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Quarter ended September 30, 2026
SUPPLEMENTAL
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Introductory Notes i
Earnings Release iii
Financial InformationSummary Financial Information.................................................................................................................................... 1
Condensed Consolidated Balance Sheets................................................................................................................. 2
Condensed Consolidated Statements of Operations and Comprehensive Income............................................. 3
Condensed Consolidated Supplemental Details of Assets and Liabilities............................................................. 4
Condensed Consolidated Supplemental Details of Operations.............................................................................. 5
Reconciliation of Non-GAAP Measures
Same Property Net Operating Income ................................................................................................................... 6
Nareit FFO and Core FFO........................................................................................................................................ 7
EBITDA and Adjusted EBITDA ................................................................................................................................ 7
Debt Allocation, Debt Payments and Maturities by Year, Covenants and
Financial Leverage Ratios............................................................................................................................................. 8
Supplemental Detail of Debt Maturities....................................................................................................................... 9
Interest Rate Swaps ...................................................................................................................................................... 10
Portfolio and Leasing OverviewMarkets and Tenant Size............................................................................................................................................... 11
Top 25 Tenants by Total ABR and Tenant Merchandise Mix.................................................................................... 12
Comparable & Non-Comparable Lease Statistics..................................................................................................... 13
Tenant Lease Expirations.............................................................................................................................................. 15
Acquisitions, Dispositions, Capital Investments, and Leasing Costs ..................................................................... 16
Investment SummaryDevelopment Pipeline .................................................................................................................................................... 17
Property Summary.......................................................................................................................................................... 18
Components of Net Asset Value (NAV) as of September 30, 2026 21
Glossary of Terms 22
About InvenTrust Properties Corp.InvenTrust Properties Corp. (the "Company," "IVT," or "InvenTrust") 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. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit https://www.inventrustproperties.com.
The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under U.S. Generally Accepted Accounting Principles ("GAAP"). The information provided in this supplemental is unaudited and includes non-GAAP measures (as discussed herein), and there can be no assurance that the information will not vary from the final information in the Company's Form 10-Q for the quarter ended September 30, 2026. The Company may, but assumes no obligation to, update information in this supplemental.
Forward-Looking Statements DisclaimerForward-Looking Statements in this supplemental, 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 expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this supplemental that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," "could," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.
The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes, including the effects of tariffs and changes in global trade policies, on the overall state of the economy and on our and our tenants' business and operations and any material market changes and trends that could affect the Company's business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law.
IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.
Notice Regarding Non-GAAP Financial MeasuresIn addition to GAAP measures, this supplemental contains and refers to certain non-GAAP measures. Management does not consider the Company's non-GAAP measures included in the Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of IVT's financial performance as they may not reflect the operations of the entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of IVT's properties that could materially impact IVT's results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of IVT's liquidity, nor as an indication of funds available to cover IVT's cash needs, including IVT's ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if management does not continue to operate the business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, IVT's non-GAAP measures may not be comparable to other REITs. Reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are included on pages 6 and 7 and definitions of the Company's non-GAAP measures are included in the Glossary of Terms on page 22.
Availability of Information on InvenTrust Properties Corp.'s Website and Social Media ChannelsInvestors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account, x.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on inventrustproperties.com/investor-relations and on the Company's social media channels.
CONTACT:
Dan Lombardo
Vice President of Investor Relations 630-570-0605
dan.lombardo@inventrustproperties.com
InvenTrust Properties Corp. Reports 2026 Third Quarter ResultsDOWNERS GROVE, IL - October 27, 2026 - InvenTrust Properties Corp. ("InvenTrust" or the "Company") (NYSE: IVT) today reported financial and operating results for the quarter ended September 30, 2026. For the three months ended September 30, 2026 and 2025, the Company reported Net Income of $19.4 million, or $0.25 per diluted share, and $6.0 million, or $0.08 per diluted share, respectively. For the nine months ended September 30, 2026 and 2025, the Company reported Net Income of $26.0 million, or $0.33 per diluted share, and $108.8 million, or $1.39 per diluted share, respectively.
Third Quarter 2026 Highlights:Nareit FFO of $0.53 per diluted share
Core FFO of $0.50 per diluted share
Same Property Net Operating Income ("NOI") growth of 3.1%
Leased Occupancy as of September 30, 2026 of 96.4%
Executed 86 leases totaling approximately 549,000 square feet of GLA, of which 512,000 square feet was executed at a blended comparable lease spread of 14.2%
Acquired one property, totaling approximately 169,000 square feet, for a purchase price of $34.0 million
"InvenTrust made meaningful progress during the quarter, converting signed leases into rent-paying occupancy and cash flow," said DJ Busch, President and Chief Executive Officer of InvenTrust. "Our internal growth drivers, together with the earnings contribution from recent acquisitions, helped drive year-to-date Nareit FFO per-share growth of approximately 10%. As we look toward 2027, our signed-but-not-open leases, redevelopment activity and acquisition opportunities provide multiple avenues to grow the business and create long-term shareholder value."
NET INCOMENet Income for the three months ended September 30, 2026 was $19.4 million, or $0.25 per diluted share, compared to $6.0 million, or $0.08 per diluted share, for the same period in 2025.
Net Income for the nine months ended September 30, 2026 was $26.0 million, or $0.33 per diluted share, compared to $108.8 million, or $1.39 per diluted share, for the same period in 2025.
NAREIT FFONareit FFO for the three months ended September 30, 2026 was $41.5 million, or $0.53 per diluted share, compared to $38.4 million, or $0.49 per diluted share, for the same period in 2025.
Nareit FFO for the nine months ended September 30, 2026 was $122.6 million, or $1.56 per diluted share, compared to $111.1 million, or $1.42 per diluted share, for the same period in 2025.
CORE FFOCore FFO for the three months ended September 30, 2026 was $39.0 million, or $0.50 per diluted share, compared to $36.7 million, or $0.47 per diluted share, for the same period in 2025.
Core FFO for the nine months ended September 30, 2026 was $115.9 million, or $1.47 per diluted share, compared to $107.3 million, or $1.37 per diluted share, for the same period in 2025.
SAME PROPERTY NOISame Property NOI for the three months ended September 30, 2026 was $50.4 million, a 3.1% increase, compared to the same period in 2025.
Same Property NOI for the nine months ended September 30, 2026 was $144.8 million, a 3.4% increase, compared to the same period in 2025.
DIVIDENDFor the quarter ended September 30, 2026, the Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on October 15, 2026.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITYAs of September 30, 2026, the Company's Leased Occupancy was 96.4%.
Anchor Leased Occupancy was 98.4% and Small Shop Leased Occupancy was 93.2%. Anchor Leased Occupancy increased 30 basis points and Small Shop Leased Occupancy was unchanged on a sequential basis compared to the previous quarter.
Leased to Economic Occupancy spread of 110 basis points, which equates to approximately $4.3 million of base rent on an annualized basis.
Comparable leases signed in the third quarter generated a blended re-leasing spread of 14.2%, including 41.7% on new leases and 10.9% on renewals. Renewal spreads included 6.8% on option exercises and 16.0% on non-option renewals.
Annualized Base Rent ("ABR") per square foot ("PSF") as of September 30, 2026 was $20.97, an increase of 3.4% compared to the same period in 2025. Anchor Tenant ABR PSF was $13.24 and Small Shop Tenant ABR PSF was $34.51 as of September 30, 2026.
During the third quarter, the Company completed the following acquisition using available liquidity:
On July 1, 2026, the Company 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.
LIQUIDITY AND CAPITAL STRUCTURE
InvenTrust had $509.5 million of total liquidity as of September 30, 2026, comprised of $29.5 million of cash and cash equivalents and $480.0 million of availability under its Revolving Credit Facility.
InvenTrust has no debt maturing in 2026 and $26.0 million of debt maturing in 2027.
The Company's weighted average interest rate on its debt as of September 30, 2026 was 4.70% and the weighted average remaining term was 4.1 years.
InvenTrust has updated its 2026 guidance, as summarized in the following table.
(Unaudited, dollars in thousands, except per share amounts) Current (1) (2) Previous
Net Income per diluted share | $0.31 | - | $0.33 | $0.12 - $0.18 |
Nareit FFO per diluted share | $2.05 | - | $2.07 | $2.01 - $2.07 |
Core FFO per diluted share (3) | $1.94 | - | $1.96 | $1.92 - $1.96 |
Same Property NOI ("SPNOI") Growth | 3.75% | - | 4.25% | 3.25% - 4.25% |
General and administrative | $35,750 | - | $36,750 | $35,750 - $36,750 |
Interest expense, net (4) | $44,000 | - | $44,500 | ~ $45,000 |
Net investment activity (5) | $190,000 | - | $255,000 | ~ $300,000 |
(1) The Company's 2026 guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and depreciation, amortization, and straight-line rent adjustments related to anticipated acquisitions.
(2) The Company's 2026 guidance includes an expectation of uncollectibility, reflected as 30 - 70 basis points of expected total revenue.
(3) Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, straight-line rent adjustments, gains or losses on debt transactions, amortization of debt discounts and financing costs, accretion of finance lease liability, depreciation and amortization of corporate assets, and non-operating income and expense.
(4) Interest expense, net, excludes amortization of debt discounts and financing costs, accretion of finance lease liability, and expected interest income of approximately $0.5 million.
(5) Net investment activity represents anticipated acquisition activity less disposition activity.
