:---|:---|:---|
| **8** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *Unaudited, dollars in thousands* |

---

**<u>Debt Covenants (trailing 12 months)</u>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | For the quarter ended | For the quarter ended | For the quarter ended | For the quarter ended |
| Description | Term Loan Covenants | Senior Note Covenants | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
| Leverage Ratio | < 60.0% | < 60.0% | 23.0% | 23.2% | 23.2% | 24.0% |
| Fixed Charge Coverage Ratio | > 1.50 | > 1.50 | 4.7 | 4.9 | 4.5 | 4.3 |
| Maximum Dividend Payout | < 95% | N/A | 49.7% | 49.4% | 49.5% | 48.9% |
| Maximum Secured Recourse Debt | < 10% of Total Asset Value | < 10% of Total Asset Value | —% | —% | —% | —% |
| Unsecured Interest Coverage Ratio | > 1.75 | > 1.75 | 6.2 | 6.5 | 6.3 | 6.3 |
| Unsecured Leverage Ratio | < 60% | < 60% | 23.8% | 22.8% | 23.1% | 24.5% |

---

**<u>Interest Rate Swaps</u>**

As of June 30, 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<br>Achieved | Notional <br>Amount |
| 5.5 year Term Loan | 4/3/23 | 3/22/27 | 1-Month SOFR | 3.69% | 4.99% | $100000 |
| 5 year Term Loan | 12/21/23 | 9/22/26 | 1-Month SOFR | 1.51% | 2.81% | 100000 |
| 5 year Term Loan | 12/21/23 | 9/22/26 | 1-Month SOFR | 1.51% | 2.81% | 100000 |
| 5.5 year Term Loan | 6/21/24 | 3/22/27 | 1-Month SOFR | 1.54% | 2.84% | 50000 |
| 5.5 year Term Loan | 6/21/24 | 3/22/27 | 1-Month SOFR | 1.48% | 2.78% | 50000 |
|  |  |  |  |  |  | $400000 |

---

**<u>Capital Investments and Leasing Costs</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30 | Three months ended June 30 | Six months ended June 30 | Six months ended June 30 |
| | 2025 | 2024 | 2025 | 2024 |
| Tenant improvements | $1370 | $3163 | $2257 | $5461 |
| Leasing costs | 1042 | 662 | 1851 | 1653 |
| Property improvements | 3975 | 2323 | 7187 | 4452 |
| Capitalized indirect costs (a) | 386 | 372 | 814 | 817 |
| &nbsp;&nbsp;&nbsp;Total capital expenditures and leasing costs | 6773 | 6520 | 12109 | 12383 |
| &nbsp;&nbsp;&nbsp;Development and redevelopment direct costs | 3518 | 2599 | 5312 | 3637 |
| &nbsp;&nbsp;&nbsp;Development and redevelopment indirect costs (a) | 440 | 308 | 683 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital investments and leasing costs (b) | $10731 | $9427 | $18104 | $16520 |

---

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

(b)As of June 30, 2025 and 2024, total accrued capital investments and leasing costs were $5,240 and $4,377, respectively.

---

| | | |
|:---|:---|:---|
| **9** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Markets and Tenant Size** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *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 | 98.4% | $33495 | $17.12 | 16.6% | 2091 | 19.8% |
| Houston-Sugar Land-Baytown, TX | 6 | 95.7% | 22168 | 16.90 | 11.0% | 1378 | 13.1% |
| Atlanta Metro Area, GA | 10 | 97.6% | 21266 | 21.12 | 10.5% | 1069 | 10.1% |
| Miami-Fort Lauderdale-Miami Beach, FL | 3 | 98.9% | 20425 | 24.30 | 10.1% | 859 | 8.1% |
| Dallas-Fort Worth-Arlington, TX | 7 | 97.6% | 19002 | 20.86 | 9.4% | 941 | 8.9% |
| Raleigh-Cary-Durham, NC | 5 | 97.6% | 13746 | 20.66 | 6.9% | 688 | 6.5% |
| Charlotte-Gastonia-Concord, NC | 5 | 97.6% | 12030 | 21.74 | 6.1% | 569 | 5.4% |
| Orlando-Kissimmee, FL | 4 | 97.4% | 10380 | 26.03 | 5.2% | 411 | 3.9% |
| Tampa-St. Petersburg, FL | 3 | 95.8% | 9676 | 15.60 | 4.8% | 744 | 7.0% |
| Charleston-Berkeley-Dorchester, SC | 3 | 98.8% | 7503 | 26.63 | 3.7% | 293 | 2.8% |
| Richmond, VA | 2 | 99.3% | 6809 | 17.94 | 3.4% | 385 | 3.6% |
| San Antonio, TX | 2 | 96.5% | 6747 | 27.47 | 3.3% | 261 | 2.5% |
| Washington D.C., MD | 2 | 90.2% | 6022 | 36.83 | 3.0% | 181 | 1.7% |
| Cape Coral-Fort Myers, FL | 2 | 95.5% | 3691 | 15.62 | 1.8% | 249 | 2.4% |
| Phoenix, AZ | 2 | 99.1% | 3115 | 25.84 | 1.5% | 123 | 1.2% |
| So. California - Los Angeles, CA | 1 | 90.2% | 2089 | 19.82 | 1.0% | 117 | 1.1% |
| Savannah, GA | 1 | 97.7% | 1983 | 19.37 | 1.0% | 106 | 1.0% |
| Tucson, AZ | 1 | 99.0% | 1491 | 16.53 | 0.7% | 91 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 67 | 97.3% | $201638 | $20.18 | 100% | 10556 | 100% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| State | No. of Properties | Leased Occupancy | ABR | ABR PSF | ABR as % of Total | GLA | GLA as % of Total |
| Texas | 23 | 97.3% | $81412 | $18.40 | 40.3% | 4671 | 44.3% |
| Florida | 12 | 97.2% | 44172 | 21.08 | 21.9% | 2263 | 21.4% |
| North Carolina | 10 | 97.6% | 25776 | 21.15 | 13.0% | 1257 | 11.9% |
| Georgia | 11 | 97.6% | 23249 | 20.96 | 11.5% | 1175 | 11.1% |
| South Carolina | 3 | 98.8% | 7503 | 26.63 | 3.7% | 293 | 2.8% |
| Virginia | 2 | 99.3% | 6809 | 17.94 | 3.4% | 385 | 3.6% |
| Maryland | 2 | 90.2% | 6022 | 36.83 | 3.0% | 181 | 1.7% |
| Arizona | 3 | 99.1% | 4606 | 21.85 | 2.2% | 214 | 2.1% |
| California | 1 | 90.2% | 2089 | 19.82 | 1.0% | 117 | 1.1% |
| &nbsp;&nbsp;&nbsp;Total | 67 | 97.3% | $201638 | $20.18 | 100% | 10556 | 100% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Tenant type | Economic Occupancy | Leased Occupancy | ABR | ABR PSF | GLA |
| 20,000 SF+ (a) | 98.9% | 100% | $61743 | $11.43 | 5559 |
| 10,000 - 19,999 SF (a) | 93.6% | 96.4% | 18806 | 20.42 | 983 |
| 5,000 - 9,999 SF (b) | 93.4% | 96.3% | 19849 | 26.72 | 796 |
| 1 - 4,999 SF (b) | 90.8% | 93.3% | 101240 | 34.64 | 3218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 95.5% | 97.3% | $201638 | $20.18 | 10556 |
| Anchor Tenants (a) | 98.1% | 99.5% | $80549 | $12.73 | 6542 |
| Small Shop Tenants (b) | 91.3% | 93.8% | $121089 | $33.04 | 4014 |

