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IAGM was formed on April 17, 2013 for the purpose of acquiring, owning, managing, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities.
+Added: On January 18, 2023, the Company acquired the four remaining retail properties from IAGM for an aggregate purchase price of $222.3 million by acquiring 100% of the membership interests in each of IAGM's wholly owned subsidiaries .
+Added: The Company assumed aggregate mortgage debt of $92.5 million and funded the remaining balance with its available liquidity.
+Added: Subsequent to the transaction, IAGM proportionately distributed substantially all net proceeds from the sale, of which the Company's share was approximately $71.4 million.
+Added: In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023.
Where appropriate, we have included results from the IAGM properties at 55% ("at share") when combined with our wholly-owned properties, defined as "Pro Rata Combined Retail Portfolio" within "Part I" and "Part II" of this Annual Report.
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• Maintaining a flexible capital structure;
−Removed: • Enhancing environmental, social and governance practices and standards.
+Added: • Enhancing our environmental, social and governance practices and standards.
Acquiring retail properties in Sun Belt markets.
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We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based essential retail centers, which will position us to capitalize on potential future rent increases while benefiting from sustained occupancy at our centers.
−Removed: Our strategically located regional field offices are within a two-hour drive of 90% of our properties which affords us the ability to respond to the needs of our tenants and provides us with in-depth local market knowledge.
+Added: Our strategically located regional field offices are within a two-hour drive of over 95% of our properties which affords us the ability to respond to the needs of our tenants and provides us with in-depth local market knowledge.
We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.
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Our flexible capital structure and ample liquidity will allow us to take advantage of future growth opportunities that meet our investment criteria.
−Removed: Enhancing environmental, social and governance practices and standards .
+Added: Enhancing our environmental, social and governance practices and standards .
We continue to focus on environmental, social and governance ("ESG") practices and standards across our platform.
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Our commitment to Sun Belt markets and our strategically curated portfolio of predominantly necessity based grocery-anchored shopping centers provides a number of competitive advantages, including increased concentrations in high growth Sun Belt locations to capitalize on strong demographic trends, exposure to a strong operational footprint, and distinctive levels of Sun Belt real estate experience and expertise.
−Removed: Our local market presence is supported by seven field offices staffed with operational teams within two hours of 90% of our shopping centers, which allows us to build deep real estate expertise and a strong reputation with market participants and with our anchor and small shop tenants.
+Added: Our local market presence is supported by seven field offices staffed with operational teams within two hours of over 95% of our shopping centers, which allows us to build deep real estate expertise and a strong reputation with market participants and with our anchor and small shop tenants.
Our ample liquidity, and sector-low leverage, provide an additional competitive advantage of flexibility to transact.
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Human Capital Management
−Removed: Our employees are our greatest asset.
+Added: Our employees are our greatest asset and the foundation for our success.
+Added: Together, we focus on building an inclusive culture where innovative thinking is valued, collaboration is essential, and communicating the "why" is a necessity.
We are committed to creating a corporate culture characterized by high levels of employee engagement, growth and development, and health and wellness.
We seek to attract and retain diverse and talented professionals who provide a wide range of opinions and experiences to drive our business forward.
−Removed: As of January 14, 2022, we have 115 full-time employees.
−Removed: Overall diversity across our workforce is approximately 67%.
+Added: As of December 31, 2022, we have 106 full-time employees.
+Added: We define racial diversity as employees who are African American or Black, Alaskan Native or Native American, Asian, Hispanic or Latinx, and Native Hawaiian or Pacific Islander.
+Added: We define gender diversity as employees who identify as women.
+Added: Overall diversity across our workforce is approximately 65%, including gender and racial/ethnic groups.
Racial diversity across our workforce is 19%.
Women represent approximately 59% of our employees.
−Removed: Approximately 48% of management level or leadership roles are held by women.
Our Human Capital strategy is focused on talent management.
The basis for hiring, development, training, compensation and advancement are qualifications, performance, skills and experience.
−Removed: Our employees are fairly compensated, without regard to gender, race and ethnicity.
