Slide 1: Q1 2025 Investor Presentation
Q1 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 68 97% 86% 11.0M 161K Retail Properties Sun Belt1 Grocery Anchored1,2 Total GLA Avg. Center Size Full Year Guidance Long-Term Targets $1.79 - $1.83 3.5% - 4.5% 5.0x - 6.0x 25% - 35% Growth of 3.5% to 5.8% 2025 SPNOI Growth Net Debt-To-Adjusted EBITDA Net Leverag
Slide 4: A Simple & Focused Investment Opportunity
A SIMPLE & FOCUSED Sun Belt Markets with Strong, Persistent Migration INVESTMENT OPPORTUNITY • Moving towards 100% Sun Belt concentration (peer average 37%)1 • Attractive demographic trends – jobs, population, education and household income • Long-term Sun Belt growth set to substantially outpace th
Slide 5: First Quarter 2025
FIRST QUARTER 2025 Operating Results 6.1% $20.21 97.3% 90.0% 99.5% 93.4% 9.6% 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 $0.46 4.1x 23.4% $577M $0
Slide 6: Strong Fundamentals and Sector Tailwinds
STRONG FUNDAMENTALS AND SECTOR TAILWINDS Historically Low Supply 3.0% 3.0 Strip Center Supply Growth1 (Year-Over-Year) 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 '24 '25E '26E '27E '28E '29E 0.
Slide 7: Sun Belt Focused
SUN BELT FOCUSED Clustered portfolio brings operational efficiencies and detailed market knowledge InvenTrust Portfolio by Percentage of ABR1 DC Metro 3% Richmond 3% Raleigh / Durham Charlotte 6% 5% Charleston (New Market) 3% Orlando Atlanta 5% Southern CA 10% Miami/ 9% Phoenix Houston Fort Lauderda
Slide 8: High Quality Assets
HIGH QUALITY ASSETS Established centers with necessity-based tenants drive performance in all economic conditions Rio Pinar Plaza NEIGHBORHOOD CENTER MSA: Orlando Trade Area 1-3 mi. • 41 properties • 40% of NOI1 • 4.1M GLA • $21.21 ABR2 Shops at Arbor Trails COMMUNITY CENTER MSA: Austin Trade Area 3
Slide 9: Essential Retail Dominates Merchandise Mix Recently Executed Leases
ESSENTIAL RETAIL DOMINATES MERCHANDISE MIX RECENTLY EXECUTED LEASES Anchors Small Shop Top 10 Tenants Ranking Tenant Credit Rating (S&P) # of Leases % of ABR 1 BBB 141 4.3% 2 N/A 152 3.3% 3 A 14 2.3% 4 BB+ 6 2.1% 5 N/A 53 2.0% 6 AA 5 1.3% 7 B- 8 1.3% 8 BBB+ 4 1.1% 9 BBB+ 6 1.0% 10 B+ 6 1.0% Top 10 T
Slide 10: Limited Exposure to Watch List Tenants
LIMITED EXPOSURE TO WATCH LIST TENANTS Strong, Necessity Based Portfolio REIT Exposure to Watch List Tenants1 (as a percentage of ABR) 10.9% 10.5% 9.2% 8.0% 8.0% 7.6% 6.5% 5.8% 5.1% 3.7% PECO FRT REG IVT Peer BRX AKR KIM UE KRG Avg 1. Source: Green Street, March 14, 2025. Green Street Watch List Ten
Slide 11: 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 58% Grocery 18% Local Restaurants Health & Beauty Services 11% 17% 21% Grocery / Medical 9% Essenti
Slide 12: Strong Leasing Activity Continues
STRONG LEASING ACTIVITY CONTINUES Portfolio is experiencing unprecedented demand and occupancy levels Leased Occupancy 97.4% 97.3% 96.1% 96.2% 93.9% 92.8% 2020 2021 2022 2023 2024 Q1 2025 Leased to Economic Occupancy Spread (basis points) 290 $5.7 Million Incremental Annualized Base Rent 220 210 190
Slide 13: Growing Asset Base Through Acquisitions
GROWING ASSET BASE THROUGH ACQUISITIONS Acquiring necessity-based retail assets in Sun Belt Markets CARMEL VILLAGE PLAZA ESCONDIDA MSA: Charlotte, NC MSA: Tucson, AZ • Acquired Q2 2025 • Acquired Q2 2025 • Year Built - 2006 • Renovated - 1997 • ABR PSF - $26.74 • ABR PSF - $16.53 • Neighborhood Cent
Slide 14: Disciplined Redevelopment Program
DISCIPLINED REDEVELOPMENT PROGRAM Anticipated project yields between 7-10% SANDY PLAINS CENTRE SARASOTA PAVILION Atlanta, GA Tampa, FL Status: Active Status: Active Est. Completion Year: 2025 Est. Completion Year: 2026 Project Description: Redevelopment and expansion Project Description: Anchor spac
Slide 15: Above Average Same Property NOI Growth with Lower Capital Expenditures
ABOVE AVERAGE SAME PROPERTY NOI GROWTH WITH LOWER CAPITAL EXPENDITURES Cumulative Same Property Capital Expenditures (incl. Redev.) by REIT1 NOI Growth (% of NOI ‘21 - ‘23) 42% (‘22 - ‘24) 38% 14.5% 12.7% 28% 26% 22% 22% 21% 20% 20% 18% KIM REG PECO IVT AKR KRG Peer FRT BRX UE IVT Peer Avg Avg 1. So
