Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
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.
In order to comply with certain requirements related to our qualification as a REIT, our charter, subject to certain exceptions, contains restrictions on the number of shares of our common stock that a person may own. Our charter provides that no person may beneficially or constructively own more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock.
Issuer Purchases of Equity Securities
Share Repurchase Program
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. 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. As of December 31, 2022, no common stock has been repurchased under the SRP.
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. 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. of
Shares Purchased (a) Average Price
Paid per Share Total No. of Shares Purchased as Part of Publicly Announced Plans or Programs Approx. 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
December 1 - December 31, 2022 30,053 $ 23.18 — $ 150,000
(a) Consists of shares of common stock surrendered to the Company to satisfy tax withholding obligations associated with the vesting of restricted stock units.
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Distributions
We have been paying cash distributions since October 2005. Our quarterly distributions are paid one quarter in arrears. Any future determination to pay distributions will be at the discretion of our Board and will depend on our financial condition, capital requirements, restrictions contained in current or future financing instruments, and such other factors as our Board deems relevant. We currently have capacity and intend to continue to pay a quarterly distribution, subject to Board approval.
During the year ended December 31, 2022, we paid cash distributions of $55.3 million. For income tax purposes only, approximately 93.2% of the distributions paid in 2022 will be treated as ordinary dividends and approximately 6.8% will be treated as other forms of distributions. The December 2022 dividend declared, with a record date of December 29, 2022 and payment date of January 13, 2023, will be reported in 2023, and is not reflected in the 2022 tax allocation. The following table denotes the allocation of our distributions paid in 2022 for income tax purposes only.
Record Date Distributions Payable Date Total Distribution
per Share Ordinary Dividend
Per Share Return of Capital
Per Share Qualified Dividend
Per Share Sec. 199A Dividend
Per Share Sec. 897 Ordinary
Dividend Per Share
12/30/2021 1/14/2022 $ 0.205200 $ 0.191321 $ 0.013879 $ — $ 0.191321 $ 0.006489
3/31/2022 4/15/2022 0.205200 0.191321 0.013879 — 0.191321 0.006489
6/30/2022 7/15/2022 0.205200 0.191321 0.013879 — 0.191321 0.006489
9/30/2022 10/14/2022 0.205200 0.191321 0.013879 — 0.191321 0.006489
$ 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. 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. 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
per Share Ordinary Dividend
Per Share Return of Capital
Per Share Qualified Dividend
Per Share Sec. 199A Dividend
Per Share Sec. 897 Ordinary
Dividend Per Share
12/30/2020 1/15/2021 $ 0.018975 $ 0.013537 $ 0.005438 $ — $ 0.013537 $ 0.000336
3/31/2021 4/15/2021 0.019550 0.013948 0.005602 — 0.013948 0.000347
6/30/2021 7/15/2021 0.019550 0.013948 0.005602 — 0.013948 0.000347
9/30/2021 10/7/2021 0.195500 0.139477 0.056023 — 0.139477 0.003465
$ 0.253575 $ 0.180910 $ 0.072665 $ — $ 0.180910 $ 0.004495
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Stock Performance Graph
The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, or otherwise subject to the liabilities under the Securities Act or Exchange Act, except to the extent that we specifically incorporate it by reference into such filing.
The following graph depicts the total cumulative stockholder return of the Company’s common stock from October 12, 2021, the first day of trading of our common stock on the NYSE, through December 31, 2022, relative to the performance of the FTSE National Association of Real Estate Investment Trusts Equity REITs Index (the "FTSE NAREIT Equity Index"), the FTSE National Association of Real Estate Investment Trusts Equity Shopping Centers Index (the "FTSE NAREIT Shopping Centers Index"), and the Standard and Poor’s 500 Stock Index (S&P 500 Index). The graph assumes an initial investment of $ 100.00 at the first NYSE trade price of $23.61 on October 12, 2021 and that all dividends paid by companies included in these indices have been rei nvested. The performance shown in the graph below is not intended to forecast or be indicative of future stock price performance.
Ticker / Index 10/12/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/30/2022
IVT $100.00 $116.32 $132.22 $111.66 $93.22 $104.34
FSTE NAREIT Equity Index 100.00 112.75 108.36 89.98 81.03 85.28
FSTE NAREIT Shopping Centers Index 100.00 107.87 106.96 87.60 80.18 94.34
S&P 500 Index 100.00 109.88 104.83 87.95 83.65 89.98
Recent Sales of Unregistered Securities
None.
Item 6. Reserved
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