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Item 1. Business

2024-02-14 compared with 2023-02-21 · 29 added, 28 removed, 90 unchanged (39% of the section changed)

On October 4, 2004, we were incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and have elected and operate in a manner to be taxed as a REIT for federal tax purposes.

We changed our name to InvenTrust Properties Corp.

in April 2015 and are focused on owning, leasing, redeveloping, acquiring and managing a multi-tenant retail platform.

On October 12, 2021, the Company's shares of common stock were listed and began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "IVT" (the "NYSE Listing").

Our wholly-owned and managed retail properties include grocery-anchored community and neighborhood centers and power centers, including those classified as necessity-based.

As of December 31, 2022, we owned or had an interest in 62 retail properties with a total gross leasable area ("GLA") of approximately 10.3 million square feet, which includes 4 retail properties with a GLA of approximately 1.1 million square feet owned through our 55% ownership interest in IAGM Retail Fund I, LLC ("IAGM"), an unconsolidated retail joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM").

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.

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 .

The Company assumed aggregate mortgage debt of $92.5 million and funded the remaining balance with its available liquidity.

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.

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.

On October 4, 2004, InvenTrust Properties Corp.

was incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and elected to operate in a manner to be taxed as a REIT for federal tax purposes.

The Company changed its name to InvenTrust Properties Corp.

in April 2015 and is focused on owning, leasing, redeveloping, acquiring and managing a multi-tenant retail platform.

On October 12, 2021, the Company's shares of common stock were listed and began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "IVT."

InvenTrust's wholly-owned and managed retail properties include grocery-anchored community and neighborhood centers and power centers, including those classified as necessity-based.

As of December 31, 2023, the Company owned 62 retail properties with a total gross leasable area ("GLA") of approximately 10.3 million square feet.

The following table summarizes our retail portfolio as of December 31, 2023.

Retail Properties IAGM

Retail Properties Pro Rata Combined

Retail Portfolio

As of December 31, 2023

of properties 62

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ABR per square foot ("PSF") is computed as ABR divided by the occupied square footage as of the end of the period.

Joint Venture Acquisition

As of December 31, 2022, the Company owned a 55% interest in IAGM Retail Fund I, LLC ("IAGM"), an unconsolidated retail joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM").

As of December 31, 2022, IAGM was the Company's sole joint venture and was unconsolidated.

On January 18, 2023, the Company acquired the four remaining retail properties from IAGM.

Throughout this Annual Report, where indicated as "Pro Rata," the Company has included the results from its ownership share of its joint venture properties at 55% ("at share") when combined with the Company's wholly owned properties, defined as "Pro Rata," except for property and lease count, as of and for the year ended December 31, 2022.

Business Strategy

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.

InvenTrust Properties Corp.

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.

We pursue our business strategy by:

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Acquiring retail properties in Sun Belt markets.

InvenTrust focuses on Sun Belt grocery-anchored neighborhood and community centers, and select power centers that often have a grocery component, in markets with favorable demographics, including above average growth in population, employment, income and education levels.

InvenTrust focuses on Sun Belt markets with favorable demographics, including above average growth in population, employment, income and education levels.

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.

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We believe we can enhance our communities, conserve resources and foster a best-in-class working environment while growing long term stockholder value.

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.

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 integrate environmental sustainability, social responsibility, and strong governance practices throughout our organization.

We believe our concentrated portfolio and focused strategy will allow us to adapt to the evolving needs of stakeholders.

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We believe in fostering a highly engaged inclusive environment which drives growth and productivity.

We believe that our heightened focus on development and health and wellness creates a more engaged workforce.

In 2022, 81% of our employees were highly engaged and we were named of one Chicago's Top Workplaces by The Chicago Tribune.

We believe that our heightened focus on employee development and health and wellness creates a more engaged workforce.

In 2023, 87% of our employees were highly engaged and we were named of one Chicago's Top Workplaces by The Chicago Tribune for the second year in a row.

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.

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We are proud that 100% of our employees participated in charitable events giving back to our communities in 2023.

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.

Our Flexible Fridays program enables our employees to 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 believe we can enhance our communities, conserve resources, and foster a best-in-class working environment while growing long-term stockholder value.

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.

In 2023, we set energy, water, waste and greenhouse gas reduction targets, continued progress towards our 5-year goals, and increased our GRESB score by five points year over year.

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 integrate environmental sustainability, social responsibility, and strong governance practices throughout our organization.

For the avoidance of doubt, neither our 2022 ESG Report nor any portion thereof is incorporated by reference into this Annual Report.

3 unchanged sentences

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.

To qualify as a REIT, we are generally required to distribute at least 90% of our REIT taxable income (subject to certain adjustments) to our stockholders each year (the "90% Distribution Requirement").

To qualify as a REIT, we are generally required to distribute at least 90% of our REIT taxable income (subject to certain adjustments) to our stockholders each year.

As a REIT, we are entitled to a tax deduction for some or all of the dividends paid to stockholders.

5 unchanged sentences

www.inventrustproperties.com.

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.

The information on the Company's website is not incorporated by reference in this Annual Report or in any other report or document we file with the U.S.

Securities and Exchange Commission ("SEC"), and any references to our website are intended to be inactive textual references only.

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.

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Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website.

We also intend to use certain social media channels as a means of disclosing information about us and our business to our colleagues, customers, investors and the public (e.g., the InvenTrust Twitter account (twitter.com/inventrustprop);

and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties).

The information posted on social media channels is not incorporated by reference in this report or in any other report or document we file with the SEC.

The information posted on social media channels is not incorporated by reference in this Annual Report or in any other report or document we file with the SEC.

While not all of the information that the Company posts to the InvenTrust investor relations website or to social media accounts 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 the Company's investor relations website at www.inventrustproperties.com/investor-relations, and regularly follow our social media accounts.

Accordingly, the Company encourages investors, the media, and others interested in InvenTrust to review the information that it shares on the Company's investor relations website at inventrustproperties.com/investor-relations, and regularly follow the Company's social media accounts.

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.

What changed 10-K

Item 1. Business