---

(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.

---

| | | |
|:---|:---|:---|
| **10** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Top 25 Tenants by Total ABR and Tenant Merchandise Mix** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands* |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Parent Name | Tenant Name/Count | Credit Rating (a) | No. of Leases | ABR | % of Total ABR | GLA | % of Total Occ.GLA |
| 1 | Publix Super Markets, Inc. | Publix 13 / Publix Liquor 3 | N/A | 16 | $7321 | 3.6% | 629 | 6.0% |
| 2 | Kroger | Kroger 7 / Kroger Gas 1 / Harris Teeter 4 | BBB | 12 | 7210 | 3.6% | 710 | 6.7% |
| 3 | TJX Companies | Marshalls 8 / HomeGoods 5 / TJ Maxx 2 | A | 15 | 5143 | 2.6% | 427 | 4.0% |
| 4 | Albertson's | Tom Thumb 2 / Market Street 2 / <br>Safeway 1 / Albertsons 1 | BB+ | 6 | 4359 | 2.2% | 365 | 3.5% |
| 5 | H.E.B. | H.E.B. 4 / H.E.B. Staff Office 1 | N/A | 5 | 4292 | 2.1% | 447 | 4.2% |
| 6 | Amazon, Inc. | Whole Foods Market 6 | AA | 6 | 3618 | 1.8% | 240 | 2.3% |
| 7 | Apollo Global Management, Inc. | Michaels 8 | B- | 8 | 2690 | 1.3% | 190 | 1.8% |
| 8 | Ross Dress For Less | Ross Dress for Less 5 / dd's Discounts 1 | BBB+ | 6 | 2193 | 1.1% | 171 | 1.6% |
| 9 | Trader Joe's |  | N/A | 5 | 2168 | 1.1% | 61 | 0.6% |
| 10 | BC Partners | PetSmart 6 | B+ | 6 | 2117 | 1.0% | 125 | 1.2% |
| 11 | Petco Health and Wellness Company, Inc. |  | B | 8 | 2014 | 1.0% | 106 | 1.0% |
| 12 | Dick's Sporting Goods, Inc. | Dick's Sporting Goods 2 / Going, Going, Gone 1 | BBB | 3 | 1966 | 1.0% | 171 | 1.6% |
| 13 | Best Buy |  | BBB+ | 3 | 1775 | 0.9% | 108 | 1.0% |
| 14 | Ulta Beauty Inc. |  | N/A | 7 | 1770 | 0.9% | 72 | 0.7% |
| 15 | Costco Wholesale |  | AA | 2 | 1735 | 0.9% | 298 | 2.8% |
| 16 | Bank of America |  | A- | 6 | 1701 | 0.8% | 34 | 0.3% |
| 17 | Nordstrom Inc. | Nordstrom Rack 2 / Nordstrom 1 | BB | 3 | 1602 | 0.8% | 89 | 0.8% |
| 18 | Kingswood Capital Management | World Market 6 | N/A | 6 | 1591 | 0.8% | 110 | 1.0% |
| 19 | Five Below, Inc. |  | N/A | 8 | 1486 | 0.7% | 75 | 0.7% |
| 20 | The Gap, Inc. | Old Navy 5 | BB | 5 | 1290 | 0.6% | 73 | 0.7% |
| 21 | Massage Envy |  | N/A | 11 | 1281 | 0.6% | 37 | 0.4% |
| 22 | Truist Bank |  | A | 6 | 1265 | 0.6% | 28 | 0.3% |
| 23 | Starbucks Corporation |  | BBB+ | 14 | 1216 | 0.6% | 28 | 0.3% |
| 24 | Xponential Fitness | Club Pilates 8 / Pure Barre 3 / Stretch Lab 3 / CycleBar 2 / YogaSix 1 | N/A | 17 | 1173 | 0.6% | 32 | 0.3% |
| 25 | Regal Cinemas |  | B | 1 | 1133 | 0.6% | 61 | 0.6% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Totals |  |  | 185 | $64109 | 31.8% | 4687 | 44.4% |

