[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","oq7mbnxshjee1faw7v6j5e0js","revision",2,"title","InvenTrust Properties Corp.公布截至2026年9月30日季度及前三季度10-Q：第三季度净利润1,941.3万美元，前三季度净利润2,596.6万美元","originalTitle","10-Q - InvenTrust Properties Corp. (0001307748) (Filer)","summary","InvenTrust Properties Corp.提交截至2026年9月30日季度的10-Q。2026年第三季度总收入为8,711.7万美元、净利润为1,941.3万美元，基本及摊薄每股收益均为0.25美元；前三季度总收入为2.525亿美元、净利润为2,596.6万美元，摊薄每股收益为0.33美元。","reason","这份10-Q节选呈现了公司前三季度净利润、物业出售收益、现金流及债务的变化，可用于了解其经营与融资状况。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_78":88},"publishedAt","2026-10-27T20:14:57.000Z","discoveredAt","2026-10-28T00:48:15.540Z","timelineAt","category","ai-products","tags",[84,85],"stockSymbols",[83],"score",59,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fSw73JWyRC-U",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","25e3078f-9070-48d4-99cb-201a6a043edd","InvenTrust发布投资者演示材料并披露第三季度业绩",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表格

☒ 根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或

☐ 根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期自至

委员会档案编号：001-40896

INVENTRUST PROPERTIES CORP.

（注册人章程中规定的确切名称）

马里兰州

34-2019608

（注册成立或组织所在的州或其他司法管辖区）

$\"10Q$

（美国国税局雇主识别号）

3025 Highland Parkway,

Suite 350

Downers Grove,

Illinois

60515

(855)

377-0510

（主要行政办公室地址）（邮政编码）

（注册人电话号码，包括区号）

根据该法第 12(b) 条注册的证券：

各类别名称

交易代码

注册所在交易所名称

普通股，每股面值 $0.001

IVT

纽约证券交易所

请勾选标记，说明注册人是否 (1) 已在此前 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条规定须提交的所有报告，以及 (2) 在过去 90 天内一直受此类提交要求约束。是 ☒ 否 ☐

请勾选标记，说明注册人是否已在此前 12 个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据 S-T 法规第 405 条（本章 §232.405）须提交的每一份交互式数据文件。是 ☒ 否 ☐

请勾选标记，说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长公司。参见《交易法》规则 12b-2 中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长公司”的定义。

大型加速申报公司

☒

加速申报公司

☐

非加速申报公司

☐

较小申报公司

☐

新兴成长公司

☐

如果属于新兴成长公司，请勾选标记，说明注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新的或修订后的财务会计准则的延长过渡期。 ☐

请勾选标记，说明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。是 ☐ 否 ☒

截至 2026 年 10 月 23 日，注册人已发行普通股为 77,978,431 股。

INVENTRUST PROPERTIES CORP.

10-Q 表格季度报告

截至 2026 年 9 月 30 日的季度


	第一部分 - 财务信息	页
第1项。	财务报表
	截至2026年9月30日（未经审计）和2025年12月31日的简明合并资产负债表	1
	截至2026年和2025年9月30日止三个月和九个月的简明合并经营和综合收益表（未经审计）	2
	截至2026年和2025年9月30日止三个月和九个月的简明合并权益变动表（未经审计）	3
	截至2026年和2025年9月30日止九个月的简明合并现金流量表（未经审计）	5
	简明合并财务报表附注	7
第2项。	管理层对财务状况和经营业绩的讨论与分析	20
第3项。	市场风险的定量和定性披露	33
第4项。	控制与程序	34
	第二部分 - 其他信息
第1项。	法律诉讼	34
第1A项。	风险因素	34
第2项。	未注册股权证券的出售及所得款项用途	34
第3项。	优先证券违约	34
第4项。	矿山安全披露	35
第5项。	其他信息	35
第6项。	附件	35

	签名	36

-i-

INVENTRUST PROPERTIES CORP.

简明合并资产负债表

（单位：千，股份数额除外）


	截至
	2026年9月30日		2025年12月31日
	（未经审计）
资产
投资性房地产
土地	$	747,227			$	702,147
建筑物及其他改良	2,478,598			2,295,852
在建工程	14,976			7,473
总计	3,240,801			3,005,472
减：累计折旧	(577,960)			(525,830)
投资性房地产净额	2,662,841			2,479,642
现金、现金等价物及受限现金	36,704			40,518
无形资产净额	211,585			193,963
应收账款及租金	44,784			37,471
递延成本及其他资产净额	53,466			37,053
资产总额	$	3,009,380			$	2,788,647

负债
债务净额	$	1,040,203			$	825,881
应付账款及应计费用	60,897			48,291
应付分配款	19,494			18,450
无形负债净额	77,396			68,475
其他负债	31,890			33,288
负债总额	1,229,880			994,385
承诺和或有事项

股东权益
优先股，每股面值$0.001，授权40,000,000股，无已发行在外股份	—			—
普通股，每股面值$0.001，授权146,000,000股，截至2026年9月30日已发行并流通77,978,431股，以及截至2025年12月31日已发行并流通77,691,533股	78			78
额外实缴资本	5,738,889			5,736,652
超过累计净收益的分配	(3,979,733)			(3,947,229)
累计综合收益	20,266			4,761
股东权益总额	1,779,500			1,794,262
负债和股东权益总额	$	3,009,380			$	2,788,647

请参阅简明合并财务报表附注。

INVENTRUST PROPERTIES CORP.

简明合并经营与综合收益表

（未经审计）

（单位：千，股份数和每股金额除外）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
收入
租赁收入净额	$	86,631			$	74,019		$	251,084	$	220,538
其他物业收入	486			447			1,444		1,250
收入总额	87,117			74,466			252,528		221,788

运营费用
折旧和摊销	39,731			32,734			114,776		94,086
物业运营费用	13,202			11,054			37,876		33,277
房地产税	10,369			9,047			30,178		28,597
一般和行政费用	8,557			8,316			26,818		25,569
运营费用总额	71,859			61,151			209,648		181,529

其他（费用）收入
利息费用净额	(13,210)			(8,969)			(34,623)		(25,637)


出售投资性房地产收益	17,379			52			17,379		90,961
其他收入和费用净额	(14)			1,628			330		3,177
其他（费用）收入净额合计	4,155			(7,289)			(16,914)		68,501

净利润	$	19,413			$	6,026		$	25,966	$	108,760

加权平均普通股流通股数——基本	77,975,439			77,615,993			77,954,965		77,590,691
加权平均普通股流通股数——稀释	78,726,151			78,498,873			78,632,013		78,317,551

每股普通股净利润——基本	$	0.25			$	0.08		$	0.33	$	1.40
每股普通股净利润——稀释	$	0.25			$	0.08		$	0.33	$	1.39

综合收益
净利润	$	19,413			$	6,026		$	25,966	$	108,760
衍生工具未实现收益（损失）净额	18,932			(1,008)			20,287		(2,637)
重新分类计入净利润	(7,994)			(2,316)			(4,782)		(6,851)
综合收益	$	30,351			$	2,702		$	41,471	$	99,272

请参阅简明合并财务报表附注。

INVENTRUST PROPERTIES CORP.

简明合并权益变动表

（未经审计）

（单位：千，股份数除外）


	股份数	普通股		额外实缴资本	超过累计净利润的分配		累计综合收益		总计

2026年1月1日余额	77,691,533		$	78		$	5,736,652			$	(3,947,229)	$	4,761	$	1,794,262
净利润	—		—		—			5,184			—	5,184
衍生工具未实现收益	—		—		—			—			2,838	2,838
重新分类计入利息费用净额	—		—		—			—			(1,606)	(1,606)
已宣告分配（每股普通股$0.2500）	—		—		—			(19,484)			—	(19,484)
股份薪酬净额	244,324		—		(3,112)			—			—	(3,112)
2026年3月31日余额	77,935,857		$	78		$	5,733,540			$	(3,961,529)	$	5,993	$	1,778,082
净利润	—		—		—			1,369			—	1,369
衍生工具未实现损失	—		—		—			—			(1,483)	(1,483)
重新分类计入利息费用净额	—		—		—			—			4,818	4,818
已宣告分配（每股普通股$0.2500）	—		—		—			(19,492)			—	(19,492)
股份薪酬净额	30,604		—		2,388			—			—	2,388
2026年6月30日余额	77,966,461		$	78		$	5,735,928			$	(3,979,652)	$	9,328	$	1,765,682
净利润	—		—		—			19,413			—	19,413
衍生工具未实现收益	—		—		—			—			18,932	18,932
重新分类计入利息费用净额	—		—		—			—			(7,994)	(7,994)
已宣告分配（每股普通股$0.2500）	—		—		—			(19,494)			—	(19,494)

股份薪酬净额	11,970		—		2,961			—			—	2,961
2026年9月30日余额	77,978,431		$	78		$	5,738,889			$	(3,979,733)	$	20,266	$	1,779,500

请参阅简明合并财务报表附注。

INVENTRUST PROPERTIES CORP.

简明合并权益变动表

（未经审计）

（单位：千，股份数除外）


	股份数	普通股		额外实缴资本	超过累计净利润的分配		累计综合收益		总计

2025年1月1日余额	77,450,794		$	77		$	5,730,367			$	(3,984,865)	$	14,426	$	1,760,005
净利润	—		—		—			6,792			—	6,792
衍生工具未实现损失	—		—		—			—			(1,586)	(1,586)
重新分类计入利息费用净额	—		—		—			—			(2,242)	(2,242)
已宣告分配（每股普通股$0.2377）	—		—		—			(18,438)			—	(18,438)
股份薪酬净额	116,970		1		274			—			—	275
2025年3月31日余额	77,567,764		$	78		$	5,730,641			$	(3,996,511)	$	10,598	$	1,744,806
净利润	—		—		—			95,942			—	95,942
衍生工具未实现损失	—		—		—			—			(43)	(43)
重新分类计入利息费用净额	—		—		—			—			(2,293)	(2,293)
已宣告分配（每股普通股 $0.2377）	—		—		—			(18,447)			—	(18,447)
股票薪酬，净额	38,632		—		2,321			—			—	2,321
2025 年 6 月 30 日期末余额	77,606,396		$	78		$	5,732,962			$	(3,919,016)	$	8,262	$	1,822,286
净利润	—		—		—			6,026			—	6,026
衍生工具未实现亏损	—		—		—			—			(1,008)	(1,008)
重新分类至利息费用，净额	—		—		—			—			(2,316)	(2,316)
已宣告分配（每股普通股 $0.2377）	—		—		—			(18,450)			—	(18,450)

股票薪酬，净额	12,984		—		2,575			—			—	2,575
2025 年 9 月 30 日期末余额	77,619,380		$	78		$	5,735,537			$	(3,931,440)	$	4,938	$	1,809,113

请参阅随附的简明合并财务报表附注。

INVENTRUST PROPERTIES CORP.

