Slide 1: Q4 2025 Investor Presentation
Q4 2025 INVESTOR PRESENTATION
Slide 2: Introductory Notes: Forward-Looking Statements Disclaimer
INTRODUCTORY NOTES Forward-Looking Statements Disclaimer Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and e
Slide 3: Company Overview
COMPANY OVERVIEW Portfolio Statistics 73 97% 89% 11.6M 159K Retail Properties Sun Belt1 Grocery Anchored1,2 Total GLA Avg. Center Size Full Year Guidance Long-Term Targets $1.91 - $1.95 3.25% - 4.25% 5.0x - 6.0x 25% - 35% Growth of 4.4% to 6.6% 2026 SPNOI Growth Net Debt-To-Adjusted EBITDA Net Lever
Slide 4: A Simple & Focused Sun Belt Investment Opportunity
A SIMPLE & FOCUSED Sun Belt Markets with Strong, Persistent Migration INVESTMENT OPPORTUNITY • Moving towards 100% Sun Belt concentration (peer average ~38%)1 • Attractive demographic trends – jobs, population, education, and household income G N BELT ANCRO • Nine of the top 10 retail metros are in
Slide 5: Full Year 2025
FULL YEAR 2025 Operating Results 5.3% $20.41 96.7% 85% 98.4% 94.0% 13.3% SPNOI Growth ABR Per SF 1 Leased Occupancy Tenant Retention Anchor Tenant Small Shop Tenant Comparable Leasing Rate Leased Occupancy Leased Occupancy Spreads – New & Renewals Financial Performance $1.83 4.5x 26.3% $480M $1.00 C
Slide 6: Optimizing the Portfolio
OPTIMIZING THE PORTFOLIO Strategic Investment into Thriving Sun Belt Markets ASHEVILLE, NC CHARLESTON, SC CHARLOTTE, NC FORT MYERS, FL • Population expected to grow 4% over • 2% annual population growth, more • Among the fastest-growing large • New residents and businesses next five years1 than 2x t
Slide 7: New Sun Belt Market Expansion - Nashville, TN
NEW SUN BELT MARKET EXPANSION - NASHVILLE, TN A Prime Market with Population Growth, Job Creation, Culture, and Quality of Life Nashville West Shopping Center PROPERTY STATISTICS Acquired Q1 2026 Acquisition Price: $88.0M • High-performing open-air power center, just 15 minutes from downtown Nashvil
Slide 8: Scaling the Platform Through Acquisitions
SCALING THE PLATFORM THROUGH ACQUISITIONS Acquired $465 Million in Necessity-Based Retail Assets in 2025 PLAZA ESCONDIDA CARMEL VILLAGE WEST ASHLEY STATION TWELVE OAKS SHOPPING CENTER MSA: Tucson, AZ MSA: Charlotte, NC MSA: Charleston, SC MSA: Savannah, GA • ABR PSF - $16.63 • ABR PSF - $27.01 • ABR
Slide 9: Sun Belt Focused
SUN BELT FOCUSED Clustered Portfolio Brings Operational Efficiencies in the Fastest Growing Markets InvenTrust Portfolio by Percentage of ABR1 DC Metro 3% Richmond 6% Raleigh / Durham 6% Charlotte / Asheville 8% Charleston Savannah 3% 1% Southern CA Atlanta Orlando 1% 10% 5% Houston Miami / Fort Lau
Slide 10: Strong Fundamentals and Sector Tailwinds
STRONG FUNDAMENTALS AND SECTOR TAILWINDS Historically Low Supply Projected to Continue 3.0% 3.0 Strip Center Supply Growth1 (as % of existing stock) 2.5% 2.5 2.0% 2.0 1.5% 1.5 1.0% 1.0 0.5% 0.5 0.0% '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '
Slide 11: Established Centers with Necessity-Based Tenants
ESTABLISHED CENTERS WITH NECESSITY-BASED TENANTS Rio Pinar Plaza NEIGHBORHOOD CENTER MSA: Orlando Trade Area 1-3 Miles • 41 properties • 33% of ABR1 • 3.6M GLA • $21.78 ABR2 Shops at Arbor Trails COMMUNITY CENTER MSA: Austin Trade Area 3-5 Miles • 21 properties • 44% of ABR1 • 4.9M GLA • $20.91 ABR2
Slide 12: Tenant Composition