In addition to the foregoing assumptions, the Company's 2026 guidance incorporates several other assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.
The following table reconciles the range of the Company's 2026 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:
(Unaudited) | Low End | High End |
Net income per diluted share | $ 0.31 | $ 0.33 |
Depreciation and amortization of real estate assets | 1.96 | 1.96 |
Gain on sale of investment properties | (0.22) | (0.22) |
Nareit FFO per diluted share | 2.05 | 2.07 |
Amortization of market-lease intangibles and inducements, net | (0.09) | (0.09) |
Straight-line rent adjustments, net | (0.07) | (0.07) |
Amortization of debt discounts and financing costs | 0.05 | 0.05 |
Depreciation and amortization of corporate assets | 0.01 | 0.01 |
Non-operating income and expense, net | (0.01) | (0.01) |
Core FFO per diluted share | $ 1.94 | $ 1.96 |
This earnings release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company's results.
Summary Financial InformationIn thousands, except share information and per square foot amounts
Three months ended September 30 Nine months ended September 30
2026 2025 2026 | 2025 | ||
Financial Results | |||
Net income | $ 19,413 $ 6,026 $ 25,966 | $ 108,760 | |
Net income per common share - basic | 0.25 0.08 0.33 | 1.40 | |
Net income per common share - diluted | 0.25 0.08 0.33 | 1.39 | |
Same Property NOI (page 6) | 50,363 48,863 144,827 | 140,129 | |
Same Property NOI growth | 3.1% 3.4% | ||
Nareit FFO (page 7) | 41,500 38,420 122,559 | 111,062 | |
Nareit FFO per diluted share | 0.53 0.49 1.56 | 1.42 | |
Core FFO (page 7) | 39,000 36,702 115,862 | 107,267 | |
Core FFO per diluted share | 0.50 0.47 1.47 | 1.37 | |
Adjusted EBITDA (page 7) | 51,385 45,030 148,140 | 131,188 | |
Distributions declared per common share | 0.25 0.24 0.75 | 0.71 | |
Aggregate distributions declared (as a % of Core FFO) | 50.0 % 50.3 % 50.5 % 51.6 % | ||
As of As of September 30, 2026 December 31, 2025 | As of December 31, 2024 | ||
Capital Information | |||
Shares outstanding | 77,978,431 77,691,533 | 77,450,794 | |
Net Debt | $ 1,010,677 $ 790,908 | $ 653,020 | |
Debt Metrics (trailing 12 months) | |||
Adjusted EBITDA | $ 192,153 | $ 175,201 | $ 158,009 |
Net Debt-to-Adjusted EBITDA | 5.3x | 4.5x | 4.1x |
Fixed charge coverage | 4.7x | 5.4x | 4.5x |
Net debt to real estate assets, excl property acc depr. | 31.2% | 26.3% | 23.0% |
Net debt to total assets, excl property acc depr. | 28.2% | 23.9% | 20.7% |
Debt Metrics (current quarter annualized) | |||
Adjusted EBITDA | $ 205,540 | $ 176,052 | $ 165,528 |
Net Debt-to-Adjusted EBITDA | 4.9x | 4.5x | 3.9x |
Distributions Paid Per Share | |
Q3 2026 | $0.2500 |
Q2 2026 | $0.2500 |
Q1 2026 | $0.2377 |
Q4 2025 | $0.2377 |
Liquidity and Credit Facility Cash and cash equivalents $ 29,526 Available under revolving credit facility 480,000 | |
Total | $ 509,526 |
Same Property Three months ended September 30 | Same Property Nine months ended September 30 | Total Nine months ended September 30 | ||||
2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
Portfolio Metrics | ||||||
No. of properties | 66 | 66 | 62 | 62 | 78 | 71 |
GLA (square feet) | 10,426 | 10,411 | 10,096 | 10,081 | 12,301 | 11,347 |
Economic Occupancy | 95.0 % | 95.4 % | 94.9 % | 95.4 % | 95.3 % | 95.6 % |
Leased Occupancy | 96.1 % | 97.1 % | 96.1 % | 97.1 % | 96.4 % | 97.2 % |
ABR PSF | $20.84 | $20.33 | $20.77 | $20.28 | $20.97 | $20.28 |
In thousands, except share and per share amounts
As of
September 30, 2026 | December 31, 2025 | |
Assets | (unaudited) | |
Investment properties | ||
Land | $ 747,227 | $ 702,147 |
Building and other improvements | 2,478,598 | 2,295,852 |
Construction in progress | 14,976 | 7,473 |
Total | 3,240,801 | 3,005,472 |
Less accumulated depreciation | (577,960) | (525,830) |
Net investment properties | 2,662,841 | 2,479,642 |
Cash, cash equivalents, and restricted cash | 36,704 | 40,518 |
Intangible assets, net | 211,585 | 193,963 |
Accounts and rents receivable | 44,784 | 37,471 |
Deferred costs and other assets, net | 53,466 | 37,053 |
Total assets | $ 3,009,380 | $ 2,788,647 |
Liabilities | ||
Debt, net | $ 1,040,203 | $ 825,881 |
Accounts payable and accrued expenses | 60,897 | 48,291 |
Distributions payable | 19,494 | 18,450 |
Intangible liabilities, net | 77,396 | 68,475 |
Other liabilities | 31,890 | 33,288 |
Total liabilities | 1,229,880 | 994,385 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding | - | - |
Common stock, $0.001 par value, 146,000,000 shares authorized, 77,978,431 shares issued and outstanding as of September 30, 2026 and | ||
77,691,533 shares issued and outstanding as of December 31, 2025 | 78 | 78 |
Additional paid-in capital | 5,738,889 | 5,736,652 |
Distributions in excess of accumulated net income | (3,979,733) | (3,947,229) |
Accumulated comprehensive income | 20,266 | 4,761 |
Total stockholders' equity | 1,779,500 | 1,794,262 |
Total liabilities and stockholders' equity | $ 3,009,380 | $ 2,788,647 |
In thousands, except share and per share information, unaudited
Three months ended September 30 Nine months ended September 30
2026 | 2025 | 2026 | 2025 | |
Income | ||||
Lease income, net | $ 86,631 | $ 74,019 | $ 251,084 | $ 220,538 |
Other property income | 486 | 447 | 1,444 | 1,250 |
Total income | 87,117 | 74,466 | 252,528 | 221,788 |
Operating expenses Depreciation and amortization | 39,731 | 32,734 | 114,776 | 94,086 |
Property operating | 13,202 | 11,054 | 37,876 | 33,277 |
Real estate taxes | 10,369 | 9,047 | 30,178 | 28,597 |
General and administrative | 8,557 | 8,316 | 26,818 | 25,569 |
Total operating expenses | 71,859 | 61,151 | 209,648 | 181,529 |
Other (expense) income Interest expense, net | (13,210) | (8,969) | (34,623) | (25,637) |
Gain on sale of investment properties | 17,379 | 52 | 17,379 | 90,961 |
Other income and expense, net | (14) | 1,628 | 330 | 3,177 |
Total other (expense) income, net | 4,155 | (7,289) | (16,914) | 68,501 |
Net income | $ 19,413 | $ 6,026 | $ 25,966 | $ 108,760 |
Weighted-average common shares outstanding - basic | 77,975,439 | 77,615,993 | 77,954,965 | 77,590,691 |
Weighted-average common shares outstanding - diluted | 78,726,151 | 78,498,873 | 78,632,013 | 78,317,551 |
Net income per common share - basic | $ 0.25 | $ 0.08 | $ 0.33 | $ 1.40 |
Net income per common share - diluted | $ 0.25 | $ 0.08 | $ 0.33 | $ 1.39 |
Comprehensive income Net income | $ 19,413 | $ 6,026 | $ 25,966 | $ 108,760 |
Unrealized gain (loss) on derivatives, net | 18,932 | (1,008) | 20,287 | (2,637) |
Reclassification to net income | (7,994) | (2,316) | (4,782) | (6,851) |
Comprehensive income | $ 30,351 | $ 2,702 | $ 41,471 | $ 99,272 |
As of
September 30, 2026 December 31, 2025
Cash, cash equivalents, and restricted cash
Cash and cash equivalents | $ 29,526 | $ 34,973 | |
Restricted cash | 7,178 | 5,545 | |
Total | $ 36,704 | $ 40,518 |
Accounts and rents receivable
Base rent, recoveries, and other receivables | $ 13,535 | $ 9,624 | |
Straight-line rent receivables | 31,249 | 27,847 | |
Total | $ 44,784 | $ 37,471 | |
Deferred costs and other assets, net Derivative assets | $ 20,266 | $ 5,196 | |
Deferred leasing costs, net | 17,437 | 16,240 | |
Deferred costs, net | 5,044 | 4,995 | |
Other assets | 4,539 | 4,741 | |
Financing costs, net | 3,285 | 4,342 | |
Prepaid insurance premiums | 1,593 | - | |
Operating lease right of use assets, net | 1,302 | 1,539 | |
Total | $ 53,466 | $ 37,053 | |
Other liabilities Unearned lease income | $ 9,706 | $ 10,207 | |
Security deposits | 8,967 | 8,661 | |
Deferred revenues | 7,085 | 7,574 | |
Other liabilities | 4,318 | 4,282 | |
Operating lease liabilities | 1,814 | 2,129 | |
Derivative liabilities | - | 435 | |
Total | $ 31,890 | $ 33,288 |
Three months ended September 30 Nine months ended September 30
2026 | 2025 | 2026 | 2025 | |
Income * Minimum base rent | $ 55,480 | $ 47,632 | $ 160,396 | $ 141,856 |
* Real estate tax recoveries | 9,624 | 8,516 | 28,015 | 26,509 |
* Common area maintenance, insurance, and other recoveries | 10,995 | 9,228 | 31,767 | 27,737 |
