InvenTrust Properties Corp. Files 2024 10-K

TL;DR

InvenTrust Properties Corp. filed its 2024 10-K, showing full-year results for the REIT.

AI Summary

InvenTrust Properties Corp. filed its 2024 10-K on February 13, 2025, detailing its operations as a real estate investment trust. The company's fiscal year ended on December 31, 2024. InvenTrust Properties Corp. is incorporated in Maryland and its principal business address is in Downers Grove, Illinois.

Why It Matters

This filing provides a comprehensive overview of InvenTrust Properties Corp.'s financial performance and operational status for the fiscal year 2024, crucial for investors assessing the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2024 — Fiscal Year End (The period covered by the 10-K filing.)
• 2025-02-13 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• InvenTrust Properties Corp. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-13 (date) — Filing date
• 3025 Highland Parkway Suite 350, Downers Grove, IL 60515 (address) — Business and mailing address
• Maryland (state) — State of incorporation

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value IVT New York Stock Exchange
• $20.07 — Leased occupancy (b) 97.4% ABR PSF (c) $20.07 (a) Economic occupancy is defined as

Filing Documents

• ivtp-20241231.htm (10-K) — 2629KB
• ivtp1231202410-kexh43.htm (EX-4.3) — 75KB
• ivtp1231202410-kexh107.htm (EX-10.7) — 357KB
• ivtp1231202410-kexh191.htm (EX-19.1) — 43KB
• ivtp1231202410-kexh211.htm (EX-21.1) — 64KB
• ivtp1231202410-kexh231.htm (EX-23.1) — 2KB
• ivtp1231202410-kexh311.htm (EX-31.1) — 10KB
• ivtp1231202410-kexh312.htm (EX-31.2) — 10KB
• ivtp1231202410-kexh321.htm (EX-32.1) — 6KB
• ivtp1231202410-kexh322.htm (EX-32.2) — 6KB
• ivtp-20241231_g1.jpg (GRAPHIC) — 58KB
• ivtp-20241231_g2.jpg (GRAPHIC) — 137KB
• 0001307748-25-000028.txt ( ) — 13518KB
• ivtp-20241231.xsd (EX-101.SCH) — 86KB
• ivtp-20241231_cal.xml (EX-101.CAL) — 98KB
• ivtp-20241231_def.xml (EX-101.DEF) — 428KB
• ivtp-20241231_lab.xml (EX-101.LAB) — 919KB
• ivtp-20241231_pre.xml (EX-101.PRE) — 637KB
• ivtp-20241231_htm.xml (XML) — 2092KB

Forward-Looking Statements

Forward-Looking Statements ii Part I Item 1.

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 4 Item 1B. Unresolved Staff Comments 14 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6. Reserved 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8. Consolidated Financial Statements and Supplementary Data 36 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 36 Item 9A.

Controls and Procedures

Controls and Procedures 36 Item 9B. Other Information 36 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 36 Part III Item 10. Directors, Executive Officers and Corporate Governance 37 Item 11.

Executive Compensation

Executive Compensation 37 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 37 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accounting Fees and Services 38 Part IV Item 15. Exhibits and Financial Statement Schedules 38 Item 16. Form 10-K Summary 40

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report on Form 10-K ("Annual Report"), other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). These statements include statements about InvenTrust Properties Corp.'s (the "Company") plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events; and they involve known and unknown risks that are difficult to predict. As a result, our actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," and "should" and variations of these terms and similar expressions, or the negatives of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while we consider reasonable based on our knowledge and understanding of the business and industry, are inherently uncertain. These statements are expressed in good faith and are not guarantees of future performance or results. Our actual results could differ materially from those expressed in the forward-looking statements and readers should not rely on forward-looking statements in making investment decisions. Our operations are subject to a number of risks and uncertainties including, but not limited to: our ability to collect rent from tenants or to rent space on favorable terms or at all; declaration o

Business

Item 1. Business General On October 4, 2004, InvenTrust Properties Corp. was incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and elected to operate in a manner to be taxed as a REIT for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April 2015 and is focused on owning, leasing, redeveloping, acquiring and managing a multi-tenant retail platform. On October 12, 2021, the Company's shares of common stock were listed and began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "IVT." As of December 31, 2024, the Company owned 68 retail properties with a total gross leasable area ("GLA") of approximately 11.0 million square feet. The following table summarizes our retail portfolio as of December 31, 2024. As of December 31, 2024 No. of properties 68 GLA (square feet) 10,972 Economic occupancy (a) 95.3% Leased occupancy (b) 97.4% ABR PSF (c) $20.07 (a) Economic occupancy is defined as the percentage of occupied GLA divided by total GLA (excluding Specialty Leases) for which a tenant is obligated to pay rent under the terms of its lease agreement as of the rent commencement date, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. Specialty Leases include small shop leases with terms of less than one year and leases of common area space with terms of any term length. (b) Leased occupancy is defined as economic occupancy plus the percentage of signed but not yet commenced GLA divided by total GLA. (c) Annualized Base Rent ("ABR") is computed as base rent for the last month of the period multiplied by twelve. Base rent is inclusive of ground rent and exclusive of Specialty Lease rent. ABR per square foot ("PSF") is computed as ABR divided by the occupied square footage as of the end of the period. Business Strategy InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential r

Risk Factors

Item 1A. Risk Factors You should carefully consider each of the following risks described below and all of the other information in this Annual Report in evaluating us. Our business, financial condition, cash flows, results of operations and/or ability to pay distributions to our stockholders could be materially adversely affected by any of these risks. This Annual Report also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us described below and elsewhere in this Annual Report. Risk Factors Related to Our Business and Strategy Economic, political and market conditions could negatively impact our business, results of operations and financial condition. Our business is affected by economic, political and market challenges experienced by the U.S. or global economies or the real estate industry as a whole; by the regional or local economic conditions in the markets in which our assets are located, including any dislocations in the credit markets; or by competitive business market conditions experienced by us. These conditions may materially affect the value and the performance of our assets and our ability to sell assets, as well as our ability to make principal and interest payments on, or refinance, outstanding debt when due. An economic downturn could result in defaults by retail tenants, which could have an adverse impact on our business, financial condition, results of operations, and ability to make distributions to our stockholders. An economic downturn could have an adverse impact on the retail industry generally. Rising inflation could also adversely impact consumer behavior and increase our and our tenants' operating costs. As a result, the retail industry could face further reductions in sales revenues and increased bankruptcies. Adverse economic conditions may resul

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View this 10-K filing on SEC EDGAR