TENANT COMPOSITION Diverse and Balanced Tenant Mix Provides Durable Cash Flows Total Portfolio Composition Tenant Composition Tenant Composition % of ABR % of ABR 1 % of ABR1 Essential Retail Breakout 59% Grocery 18% Restaurants Health & Beauty Services 11% Local 17% 21% Grocery / Medical 10% Essent
Slide 13: Essential Retail Dominates Merchandise Mix
ESSENTIAL RETAIL DOMINATES MERCHANDISE MIX RECENTLY EXECUTED LEASES Anchors Small Shop Top 10 Tenants Ranking Tenant Credit Rating (S&P) # of Leases % of ABR1 MSA: SARASOTA 1 BBB 13 2 3.6% MSA: AUSTIN 2 N/A 163 3.2% MSA: AUSTIN 3 A 16 2.4% MSA: SARASOTA 4 AA 8 2.2% MSA: MIAMI 5 BB+ 6 2.0% MSA: AUSTI
Slide 14: Limited Exposure to Watch List Tenants
LIMITED EXPOSURE TO WATCH LIST TENANTS REIT Exposure to Watch List Tenants1 (as a percentage of GLA) 8.6% 6.4% 5.2% 4.7% 4.8% 4.5% 4.3% 3.7% 2.4% 1.6% PECO IVT REG AKR KRG Peer BRX KIM FRT UE Avg 1. Source: BofA, January 30, 2026. BofA Watch List Tenants Include (30 total): Advance Auto Parts, AMC E
Slide 15: Strong Leasing Activity Continues
STRONG LEASING ACTIVITY CONTINUES Same Property Net Operating Income 5.3% 4.9% 5.0% 4.4% 4.6% 2021 2022 2023 2024 2025 Leased Occupancy 97.4% 96.7% 96.1% 96.2% 93.9% 2021 2022 2023 2024 2025 Leased to Economic Occupancy Spread (basis points) SNO Pipeline - $5.4M in incremental ABR • 94% expected to
Slide 16: Above Average Same Property NOI Growth with Lower Capital Expenditures
ABOVE AVERAGE SAME PROPERTY NOI GROWTH WITH LOWER CAPITAL EXPENDITURES Capital Expenditures (including Redevelopment) by REIT1 Cumulative Same Property (Average % of NOI ‘21 - ‘24) NOI Growth1 (‘22 - ‘25) 42% 19.8% 38% 16.9% 28% 27% 22% 22% 23% 20% 20% 20% PECO KIM IVT REG AKR KRG Peer FRT BRX UE IV
Slide 17: Disciplined Redevelopment Program
DISCIPLINED REDEVELOPMENT PROGRAM Anticipated Project Yields Between 7-10% GATEWAY MARKETPLACE GATEWAY MARKET CENTER MSA: Tampa St Petersburg, FL Status: Planning to Commence in 2026 Est. Completion Year: 2028 Project Description: Extensive repositioning and reconfiguration of the center to right si
Slide 18: Investment-Grade Balance Sheet
INVESTMENT-GRADE BALANCE SHEET LOW LEVERAGE BUSINESS MODEL Debt Maturity Schedule Secured ($ Millions) Unsecured $267 BBB- / STABLE $206 $200 Fitch Rating $205 $200 $100 $480 MILLION $26 $21 $62 Liquidity $0 $6 2026 2027 2028 2029 2030 2031 2032 4.5x Net Debt-to-Adjusted EBITDA1 5.7x 5.8x 5.9x Net D
Slide 19: Sustainable Dividend Growth
SUSTAINABLE DIVIDEND GROWTH Aggregate dividends declared as a percentage of Core FFO = 52%1 $1.002 $0.95 $0.91 $0.86 $0.82 $0.78 2021 2022 2023 2024 2025 2026 PGA PLAZA | MSA: MIAMI 1. Aggregate distributions declared (as a % of Core FFO) for the full year ended December 31, 2025 2. Quarterly divide
Slide 20: Consistent Cash Flow Growth
CONSISTENT CASH FLOW GROWTH 2026 Guidance Net Income Per Diluted Share Nareit FFO Per Diluted Share $0.16 to $0.22 $1.97 to $2.03 Core FFO Per Diluted Share SPNOI Growth $1.91 to $1.95 3.25% to 4.25% Net Investment Activity ~$300M CYFAIR TOWN CENTER | MSA: HOUSTON Q4 2025 Investor Presentation 2 0
Slide 21: Components of Long-Term Annual NOI Growth
COMPONENTS OF LONG-TERM ANNUAL NOI GROWTH Embedded Rent Escalations Positive Spreads For 150 – 200 bps Operational New & Renewal Efficiency Leases 25 – 50 bps 50 – 100 bps Incremental Occupancy Redevelopment Increases 50 - 75 bps 25 – 50 bps Q4 2025 Investor Presentation 2 1
