Inventrust Properties Corp. · NYSE:IVT

Inventrust Properties — Investor Presentation (September 2021)

43 slides from Inventrust Properties's investor presentation, Sep 29, 2021

  1. Slide 1: Investor Presentation September 2021

    Inventrust ee’ = Properties su Y ” Investor Presentation September 2021 Essential Retail. Smart Locations.°®

  2. Slide 2: Forward Looking Statements

    Forward Looking Statements Cautionary Note About Forward-Looking Statements This document has been prepared by InvenTrust Properties Corp. (the “Company,” “IVT” or “InvenTrust”) solely for informational purposes. This presentation contains, and our responses to various questions from investors may i

  3. Slide 3: Overview

    eee ee ee Overview InvenTrust =SoTR — - - Windward.Commons i MSA: Atlanta, GA

  4. Slide 4: Today's Presenters

    Today’s Presenters Daniel J. (“DJ”) Busch President and CEO @y Inventrust “Ng Properties ey / Mike Phillips EVP. CFO, and Treasurer Christy David EVP, COO David Heimberger SVP, Capital Markets, Investor Relations, and Transactions

  5. Slide 5: Overview: Portfolio and Financial Highlights

    Overview Portfolio Highlights 109M 167K TOTAL GLA! AVG. CENTER SIZE 65 RETAIL PROPERTIES 92.9% LEASED OCCUPANCY 90% SUN BELT ? 85% GROCERY-ANCHORED 4 73 AVG. TAP SCORE (PEER AVERAGE = 69) 2 $19.31 ABR PER SF 5 Financial Highlights © 18% 3.9x $500M+ NET DEBT-TO- NET LEVERAGE RATIO 7 TOTAL LIQUIDITY A

  6. Slide 6: Simple & Focused Business Plan

    Simple & Focused Business Plan InvenTrust Properties Provide Liquidity Pursue a direct listing and concurrent tender offer to provide immediate liquidity for our shareholders in an efficient manner Sun Belt Focus Continue to curate a Sun Belt-exclusive, grocery- anchored portfolio Management Experti

  7. Slide 7: Listing Overview

    Listing Overview October 2021 Company InvenTrust Properties Corp. su|m|tl|w tml e | sa Ticker NYSE: IVT Dividend / Yield $0.82 annualized dividend per share / 2.8% '2 Potential Li October 12, 2021 November Su M | Tu | W | Th F Sa Expected Tender Size $100M 7 a a CE) 14 15 16] 7 18] 19) 20] 21 22} 23

  8. Slide 8: Essential Retail. Smart Locations.

    Essential Retail. Smart Locations.® Sun Belt Markets Poised for Growth Y 90% of NOI derived from Sun Belt markets, 15t among peers VY Attractive demographic trends with 3-mile avg. population and HHI growth set to outpace peers Y Durable cash flow providing stability and potential for long-term grow

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  10. Slide 10: The Pointe at Creedmoor

    cay InvenTrust) — ae ay a _ The Pointe at Creedmoor : Se a —, et. NC y —

  11. Slide 11: Our Differentiated Portfolio

    Our Differentiated Portfolio Focused on Sun Belt with favorable demographic trends Portfolio ; 0 i inhi i Curation Parameters High Growth Strategically focused in high growth markets predominantly across the Sun Belt Sun Belt a) Growth dynamics supported by highly-educated workforces comparable to t

  12. Slide 12: Premier Retail Assets

    Premier Retail Assets ~50% of our ABR is generated from properties with a TAP score greater than 75 Estimated Percentage of Rent by TAP Score Range 1 100% I H 1 i] I i 1 1 i i 1 i] 1 i] 75% I ! 1 i] H H 1 1 ! H 1 I i 1 50% i I 1 1 ! i 1 I i I 1 i 1 25% 1 1 1 i] 1 i] I i I 1 i 1 1 i] “ Re [ FA lan ‘e

  13. Slide 13: Attractive Portfolio Demographics

    Attractive Portfolio Demographics Strong and growing trade areas should lead to market rent growth County-Level Net Migration of Adjusted Gross Income! 3-Mile Educational Attainment pene pene H H H H 1.6% | ' t H t H 50% t H H 1 1 47% | 460% 1 1.0% | ' ' oo ‘| |: 43% 43% 4% 42% t 1 t 1 f 1 f 1 \ | 0

  14. Slide 14: Portfolio Composition

    Portfolio Composition 85% grocery-anchored with 63% coming from smaller format neighborhood and community centers Old Grove Marketplace MSA: San Diego, CA Neighborhood Center Trade Area 1 — 3 miles 36 properties 3.6M GLA! 100K average SF per property Average TAP score = 72 37% of NOI $19.38 ABR 2 Co

