4 unchanged sentences
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."
−Removed: 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, 2024, the Company owned 68 retail properties with a total gross leasable area ("GLA") of approximately 11.0 million square feet.
8 unchanged sentences
Actual use may be less than economic occupancy.
−Removed: Specialty Leases represent leases of less than one year in duration for small shop space and include any term length for common area space.
+Added: Specialty Leases include small shop leases with terms of less than one year and leases of common area space with terms of any term length.
(b) Leased occupancy is defined as economic occupancy plus the percentage of signed but not yet commenced GLA divided by total GLA.
−Removed: (c) Annualized Base Rent ("ABR") is computed as base rent for the period multiplied by twelve months.
−Removed: Base rent is inclusive of ground rent and any abatement concessions, but excludes Specialty Lease rent.
+Added: (c) Annualized Base Rent ("ABR") is computed as base rent for the last month of the period multiplied by twelve.
+Added: Base rent is inclusive of ground rent and exclusive of Specialty Lease rent.
ABR per square foot ("PSF") is computed as ABR divided by the occupied square footage as of the end of the period.
−Removed: Joint Venture Acquisition
−Removed: 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").
−Removed: 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.
−Removed: As of December 31, 2022, IAGM was the Company's sole joint venture and was unconsolidated.
−Removed: On January 18, 2023, the Company acquired the four remaining retail properties from IAGM.
−Removed: 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
5 unchanged sentences
• Maintaining a flexible capital structure.
−Removed: • Enhancing our environmental, social and governance practices and standards.
Acquiring retail properties in Sun Belt markets.
InvenTrust focuses on Sun Belt markets with favorable demographics, including above-average growth in population, employment, income and education levels.
−Removed: 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 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.
+Added: We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based retail centers, which will position us to capitalize on potential future rent increases while enjoying sustained occupancy at our centers.
+Added: Our strategically located 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.
1 unchanged sentence
We continue to opportunistically dispose of properties where we believe they no longer meet our investment criteria.
−Removed: These dispositions will allow the Company to re-deploy the proceeds in more attractive opportunities in Sun Belt markets.
+Added: These dispositions will allow us to redeploy the proceeds in more attractive opportunities in Sun Belt markets.
Maintaining a flexible capital structure.
We believe our current capital structure provides us with the financial flexibility and capacity to fund our current capital needs as well as future growth opportunities.
−Removed: We believe we have the liquidity necessary to continue executing on our strategic and operational objectives while exhibiting focused and disciplined capital allocation.
+Added: We believe we have the liquidity necessary to continue executing on our strategic and operational objectives while exhibiting a focused and disciplined capital allocation.
Our flexible capital structure and ample liquidity will allow us to take advantage of future growth opportunities that meet our investment criteria.
−Removed: Enhancing our environmental, social and governance practices and standards .
−Removed: We continue to focus on environmental, social and governance ("ESG") practices and standards across our platform.
−Removed: We believe we can enhance our communities, conserve resources and foster a best-in-class working environment while growing long term stockholder value.
−Removed: 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.
−Removed: We believe our concentrated portfolio and focused strategy will allow us to adapt to the evolving needs of stakeholders.
We compete with numerous companies and individuals engaged in the ownership, development, acquisition, and operation of shopping centers in Sun Belt markets, resulting in competition for attracting and retaining tenants and acquiring and disposing shopping centers.
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 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.
+Added: Our local market presence is supported by our 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.
−Removed: Our concerted focus on Sun Belt markets provides us greater opportunity to carefully evaluate potential acquisitions.
+Added: Our concerted focus on the Sun Belt markets provides us greater opportunity to carefully evaluate potential acquisitions.
Human Capital Management
2 unchanged sentences
We are committed to creating a corporate culture characterized by high levels of employee engagement, growth and development, and health and wellness.
−Removed: We seek to attract and retain diverse and talented professionals who provide a wide range of opinions and experiences to drive our business forward.
+Added: We seek to attract and retain talented professionals who provide a wide range of opinions and experiences to drive our business forward.
As of December 31, 2024, we have 101 full-time employees.
−Removed: 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.
−Removed: We define gender diversity as employees who identify as women.
−Removed: Overall diversity across our workforce is approximately 67%, including gender and racial/ethnic groups.
−Removed: Racial diversity across our workforce is 19%.
−Removed: Women represent approximately 61% of our employees.
Our Human Capital strategy is focused on talent management.
1 unchanged sentence
We believe our employees are fairly compensated, without regard to gender, race, and ethnicity.
−Removed: 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.
+Added: 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 insurance, life insurance, 401(k) matching, tuition reimbursement, flexible Fridays and remote work flexibility.
Employee engagement is critical to our success.
1 unchanged sentence
We believe that our heightened focus on employee development and health and wellness creates a more engaged workforce.
−Removed: 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.
+Added: In 2024, 90% of our employees were highly engaged and we were named one of Chicago's Top Workplaces by The Chicago Tribune for the third 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.
−Removed: Our hybrid work model provides an opportunity for employees to balance work and life whether they are in the office or at home.
+Added: Our hybrid work model provides an opportunity for employees to balance work and life, whether in the office or at home.
We also host monthly events focused on employee education, health and wellness, engagement activities, and giving back to our communities.
6 unchanged sentences
We monitor our performance through employee engagement surveys and utilize the results to continually improve our organization.
−Removed: Environment, Social and Governance
−Removed: ESG is not new to InvenTrust.
−Removed: 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.
−Removed: We believe we can enhance our communities, conserve resources, and foster a best-in-class working environment while growing long-term stockholder value.
−Removed: 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.
−Removed: 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.
−Removed: For the avoidance of doubt, neither our 2022 ESG Report nor any portion thereof is incorporated by reference into this Annual Report.
+Added: Corporate Responsibility and Governance
+Added: We continue to manage matters of corporate responsibility and governance across our platform as part of our overall business strategy.
+Added: We believe that our efforts to enhance our communities, conserve resources, and foster a best-in-class work environment are not just compatible with, but facilitative of, growing long-term stockholder value.
+Added: We discuss such initiatives related to our corporate responsibility and governance in our annual environmental, social, and governance ("ESG") report (the "ESG Report") available on our website.
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 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.
+Added: However, we acknowledge that compliance with environmental-related regulations and legislation is evolving, and we cannot predict the impact of 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.
16 unchanged sentences
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.
−Removed: 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 X account (twitter.com/inventrustprop);
+Added: 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 X account (x.com/inventrustprop);
and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties).
3 unchanged sentences
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.