* Ground rent income | 5,968 | 5,449 | 17,628 | 15,527 |
Amortization of market-lease intangibles and inducements, net | 2,063 | 1,186 | 6,014 | 3,170 |
* Short-term and other lease income | 1,082 | 859 | 3,339 | 3,084 |
Termination fee income | 42 | 146 | 875 | 204 |
Straight-line rent adjustments, net | 1,622 | 1,121 | 3,802 | 2,859 |
* Provision for estimated credit losses | (245) | (118) | (752) | (408) |
Lease income, net | 86,631 | 74,019 | 251,084 | 220,538 |
* Other property income | 486 | 447 | 1,444 | 1,250 |
Total income | $ 87,117 | $ 74,466 | $ 252,528 | $ 221,788 |
Operating expenses Depreciation and amortization | $ 39,731 | $ 32,734 | $ 114,776 | $ 94,086 |
* Repairs and maintenance | 4,810 | 3,719 | 13,877 | 10,927 |
* Payroll, benefits, and office | 2,634 | 2,532 | 8,114 | 7,897 |
* Utilities and waste removal | 3,251 | 2,703 | 8,795 | 7,692 |
* Property insurance | 1,338 | 1,266 | 3,889 | 4,182 |
* Security, legal, and other | 1,169 | 834 | 3,201 | 2,579 |
Property operating expenses | 13,202 | 11,054 | 37,876 | 33,277 |
* Real estate taxes | 10,369 | 9,047 | 30,178 | 28,597 |
General and administrative | 6,404 | 6,278 | 20,454 | 19,380 |
Stock-based compensation costs | 2,836 | 2,711 | 8,449 | 8,195 |
Capitalized direct development compensation costs | (683) | (673) | (2,085) | (2,006) |
General and administrative expense | 8,557 | 8,316 | 26,818 | 25,569 |
Total operating expenses | $ 71,859 | $ 61,151 | $ 209,648 | $ 181,529 |
Interest expense, net Term loans, including impact of derivatives | $ 3,370 | $ 3,370 | $ 9,832 | $ 10,083 |
Senior notes | 6,643 | 3,202 | 13,045 | 9,604 |
Mortgages payable | 1,258 | 1,062 | 3,772 | 2,913 |
Revolving credit facility, including facility fees | 897 | 477 | 5,063 | 958 |
Capitalized interest | (69) | (65) | (286) | (227) |
Interest on finance lease liability | 137 | 138 | 412 | 170 |
Accretion of finance lease liability | 51 | 49 | 153 | 60 |
Amortization of debt discounts and financing costs | 923 | 736 | 2,632 | 2,076 |
Total interest expense, net | $ 13,210 | $ 8,969 | $ 34,623 | $ 25,637 |
Gain on sale of investment properties | $ 17,379 | $ 52 | $ 17,379 | $ 90,961 |
Other income and expense, net Interest on cash and cash equivalents | $ 81 | $ 1,288 | $ 300 | $ 2,872 |
Income tax expense | (149) | (144) | (440) | (420) |
Miscellaneous and settlement income | 54 | 484 | 470 | 725 |
Total other income and expense, net | $ (14) | $ 1,628 | $ 330 | $ 3,177 |
* Component of Net Operating Income
Same Property NOIThe following table presents the components of Same Property NOI:
Three months ended September 30 Nine months ended September 30 | ||||
2026 | 2025 | 2026 | 2025 | |
Income Minimum base rent $ 46,411 | $ 45,169 | $ 132,829 | $ 129,144 | |
Real estate tax recoveries 8,569 | 8,125 | 24,512 | 24,395 | |
Common area maintenance, insurance, and other recoveries 9,198 | 8,822 | 26,116 | 25,337 | |
Ground rent income 4,852 | 4,741 | 14,500 | 14,167 | |
Short-term and other lease income 993 | 849 | 3,106 | 2,714 | |
Provision for estimated credit losses (163) | (137) | (562) | (271) | |
Other property income 429 | 409 | 1,267 | 1,148 | |
Total income 70,289 | 67,978 | 201,768 | 196,634 | |
Operating Expenses Property operating 10,712 | 10,458 | 30,527 | 30,140 | |
Real estate taxes 9,214 | 8,657 | 26,414 | 26,365 | |
Total operating expenses 19,926 | 19,115 | 56,941 | 56,505 | |
Same Property NOI $ 50,363 | $ 48,863 | $ 144,827 | $ 140,129 | |
Same Property NOI Growth 3.1 % | 3.4 % | |||
Same Property Count 66 | 62 | |||
Net Income to Same Property NOI | ||||
The following table reconciles Net Income to 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 |
Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.
In thousands, except share and per share amounts
Nareit FFO and Core FFOThe 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:
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 |
Nareit FFO per diluted share | $ 0.53 | $ 0.49 | $ 1.56 | $ 1.42 |
Core FFO per diluted share | $ 0.50 | $ 0.47 | $ 1.47 | $ 1.37 |
Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
For purposes of calculating non-GAAP per share measures, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.
The following table reconciles Net Income 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 |
Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
In thousands
Debt AllocationBalance as of September 30, 2026 | Weighted Average Interest Rate | Weighted Average Years to Maturity | |
Fixed rate secured debt | $ 117,029 | 4.28% | 2.2 |
Fixed rate unsecured debt | 900,000 | 4.75% | 4.4 |
Variable rate revolving credit facility | 20,000 | 4.96% | 2.3 |
Total secured and unsecured debt | 1,037,029 | 4.70% | 4.1 |
Finance lease liability | 11,235 | ||
Debt discounts and financing costs, net | (8,061) | ||
Total Debt, net | $ 1,040,203 |
Maturity Year | Mortgage | Payments | Mortgage Maturities | Term Loan & Senior Notes | Revolving Credit Facility | Total |
Remaining 2026 | $ | 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 | |
Thereafter | - | - | 500,000 | - | 500,000 | |
Total | 2,105 | 114,924 | 900,000 | 20,000 | 1,037,029 |
Finance lease liability 11,235
Debt discounts and financing costs, net (8,061)
Total $ 1,040,203
Debt CovenantsFor the quarter ended
Description | Unsecured Debt Covenants | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | ||||
Leverage Ratio | < 60.0% | 28.0% | 29.2% | 26.8% | 24.2% | ||||
Fixed Charge Coverage Ratio | > 1.50 | 4.6 | 5.0 | 5.1 | 5.2 | ||||
Maximum Secured Recourse Debt | < 10% of Total Asset Value | -% | -% | -% | -% | ||||
Unsecured Interest Coverage Ratio | > 1.75 | 5.2 | 6.0 | 6.6 | 6.9 | ||||
Unsecured Leverage Ratio | < 60% | 27.2% | 28.9% | 25.8% | 23.0% | ||||
Financial Leverage Ratios |
The following table calculates Net Debt and Net Debt-to-Adjusted EBITDA: | As of September 30 | As of December 31 |
2026 | 2025 | |
Net Debt: Outstanding Debt, net | $ 1,040,203 | $ 825,881 |
Less: Cash and cash equivalents | (29,526) | (34,973) |
Net Debt | $ 1,010,677 $ 790,908 | |
Trailing 12 Months, Net Debt-to-Adjusted EBITDA Net Debt | $ 1,010,677 | $ 790,908 |
Adjusted EBITDA | 192,153 | 175,201 |
Net Debt-to-Adjusted EBITDA | 5.3x | 4.5x |
Current Quarter Annualized, Net Debt-to-Adjusted EBITDA Net Debt | $ 1,010,677 | $ 790,908 |
Adjusted EBITDA | 205,540 | 176,052 |
Net Debt-to-Adjusted EBITDA | 4.9x | 4.5x |
Supplemental Detail of Debt Maturities | ||||||
Maturity | Interest Rate | Balance | ||||
Mortgages Payable | ||||||
Escarpment Village | Jul-27 | 3.86% | $ | 26,000 | ||
Asheville Market | Mar-28 | 4.92% | 21,879 | |||
Daniels Marketplace | Jul-29 | 4.34% | 30,250 | |||
Shops at Arbor Trails | Dec-29 | 4.12% | 31,500 | |||
Plaza Escondida | May-30 | 4.24% | 7,400 | |||
Total | 117,029 | |||||
Term Loan | ||||||
$200.0 million 5 years | Aug-30 | 4.50% (a) | 100,000 | |||
$200.0 million 5 years | Aug-30 | 4.50% (a) | 100,000 | |||
$200.0 million 5.5 years | Feb-31 | 2.63% (b) | 50,000 | |||
$200.0 million 5.5 years | Feb-31 | 2.69% (b) | 50,000 | |||
$200.0 million 5.5 years | Feb-31 | 4.84% (b) | 100,000 | |||
Total | 400,000 | |||||
Senior Notes | ||||||
2022 Senior Notes $150.0 million Series A Notes | Aug-29 | 5.07% | 150,000 | |||
$100.0 million Series B Notes | Aug-32 | 5.20% | 100,000 | |||
2026 Senior Notes | ||||||
$50.0 million Series A Notes | Jun-29 | 5.09% | 50,000 | |||
$100.0 million Series B Notes | Jun-31 | 5.32% | 100,000 | |||
$100.0 million Series C Notes | Jun-33 | 5.60% | 100,000 | |||
Total Revolving Credit Facility | 500,000 | |||||
$500.0 million total capacity | Jan-29 | 1M SOFR + 1.05% (c) | 20,000 | |||
Total secured and unsecured debt | 4.70% | $ 1,037,029 | ||||
Finance Lease Liability West Ashley Station Ground Lease | Jan-92 | 11,235 | ||||
Total Debt | $ 1,048,264 | |||||
On September 22, 2026, the Company elected Daily Simple SOFR in place of 1-Month Term SOFR for its $200 million term loan maturing August 26, 2030. Concurrently, existing swaps expired and its $200 million notional forward-starting Daily Simple SOFR swaps became effective, fixing the interest rate.
Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on March 22, 2027, at which point the weighted average fixed interest rate will become 4.58%.
As of September 30, 2026, 1-Month Term SOFR was 3.91%. An additional annual facility fee of 0.15% applies to entire revolving credit facility capacity.
As of September 30, 2026, the Company is party to five effective interest rate swap agreements:
Effective Interest Rate Swaps | Effective Date | Termination Date | InvenTrust Receives | InvenTrust Pays Fixed Rate of | Fixed Rate Achieved (a) | Notional Amount |
5.5 year Term Loan | 4/3/23 | 3/22/27 | 1-Month SOFR | 3.69% | 4.84% | $ 100,000 |
5.5 year Term Loan | 6/21/24 | 3/22/27 | 1-Month SOFR | 1.54% | 2.69% | 50,000 |
5.5 year Term Loan | 6/21/24 | 3/22/27 | 1-Month SOFR | 1.48% | 2.63% | 50,000 |
5 year Term Loan | 9/22/26 | 8/26/30 | Daily SOFR | 3.35% | 4.50% | 100,000 |
5 year Term Loan | 9/22/26 | 8/26/30 | Daily SOFR | 3.35% | 4.50% | 100,000 |
(a) Interest rates reflect the Company's current credit spread of 1.15%.
As of September 30, 2026, the Company is party to two forward-starting interest rate swap agreements:
Forward-Starting Interest Rate Swaps | Effective Date | Termination Date | InvenTrust Receives | InvenTrust Pays Fixed Rate of | Fixed Rate Achieved (a) | Notional Amount | ||||||
5.5 year Term Loan | 3/22/27 | 2/24/31 | Daily SOFR | 3.42% | 4.57% | $ 100,000 | ||||||
5.5 year Term Loan | 3/22/27 | 2/24/31 | Daily SOFR | 3.43% | 4.58% | 100,000 |
(a) Interest rates reflect the Company's current credit spread of 1.15%.
Market | No. of Properties | Leased Occupancy | ABR | ABR PSF | ABR as % of Total | GLA | GLA as % of Total |
Austin-Round Rock, TX | 8 | 98.0 % | $ 34,964 | $ 17.56 | 14.3 % | 2,092 | 17.0 % |
Atlanta, GA | 10 | 98.0 % | 22,906 | 22.03 | 9.4 % | 1,076 | 8.7 % |
Miami-Fort Lauderdale-Miami Beach, FL | 3 | 98.0 % | 20,930 | 24.98 | 8.5 % | 859 | 7.0 % |
Houston-Sugar Land-Baytown, TX | 5 | 95.0 % | 19,954 | 17.17 | 8.1 % | 1,234 | 10.0 % |
Dallas-Fort Worth-Arlington, TX | 7 | 96.9 % | 19,351 | 21.29 | 7.9 % | 941 | 7.6 % |
Charlotte-Gastonia-Concord, NC | 7 | 97.4 % | 17,725 | 23.60 | 7.2 % | 781 | 6.3 % |
Raleigh-Cary-Durham, NC | 5 | 97.1 % | 13,758 | 20.96 | 5.6 % | 688 | 5.6 % |
Richmond, VA | 3 | 97.5 % | 12,627 | 17.62 | 5.2 % | 774 | 6.3 % |
Charleston-Berkeley-Dorchester, SC | 4 | 98.5 % | 10,484 | 27.67 | 4.3 % | 388 | 3.2 % |
Tampa-St. Petersburg, FL | 3 | 86.4 % | 10,465 | 16.33 | 4.3 % | 744 | 6.0 % |
Orlando-Kissimmee, FL | 4 | 95.6 % | 10,269 | 26.58 | 4.2 % | 417 | 3.4 % |
San Antonio, TX | 3 | 94.9 % | 9,618 | 28.90 | 3.9 % | 353 | 2.9 % |
Cape Coral-Fort Myers, FL | 3 | 98.2 % | 8,225 | 22.02 | 3.4 % | 380 | 3.1 % |
Phoenix, AZ | 4 | 98.5 % | 7,674 | 26.48 | 3.1 % | 294 | 2.4 % |
Washington D.C., MD | 2 | 93.0 % | 6,404 | 38.00 | 2.6 % | 181 | 1.5 % |
Nashville, TN | 1 | 97.3 % | 5,922 | 18.79 | 2.4 % | 324 | 2.6 % |
Knoxville, TN | 1 | 98.6 % | 3,450 | 21.63 | 1.4 % | 162 | 1.3 % |
Asheville, NC | 1 | 94.1 % | 2,446 | 20.44 | 1.0 % | 130 | 1.1 % |
Greensboro-High Point, NC | 1 | 100 % | 2,399 | 14.20 | 1.0 % | 169 | 1.4 % |
Savannah, GA | 1 | 99.2 % | 2,093 | 19.90 | 0.9 % | 106 | 0.9 % |
Los Angeles, CA | 1 | 79.5 % | 1,766 | 19.87 | 0.7 % | 117 | 1.0 % |
Tucson, AZ | 1 | 97.4 % | 1,532 | 17.26 | 0.6 % | 91 | 0.7 % |
Total | 78 | 96.4 % | $ 244,962 | $ 20.97 | 100 % | 12,301 | 100 % |
Market | No. of Properties | Leased Occupancy | ABR | ABR PSF | ABR as % of Total | GLA | GLA as % of Total |
Texas | 23 | 96.7 % | $ 83,887 | $ 19.09 | 34.2 % | 4,620 | 37.5 % |
Florida | 13 | 94.0 % | 49,889 | 22.29 | 20.4 % | 2,400 | 19.5 % |
North Carolina | 14 | 97.3 % | 36,328 | 21.42 | 14.8 % | 1,768 | 14.4 % |
Georgia | 11 | 98.1 % | 24,999 | 21.84 | 10.3 % | 1,182 | 9.6 % |
Virginia | 3 | 97.5 % | 12,627 | 17.62 | 5.2 % | 774 | 6.3 % |
South Carolina | 4 | 98.5 % | 10,484 | 27.67 | 4.3 % | 388 | 3.2 % |
Tennessee | 2 | 97.7 % | 9,372 | 19.75 | 3.8 % | 486 | 3.9 % |
Arizona | 5 | 98.2 % | 9,206 | 24.32 | 3.7 % | 385 | 3.1 % |
Maryland | 2 | 93.0 % | 6,404 | 38.00 | 2.6 % | 181 | 1.5 % |
California | 1 | 79.5 % | 1,766 | 19.87 | 0.7 % | 117 | 1.0 % |
Total | 78 | 96.4 % | $ 244,962 | $ 20.97 | 100 % | 12,301 | 100 % |
Tenant type | Economic Occupancy | Leased Occupancy | ABR | ABR PSF | GLA | |
20,000 SF+ (a) | 98.6 % | 99.1 % | $ 75,735 | $ 11.99 | 6,448 | |
10,000 - 19,999 SF (a) | 94.5 % | 94.5 % | 22,730 | 20.28 | 1,185 | |
5,000 - 9,999 SF (b) | 90.5 % | 94.1 % | 25,915 | 28.16 | 1,017 | |
1 - 4,999 SF (b) | 91.1 % | 92.9 % | 120,582 | 36.27 | 3,651 | |
Total | 95.3 % 96.4 % $ 244,962 $ 20.97 12,301 | |||||
Anchor Tenants (a) | 98.0 % | 98.4 % $ 98,465 $ | 13.24 | 7,633 | ||
Small Shop Tenants (b) | 91.0 % | 93.2 % $ 146,497 $ | 34.51 | 4,668 | ||
Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
Tenants with square footage less than 10,000 square feet are considered Small Shop Tenants.