简明合并现金流量表

（未经审计）

（单位：千）


	截至 9 月 30 日的九个月
	2026		2025
经营活动现金流量：
净利润	$	25,966			$	108,760
将净利润调节为经营活动提供的现金净额：
折旧和摊销	114,776			94,086
市场租赁无形资产及租赁激励摊销，净额	(6,014)			(3,170)
债务折价和融资成本摊销	2,632			2,076
融资租赁负债增值	153			60
直线法租金调整，净额	(3,802)			(2,859)
预计信用损失准备	752			408

出售投资性房地产的收益	(17,379)			(90,961)

股票薪酬，净额	8,449			8,195
经营资产和负债变动：
应收账款及租金	(4,492)			(2,596)
递延成本及其他资产，净额	(1,681)			(3,558)
应付账款及应计费用	3,568			926
其他负债	(1,476)			1,307
经营活动提供的现金净额	121,452			112,674
投资活动现金流量：
购置投资性房地产	(284,101)			(323,308)
资本性投资及租赁成本	(25,655)			(30,503)
出售投资性房地产所得款项，净额	34,830			299,504
其他投资活动，净额	(345)			(40)
投资活动使用的现金净额	(275,271)			(54,347)
融资活动现金流量：
支付股票薪酬相关预扣税款	(5,614)			(2,442)

根据员工股票购买计划（ESPP）出售普通股所得款项	494			488
支付普通股发行成本	(42)			(9)
向股东分配款项	(57,426)			(54,397)
定期贷款所得款项	—			400,000
偿还定期贷款	—			(400,000)
循环信贷额度所得款项	230,000			13,000
偿还循环信贷额度	(265,000)			(13,000)
优先票据所得款项	250,000			—


偿还抵押债务	—			(13,000)

支付抵押贷款本金	(577)			(219)
支付融资成本	(1,830)			(3,603)

融资活动提供（使用）的现金净额	150,005			(73,182)
现金、现金等价物及受限现金净减少额	(3,814)			(14,855)
期初现金、现金等价物及受限现金	40,518			91,221
期末现金、现金等价物及受限现金	$	36,704			$	76,366

INVENTRUST PROPERTIES CORP.

简明合并现金流量表

（未经审计）

（单位：千）


	截至 9 月 30 日的九个月
	2026		2025

补充披露及附表：
现金流披露，包括非现金活动：
支付的利息现金，扣除资本化利息	$	31,341			$	26,720
支付的所得税现金，扣除退款	705			675
应付股东分配款	19,494			18,450
应计资本性投资及租赁成本	11,237			4,900
已投入使用的资本化成本	5,847			13,312
股票薪酬发行股份总额	14,565			7,351
通过承担租赁负债取得的融资租赁使用权资产	—			10,973

与收购总价的调节：




购置投资性房地产	$	284,101			$	323,308
承担的抵押贷款本金	—			30,262
资本化收购成本	(1,527)			(2,336)
交割抵免	4,823			2,891
现金流出净额的分摊及其他变动	2,179			1,450
投资性房地产收购总价	$	289,576			$	355,575

与处置总价的调节：




出售投资性房地产所得净额	$	34,830			$	299,504
现金流入净额的抵免及其他变动	1,170			6,725
投资性房地产处置总价	$	36,000			$	306,229

请参阅随附的简明合并财务报表附注。

INVENTRUST PROPERTIES CORP.

简明合并财务报表附注

2026年和2025年9月30日

（未经审计）

随附的简明合并财务报表依据美国公认会计原则（“GAAP”）关于中期财务信息的规定以及《S-X条例》第10条编制。因此，报表未包含GAAP要求完整财务报表提供的所有信息和附注。阅读本季度截至2026年9月30日的10-Q表季度报告（“本季度报告”）中期简明合并财务报表的读者，应参阅InvenTrust Properties Corp.（“公司”或“InvenTrust”）截至2025年12月31日及该年度的经审计合并财务报表，该报表载于公司的10-K表年度报告（“年度报告”）。本季度报告省略了该等经审计合并财务报表中的部分附注披露。管理层认为，已纳入作出公允列报所需的所有调整（除另有说明外，均为正常的经常性应计项目）。除另有说明外，所有平方英尺数和金额均以千为单位，但股份、每股及每平方英尺数据除外。物业数量和平方英尺数未经审计。

1. 组织

2004年10月4日，InvenTrust Properties Corp. 在马里兰州注册成立，原名Inland American Real Estate Trust, Inc.，并选择以房地产投资信托基金（“REIT”）的方式经营，以用于联邦税务目的。公司于2015年4月更名为InvenTrust Properties Corp.，专注于持有、出租、重建、收购和管理多租户零售平台。

作为REIT，公司有权就向股东支付的部分或全部股息申请税收抵扣。因此，只要公司当前向股东分配的金额等于或超过其应税收入，公司通常无需缴纳联邦所得税。如果公司在任何纳税年度未能符合REIT资格，且不适用某些救济条款，则公司须按常规企业税率就其应税收入缴纳联邦和州所得税。

随附的简明合并财务报表包括本公司及其全资子公司的账目。子公司通常为有限责任公司和有限合伙企业。所有重大公司间余额和交易均已抵销。每处零售物业均由单独的法律实体持有，该实体保有自己的账簿和财务记录。各独立法律实体的资产不得用于清偿其他关联实体的负债。

根据 GAAP 的披露要求，本公司只有一个可报告分部，即多租户零售。下表汇总了本公司截至 2026 年和 2025 年 9 月 30 日的零售物业组合：


	截至 9 月 30 日
	2026	2025
物业数量	78	71
可出租总面积（“GLA”）（平方英尺）	12,301	11,347

2. 列报基础

随附的简明合并财务报表按 GAAP 编制。GAAP 要求管理层作出估计和假设，这些估计和假设会影响简明合并财务报表日资产和负债的列报金额、或有资产和负债的披露，以及报告期间收入和费用的列报金额。若干领域需要作出重大估计、判断和假设，包括但不限于评估长期资产减值、分摊收购零售物业的购买价、确定债务公允价值，以及评估应收账款的可收回性。本公司根据历史经验及其他各种因素作出这些估计、判断和假设，并认为这些因素在相关情况下合理。实际结果可能与这些估计不同。

近期发布但尚未采用的会计准则

下表汇总了近期发布的会计准则及其对本公司的潜在影响：

准则

说明

生效日期

对财务报表的影响
或其他重大事项

ASU No. 2024-03
损益表费用细分（子主题 220-40）及相关更新

该会计准则更新（“ASU”）旨在通过要求更细致地披露实体费用来改善财务报告，使投资者能够更好地了解业绩、未来现金流前景以及不同时期的可比性。

其主要目标是通过在财务报表附注中细分相关费用项目，提高费用信息对决策的有用性。

2026 年 12 月 15 日之后开始的年度报告期间，以及 2027 年 12 月 15 日之后开始的年度报告期间内的中期期间。

本公司继续评估该指引，预计其影响仅限于增加披露内容。

本公司预计该准则不会对本公司的财务状况、经营业绩或现金流产生影响。

ASU No. 2025-11
中期报告（主题 270）及相关更新

该 ASU 旨在通过明确其适用情形并编制全面的中期披露要求清单，提高中期指导的可操作性。

该 ASU 纳入了一项中期披露原则，要求实体披露自最近一个年度报告期末以来发生的重大事件和变化。

适用于 2027 年 12 月 15 日之后开始的年度报告期内的中期报告期。

该 ASU 指出，美国证券交易委员会（“SEC”）注册申报人应参照 Reg S-X 第 10-01 条和 Reg S-X 第 8-03 条的相关表格及内容要求。

由于公司已遵守上述要求，公司预计该指引不会导致公司的中期披露发生重大变化。

上表未披露的其他近期发布的会计准则或公告已被省略，因为它们与公司无关，或预计不会对公司简明合并财务报表产生重大影响，或未产生重大影响。

3. 收入确认

经营租赁

根据长期经营租赁和短期专用租赁应收取的最低租赁付款，不包括基于租户销售额的额外百分比租金以及租户对某些运营费用的补偿，并假设不行使续租选择权或提前终止权，具体如下：


	截至 2026 年 9 月 30 日
2026 年剩余时间	$	62,044
2027	242,032
2028	219,406
2029	188,902
2030	160,672
此后	588,829
总计	$	1,461,885

上表包括已接管其租赁空间的租户以及因收入确认而改按收付实现制核算的租户的付款。剩余租赁期限从不足一年到五十四年不等。

下表列示了租赁收入净额的分类情况：


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
最低基本租金	$	55,480			$	47,632		$	160,396	$	141,856
房地产税回收款	9,624			8,516			28,015		26,509
公共区域维护、保险及其他回收款	10,995			9,228			31,767		27,737
土地租金收入	5,968			5,449			17,628		15,527
市场租赁无形资产及租赁激励摊销净额	2,063			1,186			6,014		3,170
短期及其他租赁收入	1,082			859			3,339		3,084
终止费收入	42			146			875		204
直线法租金调整净额	1,622			1,121			3,802		2,859
预计信用损失准备	(245)			(118)			(752)		(408)
租赁收入净额	$	86,631			$	74,019		$	251,084	$	220,538