---

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

**<u>Tenant Merchandise Mix</u>**

---

| | | |
|:---|:---|:---|
| Tenant Category | ABR | % of Total ABR |
| Grocery / Drug | $36922 | 18.3% |
| Quick Service Restaurants | 24398 | 12.1% |
| Personal Health and Beauty Services | 22694 | 11.3% |
| Medical | 20110 | 10.0% |
| Full Service Restaurants | 18522 | 9.2% |
| Off Price | 11683 | 5.8% |
| Apparel / Accessories | 10913 | 5.4% |
| Banks | 8503 | 4.2% |
| Fitness | 7650 | 3.8% |
| Pets | 7417 | 3.7% |
| Hobby / Sports | 6081 | 3.0% |
| Home | 5097 | 2.5% |
| Other | 4971 | 2.5% |
| Office / Communications | 4921 | 2.4% |
| Other Essential Retail / Services | 4436 | 2.2% |
| Office (Non Financial, Non-Medical) | 3090 | 1.5% |
| Entertainment | 2386 | 1.2% |
| Hardware / Auto | 1844 | 0.9% |
|  | $201638 | 100% |

---

---

| | | |
|:---|:---|:---|
| **11** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Comparable and Non-Comparable Lease Statistics** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *GLA in thousands* |

---

The Company's portfolio had 537 thousand square feet expiring during the six months ended June 30, 2025, of which 490 thousand square feet was re-leased. This achieved a retention rate of approximately 91%. The following table summarizes the activity for leases that were executed during the six months ended June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | No. of Leases Executed | GLA | New Contractual Rent <br>($PSF) (a) | Prior Contractual Rent <br>($PSF) (a) | % Change over Prior Lease Rent (a) | Weighted Average Lease Term (Years) | Tenant Improvement Allowance <br>($ PSF) | Lease <br>Commissions<br>($ PSF) |
| <u>All Tenants</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Comparable <br>Renewal Leases (b) | 97 | 419 | $24.68 | $22.63 | 9.1% | 5.2 | $0.06 | $0.04 |
| &nbsp;&nbsp;&nbsp;Comparable <br>New Leases (b) | 19 | 83 | 28.34 | 20.17 | 40.5% | 13.2 | 45.54 | 11.75 |
| &nbsp;&nbsp;&nbsp;Non-Comparable<br>Renewal and New Leases | 21 | 46 | 30.27 | N/A | N/A | 7.7 | 23.16 | 13.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 137 | 548 | $25.28 | $22.23 | 13.7% | 6.6 | $8.83 | $2.89 |
| <u>Anchor Tenants (leases ten thousand square feet and over)</u> | <u>Anchor Tenants (leases ten thousand square feet and over)</u> | <u>Anchor Tenants (leases ten thousand square feet and over)</u> | <u>Anchor Tenants (leases ten thousand square feet and over)</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Comparable <br>Renewal Leases (b) | 8 | 225 | $14.98 | $14.43 | 3.8% | 5.0 | $— | $— |
| &nbsp;&nbsp;&nbsp;Comparable <br>New Leases (b) | 1 | 44 | 17.50 | 9.00 | 94.4% | 16.2 | 60.00 | 6.00 |
| &nbsp;&nbsp;&nbsp;Non-Comparable<br>Renewal and New<br>Leases |  |  |  | N/A | N/A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 9 | 269 | $15.39 | $13.55 | 13.6% | 6.8 | $9.74 | $0.97 |
| <u>Small Shop Tenants (leases under ten thousand square feet)</u> | <u>Small Shop Tenants (leases under ten thousand square feet)</u> | <u>Small Shop Tenants (leases under ten thousand square feet)</u> | <u>Small Shop Tenants (leases under ten thousand square feet)</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Comparable <br>Renewal Leases (b) | 89 | 194 | $35.96 | $32.15 | 11.9% | 5.5 | $0.12 | $0.09 |
| &nbsp;&nbsp;&nbsp;Comparable <br>New Leases (b) | 18 | 39 | 40.55 | 32.76 | 23.8% | 9.9 | 29.23 | 18.22 |
| &nbsp;&nbsp;&nbsp;Non-Comparable<br>Renewal and New Leases | 21 | 46 | 30.27 | N/A | N/A | 7.7 | 23.16 | 13.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 128 | 279 | $36.72 | $32.26 | 13.8% | 6.5 | $7.95 | $4.74 |
| *(a)Non-comparable leases are not included in totals.* | *(a)Non-comparable leases are not included in totals.* | *(a)Non-comparable leases are not included in totals.* | *(a)Non-comparable leases are not included in totals.* | *(a)Non-comparable leases are not included in totals.* | *(a)Non-comparable leases are not included in totals.* | *(a)Non-comparable leases are not included in totals.* | *(a)Non-comparable leases are not included in totals.* | *(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.* | *(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.* | *(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.* | *(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.* | *(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.* | *(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.* | *(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.* | *(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.* | *(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.* |

---

---

| | | |
|:---|:---|:---|
| **12** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Comparable and Non-Comparable Lease Statistics, continued** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *GLA in thousands* |