Parent Name | Tenant Name/Count | Credit Rating (a) | No. of Leases | ABR | % of Total ABR | GLA | % of Total GLA |
1 Kroger | Kroger 6 / Harris Teeter 5 | BBB | 11 | $ 7,555 | 3.1 % | 720 | 5.9 % |
2 Publix Super Markets, Inc. | Publix 13 / Publix Liquor 3 | N/A | 16 | 7,382 | 3.0 % | 629 | 5.1 % |
3 TJX Companies | Marshalls 10 / HomeGoods 6 / TJ Maxx 3 / Homesense 1 | A | 20 | 6,778 | 2.8 % | 554 | 4.5 % |
4 Amazon, Inc. | Whole Foods Market 8 | AA | 8 | 5,023 | 2.1 % | 320 | 2.6 % |
5 Albertsons | Tom Thumb 2 / Market Street 2 / Safeway 1 / Albertsons 1 | BB+ | 6 | 4,400 | 1.8 % | 365 | 2.9 % |
6 H-E-B | H-E-B 4 / H-E-B Staff Office 1 | N/A | 5 | 4,385 | 1.8 % | 479 | 3.9 % |
7 Trader Joe's | N/A | 8 | 3,216 | 1.3 % | 103 | 0.8 % | |
8 Dick's Sporting Goods, Inc. | Dick's Sporting Goods 3 / Going, Going, Gone! 1 / Golf Galaxy 1 | BBB | 5 | 3,156 | 1.3 % | 237 | 1.9 % |
9 Apollo Global Management, Inc. | Michaels 9 | B | 9 | 2,973 | 1.2 % | 211 | 1.7 % |
10 Nordstrom Inc. | Nordstrom Rack 4 / Nordstrom 1 | BB | 5 | 2,718 | 1.1 % | 146 | 1.2 % |
11 Ross Dress For Less | Ross Dress for Less 6 / dd's Discounts 1 | A- | 7 | 2,717 | 1.1 % | 201 | 1.6 % |
12 Wegmans | N/A | 2 | 2,603 | 1.1 % | 242 | 2.0 % | |
13 BC Partners | PetSmart 7 | B+ | 7 | 2,521 | 1.0 % | 145 | 1.2 % |
14 Best Buy | BBB+ | 4 | 2,420 | 1.0 % | 138 | 1.1 % | |
15 Ulta Beauty Inc. | N/A | 8 | 2,086 | 0.9 % | 82 | 0.7 % | |
16 EOS Fitness | N/A | 3 | 1,885 | 0.8 % | 102 | 0.8 % | |
17 Kingswood Capital Management | World Market 7 | N/A | 7 | 1,853 | 0.8 % | 128 | 1.0 % |
18 Petco Health and Wellness Company, Inc. | B | 7 | 1,807 | 0.7 % | 93 | 0.8 % | |
19 Costco Wholesale | AA | 2 | 1,735 | 0.7 % | 298 | 2.4 % | |
20 Bank of America | A- | 6 | 1,735 | 0.7 % | 34 | 0.3 % | |
21 Burlington | BB+ | 4 | 1,724 | 0.7 % | 127 | 1.0 % | |
22 Crunch Fitness | N/A | 5 | 1,666 | 0.7 % | 206 | 1.7 % | |
23 Lowes Foods | Lowes Foods 2 / Lowes Fuel 1 | N/A | 3 | 1,665 | 0.7 % | 106 | 0.9 % |
24 The Gap, Inc. | Old Navy 6 | BB+ | 6 | 1,641 | 0.7 % | 93 | 0.8 % |
25 Five Below, Inc. | N/A | 8 | 1,555 | 0.6 % | 74 | 0.6 % | |
Totals | 172 | $ 77,199 | 31.7 % | 5,833 | 47.4 % |
Reflects the most recently available S&P credit rating.
Tenant Merchandise Mix | ||
Tenant Category | ABR | % of Total ABR |
Grocery / Drug | $ 42,614 | 17.4 % |
Quick Service Restaurants | 28,913 | 11.8 % |
Personal Health and Beauty Services | 26,525 | 10.8 % |
Medical | 23,769 | 9.7 % |
Full Service Restaurants | 22,228 | 9.1 % |
Off Price | 15,439 | 6.3 % |
Apparel / Accessories | 14,185 | 5.8 % |
Fitness | 11,668 | 4.8 % |
Banks | 9,622 | 3.9 % |
Hobby / Sports | 9,200 | 3.8 % |
Pets | 9,080 | 3.7 % |
Other | 6,741 | 2.7 % |
Office / Communications | 6,499 | 2.7 % |
Home | 5,814 | 2.4 % |
Other Essential Retail / Services | 4,816 | 2.0 % |
Office (Non-Financial, Non-Medical) | 3,275 | 1.3 % |
Entertainment | 2,516 | 1.0 % |
Hardware / Auto | 2,058 | 0.8 % |
Total | $ 244,962 100 % | |
No. of Leases | New Contractual Rent | Prior Contractual Rent | % Change over Prior Lease Rent | Weighted Average Lease Term | Tenant Improvement Allowance | Lease Commissions | ||||||||
Executed | GLA | ($PSF) (a) | ($PSF) (a) | (a) | (Years) | ($ PSF) | ($ PSF) | |||||||
172 | 1,060 | $22.68 | $20.70 | 9.6% | 5.8 | $1.26 | $0.01 | |||||||
22 | 78 | 32.74 | 24.79 | 32.1% | 9.6 | 12.93 | 16.25 | |||||||
32 | 203 | 24.23 | N/A | N/A | 11.9 | 49.72 | 4.37 |
The Company's portfolio had 1,027 thousand square feet expiring during the nine months ended September 30, 2026, of which 914 thousand square feet was re-leased. This achieved a retention rate of approximately 89%. The following table summarizes the activity for leases that were executed during the nine months ended September 30, 2026.
All Tenants
Comparable Renewal Leases (b)
Comparable New Leases (b)
Non-Comparable Renewal and New Leases
Total 226 1,341 $23.37 $20.98 11.4% 7.0 $9.29 $1.61
Anchor Tenants
Comparable Renewal Leases (b) | 24 | 664 | $14.94 | $13.89 | 7.6% | 6.0 | $1.83 | - |
Comparable New Leases (b) | 1 | 30 | 24.17 | 14.00 | 72.6% | 10.5 | - | $16.23 |
Non-Comparable Renewal and New Leases | 3 | 134 | 19.23 | N/A | N/A | 13.5 | 56.38 | - |
Total 28 828 $15.34 $13.89 10.4% 7.4 $10.61 $0.59
Small Shop Tenants
148 | 396 | $35.69 | $32.12 | 11.1% | 5.5 | $0.30 | $0.02 | |||||||
21 | 48 | 38.10 | 31.55 | 20.8% | 9.0 | 21.04 | 16.27 | |||||||
29 | 69 | 33.93 | N/A | N/A | 8.7 | 36.79 | 12.85 | |||||||
198 | 513 | $35.95 | $32.06 | 12.1% | 6.2 | $7.16 | $3.27 |
Comparable Renewal Leases (b)
Comparable New Leases (b)
Non-Comparable Renewal and New Leases
Total
Non-comparable leases are not included in totals.
Comparable leases are leases that meet all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
The following table summarizes the activity for leases that were executed during the trailing four quarters ended September 30, 2026.
No. of | New Contractual | Prior Contractual | % Change | Weighted Average | Tenant Improvement | Lease | |
Leases | Rent | Rent | over Prior | Lease Term | Allowance | Commissions | |
Executed | GLA | ($PSF) | ($PSF) | Lease Rent | (Years) | ($ PSF) | ($ PSF) |
Comparable Leases
Total Renewals and New Leases
Q3 2026 | 77 | 512 | $22.58 | $19.77 | 14.2% | 6.6 | $3.33 | $1.61 | |||||||
Q2 2026 | 62 | 377 | 22.89 | 21.09 | 8.5% | 5.7 | 1.03 | 0.81 | |||||||
Q1 2026 | 55 | 248 | 25.73 | 23.29 | 10.5% | 5.6 | 1.00 | 0.58 | |||||||
Q4 2025 | 60 | 314 | 25.28 | 22.16 | 14.1% | 5.7 | 3.01 | 1.32 | |||||||
Total | 254 | 1,451 | $23.78 | $21.23 | 12.0% | 6.0 | $2.27 | $1.16 | |||||||
Renewals Q3 2026 | 67 | 460 | $21.75 | $19.62 | 10.9% | 6.3 | $2.80 | $0.02 | |||||||
Q2 2026 | 56 | 361 | 22.25 | 20.63 | 7.9% | 5.5 | 0.09 | - | |||||||
Q1 2026 | 49 | 239 | 25.14 | 22.87 | 9.9% | 5.5 | 0.06 | - | |||||||
Q4 2025 | 49 | 291 | 23.80 | 20.88 | 14.0% | 5.4 | 0.44 | - | |||||||
Total | 221 | 1,351 | $22.92 | $20.74 | 10.5% | 5.7 | $1.08 | $0.01 | |||||||
New Leases Q3 2026 | 10 | 52 | $29.89 | $21.10 | 41.7% | 9.9 | $7.96 | $15.56 | |||||||
Q2 2026 | 6 | 16 | 37.16 | 31.30 | 18.7% | 9.6 | 21.87 | 18.76 | |||||||
Q1 2026 | 6 | 9 | 41.19 | 34.37 | 19.8% | 7.9 | 25.54 | 15.79 | |||||||
Q4 2025 | 11 | 23 | 43.95 | 38.18 | 15.1% | 9.9 | 35.28 | 17.85 | |||||||
Total | 33 | 100 | $35.31 | $27.87 | 26.7% | 9.7 | $18.07 | $16.62 |
Non-Comparable Leases
Q3 2026 | 9 | 37 | $26.18 | 6.7 | $31.40 | $6.18 | |||||
Q2 2026 | 14 | 87 | 26.35 | 16.0 | 53.53 | 5.80 | |||||
Q1 2026 | 9 | 80 | 21.02 | 9.8 | 53.94 | 1.98 | |||||
Q4 2025 | 19 | 36 | 35.39 | 6.8 | 21.53 | 10.92 | |||||
Total | 51 | 240 | $25.91 | 11.1 | $45.46 | $5.36 |
Lease Expiration Year Anchor Tenants | No. of Expiring Leases | GLA of Expiring Leases | Percent of Total GLA of Expiring Leases | ABR of Expiring Leases (a) | Percent of Total ABR | Expiring ABR PSF (a) | ||||||