4. 收购的物业

下表列示了截至 2026 年 9 月 30 日的九个月内收购的零售物业：


收购月份	物业	市场	GLA （平方英尺）	收购总价
2026 年 2 月	Hudson Station Marketplace	亚利桑那州凤凰城	60		$	31,250
2026 年 2 月	Nashville West	田纳西州纳什维尔	324		88,000
2026 年 3 月	The Centre on Hugh Howell - Outparcel (a)	佐治亚州亚特兰大	7		3,731
2026 年 5 月	3609 South	北卡罗来纳州夏洛特	29		16,600
2026 年 6 月	Sweetgrass Corner	南卡罗来纳州查尔斯顿	95		50,995
2026 年 6 月	Western Plaza	田纳西州诺克斯维尔	162		65,000
2026 年 7 月	New Garden Crossing	格林斯伯勒，北卡罗来纳州	169		34,000

			846		$	289,576

(a)公司收购了毗邻该零售物业的一处独立地块。为便于列报，所收购独立地块的资产、负债和经营情况与公司已拥有的零售物业合并列报。

下表列示截至2025年9月 30日止九个月内收购的零售物业：


收购月份	物业	市场	建筑面积（平方英尺）	收购总价		承接的抵押债务
2025年4月	Plaza Escondida (a)	亚利桑那州图森	91		$	23,000		$	7,981
2025年4月	Carmel Village	北卡罗来纳州夏洛特	54		19,925		—
2025年6月	West Ashley Station (b)	南卡罗来纳州查尔斯顿	79		26,600		—
2025年6月	Twelve Oaks Shopping Center	佐治亚州萨凡纳	106		35,850		—
2025年7月	The Marketplace at Encino Park	德克萨斯州圣安东尼奥	92		38,500		—
2025年7月	West Broad Marketplace	弗吉尼亚州里士满	386		86,000		—
2025年8月	Asheville Market (c)	北卡罗来纳州阿什维尔	130		45,700		22,281
2025年9月	Rea Farms	北卡罗来纳州夏洛特	183		80,000		—
			1,121		$	355,575		$	30,262

(a)公司确认了与该物业抵押应付款相关的507美元公允价值调整。

(b)公司确认了因收购该物业时承接土地租赁而产生的10,973美元融资租赁负债。参见“附注11. 承诺和或有事项”。

(c)公司确认了与该物业抵押应付款相关的607美元公允价值调整。

下表列示截至2026年和2025年9月 30日止九个月内收购、作为资产收购入账的零售物业的购买价分摊：


	2026年收购		2025年收购
	金额		加权平均使用年限（年）		金额		加权平均使用年限（年）
土地	$	50,041			不适用		$	52,763		不适用
建筑物、屋顶和场地改良	196,278			28.3		246,589			28.0
融资租赁公允价值调整 (a)	—			不适用		(2,008)			66.6
原址租赁无形资产	53,199			7.2		77,020			8.5
高于市场租赁无形资产	3,107			8.0		2,221			7.8
抵押应付款公允价值调整	—			不适用		1,114			3.7
低于市场租赁无形资产	(16,345)			13.0		(22,679)			14.9
收购净资产	286,280					355,020
资本化收购成本	(1,527)					(2,336)
交割抵免额	4,823					2,891
收购总价	$	289,576					$	355,575

(a)公司确认了与收购 West Ashley Station 时承接的土地租赁相关的融资租赁使用权（“ROU”）资产公允价值调整。参见“附注11. 承诺和或有事项”。

5. 处置物业

下表列示截至2026年9月 30日止九个月内处置的不动产。

处置月份

物业

市场

建筑面积
（平方英尺）

处置总价

出售收益

2026年9月

Eldridge Town Center

德克萨斯州休斯敦

144

36,000

17,379

下表列示截至2025年9月 30日止九个月内处置的不动产：


处置月份	物业	市场	GLA （平方英尺）	处置总价		出售收益
2025年6月	加利福尼亚州投资组合处置 (a)	加利福尼亚州	746	$	306,000			$	90,909
2025年9月	Custer Creek Village (b)	德克萨斯州达拉斯	不适用	229			52
			746	$	306,229			$	90,961

(a)公司通过组合出售处置了五处物业，分别为 River Oaks Shopping Center、Campus Marketplace、Old Grove Marketplace、Bear Creek Village Center 和 Pavilion at La Quinta。

(b)此次处置与一家零售物业部分征收的完成有关。

6. 债务

公司的债务包括应付抵押贷款、无担保定期贷款、优先票据、无担保循环信贷额度以及融资租赁负债。公司认为其有能力偿还、再融资或展期任何债务，并拥有充足资金来源以满足短期现金需求。公司拟使用手头现金、信贷协议下的可用额度（如有）以及物业出售所得款项，偿还、再融资或展期近期到期的应付抵押贷款。

公司的信贷协议和抵押贷款要求遵守某些契约条款，例如偿债覆盖率、投资限制和分配限制。截至2026年9月30日和2025年12月31日，公司遵守了所有贷款契约条款。

信贷协议

公司拥有一项5亿美元循环信贷额度（“循环信贷额度”）。循环信贷额度计划于2029年1月15日到期，并附有一次为期6个月的延期选择权。2025年8月25日，公司签订了循环信贷额度修正案，除其他修改外，修订了适用利率，移除了SOFR的信贷利差调整。截至2026年9月30日，公司在循环信贷额度下有4.8亿美元的可用流动性。

2025年8月25日，公司对其4亿美元定期贷款信贷协议（“经修订定期贷款协议”）签订了一项修正案（“定期贷款修正案”），其中包括延长各档贷款的到期日。经修订定期贷款协议包括一档2亿美元、期限5年的贷款，于2030年8月26日到期；以及一档2亿美元、期限5.5年的贷款，于2031年2月24日到期。定期贷款修正案还修改了利率，每档贷款均按公司选择的期限SOFR、每日简单SOFR或调整后基准利率（不含信贷利差调整）加上一定利差计息；SOFR贷款的利差为115至160个基点，基准利率贷款的利差为15至60个基点，具体均取决于公司的杠杆率。

2026年9月22日，根据经修订定期贷款协议的现有条款，公司选择将其2亿美元、期限5年、于2030年8月26日到期的定期贷款利率基准从1个月期SOFR变更为每日简单SOFR。与此选择同时，公司现有的1个月期SOFR掉期到期，其名义金额为2亿美元的远期起始每日简单SOFR掉期生效。

优先票据

公司通过私募发行了本金总额为2.5亿美元的优先票据，其中：(i) 1.5亿美元指定为5.07%优先票据A系列，于2029年8月11日到期；(ii) 1亿美元指定为5.20%优先票据B系列，于2032年8月11日到期（统称“2022年票据”）。2022年票据按面值发行，并按半年支付利息，支付日为2月11日和8月11日，直至各自到期。2022年票据须由公司为其某些主要信贷额度提供担保的某些子公司作出绝对且无条件担保。目前，2022年票据没有子公司担保。

2026年6月29日，公司根据2026年4月16日公司与其中列明的各购买方签订的票据购买协议，通过私募发行了本金总额为2.5亿美元的优先票据，其中：(i) 5000万美元指定为5.09%优先票据A系列，于2029年6月29日到期；(ii) 1亿美元指定为5.32%优先票据B系列，于2031年6月29日到期；(iii) 1亿美元指定为5.60%优先票据C系列，于2033年6月29日到期（统称“2026年票据”）。2026年票据按面值发行，并按半年支付利息，支付日为6月29日和12月29日，直至各自到期。2026年票据须由公司为其某些主要信贷额度提供担保的某些子公司作出绝对且无条件担保。目前，2026年票据没有子公司担保。

融资租赁负债

2025年6月10日，公司在收购West Ashley Station时承接了一项土地租赁，并确认了相关融资租赁负债10,973。截至2026年9月30日，融资租赁负债余额为11,235。参见“附注11. 承诺和或有事项”。

下表汇总了公司截至2026年9月30日和2025年12月31日的债务：

截至2026年9月30日

截至2025年12月31日

到期日

利率类型

利率

金额

利率

金额

应付抵押贷款

应付抵押贷款总额

各不相同

固定

4.28% (a)

117,029

4.28% (a)

117,605

定期贷款

2亿美元，5年期

2030年8月

固定

4.50% (b)

100,000

2.66% (d)

100,000

2亿美元，5年期

2030年8月

固定

4.50% (b)

100,000

2.66% (d)

100,000

2亿美元，5.5年期

2031年2月

固定

2.63% (c)

50,000

2.63% (c)

50,000

2亿美元，5.5年期

2031年2月

固定

2.69% (c)

50,000

2.69% (c)

50,000

$200.0 百万 5.5 年

Feb-31

固定

4.84% (c)

100,000

4.84% (c)

100,000

总计

400,000

优先票据

2022 优先票据

$150.0 百万 A 系列票据

Aug-29

固定

5.07%

150,000

5.07%

150,000

$100.0 百万 B 系列票据

Aug-32

固定

5.20%

100,000

5.20%

100,000

2026 优先票据

$50.0 百万 A 系列票据

Jun-29

固定

5.09%

50,000

不适用

—

$100.0 百万 B 系列票据

Jun-31

固定

5.32%

100,000

不适用

—

$100.0 百万 C 系列票据

Jun-33

固定

5.60%

100,000

不适用

—

总计

500,000

250,000

循环信贷额度

$500.0 百万总额度

Jan-29

浮动

1M SOFR +

1.05% (e)(f)

20,000

1M SOFR +

1.05% (e)(f)

55,000

有担保和无担保债务总额

4.70%

1,037,029

4.04%

822,605

融资租赁负债

West Ashley Station 地面租赁

Jan-92

不适用

11,235

不适用

11,082

债务折价和融资成本净额

(8,061)

(7,806)

债务净额

1,040,203

825,881

(a)利率反映了公司应付抵押贷款的加权平均利率。

(b)利率反映了公司于 2026 年 9 月 22 日（此前的掉期到期时）生效的利率互换所实现的固定利率。

(c)利率反映了公司有效利率互换所实现的固定利率，该互换将于 2027 年 3 月 22 日终止，届时加权平均固定利率将变为 4.58%。

(d)利率反映了公司历史利率互换所实现的固定利率。

(e)截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，1 个月期 SOFR 分别为 3.91% 和 3.69%。

