UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March 31,~~June 30, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

COMMISSION FILE NUMBER: 000-51609

INVENTRUST PROPERTIES CORP.

(Exact name of registrant as specified in its charter)

Maryland

34-2019608

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3025 Highland Parkway,

Suite 350

Downers Grove,

Illinois

60515

(Address of principal executive offices)

(Zip Code)

(855)

377-0510

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Exchange Act: None

Title of each class

Trading Symbol

Name of each exchange on which registered

N/A

Securities registered pursuant to Section 12(g) of the Act: Common Stock

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~May 1,~~August 5, 2021, there were ~~719,462,786~~71,261,383 shares of the registrant's common stock outstanding.

INVENTRUST PROPERTIES CORP.

Quarterly Report on Form 10-Q

For the quarterly period ended ~~March 31,~~June 30, 2021

Table of Contents


	Part I - Financial Information	Page
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of ~~March 31,~~June 30, 2021 (unaudited) and December 31, 2020	1
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended ~~March 31,~~June 30, 2021 and 2020 (unaudited)	2
	Condensed Consolidated Statements of Equity for the three and six months ended ~~March 31,~~June 30, 2021 and 2020 (unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the ~~three~~six months ended ~~March 31,~~June 30, 2021 and 2020 (unaudited)	45
	Notes to Condensed Consolidated Financial Statements	67
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1718
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3133
Item 4.	Controls and Procedures	3133
	Part II - Other Information
Item 1.	Legal Proceedings	3234
Item 1A.	Risk Factors	3234
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3234
Item 3.	Defaults Upon Senior Securities	3234
Item 4.	Mine Safety Disclosures	3234
Item 5.	Other Information	3234
Item 6.	Exhibits	3335

	Signatures	3436

-i-

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Balance Sheets

(in thousands, except share amounts)


		As of					As of
		March 31, 2021		December 31, 2020			June 30, 2021		December 31, 2020
		(unaudited)					(unaudited)
Assets	Assets					Assets
Investment properties	Investment properties					Investment properties
Land	Land	$	577,369	$	577,750	Land	$	577,313	$	577,750
Building and other improvements	Building and other improvements	1,643,334		1,640,693		Building and other improvements	1,646,085		1,640,693
Construction in progress	Construction in progress	4,204		3,246		Construction in progress	4,682		3,246
Total	Total	2,224,907		2,221,689		Total	2,228,080		2,221,689
Less accumulated depreciation	Less accumulated depreciation	(308,231)		(292,248)		Less accumulated depreciation	(323,618)		(292,248)
Net investment properties	Net investment properties	1,916,676		1,929,441		Net investment properties	1,904,462		1,929,441
Cash and cash equivalents		175,120		222,610
Restricted cash		919		1,160
Cash, cash equivalents and restricted cash						Cash, cash equivalents and restricted cash	172,111		223,770
Investment in unconsolidated entities	Investment in unconsolidated entities	106,566		109,051		Investment in unconsolidated entities	104,892		109,051
Intangible assets, net	Intangible assets, net	90,604		95,722		Intangible assets, net	85,598		95,722
Accounts and rents receivable	Accounts and rents receivable	25,426		28,983		Accounts and rents receivable	24,625		28,983
Deferred costs and other assets, net	Deferred costs and other assets, net	22,978		20,372		Deferred costs and other assets, net	22,157		20,372
Total assets	Total assets	$	2,338,289	$	2,407,339	Total assets	$	2,313,845	$	2,407,339

Liabilities	Liabilities					Liabilities
Debt, net	Debt, net	$	504,965	$	555,109	Debt, net	$	504,829	$	555,109
Accounts payable and accrued expenses	Accounts payable and accrued expenses	24,520		28,284		Accounts payable and accrued expenses	30,662		28,284
Distributions payable	Distributions payable	14,065		13,642		Distributions payable	13,921		13,642
Intangible liabilities, net	Intangible liabilities, net	33,165		34,872		Intangible liabilities, net	31,562		34,872
Other liabilities	Other liabilities	32,552		36,569		Other liabilities	30,147		36,569
Total liabilities	Total liabilities	609,267		668,476		Total liabilities	611,121		668,476
Commitments and contingencies	Commitments and contingencies	0		0		Commitments and contingencies	0		0

Stockholders' Equity	Stockholders' Equity					Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, NaN outstanding	Preferred stock, $0.001 par value, 40,000,000 shares authorized, NaN outstanding	0		0		Preferred stock, $0.001 par value, 40,000,000 shares authorized, NaN outstanding	0		0
Common stock, $0.001 par value, 1,460,000,000 shares authorized, 719,462,786 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively		719		719
Common stock, $0.001 par value, 1,460,000,000 shares authorized, 71,261,383 shares issued and outstanding as of June 30, 2021 and 71,998,634 shares issued and outstanding as of December 31, 2020						Common stock, $0.001 par value, 1,460,000,000 shares authorized, 71,261,383 shares issued and outstanding as of June 30, 2021 and 71,998,634 shares issued and outstanding as of December 31, 2020	71		72
Additional paid-in capital	Additional paid-in capital	5,567,638		5,566,255		Additional paid-in capital	5,553,470		5,566,902
Distributions in excess of accumulated net income	Distributions in excess of accumulated net income	(3,829,827)		(3,815,662)		Distributions in excess of accumulated net income	(3,842,249)		(3,815,662)
Accumulated comprehensive loss	Accumulated comprehensive loss	(9,508)		(12,449)		Accumulated comprehensive loss	(8,568)		(12,449)
Total stockholders' equity	Total stockholders' equity	1,729,022		1,738,863		Total stockholders' equity	1,702,724		1,738,863
Total liabilities and stockholders' equity	Total liabilities and stockholders' equity	$	2,338,289	$	2,407,339	Total liabilities and stockholders' equity	$	2,313,845	$	2,407,339

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(in thousands, except share and per share amounts)


		Three months ended March 31,					Three months ended June 30,				Six months ended June 30,
		2021		2020			2021		2020		2021		2020
Income	Income					Income
Lease income, net	Lease income, net	$	49,926	$	51,284	Lease income, net	$	50,978	$	40,718	$	100,904	$	92,002
Other property income	Other property income	182		191		Other property income	268		208		450		399
Other fee income	Other fee income	1,013		963		Other fee income	894		713		1,907		1,676
Total income	Total income	51,121		52,438		Total income	52,140		41,639		103,261		94,077

Operating expenses	Operating expenses					Operating expenses
Depreciation and amortization	Depreciation and amortization	21,687		22,122		Depreciation and amortization	21,995		22,405		43,682		44,527
Property operating	Property operating	8,009		7,108		Property operating	7,774		6,184		15,783		13,292
Real estate taxes	Real estate taxes	8,133		8,489		Real estate taxes	8,158		7,218		16,291		15,707
General and administrative	General and administrative	10,351		7,195		General and administrative	9,910		8,387		20,261		15,582
Total operating expenses	Total operating expenses	48,180		44,914		Total operating expenses	47,837		44,194		96,017		89,108

Other (expense) income	Other (expense) income					Other (expense) income
Interest expense, net	Interest expense, net	(3,985)		(4,809)		Interest expense, net	(3,972)		(4,924)		(7,957)		(9,733)

Loss on extinguishment of debt						Loss on extinguishment of debt	0		(2,543)		0		(2,543)
Provision for asset impairment	Provision for asset impairment	0		(9,002)		Provision for asset impairment	0		0		0		(9,002)
Gain on sale of investment properties, net		519		457
Equity in earnings of unconsolidated entities		620		789
Gain (loss) on sale of investment properties, net						Gain (loss) on sale of investment properties, net	361		(213)		880		244
Equity in earnings (losses) of unconsolidated entities						Equity in earnings (losses) of unconsolidated entities	775		(149)		1,395		640
Other income and expense, net	Other income and expense, net	(195)		1,555		Other income and expense, net	32		773		(163)		2,328
Total other (expense) income, net	Total other (expense) income, net	(3,041)		(11,010)		Total other (expense) income, net	(2,804)		(7,056)		(5,845)		(18,066)

Net loss		$	(100)	$	(3,486)
Net income (loss)						Net income (loss)	$	1,499	$	(9,611)	$	1,399	$	(13,097)

Weighted-average number of common shares outstanding, basic	Weighted-average number of common shares outstanding, basic	719,462,786		720,825,864		Weighted-average number of common shares outstanding, basic	71,943,522		72,137,317		71,970,925		72,136,129
Weighted-average number of common shares outstanding, diluted	Weighted-average number of common shares outstanding, diluted	719,462,786		720,825,864		Weighted-average number of common shares outstanding, diluted	72,036,326		72,137,317		72,024,453		72,136,129

Net loss per common share, basic and diluted		$	0	$	0
Net income (loss) per common share, basic and diluted						Net income (loss) per common share, basic and diluted	$	0.02	$	(0.13)	$	0.02	$	(0.18)

Distributions declared per common share outstanding	Distributions declared per common share outstanding	$	0.02	$	0.02	Distributions declared per common share outstanding	$	0.19	$	0.19	$	0.39	$	0.38
Distributions paid per common share outstanding	Distributions paid per common share outstanding	$	0.02	$	0.02	Distributions paid per common share outstanding	$	0.20	$	0.19	$	0.38	$	0.37

Comprehensive income (loss)	Comprehensive income (loss)					Comprehensive income (loss)
Net loss		$	(100)	$	(3,486)
Unrealized gain (loss) on derivatives		1,893		(14,141)
Reclassification to net loss		1,048		(145)
Net income (loss)						Net income (loss)	$	1,499	$	(9,611)	$	1,399	$	(13,097)
Unrealized (loss) gain on derivatives						Unrealized (loss) gain on derivatives	(138)		(2,332)		1,755		(16,473)
Reclassification to net income (loss)						Reclassification to net income (loss)	1,078		745		2,126		600
Comprehensive income (loss)	Comprehensive income (loss)	$	2,841	$	(17,772)	Comprehensive income (loss)	$	2,439	$	(11,198)	$	5,280	$	(28,970)

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Equity

(Unaudited)

(in thousands, except share amounts)

Number of Shares Common
Stock Additional
Paid-in
Capital Distributions
in Excess of Accumulated
Net Income Accumulated Comprehensive Income (Loss) Total
Beginning balance, January 1, 2020 720,807,884 $ 721 $ 5,568,707 $ (3,750,884) $ 1,057 $ 1,819,601
Net loss — — — (3,486) — (3,486)
Unrealized loss on derivatives — — — — (14,141) (14,141)
Reclassification to interest expense, net — — — — (145) (145)
Distributions declared — — — (13,678) — (13,678)
Stock-based compensation, net — — 201 — — 201
Common stock issuance costs in excess of
proceeds from distribution reinvestment plan 21,249 — (229) — — (229)
Ending balance, March 31, 2020 720,829,133 $ 721 $ 5,568,679 $ (3,768,048) $ (13,229) $ 1,788,123

Number of Shares Common
Stock Additional
Paid-in
Capital Distributions
in Excess of Accumulated
Net Income Accumulated Comprehensive Loss Total
Beginning balance, January 1, 2021 719,462,786 $ 719 $ 5,566,255 $ (3,815,662) $ (12,449) $ 1,738,863
Net loss — — —�� (100) — (100)
Unrealized gain on derivatives — — — — 1,893 1,893
Reclassification to interest expense, net — — — — 1,017 1,017
Reclassification to equity in earnings of unconsolidated entities — — — — 31 31
Distributions declared — — — (14,065) — (14,065)
Stock-based compensation, net — — 1,383 — — 1,383
Ending balance, March 31, 2021 719,462,786 719 5,567,638 (3,829,827) (9,508) 1,729,022


	Number of Shares	Common Stock		Additional Paid-in Capital		Distributions in Excess of Accumulated Net Income		Accumulated Comprehensive Loss		Total

Beginning balance, January 1, 2021	71,998,634	$	72	$	5,566,902	$	(3,815,662)	$	(12,449)	$	1,738,863
Net loss	—	—		—		(100)		—		(100)
Unrealized gain on derivatives	—	—		—		—		1,893		1,893
Reclassification to interest expense, net	—	—		—		—		1,017		1,017
Reclassification to equity in earnings (losses) of unconsolidated entities	—	—		—		—		31		31
Distributions declared	—	—		—		(14,065)		—		(14,065)
Stock-based compensation, net	—	—		1,383		—		—		1,383
Ending balance, March 31, 2021	71,998,634	72		5,568,285		(3,829,827)		(9,508)		1,729,022
Net income	—	—		—		1,499		—		1,499
Unrealized loss on derivatives	—	—		—		—		(138)		(138)
Reclassification to interest expense, net	—	—		—		—		1,045		1,045
Reclassification to equity in earnings (losses) of unconsolidated entities	—	—		—		—		33		33
Distributions declared	—	—		—		(13,921)		—		(13,921)
Stock-based compensation, net	18,392	—		1,863		—		—		1,863
Repurchase of common stock under share repurchase plan, net	(755,643)	(1)		(16,678)		—		—		(16,679)
Ending balance, June 30, 2021	71,261,383	$	71	$	5,553,470	$	(3,842,249)	$	(8,568)	$	1,702,724

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Equity

(Unaudited)

(in thousands, except share amounts)


	Number of Shares	Common Stock		Additional Paid-in Capital		Distributions in Excess of Accumulated Net Income		Accumulated Comprehensive Income (Loss)		Total

Beginning balance, January 1, 2020	72,133,143	$	72	$	5,569,356	$	(3,750,884)	$	1,057	$	1,819,601
Net loss	—	—		—		(3,486)		—		(3,486)
Unrealized loss on derivatives	—	—		—		—		(14,141)		(14,141)
Reclassification to interest expense, net	—	—		—		—		(145)		(145)
Distributions declared	—	—		—		(13,678)		—		(13,678)
Stock-based compensation, net	—	—		201		—		—		201
Common stock issuance costs in excess of proceeds from distribution reinvestment plan	2,125	—		(229)		—		—		(229)
Ending balance, March 31, 2020	72,135,268	72		5,569,328		(3,768,048)		(13,229)		1,788,123
Net loss	—	—		—		(9,611)		—		(9,611)
Unrealized loss on derivatives	—	—		—		—		(2,332)		(2,332)
Reclassification to interest expense, net	—	—		—		—		742		742
Reclassification to equity in earnings (losses) of unconsolidated entities	—	—		—		—		3		3
Distributions declared	—	—		—		(13,642)		—		(13,642)
Stock-based compensation, net	18,392	—		1,314		—		—		1,314
Repurchase of common stock under share repurchase plan, net	(213,612)	—		(5,201)		—		—		(5,201)
Proceeds from distribution reinvestment plan, net	5,779	—		136		—		—		136
Ending balance, June 30, 2020	71,945,827	$	72	$	5,565,577	$	(3,791,301)	$	(14,816)	$	1,759,532