2026 | 1 | 18 | 0.2 % | $ 324 | 0.3 % | $18.00 | ||||||
2027 | 18 | 598 | 8.0 % | 7,764 | 7.4 % | 12.98 | ||||||
2028 | 26 | 666 | 8.9 % | 9,926 | 9.4 % | 14.90 | ||||||
2029 | 32 | 957 | 12.8 % | 12,119 | 11.5 % | 12.66 | ||||||
2030 | 29 | 954 | 12.7 % | 11,933 | 11.3 % | 12.51 | ||||||
2031 | 22 | 764 | 10.2 % | 9,663 | 9.2 % | 12.65 | ||||||
2032 | 30 | 938 | 12.5 % | 13,091 | 12.4 % | 13.96 | ||||||
2033 | 9 | 260 | 3.5 % | 3,445 | 3.3 % | 13.25 | ||||||
2034 | 15 | 624 | 8.3 % | 8,666 | 8.2 % | 13.89 | ||||||
2035 | 7 | 302 | 4.0 % | 4,726 | 4.5 % | 15.65 | ||||||
Thereafter | 35 | 1,394 | 18.8 % | 23,555 | 22.2 % | 16.90 | ||||||
Other (b) | 1 | 11 | 0.1 % | 346 | 0.3 % | 31.45 | ||||||
Totals | 225 | 7,486 | 100 % | $ 105,558 | 100 % | $14.10 | ||||||
Vacant space | 147 | |||||||||||
Total | 7,633 | |||||||||||
Small Shop Tenants
2026 | 30 | 67 | 1.6 % | $ 2,225 | 1.4 % | $33.21 | |||||
2027 | 192 | 431 | 10.2 % | 14,842 | 9.2 % | 34.44 | |||||
2028 | 241 | 594 | 14.0 % | 20,402 | 12.6 % | 34.35 | |||||
2029 | 241 | 635 | 15.0 % | 22,917 | 14.2 % | 36.09 | |||||
2030 | 209 | 518 | 12.2 % | 19,093 | 11.8 % | 36.86 | |||||
2031 | 220 | 612 | 14.4 % | 22,531 | 13.9 % | 36.82 | |||||
2032 | 130 | 383 | 9.0 % | 13,972 | 8.6 % | 36.48 | |||||
2033 | 76 | 217 | 5.1 % | 9,147 | 5.7 % | 42.15 | |||||
2034 | 92 | 253 | 6.0 % | 10,982 | 6.8 % | 43.41 | |||||
2035 | 90 | 251 | 5.9 % | 11,620 | 7.2 % | 46.29 | |||||
Thereafter | 95 | 265 | 6.2 % | 13,327 | 8.3 % | 50.29 | |||||
Other (b) | 9 | 19 | 0.4 % | 564 | 0.3 % | 29.68 | |||||
Totals | 1,625 | 4,245 | 100 % | $ 161,622 | 100 % | $38.07 | |||||
Vacant space | 423 | ||||||||||
Total | 4,668 |
Total
2026 | 31 | 85 | 0.7 % $ | 2,549 | 1.0 % | $29.99 | ||||
2027 | 210 | 1,029 | 8.8 % | 22,606 | 8.5 % | 21.97 | ||||
2028 | 267 | 1,260 | 10.7 % | 30,328 | 11.4 % | 24.07 | ||||
2029 | 273 | 1,592 | 13.6 % | 35,036 | 13.1 % | 22.01 | ||||
2030 | 238 | 1,472 | 12.5 % | 31,026 | 11.6 % | 21.08 | ||||
2031 | 242 | 1,376 | 11.7 % | 32,194 | 12.0 % | 23.40 | ||||
2032 | 160 | 1,321 | 11.3 % | 27,063 | 10.1 % | 20.49 | ||||
2033 | 85 | 477 | 4.1 % | 12,592 | 4.7 % | 26.40 | ||||
2034 | 107 | 877 | 7.5 % | 19,648 | 7.4 % | 22.40 | ||||
2035 | 97 | 553 | 4.7 % | 16,346 | 6.1 % | 29.56 | ||||
Thereafter | 130 | 1,659 | 14.1 % | 36,882 | 13.8 % | 22.23 | ||||
Other (b) | 10 | 30 | 0.3 % | 910 | 0.3 % | 30.33 | ||||
Totals | 1,850 | 11,731 | 100 % $ | 267,180 | 100 % | $22.78 | ||||
Vacant space | 570 | |||||||||
Total | 12,301 |
Expiring ABR and ABR PSF reflect ABR at the time of lease expiration.
Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.
Acquisitions | ||||||
Month | Property | Market | GLA | Acquisition Price | Leased Occ. (a) | Major Anchors (b) |
Feb-26 | Marketplace at Hudson Station | Phoenix, AZ | 60 | $ 31,250 | 100% | Fry's Marketplace*, EOS Fitness |
Feb-26 | Nashville West | Nashville, TN | 324 | 88,000 | 98.0% | Costco Wholesale*, Publix*, Target*, Best Buy, Books-A-Million, Boot Barn Western and Work Wear, Dick's Sporting Goods, Dollar Tree, DSW, Marshalls, Old Navy, PetSmart, Ross Dress for Less, The Tile Shop, World Market |
Mar-26 | The Centre on Hugh Howell -Outparcel (c) | Atlanta, GA | 7 | 3,731 | 100% | N/A |
May-26 | 3609 South | Charlotte, NC | 29 | 16,600 | 100% | N/A |
Jun-26 | Sweetgrass Corner | Charleston, SC | 95 | 50,995 | 100% | Trader Joe's, Golf Galaxy, Homesense |
Jun-26 | Western Plaza | Knoxville, TN | 162 | 65,000 | 98.6% | The Fresh Market, Crunch Fitness, e|spaces |
Jul-26 | New Garden Crossing | Greensboro, NC | 169 | 34,000 | 100% | Lowes Foods, Dollar Tree, HomeGoods, Marshalls, Office Depot |
Total 846 | $ 289,576 | |||||
Leased occupancy is shown as of the date of acquisition.
Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow-anchors are noted with an asterisk.
The Company acquired a single-tenant outparcel adjacent to this retail property. The assets, liabilities, and operations of the outparcel acquired are combined for presentation purposes with the retail property already owned by the Company.
Month Property Market GLA
Disposition
Price Major Anchors (a)
Sep-26 Eldridge Town Center Houston, TX 144 $ 36,000 Kroger, Kohl's*, Petco
Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow-anchors are noted with an asterisk.
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
Indirect costs include capitalized interest, real estate taxes, insurance, and payroll costs.
As of September 30, 2026 and 2025, total accrued capital investments and leasing costs were $11,237 and $4,900, respectively.
In thousands
Active Redevelopments Estimated
Projected
Estimated
Property | Market | Project Description | Completion Quarter (a) | Incremental Costs | Costs to Date | Incremental Yield on Cost | ||
Westpark Shopping Center | Richmond, VA | Development of an 8,400 square foot multi-tenant building. | 1Q - 2027 | $ 4,500 | $ 2,300 | |||
The Parke | Austin - Round Rock, TX | Anchor space repositioning, including an 8,000 square foot expansion of the existing grocer and repositioning of small shop space. | 3Q - 2027 | 9,700 | 5,000 | |||
Plantation Grove | Orlando - Kissimmee, FL | Demolition and rebuild of the existing grocer to accommodate a larger, 54,000 square foot prototype. | 4Q - 2027 | 7,400 | 900 | |||
Total Redevelopment Costs | $ | 21,600 | $ | 8,200 | 7-10% | |||
(a) The Company's estimated timing of completion may be impacted by factors outside of management's control, including global supply constraints or government restrictions.
Recently Completed Redevelopments
Property | Market | Project Description | Completion Quarter | Completed Costs |
Bay Colony | Houston - Sugar Land-Baytown, TX | Redevelopment of an existing outparcel building. | 2Q - 2026 | $ 1,400 |
Sarasota Pavilion | Tampa - St. Petersburg, FL | Anchor space repositioning and remerchandising into new tenant spaces, including a 27,000 square foot anchor space and a 5,000 square foot small shop space. | 1Q - 2026 | 5,900 |
Shops at Arbor Trails | Austin - Round Rock, TX | Redevelopment of a pre-existing single-tenant building to a multi-tenant building. | 1Q - 2026 | 2,600 |
Buckhead Crossing | Atlanta, GA | Anchor space repositioning and remerchandising into new tenant spaces, including a 10,000 square foot anchor space and a 7,000 square foot small shop space. | 1Q - 2026 | 4,200 |
Sandy Plains Centre | Atlanta, GA | Redevelopment and expansion to accommodate a 10,000 square foot swim school and additional small shop space. | 3Q - 2025 | 2,800 |
Potential Developments and Redevelopments
Projects shown below are listed alphabetically, are in various stages of planning, and may or may not commence due to a number of factors.