---

The following table summarizes the activity for leases that were executed during the trailing four quarters ended June 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | No. of Leases Executed | GLA | New Contractual Rent <br>($PSF) | Prior Contractual Rent <br>($PSF) | % Change over Prior Lease Rent | Weighted Average Lease Term (Years) | Tenant Improvement Allowance <br>($ PSF) | Lease <br>Commissions<br>($ PSF) |
| <u>Comparable Leases</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Total Renewals and New Leases* | &nbsp;&nbsp;&nbsp;*Total Renewals and New Leases* | &nbsp;&nbsp;&nbsp;*Total Renewals and New Leases* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | 65 | 286 | $27.53 | $23.66 | 16.4% | 7.4 | $12.62 | $2.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | 51 | 216 | 22.31 | 20.33 | 9.7% | 5.3 | 0.79 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | 31 | 175 | 22.55 | 19.40 | 16.2% | 6.0 | 1.31 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | 45 | 347 | 19.48 | 17.74 | 9.8% | 6.4 | 3.36 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 192 | 1024 | $22.85 | $20.22 | 13.0% | 6.4 | $5.05 | $1.63 |
| &nbsp;&nbsp;&nbsp;*Renewals* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | 51 | 213 | $27.61 | $25.28 | 9.2% | 5.2 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | 46 | 206 | 21.67 | 19.90 | 8.9% | 5.2 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | 25 | 163 | 21.31 | 18.40 | 15.8% | 5.6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | 36 | 308 | 18.61 | 17.06 | 9.1% | 6.0 | 0.13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 158 | 890 | $21.96 | $19.93 | 10.2% | 5.6 | $0.07 | $0.02 |
| &nbsp;&nbsp;&nbsp;*New Leases* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | 14 | 73 | $27.30 | $18.94 | 44.1% | 13.9 | $49.60 | $10.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | 5 | 10 | 36.08 | 29.33 | 23.0% | 8.3 | 15.12 | 17.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | 6 | 12 | 38.98 | 32.47 | 20.0% | 11.1 | 18.66 | 12.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | 9 | 39 | 26.42 | 23.14 | 14.2% | 9.9 | 29.13 | 13.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 34 | 134 | $28.77 | $22.17 | 29.8% | 12.1 | $38.29 | $12.34 |
| <u>Non-Comparable Leases</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | 8 | 18 | $32.17 |  |  | 9.1 | $25.90 | $17.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | 13 | 28 | 29.11 |  |  | 6.9 | 21.49 | 10.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | 12 | 43 | 34.19 |  |  | 9.6 | 33.02 | 17.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | 8 | 52 | 27.94 |  |  | 9.9 | 15.89 | 14.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 41 | 141 | $30.61 |  |  | 9.1 | $23.49 | $14.92 |

---

---

| | | |
|:---|:---|:---|
| **13** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Tenant Lease Expirations** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *GLA and ABR in thousands, except per square foot amounts* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Lease <br>Expiration Year | No. of <br>Expiring <br>Leases | GLA of <br>Expiring Leases | Percent of <br>Total GLA of <br>Expiring Leases | ABR of <br>Expiring Leases | Percent of <br>Total ABR | Expiring <br>ABR PSF (a) |
| <u>Anchor Tenants</u> |  |  |  |  |  |  |
| 2025 | 3 | 270 | 4.2% | $1444 | 1.7% | $5.35 |
| 2026 | 13 | 364 | 5.6% | 5323 | 6.4% | 14.62 |
| 2027 | 31 | 993 | 15.4% | 13492 | 16.1% | 13.59 |
| 2028 | 24 | 583 | 9.0% | 8530 | 10.2% | 14.63 |
| 2029 | 29 | 900 | 13.9% | 11441 | 13.7% | 12.71 |
| 2030 | 25 | 779 | 12.2% | 10253 | 12.2% | 13.16 |
| 2031 | 10 | 401 | 6.2% | 4335 | 5.2% | 10.81 |
| 2032 | 8 | 334 | 5.2% | 4294 | 5.1% | 12.86 |
| 2033 | 9 | 260 | 4.0% | 3445 | 4.1% | 13.25 |
| 2034 | 13 | 575 | 8.9% | 7302 | 8.7% | 12.70 |
| Thereafter | 22 | 983 | 15.2% | 13545 | 16.2% | 13.78 |
| Other (b) | 1 | 11 | 0.2% | 346 | 0.4% | 31.45 |
| Totals | 188 | 6453 | 100% | $83750 | 100% | $12.98 |
| Vacant space |  | 89 |  |  |  |  |
| Total |  | 6542 |  |  |  |  |
| <u>Small Shop Tenants</u> |  |  |  |  |  |  |
| 2025 | 50 | 114 | 3.1% | $3313 | 2.5% | $29.06 |
| 2026 | 206 | 531 | 14.5% | 16457 | 12.4% | 30.99 |
| 2027 | 227 | 548 | 15.0% | 18456 | 13.9% | 33.68 |
| 2028 | 220 | 517 | 14.1% | 17596 | 13.3% | 34.03 |
| 2029 | 203 | 532 | 14.5% | 19542 | 14.9% | 36.73 |
| 2030 | 160 | 394 | 10.7% | 14752 | 11.1% | 37.44 |
| 2031 | 87 | 249 | 6.8% | 9496 | 7.2% | 38.14 |
| 2032 | 82 | 205 | 5.6% | 7849 | 5.9% | 38.29 |
| 2033 | 56 | 149 | 4.1% | 6399 | 4.8% | 42.95 |
| 2034 | 81 | 219 | 6.0% | 9396 | 7.1% | 42.90 |
| Thereafter | 59 | 196 | 5.4% | 8871 | 6.7% | 45.26 |
| Other (b) | 6 | 9 | 0.2% | 278 | 0.2% | 30.89 |
| Totals | 1437 | 3663 | 100% | $132405 | 100% | $36.15 |
| Vacant space |  | 351 |  |  |  |  |
| Total |  | 4014 |  |  |  |  |
| <u>Total</u> |  |  |  |  |  |  |
| 2025 | 53 | 384 | 3.8% | $4757 | 2.2% | $12.39 |
| 2026 | 219 | 895 | 8.8% | 21780 | 10.1% | 24.34 |
| 2027 | 258 | 1541 | 15.2% | 31948 | 14.7% | 20.73 |
| 2028 | 244 | 1100 | 11.0% | 26126 | 12.1% | 23.75 |
| 2029 | 232 | 1432 | 14.2% | 30983 | 14.3% | 21.64 |
| 2030 | 185 | 1173 | 11.6% | 25005 | 11.6% | 21.32 |
| 2031 | 97 | 650 | 6.4% | 13831 | 6.4% | 21.28 |
| 2032 | 90 | 539 | 5.3% | 12143 | 5.6% | 22.53 |
| 2033 | 65 | 409 | 4.0% | 9844 | 4.6% | 24.07 |
| 2034 | 94 | 794 | 7.8% | 16698 | 7.7% | 21.03 |
| Thereafter | 81 | 1179 | 11.7% | 22416 | 10.4% | 19.01 |
| Other (b) | 7 | 20 | 0.2% | 624 | 0.3% | 31.20 |
| Totals | 1625 | 10116 | 100% | $216155 | 100% | $21.37 |
| Vacant space |  | 440 |  |  |  |  |
| Total |  | 10556 |  |  |  |  |