  15. Slide 15: Essential Retail Portfolio Composition

    Essential Retail Portfolio Composition Half of our top 10 tenants are grocers, which Daily needs-focused tenants provided creates robust leasing demand resiliency throughout the pandemic % of ABR # of # Tenant Leases % of ABR Grocery /Drug 205% Medical 78% 1 Kroger 16° 5.8% — : Office /Communication

  16. Slide 16: Top Grocers Generate a Stable Income Stream

    Top Grocers Generate a Stable Income Stream High productivity grocers drive traffic that Visits per center have returned to pre- benefits small shop tenants & leasing activity pandemic levels Average Grocer Sales Monthly Portfolio Foot Traffic? (S per SF) ~$740 120% Peak: 110% Current: 101% 100% ~$6

  17. Slide 17: Positive Leasing Momentum

    Positive Leasing Momentum Sector-wide tenant displacement caused by the pandemic positions us to backfill our portfolio and drive outsized earnings growth Executed Leases Historical Leased Occupancy ' Comparable Re-Leasing Spread ' (Thousands of SF) (Blended) 4% 8% 969 986 9 95% 1%) 835 — 761 94% oo

  18. Slide 18: Stable Same-Property NOI

    Stable Same-Property NOI Ability to accelerate growth in the near-term aided by strong Sun Belt fundamentals Same-Property NOI Growth / (Decline) OIVT @Peers' 6.5% (7.8%) 2019 2020 YTD 2021 @y Inventrust “Ng Properties Source:Public filings and Green Street. 1) Peer average includes BRX, KIM, KRG, P

  19. Slide 19: Capital Expenditures

    Capital Expenditures High-quality, grocery-anchored assets require less capex and generate more free cash flow Pre-COVID Capital Expenditures as a % of NOI (’18 to ‘19 Avg.) 36% 29% 25% 25% 24% 20% 18% | | cm ROW ie Ientust| sede BRPAI £KIMCO BRIX rust 19 Source: Green Street. Note: Includes mainten

  20. Slide 20: Redevelopment: Infusing Capital to Enhance the Consumer Experience

    Redevelopment: Infusing Capital to Enhance the Consumer Experience Modest and disciplined capital focused on retenanting, revitalization, and anchor repositioning Redevelopment investment benchmarks: Est. Spend on Redevelopment Projects ' + No large mixed use funding commitments Year Estimated Spend

  21. Slide 21: Balance Sheet & Growth Potential

    Balance Sheet & Growth Potential PGA Plaza MSA»Miami, FL

  22. Slide 22: Flexible & Conservative Capital Structure

    Flexible & Conservative Capital Structure InvenTrust primed for growth with sector-leading balance sheet Balance Sheet Highlights + Balance sheet with investment grade-like characteristics + Approximately $530M liquidity and $20M of free cash flow (after capex and dividends) + Liquidity includes $18

  23. Slide 23: Six Dividend Increases in Five Years

    Six Dividend Increases in Five Years Increased dividend payments over the last five years and during the pandemic with additional capacity to grow dividend further Y Aggregate distributions (as a % of Core FFO) = 59% ' Historical & Projected Dividend Payments 2 Did not cut or suspend dividend during

  24. Slide 24: Significant cash on hand and balance sheet capacity positions us to meaningfully grow cash flow

    Significant cash on hand and balance sheet capacity positions us to meaningfully grow cash flow Illustrative Core FFO Growth from Acquisitions ' Pro Forma Est. Acquisition Est. Pro Forma Est. Total Core FFO Growth Acquisition Level Cap Rate Net Debt-to-Adjusted EBITDA from Acquisitions ” $300M 4.5%

  25. Slide 25: Experienced Acquisitions Team

    Experienced Acquisitions Team Best-in-class acquisitions platform with prudent approach and high volume capabilities Historical Acquisitions Funnel ' Total InvenTrust Acquisitions and Dispositions (SM) Average Acquisitions: $322 $633 $465 $392 $223 600+ Opportunities $1,934 > Evaluated || ($244) 399

  26. Slide 26: Recent Acquisitions

    Recent Acquisitions Purchasing necessity-based retail centers in Sun Belt markets delivering stable cash flows Southern Palm Crossing Eldorado Marketplace Trowbridge Crossing MSA: Miami, FL MSA: Dallas / Fort Worth / Arlington, TX MSA: Atlanta, GA + Purchased 2019 + Purchased 2019 + Purchased 2020 +

  27. Slide 27: Institutional Capital Partnership

    Institutional Capital Partnership PGGM joint venture provides visible pipeline for future external growth via assets InvenTrust knows better than any other operator n { N/E Blackhawk Town Center Stables Town Center MSA: Houston, TX MSA; Houston, TX + Institutional capital partnership with PGGM since