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


		Three months ended March 31,					Six months ended June 30,
		2021		2020			2021		2020
Cash flows from operating activities:	Cash flows from operating activities:					Cash flows from operating activities:
Net loss		$	(100)	$	(3,486)
Net income (loss)						Net income (loss)	$	1,399	$	(13,097)
Adjustments to reconcile net loss to net cash provided by operating activities:	Adjustments to reconcile net loss to net cash provided by operating activities:					Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	Depreciation and amortization	21,687		22,122		Depreciation and amortization	43,682		44,527
Amortization of above and below-market leases and lease inducements, net	Amortization of above and below-market leases and lease inducements, net	(1,243)		(1,542)		Amortization of above and below-market leases and lease inducements, net	(2,385)		(2,848)
Amortization of debt discounts and financing costs	Amortization of debt discounts and financing costs	383		467		Amortization of debt discounts and financing costs	771		926
Straight-line rent adjustment, net	Straight-line rent adjustment, net	(640)		(541)		Straight-line rent adjustment, net	(1,491)		(682)
Provision for estimated credit losses	Provision for estimated credit losses	191		763		Provision for estimated credit losses	52		8,808
Provision for asset impairment	Provision for asset impairment	0		9,002		Provision for asset impairment	0		9,002
Gain on sale of investment properties, net	Gain on sale of investment properties, net	(519)		(457)		Gain on sale of investment properties, net	(880)		(244)

Loss on extinguishment of debt						Loss on extinguishment of debt	0		2,543
Equity in earnings of unconsolidated entities	Equity in earnings of unconsolidated entities	(620)		(789)		Equity in earnings of unconsolidated entities	(1,395)		(640)
Distributions from unconsolidated entities	Distributions from unconsolidated entities	3,300		2,299		Distributions from unconsolidated entities	5,775		2,299
Stock-based compensation, net	Stock-based compensation, net	2,496		528		Stock-based compensation, net	4,807		1,948
Changes in operating assets and liabilities:	Changes in operating assets and liabilities:					Changes in operating assets and liabilities:
Accounts and rents receivable	Accounts and rents receivable	4,006		4,423		Accounts and rents receivable	5,797		(4,984)
Deferred costs and other assets, net	Deferred costs and other assets, net	(2,263)		(3,627)		Deferred costs and other assets, net	(1,257)		(1,538)
Accounts payable and accrued expenses	Accounts payable and accrued expenses	(5,562)		(9,375)		Accounts payable and accrued expenses	400		(3,650)
Other liabilities	Other liabilities	(270)		(2,889)		Other liabilities	(1,276)		(2,037)
Net cash provided by operating activities	Net cash provided by operating activities	20,846		16,898		Net cash provided by operating activities	53,999		40,333
Cash flows from investing activities:	Cash flows from investing activities:					Cash flows from investing activities:
Purchase of investment properties	Purchase of investment properties	0		(32,377)		Purchase of investment properties	0		(32,377)
Capital expenditures and tenant improvements	Capital expenditures and tenant improvements	(2,953)		(4,169)		Capital expenditures and tenant improvements	(6,696)		(6,877)
Investment in development and re-development projects	Investment in development and re-development projects	(544)		(910)		Investment in development and re-development projects	(1,546)		(1,527)
Proceeds from sale of investment properties, net	Proceeds from sale of investment properties, net	899		650		Proceeds from sale of investment properties, net	1,317		5,737
Lease commissions and other leasing costs	Lease commissions and other leasing costs	(1,037)		(1,010)		Lease commissions and other leasing costs	(2,283)		(1,036)
Other assets	Other assets	(90)		(250)		Other assets	(118)		208
Other liabilities	Other liabilities	(765)		(433)		Other liabilities	(1,032)		(1,554)
Net cash used in investing activities	Net cash used in investing activities	(4,490)		(38,499)		Net cash used in investing activities	(10,358)		(37,426)
Cash flows from financing activities:	Cash flows from financing activities:					Cash flows from financing activities:

Common shares repurchased through share repurchase program						Common shares repurchased through share repurchase program	(16,679)		(5,201)
Proceeds from distribution reinvestment plan	Proceeds from distribution reinvestment plan	0		49		Proceeds from distribution reinvestment plan	0		185
Distributions to shareholders	Distributions to shareholders	(13,642)		(13,252)		Distributions to shareholders	(27,707)		(26,930)
Proceeds from debt	Proceeds from debt	0		150,000		Proceeds from debt	0		150,000
Payoffs of debt	Payoffs of debt	(50,000)		(41,000)		Payoffs of debt	(50,000)		(67,349)
Principal payments of mortgage debt		(329)		(457)
Debt prepayment penalties						Debt prepayment penalties	0		(2,504)
Principal payments on mortgage debt						Principal payments on mortgage debt	(649)		(812)
Payment of finance lease liabilities	Payment of finance lease liabilities	(116)		(100)		Payment of finance lease liabilities	(215)		(188)
Payment of loan fees and deposits	Payment of loan fees and deposits	0		(25)		Payment of loan fees and deposits	(50)		(75)
Net cash (used in) provided by financing activities	Net cash (used in) provided by financing activities	(64,087)		95,215		Net cash (used in) provided by financing activities	(95,300)		47,126
Net (decrease) increase in cash, cash equivalents, and restricted cash		(47,731)		73,614
Cash, cash equivalents, and restricted cash at the beginning of the period		223,770		260,748
Cash, cash equivalents, and restricted cash at the end of the period		$	176,039	$	334,362
Net (decrease) increase in cash, cash equivalents and restricted cash						Net (decrease) increase in cash, cash equivalents and restricted cash	(51,659)		50,033
Cash, cash equivalents and restricted cash at the beginning of the period						Cash, cash equivalents and restricted cash at the beginning of the period	223,770		260,748
Cash, cash equivalents and restricted cash at the end of the period						Cash, cash equivalents and restricted cash at the end of the period	$	172,111	$	310,781

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


		Three months ended March 31,					Six months ended June 30,
		2021		2020
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets:
Cash and cash equivalents		$	175,120	$	329,212
Restricted cash		919		5,150
Cash, cash equivalents, and restricted cash at the end of the period		$	176,039	$	334,362
							2021		2020
Supplemental disclosure and schedules:	Supplemental disclosure and schedules:					Supplemental disclosure and schedules:
Cash flow disclosure, including non-cash activities:	Cash flow disclosure, including non-cash activities:					Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest	Cash paid for interest, net of capitalized interest	$	3,732	$	4,567	Cash paid for interest, net of capitalized interest	$	7,364	$	9,155
Cash refunded for income taxes, net		$	107	$	5
Cash paid for income taxes, net of refunds						Cash paid for income taxes, net of refunds	$	295	$	610
Distributions payable to shareholders	Distributions payable to shareholders	$	14,065	$	13,678	Distributions payable to shareholders	$	13,921	$	13,642
Accrued capital expenditures and tenant improvements	Accrued capital expenditures and tenant improvements	$	1,682	$	1,906	Accrued capital expenditures and tenant improvements	$	1,880	$	1,367
Capitalized costs placed in service	Capitalized costs placed in service	$	1,287	$	4,312	Capitalized costs placed in service	$	3,124	$	5,505
Reclassification of registration statement costs incurred to equity issuance costs	Reclassification of registration statement costs incurred to equity issuance costs	$	0	$	278	Reclassification of registration statement costs incurred to equity issuance costs	$	0	$	278

Purchase of investment properties:	Purchase of investment properties:					Purchase of investment properties:
Net investment properties	Net investment properties	$	0	$	30,515	Net investment properties	$	0	$	30,515
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	Accounts and rents receivable, lease intangibles, and deferred costs and other assets	0		3,770		Accounts and rents receivable, lease intangibles, and deferred costs and other assets	0		3,770
Accounts payable and accrued expenses, lease intangibles, and other liabilities	Accounts payable and accrued expenses, lease intangibles, and other liabilities	0		(1,908)		Accounts payable and accrued expenses, lease intangibles, and other liabilities	0		(1,908)
Cash outflow for purchase of investment properties, net	Cash outflow for purchase of investment properties, net	0		32,377		Cash outflow for purchase of investment properties, net	0		32,377
Capitalized acquisition costs	Capitalized acquisition costs	0		(63)		Capitalized acquisition costs	0		(63)
Credits and other changes in cash outflow, net	Credits and other changes in cash outflow, net	0		890		Credits and other changes in cash outflow, net	0		890
Gross acquisition price of investment properties	Gross acquisition price of investment properties	$	0	$	33,204	Gross acquisition price of investment properties	$	0	$	33,204

Sale of investment properties:	Sale of investment properties:					Sale of investment properties:
Net investment properties	Net investment properties	$	380	$	193	Net investment properties	$	437	$	5,567

Accounts and rents receivable, lease intangibles, and deferred costs and other assets						Accounts and rents receivable, lease intangibles, and deferred costs and other assets	0		249
Accounts payable and accrued expenses, lease intangibles, and other liabilities						Accounts payable and accrued expenses, lease intangibles, and other liabilities	0		(323)
Gain on sale of investment properties, net	Gain on sale of investment properties, net	519		457		Gain on sale of investment properties, net	880		244

Proceeds from sale of investment properties, net	Proceeds from sale of investment properties, net	899		650		Proceeds from sale of investment properties, net	1,317		5,737

Credits and other changes in cash inflow, net						Credits and other changes in cash inflow, net	0		413
Gross disposition price of investment properties	Gross disposition price of investment properties	$	899	$	650	Gross disposition price of investment properties	$	1,317	$	6,150

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements

~~March 31,~~June 30, 2021 and 2020

(Unaudited)

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Readers of these interim condensed consolidated financial statements (the "Quarterly Report") should refer to the audited consolidated financial statements of InvenTrust Properties Corp. (the "Company") as of and for the year ended December 31, 2020, which are included in the Company's Annual Report on Form 10-K (the "Annual Report") as certain note disclosures contained in such audited consolidated financial statements have been omitted from this Quarterly Report. In the opinion of management, all adjustments necessary (consisting of normal recurring accruals, except as otherwise noted) for a fair presentation have been included in these condensed consolidated financial statements. Unless otherwise noted, all square feet and dollar amounts are stated in thousands, except per share amounts. Number of properties and square feet are unaudited.

1. Organization

On October 4, 2004, InvenTrust Properties Corp. (the "Company") was incorporated as Inland American Real Estate Trust, Inc. as a Maryland corporation and has elected to be taxed, and currently qualifies, as a real estate investment trust ("REIT") for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April of 2015 and is focused on owning, managing, acquiring and developing a multi-tenant retail platform.

The Company is taxed and operates in a manner that will allow the Company to continue to qualify as a REIT for U.S. federal income tax purposes. So long as it maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to stockholders. If the Company fails to continue to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and will not be able to re-elect REIT status during the four years following the year of the failure.

The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries. Subsidiaries generally consist of limited liability companies ("LLCs") and limited partnerships ("LPs"). All significant intercompany balances and transactions have been eliminated.

Each retail property is owned by a separate legal entity that maintains its own books and financial records. Each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 6. Investment in Unconsolidated Entities". As of ~~March 31,~~June 30, 2021 and 2020, the Company had an investment in 1 unconsolidated real estate joint venture, as disclosed in "Note 6. Investment in Unconsolidated Entities".

The Company determined it has a single reportable segment, multi-tenant retail, for disclosure purposes in accordance with GAAP. The following table summarizes the Company's retail portfolio as of ~~March 31,~~June 30, 2021 and 2020:


		Wholly-Owned Retail Properties		Unconsolidated Retail Properties at 100%			Wholly-Owned Retail Properties		Unconsolidated Retail Properties at 100%
		2021	2020	2021	2020		2021	2020	2021	2020
No. of properties	No. of properties	55	56	10	10	No. of properties	55	55	10	10
Gross Leasable Area		8,394,757	8,488,479	2,470,193	2,470,134
Gross Leasable Area (square feet)						Gross Leasable Area (square feet)	8,395	8,329	2,470	2,470

Impact of the COVID-19 Pandemic on the Company's Financial Statements

The ~~Company's business has been, and continues to be, disrupted by~~impact of the coronavirus disease 2019 ("COVID-19") ~~pandemic.~~pandemic has not materially changed from the information included in the Company's Annual Report or other current reports on file with the Securities and Exchange Commission. The ~~Company continues to assess the ongoing~~primary impact of the ~~COVID-19~~ pandemic ~~on all aspects of its business, including~~was and continues to be related to the ~~impact on its tenants and their~~Company's tenants' ability to make their future rental payments in a timely fashion or at ~~all and the possible impairment in value of our investment properties.~~all.

During the ~~three~~six months ended ~~March 31,~~June 30, 2021, deferred rental payments of ~~$2,899~~$3,752 became ~~due;~~due and the Company has collected ~~$2,655~~$3,507 of such deferred rental payments as of ~~March 31,~~June 30, 2021. During the year ended December 31, 2020 and the ~~three~~six months ended ~~March 31,~~June 30, 2021, the Company granted approximately ~~$6,460~~$5,791 and ~~$129,~~$182, respectively, of rental payment deferrals, with contractual payment terms through the year ending December 31, 2023.

Reverse Stock Split

On August 5, 2021 the Company effected a 1-for-10 reverse stock split of its common stock. As a result of the reverse stock split, every ten shares of issued and outstanding common stock were changed into one share of common stock, with any

fractional shares being rounded up to the next higher whole share. Immediately after effecting the reverse stock split, the Company decreased the par value of each issued and outstanding share of common stock from $0.01 par value per share to $0.001 par value per share. In addition, equitable adjustments were made to the maximum number of shares of common stock that may be issued pursuant to the InvenTrust Properties Corp. 2015 Incentive Award Plan (as amended, the "Incentive Award Plan") and the maximum number of shares of common stock that may be issued upon exercise of incentive stock options under the Incentive Award Plan, in each case, to reflect the 1-for-10 reverse stock split. The number of shares of common stock subject to outstanding awards under the Incentive Award Plan, and certain performance goals applicable to such awards, have also been equitably adjusted to reflect the 1-for-10 reverse stock split. Unless otherwise noted, the share information and the Net Asset Value ("NAV") per share of the Company's common stock in this report and accompanying condensed consolidated financial statements have been retroactively adjusted to give effect to the 1-for-10 reverse stock split for all periods presented.

2. Basis of Presentation and Recently Issued Accounting Pronouncements

The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired retail properties, determining the fair value of debt and evaluating the collectibility of accounts receivable. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates.

Reclassifications

Restricted cash of $1,160 as of December 31, 2020 has been reclassified to cash, cash equivalents and restricted cash on the condensed consolidated balance sheets.

Recently Issued Accounting Pronouncements Adopted

Standard

Description

Date of adoption

Effect on the financial statements or other significant matters

ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope

ASU 2021-01 is intended to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition.

Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation.

January 2021

The Company's adoption of ASU No. 2021-01 did not result in any incremental elections under Topic 848 regarding cash flow hedges.