---

(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.

---

| | | |
|:---|:---|:---|
| **14** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Acquisitions and Dispositions** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *Dollars and GLA in thousands* |

---

**Acquisitions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Month | Property Name | Market | Acquisition Price | GLA | Leased Occ. | Major Anchors (a) |
| April | Plaza Escondida (b) | Tucson, AZ | $23000 | 91 | 99.0% | **Trader Joe's,** Marshalls |
| April | Carmel Village | Charlotte, NC | 19925 | 54 | 90.9% | N/A |
| June | West Ashley Station (c) | Charleston, SC | 26600 | 79 | 98.1% | **Whole Foods Market** |
| June | Twelve Oaks Shopping Center | Savannah, GA | 35850 | 106 | 97.7% | **Publix** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total |  | $105375 | 330 |  |  |

---

(a)Grocers listed first and bolded, remaining anchor tenants are shown alphabetically.

(b)The Company assumed a mortgage payable of $8.0 million and recognized a fair value adjustment of $0.5 million related to the mortgage payable secured by the property.

(c)The Company recognized a finance lease liability of $11.0 million associated with the ground lease assumed upon the acquisition of this property.

**Dispositions**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Month | Property Name | Market | GLA | Leased Occ. | Major Anchors (a) |
| June | Bear Creek Village Center (b) | So. California - Inland Empire, CA | 80 | 98.1% | **Stater Brothers** |
| June | Pavilion at LaQuinta (b) | So. California - Inland Empire, CA | 166 | 100% | **Sprouts Farmers Market**, Best Buy, DSW, OfficeMax, PGA TOUR Superstore |
| June | River Oaks (b) | So. California - Los Angeles, CA | 275 | 99.4% | **Sprouts Farmers Market**, **Target**, Big 5 Sporting Goods, Dollar Tree, Five Below, Total Wine & More, Ulta |
| June | Campus Marketplace (b) | So. California - San Diego, CA | 144 | 98.8% | **Ralphs**, CVS, Discovery Isle Child Development Center |
| June | Old Grove Marketplace (b) | So. California - San Diego, CA | 81 | 100% | **Ralphs,** Lowe's\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total |  | 746 |  |  |

---

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

(b)The Company disposed of these five properties as part of a portfolio sale for a gross disposition price of $306.0 million.