+Added: We believe our employees are fairly compensated, without regard to gender, race, and ethnicity.
All of our employees are offered a comprehensive benefits package, including, but not limited to, paid time off and parental leave, medical, dental and vision insurance, disability, life insurance, 401(k) matching, tuition reimbursement, flexible Fridays and work from home flexibility.
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We believe in fostering a highly engaged inclusive environment which drives growth and productivity.
−Removed: Our heightened focus on development and health and wellness creates a more engaged workforce.
−Removed: The more engaged our employees are the more likely productivity will increase and drive empowerment throughout the organization for our employees to act like owners.
+Added: We believe that our heightened focus on development and health and wellness creates a more engaged workforce.
+Added: In 2022, 81% of our employees were highly engaged and we were named of one Chicago's Top Workplaces by The Chicago Tribune.
+Added: We believe that the more engaged our employees are the more likely productivity will increase and drive empowerment throughout the organization for our employees to act like owners.
Our hybrid work model provides an opportunity for employees to balance work and life whether they are in the office or at home.
−Removed: We also host a wide array of company sponsored events that focus on employee education, health and wellness, engagement activities, and giving back through our charitable initiative.
−Removed: We have a shared passion and dedication to giving back to our community and for this reason we have an InvenTrust Charitable initiative, a program led by employees who actively contribute time, company resources as well as personal resources to support charitable causes.
+Added: We also host monthly events focused on employee education, health and wellness, engagement activities, and giving back to our communities.
+Added: Our events consist of company-wide executive led meetings to stay connected with our employees, wellness competitions, food trucks, game days, happy hours, and charity events serving our communities.
+Added: We are proud that 100% of our employees participated in charitable events giving back to our communities in 2022.
+Added: We also implemented half day Fridays to help our employees balance work and life focusing on mental health as well as giving back to our communities through charitable endeavors.
We celebrate our employees' success through our Circle of Excellence awards.
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We monitor our performance through employee engagement surveys and utilize the results to continually improve our organization.
−Removed: Environmental Matters
−Removed: Compliance with federal, state and local environmental laws has not had a material adverse effect on our business, assets, results of operations, financial condition and/or our ability to pay distributions.
+Added: Environment, Social and Governance
+Added: ESG is not new to InvenTrust.
+Added: Since 2013, we have participated in compiling and reporting on ESG metrics with GRESB (formerly "Global Real Estate Sustainability Benchmark"), an independent organization providing ESG performance data and peer benchmarks for investors and organizations.
+Added: We believe we can enhance our communities, conserve resources and foster a best-in-class working environment while growing long-term stockholder value.
+Added: In 2022, we issued our inaugural Environmental, Social and Governance Report ("2021 ESG Report"), set measurable 5-year targets, and increased our GRESB score by eight points over the prior year.
+Added: We remain committed to transparency in our investment strategy with a focus on operating efficiency, responding to evolving trends, and addressing the needs of our tenants and communities by continuing to fully integrate environmental sustainability, social responsibility, and strong governance practices throughout our organization.
+Added: For the avoidance of doubt, neither our 2021 ESG Report nor any portion thereof is incorporated by reference into this Annual Report.
+Added: To date, compliance with federal, state and local environmental laws has not had a material adverse effect on our business, assets, results of operations, financial condition and/or our ability to pay distributions.
We do not believe that our existing retail platform will require us to incur material expenditures to comply with these laws and regulations.
−Removed: However, we cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on our properties.
+Added: However, we acknowledge that ESG-related regulation, including environmental-related regulation and legislation, is evolving, and we cannot predict the impact of unforeseen ESG contingencies or new or changed laws or regulations on our properties, operations, and financials.
We have elected and operate in a manner to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), beginning with the tax year ended December 31, 2005.
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The information on the Company's website is not incorporated by reference in this report or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.
+Added: In addition, we reference certain sources included on our website, including our ESG Report, in this Annual Report, and none of these are incorporated by reference in, or are otherwise to be regarded as part of, this Annual Report.
We make available on or through our website certain reports and amendments to those reports we file with or furnish to the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.