(f)该利率仅适用于已提取的余额。循环信贷额度的全部额度另需支付 0.15% 的年度额度费。

下表汇总了截至 2026 年 9 月 30 日公司的债务计划付款和到期情况：


按年份列示的计划到期情况：	抵押贷款付款		抵押贷款到期		定期贷款和优先票据		循环信贷额度	总计
2026 年剩余时间	$	197			$	—		$	—	$	—	$	197
2027	810			26,000			—		—	26,810
2028	495			21,321			—		—	21,816
2029	449			61,750			200,000		20,000	282,199
2030	154			5,853			200,000		—	206,007
此后	—			—			500,000		—	500,000
总计	$	2,105			$	114,924		$	900,000	$	20,000	$	1,037,029
融资租赁负债								11,235
债务折价和融资成本净额								(8,061)
债务总额净额								$	1,040,203

7. 公允价值计量

经常性计量

下表汇总了按经常性基础重新计量为公允价值的金融工具：


	公允价值计量，日期为
	2026 年 9 月 30 日		2025 年 12 月 31 日
现金流量套期： (a) (b)	第 1 层级		第 2 层级 (c)		第 3 层级		第 1 层级		第 2 层级 (c)		第 3 层级
衍生品利率互换资产	—			$	20,266			—			—		$	5,196		—
衍生品利率互换负债	$	—			$	—			$	—		$	—		$	(435)	$	—

(a)截至2026年9月30日之后的12个月内，预计将有4,811美元的衍生工具利率余额从累计综合收益重新分类至收益。

(b)截至2026年9月30日和2025年12月31日，公司认定，与不履约风险相关的信用估值调整对衍生工具的整体估值并不重大。因此，公司衍生工具的全部估值均归类为公允价值层级中的第2级。

(c)衍生工具资产或负债分别确认为递延成本及其他资产净额或其他负债的一部分。

非经常性计量

投资性房地产

截至2026年和2025年9月30日的九个月内，公司没有第3级非经常性公允价值计量。

未按公允价值计量的金融工具

下表汇总了截至2026年9月30日和2025年12月31日，公司简明合并资产负债表中按账面价值列示的金融工具的估计公允价值：


	2026年9月30日		2025年12月31日
	账面价值		估计公允价值		市场利率		账面价值		估计公允价值		市场利率
应付抵押贷款	$	117,029			$	110,583			7.02	%		$	117,605	$	111,945	6.09	%
优先票据	500,000			477,520			6.41	%		250,000			248,320	5.24	%
定期贷款	400,000			399,300			5.89	%		400,000			398,701	4.64	%
循环信贷额度	20,000			20,027			5.64	%		55,000			54,957	4.37	%

用于估算公司应付抵押贷款、优先票据、定期贷款和循环信贷额度公允价值的市场利率，反映了目前向信用状况与公司相似的借款人提供的类似借款条款。债务工具估值归类为公允价值层级中的第2级。

8. 每股收益及权益交易

基本每股收益（“EPS”）以归属于普通股的净收益或亏损除以该期间已发行普通股加权平均数计算。稀释每股收益反映根据股票薪酬计划授予的奖励可能造成的潜在稀释。

下表对计算基本和稀释每股收益所用金额进行了调节：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025	2026		2025
分子：
归属于普通股的净收益——基本及稀释	$	19,413		$	6,026		$	25,966	$	108,760

分母：
已发行普通股加权平均数——基本	77,975,439		77,615,993	77,954,965		77,590,691
未归属限制性股票的稀释影响	750,712		882,880	677,048		726,860
已发行普通股加权平均数——稀释	78,726,151		78,498,873	78,632,013		78,317,551

基本及稀释每股普通股收益：
每股普通股净收益——基本	$	0.25		$	0.08		$	0.33	$	1.40
每股普通股净收益——稀释	$	0.25		$	0.08		$	0.33	$	1.39

ATM计划

公司设有市价发行股票计划（“ATM计划”），可不时通过该计划出售总额不超过$250.0 million的普通股。关于ATM计划，公司可向销售代理或通过销售代理出售普通股，也可与其中一家代理或其各自关联方作为远期购买方，签订单独的远期销售协议。截至2026年和2025年9月30日止的九个月内，ATM计划均未发行任何股份。截至2026年9月30日，ATM计划下仍有$236.7 million普通股可供发行。

股票回购计划

公司设有股票回购计划（“SRP”），可回购公司已发行普通股，金额最高为$150.0 million。SRP可随时暂停或终止，且不要求公司回购任何金额或特定数量的股份。截至2026年9月30日，公司尚未根据SRP回购任何普通股。

9. 股份薪酬

激励奖励计划

公司根据 InvenTrust Properties Corp. 2015 激励奖励计划（经修订，“激励奖励计划”）授予股权奖励。根据激励奖励计划授予的奖励可发行普通股总数（“股份限额”）为5,750,000股。任何被没收的奖励或奖励所涉及的未赚取绩效股均会重新计入股份限额。

截至2026年9月30日，未偿还的限制性股票单位（“RSU”）奖励分为基于时间的奖励或基于市场的奖励，且各自附带对应的股息等价权。截至2026年9月30日，根据经修订的激励奖励计划（含修正案），仍有1,985,651股可供未来发行。

基于市场的奖励在授予日采用蒙特卡洛模拟模型估值，该模型评估在三年绩效期内达到特定市场绩效门槛的概率。

下表汇总了公司在蒙特卡洛模拟模型中使用的重要假设：


	授予日
	2026	2025
波动率	21.00%	27.00%
无风险利率	3.53%	4.35%
股息率	3.40%	3.30%

下表汇总了公司在截至2026年9月30日止九个月内根据激励奖励计划进行的RSU活动：


	未归属基于时间的RSU	未归属基于市场的RSU		加权平均授予日每股价格
截至2026年1月1日未偿还	195,236		1,128,760		$19.12
授予的股份	180,124		363,670		$22.27
已归属股份	(30,604)		(416,550)		$17.28
未赚取绩效股	—		(14,640)		$16.53

截至2026年9月30日未偿还	344,756		1,061,240		$20.96

员工股票购买计划

员工可根据 InvenTrust Properties Corp. 2023 员工股票购买计划（“ESPP”）购买公司普通股，累计最多3,300,000股；截至2026年9月30日，其中3,228,922股仍可供未来发行。

下表汇总了公司根据ESPP进行的普通股活动：


	截至9月30日止九个月
	2026	2025
购买的股份总数	21,234	24,209
加权平均折价发行价格	$23.25	$20.17
发行所得款项	$494	$488

股票薪酬费用

下表汇总了公司的股票薪酬费用：


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
激励奖励计划，净额 (a)	$	2,805			$	2,678		$	8,358	$	8,086
员工股票购买计划 (b)	31			33			91		109
股票薪酬，净额	$	2,836			$	2,711		$	8,449	$	8,195

(a)截至2026年9月 30日，预计尚有15,331的未确认薪酬费用，将于2029年12月前确认。

(b)截至2026年9月 30日，预计尚有94的未确认薪酬费用，将于2028年6月前确认。

10. 分部信息

分部业绩

首席运营决策者（“CODM”）认为，按照GAAP确定的净利润或亏损是评估公司整体业绩最合适的盈利指标。此外，CODM依据净营业收入（“NOI”）这一补充非GAAP指标评估公司零售物业组合的合并业绩。NOI不包括一般及行政费用、折旧和摊销、其他收入和费用净额、出售物业收益（亏损）、债务清偿收益（亏损）、房地产资产减值、利息费用净额、租赁终止收入和费用，以及GAAP租金调整，例如市场租赁无形资产摊销、租赁激励摊销和直线租金调整（“GAAP租金调整”）。

CODM认为，补充非GAAP指标NOI是评估经营业绩的重要指标，并且在评估公司的财务状况和经营业绩时，能够提供额外的跨期可比性，而这无法从按照GAAP列报的“净利润”中轻易看出。

零售物业通常需要资本投入，包括提升价值的开发和再开发项目以及租赁佣金。截至2026年和2025年9月 30日止三个月，公司分别支付了11,645和12,399的资本投入及租赁成本。截至2026年和2025年9月 30日止九个月，公司分别支付了25,655和30,503的资本投入及租赁成本。截至2026年和2025年9月 30日，累计应计资本投入及租赁成本分别为11,237和4,900。

CODM定期审阅的分部资产指标列示于简明合并资产负债表中的资产总额。对于列报的任何期间，均无单一租户的租赁收入净额占公司租赁收入净额的10%或以上。

净营业收入

下表将净利润（最直接可比的GAAP指标）调节至NOI：


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
净利润	$	19,413			$	6,026		$	25,966	$	108,760
调节至NOI的调整项：
其他收入和费用净额	14			(1,628)			(330)		(3,177)
利息费用净额	13,210			8,969			34,623		25,637

出售投资性物业收益	(17,379)			(52)			(17,379)		(90,961)

折旧和摊销	39,731			32,734			114,776		94,086
一般及行政费用	8,557			8,316			26,818		25,569
NOI调整项 (a)	(3,727)			(2,453)			(10,691)		(6,233)
NOI	$	59,819			$	51,912		$	173,783	$	153,681

(a)NOI调整项包括租赁终止收入和费用以及GAAP租金调整。

重大费用

下表列示了物业运营费用的明细：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
维修和保养	$	4,810			$	3,719		$	13,877	$	10,927
工资、福利及办公费用	2,634			2,532			8,114		7,897
公用事业及垃圾清运	3,251			2,703			8,795		7,692
物业保险	1,338			1,266			3,889		4,182
安保、法律及其他	1,169			834			3,201		2,579

物业运营费用	$	13,202			$	11,054		$	37,876	$	33,277

11. 承诺和或有事项

法律事项

公司不时会在正常业务过程中受到各种第三方法律索赔或诉讼，包括但不限于财产损失索赔、人身伤害或因接触公司物业而导致的其他损害。这些索赔和诉讼以及由此产生的任何损害通常由公司的保险单承保。对于与损失或有事项相关的法律费用，公司在这些费用很可能发生且能够合理估计时计提。尽管无法确定这些事项的解决结果，但根据目前可获得的信息，管理层预计任何未决索赔或法律诉讼的最终结果都不会对公司的财务状况、经营业绩或现金流产生重大不利影响。