The Company ~~is continuing~~continues to evaluate the guidance of Topic ~~848 and may apply other elections as applicable as additional changes in the market occur.~~848. The Company expects ~~the~~that application of Topic 848 ~~to assist in preserving the Company's~~will not change its presentation of derivatives as cash flow hedges.

Other recently issued accounting standards or pronouncements not disclosed in the foregoing table have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on the condensed consolidated financial statements of the Company.

3. Revenue Recognition

Operating Leases

Minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:


Minimum lease payments, by year	Minimum lease payments, by year	As of March 31, 2021		Minimum lease payments, by year	As of June 30, 2021
Remaining 2021	Remaining 2021	$	109,270	Remaining 2021	$	73,429
2022	2022	129,682		2022	135,263
2023	2023	115,896		2023	122,098
2024	2024	100,499		2024	106,611
2025	2025	83,365		2025	89,640
Thereafter	Thereafter	288,175		Thereafter	303,487
Total	Total	$	826,887	Total	$	830,528

The table above includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The remaining lease terms range from less than one year to seventy-seven years.

The following table reflects the disaggregation of lease income, net:


		Three months ended March 31,					Three months ended June 30,				Six months ended June 30,
		2021		2020			2021		2020		2021		2020
Minimum lease payments		$	34,886	$	36,177
Minimum base rent						Minimum base rent	$	31,617	$	32,473	$	62,607	$	64,918
Real estate tax recoveries	Real estate tax recoveries	6,994		7,884		Real estate tax recoveries	7,281		6,127		14,275		14,011
Common area maintenance, insurance, and other recoveries	Common area maintenance, insurance, and other recoveries	5,938		5,396		Common area maintenance, insurance, and other recoveries	5,830		4,909		11,768		10,305
Minimum ground rent						Minimum ground rent	3,258		3,271		6,514		6,462
Amortization of above and below-market leases and lease inducements, net	Amortization of above and below-market leases and lease inducements, net	1,243		1,542		Amortization of above and below-market leases and lease inducements, net	1,142		1,306		2,385		2,848
Short-term, termination fee and other lease income	Short-term, termination fee and other lease income	1,056		1,048		Short-term, termination fee and other lease income	860		536		1,916		1,584
Uncollectible straight-line rent		(123)		(163)
Uncollectible billed rent and recoveries		(68)		(600)
Straight-line rent adjustment, net						Straight-line rent adjustment, net	851		141		1,491		682
Provision for uncollectible straight-line rent						Provision for uncollectible straight-line rent	(99)		(1,887)		(222)		(2,050)
Reversal of (provision for) uncollectible billed rent and recoveries, net						Reversal of (provision for) uncollectible billed rent and recoveries, net	238		(6,158)		170		(6,758)
Lease income, net	Lease income, net	$	49,926	$	51,284	Lease income, net	$	50,978	$	40,718	$	100,904	$	92,002

Other Fee Income

The following table reflects the disaggregation of other fee income:


		Timing of Satisfaction of Performance Obligations		Three months ended March 31,								Timing of Satisfaction of Performance Obligations			Three months ended June 30,								Six months ended June 30,
			2021			2020								2021			2020				2021				2020
Property management fees	Property management fees		Over time			$	587			$	577		Property management fees	Over time			$	488			$	436			$	1,075			$	1,013
Asset management fees	Asset management fees	Over time		271				285		Asset management fees		Over time			296				271				567				556
Leasing commissions and other fees	Leasing commissions and other fees	Point in time		155				101		Leasing commissions and other fees		Point in time			110				6				265				107
Other fee income	Other fee income			$	1,013			$	963	Other fee income					$	894			$	713			$	1,907			$	1,676

The Company had receivables of ~~$329~~$312 and $327 as of ~~March 31,~~June 30, 2021 and December 31, 2020, respectively, which are included in deferred costs and other assets, net on the condensed consolidated balance sheets.

4. Acquired Properties

There were no retail properties acquired during the ~~three~~six months ended ~~March 31,~~June 30, 2021.

The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the ~~three~~six months ended ~~March 31,~~June 30, 2020:

Acquisition Date

Property

Metropolitan Area

Gross
Acquisition Price

Square Feet

Acquisition Date

Property

Metropolitan Area

Gross
Acquisition Price

Square Feet

February 25, 2020

Trowbridge Crossing

Atlanta, GA

10,950

62,600

February 25, 2020

Trowbridge Crossing

Atlanta, GA

10,950

March 10, 2020

Antoine Town Center (a)

Houston, TX

22,254

110,500

March 10, 2020

Antoine Town Center (a)

Houston, TX

22,254

111

33,204

173,100

33,204

174

(a)This retail property was acquired from the Company's unconsolidated joint venture, as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities".

Transaction costs of $63 were capitalized during the three and six months ended ~~March 31,~~June 30, 2020.

5. Disposed Properties

The following table reflects the completion of partial condemnations at ~~three~~3 retail properties and the related gain or loss on sale recognized for each during the ~~three~~six months ended ~~March 31,~~June 30, 2021:


Disposition Date	Disposition Date	Property	Metropolitan Area	Gross Disposition Price		Gain (Loss) on Sale		Disposition Date	Property	Metropolitan Area	Gross Disposition Price		Gain (Loss) on Sale
February 28, 2021	February 28, 2021	Sonterra Village	San Antonio, TX	$	616	$	436	February 28, 2021	Sonterra Village	San Antonio, TX	$	616	$	436
March 14, 2021	March 14, 2021	Eldridge Town Center	Houston, TX	133		104		March 14, 2021	Eldridge Town Center	Houston, TX	133		104
March 31, 2021	March 31, 2021	Windward Commons	Alpharetta, GA	150		(21)		March 31, 2021	Windward Commons	Alpharetta, GA	150		(21)
June 30, 2021								June 30, 2021	Eldridge Town Center	Houston, TX	418		361
				$	899	$	519				$	1,317	$	880

The following table reflects the completion of partial condemnations at two retail properties, the sale of one retail property, and the related gain or loss on sale recognized for each during the ~~three~~six months ended ~~March 31,~~June 30, 2020:


Disposition Date	Disposition Date	Property	Metropolitan Area	Gross Disposition Price		Gain on Sale		Disposition Date	Property	Metropolitan Area	Square Feet	Gross Disposition Price		Gain (Loss) on Sale
February 10, 2020	February 10, 2020	University Oaks Shopping Center	Round Rock, TX	$	527	$	357	February 10, 2020	University Oaks Shopping Center	Round Rock, TX	N/A	$	527	$	357
February 12, 2020	February 12, 2020	Centerplace of Greeley	Greeley, CO	123		100		February 12, 2020	Centerplace of Greeley	Greeley, CO	N/A	123		100
May 1, 2020								May 1, 2020	Woodlake Crossing	San Antonio, TX	160	5,500		(213)
				$	650	$	457				160	$	6,150	$	244

6. Investment in Unconsolidated Entities

Joint Venture Interests

IAGM Retail Fund I, LLC

As of ~~March 31,~~June 30, 2021 and December 31, 2020, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a retail joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). As of ~~March 31,~~June 30, 2021 and December 31, 2020, the carrying value of the Company's investment in IAGM was ~~$106,566~~$104,892 and $109,051, respectively.

During the ~~three~~six months ended ~~March 31,~~June 30, 2020, the Company purchased Antoine Town Center from IAGM for $22,254, a ~~fair value~~purchase price determined by ~~independent appraisal,~~a third party real estate valuation specialist, which resulted in IAGM recognizing a gain on sale of $1,741. The Company deferred its share of IAGM's gain on sale of $958 and began amortizing the gain over 30 years as an increase to equity in earnings of unconsolidated entities. Subsequent to purchasing Antoine Town Center, the Company completed a sale of an outparcel at this retail property to an unrelated third party which resulted in recognizing $54 of previously deferred gain.

During the ~~three~~six months ended ~~March 31,~~June 30, 2021 and 2020, IAGM prepaid mortgages payable of $23,150 and $14,872, respectively, with cash on hand.

During the ~~three~~six months ended ~~March 31,~~June 30, 2020, IAGM entered into 2 interest rate swap agreements to achieve fixed interest rates on its senior secured term loan facility previously subject to variability in the London Inter-bank Offered Rate ("LIBOR"). Each of the interest rate swaps have an effective date of April 1, 2020 and a termination date of November 2, 2023. One interest rate swap has a notional amount of $45,000 and achieves a fixed interest rate of 1.979%. The other interest rate swap has a notional amount of $30,000 and achieves a fixed interest rate of 1.956%. The Company recognizes its share of gains or losses resulting from IAGM's interest rate swaps as an adjustment to the Company's investment in IAGM and an increase or decrease in comprehensive income. As of ~~March 31,~~June 30, 2021, the interest rate swaps were recorded as a liability with a fair value of ~~$171~~$123 on IAGM's condensed consolidated balance sheet, of which the Company's share was ~~$94.~~$67.

On July 12, 2021, the Company purchased Prestonwood Town Center from IAGM for $52,800, a purchase price determined by a third party real estate valuation specialist. IAGM used cash on hand and proceeds from the sale of Prestonwood Town Center to pay down $54,103 of its pooled mortgage debt.

Condensed Financial Information

The following table presents condensed balance sheet information for IAGM:


		As of					As of
		March 31, 2021		December 31, 2020			June 30, 2021		December 31, 2020
Assets:	Assets:					Assets:
Net investment properties	Net investment properties	$	385,505	$	387,394	Net investment properties	$	384,098	$	387,394
Other assets	Other assets	40,707		72,453		Other assets	40,118		72,453
Total assets	Total assets	426,212		459,847		Total assets	424,216		459,847
Liabilities and equity:	Liabilities and equity:					Liabilities and equity:
Mortgages debt, net	Mortgages debt, net	219,389		242,388		Mortgages debt, net	219,514		242,388
Other liabilities	Other liabilities	13,051		19,144		Other liabilities	13,985		19,144
Equity	Equity	193,772		198,315		Equity	190,717		198,315
Total liabilities and equity	Total liabilities and equity	426,212		459,847		Total liabilities and equity	424,216		459,847

Company's share of equity	Company's share of equity	107,436		109,928		Company's share of equity	105,754		109,928
Outside basis difference, net (a)	Outside basis difference, net (a)	(870)		(877)		Outside basis difference, net (a)	(862)		(877)
Carrying value of investments in unconsolidated entities	Carrying value of investments in unconsolidated entities	$	106,566	$	109,051	Carrying value of investments in unconsolidated entities	$	104,892	$	109,051

(a)The outside basis difference relates to the unamortized deferred gain on sale of Antoine Town Center.

The following table presents condensed income statement information of IAGM:


		Three months ended March 31,					Three months ended June 30,				Six months ended June 30,
		2021		2020			2021		2020		2021		2020
Total income	Total income	$	11,429	$	12,723	Total income	$	11,421	$	9,815	$	22,850	$	22,538
Depreciation and amortization	Depreciation and amortization	(3,764)		(4,342)		Depreciation and amortization	(3,793)		(4,316)		(7,557)		(8,658)
Property operating	Property operating	(2,073)		(1,865)		Property operating	(2,056)		(1,507)		(4,129)		(3,372)
Real estate taxes	Real estate taxes	(2,372)		(2,426)		Real estate taxes	(2,298)		(2,182)		(4,670)		(4,608)
Asset management fees	Asset management fees	(271)		(285)		Asset management fees	(296)		(271)		(567)		(556)
Interest expense, net	Interest expense, net	(1,692)		(2,193)		Interest expense, net	(1,469)		(1,775)		(3,161)		(3,968)
Other (expense) and income, net	Other (expense) and income, net	(129)		(90)		Other (expense) and income, net	(116)		(49)		(245)		(139)
Loss on debt extinguishment	Loss on debt extinguishment	(14)		(8)		Loss on debt extinguishment	0		0		(14)		(8)
Gain on sale of real estate	Gain on sale of real estate	0		1,741		Gain on sale of real estate	0		0		0		1,741

Net income		$	1,114	$	3,255
Net income (loss)						Net income (loss)	$	1,393	$	(285)	$	2,507	$	2,970

Company's share of net income		$	612	$	1,744
Company's share of net income (loss)						Company's share of net income (loss)	$	768	$	(157)	$	1,380	$	1,587
Outside basis adjustment for investee's sale of real estate, net	Outside basis adjustment for investee's sale of real estate, net	8		(955)		Outside basis adjustment for investee's sale of real estate, net	7		8		15		(947)
Equity in earnings of unconsolidated entities		$	620	$	789
Equity in earnings (losses) of unconsolidated entities						Equity in earnings (losses) of unconsolidated entities	$	775	$	(149)	$	1,395	$	640

The following table summarizes the scheduled maturities of IAGM's mortgages payable as of ~~March 31,~~June 30, 2021, for the remainder of 2021, each of the next four years and thereafter:


Scheduled maturities by year:	Scheduled maturities by year:	As of March 31, 2021		Scheduled maturities by year:	As of June 30, 2021
2021	2021	$	0	2021	$	0
2022	2022	0		2022	0
2023	2023	180,125		2023	180,125
2024	2024	0		2024	0
2025	2025	22,880		2025	22,880
Thereafter	Thereafter	17,800		Thereafter	17,800
Total	Total	$	220,805	Total	$	220,805

As of ~~March 31,~~June 30, 2021 and December 31, 2020, none of IAGM's mortgages payable are recourse to the Company. It is anticipated that the joint venture will be able to repay, refinance or extend all of its debt on a timely basis.

7. Debt

As of ~~March 31,~~June 30, 2021, the Company's total debt, net was ~~$504,965,~~$504,829, which consists of mortgages payable, net, of ~~$106,437,~~$106,154, and unsecured term loans, net, of ~~$398,528.~~$398,675. The Company believes it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs related to mortgages payable. It is anticipated that the Company will use proceeds from property sales, cash on hand, and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term.

The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions, and distribution limitations. As of ~~March 31,~~June 30, 2021 and December 31, 2020, the Company was in compliance with all loan covenants.

Mortgages Payable

As of ~~March 31,~~June 30, 2021 and December 31, 2020, the Company's mortgages payable, net were as follows:


		March 31, 2021		December 31, 2020			June 30, 2021		December 31, 2020
Mortgages payable (a)	Mortgages payable (a)	$	106,932	$	107,261	Mortgages payable (a)	$	106,612	$	107,261

Discount, net of accumulated amortization	Discount, net of accumulated amortization	(74)		(84)		Discount, net of accumulated amortization	(65)		(84)
Issuance costs, net of accumulated amortization	Issuance costs, net of accumulated amortization	(421)		(449)		Issuance costs, net of accumulated amortization	(393)		(449)
Total mortgages payable, net	Total mortgages payable, net	$	106,437	$	106,728	Total mortgages payable, net	$	106,154	$	106,728

(a)Mortgages payable had fixed interest rates ranging from 3.49% to 4.58%, with a weighted average interest rate of 4.07% as of ~~March 31,~~June 30, 2021 and December 31, 2020.

The following table summarizes the scheduled maturities of the Company's mortgages payable as of ~~March 31,~~June 30, 2021 for the remainder of 2021, each of the next four years and thereafter.