---

| | | |
|:---|:---|:---|
| **15** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Development Pipeline** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Active Redevelopments** |  |  | Estimated Completion Quarter (a) | Projected Incremental Costs | Costs to Date | Estimated Incremental Yield on Cost |
| Property | Market | Project Description | Estimated Completion Quarter (a) | Projected Incremental Costs | Costs to Date | Estimated Incremental Yield on Cost |
| 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 | $3200 | $2800 |  |
| 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 | 8400 | 1800 |  |
| Shops at Arbor Trails | Austin-Round Rock, TX | Redevelopment of a pre-existing single tenant building to a multi-tenant building. | 1Q - 2026 | 3000 | 1800 |  |
| Bay Colony | Houston - Sugar Land-Baytown, TX | Redevelopment of an existing outparcel building. | 1Q - 2026 | 2300 | 100 |  |
| 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 | 5600 | 1200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Redevelopment Costs | &nbsp;&nbsp;&nbsp;&nbsp;Total Redevelopment Costs |  |  | $22500 | $7700 | 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. | (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. | (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. | (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. | (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** | **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 | $6800 |  |  |
| 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** | **Potential Developments and Redevelopments** | **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. | Projects shown below are listed alphabetically, are in various stages of planning, and may or may not commence due to a number of factors. | Projects shown below are listed alphabetically, are in various stages of planning, and may or may not commence due to a number of factors. | Projects shown below are listed alphabetically, are in various stages of planning, and may or may not commence due to a number of factors. | 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. | New development of building area adjacent to existing stores. | New development of building area adjacent to existing stores. | New development of building area adjacent to existing stores. | New development of building area adjacent to existing stores. |
| Buckhead Crossing | Atlanta Metro Area, GA | New development, including addition of an outparcel building. |  |  |  |  |
| Garden Village | So. California - Los Angeles, CA | Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs. | Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs. | Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs. | Demolition of outparcel buildings and reconstruction for freestanding buildings with drive-throughs. | 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. | Extensive repositioning and reconfiguration of the center to right size anchor space, add freestanding buildings and improve vehicular access. | Extensive repositioning and reconfiguration of the center to right size anchor space, add freestanding buildings and improve vehicular access. | Extensive repositioning and reconfiguration of the center to right size anchor space, add freestanding buildings and improve vehicular access. | 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. | New development, including addition of outparcel buildings. | New development, including addition of outparcel buildings. | New development, including addition of outparcel buildings. | New development, including addition of outparcel buildings. |
| Plantation Grove | Orlando - Kissimmee, FL | Redevelopment and expansion of the shopping center. Addition of new outparcel building. | Redevelopment and expansion of the shopping center. Addition of new outparcel building. | Redevelopment and expansion of the shopping center. Addition of new outparcel building. | Redevelopment and expansion of the shopping center. Addition of new outparcel building. | Redevelopment and expansion of the shopping center. Addition of new outparcel building. |
| 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. | New development, including addition of outparcel building. | New development, including addition of outparcel building. | New development, including addition of outparcel building. | New development, including addition of outparcel building. |
| The Parke | Austin - Round Rock, TX | Anchor repositioning and expansion. | Anchor repositioning and expansion. | Anchor repositioning and expansion. | Anchor repositioning and expansion. | Anchor repositioning and expansion. |
| Westpark Shopping Center | Richmond, VA | New development, including addition of outparcel building. | New development, including addition of outparcel building. | New development, including addition of outparcel building. | New development, including addition of outparcel building. | New development, including addition of outparcel building. |

---

---

| | | |
|:---|:---|:---|
| **16** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Property Summary, by Total Market GLA** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *GLA in thousands* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Property | Market | State | Center <br>Type (a) | GLA | Leased Occupancy | ABR <br>PSF | Grocery <br>Anchor (b) | Major Anchors (c) |
| 1 | Escarpment Village | Austin-Round Rock | TX | N | 170 | 100% | $22.59 | Yes | **HEB** |
| 2 | Kyle Marketplace | Austin-Round Rock | TX | C | 260 | 100% | $17.84 | Yes | **HEB** |
| 3 | Market at Westlake | Austin-Round Rock | TX | N | 30 | 100% | $22.06 | No | Walgreens |
| 4 | Scofield Crossing | Austin-Round Rock | TX | N | 95 | 98.7% | $18.74 | Yes | **Hana World Market**, Goodwill |
| 5 | Shops at Arbor Trails | Austin-Round Rock | TX | C | 357 | 99.2% | $14.06 | Yes | **Costco Wholesale, Whole Foods Market,** Haverty's Furniture, Marshalls |
| 6 | Shops at the Galleria | Austin-Round Rock | TX | P | 537 | 95.4% | $14.35 | 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 | 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% | $22.55 | 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 | 100% | $15.94 | Yes | **Tom Thumb** |
| 10 | Eldorado Marketplace | Dallas-Fort Worth-Arlington | TX | C | 189 | 100% | $24.90 | Yes | **Market Street**, PetSmart, Phenix Salon Suites |
| 11 | Prestonwood Town Center | Dallas-Fort Worth-Arlington | TX | P | 236 | 99.4% | $21.27 | Yes | **Walmart\*,** Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta |
| 12 | Riverview Village | Dallas-Fort Worth-Arlington | TX | N | 89 | 100% | $13.47 | Yes | **Tom Thumb**, Petco |
| 13 | Riverwalk Market | Dallas-Fort Worth-Arlington | TX | N | 90 | 93.4% | $21.53 | Yes | **Market Street** |
| 14 | Shops at Fairview Town Center | Dallas-Fort Worth-Arlington | TX | N | 66 | 100% | $25.98 | Yes | **Whole Foods Market** |
| 15 | The Highlands of Flower Mound | Dallas-Fort Worth-Arlington | TX | P | 175 | 91.2% | $19.90 | Yes | **Target\*,** Market by Macy's, Michaels, Skechers, World Market |
| 16 | Antoine Town Center | Houston-Sugar Land-Baytown | TX | N | 110 | 96.0% | $15.46 | Yes | **Kroger** |
| 17 | Bay Colony | Houston-Sugar Land-Baytown | TX | C | 415 | 96.7% | $16.82 | 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% | $14.28 | Yes | **HEB,** Walgreens |
| 19 | Cyfair Town Center | Houston-Sugar Land-Baytown | TX | C | 434 | 95.3% | $17.64 | Yes | **Kroger**, Cinemark USA, Crunch Fitness, J.C. Penney |
| 20 | Eldridge Town Center | Houston-Sugar Land-Baytown | TX | C | 144 | 95.1% | $17.39 | Yes | **Kroger**, Kohl's\*, Petco |
| 21 | Stables Town Center II | Houston-Sugar Land-Baytown | TX | N | 148 | 93.2% | $17.89 | Yes | **Kroger** |
| 22 | Sonterra Village | San Antonio | TX | N | 42 | 86.9% | $37.01 | Yes | **Trader Joe's** |
| 23 | Stone Ridge Market | San Antonio | TX | C | 219 | 98.4% | $25.85 | Yes | **HEB Plus\***, Burlington, PetSmart |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Texas** |  |  |  | **4671** | **97.3%** | **$18.40** |  |  |
| 24 | Bay Landing | Cape Coral - Fort Myers | FL | N | 63 | 100% | $10.50 | Yes | **The Fresh Market,** HomeGoods |
| 25 | The Forum (d) | Cape Coral - Fort Myers | FL | P | 186 | 93.9% | $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 | 100.0% | $37.09 | Yes | **Trader Joe's,** Marshalls, Ulta |
| 27 | Southern Palm Crossing | Miami-Ft Lauderdale-Miami Beach | FL | P | 345 | 98.6% | $17.90 | Yes | **Costco Wholesale**, Going Going Gone, Marshalls |
| 28 | Westfork & Paraiso | Miami-Ft Lauderdale-Miami Beach | FL | N | 393 | 98.9% | $26.03 | 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% | $49.54 | Yes | **Trader Joe's** |
| 30 | Plantation Grove (f) | Orlando - Kissimmee | FL | N | 107 | 98.7% | $20.61 | Yes | **Publix** |
| 31 | Rio Pinar Plaza | Orlando - Kissimmee | FL | N | 131 | 94.6% | $19.47 | Yes | **Publix,** Planet Fitness |
| 32 | Suncrest Village | Orlando - Kissimmee | FL | N | 97 | 97.9% | $21.76 | Yes | **Publix**, Orange County Tax Collector |
| 33 | Gateway Market Center | Tampa - St. Petersburg | FL | P | 231 | 89.9% | $14.26 | Yes | **Publix, Target\***, Beall's, HomeGoods, Petsmart, TJ Maxx |