专属保险公司

2023年4月，公司成立了一家全资专属保险公司（“Captive”），为公司第三方责任保险单免赔额以下的所有损失提供保险保障，涉及风灾、洪水、具名风暴、地震、火灾及其他与物业相关的风险。公司成立Captive是其整体风险管理计划的一部分，旨在稳定保险成本、管理风险敞口，并通过专属保险计划的运作收回费用。2025年1月，Captive开始承保第一层一般责任保险。公司通过精算分析估算未来预计索赔、相关免赔额以及为相关风险管理计划提供资金所需的预计费用。Captive通常根据过往损失经验得出的预测设定年度保费。Captive按照适用的监管要求进行资本化。

下表汇总了未付损失及损失理算费用负债的变动情况：


	截至9月30日的九个月
		2026		2025
期初余额		$	300			$	820
发生额涉及：
本年度		229			334
以前年度		—			22
发生额合计		229			356
已支付金额涉及：
本年度		(19)			(90)
以前年度		(59)			(771)
已支付金额合计		(78)			(861)
期末余额		$	451			$	315

承租人经营租赁和融资租赁承诺

公司有不可撤销的公司办公场所租赁，公司确认经营租赁使用权（ROU）资产及相关租赁负债。

West Ashley Station所在土地受一项长期土地租赁约束，公司作为承租人须支付固定租金和可变租金。2025年6月10日，公司确认了金额为$8,965的融资租赁使用权（ROU）资产，其中包括$2,008的初始公允价值调整，以及金额为$10,973的相关融资租赁负债。该土地租赁将于2092年1月到期。

对于经营租赁和融资租赁，由于无法轻易确定租赁内含利率，初始计量每项使用权资产和租赁负债时采用的折现率基于公司的增量借款利率（“IBR”）。公司采用市场法估算每项租赁的 IBR，通常会参考具有类似特征的工具的市场利率和公开数据。公司还会酌情考虑期限、信用利差和信用评级方面的调整（如上述数据集未充分涵盖这些因素）。

下表汇总了公司截至2026年9月 30日和2025年12月 31日的经营租赁和融资租赁情况：


			截至
	资产负债表项目		2026年9月30日		2025年12月31日
经营租赁使用权资产	递延成本及其他资产，净额		$	2,683			$	2,683
经营租赁使用权资产累计摊销	递延成本及其他资产，净额		$	(1,381)			$	(1,144)
经营租赁负债	其他负债		$	(1,814)			$	(2,129)

融资租赁使用权资产	建筑物及其他改良		$	8,965			$	8,965
融资租赁使用权资产累计摊销	累计折旧		$	(176)			$	(75)
融资租赁负债	债务，净额		$	(11,235)			$	(11,082)

经营租赁加权平均剩余租期		3.8年		4.5年
融资租赁加权平均剩余租期		65.4年		66.1年
经营租赁加权平均折现率		4.47	%		4.48	%
融资租赁加权平均折现率		6.80	%		6.80	%

下表汇总了公司截至2026年和2025年9月 30日止三个月和九个月的租赁成本：


	经营报表费用项目	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
经营租赁成本：
最低租赁成本	一般及行政费用	$	107			$	108	$	323	$	324
可变租赁成本	一般及行政费用	$	74			$	68	$	243	$	225


融资租赁成本：
使用权资产摊销	折旧及摊销	$	34			$	34	$	101	$	42
租赁负债利息	利息费用，净额	$	188			$	187	$	565	$	230
可变租赁成本	物业运营	$	36			$	31	$	110	$	39

下表汇总了公司截至2026年9月 30日的未来最低租赁义务：


	未来最低租赁付款
按年份列示的计划最低付款额：	经营租赁		融资租赁
2026年剩余时间	$	131			$	138
2027	529			578
2028	522			605
2029	493			605
2030	293			605
此后	—			71,211
预计最低租赁义务总额	1,968			73,742
减：利息金额 (a)	(154)			(62,507)
最低租赁付款净额现值	$	1,814			$	11,235

(a)利息包括按公司的IBR计算、为将预计最低租赁义务总额折算为现值所需的金额。

12. 后续事项

在编制简明合并财务报表时，公司评估了2026年9月30日之后至财务报表发布之日期间发生的事件和交易，以确定是否需要确认和披露。根据评估结果，公司认定未发生需要确认或披露的事件。

第2项。管理层对财务状况和经营业绩的讨论与分析

本季度截至2026年9月30日的Form 10-Q季度报告（以下简称“本季度报告”）中“管理层对财务状况和经营业绩的讨论与分析”部分及其他部分的某些陈述，除纯粹的历史信息外，均属于《1995年私人证券诉讼改革法案》、经修订的《1933年证券法》第27A条（以下简称《证券法》）以及经修订的《1934年证券交易法》第21E条（以下简称《交易法》）所指的“前瞻性陈述”。这些陈述包括有关InvenTrust Properties Corp.（以下简称“公司”“InvenTrust”“我们”或“我们的”）计划、目标、战略、财务业绩和展望、趋势、未来现金分配的金额和时间、前景或未来事件的陈述；并涉及难以预测的已知和未知风险。

因此，我们的实际财务业绩、表现、成就或前景可能与这些前瞻性陈述明示或暗示的内容存在重大差异。在某些情况下，前瞻性陈述可通过使用“可能”“能够”“预期”“打算”“计划”“寻求”“预计”“相信”“估计”“指引”“预测”“潜在”“继续”“可能”“将”“会”“示例性”和“应该”等词语及其变体和类似表达，或这些词语及类似表达的否定形式来识别。此类前瞻性陈述必然基于估算和假设；尽管我们根据对业务和行业的了解与认识认为这些估算和假设是合理的，但其本质上存在不确定性。这些陈述是本着诚信作出的，并非对未来业绩或结果的保证。我们的实际结果可能与前瞻性陈述所表达的内容存在重大差异，读者不应依赖前瞻性陈述作出投资决策。

存在若干风险、不确定性和其他重要因素，其中许多因素超出我们的控制，可能导致我们的实际结果与本季度报告所载前瞻性陈述存在重大差异。此类风险、不确定性和其他重要因素包括但不限于我们向美国证券交易委员会（以下简称“SEC”）提交的文件中所列的风险、不确定性和因素，包括我们截至2025年12月31日止年度的Form 10-K年度报告（以下简称“年度报告”）中所列内容，以及本季度报告和其他季度报告及当前报告中的更新；这些文件已提交至SEC，可在SEC网站（www.sec.gov）查阅。

我们的运营面临若干风险和不确定性，包括但不限于：

•我们向租户收取租金的能力，或以有利条款出租空间的能力，或能否出租空间；

•我们的零售租户宣布破产；

•我们的主力零售租户的经济成功与可行性；

•our ability to identify, execute and complete acquisition opportunities and to integrate and successfully operate any retail properties acquired in the future and manage the risks associated with such retail properties;

•our ability to manage the risks of expanding, developing or redeveloping our retail properties;

•loss of members of our senior management team or other key personnel;

•changes in the competitive environment in the leasing market and any other market in which we operate;

•shifts in consumer retail shopping from brick-and-mortar stores to e-commerce;

•the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants;

•our ability to refinance or repay maturing debt or to obtain new or additional financing on attractive terms;

•the impact on our business and financial condition of incurring additional debt or issuing new debt or equity securities in the future;

•future increases in interest rates;

•rising inflation;

•the effects of uncertain and evolving tariff activity and changes in global trade policies on the overall state of the economy and on our business, including the impact on our tenants' business, operations and ability to pay rent;

•natural or man-made disasters, severe weather and climate-related events, such as hurricanes, wildfires, earthquakes, tsunamis, tornadoes, droughts, blizzards, severe freezes and winter storms, hailstorms, floods, mudslides, oil spills, nuclear incidents, and outbreaks of pandemics or contagious diseases, or fear of such outbreaks;

•our status as a real estate investment trust (\"REIT\") for federal tax purposes; and

•changes in federal, state or local tax law, including legislative, administrative, regulatory or other actions affecting REITs.

These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our business, financial condition, results of operations, cash flows and overall value.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements are only as of the date they are made; we do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information, future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and the related notes included in this Quarterly Report. All square feet and dollar amounts are stated in thousands, except per share amounts and per square foot metrics, unless otherwise noted.

Overview

Strategy and Outlook

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 acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure.

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 retail centers, which will position us to capitalize on potential future rent increases while enjoying sustained occupancy at our centers. Our strategically located field offices support hands-on property oversight, enabling responsive tenant engagement and strong local market knowledge across our portfolio. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.

Macroeconomic Trends

Our business, and the business and operations of our tenants, depend on the overall state of the economy, and we and they could be negatively impacted by slower economic growth and the potential for a recession. Although inflation has moderated from prior peaks, it remains elevated, and the economic outlook remains uncertain due to ongoing geopolitical tensions, evolving global trade policies and tariff actions, and potential supply chain disruptions. These factors, along with volatility in energy prices and interest rates, may contribute to broader economic uncertainty and could adversely impact our tenants' operations. Additionally, other challenging macroeconomic conditions, and the resulting impact on the economy and consumer spending, could negatively impact our business and that of our tenants.

Evaluation of Operating Performance and Financial Condition

In addition to measures of operating performance determined in accordance with U.S. generally accepted accounting principles (\"GAAP\"), management evaluates our operating performance and financial condition by focusing on the following non-GAAP financial measures and operating metrics, discussed in further detail herein:

Non-GAAP Financial Measures

Operating Metrics

•Net Operating Income (\"NOI\") and Same Property NOI

•Nareit Funds From Operations (\"Nareit FFO\") Applicable to Common Shares and Dilutive Securities

•Core Funds From Operations (\"Core FFO\") Applicable to Common Shares and Dilutive Securities

•Earnings Before Interest, Taxes, Depreciation, and Amortization (\"EBITDA\")

•Adjusted EBITDA

•Economic and leased occupancy and rental rates

•Leasing activity and lease rollover

•Operating expense levels and trends

•General and administrative expense levels and trends

•Debt maturities and leverage ratios

•Liquidity levels.

Recent Developments

Acquisitions

On July 1, 2026, we acquired New Garden Crossing, a 169,000 square foot community center anchored by Lowes Foods, in Greensboro, North Carolina, for a gross acquisition price of $34.0 million. We used available liquidity to fund the acquisition.