Scheduled maturities by year:	Scheduled maturities by year:	As of March 31, 2021		Scheduled maturities by year:	As of June 30, 2021
2021	2021	$	0	2021	$	0
2022	2022	22,723		2022	22,618
2023	2023	39,879		2023	39,664
2024	2024	15,700		2024	15,700
2025	2025	28,630		2025	28,630
Thereafter	Thereafter	0		Thereafter	0
Total mortgage payable maturities	Total mortgage payable maturities	$	106,932	Total mortgage payable maturities	$	106,612

Credit Agreements

Revolving Credit Agreement

On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated the Company's prior unsecured revolving credit agreement in its entirety, and provides for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). As of ~~March 31,~~June 30, 2021 and December 31, 2020, the Company had 0 outstanding borrowings and $50,000 of outstanding borrowings under the Revolving Credit Agreement, respectively, and a facility fee of 0.15%. As of ~~March 31,~~June 30, 2021 and December 31, 2020, $350,000 and $300,000 of the facility was undrawn, respectively.

For general corporate purposes and to increase its financial flexibility in light of the COVID-19 pandemic, the Company drew $150,000 on the Revolving Credit Agreement at an interest rate reflecting 1-Month LIBOR plus 1.05% during the second quarter of 2020. The Company subsequently repaid $100,000 and $50,000 of that draw during the fourth quarter of 2020 and the first quarter of 2021, respectively. The Revolving Credit Agreement has a 4-year term maturing on December 21, 2022 with 2 six-month extension options.

Unsecured term loans

As of ~~March 31,~~June 30, 2021 and December 31, 2020, the Company had the following unsecured term loan tranches outstanding:

March 31, 2021

December 31, 2020

June 30, 2021

December 31, 2020

Principal Balance

Interest
Rate

Principal Balance

Interest
Rate

Maturity Date

Principal Balance

Interest
Rate

Principal Balance

Interest
Rate

Maturity Date

$250.0 million 5 year - swapped to fixed rate

100,000

2.6795% (a)

100,000

2.6795% (a)

December 21, 2023

$250.0 million 5 year - swapped to fixed rate

100,000

2.6795% (a)

100,000

2.6795% (a)

December 21, 2023

$250.0 million 5 year - swapped to fixed rate

100,000

2.6795% (a)

100,000

2.6795% (a)

December 21, 2023

$250.0 million 5 year - swapped to fixed rate

100,000

2.6795% (a)

100,000

2.6795% (a)

December 21, 2023

$250.0 million 5 year - variable rate

50,000

1.3151% (b)

50,000

1.3548% (c)

December 21, 2023

$250.0 million 5 year - variable rate

50,000

1.2921% (b)

50,000

1.3548% (c)

December 21, 2023

$150.0 million 5.5 year - swapped to fixed rate

50,000

2.6915% (a)

50,000

2.6915% (a)

June 21, 2024

$150.0 million 5.5 year - swapped to fixed rate

50,000

2.6915% (a)

50,000

2.6915% (a)

June 21, 2024

$150.0 million 5.5 year - swapped to fixed rate

50,000

2.6990% (a)

50,000

2.6990% (a)

June 21, 2024

$150.0 million 5.5 year - swapped to fixed rate

50,000

2.6990% (a)

50,000

2.6990% (a)

June 21, 2024

$150.0 million 5.5 year - variable rate

50,000

1.3151% (b)

50,000

1.3548% (c)

June 21, 2024

$150.0 million 5.5 year - variable rate

50,000

1.2921% (b)

50,000

1.3548% (c)

June 21, 2024

Total unsecured term loans

400,000

Total unsecured term loans

400,000

Issuance costs, net of accumulated amortization

(1,472)

(1,619)

Issuance costs, net of accumulated amortization

(1,325)

(1,619)

Total unsecured term loans, net

398,528

398,381

Total unsecured term loans, net

398,675

398,381

(a)As of ~~March 31,~~June 30, 2021, the Company has 4 interest rate swap agreements, of which 2 each have a notional amount of $100,000, an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68%. The other 2 interest rate swap agreements each have a notional amount of $50,000, an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70%.

(b)Interest rate reflects 1-Month LIBOR plus 1.20% effective ~~March~~June 1, 2021.

(c)Interest rate reflects 1-Month LIBOR plus 1.20% effective December 1, 2020.

1213

8. Fair Value Measurements

Recurring Measurements

The following financial instruments are remeasured at fair value on a recurring basis:


		Fair Value Measurements as of													Fair Value Measurements as of
		March 31, 2020						December 31, 2020							June 30, 2021						December 31, 2020
Cash Flow Hedges: (a)	Cash Flow Hedges: (a)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3		Cash Flow Hedges: (a)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Derivative interest rate liabilities ~~(b)~~(c)	Derivative interest rate liabilities ~~(b)~~(c)	$	0	$	(9,508)	$	0	$	0	$	(12,449)	$	0	Derivative interest rate liabilities ~~(b)~~(c)	$	0	$	(8,568)	$	0	$	0	$	(12,449)	$	0

(a)During the twelve months subsequent to ~~March 31,~~June 30, 2021, an estimated ~~$4,179~~$4,206 of derivative interest rate liabilities recognized in accumulated comprehensive loss will be reclassified into earnings.

(b)The Company's and IAGM's derivative liabilities are recognized as a part of other liabilities and investment in unconsolidated entities, respectively, on the Company's condensed consolidated balance sheets.

~~Level 1~~

~~At March 31, 2021 and December 31, 2020, the Company had 0 Level 1 recurring fair value measurements.~~

~~Level 2~~

(c)As of ~~March 31,~~June 30, 2021 and December 31, 2020, the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy.

~~Level 3~~

~~At March 31, 2021 and December 31, 2020, the Company had 0 Level 3 recurring fair value measurements.~~

Nonrecurring Measurements

Investment Properties

During the three and six months ended ~~March 31,~~June 30, 2021, the Company had 0 Level 3 nonrecurring fair value measurements.

During the ~~three~~six months ended ~~March 31,~~June 30, 2020, the Company identified 1 retail property that had a reduction in its expected holding period and recorded a provision for asset impairment of $9,002 on the condensed consolidated statement of operations and comprehensive income (loss) as a result of the fair value being lower than the property's carrying value. The Company's fair value was based on an executed sales contract. This property was disposed of on May 1, 2020. During the three months ended June 30, 2020, the Company had 0 Level 3 recurring fair value measurements.

Financial Instruments Not Measured at Fair Value

The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of ~~March 31,~~June 30, 2021 and December 31, 2020:


		March 31, 2021				December 31, 2020					June 30, 2021				December 31, 2020
		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value			Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Mortgages payable	Mortgages payable	$	106,932	$	105,459	$	107,261	$	106,494	Mortgages payable	$	106,612	$	105,501	$	107,261	$	106,494
Term loans	Term loans	$	400,000	$	398,922	$	400,000	$	400,055	Term loans	$	400,000	$	400,012	$	400,000	$	400,055
Revolving line of credit	Revolving line of credit	$	0	$	0	$	50,000	$	50,032	Revolving line of credit	$	0	$	0	$	50,000	$	50,032

The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of ~~4.52%~~4.41% and 4.25% as of ~~March 31,~~June 30, 2021 and December 31, 2020, respectively.

The fair value estimate of the term loans and line of credit approximate the carrying value. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company's. As a result, the Company ~~used a weighted-average interest rate of 1.68% and 1.36% as of March 31, 2021 and December 31, 2020, respectively, to estimate~~estimated the fair value of its term ~~loans.~~loans and revolving line of credit using a weighted-average interest rate of 1.60% and 1.36% as of June 30, 2021 and December 31, 2020, respectively. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy. The fair value estimates of the term loans and line of credit approximate the carrying values. The assumptions reflect the terms currently available on similar borrowings by borrowers with credit profiles similar to the Company's.

1314

9. Earnings Per Share and Equity Transactions

Basic earnings per share ("EPS") is computed using the two-class method by dividing net income by the weighted average number of common shares outstanding for the period (the "common shares") and participating securities. The time-based restricted share awards issued pursuant to the ~~InvenTrust Properties Corp. 2015~~ Incentive Award Plan ~~(as amended, the "Incentive Award Plan")~~ are deemed to be participating securities. Diluted EPS is generally computed using the treasury-stock method by dividing net income or loss by the common shares plus potential common shares resulting from time-based restricted share awards.

The following table reconciles the amounts used in calculating basic and diluted earnings per share:


		Three months ended March 31,					Three months ended June 30,				Six months ended June 30,
		2021		2020			2021		2020		2021		2020
Numerator:	Numerator:					Numerator:
Net loss		$	(100)	$	(3,486)
Net income (loss)						Net income (loss)	$	1,499	$	(9,611)	$	1,399	$	(13,097)
Earnings allocated to unvested restricted shares (a)	Earnings allocated to unvested restricted shares (a)	0		0		Earnings allocated to unvested restricted shares (a)	0		0		0		0
Net loss attributed to common shareholders		$	(100)	$	(3,486)
Net income (loss) attributed to common shareholders						Net income (loss) attributed to common shareholders	$	1,499	$	(9,611)	$	1,399	$	(13,097)

Denominator:	Denominator:					Denominator:
Weighted average number of common shares outstanding - basic	Weighted average number of common shares outstanding - basic	719,462,786		720,825,864		Weighted average number of common shares outstanding - basic	71,943,522		72,137,317		71,970,925		72,136,129
Effect of unvested restricted shares (b)	Effect of unvested restricted shares (b)	0		0		Effect of unvested restricted shares (b)	92,804		0		53,528		0
Weighted average number of common shares outstanding - diluted	Weighted average number of common shares outstanding - diluted	719,462,786		720,825,864		Weighted average number of common shares outstanding - diluted	72,036,326		72,137,317		72,024,453		72,136,129

Basic and diluted earnings per common share:	Basic and diluted earnings per common share:					Basic and diluted earnings per common share:
Net loss per common share		$	0	$	0
Net income (loss) per common share						Net income (loss) per common share	$	0.02	$	(0.13)	$	0.02	$	(0.18)

(a)For the three and six months ended ~~March 31,~~June 30, 2021 and 2020, there were 0 undistributed earnings to be allocated.

(b)For the three and six months ended ~~March 31, 2021 and~~June 30, 2020, the Company has excluded the anti-dilutive effect of unvested restricted shares.

On August 5, 2021 the Company effected a 1-for-10 reverse stock split of its common stock. See "Note 1. Organization" for more information concerning the reverse stock split. As a result of the reverse stock split, as of June 30, 2021, the number of shares ~~has~~of common stock outstanding was reduced from 712,090,283 shares to 71,261,383 shares on that date. Fractional shares resulted in the issuance of an additional 52,355 shares, which have been ~~excluded.~~included in the total issued and outstanding shares for all periods presented.

On November 1, 2019, the Company adopted a Second Amended and Restated Share Repurchase Program ("(the "Original SRP"). During the six months ended June 30, 2020, ~~authorizing redemption~~213,612 shares were repurchased in connection with the Original SRP. Effective July 11, 2020, the Company suspended the Original SRP.

On April 6, 2021, the Company adopted the Third Amended and Restated Share Repurchase Program, (as amended, the "SRP"). On April 12, 2021, the Company announced the reinstatement of the ~~Company's shares of common stock, subject to certain conditions and limitations. The Company's obligation to repurchase any shares under the~~ SRP, ~~was conditioned upon having sufficient funds available to complete the repurchase.~~effective May 14, 2021, for qualifying shareholders. The repurchase price per share of $21.70 for ~~all~~eligible stockholders ~~was~~is equal to a 25% discount to the most recent estimated ~~Net Asset Value ('"NAV")~~NAV per share of the Company's common stock established by the Company's Board, ~~of Directors (the "Board"),~~ which was ~~$3.14~~$28.90 per share as of ~~May~~December 1, ~~2019.~~2020. During the ~~three~~six months ended ~~March 31, 2020~~June 30, 2021, 0755,643 shares were repurchased in connection with the SRP. On August 5, 2021, the Board suspended the SRP effective September 5, 2021.

On November 1, 2019, the Company began offering shares of the Company's common stock to existing stockholders pursuant to the Company's Amended and Restated Distribution Reinvestment Plan ("DRP"). Under the DRP, stockholders were able to elect to reinvest an amount equal to the distributions declared on their shares of common stock into additional shares of the Company's common stock in lieu of receiving cash distributions. In accordance with the DRP, participants were able to acquire shares of common stock at a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Board, which was $3.14 per share as of May 1, 2019. During the three and six months ended ~~March 31,~~June 30, 2020, ~~21,249~~5,779 and 7,904 shares, respectively, were issued pursuant to the DRP.

Effective July 11, 2020, the Company suspended the ~~SRP and the~~ DRP. On April 12, 2021, the Company announced the reinstatement of the SRP, effective May 14, 2021, for qualifying shareholders through the Third Amended and Restated Share Repurchase Program authorizing redemption of the Company's shares of common stock, subject to certain conditions and limitations. The Company's obligation to repurchase any shares under the SRP is conditioned upon having sufficient funds available to complete the repurchase. The repurchase price per share of $2.17 for eligible stockholders is equal to a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Company's Board, which was $2.89 per share as of December 21, 2020. The DRP remains suspended.

1415

10. Stock-Based Compensation

Effective as of June 19, 2015, the Company's Board adopted the Incentive Award Plan, under which the Company may grant

cash and equity incentive awards to eligible employees, directors, and consultants. Time-based restricted stock units ("RSU") awards granted to employees vest equally on each of the first three anniversaries of the applicable vesting commencement date, subject to the employees' continued service to the Company. The time-based RSU awards granted to directors vest on the earlier of the one-year anniversary of the applicable grant date or the date of the Company's next annual meeting of its shareholders following the grant date, subject to the directors' continued service to the Company. Performance-based RSU awards granted to employees vest at the conclusion of the performance period, subject to the recipients' continued service to the Company and achievement of the specified performance levels. ~~Under the Incentive Award Plan, the~~The Company is authorized to grant up to ~~30,000,000~~3,000,000 shares of the Company's common stock pursuant to awards under the Incentive Award Plan. As of ~~March 31,~~June 30, 2021, ~~15,192,719~~1,505,685 shares were available for future issuance under the Incentive Award Plan.

On February 18, 2021, the Board approved grants of time-based and performance-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of ~~$2.89~~$28.90 as of December 1, 2020.

On February 23, 2021, the Company announced the expected retirement of its President and Chief Executive Officer in August 2021, which resulted in ~~the acceleration~~accelerated recognition of certain stock-based compensation expenses. The Company also announced the appointment of certain executives in establishing a plan of succession. In connection with the appointments, the Board approved one-time grants of time-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of ~~$2.89~~$28.90 as of December 1, 2020.

