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, 2024, there were 21,964 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, 2023, no common stock has been repurchased under the SRP.
Stock-Based Compensation Plans
During the year ended December 31, 2023, 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") and the purchase of shares of common stock at a discount under the Employee Stock Purchase Plan (the "ESPP").
The following table summarizes all share repurchases during the fourth quarter of 2023:
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, 2023 — $ — — $ 150,000
November 1 - November 30, 2023 — $ — — $ 150,000
December 1 - December 31, 2023 39,901 $ 25.73 — $ 150,000
(a) Consists of shares of common stock surrendered to the Company to satisfy tax withholding obligations.
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, 2023 and 2022, we declared and paid cash distributions of $57.5 million and $55.3 million respectively. For the distribution of $0.2155 declared on December 28, 2023 and paid on January 15, 2024, $0.1030 of the distribution is reported for the tax year 2023 and included in the tax characterization percentages in the table below.
The tax characterization of our distributions declared for the years ended December 31, 2023 and 2022 was as follows:
Common Stock: 2023 2022
Ordinary distribution 78.50% 93.20%
Other forms of distributions —% 6.80%
Capital gain distributions (a) 21.50% —%
Total distributions per share of common stock 100.00% 100.00%
(a) Of the Total Capital Gain Distribution, 0% is excluded under Reg. 1.1061-4(b)(7). The remaining 100% is a Three Year Amount under Reg. 1.1061-6(c).
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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, 2023, 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 12/31/2022 12/31/2023
IVT $100.00 $116.32 $104.34 $115.87
FTSE NAREIT Equity Index 100.00 112.75 85.28 96.99
FTSE NAREIT Shopping Centers Index 100.00 107.87 94.34 105.70
S&P 500 Index 100.00 109.88 89.98 113.63
Recent Sales of Unregistered Securities
None.
Item 6. Reserved
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