---

---

| | | |
|:---|:---|:---|
| **17** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Property Summary, by Total Market GLA** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *GLA in thousands* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Property | Market | State | Center <br>Type (a) | GLA | Leased Occupancy | ABR <br>PSF | Grocery <br>Anchor (b) | Major Anchors (c) |
| 34 | Peachland Promenade | Tampa - St. Petersburg | FL | N | 177 | 98.6% | $15.40 | Yes | **Publix,** Goodwill, My Salon Suite, Planet Fitness |
| 35 | Sarasota Pavilion | Tampa - St. Petersburg | FL | P | 336 | 98.3% | $16.38 | Yes | **Publix**, Bank of America, Beall's, Marshalls, Michaels, Old Navy, Petsmart, Ross Dress for Less, Truist Bank, World Market |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Florida** |  |  |  | **2263** | **97.2%** | **$21.08** |  |  |
| 36 | Carmel Village (d) | Charlotte-Gastonia-Concord | NC | N | 54 | 90.9% | $26.76 | No |  |
| 37 | Eastfield Village | Charlotte-Gastonia-Concord | NC | N | 96 | 97.5% | $19.07 | Yes | **Food Lion,** Gold's Gym |
| 38 | Northcross Commons | Charlotte-Gastonia-Concord | NC | N | 63 | 100% | $28.87 | Yes | **Whole Foods Market** |
| 39 | Sycamore Commons | Charlotte-Gastonia-Concord | NC | P | 265 | 100% | $21.06 | Yes | **Costco Wholesale\***, Best Buy, Dick's Sporting Goods, Lowe's\*, Michaels, Nordstrom Rack, Old Navy, Ulta, World Market |
| 40 | The Shoppes at Davis Lake | Charlotte-Gastonia-Concord | NC | N | 91 | 93.2% | $18.55 | Yes | **Harris Teeter** |
| 41 | Bent Tree Plaza | Raleigh-Cary-Durham | NC | N | 80 | 100% | $15.97 | Yes | **Food Lion** |
| 42 | Cary Park Town Center | Raleigh-Cary-Durham | NC | N | 93 | 100% | $18.09 | Yes | **Harris Teeter**, CVS |
| 43 | Commons at University Place | Raleigh-Cary-Durham | NC | N | 92 | 100% | $17.46 | Yes | **Harris Teeter,** CVS |
| 44 | Renaissance Center | Raleigh-Cary-Durham | NC | P | 363 | 95.4% | $23.97 | No | Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market |
| 45 | The Pointe at Creedmoor | Raleigh-Cary-Durham | NC | N | 60 | 100% | $16.91 | Yes | **Harris Teeter** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total North Carolina** |  |  |  | **1257** | **97.6%** | **$21.15** |  |  |
| 46 | Buckhead Crossing | Atlanta Metro Area | GA | P | 221 | 94.8% | $23.77 | No | HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop |
| 47 | Coweta Crossing | Atlanta Metro Area | GA | N | 68 | 100% | $11.41 | Yes | **Publix** |
| 48 | Kennesaw Marketplace | Atlanta Metro Area | GA | C | 130 | 97.1% | $36.20 | Yes | **Whole Foods Market**, Academy Sports + Outdoors\*, Guitar Center\*, Hobby Lobby\*, Petco\* |
| 49 | Moores Mill (d) | Atlanta Metro Area | GA | N | 70 | 100% | $25.07 | Yes | **Publix** |
| 50 | Plaza Midtown | Atlanta Metro Area | GA | N | 70 | 97.0% | $28.90 | Yes | **Publix** |
| 51 | Rose Creek | Atlanta Metro Area | GA | N | 70 | 100% | $11.68 | Yes | **Publix** |
| 52 | Sandy Plains Centre | Atlanta Metro Area | GA | C | 135 | 98.9% | $24.15 | Yes | **Kroger**, Pet Supplies Plus, Walgreens\* |
| 53 | The Centre on Hugh Howell | Atlanta Metro Area | GA | N | 83 | 98.4% | $14.06 | No | Crunch Fitness |
| 54 | Thomas Crossroads | Atlanta Metro Area | GA | N | 105 | 94.8% | $10.17 | Yes | **Kroger** |
| 55 | Windward Commons | Atlanta Metro Area | GA | N | 117 | 100% | $15.98 | Yes | **Kroger** |
| 56 | Twelve Oaks Shopping Center (d) | Savannah | GA | N | 106 | 97.7% | $19.37 | Yes | **Publix** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Georgia** |  |  |  | **1175** | **97.6%** | **$20.96** |  |  |
| 57 | Stonehenge Village (d) | Richmond Metro Area | VA | C | 214 | 100% | $19.13 | Yes | **Wegmans**, La-Z-Boy, Party City, Petco |
| 58 | Westpark Shopping Center | Richmond Metro Area | VA | C | 171 | 98.4% | $16.39 | Yes | **Publix,** Painted Tree Boutiques, Planet Fitness, The Tile Shop |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Virginia** |  |  |  | **385** | **99.3%** | **$17.94** |  |  |
| 59 | Market at Mill Creek (d) | Charleston-Berkeley-Dorchester | SC | N | 80 | 100% | $24.27 | Yes | **Lowes Foods** |
| 60 | Nexton Square (d) | Charleston-Berkeley-Dorchester | SC | L | 134 | 98.5% | $27.40 | No | N/A |
| 61 | West Ashley Station (d) | Charleston-Berkeley-Dorchester | SC | N | 79 | 98.1% | $27.88 | Yes | **Whole Foods Market** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total South Carolina** |  |  |  | **293** | **98.8%** | **$26.63** |  |  |