The following table summarizes the Company's RSU activity during the ~~three~~six months ended ~~March 31,~~June 30, 2021:


		Unvested Time- Based RSUs	Unvested Performance- Based RSUs	Weighted-Average Grant Date Price Per Share			Unvested Time- Based RSUs	Unvested Performance- Based RSUs	Weighted-Average Grant Date Price Per Share
Outstanding as of January 1, 2021	Outstanding as of January 1, 2021	1,103,816	3,320,954	$	3.14	Outstanding as of January 1, 2021	110,382	332,095	$	31.40
Shares granted	Shares granted	1,674,172	1,894,256	$	2.89	Shares granted	195,763	192,830	$	28.90

Shares vested						Shares vested	(24,522)	0	$	31.40
Shares forfeited	Shares forfeited	0	(431,246)	$	3.14	Shares forfeited	(9,272)	(63,962)	$	30.86
Outstanding as of March 31, 2021		2,777,988	4,783,964	$	3.01
Outstanding as of June 30, 2021						Outstanding as of June 30, 2021	272,351	460,963	$	29.95

As of ~~March 31,~~June 30, 2021, there was ~~$9,755~~$7,725 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2023. The Company recognized stock-based compensation expense of ~~$2,496~~$2,311 and ~~$528~~$4,807 for the three and six months ended ~~March 31,~~June 30, 2021, respectively, and $1,420 and $1,948 for the three and six months ended June 30, 2020, respectively.

See "Note 1. Organization" for more information regarding the equitable adjustments made to the Company's shares of common stock that may be issued pursuant to the Incentive Award Plan in connection with the reverse stock split.

11. Commitments and Contingencies

The Company is subject, from time to time, to various types of third-party legal claims or litigation that arise in the ordinary course of business, including, but not limited to, property loss claims, personal injury or other damages resulting from contact with the Company's properties. These claims and lawsuits and any resulting damages are generally covered by the Company's insurance policies. The Company accrues for legal costs associated with loss contingencies when these costs are probable and reasonably estimable. While the resolution of these matters cannot be predicted with certainty, based on currently available information, management does not expect that the final outcome of any pending claims or legal proceedings will have a material adverse effect on the financial condition, results of operations or cash flows of the Company.

Operating and Finance Lease Commitments

The Company has non-cancelable operating leases for office space used in its business. In addition, the Company has non-cancelable contracts of property improvements that have been deemed to contain finance leases. ~~In addition, the Company has non-cancelable operating leases for office space used in its business.~~

Future minimum lease obligations as of ~~March 31,~~June 30, 2021, were as follows:

Minimum Lease Payments
Operating Leases Finance Leases
Remaining 2021 $ 383 $ 291
2022 522 279
2023 536 21
2024 550 0
2025 53 0
Thereafter 0 0
Total expected minimum lease obligation 2,044 591
Less: Amount representing interest (a) (198) (34)
Present value of net minimum lease payments $ 1,846 $ 557


	Minimum Lease Payments
	Operating Leases		Finance Leases
Remaining 2021	$	225	$	194
2022	593		279
2023	609		21
2024	606		0
2025	53		0
Thereafter	0		0
Total expected minimum lease obligation	2,086		494
Less: Amount representing interest (a)	(165)		(35)
Present value of net minimum lease payments	$	1,921	$	459

(a)Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.

12. Subsequent Events

In preparing its condensed consolidated financial statements, the Company has evaluated events and transactions occurring after ~~March 31,~~June 30, 2021, through the date the financial statements were issued for recognition and disclosure purposes. The Company's material subsequent events have been disclosed in "Note 1. Organization, Note 6. Investment in Unconsolidated Entities,Note 9. Earnings Per Share and Equity Transactions, and Note 10. Stock-Based Compensation."

1617

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in this "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in these interim condensed consolidated financial statements for the quarter ended ~~March 31,~~June 30, 2021 (the "Quarterly 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, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 stockholders should not rely on forward-looking statements in making investment decisions.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, and should be interpreted as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic and socio-economic environment, that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report. Such risks, uncertainties and other important factors, include, among others, the risks, uncertainties and factors set forth in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report"), and as updated in this Quarterly Report and other quarterly and current reports, which are on file with the SEC and are available at the SEC's website (www.sec.gov). Such risks and uncertainties are related to, among others, the following:

•the effects of the COVID-19 pandemic in the markets where we own and operate properties, including the effect on our tenants' operations and ability to pay rent;

•the duration of the COVID-19 pandemic and the timing and nature of an economic recovery from the pandemic, including the effects of any future resurgence of COVID-19, the existence and prevalence of variants of the virus, the distribution of available vaccines and the public's acceptance of such vaccines;

•market, political and economic volatility experienced by the United States ("U.S.") economy or real estate industry as a whole, including as a result of the COVID-19 pandemic, and the regional and local political and economic conditions in the markets in which our retail properties are located;

•our ability to collect rent from tenants or to rent space on favorable terms or at all;

•the consummation of lease amendments on the agreed-upon terms and/or if consummated, payments as required by the terms of the respective agreements;

•declaration of bankruptcy by our retail tenants;

•the economic success and viability of our anchor retail tenants;

•the continued impact of the COVID-19 pandemic on our cash flows and our ability to satisfy certain covenants required by our mortgage loans and credit agreements;

•our ability to execute on a potential strategic transaction intended to enhance stockholder value and provide investment liquidity to stockholders, and the impact of the COVID-19 pandemic on our ability to execute on, and the timing of such a potential strategic transaction;

•our ability to identify, execute and complete disposition opportunities and at expected valuations;

•our ability to identify, execute and complete acquisition opportunities and to integrate and successfully operate any retail properties acquired in the future and manage the risks associated with such retail properties;

•our ability to manage the risks of expanding, developing or re-developing our retail properties;

•loss of members of our senior management team or other key personnel;

•changes in governmental regulations and U.S. accounting standards or interpretations thereof;

•our ability to access capital for development, re-development and acquisitions on terms and at times that are acceptable to us;

1718

•changes in the competitive environment in the leasing market and any other market in which we operate;

•shifts in consumer retail shopping from brick and mortar stores to e-commerce;

•our ability to re-lease spaces with forthcoming lease expirations and terminations, and increasing costs associated with leasing activities;

•the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants;

•events beyond our control, such as war, terrorist attacks, including acts of domestic terrorism, civil unrest, natural disasters and severe weather incidents, and any uninsured or under-insured loss resulting therefrom;

•actions or failures by our joint venture partner;

•the cost of compliance with and liabilities under environmental, health and safety laws;

•changes in real estate and zoning laws and increases in real property tax rates;

•our debt financing, including risk of default, loss and other restrictions placed on us;

•our ability to refinance or repay maturing debt or to obtain new financing on attractive terms;

•future increases in interest rates;

•the availability of cash flow from operating activities to fund capital and other expenditures, service our debt and other obligations, and to fund distributions;

•our status as a real estate investment trust ("REIT") for federal tax purposes; and

•changes in federal, state or local tax law, including legislative, administrative, regulatory or other actions affecting REITs.

These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our business, financial condition, results of operations, cash flows and overall value. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements are only as of the date they are made; we do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information, future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

The following discussion and analysis relates to the three and six months ended ~~March 31,~~June 30, 2021 and 2020 and as of ~~March 31,~~June 30, 2021 and December 31, 2020. It should be read in conjunction with our condensed consolidated financial statements and the related notes included in this Quarterly Report. All square feet and dollar amounts are stated in thousands, except per share amounts and per square foot metrics, unless otherwise noted.

Overview

InvenTrust Properties Corp. is a premier multi-tenant retail REIT that acquires, owns, leases, redevelops, and manages grocery-anchored neighborhood centers, and select power centers that often have a grocery component, in ~~Sun Belt~~Sunbelt markets with favorable demographics. We seek to continue to execute our strategy to enhance our retail platform by further investing in grocery-anchored centers with essential retail in our current markets, while exhibiting focused and disciplined capital allocation.

Evaluation of Financial Condition

Historically, management has evaluated our financial condition and operating performance by focusing on the following financial and nonfinancial indicators, discussed in further detail herein:

•Net Operating Income ("NOI"), a supplemental non-GAAP measure;

•Funds From Operations ("FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Adjusted FFO ("AFFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure;

•Cash flow from operations as determined in accordance with GAAP;

•Economic and ~~physical~~leased occupancy and rental rates;

1819

•Leasing activity and lease rollover;

•Operating expense levels and trends;

•General and administrative expense levels and trends;

•Debt maturities and leverage ratios; and

•Liquidity levels.

Impact of the COVID-19 Pandemic on Our Business and Financial Statements

~~Our business has been, and continues to be, disrupted by the COVID-19 pandemic. We continue to assess the~~The impact of the COVID-19 pandemic has not materially changed from the information included in our Annual Report or other current reports on ~~all aspects~~file with the SEC. The primary impact of the pandemic was and continues to be related to our ~~business, including the impact on our tenants and their~~tenants' ability to make their future rental payments in a timely fashion or at ~~all and the possible impairment in value of~~all. We have been working with our ~~investment properties. The states in which~~tenants to collect rental payments that are commensurate to our ~~retail properties are located are in varying stages of restrictions and re-openings in response to the pandemic.~~ contractual rights under our lease agreements.

At this time, given the uncertainty related to variants of the virus, we are unable to predict whether cases of COVID-19 in our markets will decrease, increase, or remain the same, whether the approved COVID-19 vaccines will be effective against the virus and new variants of the virus, efficiently distributed in our markets and widely accepted by the public, and whether local governments will mandate closures of our tenants' businesses or implement other restrictive measures on their and our operations in the future in response to a resurgence of the pandemic. We have taken and will continue to consider a number of measures to mitigate the impact of the pandemic on our business and financial condition. We continue to believe that the long-term prospects for our business remain strong despite the uncertainty related to the new variants of COVID-19.

Tenant Assistance Efforts and Deferred Rental Payments

We continue to evaluate our tenants' requests and are negotiating the terms of potential lease amendments on an individual basis. We do not expect all tenant requests will result in amended agreements, nor do we intend to forgo our contractual rights under our lease agreements. There can be no assurance that all amendments will be consummated on the agreed-upon terms and/or if consummated, amounts due will be collected as required by terms of the agreement.

The status of our recurring tenant billings across our entire portfolio, including our proportionate share of the properties in our unconsolidated joint venture, is reflected in the following tables, which shows disaggregated gross rent billed by quarter since we began offering payment deferral plans related to the COVID-19 pandemic.

Disaggregation of Gross Rent Billed
Gross Rent Billed Collected Payment
Deferral Plan Estimated
Credit Loss Remaining
Accounts Receivable
Quarter end June 30, 2020 $ 52,387 $ 45,149 $ 3,100 $ 4,062 $ 76
Quarter end Sept. 30, 2020 $ 52,522 $ 49,596 $ 828 $ 1,891 $ 207
Quarter end Dec. 31, 2020 $ 53,562 $ 52,901 $ (1,053) $ 1,393 $ 321
Quarter end Mar. 31, 2021 $ 52,217 $ 50,863 $ (1,161) $ 1,587 $ 928

Disaggregation of Gross Rent Billed
Gross Rent Billed Collected Payment
Deferral Plan Estimated
Credit Loss Remaining
Accounts Receivable
Quarter end June 30, 2020 100% 86.2% 5.9% 7.8% 0.1%
Quarter end Sept. 30, 2020 100% 94.4% 1.6% 3.6% 0.4%
Quarter end Dec. 31, 2020 100% 98.8% (2.0)% 2.6% 0.6%
Quarter end Mar. 31, 2021 100% 97.4% (2.2)% 3.0% 1.8%

During the ~~three~~six months ended ~~March 31,~~June 30, 2021, deferred rental payments of ~~$3.4~~$4.3 million, including our proportionate share of our unconsolidated joint venture, became due; we have collected ~~$3.1~~$4.1 million of such deferred rental payments as of ~~March 31,~~June 30, 2021. As of ~~March 31,~~June 30, 2021, we have granted approximately ~~$6.6~~$6.7 million on a cumulative basis since the start of the pandemic, including our proportionate share of our unconsolidated joint venture, of rental payment deferrals, with contractual payment terms through the year ended December 31, 2023.

In addition to collections on the deferred rental payments, during the six months ended June 30, 2021, we collected approximately $1.2 million of rent, including our proportionate share of our unconsolidated joint venture, we had previously reserved for as uncollectible credit losses in 2020.

Current Strategy and Outlook

InvenTrust focuses on Sunbelt grocery-anchored neighborhood centers, and select power centers that often have a grocery component, in markets with favorable demographics, including above average growth in population, employment and income. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based retail centers which will position us to capitalize on potential future rent increases while enjoying sustained occupancy at our centers. We believe our Sunbelt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace. Using these criteria, we have focused our strategy on ~~15 to 20~~certain markets, including, but not limited to, the metropolitan areas of Atlanta,

Austin, Charlotte, Dallas-Fort Worth-Arlington, Houston, the greater Los Angeles and San Diego areas, Miami, Orlando, ~~Raleigh- Durham,~~Raleigh-Durham, San Antonio and Tampa.

Our portfolio of grocery-anchored centers is open and our grocery tenants are continuing to serve their communities. These properties play a critical role in the communities they serve, often providing essential retail and services such as groceries and healthcare products and services.

Our strategically located regional field offices are within a two-hour drive of 90% of our properties which affords us the ability to respond to the needs and requests of our tenants ~~as they maneuver through this crisis~~ with the intent to minimize disruption. ~~In an effort~~We continue to utilize our portfolio-wide initiatives developed over the last year to assist our tenants ~~during this time, we have launched portfolio-wide initiatives aimed at providing designated common areas for outdoor dining~~with making timely rental payments and ~~increasing signage at a number of properties~~adapt to ~~improve traffic flow to ease online order pick up and contactless transactions. However, as a result~~the changing needs of the COVID-19 pandemic: some of our tenants have not been able to make rent payments to us in a timely fashion or at all, it has taken and we expect it will continue to take longer to collect rent from a portion of our tenants, and retailer bankruptcies, failures, and store closings have increased and are expected to continue to increase, leading to an increase in vacancies at our properties.retail consumer.