  28. Slide 28: G&A — Peer Comparison

    G&A — Peer Comparison G&A expense is in line with public peers once balance sheet is fully utilized * Peer average G&A as a percentage of assets is 73 bps + InvenTrust’s normalized G&A as a percentage of assets once the balance sheet is fully utilized at comparable peer leverage levels is estimated

  29. Slide 29: Governance and Corporate Responsibility

    Governance and Corporate Responsibility Trowbridge Crossing MSA: Atlanta,GA

  30. Slide 30: • • • • ° • • • • • • • • •

    • • • • ° • • • • • • • • • • • • • • • • • • • • •

  31. Slide 31: ESG Initiatives

    ESG Initiatives Effectively managing our business and assets with a focus on environmental, social and governance (“ESG”) initiatives well Environmental Social Governance + Improved energy, water and waste + IVTisinvested in its employees with tuition |+ IVT places a strong emphasis on its | managem

  32. Slide 32: Strategic Advantages

    tegic Advantages Sun Belt Markets Poised for Growth Focused on Sun Belt markets and positioned to capture favorable demographic trends W High-Performing, Grocery-Anchored Portfolio High quality grocery-anchored centers with strong performance track record Trusted Local Operator Hyper local operation

  33. Slide 33: Plaza Midtown

    €y Inventrust _ St : fee | =) Properties i — Plaza Midtown af ‘ = ___MSArAtlanta, GA —

  34. Slide 34: Management Team

    Management Team / | i | Daniel J. (“DJ”) Busch (2019) President and CEO | Mr. Busch was appointed to the position of President of the Company in February 2021 and as CEO & Director of InvenTrust in August 2021.He joined the company in 2019 as Executive Vice President, Chief Financial Officer, and Tr

  35. Slide 35: Management Team

    Management Team David Heimberger (2011) SVP, Capital Markets, Investor Relations, and Transactions Mr. Heimberger has been with InvenTrust since 2011, serving in various financial roles focused on debt / equity partnerships and strategic transactions. Throughout his tenure with InvenTrust, he has be

  36. Slide 36: Non-GAAP Measures and Definition of Terms

    Non-GAAP Measures and Definition of Terms General In addition to GAAP measures, this supplemental disclosure contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measures included in our Glossary of Terms to be alternatives to measures required in accordance with GAAP. C

  37. Slide 37: Reconciliation of Non-GAAP Measures

    Reconciliation of Non-GAAP Measures Net Income (Loss) to Pro Rata Same Property NOI Six Months Ended June 30 2021 2020 Net income (loss) S 1399 $ (13,097) Adjustments Other income and expense, net 163 (2,328) Equity in (earnings) losses of unconsolidated entities (1,395) (640) Interest expense, net

  38. Slide 38: Reconciliation of Non-GAAP Measures

    Reconciliation of Non-GAAP Measures Net Income (Loss) to Pro Rata Same Property NOI (Cont'd) Net income (loss) Adjustments Net Loss from discontinued operations Other income and expense, net Equity in (earnings) losses of unconsolidated entities Interest expense, net Loss on extinguishment of debt (

  39. Slide 39: Reconciliation of Non-GAAP Measures

    Reconciliation of Non-GAAP Measures Net Income (Loss) to Pro Rata Same Property NOI (Cont'd) Year Ended December 31 2019 2018 Net income (loss) S 38,399 § 83,849 Adjustments Net Loss from discontinued operations 25,500 - Other income and expense, net (1,384) (2,464) Equity in (earnings) losses of un

  40. Slide 40: Reconciliation of Non-GAAP Measures

    Reconciliation of Non-GAAP Measures EBITDA and Adjusted EBITDA Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Net income (loss) S 1,499 § (9,611) $ 1399 $ (13,097) Interest expense ' 4,780 5,900 9,695 11,915 Income tax expense (benefit) ' 102 22 201 (1,050) Depreciation and

  41. Slide 41: Reconciliation of Non-GAAP Measures

    Reconciliation of Non-GAAP Measures EBITDA and Adjusted EBITDA (Cont'd) Year Ended Dec. 31, 2020 Net income (loss) $ (10,174) Interest expense ' 22,849 Income tax expense (benefit) ' (739) Depreciation and amortization ' 96,722 EBITDA 108,658 Adjustments to reconcile to Adjusted EBITDA ' Provision f

  42. Slide 42: Reconciliation of Non-GAAP Measures

    Reconciliation of Non-GAAP Measures FFO and Core FFO Net income (loss) Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 $ 1499 $ (9,611) $ 1,399 $ (13,097) Depreciation and amortization related to investment properties 21,774 22,015 43,221 43,561 Provision for asset impairment

  43. Slide 43: InvenTrust Properties

    ® Inventrust Properties Corporate Office 3025 Highland Parkway Suite 350 Downers Grove, IL 60515 Investor Relations 630-570-0605 Investorrelations@inventrustproperties.com Transfer Agent Computershare 855.377.0510

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