Debt

On September 22, 2026, pursuant to the existing provisions of the Amended Term Loan Agreement, we elected to change our interest rate benchmark from 1-Month Term SOFR to Daily Simple SOFR for our $200 million 5-year tranche term loan maturing August 26, 2030. Concurrent with this election, our existing 1-Month Term SOFR swaps expired and our $200 million notional forward-starting Daily Simple SOFR swaps became effective.

Our Retail Portfolio

The following table summarizes our retail portfolio as of September 30, 2026 and 2025:


	As of September 30
	2026	2025
No. of properties	78	71
GLA (square feet)	12,301	11,347
Economic occupancy (a)	95.3%	95.6%
Leased occupancy (b)	96.4%	97.2%
ABR PSF (c)	$20.97	$20.28

(a)Economic occupancy is defined as the percentage of occupied GLA divided by total GLA (excluding Specialty Leases) for which a tenant is obligated to pay rent under the terms of its lease agreement as of the rent commencement date, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. Specialty Leases include small shop leases with terms of less than one year and leases of common area space with terms of any length.

(b)Leased occupancy is defined as economic occupancy plus the percentage of signed but not yet commenced GLA divided by total GLA.

(c)Annualized Base Rent (\"ABR\") is computed as base rent for the last month of the period multiplied by twelve. Base rent is inclusive of ground rent and any abatement concessions 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.

Summary by Same Property

Properties classified as same property were owned for the entirety of both periods presented (\"Same Properties\"). The following table summarizes the Same Properties of our retail portfolio for the three and nine months ended September 30, 2026 and 2025.


	Three months ended September 30	Nine months ended September 30
	2026	2025	2026	2025
No. of properties	66	66	62	62
GLA (square feet)	10,426	10,411	10,096	10,081
Economic occupancy	95.0%	95.4%	94.9%	95.4%
Leased occupancy	96.1%	97.1%	96.1%	97.1%
ABR PSF	$20.84	$20.33	$20.77	$20.28

Lease Expirations

Our retail business is neither highly dependent on specific retailers nor subject to lease rollover concentration. We believe this minimizes risk to our retail portfolio from significant revenue variances over time.

Results of Operations

Comparison of results for the three and nine months ended September 30, 2026 and 2025

We generate substantially all of our earnings from property operations. Since January 1, 2025, we have acquired sixteen retail properties and disposed of six retail properties.

The following table presents the comparative results of our income.


	Three months ended September 30		Nine months ended September 30
	2026		2025		Increase		2026	2025		Increase
Income
Lease income, net	$	86,631			$	74,019		$	12,612		$	251,084		$	220,538	$	30,546
Other property income	486			447			39		1,444		1,250		194
Total income	$	87,117			$	74,466		$	12,651		$	252,528		$	221,788	$	30,740

Lease income, net, for the three months ended September 30, 2026 increased $12.6 million when compared to the same period in 2025, as a result of increases from properties acquired of $10.3 million, decreases from properties disposed of $0.2 million, and the following activity related to our Same Properties:

•$1.4 million of increased minimum base and ground rent,

•$0.8 million of increased common area maintenance and real estate tax recoveries,

•$0.3 million of increased amortization of market-lease intangibles, and

•$0.1 million of net increases in all other lease income, partially offset by:

•$0.1 million of decreased lease termination income.

Lease income, net, for the nine months ended September 30, 2026 increased $30.5 million when compared to the same period in 2025, as a result of increases from properties acquired of $35.5 million, decreases from properties disposed of $10.4 million, and the following activity related to our Same Properties:

•$4.0 million of increased minimum base and ground rent,

•$0.9 million of increased common area maintenance and real estate tax recoveries,

•$0.5 million of increased short-term and other lease income, and

•$0.3 million of increased lease termination income, partially offset by:

•$0.3 million of increased credit losses net of related reversals.

The following table presents the comparative results of our operating expenses.


	Three months ended September 30		Nine months ended September 30
	2026		2025		Increase		2026	2025		Increase
Operating expenses
Depreciation and amortization	$	39,731			$	32,734		$	6,997		$	114,776		$	94,086	$	20,690
Property operating	13,202			11,054			2,148		37,876		33,277		4,599
Real estate taxes	10,369			9,047			1,322		30,178		28,597		1,581
General and administrative	8,557			8,316			241		26,818		25,569		1,249
Total operating expenses	$	71,859			$	61,151		$	10,708		$	209,648		$	181,529	$	28,119

Depreciation and amortization for the three months ended September 30, 2026 increased $7.0 million when compared to the same period in 2025, as a result of:

•$8.6 million of increases from properties acquired, partially offset by:

•$1.5 million of net decreases from our Same Properties, and

•$0.1 million of decreases from properties disposed.

Depreciation and amortization for the nine months ended September 30, 2026 increased $20.7 million when compared to the same period in 2025, as a result of:

•$25.9 million of increases from properties acquired, partially offset by:

•$3.0 million of decreases from properties disposed, and

•$2.2 million of net decreases from our Same Properties.

Property operating expenses for the three months ended September 30, 2026 increased $2.1 million when compared to the same period in 2025, as a result of:

•$1.8 million of increases from properties acquired, and

•$0.3 million of net increases from our Same Properties.

Property operating expenses for the nine months ended September 30, 2026 increased $4.6 million when compared to the same period in 2025, as a result of:

•$5.7 million of increases from properties acquired, and

•$0.4 million of net increases from our Same Properties, partially offset by:

•$1.5 million of decreases from properties disposed.

Real estate taxes for the three months ended September 30, 2026 increased $1.3 million when compared to the same period in 2025, as a result of:

•$0.7 million of increases from properties acquired, and

•$0.6 million of net increases from our Same Properties.

Real estate taxes for the nine months ended September 30, 2026 increased $1.6 million when compared to the same period in 2025, as a result of:

•$2.9 million of increases from properties acquired, partially offset by:

•$1.3 million of decreases from properties disposed.

General and administrative expenses for the three and nine months ended September 30, 2026 increased $0.2 million and $1.2 million, respectively, when compared to the same periods in 2025, primarily as a result of increased non-compensation costs.

The following table presents the comparative results of our other income and expenses.


	Three months ended September 30		Nine months ended September 30
	2026		2025		Change		2026	2025		Change
Other (expense) income
Interest expense, net	$	(13,210)			$	(8,969)		$	(4,241)		$	(34,623)		$	(25,637)	$	(8,986)


Gain on sale of investment properties	17,379			52			17,327		17,379		90,961		(73,582)
Other income and expense, net	(14)			1,628			(1,642)		330		3,177		(2,847)
Total other (expense) income, net	$	4,155			$	(7,289)		$	11,444		$	(16,914)		$	68,501	$	(85,415)

The following table presents the disaggregation of interest expense, net:


	Three months ended September 30		Nine months ended September 30
	2026		2025		Increase (Decrease)		2026	2025		Increase (Decrease)
Term loans, including impact of derivatives	$	3,370			$	3,370		$	—		$	9,832		$	10,083	$	(251)
Senior notes	6,643			3,202			3,441		13,045		9,604		3,441
Mortgages payable	1,258			1,062			196		3,772		2,913		859
Revolving credit facility, including facility fees	897			477			420		5,063		958		4,105
Capitalized interest	(69)			(65)			(4)		(286)		(227)		(59)
Interest on finance lease liability	137			138			(1)		412		170		242
Accretion of finance lease liability	51			49			2		153		60		93
Amortization of debt discounts and financing costs	923			736			187		2,632		2,076		556
Total interest expense, net	$	13,210			$	8,969		$	4,241		$	34,623		$	25,637	$	8,986

Interest expense, net increased $4.2 million and $9.0 million during the three and nine months ended September 30, 2026, respectively, primarily as a result of the issuance of our 2026 Senior Notes and borrowings outstanding on our $500 million revolving credit facility (\"Revolving Credit Facility\") to fund acquisitions.

During the three and nine months ended September 30, 2026, we recognized a gain of $17.4 million on the sale of one retail property. During the three months ended September 30, 2025, we recognized a gain of $0.1 million on the completion of a partial condemnation at one retail property. In addition, during the nine months ended September 30, 2025, we completed a portfolio sale of five properties in California for an aggregate gross disposition price of $306.0 million and recognized a gain of $90.9 million.

Other income and expense, net decreased $1.6 million and $2.8 million during the three and nine months ended September 30, 2026, respectively, primarily as a result of decreased interest income due to lower cash balances.

Net Operating Income

We evaluate the performance of our retail properties based on NOI, which excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market-lease intangibles, amortization of lease incentives, and straight-line rent adjustments (\"GAAP Rent Adjustments\"). We bifurcate NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet our Same Property criteria. NOI from other investment properties includes adjustments for the Company's captive insurance company.

We believe the supplemental non-GAAP measure of NOI, and the bifurcation into same property NOI and NOI from other investment properties, are important measures in assessing operating performance and provide added comparability across periods when evaluating the Company's financial condition and operating performance that is not readily apparent from Net income in accordance with GAAP.

Reconciliation of Net Income to Non-GAAP Measures

The following table reconciles net income, the most directly comparable GAAP measure, to NOI and Same Property NOI:


	Three months ended September 30		Nine months ended September 30
	2026		2025		2026		2025
Net income	$	19,413			$	6,026		$	25,966	$	108,760
Adjustments to reconcile to non-GAAP measures:
Other income and expense, net	14			(1,628)			(330)		(3,177)
Interest expense, net	13,210			8,969			34,623		25,637

Gain on sale of investment properties	(17,379)			(52)			(17,379)		(90,961)

Depreciation and amortization	39,731			32,734			114,776		94,086
General and administrative	8,557			8,316			26,818		25,569
Adjustments to NOI (a)	(3,727)			(2,453)			(10,691)		(6,233)
NOI	59,819			51,912			173,783		153,681
NOI from other investment properties	(9,456)			(3,049)			(28,956)		(13,552)
Same Property NOI	$	50,363			$	48,863		$	144,827	$	140,129

(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.

Comparison of the components of Same Property NOI

A total of 66 and 62 retail properties met our Same Property criteria for the three and nine months ended September 30, 2026 and 2025, respectively.