We believe the continued refinement of our retail platform has positioned us for future success and will allow us to evaluate, and execute on, a potential strategic transaction to achieve liquidity for and provide a return of capital to our stockholders. Previously, the COVID-19 pandemic and related uncertainties delayed our process for exploring and executing upon a potential liquidity alternative. However, based upon recent developments in our business and market conditions, our board of directors (the "Board"), together with our management team and legal and financial advisors, have reinitiated this process and are evaluating liquidity alternatives, including a potential listing of the Company's common stock on a national securities exchange. There can be no assurance that the process will result in the Company executing on a liquidity alternative. Furthermore, we may be unable to execute on such a transaction on terms we would find attractive for our stockholders and our ability to do so will be influenced by external and macroeconomic factors including, among others, the effects and duration of the COVID-19 pandemic, interest rate movements, local, regional, national and global economic performance, competitive factors, the impact of e-commerce on the retail industry, future retailer store closings, retailer consolidation, retailers reducing store size, retailer bankruptcies, and government policy changes. At

Recent Developments

Reverse Stock Split

On August 5, 2021 we effected a 1-for-10 reverse stock split of its common stock. As a result of the reverse stock split, every ten shares of issued and outstanding common stock were changed into one share of common stock, with any fractional shares being rounded up to the next higher whole share. Immediately after effecting the reverse stock split, we decreased the par value of each issued and outstanding share of common stock from $0.01 par value per share to $0.001 par value per share. In addition, equitable adjustments were made to the maximum number of shares of common stock that may be issued pursuant to the InvenTrust Properties Corp. 2015 Incentive Award Plan (as amended, the "Incentive Award Plan") and the maximum number of shares of common stock that may be issued upon exercise of incentive stock options under the Incentive Award Plan, in each case, to reflect the 1-for-10 reverse stock split. The number of shares of common stock subject to outstanding awards under the Incentive Award Plan, and certain performance goals applicable to such awards, have also been equitably adjusted to reflect the 1-for-10 reverse stock split. Unless otherwise noted, the share information and the Net Asset Value ("NAV") per share of our common stock in this ~~time,~~report and accompanying condensed consolidated financial statements have been retroactively adjusted to give effect to the ~~COVID-19 pandemic~~1-for-10 reverse stock split for all periods presented. As a result of the reverse stock split, as of June 30, 2021, the number of shares of common stock outstanding was reduced from 712,090,283 shares to 71,261,383 shares on that date. Fractional shares resulted in the issuance of an additional 52,355 shares, which have been included in the total issued and ~~related uncertainties have delayed~~outstanding shares for all periods presented.

Share Repurchase Program

On April 6, 2021, we adopted the Third Amended and Restated Share Repurchase Program, (as amended, the "SRP"). As described in the Quarterly Report on Form 10-Q for the three months ended March 31, 2021, on April 12, 2021, we announced the reinstatement of the SRP, effective May 14, 2021, for qualifying shareholders. The repurchase price per share of $21.70 for eligible stockholders is equal to a 25% discount to the most recent estimated NAV per share of our ~~process for exploring and executing upon a potential strategic transaction.~~common stock established by the Board, which was $28.90 per share as of December 1, 2020. During the six months ended June 30, 2021, 755,643 shares were repurchased in connection with the SRP. On August 5, 2021, the Board suspended the SRP effective September 5, 2021.

Our Retail Portfolio

Our wholly-owned ~~consolidated~~ and managed retail properties include grocery-anchored community and neighborhood centers and power centers, including those classified as necessity-based, as defined in our Annual Report. As of ~~March 31,~~June 30, 2021, we owned or had an interest in 65 retail properties with a total gross leasable area ("GLA") of approximately 10.9 million square feet, which includes 10 retail properties with a GLA of approximately 2.5 million square feet owned through the Company's 55% ownership interest in an unconsolidated joint venture, IAGM Retail Fund I, LLC ("IAGM").

Where appropriate, we have included results from the IAGM properties at 55% ("at share") when combined with our wholly-owned properties, defined as "Pro Rata Combined Retail Portfolio". The following table summarizes our retail portfolio as of ~~March 31,~~June 30, 2021 and 2020.

Wholly-Owned
Retail Properties IAGM
Retail Properties
IAGM
Retail Properties (at share)
Pro Rata Combined
Retail Portfolio
2021 2020 2021 2020 2021 2020 2021 2020
No. of properties 55 56 10 10 10 10 65 66
GLA (square feet) 8,394,757 8,488,479 2,470,193 2,470,134 1,358,606 1,358,573 9,753,363 9,847,052
Economic occupancy (a) 95.0% 95.9% 86.5% 92.3% 86.5% 92.3% 93.8% 95.4%
ABR PSF (b) $18.63 $18.73 $17.10 $17.44 $17.10 $17.44 $18.44 $18.56


	Wholly-Owned Retail Properties		IAGM Retail Properties		IAGM Retail Properties (at share)		Pro Rata Combined Retail Portfolio
	2021	2020	2021	2020	2021	2020	2021	2020
No. of properties	55	55	10	10	10	10	65	65
GLA (square feet)	8,395	8,329	2,470	2,470	1,358	1,358	9,753	9,687
Economic occupancy (a)	93.0%	94.3%	82.9%	88.7%	82.9%	88.7%	91.6%	93.6%
ABR PSF (b)	$18.47	$18.08	$17.38	$16.78	$17.38	$16.78	$18.33	$17.90

(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.

(b)Annualized Base Rent ("ABR") is ~~computed as revenue~~the base rent for ~~the last month of~~ the period multiplied by 12twelve months. ~~ABR includes the effect~~Base rent is inclusive of ~~rent abatements, lease inducements, straight-line rent GAAP adjustments and~~ ground rent and any abatement concessions, but excludes specialty lease income. ABR per square foot ("ABR PSF") is ~~computed as~~the ABR divided by the ~~total leased~~occupied square footage atfor the ~~end of the~~ period. 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 PSF.

Retail Portfolio Summary by Center Type

The following tables summarize our retail portfolio, by center type, as defined in our Annual Report, as of ~~March 31,~~June 30, 2021 and 2020.


Community and neighborhood centers	Community and neighborhood centers									Community and neighborhood centers

		Wholly-Owned Retail Properties		IAGM Retail Properties		IAGM Retail Properties (at share)		Pro Rata Combined Retail Portfolio			Wholly-Owned Retail Properties		IAGM Retail Properties		IAGM Retail Properties (at share)		Pro Rata Combined Retail Portfolio
		2021	2020	2021	2020	2021	2020	2021	2020		2021	2020	2021	2020	2021	2020	2021	2020
No. of properties	No. of properties	44	44	5	5	5	5	49	49	No. of properties	44	44	5	5	5	5	49	49
GLA (square feet)	GLA (square feet)	5,051,334	4,986,165	1,386,308	1,386,308	762,469	762,469	5,813,803	5,748,634	GLA (square feet)	5,052	4,986	1,386	1,386	762	762	5,814	5,748
Economic occupancy	Economic occupancy	95.0%	95.7%	88.5%	94.4%	88.5%	94.4%	94.1%	95.5%	Economic occupancy	93.5%	95.0%	86.6%	93.1%	86.6%	93.1%	92.6%	94.7%
ABR PSF	ABR PSF	$19.67	$19.90	$16.64	$17.48	$16.64	$17.48	$19.30	$19.58	ABR PSF	$19.55	$19.14	$17.04	$17.26	$17.04	$17.26	$19.24	$18.90


Power centers	Power centers									Power centers

		Wholly-Owned Retail Properties		IAGM Retail Properties		IAGM Retail Properties (at share)		Pro Rata Combined Retail Portfolio			Wholly-Owned Retail Properties		IAGM Retail Properties		IAGM Retail Properties (at share)		Pro Rata Combined Retail Portfolio
		2021	2020	2021	2020	2021	2020	2021	2020		2021	2020	2021	2020	2021	2020	2021	2020
No. of properties	No. of properties	11	12	5	5	5	5	16	17	No. of properties	11	11	5	5	5	5	16	16
GLA (square feet)	GLA (square feet)	3,343,423	3,502,314	1,083,885	1,083,826	596,137	596,104	3,939,560	4,098,418	GLA (square feet)	3,343	3,343	1,084	1,084	596	596	3,939	3,939
Economic occupancy	Economic occupancy	95.0%	96.2%	83.8%	89.5%	83.8%	89.5%	93.3%	95.2%	Economic occupancy	92.2%	93.4%	78.3%	83.1%	78.3%	83.1%	90.1%	91.9%
ABR PSF	ABR PSF	$17.01	$17.01	$17.74	$17.37	$17.74	$17.37	$17.11	$17.06	ABR PSF	$16.82	$16.46	$17.85	$16.10	$17.85	$16.10	$16.95	$16.41

Same-Property Retail Portfolio Summary

The following tables summarize the GLA, economic occupancy and ABR PSF of the properties included in our retail portfolio classified as same-property for the three and six months ended ~~March 31,~~June 30, 2021 and 2020. The properties classified as same-property were owned for the entirety of both periods presented.


Three months ended June 30										Three months ended June 30

		Wholly-Owned Retail Properties		IAGM Retail Properties		IAGM Retail Properties (at share)		Pro Rata Combined Retail Portfolio			Wholly-Owned Retail Properties		IAGM Retail Properties		IAGM Retail Properties (at share)		Pro Rata Combined Retail Portfolio
		2021	2020	2021	2020	2021	2020	2021	2020		2021	2020	2021	2020	2021	2020	2021	2020
No. of properties	No. of properties	53	53	10	10	10	10	63	63	No. of properties	55	55	10	10	10	10	65	65
GLA (square feet)	GLA (square feet)	8,156,109	8,155,739	2,470,193	2,470,134	1,358,606	1,358,573	9,514,715	9,514,312	GLA (square feet)	8,328	8,327	2,470	2,470	1,359	1,359	9,687	9,686
Economic occupancy	Economic occupancy	94.9%	96.3%	86.5%	92.3%	86.5%	92.3%	93.7%	95.7%	Economic occupancy	92.9%	94.3%	82.9%	88.7%	82.9%	88.7%	91.5%	93.6%
ABR PSF	ABR PSF	$18.85	$18.85	$17.10	$17.44	$17.10	$17.44	$18.62	$18.67	ABR PSF	$18.56	$18.07	$17.38	$16.78	$17.38	$16.78	$18.41	$17.90


Six months ended June 30

	Wholly-Owned Retail Properties		IAGM Retail Properties		IAGM Retail Properties (at share)		Pro Rata Combined Retail Portfolio
	2021	2020	2021	2020	2021	2020	2021	2020
No. of properties	53	53	10	10	10	10	63	63
GLA (square feet)	8,156	8,156	2,470	2,470	1,359	1,359	9,515	9,515
Economic occupancy	92.8%	94.2%	82.9%	88.7%	82.9%	88.7%	91.4%	93.4%
ABR PSF	$18.68	$18.18	$17.38	$16.78	$17.38	$16.78	$18.51	$17.99

Market Summary

The following table represents the geographical diversity of our Retail Portfolio by property count and GLA as of ~~March 31,~~June 30, 2021.


				GLA							GLA
State	State	Region	No. of Properties	Wholly-Owned Retail Properties	IAGM Retail Properties	IAGM Retail Properties (at share)	Pro Rata Combined Retail Portfolio	State	Region	No. of Properties	Wholly-Owned Retail Properties	IAGM Retail Properties	IAGM Retail Properties (at share)	Pro Rata Combined Retail Portfolio
Texas	Texas	Southwest	25	2,462,252	2,470,193	1,358,606	3,820,858	Texas	Southwest	25	2,461	2,470	1,358	3,819
Florida	Florida	South Atlantic	10	1,981,512	—	—	1,981,512	Florida	South Atlantic	10	1,982	—	—	1,982
Georgia	Georgia	South Atlantic	10	1,057,602	—	—	1,057,602	Georgia	South Atlantic	10	1,058	—	—	1,058
California	California	West	7	1,050,623	—	—	1,050,623	California	West	7	1,051	—	—	1,051
North Carolina	North Carolina	South Atlantic	7	1,015,870	—	—	1,015,870	North Carolina	South Atlantic	7	1,016	—	—	1,016
Colorado	Colorado	West	3	466,639	—	—	466,639	Colorado	West	3	467	—	—	467
Maryland	Maryland	East	2	183,348	—	—	183,348	Maryland	East	2	183	—	—	183
Virginia	Virginia	South Atlantic	1	176,911	—	—	176,911	Virginia	South Atlantic	1	177	—	—	177
			65	8,394,757	2,470,193	1,358,606	9,753,363			65	8,395	2,470	1,358	9,753

Lease Expirations

The following table presents the lease expirations of our economic occupied Pro Rata Combined Retail Portfolio as of ~~March 31,~~June 30, 2021.


Lease Expiration Year	Lease Expiration Year	No. of Expiring Leases (a)	GLA of Expiring Leases (square feet)	Percent of Total GLA of Expiring Leases	ABR of Expiring Leases		Percent of Total ABR	Expiring ABR PSF		Lease Expiration Year	No. of Expiring Leases (a)	GLA of Expiring Leases (square feet)	Percent of Total GLA of Expiring Leases	ABR of Expiring Leases		Percent of Total ABR	Expiring ABR PSF
2021	2021	98	211,404	2.3%	$	5,712	3.4%	$	27.02	2021	55	112	1.3%	$	3,096	1.8%	$	27.64
2022	2022	218	1,347,036	14.7%	22,877		13.7%	16.98		2022	205	1,147	12.7%	19,855		11.4%	17.31
2023	2023	207	954,827	10.4%	17,520		10.6%	18.35		2023	203	948	10.6%	18,097		10.5%	19.09
2024	2024	191	1,061,434	11.6%	20,269		12.1%	19.10		2024	194	1,076	12.1%	21,304		12.3%	19.80
2025	2025	182	1,104,179	12.1%	18,817		11.3%	17.04		2025	181	1,104	12.4%	19,597		11.3%	17.75
2026	2026	146	705,758	7.7%	14,622		8.7%	20.72		2026	165	720	8.1%	16,517		9.5%	22.94
2027	2027	117	900,940	9.9%	18,466		11.0%	20.50		2027	127	1,060	11.9%	22,612		13.0%	21.33
2028	2028	82	446,442	4.9%	9,061		5.4%	20.30		2028	79	435	4.9%	9,804		5.7%	22.54
2029	2029	90	509,290	5.6%	10,177		6.1%	19.98		2029	89	508	5.7%	10,927		6.3%	21.51
2030	2030	72	364,674	4.0%	8,350		5.0%	22.90		2030	73	367	4.1%	9,092		5.2%	24.77
Thereafter	Thereafter	86	1,376,920	15.1%	20,482		12.2%	14.88		Thereafter	82	1,424	15.9%	21,725		12.5%	15.26
Other (b)	Other (b)	261	155,278	1.7%	858		0.5%	22.60		Other (b)	14	28	0.3%	827		0.5%	29.54
		1,750	9,138,182	100.0%	$	167,211	100.0%	$	18.30		1,467	8,929	100.0%	$	173,453	100.0%	$	19.43

(a)No. of expiring leases includes IAGM at 100%.

(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month ~~leases and the GLA of specialty~~ leases. Specialty leasing, which is not included in ABR or ABR PSF, is comprised of leases with original terms of less than one year for inline space and leases of any term for a common area space. Examples of specialty leasing include retail holiday stores, storage, short-term clothing and furniture consignment stores, tent sales, automated teller machines, cell towers, billboards, and vending.

For purposes of preparing the table, we have not assumed that unexercised contractual lease renewal or extension options contained in our leases will, in fact, be exercised. Our retail business is neither highly dependent on specific retailers nor subject to lease roll-over concentration. We believe this minimizes risk to our retail portfolio from significant revenue variances over time.