Slide 16: Investment-Grade Balance Sheet
INVESTMENT-GRADE BALANCE SHEET INVENTRUST MAINTAINS A LOW LEVERAGE Debt Maturity Schedule BUSINESS MODEL ($ Millions) Secured $226 $200 Unsecured $182 BBB- / STABLE $200 $150 Fitch $100 $36 $577 MILLION $26 $32 Liquidity 2025 2026 2027 2028 2029 2030 2031 2032 Net Debt-to-Adjusted EBITDA1 4.1x 5.5x
Slide 17: Sustainable Dividend Growth
SUSTAINABLE DIVIDEND GROWTH Steady Dividend Increases with Additional Capacity to Grow in the Future Aggregate dividends declared as a percentage of Core FFO = 51%1 $0.95 $0.91 $0.86 $0.82 $0.78 PGA PLAZA | MSA: MIAMI 2021 2022 2023 2024 2025 1. Aggregate distributions declared (as a % of Core FFO)
Slide 18: InvenTrust Delivers Consistent Cash Flow Growth
INVENTRUST DELIVERS CONSISTENT CASH FLOW GROWTH 2025 Guidance Net Income Per Diluted Share Nareit FFO Per Diluted Share $0.27 to $0.33 $1.83 to $1.89 Core FFO Per Diluted Share SPNOI Growth $1.79 to $1.83 3.5% to 4.5% Net Acquisition Activity $100 Million CYFAIR TOWN CENTER | MSA: HOUSTON Q1 2025 In
Slide 19: Components of Annual Cash Flow Growth
COMPONENTS OF ANNUAL CASH FLOW GROWTH Embedded Positive Leasing Incremental Balance Sheet Redevelopment Acquisitions Rent Spreads For New Occupancy Management Escalations & Renewals Increases CARY PARK TOWN CENTER | MSA: RALEIGH Q1 2025 Investor Presentation 1 9
Slide 20: 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 i
Slide 21: Board of Directors
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 Lowndes, Drosdick, Doster, Compensation - M
Slide 22: 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 The Company’s non-GAAP measure of Nareit Funds from Operations (“Nareit in accordance with U.S. Generally Accepted Account
Slide 23: Reconciliation of Net Income to Same Property NOI
Same Property NOI $ 47,286 $ 44,548 Same Property NOI Growth 6.1 % RECONCILIATION Same Property Count OF NET INCOME TO SAME PROPERTY NOI 61 Same Property NOI Net Income to Same Property NOI Note: In thousands Three Months Ended March 31 2025 2024 Net income $ 6,792 $ 2,900 Adjustments to reconcile t
Slide 24: Reconciliation of Non-GAAP Measures
RECONCILIATION OFNon-GAAP Reconciliation of NON-GAAP MEASURES Measures Same Property NOI In thousands Same Property NOI Note: In thousands Three Months Ended March 31 2025 2024 Income Minimum base rent $ 42,952 $ 41,310 Real estate tax recoveries 8,020 7,837 Common area maintenance, insurance, and o
Slide 25: Reconciliation of Non-GAAP Measures: Nareit FFO & Core FFO
RECONCILIATION OF NON-GAAP MEASURES Reconciliation of Non-GAAP Measures, continued Nareit FFO & Core FFO In thousands Nareit Note: FFO and In thousands, Core except FFO share and per share amounts Three Months Ended March 31 2025 2024 Net income $ 6,792 $ 2,900 Depreciation and amortization of real
Slide 26: Reconciliation of Non-GAAP Measures: EBITDA & Adjusted EBITDA
Core FFO per diluted share $ 0.46 $ 0.44 (a) Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income. RECONCILIATION (b) For purposes of calculating OF NON-GAAP non-GAAP share in accordance with GAAP. MEASURES per share metrics,
Slide 27: Reconciliation of Financial Leverage Ratios
Financial Leverage Ratios In thousands RECONCILIATION OF FINANCIAL LEVERAGE RATIOS Net Debt and Net Debt-to-Adjusted EBITDA Net Debt-to-Adjusted EBITDA The following table presents the calculation of net debt and Net Debt-to-Adjusted EBITDA: Note: In thousands As of March 31 As of December 31 2025 2
Slide 28: Reconciliation of 2025 Guidance Range
(5) Net investment activity represents anticipated acquisition activity less disposition activity. In addition to the foregoing assumptions, the Company's 2025 guidance incorporates a number of other assumptions that are subject to change and may be outside the control of the Company. If actual resu
Slide 29: 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