---

---

| | | |
|:---|:---|:---|
| **18** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Property Summary, by Total Market GLA** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *GLA in thousands* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Property | Market | State | Center <br>Type (a) | GLA | Leased Occupancy | ABR <br>PSF | Grocery <br>Anchor (b) | Major Anchors (c) |
| 62 | Scottsdale North Marketplace (d) | Phoenix | AZ | N | 66 | 98.4% | $22.99 | Yes | **AJ's Fine Foods** |
| 63 | The Plant (e) | Phoenix | AZ | N | 57 | 100% | $29.03 | Yes | **Sprouts Farmers Market** |
| 64 | Plaza Escondida (d) | Tucson | AZ | N | 91 | 99.0% | $16.53 | Yes | **Trader Joe's,** Marshalls |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Arizona** |  |  |  | **214** | **99.1%** | **$21.85** |  |  |
| 65 | The Shops at Town Center | Washington D.C | MD | N | 125 | 91.7% | $30.97 | Yes | **Safeway** |
| 66 | Travilah Square Shopping Center | Washington D.C | MD | N | 56 | 86.9% | $50.57 | Yes | **Trader Joe's** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Maryland** |  |  |  | **181** | **90.2%** | **$36.83** |  |  |
| 67 | Garden Village | So. California - Los Angeles | CA | N | 117 | 90.2% | $19.82 | Yes | **Albertson's**, Rite Aid |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total California** |  |  |  | **117** | **90.2%** | **$19.82** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Grand Totals** |  |  |  | **10556** | **97.3%** | **$20.18** |  |  |

---

(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 and six months ended June 30, 2025.

(e)Property is excluded from Same Property for the six months ended June 30, 2025.

(f)The Company operates Plantation Grove and Maguire Groves as a single property under the Plantation Grove name. The operations, GLA, economic and leased occupancy, and ABR of Maguire Groves are classified as an other investment property for the three and six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **19** | **Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **Components of Net Asset Value as of June 30, 2025** |
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | *In thousands, except share information* |

---

---

| | | |
|:---|:---|:---|
| | | Page No. |
| **<u>NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter</u>** |  |  |
| &nbsp;&nbsp;&nbsp;NOI, excluding ground rent income | $44898 | 5 |
| &nbsp;&nbsp;&nbsp;Ground rent income | 5002 | 5 |
| &nbsp;&nbsp;&nbsp;NOI | 49900 | 5 |
| &nbsp;&nbsp;&nbsp;Annualized NOI, excluding ground rent income | $179592 |  |
| &nbsp;&nbsp;&nbsp;Annualized ground rent income | 20008 |  |
| **<u>Projected remaining development</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Net project costs | $14800 | 16 |
| &nbsp;&nbsp;&nbsp;Estimated range for incremental yield | 7-10% | 16 |
| **<u>Assets</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash | $294039 | 2 |
| &nbsp;&nbsp;&nbsp;Base rent, recoveries, and other receivables | 9246 | 4 |
| &nbsp;&nbsp;&nbsp;Undeveloped land |  |  |
| &nbsp;&nbsp;&nbsp;Land held for development |  |  |
| **<u>Liabilities</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Debt | $749251 | 8 |
| &nbsp;&nbsp;&nbsp;Discounts and financing costs, net | (2916) | 8 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 44107 | 2 |
| &nbsp;&nbsp;&nbsp;Distributions payable | 18447 | 2 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 29995 | 2 |
| **Common Shares Outstanding** | 77606396 | 1 |

---

---

| | | |
|:---|:---|:---|
| **20** | &nbsp;&nbsp;**Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

---

| | |
|:---|:---|
| ![ivt_swirlx1.jpg](ivt_swirlx1.jpg) | **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<br>(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. |

---

---

| | | |
|:---|:---|:---|
| **21** | &nbsp;&nbsp;**Supplemental** - Quarter Ended June 30, 2025 | ![a4471_inventrustxlogox4cxe.jpg](a4471_inventrustxlogox4cxe.jpg) |

---

------

**InvenTrust Properties Corp.**

**CORPORATE OFFICE**

3025 Highland Pkwy \| Ste 350

Downers Grove, IL 60515

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630.570.0700 InvestorRelations@InvenTrustProperties.com

<br>