2223

Leasing Activity, Pro Rata Combined Retail Portfolio

The following table summarizes the leasing activity for leases that were executed during the ~~three~~six months ended ~~March 31,~~June 30, 2021, compared with expiring or expired leases for the same or previous tenant for renewals and the same unit for new leases at the 65 properties in our Pro Rata Combined Retail Portfolio. Except for number of leases, all figures reflect results from our wholly owned and IAGM properties at share. These tables do not include rent deferral lease amendments executed as a result of the impact of the COVID-19 pandemic.

In our Pro Rata Combined Retail Portfolio, we had GLA totaling ~~516,365~~688 thousand square feet expiring during the ~~three~~six months ended ~~March 31,~~June 30, 2021, of which ~~464,809~~614 thousand square feet was re-leased. This achieved a retention rate of approximately ~~90.0%~~89.2%.


		No. of Leases Executed for the Quarter Ended Mar. 31, 2021	GLA SF	New Contractual Rent ($PSF) (b)	Prior Contractual Rent ($PSF) (b)	% Change over Prior Contract Rent (b)	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($PSF)	Lease Commissions ($PSF)		No. of Leases Executed for the Six Months Ended June 30, 2021	GLA SF (in thousands)	New Contractual Rent ($PSF) (b)	Prior Contractual Rent ($PSF) (b)	% Change over Prior Lease Rent (b)	Weighted Average Lease Term (Years)	Tenant Improvement Allowance ($PSF)	Lease Commissions ($PSF)
All Tenants	All Tenants									All Tenants
Comparable Renewal Leases (a)	Comparable Renewal Leases (a)	45	199,364	$19.62	$19.86	(1.2)%	5.9	$0.23	$—	Comparable Renewal Leases (a)	98	514	$20.00	$19.83	0.9%	5.4	$1.28	$—
Comparable New Leases (a)	Comparable New Leases (a)	7	10,592	$31.35	$31.30	0.2%	7.9	$25.14	$10.67	Comparable New Leases (a)	17	50	$23.37	$21.37	9.4%	9.4	$18.14	$7.83
Non-Comparable Renewal and New Leases	Non-Comparable Renewal and New Leases	18	128,860	$17.33	N/A	N/A	11.7	$9.92	$3.72	Non-Comparable Renewal and New Leases	38	197	$19.36	N/A	N/A	10.0	$10.09	$4.56
Total	Total	70	338,816	$20.15	$20.37	(1.1)%	8.1	$4.70	$1.75	Total	153	761	$20.30	$19.97	1.7%	6.8	$4.67	$1.69

Anchor Tenants (leases over 10,000 square feet)
Anchor Tenants (leases ten thousand square feet and over)										Anchor Tenants (leases ten thousand square feet and over)
Comparable Renewal Leases (a)	Comparable Renewal Leases (a)	4	105,848	$13.77	$13.31	3.5%	7.1	$—	$—	Comparable Renewal Leases (a)	12	332	$15.28	$14.66	4.2%	6.0	$1.67	$—
Comparable New Leases (a)	Comparable New Leases (a)	—	—	$—	$—	—%	—	$—	$—	Comparable New Leases (a)	1	17	$12.50	$9.00	38.9%	10.4	$20.00	$5.28
Non-Comparable Renewal and New Leases	Non-Comparable Renewal and New Leases	2	84,387	$12.12	N/A	N/A	14.1	$6.40	$1.56	Non-Comparable Renewal and New Leases	4	111	$13.93	N/A	N/A	11.9	$5.98	$2.06
Total	Total	6	190,235	$13.77	$13.31	3.5%	10.2	$2.84	$0.69	Total	17	460	$15.15	$14.38	5.4%	7.6	$3.38	$0.69

Small Shop Tenants (leases under 10,000 square feet)
Small Shop Tenants (leases under ten thousand square feet)										Small Shop Tenants (leases under ten thousand square feet)
Comparable Renewal Leases (a)	Comparable Renewal Leases (a)	41	93,516	$26.35	$27.39	(3.8)%	4.5	$0.49	$—	Comparable Renewal Leases (a)	86	183	$28.57	$29.23	(2.3)%	4.4	$0.57	$—
Comparable New Leases (a)	Comparable New Leases (a)	7	10,592	$31.35	$31.30	0.2%	7.9	$25.14	$10.67	Comparable New Leases (a)	16	33	$28.84	$27.63	4.4%	8.8	$17.21	$9.11
Non-Comparable Renewal and New Leases	Non-Comparable Renewal and New Leases	16	44,473	$28.27	N/A	N/A	7.1	$16.61	$7.80	Non-Comparable Renewal and New Leases	34	86	$27.17	N/A	N/A	7.4	$15.43	$7.80
Total	Total	64	148,581	$26.81	$27.75	(3.4)%	5.5	$7.07	$3.10	Total	136	302	$28.61	$28.99	(1.3)%	5.7	$6.63	$3.22

(a)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 ~~or less~~ prior to ~~occupancy,~~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.

(b)Non-comparable leases are not included in totals.

2324

Results of Operations

Comparison of results for the three and six months ended ~~March 31,~~June 30, 2021 and 2020

The following section describes and compares our consolidated results of operations for the three and six months ended ~~March 31,~~June 30, 2021 and 2020. We generate substantially all of our earnings from property operations. Since January 1, 2020, we have acquired two retail properties and disposed of one retail property.

The following table presents the changes in our income for the three and six months ended ~~March 31,~~June 30, 2021 and 2020.


		Three months ended March 31,						Composition of Total Decrease, net							Three months ended June 30,						Six months ended June 30,
		2021		2020		Total Increase (Decrease), net		Acquisition Increase		Disposition Decrease		Same Property Increase (Decrease), net			2021		2020		Increase		2021		2020		Increase
Income	Income													Income
Lease income, net	Lease income, net	$	49,926	$	51,284	$	(1,358)	$	724	$	(395)	$	(1,687)	Lease income, net	$	50,978	$	40,718	$	10,260	$	100,904	$	92,002	$	8,902
Other property income	Other property income	182		191		(9)		3		(23)		11		Other property income	268		208		60		450		399		51
Other fee income	Other fee income	1,013		963		50		—		—		50		Other fee income	894		713		181		1,907		1,676		231
Total income	Total income	$	51,121	$	52,438	$	(1,317)	$	727	$	(418)	$	(1,626)	Total income	$	52,140	$	41,639	$	10,501	$	103,261	$	94,077	$	9,184

Lease income, net, for the three months ended ~~March 31,~~June 30, 2021, ~~decreased~~increased by ~~$1.7~~$10.3 million ~~on a same property basis~~ when compared to the same period in 2020, primarily as a result of decreased ~~minimum rent~~estimated credit losses of ~~$1.0~~$6.4 million, increased ~~rent abatements of $0.5 million, decreased~~ recovery revenue of ~~$0.5~~$2.2 million, and net increased ~~non-recoverable expenses~~GAAP rent adjustments of ~~$0.5~~$2.3 million, which were partially offset by decreased minimum rent of $0.6 million. The reduction in estimated credit losses, or the reversal thereof, reflects the stabilization of the pandemic's impact on our tenants.

Lease income, net, for the six months ended June 30, 2021, increased by $8.9 million when compared to the same period in 2020, primarily as a result of decreased estimated credit losses of ~~$0.5~~$6.9 million, ~~and net decreased~~increased recovery revenue of $1.7 million, increased GAAP rent adjustments of $2.1 million, and increased short-term lease rent of $0.3 million, which were partially offset by decreased minimum rent of $1.5 million and increased rent abatements of $0.6 million. ~~We believe that~~The reduction in estimated credit losses, or the ~~foregoing fluctuations in lease income, net were directly attributable to~~reversal thereof, reflects the ~~effects~~stabilization of the ~~COVID-19 pandemic~~pandemic's impact on our tenants.

The following table presents the changes in our operating expenses for the three and six months ended ~~March 31,~~June 30, 2021 and 2020.

Three months ended March 31, Composition of Total Decrease, net
2021 2020 Total
Increase (Decrease), net Acquisition
Increase Disposition
Decrease Same Property
Increase (Decrease), net
Operating expenses
Depreciation and amortization $ 21,687 $ 22,122 $ (435) $ 420 $ (190) $ (665)
Property operating 8,009 7,108 901 131 (138) 908
Real estate taxes 8,133 8,489 (356) 69 (130) (295)
General and administrative 10,351 7,195 3,156 — — 3,156
Total operating expenses $ 48,180 $ 44,914 $ 3,266 $ 620 $ (458) $ 3,104

Depreciation and amortization, for the three months ended March 31, 2021, decreased $0.7 million on a same property basis when compared to the same period in 2020 primarily as a result of decreased in-place lease amortization and tenant improvement depreciation of $1.7 million. This decrease was partially offset by increased building depreciation of $1.0 million pertaining to the demolition of a building at one retail property.


	Three months ended June 30,						Six months ended June 30,
	2021		2020		Increase (Decrease)		2021		2020		Increase (Decrease)
Operating expenses
Depreciation and amortization	$	21,995	$	22,405	$	(410)	$	43,682	$	44,527	$	(845)
Property operating	7,774		6,184		1,590		15,783		13,292		2,491
Real estate taxes	8,158		7,218		940		16,291		15,707		584
General and administrative	9,910		8,387		1,523		20,261		15,582		4,679
Total operating expenses	$	47,837	$	44,194	$	3,643	$	96,017	$	89,108	$	6,909

Property operating expenses, for the three months ended ~~March 31,~~June 30, 2021, increased ~~$0.9~~$1.6 million ~~on a same property basis~~ when compared to the same period in 2020 primarily as a result of increased non-recoverable expenses of ~~$0.5~~$0.7 million, increased repairs, maintenance, and cleaning costs of $0.6 million, and net increases in all other property operating expenses of $0.7 million, which were partially offset by decreased lease termination expenses of $0.4 million.

Property operating expenses, for the six months ended June 30, 2021, increased $2.5 million when compared to the same period in 2020 primarily as a result of increased non-recoverable expenses of $1.1 million, increased repairs, maintenance, and cleaning costs of $1.0 million, and net increases in all other property operating expenses of $0.8 million, which were partially offset by decreased lease termination expenses of $0.4 million.

General and administrative expenses for the three months ended ~~March 31,~~June 30, 2021, increased ~~$3.2~~$1.5 million when compared to the same period in 2020, primarily as a result of increased long-term incentive plan costs of ~~$2.0~~$0.9 million and other increased compensation costs of $0.6 million.

General and administrative expenses for the six months ended June 30, 2021, increased $4.7 million when compared to the same period in 2020, primarily as a result of increased long-term incentive plan costs of $2.9 million, increased compensation costs of $1.2 million, and net increases from all other general and administrative expenses of $0.6 million. The increase in long-term incentive plan costs was primarily driven by the expected retirement of our President and Chief Executive Officer in August 2021 and the appointment of certain executives in establishing a plan of succession.

The following table presents the changes in our other income and expenses.


		Three months ended March 31,							Three months ended June 30,						Six months ended June 30,
		2021		2020		Change, net			2021		2020		Change, net		2021		2020		Change, net
Other (expense) income	Other (expense) income							Other (expense) income
Interest expense, net	Interest expense, net	$	(3,985)	$	(4,809)	$	824	Interest expense, net	$	(3,972)	$	(4,924)	$	952	$	(7,957)	$	(9,733)	$	1,776

Loss on extinguishment of debt								Loss on extinguishment of debt	—		(2,543)		2,543		—		(2,543)		2,543
Provision for asset impairment	Provision for asset impairment	—		(9,002)		9,002		Provision for asset impairment	—		—		—		—		(9,002)		9,002
Gain on sale of investment properties, net		519		457		62
Equity in earnings of unconsolidated entities		620		789		(169)
Gain (loss) on sale of investment properties, net								Gain (loss) on sale of investment properties, net	361		(213)		574		880		244		636
Equity in earnings (losses) of unconsolidated entities								Equity in earnings (losses) of unconsolidated entities	775		(149)		924		1,395		640		755
Other income and expense, net	Other income and expense, net	(195)		1,555		(1,750)		Other income and expense, net	32		773		(741)		(163)		2,328		(2,491)
Total other (expense) income, net	Total other (expense) income, net	$	(3,041)	$	(11,010)	$	7,969	Total other (expense) income, net	$	(2,804)	$	(7,056)	$	4,252	$	(5,845)	$	(18,066)	$	12,221

Interest expense, net

Interest expense, net, for the three months ended ~~March 31,~~June 30, 2021 decreased ~~$0.8~~$1.0 million when compared to the same period in 2020, primarily as a result of repaying $150.0 million on our revolving line of credit and declining 1-month LIBOR interest rates on our corporate credit facilities, resulting in a $0.8 million decrease to interest expense, net. The remaining $0.2 million decrease is the result of repaying total mortgages payable of $26.5 million across two retail properties since April 1, 2020.

Interest expense, net, for the six months ended June 30, 2021 decreased $1.8 million when compared to the same period in 2020, primarily as a result of repaying $150.0 million on our revolving line of credit and declining 1-month LIBOR interest rates on our corporate credit facilities resulting in a $1.2 million decrease to interest expense, net. The remaining $0.6 million decrease is the result of repaying total mortgages payable of $67.5 million across three retail properties since January 1, 2020.

Loss on extinguishment of debt

During the three and six months ended June 30, 2020, ~~resulting in interest savings~~we recognized a loss of ~~$0.4 million. The remaining $0.4~~$2.5 million ~~decrease in interest expense, net is~~on the ~~result~~extinguishment of ~~declining 1-month LIBOR interest rates~~total mortgages payable of $26.3 million on ~~our corporate credit facilities.~~two retail properties, primarily related to prepayment penalties.

Provision for asset impairment

During the ~~three~~six months ended ~~March 31,~~ June 30, 2020, we identified one retail property that had a reduction in its expected hold period. We recorded a provision for asset impairment of $9.0 million as a result of the executed sales contract price being lower than the property's carrying value. This property was sold on May 1, 2020.

Gain (loss) on sale of investment properties, net

During the three months ended ~~March 31,~~June 30, 2021, we recognized a net gain of ~~$0.5~~$0.4 million on the completion of partial condemnations at one retail property. During the three months ended June 30, 2020, we recognized a loss of $0.2 million on the sale of one retail property.

During the six months ended June 30, 2021, we recognized a net gain of $0.9 million on the completion of partial condemnations at three retail properties. During the ~~three~~six months ended ~~March 31,~~June 30, 2020, we recognized a net gain of ~~$0.5~~$0.2 million on the sale of one retail property and the completion of partial condemnations at two retail properties.

Equity in earnings (losses) of unconsolidated entities

Equity in earnings of unconsolidated entities for the three months ended ~~March 31,~~June 30, 2021, ~~decreased $0.2~~increased $0.9 million when compared to the same period in 2020, primarily as a result of ~~our share~~increased income from property operations after management fees of ~~lower net income~~$0.8 million and decreased interest expense of ~~IAGM. The $0.2~~$0.1 million.