The following table presents the changes in Same Property NOI for the three months ended September 30, 2026 and 2025:


	Three months ended September 30
	2026		2025		Change		Variance
Minimum base rent	$	46,411			$	45,169		$	1,242		2.7	%
Real estate tax recoveries	8,569			8,125			444		5.5	%
Common area maintenance, insurance, and other recoveries	9,198			8,822			376		4.3	%
Ground rent income	4,852			4,741			111		2.3	%
Short-term and other lease income	993			849			144		17.0	%
Provision for estimated credit losses	(163)			(137)			(26)		19.0	%
Other property income	429			409			20		4.9	%
Total income	70,289			67,978			2,311		3.4	%
Property operating	10,712			10,458			254		2.4	%
Real estate taxes	9,214			8,657			557		6.4	%
Total operating expenses	19,926			19,115			811		4.2	%
Same Property NOI	$	50,363			$	48,863		$	1,500		3.1	%

Same Property NOI increased by $1.5 million, or 3.1%, when comparing the three months ended September 30, 2026 to the same period in 2025, and was primarily a result of increased ABR PSF from fixed annual rent escalations and favorable lease spreads.

The following table presents the changes in Same Property NOI for the nine months ended September 30, 2026 and 2025:


	Nine months ended September 30
	2026		2025		Change		Variance
Minimum base rent	$	132,829			$	129,144		$	3,685		2.9	%
Real estate tax recoveries	24,512			24,395			117		0.5	%
Common area maintenance, insurance, and other recoveries	26,116			25,337			779		3.1	%
Ground rent income	14,500			14,167			333		2.4	%
Short-term and other lease income	3,106			2,714			392		14.4	%
Provision for estimated credit losses	(562)			(271)			(291)		107.4	%
Other property income	1,267			1,148			119		10.4	%
Total income	201,768			196,634			5,134		2.6	%
Property operating	30,527			30,140			387		1.3	%
Real estate taxes	26,414			26,365			49		0.2	%
Total operating expenses	56,941			56,505			436		0.8	%
Same Property NOI	$	144,827			$	140,129		$	4,698		3.4	%

Same Property NOI increased by $4.7 million, or 3.4%, when comparing the nine months ended September 30, 2026 to the same period in 2025, and was primarily a result of increased ABR PSF from fixed annual rent escalations, favorable lease spreads, and decreased insurance costs.

Funds From Operations

The National Association of Real Estate Investment Trusts (\"Nareit\"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as Funds From Operations (\"Nareit FFO\"). Our Nareit FFO is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property.

Core FFO is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items, which some may consider not pertinent to measuring a particular company's ongoing operating performance. In that regard, we use Core FFO as an input to our compensation plan to determine cash bonuses.

See our Annual Report for expanded descriptions of Nareit FFO and Core FFO.

The following table reconciles net income, the most directly comparable GAAP measure, to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:


	Three months ended September 30		Nine months ended September 30
	2026		2025		2026		2025
Net income	$	19,413			$	6,026		$	25,966	$	108,760
Depreciation and amortization of real estate assets	39,466			32,446			113,972		93,263

Gain on sale of investment properties	(17,379)			(52)			(17,379)		(90,961)
Nareit FFO Applicable to Common Shares and Dilutive Securities	41,500			38,420			122,559		111,062
Amortization of market-lease intangibles and inducements, net	(2,063)			(1,186)			(6,014)		(3,170)
Straight-line rent adjustments, net	(1,622)			(1,121)			(3,802)		(2,859)
Amortization of debt discounts and financing costs	923			736			2,632		2,076
Accretion of finance lease liability	51			49			153		60
Depreciation and amortization of corporate assets	265			288			804		823
Non-operating income and expense, net (a)	(54)			(484)			(470)		(725)
Core FFO Applicable to Common Shares and Dilutive Securities	$	39,000			$	36,702		$	115,862	$	107,267

Weighted average common shares outstanding - basic	77,975,439			77,615,993			77,954,965		77,590,691
Dilutive effect of unvested restricted shares (b)	750,712			882,880			677,048		726,860
Weighted average common shares outstanding - diluted	78,726,151			78,498,873			78,632,013		78,317,551

Net income per diluted share	$	0.25			$	0.08		$	0.33	$	1.39
Per share adjustments for Nareit FFO	0.28			0.41			1.23		0.03
Nareit FFO per diluted share	$	0.53			$	0.49		$	1.56	$	1.42
Per share adjustments for Core FFO	(0.03)			(0.02)			(0.09)		(0.05)
Core FFO per diluted share	$	0.50			$	0.47		$	1.47	$	1.37

(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

(b)For purposes of calculating non-GAAP per share measures, we apply the same denominator used in calculating diluted earnings per share in accordance with GAAP.

Earnings Before Interest, Taxes, Depreciation, and Amortization

Our measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization.

Adjusted EBITDA is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance.

Our adjustments to EBITDA to arrive at Adjusted EBITDA include removing the impact of (i) gains (or losses) resulting from dispositions of properties, (ii) impairment charges on depreciable real property, (iii) amortization of market-lease intangibles and inducements, (iv) straight-line rent adjustments, (v) gains (or losses) resulting from debt transactions, and (vi) other non-operating revenue and expense items which, in our judgment, are not pertinent to measuring ongoing operating performance.

The following table reconciles net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:


	Three months ended September 30		Nine months ended September 30
	2026		2025		2026		2025
Net income	$	19,413			$	6,026		$	25,966	$	108,760
Interest expense, net	13,210			8,969			34,623		25,637
Income tax expense	149			144			440		420
Depreciation and amortization	39,731			32,734			114,776		94,086
EBITDA	72,503			47,873			175,805		228,903

Gain on sale of investment properties	(17,379)			(52)			(17,379)		(90,961)
Amortization of market-lease intangibles and inducements, net	(2,063)			(1,186)			(6,014)		(3,170)
Straight-line rent adjustments, net	(1,622)			(1,121)			(3,802)		(2,859)
Non-operating income and expense, net (a)	(54)			(484)			(470)		(725)
Adjusted EBITDA	$	51,385			$	45,030		$	148,140	$	131,188

(a)Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.

Liquidity and Capital Resources

Capital Investments and Leasing Costs

Retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing costs.

The following table summarizes the cash paid for capital investments and leasing costs:


	Three months ended September 30		Nine months ended September 30
	2026		2025		2026		2025
Tenant improvements	$	3,650			$	2,583		$	6,081	$	4,840
Leasing costs	983			1,048			2,259		2,899
Property improvements	3,441			3,031			7,932		10,218
Capitalized indirect costs (a)	402			336			1,249		1,150
Total capital expenditures and leasing costs	8,476			6,998			17,521		19,107
Development and redevelopment direct costs	2,809			5,013			6,987		10,325
Development and redevelopment indirect costs (a)	360			388			1,147		1,071
Capital investments and leasing costs (b)	$	11,645			$	12,399		$	25,655	$	30,503

(a)Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.

(b)As of September 30, 2026 and 2025, total accrued capital investments and leasing costs were $11,237 and $4,900, respectively.

Short-Term Liquidity and Capital Resources

On a short-term basis, our principal uses for funds are to pay our operating and corporate expenses, interest and principal on our indebtedness, property capital expenditures, and to make distributions to our stockholders.

Our ability to maintain adequate liquidity for our operations in the future is dependent upon a number of factors, including our revenue, macroeconomic conditions, our ability to contain costs, including capital expenditures, and to collect rents and other receivables, and various other factors, many of which are beyond our control. We will continue to monitor our liquidity position and may seek to raise funds through debt or equity financing in the future to fund operations, significant investments or acquisitions that are consistent with our strategy. Our ability to raise these funds may also be diminished by other macroeconomic factors.

Long-Term Liquidity and Capital Resources

Our objectives are to maximize revenue generated by our retail platform, to further enhance the value of our retail properties to produce attractive current yield and long-term returns for our stockholders, and to generate sustainable and predictable cash flow from our operations to distribute to our stockholders.

Any future determination to pay distributions will be at the discretion of our board of directors (the \"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.

Capital Sources and Uses

Our primary sources and uses of capital are as follows:

Sources

Uses

•Operating cash flows from our real estate investments;

•Proceeds from sales of properties;

•Proceeds from mortgage loan borrowings on properties;

•Proceeds from corporate borrowings and debt financings;

•Proceeds from any ATM Program activities or other equity offerings; and

•Proceeds from debt offerings.

•To invest in properties or fund acquisitions;

•To fund development, redevelopment, maintenance and capital expenditures or leasing incentives;

•To make distributions to our stockholders;

•To service or pay down our debt;

•To pay our operating expenses;

•To repurchase shares of our common stock; and

•To fund other general corporate uses.

We maintain an at-the-market equity offering program (the \"ATM Program\") pursuant to which we may sell shares of our common stock up to an aggregate purchase price of $250.0 million. In connection with the ATM Program, we may sell shares of our common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. During the nine months ended September 30, 2026, no shares were issued under the ATM Program. As of September 30, 2026, $236.7 million of common stock remains available for issuance under the ATM Program.

We believe our status as an NYSE-listed issuer facilitates supplementing our capital sources by selling equity securities of the Company under the ATM Program or otherwise if and when we believe appropriate to do so. Also, from time to time, we may seek to acquire amounts of our outstanding common stock through cash purchases or exchanges for other securities. Such purchases or exchanges, if any, will depend on our liquidity requirements, contractual restrictions, and other factors. At this time, we believe our current sources of liquidity are sufficient to meet our short- and long-term cash demands.

Distributions

During the nine months ended September 30, 2026, we declared distributions to our stockholders totaling $58.5 million and paid cash distributions of $57.4 million. As we execute on our retail strategy and continue to evaluate our business, results of operations and cash flows, our Board will continue to evaluate our distribution on a periodic basis.

Summary of Cash Flows


	Nine months ended September 30		Change
	2026		2025
Cash provided by operating activities	$	121,452			$	112,674		$	8,778
Cash used in investing activities	(275,271)			(54,347)			(220,924)
Cash provided by (used in) financing activities	150,005			(73,182)			223,187
Net decrease in cash, cash equivalents, and restricted cash	(3,814)			(14,855)			11,041
Cash, cash equivalents, and restricted cash at beginning of period	40,518			91,221			(50,703)
Cash, cash equivalents, and restricted cash at end of period	$	36,704			$	76,366		$	(39,662)

Cash provided by operating activities was $121.5 million and $112.7 million for the nine months ended September 30, 2026 and 2025, respectively, and was generated primarily from property operations. Operating cash flows increased period over period, as incremental cash flows from our Same Properties and net acquisitions since January 1, 2025 exceeded higher interest payments related to our borrowings and timing-related fluctuations in receipts and payments.