Slide 22: Corporate Responsibility
CORPORATE RESPONSIBILITY 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 ENVIRONMENTAL • 100% of properties have energy management systems in
Slide 23: Strong and Experienced Board of Directors
ll not seek re-election mpany’s 2025 Annual Julian E. Whitehurst • Former CEO of National Retail Properties, Inc. Chairperson since 2024 • Previously served as COO of National Retail Properties, Inc. STRONG AND EXPERIENCED Director since 2016 • Practiced business and real estate law for 20 years at
Slide 24: Definitions
DEFINITIONS NON-GAAP FINANCIAL MEASURES NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) AND CORE FFO This presentation includes certain financial measures and other terms that are not in accordance The Company's non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), with U.S. Generally Accepted
Slide 25: Reconciliation of Non-GAAP Measures: Same Property NOI
RECONCILIATION OF NON-GAAP MEASURES Same Property Same Property NOI NOI The following table presents the components of Same Property NOI: Note: In thousands Three Months Ended Year Ended December 31 2025 2024 2025 2024 Income Minimum base rent $ 41,486 $ 40,180 $ 158,378 $ 152,410 Real estate tax re
Slide 26: Reconciliation of Net Income to Same Property NOI
RECONCILIATION OF NET INCOME TO SAME PROPERTY NOI Same Property Net Income NOINOI to Same Property The following table reconciles Net Income to Same Property NOI: Note: In thousands Three Months Ended Year Ended December 31 2025 2024 2025 2024 Net income $ 2,661 $ 9,799 $ 111,421 $ 13,658 Adjustment
Slide 27: Reconciliation of Non-GAAP Measures: Nareit FFO and Core FFO
RECONCILIATION Nareit FFO and Core FFO OF NON-GAAP MEASURES Nareit FFO & Core FFO The following table reconciles Net Income to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities: Note: In thousands, except share and per sha
Slide 28: EBITDA and Adjusted EBITDA
RECONCILIATION EBITDA and Adjusted EBITDA OF NON-GAAP MEASURES EBITDA & Adjusted The following EBITDA table reconciles Net Income to EBITDA and Adjusted EBITDA: Note: In thousands Three Months Ended Year Ended December 31 2025 2024 2025 2024 Net income $ 2,661 $ 9,799 $ 111,421 $ 13,658 Interest exp
Slide 29: Reconciliation of Financial Leverage Ratios
RECONCILIATION OF FINANCIAL LEVERAGE RATIOS Net Debt-to-Adjusted Net Debt EBITDA and Net Debt-to-Adjusted EBITDA The following table calculates net debt and Net debt-to-Adjusted EBITDA. Note: In thousands As of December 31 2025 2024 Net Debt: Outstanding Debt, net 825,881 740,415 Less: Cash and cash
Slide 30: Reconciliation of Guidance Range
RECONCILIATION OF 2025 GUIDANCE RANGE Estimated Net Income Per Share to Estimated Nareit FFO and Core FFO Per Diluted Share (Unaudited) Low End High End Net income per diluted share $ 0.16 $ 0.22 Depreciation and amortization of real estate assets 1.81 1.81 Nareit FFO per diluted share 1.97 2.03 Amo
Slide 31: Corporate Office
Corporate Office 3025 Highland Parkway | Suite 350 Downers Grove, IL 60515 630.570.0700 info@InvenTrustProperties.com Investor Relations 630.570.0605 InvestorRelations@InvenTrustProperties.com Transfer Agent Computershare 855.377.0510 Investor Quarterly Corporate Presentation Earnings Responsibility