Property | Market | Project Description |
Bay Landing | Cape Coral - Fort Myers, FL | New development of building area adjacent to existing stores. |
Buckhead Crossing | Atlanta, GA | New development, including addition of an outparcel building. |
Carmel Village | Charlotte, NC | New development, including addition of an outparcel building. |
Gateway Market Center | Tampa - St. Petersburg, FL | Extensive repositioning and reconfiguration of the center to right size anchor space, add freestanding buildings and improve vehicular access. |
Kyle Marketplace | Austin - Round Rock, TX | New development, including addition of outparcel buildings. |
Sarasota Pavilion | Tampa - St. Petersburg, FL | New development, including anchor repositioning and the addition of an outparcel building. |
The Centre on Hugh Howell | Atlanta, GA | New development, including addition of an outparcel building. |
Twelve Oaks Shopping Center | Savannah, GA | Anchor repositioning and site improvements. |
Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c) |
1 Escarpment Village | Austin-Round Rock | TX | C | 170 | 100% | $24.27 | Yes | H-E-B |
2 Kyle Marketplace | Austin-Round Rock | TX | C | 258 | 98.5% | $15.64 | Yes | H-E-B |
3 Market at Westlake | Austin-Round Rock | TX | N | 30 | 100% | $22.26 | No | Walgreens |
4 Scofield Crossing | Austin-Round Rock | TX | N | 95 | 98.7% | $28.28 | No | Crunch Fitness, Goodwill |
5 Shops at Arbor Trails | Austin-Round Rock | TX | C | 357 | 100% | $15.37 | Yes | Costco Wholesale, Whole Foods Market, Haverty's Furniture, Marshalls |
6 Shops at the Galleria | Austin-Round Rock | TX | P | 537 | 94.8% | $15.42 | Yes | Trader Joe's, Best Buy, Five Below, Home Consignment Center, HomeGoods, Lowe's, Marshalls, Michaels, Old Navy, PetSmart, Signature Bridal Salon and Bestow Bridal, Spec's Wine Spirits & Finer Foods, World Market |
7 The Parke | Austin-Round Rock | TX | P | 409 | 98.8% | $17.06 | Yes | Whole Foods Market, Cavender's Boot City, Dick's Sporting Goods, DSW, Five Below, La-Z-Boy Furniture Galleries, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Ulta, World Market |
8 University Oaks Shopping Center | Austin-Round Rock | TX | P | 236 | 98.3% | $20.71 | No | Burlington, Crunch Fitness, DSW, IKEA*, JC Penney*, PetSmart, Ross Dress for Less, Spec's Wine Spirits & Finer Foods |
9 Custer Creek Village | Dallas-Fort Worth-Arlington | TX | N | 96 | 95.5% | $16.29 | Yes | Tom Thumb |
10 Eldorado Marketplace | Dallas-Fort Worth-Arlington | TX | C | 189 | 100% | $25.58 | Yes | Market Street, PetSmart, Phenix Salon Suites |
11 Prestonwood Town Center | Dallas-Fort Worth-Arlington | TX | P | 236 | 99.4% | $21.67 | Yes | Walmart*, Barnes & Noble, Burlington, DSW, HomeGoods, Michaels, Petco, Ulta |
12 Riverview Village | Dallas-Fort Worth-Arlington | TX | N | 89 | 100% | $13.62 | Yes | Tom Thumb, Petco |
13 Riverwalk Market | Dallas-Fort Worth-Arlington | TX | N | 90 | 95.6% | $22.72 | Yes | Market Street |
14 Shops at Fairview Town Center | Dallas-Fort Worth-Arlington | TX | N | 66 | 100% | $26.15 | Yes | Whole Foods Market |
15 The Highlands of Flower Mound | Dallas-Fort Worth-Arlington | TX | P | 175 | 89.0% | $19.91 | Yes | Target*, Michaels, Nordstrom Rack, Skechers, World Market |
16 Antoine Town Center | Houston-Sugar Land-Baytown | TX | N | 110 | 92.4% | $15.17 | Yes | Kroger |
17 Bay Colony | Houston-Sugar Land-Baytown | TX | C | 415 | 97.7% | $17.68 | Yes | H-E-B, EOS Fitness, Kohl's, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens |
18 Blackhawk Town Center | Houston-Sugar Land-Baytown | TX | N | 127 | 99.1% | $14.40 | Yes | H-E-B, Walgreens |
19 Cyfair Town Center | Houston-Sugar Land-Baytown | TX | C | 434 | 92.6% | $17.71 | Yes | Kroger, Cinemark USA, Crunch Fitness, JC Penney |
20 Stables Town Center | Houston-Sugar Land-Baytown | TX | C | 148 | 93.0% | $18.11 | Yes | Kroger |
21 Sonterra Village | San Antonio | TX | N | 42 | 81.2% | $37.96 | Yes | Trader Joe's |
22 Stone Ridge Market | San Antonio | TX | C | 219 | 99.0% | $27.36 | Yes | H-E-B Plus*, Burlington, PetSmart |
23 The Marketplace at Encino Park (d) | San Antonio | TX | N | 92 | 91.4% | $29.10 | Yes | Sprouts Farmers Market |
Total Texas | 4,620 | 96.7% | $19.09 | |||||
24 Bay Landing | Cape Coral - Fort Myers | FL | N | 63 | 98.1% | $11.21 | Yes | The Fresh Market, HomeGoods |
25 Daniels Marketplace (d) | Cape Coral - Fort Myers | FL | C | 131 | 100% | $32.46 | Yes | Whole Foods Market |
26 The Forum | Cape Coral - Fort Myers | FL | P | 186 | 97.1% | $18.12 | Yes | Target*, dd's Discounts, Home Depot*, Michaels, Petco, Ross Dress for Less, Sky Zone, Staples |
27 PGA Plaza | Miami-Ft Lauderdale-Miami Beach | FL | N | 121 | 99.1% | $38.43 | Yes | Trader Joe's, Marshalls, Ulta |
28 Southern Palm Crossing | Miami-Ft Lauderdale-Miami Beach | FL | C | 345 | 97.3% | $18.07 | Yes | Costco Wholesale, Going, Going, Gone!, Marshalls |
29 Westfork Plaza & Paraiso Parc | Miami-Ft Lauderdale-Miami Beach | FL | C | 393 | 98.2% | $26.83 | Yes | Costco Wholesale*, Publix, Baptist Outpatient Services, Dollar Tree, Pembroke Pink Imaging, Petco, Regal Bistro, Ross Dress for Less, Skechers, TJ Maxx, Ulta |
30 Lakeside & Lakeside Crossing | Orlando - Kissimmee | FL | N | 76 | 88.2% | $51.05 | Yes | Trader Joe's |
31 Plantation Grove | Orlando - Kissimmee | FL | N | 113 | 98.6% | $22.52 | Yes | Publix |
Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c) |
32 Rio Pinar Plaza | Orlando - Kissimmee | FL | N | 131 | 96.3% | $20.71 | Yes | Publix, Planet Fitness |
33 Suncrest Village | Orlando - Kissimmee | FL | N | 97 | 96.8% | $22.81 | Yes | Publix, Orange County Tax Collector |
34 Gateway Market Center | Tampa - St. Petersburg | FL | P | 231 | 63.1% | $14.21 | Yes | Publix, Target*, HomeGoods, PetSmart, TJ Maxx |
35 Peachland Promenade | Tampa - St. Petersburg | FL | C | 177 | 97.0% | $15.58 | Yes | Publix, Goodwill, My Salon Suite, Planet Fitness |
36 Sarasota Pavilion | Tampa - St. Petersburg | FL | P | 336 | 96.8% | $17.69 | Yes | Publix, Bank of America, Bealls, Marshalls, Michaels, Nordstrom Rack, Old Navy, PetSmart, Ross Dress for Less, Truist Bank, World Market |
Total Florida | 2,400 | 94.0% | $22.29 | |||||
37 Asheville Market (d) | Asheville | NC | C | 130 | 94.1% | $20.44 | Yes | Whole Foods Market, DSW, Fifth Season Gardening, Guitar Center |
38 3609 South (d) | Charlotte-Gastonia-Concord | NC | N | 29 | 100% | $30.01 | No | N/A |
39 Carmel Village (e) | Charlotte-Gastonia-Concord | NC | N | 54 | 89.0% | $28.56 | No | N/A |
40 Eastfield Village | Charlotte-Gastonia-Concord | NC | N | 96 | 98.8% | $19.70 | Yes | Food Lion, Gold's Gym |
41 Northcross Commons | Charlotte-Gastonia-Concord | NC | N | 63 | 100% | $29.81 | Yes | Whole Foods Market |
42 Rea Farms (d) | Charlotte-Gastonia-Concord | NC | C | 183 | 95.9% | $25.97 | Yes | Harris Teeter |
43 Sycamore Commons | Charlotte-Gastonia-Concord | NC | P | 265 | 98.8% | $21.65 | Yes | Costco Wholesale*, Best Buy, Dick's Sporting Goods, Lowe's*, Michaels, Nordstrom Rack, Old Navy, Ulta, World Market |
44 The Shoppes at Davis Lake | Charlotte-Gastonia-Concord | NC | N | 91 | 97.4% | $19.30 | Yes | Harris Teeter |
45 New Garden Crossing (d) | Greensboro-High Point | NC | C | 169 | 100% | $14.20 | Yes | Lowes Foods, Dollar Tree, HomeGoods, Marshalls, Office Depot |
46 Bent Tree Plaza | Raleigh-Cary-Durham | NC | N | 80 | 100% | $16.27 | Yes | Food Lion |
47 Cary Park Town Center | Raleigh-Cary-Durham | NC | N | 93 | 95.8% | $17.75 | Yes | Harris Teeter, CVS |
48 Commons at University Place | Raleigh-Cary-Durham | NC | N | 92 | 100% | $17.64 | Yes | Harris Teeter, CVS |
49 Renaissance Center | Raleigh-Cary-Durham | NC | C | 363 | 95.6% | $24.40 | No | Ashley HomeStore, Best Buy, Nordstrom Rack, Old Navy, Popshelf, REI, Ulta, UNC Health Care, World Market |
50 The Pointe at Creedmoor | Raleigh-Cary-Durham | NC | N | 60 | 100% | $17.82 | Yes | Harris Teeter |
Total North Carolina | 1,768 | 97.3% | $21.42 | |||||
51 Buckhead Crossing | Atlanta | GA | C | 221 | 96.2% | $25.26 | No | HomeGoods, Marshalls, Michaels, Ross Dress for Less, The Tile Shop, Ulta |