Cash used in investing activities of $275.3 million for the nine months ended September 30, 2026 was the result of:

•$284.1 million for acquisitions of investment properties, and

•$26.0 million for capital investments and leasing costs, and other investing activities, offset by:

•$34.8 million from the sale of investment properties.

Cash used in investing activities of $54.3 million for the nine months ended September 30, 2025 was the result of:

•$323.3 million for acquisitions of investment properties, and

•$30.5 million for capital investments and leasing costs, and other investing activities, offset by:

•$299.5 million from the sale of investment properties.

Cash provided by financing activities of $150.0 million for the nine months ended September 30, 2026 was the result of:

•$250.0 million from proceeds from the 2026 Notes, and

•$0.4 million in net proceeds from our Employee Stock Purchase Plan (the \"ESPP\"), offset by:

•$57.4 million to pay distributions,

•$35.0 million of net repayments in excess of proceeds on the Revolving Credit Facility,

•$5.6 million for payment of tax withholdings on stock-based compensation, and

•$2.4 million for payment of financing costs and payment of mortgage principal.

Cash used in financing activities of $73.2 million for the nine months ended September 30, 2025 was the result of:

•$54.4 million to pay distributions,

•$16.8 million for pay-offs of mortgage debt, payment of mortgage principal and financing costs, and

•$2.5 million for the payment of tax withholdings for stock-based compensation and other offering costs, offset by:

•$0.5 million in net proceeds from our ESPP.

We consider all demand deposits, money market accounts, and investments in certificates of deposit and repurchase agreements with a maturity of three months or less, at the date of purchase, to be cash equivalents. We maintain our cash and cash equivalents at major financial institutions. The combined account balances at one or more institutions generally exceed the Federal Deposit Insurance Corporation (\"FDIC\") insurance coverage. We periodically assess the credit risk associated with these financial institutions. We believe insignificant credit risk exists related to amounts on deposit in excess of FDIC insurance coverage.

Off Balance Sheet Arrangements

None.

Contractual Obligations

We have obligations related to our mortgage loans, senior notes, term loans, Revolving Credit Facility, and ground lease as described in \"Note 6. Debt\" in the condensed consolidated financial statements.

The following table presents our obligations to make future payments under debt and lease agreements as of September 30, 2026, exclusive of debt discounts and financing costs, which are not future cash obligations.


	Payments due by year ending December 31
	2026		2027		2028		2029	2030		Thereafter	Total
Fixed rate debt:
Term Loan and Senior Notes (a)	$	—			$	—		$	—		$	200,000		$	200,000		$	500,000	$	900,000
Mortgage maturities	—			26,000			21,321		61,750		5,853		—			114,924
Mortgage payments	197			810			495		449		154		—			2,105
Interest	12,042			48,831			47,828		42,589		31,429		26,353			209,072
Total fixed rate debt	12,239			75,641			69,644		304,788		237,436		526,353			1,226,101
Variable rate debt:
Revolving Credit Facility	—			—			—		20,000		—		—			20,000
Interest	447			1,905			1,946		75		—		—			4,373
Total variable rate debt	447			1,905			1,946		20,075		—		—			24,373
Operating leases (b)	131			529			522		493		293		—			1,968
Finance lease (c)	138			578			605		605		605		71,211			73,742
Grand total	$	12,955			$	78,653		$	72,717		$	325,961		$	238,334		$	597,564	$	1,326,184

(a)Includes variable rate debt swapped to fixed rates through interest rate swaps.

(b)Includes leases on corporate office spaces.

(c)Includes payments related to the finance lease liability related to the ground lease at West Ashley Station.

Critical Accounting Estimates

Our financial statements are prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments, and assumptions are required in a number of areas, including, but not limited to, allocating the purchase price of acquired retail properties and evaluating the impairment of long-lived assets. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates.

There have been no material changes to our critical accounting estimates as compared to the critical accounting estimates described in our \"Management’s Discussion and Analysis of Financial Condition and Results of Operations\" set forth in our Annual Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

The Company is subject to market risk associated with changes in interest rates both in terms of variable-rate debt and the price of new fixed-rate debt upon maturity of existing debt. The Company's interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows. As of September 30, 2026, the Company's debt included outstanding variable-rate debt of $420.0 million, $400.0 million of which has been swapped to a fixed rate through the maturity dates.

As of September 30, 2026, the Company's interest rate risk was limited to $20.0 million on its Revolving Credit Facility. If market rates of interest on all variable-rate debt as of September 30, 2026 permanently increased or decreased by 1%, the annual increase or decrease in interest expense, future earnings, and future cash flows would be approximately $0.2 million. See our Annual Report for expanded descriptions of the Company's market risk associated with changes in interest rates.

The following table summarizes our effective interest rate swaps as of September 30, 2026 and December 31, 2025:


									Fair Value as of
Effective Interest Rate Swaps	Effective Date	Termination Date	InvenTrust Receives	InvenTrust Pays Fixed Rate of	Fixed Rate Achieved (a)		Notional Amount		September 30, 2026		December 31, 2025
5.5 year Term Loan	4/3/23	3/22/27	1-Month SOFR	3.69%	4.84%		$	100,000			$	220	$	(435)
5.5 year Term Loan	6/21/24	3/22/27	1-Month SOFR	1.54%	2.69%		50,000		618			1,082
5.5 year Term Loan	6/21/24	3/22/27	1-Month SOFR	1.48%	2.63%		50,000		631			1,118
5 year Term Loan	9/22/26	8/26/30	Daily SOFR	3.35%	4.50%		100,000		4,721			28
5 year Term Loan	9/22/26	8/26/30	Daily SOFR	3.35%	4.50%		100,000		4,740			36
5 year Term Loan	12/21/23	9/22/26	1-Month SOFR	1.51%	2.66%		100,000		—		1,413
5 year Term Loan	12/21/23	9/22/26	1-Month SOFR	1.51%	2.66%		100,000		—		1,418
					$	10,930			$	4,660

(a)Interest rates reflect the Company's current credit spread of 1.15%.

The following table summarizes our forward-starting interest rate swaps as of September 30, 2026 and December 31, 2025:


								Fair Value as of
Forward-Starting Interest Rate Swaps	Effective Date	Termination Date	InvenTrust Receives	InvenTrust Pays Fixed Rate of	Fixed Rate Achieved (a)		Notional Amount	September 30, 2026		December 31, 2025
5.5 year Term Loan	3/22/27	2/24/31	Daily SOFR	3.42%	4.57%		100,000	$	4,674			$	56
5.5 year Term Loan	3/22/27	2/24/31	Daily SOFR	3.43%	4.58%		100,000	4,662			45
					$	9,336		$	101

(a)Interest rates reflect the Company's current credit spread of 1.15%.

Gains or losses resulting from marking-to-market derivatives each reporting period are recognized as an increase or decrease in comprehensive income on the condensed consolidated statements of operations and comprehensive income.

The information presented herein does not consider all exposures or positions that could arise in the future. Therefore, the information represented herein has limited predictive value. As a result, the ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, the hedging strategies at the time, and the related interest rates.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Exchange Act, the Company's management, including its Principal Executive Officer and Principal Financial Officer, evaluated as of September 30, 2026 the effectiveness of the Company's disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and Rule 15d-15(e). Based on that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company's disclosure controls and procedures, as of September 30, 2026, were effective at a reasonable assurance level for the purpose of ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the SEC and is accumulated and communicated to management, including its Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There were no changes to the Company's internal control over financial reporting during the quarter ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, the Company's management believes, based on currently available information, that the final outcome of such matters will not have a material adverse effect on the Company's financial condition, results of operations, or liquidity.

Item 1A. Risk Factors

As of September 30, 2026, there have been no material changes from the risk factors previously disclosed in response to Item 1A. to Part I of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

During the quarter ended September 30, 2026, pursuant to the provisions of the applicable plans, certain of the Company's employees surrendered shares of common stock to satisfy tax withholding obligations associated with the purchase of shares of common stock at a discount under the ESPP.

The following table summarizes all share repurchases during the third quarter of 2026:


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 (b)
July 1 - July 31, 2026	1,200	$36.67	—	$150,000
August 1 - August 31, 2026	—	$—	—	$150,000
September 1 - September 30, 2026	—	$—	—	$150,000
Total	1,200

(a)Consists of shares of common stock surrendered to the Company to satisfy tax withholding obligations associated with the purchase of shares of common stock at a discount under the ESPP.

(b)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 September 30, 2026, no common stock has been repurchased under the SRP.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits


Exhibit No.		Description

3.1		Seventh Articles of Amendment and Restatement of InvenTrust Properties Corp., as amended (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10-Q, as filed by the Registrant with the SEC on May 14, 2015)
3.2		Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 5, 2021)
3.3		Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 5, 2021)
3.4		Articles Supplementary of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on October 12, 2021)
3.5		Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on April 28, 2022)
3.6		Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on May 8, 2023)
3.7		Fourth Amended and Restated Bylaws of the Company, dated as of May 5, 2023 (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on May 8, 2023)
31.1*		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101		The following financial information from our Quarterly Report on Form 10-Q for the period ended September 30, 2026, filed with the SEC on October 27, 2026, is formatted in Extensible Business Reporting Language (\"XBRL\"): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Condensed Consolidated Financial Statements (tagged as blocks of text).
104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

		* Filed as part of this Quarterly Report on Form 10-Q
		** Furnished as part of this Quarterly Report on Form 10-Q

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

InvenTrust Properties Corp.


Date:	October 27, 2026
By:	/s/ Daniel J. Busch

Name:	Daniel J. Busch
Title:	President and Chief Executive Officer (Principal Executive Officer)


Date:	October 27, 2026
By:	/s/ Michael D. Phillips

Name:	Michael D. Phillips
Title:	Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

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