1 unchanged sentence
Market Information
−Removed: On October 12, 2021, our shares of common stock began trading on the NYSE under the ticker symbol "IVT".
−Removed: Prior to that time, there was no public market for the shares of the Company's common stock.
−Removed: Reverse Stock Split
−Removed: On August 5, 2021, we effected a 1-for-10 reverse stock split of our common stock.
−Removed: As a result of the reverse stock split, every ten shares of issued and outstanding common stock were changed into one share of common stock, with any fractional shares being rounded up to the next higher whole share.
−Removed: Immediately after effecting the reverse stock split, we decreased the par value of each issued and outstanding share of common stock from $0.01 par value per share to $0.001 par value per share.
−Removed: Unless otherwise noted, the share and per share information of our common stock in this Annual Report and accompanying consolidated financial statements have been retroactively adjusted to give effect to the 1-for-10 reverse stock split for all periods presented.
+Added: Our common stock trades on the NYSE under the ticker symbol "IVT".
As of February 1, 2023, there were 24,205 holders of record of shares of our outstanding common stock.
2 unchanged sentences
Issuer Purchases of Equity Securities
−Removed: Suspension of Third Amended and Restated Share Repurchase Program
−Removed: On April 6, 2021, we adopted the Third Amended and Restated Share Repurchase Program, (as amended, the "Share Repurchase Program" or "SRP").
−Removed: On April 12, 2021, we announced the reinstatement of the SRP, effective May 14, 2021, for qualifying stockholders.
−Removed: The repurchase price per share of $21.70 for eligible stockholders was equal to a 25% discount to the most recent estimated Net Asset Value ("NAV") per share of the Company's common stock established by the Board, which was $28.90 per share as of December 1, 2020.
−Removed: During the year ended December 31, 2021, 755,643 shares were repurchased in connection with the SRP at a price per share of $21.70.
−Removed: On August 5, 2021, the Board suspended the SRP effective September 5, 2021.
−Removed: In connection with the NYSE Listing, the Board approved a modified "Dutch Auction" tender offer to purchase up to $100.0 million in value of the Company's shares of common stock (the "Tender Offer"), which commenced on October 12, 2021 and expired on November 8, 2021.
−Removed: The Company accepted for purchase 4,000,000 shares of its common stock at a purchase price of $25.00 per share, for an aggregate purchase price of approximately $100.0 million, excluding related fees and expenses.
−Removed: The Company funded the Tender Offer and all related costs from its available liquidity on November 12, 2021.
−Removed: Additionally, during 2021, certain of the Company's employees surrendered shares of common stock to satisfy their tax withholding obligations associated with the vesting of shares of common stock issued under the Incentive Award Plan.
+Added: Share Repurchase Program
+Added: On February 23, 2022, we established a share repurchase program (the "SRP") of up to $150.0 million of our outstanding shares of common stock.
+Added: The SRP may be suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or particular amount of shares.
+Added: As of December 31, 2022, no common stock has been repurchased under the SRP.
+Added: During the year ended December 31, 2022, certain of the Company's employees surrendered shares of common stock to satisfy tax withholding obligations associated with the vesting of shares of common stock issued under the InvenTrust Properties Corp.
+Added: 2015 Incentive Award Plan ("Incentive Award Plan").
The following is a summary of all share repurchases during the fourth quarter of 2022:
Period Total No.
−Removed: of Shares Purchased Average Price Paid per Share Total No.
+Added: Shares Purchased (a) Average Price
+Added: Paid per Share Total No.
of Shares Purchased as Part of Publicly Announced Plans or Programs Approx.
−Removed: Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (a)
+Added: Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
October 1 - October 31, 2022 — $ — — $ 150,000
November 1 - November 30, 2022 — $ — — $ 150,000
−Removed: December 1 - December 31, 2021 (b)
−Removed: 60,313 27.45 — —
−Removed: Total $ 60,313 $ 27.45 $ — $ —
−Removed: (a) Represents amount outstanding under the Company's SRP.
−Removed: This program was suspended effective September 5, 2021.
−Removed: As such, no shares were repurchased under the SRP during the fourth quarter of 2021.
−Removed: (b) Consists of shares of common stock surrendered to the Company to satisfy tax withholding obligations associated with the vesting of restricted stock units.
+Added: December 1 - December 31, 2022 30,053 $ 23.18 — $ 150,000
+Added: (a) Consists of shares of common stock surrendered to the Company to satisfy tax withholding obligations associated with the vesting of restricted stock units.
Distributions
18 unchanged sentences
6/30/2022 7/15/2022 0.205200 0.191321 0.013879 — 0.191321 0.006489
−Removed: 9/30/2021 (a) 10/7/2021 0.195500 0.139477 0.056023 — 0.139477 0.003465
9/30/2022 10/14/2022 0.205200 0.191321 0.013879 — 0.191321 0.006489
−Removed: (a) Dividends payable after the Reverse Stock Split, beginning with the third quarter 2021 distribution paid in October 2021, have been adjusted to reflect the 1-for-10 reverse stock split.
+Added: $ 0.820800 $ 0.765284 $ 0.055516 $ — $ 0.765284 $ 0.025956
During the year ended December 31, 2021, we paid cash distributions of $55.6 million.
−Removed: For income tax purposes only, approximately 49.69% of the distributions paid in 2020 was treated as ordinary dividends and approximately 50.31% was treated as other forms of distributions.
−Removed: The December 2020 distribution, with a record date of December 30, 2020 and payment date of January 15, 2021, was reported in 2021, and not reflected in the 2020 tax allocation.
+Added: For income tax purposes only, approximately 71.34% of the distributions paid in 2021 will be treated as ordinary dividends and approximately 28.66% will be treated as other forms of distributions.
+Added: The December 2021 dividend declared, with a record date of December 30, 2021 and payment date of January 14, 2022, will be reported in 2022, and is not reflected in the 2021 tax allocation.
The following table denotes the allocation of our distributions paid in 2021 for income tax purposes only.
Record Date Distributions Payable Date Total Distribution
−Removed: per Share (a) Ordinary Dividend
+Added: per Share Ordinary Dividend
Per Share Return of Capital
2 unchanged sentences
199A Dividend
+Added: Per Share Sec.
+Added: Dividend Per Share
12/30/2020 1/15/2021 $ 0.018975 $ 0.013537 $ 0.005438 $ — $ 0.013537 $ 0.000336
8 unchanged sentences
The performance shown in the graph below is not intended to forecast or be indicative of future stock price performance.
+Added: Ticker / Index 10/12/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/30/2022
+Added: IVT $100.00 $116.32 $132.22 $111.66 $93.22 $104.34
+Added: FSTE NAREIT Equity Index 100.00 112.75 108.36 89.98 81.03 85.28
+Added: FSTE NAREIT Shopping Centers Index 100.00 107.87 106.96 87.60 80.18 94.34
+Added: S&P 500 Index 100.00 109.88 104.83 87.95 83.65 89.98
Recent Sales of Unregistered Securities
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.