52 Coweta Crossing | Atlanta | GA | N | 68 | 100% | $11.61 | Yes | Publix |
53 Kennesaw Marketplace | Atlanta | GA | C | 130 | 100% | $37.07 | Yes | Whole Foods Market, Academy Sports + Outdoors*, Guitar Center*, Hobby Lobby*, Petco* |
54 Moores Mill | Atlanta | GA | N | 70 | 100% | $24.84 | Yes | Publix |
55 Plaza Midtown | Atlanta | GA | N | 70 | 100% | $30.34 | Yes | Publix |
56 Rose Creek | Atlanta | GA | N | 70 | 100% | $12.21 | Yes | Publix |
57 Sandy Plains Centre | Atlanta | GA | C | 135 | 96.6% | $24.57 | Yes | Kroger, Pet Supplies Plus, Walgreens* |
58 The Centre on Hugh Howell | Atlanta | GA | N | 90 | 98.2% | $15.58 | No | Crunch Fitness |
59 Thomas Crossroads | Atlanta | GA | N | 105 | 97.5% | $10.57 | Yes | Kroger |
60 Windward Commons | Atlanta | GA | N | 117 | 96.3% | $16.35 | Yes | Kroger |
61 Twelve Oaks Shopping Center (e) | Savannah | GA | N | 106 | 99.2% | $19.90 | Yes | Publix |
Total Georgia | 1,182 | 98.1% | $21.84 |
Property | Market | State | Center Type (a) | GLA | Leased Occupancy | ABR PSF | Grocery Anchor (b) | Major Anchors (c) |
62 Stonehenge Village | Richmond | VA | C | 214 | 93.9% | $19.45 | Yes | Wegmans, La-Z-Boy, Party City, Petco |
63 West Broad Marketplace (d) | Richmond | VA | P | 386 | 99.1% | $16.42 | Yes | Wegmans, Burlington, Cabela's, Duluth Trading Company, Michaels, TJ Maxx |
64 Westpark Shopping Center | Richmond | VA | C | 174 | 98.6% | $18.22 | Yes | Publix, Planet Fitness, The Tile Shop |
Total Virginia | 774 | 97.5% | $17.62 | |||||
65 Nashville West (d) | Nashville | TN | P | 324 | 97.3% | $18.79 | Yes | Costco Wholesale*, Publix*, Target*, Best Buy, Books-A-Million, Boot Barn Western and Work Wear, Dick's Sporting Goods, Dollar Tree, DSW, Marshalls, Old Navy, PetSmart, Ross Dress for Less, The Tile Shop, World Market |
66 Western Plaza (d) | Knoxville | TN | C | 162 | 98.6% | $21.63 | Yes | The Fresh Market, Crunch Fitness, e|spaces |
Total Tennessee | 486 | 97.7% | $19.75 | |||||
67 Market at Mill Creek | Charleston-Berkeley-Dorchester | SC | N | 80 | 98.2% | $24.66 | Yes | Lowes Foods |
68 Nexton Square | Charleston-Berkeley-Dorchester | SC | L | 134 | 96.7% | $28.24 | No | N/A |
69 Sweetgrass Corner (d) | Charleston-Berkeley-Dorchester | SC | C | 95 | 100% | $27.66 | Yes | Trader Joe's, Golf Galaxy, Homesense |
70 West Ashley Station (e) | Charleston-Berkeley-Dorchester | SC | N | 79 | 100% | $29.78 | Yes | Whole Foods Market |
Total South Carolina | 388 | 98.5% | $27.67 | |||||
71 Marketplace at Hudson Station (d) | Phoenix | AZ | N | 60 | 100% | $34.93 | Yes | Fry's Marketplace*, EOS Fitness |
72 Mesa Shores (d) | Phoenix | AZ | N | 111 | 97.5% | $21.15 | Yes | Sprouts Farmers Market, Trader Joe's, EOS Fitness |
73 Scottsdale North Marketplace | Phoenix | AZ | N | 66 | 100% | $24.58 | Yes | AJ's Fine Foods |
74 The Plant | Phoenix | AZ | N | 57 | 96.9% | $30.00 | Yes | Sprouts Farmers Market |
75 Plaza Escondida (e) | Tucson | AZ | N | 91 | 97.4% | $17.26 | Yes | Trader Joe's, Marshalls |
Total Arizona | 385 | 98.2% | $24.32 | |||||
76 The Shops at Town Center | Washington D.C | MD | N | 125 | 97.0% | $32.76 | Yes | Safeway |
77 Travilah Square Shopping Center | Washington D.C | MD | N | 56 | 84.1% | $51.44 | Yes | Trader Joe's |
Total Maryland | 181 | 93.0% | $38.00 | |||||
78 Garden Village | Los Angeles | CA | N | 117 | 79.5% | $19.87 | Yes | Albertsons |
Total California | 117 | 79.5% | $19.87 | |||||
Grand Totals | 12,301 | 96.4% | $20.97 |
N = Neighborhood Center, P = Power Center, C = Community Center, L = Lifestyle Center
Grocers may be leased or shadow-anchors and include traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco Wholesale).
Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow-anchors are noted with an asterisk.
Properties are excluded from Same Property for the three and nine months ended September 30, 2026.
Properties are excluded from Same Property for the nine months ended September 30, 2026.
Components of Net Asset Value (NAV) as of September 30, 2026 | |||
In thousands, except share information | |||
Page No. | |||
NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter NOI, excluding ground rent income | $ 53,851 | 5 | |
Ground rent income | 5,968 | 5 | |
NOI | 59,819 | 6 | |
Annualized NOI, excluding ground rent income | $ 215,404 | ||
Annualized ground rent income | 23,872 | ||
Projected remaining development Net project costs | $ 13,400 | 17 | |
Estimated range for incremental yield | 7-10% | 17 | |
Assets | |||
Cash, cash equivalents, and restricted cash | $ 36,704 | 2 | |
Base rent, recoveries, and other receivables Undeveloped land Land held for development | 13,535 - - | 4 | |
Liabilities Debt | $ 1,048,264 | 9 | |
Discounts and financing costs, net | (8,061) | 8 | |
Accounts payable and accrued expenses | 60,897 | 2 | |
Distributions payable | 19,494 | 2 | |
Other liabilities | 31,890 | 2 | |
Common Shares Outstanding 77,978,431 1
Glossary of TermsABR Per Square Foot (ABR PSF) ABR PSF is the ABR divided by the occupied square footage as of the end of the period.
Terms Definitions
Annualized Base Rent (ABR)
Annualized Base Rent (ABR) is the 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.
Adjusted EBITDA Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company's 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.
Community Center
Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants.
Anchor Tenant Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants.
Comparable Lease A Comparable Lease meets all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
The Company's non-GAAP measure of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization.
GAAP Rent Adjustments
GAAP Rent Adjustments consist of amortization of market-lease intangibles, amortization of lease incentives, and straight-line rent adjustments.
Economic Occupancy Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant.
Leased Occupancy Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA.
Gross Leasable Area (GLA) Measure of the total amount of leasable space at a property in square feet.
Lifestyle Center Lifestyle Centers consist of upscale national-chain specialty stores with dining and entertainment in an
outdoor setting.
Nareit Funds From Operations (Nareit The Company's non-GAAP measure of Nareit Funds From Operations ("Nareit FFO"), based on the
FFO) and Core FFO National Association of Real Estate Investment Trusts ("Nareit") definition, 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 Funds From Operations ("Core FFO") is an additional supplemental non-GAAP financial measure of the Company's 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.
Neighborhood Center Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers.
Net Debt Net Debt is outstanding debt, net, less cash and cash equivalents.
Net Debt-to-Adjusted EBITDA Net Debt-to-Adjusted EBITDA is net debt divided by Adjusted EBITDA.
Net Operating Income (NOI)
NOI 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.
New Lease New Leases are leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit).
NOI from other investment properties NOI from other investment properties consists of properties which do not meet the Company's Same Property criteria and includes adjustments for the Company's captive insurance company.
Power Center Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants.
Prior Contractual Rent
Base rent charged for a particular unit, prior to the current term's first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy.
Renewal Lease Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option.
Same Property
Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented.
Shadow Anchor Tenant Shadow Anchor Tenant represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or immediately adjacent to a property, appear to the consumer as a retail tenant of the property and, as a result, attract additional consumer traffic to the property.
Small Shop Tenant Tenants with square footage less than 10,000 square feet are considered Small Shop Tenants.
Specialty Lease Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot.
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