Equity in earnings of unconsolidated entities for the six months ended June 30, 2021, increased $0.8 million ~~decrease is~~when compared to the same period in 2020, primarily ~~the~~as a result of ~~the effects~~increased income from property operations after management fees of ~~the COVID-19 pandemic on IAGM's tenants.~~$0.7 million and decreased interest expense of $0.1 million.

Other income and expense, net

Under the federal legislation enacted on March 27, 2020, known as the CARES Act, certain limitations on the deductibility of net operating losses ("NOLs") enacted under prior federal tax legislation have been temporarily rolled back. As a result of the anticipated NOL carryback claims for our taxable REIT subsidiaries, total additional tax benefits of $1.2 million were recognized during the ~~three~~six months ended ~~March 31, 2020.~~June 30, 2020.

Net Operating Income

We evaluate the performance of our wholly-owned ~~and consolidated~~ retail properties based on NOI, which excludes general and administrative expenses, depreciation and amortization, provision for asset impairment, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments (such as straight-line rent, above/below market lease amortization and amortization of lease incentives). We bifurcate NOI into same-property NOI and NOI from other investment properties based on whether the underlying retail properties meet our same-property criteria.

We believe the supplemental non-GAAP financial measures of NOI, same-property NOI, and NOI from other investment properties provide added comparability across periods when evaluating our financial condition and operating performance that is not readily apparent from "Operating income" or "Net income" in accordance with GAAP.

Comparison of same-property results for the three and six months ended ~~March 31,~~June 30, 2021 and 2020

A total of 55 and 53 wholly-owned retail properties met our same-property criteria for the three and six months ended ~~March 31,~~June 30, 2021 and ~~2020.~~2020, respectively. NOI from other investment properties in the table below for the three and six months ended ~~March 31,~~June 30, 2021 and 2020 includes retail properties that did not meet our same-property criteria.

The following table represents the reconciliation of net ~~loss,~~income (loss), the most directly comparable GAAP measure, to NOI and same-property NOI for the three and six months ended ~~March 31,~~June 30, 2021 and 2020:


		Three months ended March 31,					Three months ended June 30,				Six months ended June 30,
		2021		2020			2021		2020		2021		2020
Net loss		$	(100)	$	(3,486)
Net income (loss)						Net income (loss)	$	1,499	$	(9,611)	$	1,399	$	(13,097)
Adjustments to reconcile to non-GAAP metrics:	Adjustments to reconcile to non-GAAP metrics:					Adjustments to reconcile to non-GAAP metrics:
Other income and expense, net	Other income and expense, net	195		(1,555)		Other income and expense, net	(32)		(773)		163		(2,328)
Equity in earnings of unconsolidated entities		(620)		(789)
Equity in (earnings) losses of unconsolidated entities						Equity in (earnings) losses of unconsolidated entities	(775)		149		(1,395)		(640)
Interest expense, net	Interest expense, net	3,985		4,809		Interest expense, net	3,972		4,924		7,957		9,733

Gain on sale of investment properties, net		(519)		(457)
Loss on extinguishment of debt						Loss on extinguishment of debt	—		2,543		—		2,543
(Gain) loss on sale of investment properties, net						(Gain) loss on sale of investment properties, net	(361)		213		(880)		(244)
Provision for asset impairment	Provision for asset impairment	—		9,002		Provision for asset impairment	—		—		—		9,002
Depreciation and amortization	Depreciation and amortization	21,687		22,122		Depreciation and amortization	21,995		22,405		43,682		44,527
General and administrative	General and administrative	10,351		7,195		General and administrative	9,910		8,387		20,261		15,582
Other fee income	Other fee income	(1,013)		(963)		Other fee income	(894)		(713)		(1,907)		(1,676)
Adjustments to NOI (a)	Adjustments to NOI (a)	(1,880)		(2,006)		Adjustments to NOI (a)	(1,968)		728		(3,849)		(1,278)
NOI	NOI	32,086		33,872		NOI	33,346		28,252		65,431		62,124
NOI from other investment properties	NOI from other investment properties	(645)		(300)		NOI from other investment properties	(115)		(150)		(1,284)		(963)
Same-property NOI	Same-property NOI	$	31,441	$	33,572	Same-property NOI	$	33,231	$	28,102	$	64,147	$	61,161

(a)Adjustments to NOI include termination fee income and expense and GAAP rent adjustments.

Comparison of the components of same-property NOI for the three and six months ended ~~March 31,~~June 30, 2021 and ~~2020.~~2020


		Three months ended March 31,									Three months ended June 30,								Six months ended June 30,
		2021		2020		Change		Var.			2021		2020		Change		Var.		2021		2020		Change		Var.
Lease income, net	Lease income, net	$	47,165	$	48,650	$	(1,485)	(3.1)	%	Lease income, net	$	48,895	$	40,834	$	8,061	19.7	%	$	95,273	$	88,795	$	6,478	7.3	%
Other property income	Other property income	183		173		10		5.8	%	Other property income	269		205		64		31.2	%	450		376		74		19.7	%
		47,348		48,823		(1,475)		(3.0)	%		49,164		41,039		8,125		19.8	%	95,723		89,171		6,552		7.3	%
Property operating	Property operating	7,870		6,920		950		13.7	%	Property operating	7,776		5,758		2,018		35.0	%	15,477		12,554		2,923		23.3	%
Real estate taxes	Real estate taxes	8,037		8,331		(294)		(3.5)	%	Real estate taxes	8,157		7,179		978		13.6	%	16,099		15,456		643		4.2	%
		15,907		15,251		656		4.3	%		15,933		12,937		2,996		23.2	%	31,576		28,010		3,566		12.7	%
Same-property NOI	Same-property NOI	$	31,441	$	33,572	$	(2,131)	(6.3)	%	Same-property NOI	$	33,231	$	28,102	$	5,129	18.3	%	$	64,147	$	61,161	$	2,986	4.9	%

Same-property NOI ~~decreased~~increased by ~~$2.1~~$5.1 million, or ~~(6.3)%~~18.3%, when comparing the three months ended ~~March 31,~~June 30, 2021 to the same period in 2020, and was primarily a result of:

•a decrease in ~~minimum rent~~estimated credit losses of ~~$1.0~~$6.4 million,

•~~an increase in rent abatements of $0.5 million,~~

•~~a decrease in recovery revenue of $0.5 million,~~ and was offset by:

•an increase in non-recoverable expenses of $0.7 million, and

•a decrease in minimum rent of $0.6 million.

During the three months ended June 30, 2020, we recognized estimated credit losses of $6.2 million reflecting our assessment of how the COVID-19 pandemic may impact our tenants' ability to make future rental payments. During the three months ended June 30, 2021, we recognized a net reversal of estimated credit losses of $0.2 million. Reversals of estimated credit losses occur when we receive rental payments we previously deemed not probable of collection. The reduction in estimated credit losses, or the reversal thereof, reflects the stabilization of the pandemic's impact on our tenants.

In line with our improved results of operations when comparing the three months ended June 30, 2021 to the same period in 2020, non-recoverable operating expenses relating to compensation costs also increased, primarily reflecting both higher property-level employee headcount and compensation costs tied to earnings.

The decrease in minimum rent is primarily attributable to the decrease in economic occupancy levels when comparing the three months ended June 30, 2021 to the same period in 2020.

Same-property NOI increased by $3.0 million, or 4.9%, when comparing the six months ended June 30, 2021 to the same period in 2020, and was primarily a result of:

•a decrease in estimated credit losses of $6.9 million,

•an increase in recovery income of $1.4 million,

•a net increase in all other income and expenses of $0.5 million, and was offset by:

•a decrease in recoverable expenses of $2.5 million,

•a decrease in minimum rent of $1.6 million,

•an increase in non-recoverable expenses of $1.1 million, and

•an increase in rent abatements of $0.6 million.

During the six months ended June 30, 2020, we recognized estimated credit losses of ~~$0.5~~$6.7 million reflecting our assessment of how the COVID-19 pandemic may impact our tenants' ability to make future rental payments. During the six months ended June 30, 2021, we recognized a net reversal of estimated credit losses of $0.2 million.

~~These fluctuations~~The net increase in ~~same-property NOI were,~~all other income and expenses when comparing the six months ended June 30, 2021 to the same period in ~~our judgment,~~2020, primarily reflects increased short-term leasing arrangements.

Real estate taxes and recoverable operating expenses, net of associated recoveries, increased $1.0 million when comparing the six months ended June 30, 2021 to the same period in 2020, primarily reflecting the decrease in economic occupancy levels.

The decrease in minimum rent is primarily attributable to the ~~impact~~decrease in economic occupancy levels when comparing the six months ended June 30, 2021 to the same period in 2020.

In line with our improved results of operations when comparing the ~~COVID-19 pandemic.~~six months ended June 30, 2021 to the same period in 2020, non-recoverable operating expenses relating to compensation costs also increased, primarily reflecting both higher property-level employee headcount and compensation costs tied to earnings.

2628

The increase in rent abatements, when comparing the six months ended June 30, 2021 to the same period in 2020, is primarily attributable to our on-going efforts to negotiate lease amendments with certain tenants, including abated rent charges in exchange for extending a tenant's lease term.

Funds From Operations

The National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as Funds From Operations ("FFO"). Our FFO is based on the NAREIT definition. Adjustments for unconsolidated joint ventures are calculated to reflect our proportionate share of the joint venture's funds from operations on the same basis.

Adjusted Funds From Operations ("AFFO") is an additional supplemental non-GAAP financial measure of our operating performance. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within FFO and other unique revenue and expense items which are not pertinent to measuring a particular company’s on-going operating performance. In that regard, we use AFFO as an input to our compensation plan to determine cash bonuses and measure the achievement of certain performance-based equity awards.

See our Annual Report on Form 10-K for expanded descriptions of FFO and AFFO. FFO Applicable to Common Shares and Dilutive Securities and AFFO Applicable to Common Shares and Dilutive Securities is calculated as follows:

Three months ended March 31,
2021 2020
Net loss $ (100) $ (3,486)
Depreciation and amortization related to investment properties 21,447 21,546
Provision for asset impairment — 9,002
Gain on sale of investment properties, net (519) (457)
Our share of IAGM's depreciation and amortization related to investment properties 2,070 2,388
FFO Applicable to Common Shares and Dilutive Securities $ 22,898 $ 28,993
Amortization of debt discounts and financing costs 383 467
Amortization of above and below-market leases and lease inducements, net (1,243) (1,542)
Depreciation and amortization related to corporate assets 240 576
Straight-line rent adjustment, net (640) (541)
Uncollectible straight-line rent 123 163
Non-operating income and expense, net (a) 196 118
Our share of IAGM's loss on extinguishment of debt 8 5
Our share of IAGM's amortization of financing costs 75 75
Our share of IAGM's amortization of above and below-market leases and lease inducements, net 120 61
Our share of IAGM's straight-line rent adjustment, net (29) 12
Our share of IAGM's non-operating income and expense, net (a) (6) 44
AFFO Applicable to Common Shares and Dilutive Securities $ 22,125 $ 28,431
Weighted average number of common shares outstanding - basic 719,462,786 720,825,864
Effect of unvested restricted shares (b) — —
Weighted average number of common shares outstanding - diluted 719,462,786 720,825,864
Net loss per common share, diluted $ — $ —
Per share adjustments for FFO Applicable to Common Shares and Dilutive Securities 0.03 0.04
FFO Applicable to Common Shares and Dilutive Securities per share $ 0.03 $ 0.04
Per share adjustments for AFFO Applicable to Common Shares and Dilutive Securities — —
AFFO Applicable to Common Shares and Dilutive Securities per share $ 0.03 $ 0.04


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Net income (loss)	$	1,499	$	(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	—		—		—		9,002
(Gain) loss on sale of investment properties, net	(361)		213		(880)		(244)
Unconsolidated joint venture adjustments (a)	2,086		2,372		4,156		4,760
FFO Applicable to Common Shares and Dilutive Securities	24,998		14,989		47,896		43,982
Amortization of above and below-market leases and lease inducements, net	(1,143)		(1,307)		(2,385)		(2,848)
Straight-line rent adjustments, net	(653)		1,745		(1,170)		1,368
Adjusting items, net (b)	539		2,752		1,358		3,870
Unconsolidated joint venture adjusting items, net (c)	146		760		306		956
AFFO Applicable to Common Shares and Dilutive Securities	$	23,887	$	18,939	$	46,005	$	47,328

Weighted average number of common shares outstanding - basic	71,943,522		72,137,317		71,970,925		72,136,129
Effect of unvested restricted shares (d)	92,804		—		53,528		—
Weighted average number of common shares outstanding - diluted	72,036,326		72,137,317		72,024,453		72,136,129

Net income (loss) per common share, diluted	$	0.02	$	(0.13)	$	0.02	$	(0.18)
Per share adjustments for FFO Applicable to Common Shares and Dilutive Securities	0.33		0.34		0.64		0.79
FFO Applicable to Common Shares and Dilutive Securities per share	$	0.35	$	0.21	$	0.66	$	0.61
Per share adjustments for AFFO Applicable to Common Shares and Dilutive Securities	(0.02)		0.05		(0.02)		0.05
AFFO Applicable to Common Shares and Dilutive Securities per share	$	0.33	$	0.26	$	0.64	$	0.66

(a)~~Non-operating~~Represents our share of depreciation and amortization related to investment properties held in IAGM.

(b)Adjusting items, net, are primarily related to loss on extinguishment of debt, amortization of debt premiums, discounts, and financing costs, net, depreciation and amortization of corporate assets, and non-operating income and ~~expense,~~expenses, net, which includes other non-operating revenue and expense items which are not pertinent to measuring on-going operating performance, such as miscellaneous income and settlement income.

~~(b)~~(c)Represents our share of amortization of above and below-market leases and lease inducements, net, straight line rent adjustments, net and adjusting items, net related to IAGM.

(d)For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating diluted earnings per share under GAAP. For the three and six months ended ~~March 31, 2021 and~~June 30, 2020, the effects of unvested restricted shares have been excluded from the denominator in the diluted net loss per share calculations under GAAP as they were antidilutive.

2729

Liquidity and Capital Resources

Development, Re-development, Capital Expenditures and Leasing Activities

The following table summarizes capital resources used through development and re-development, capital expenditures, and leasing activities at our retail properties owned during the ~~year~~six months ended ~~March 31,~~June 30, 2021. These costs are classified as cash used in capital expenditures and tenant improvements and investment in development and re-development projects on the condensed consolidated statements of cash flows during the ~~three~~six months ended ~~March 31,~~June 30, 2021.


		Development and Re-development			Capital Expenditures		Leasing			Total
Open												Open	Development and Re-development			Capital Expenditures		Leasing			Total
Direct costs	Direct costs	$	398	(a)	$	1,213	$	1,380	(c)	$	2,991	Direct costs	$	1,183	(a)	$	2,632	$	3,384	(c)	$	7,199
Indirect costs	Indirect costs	146		(b)	360		—			506		Indirect costs	363		(b)	680		—			1,043
Total	Total	$	544		$	1,573	$	1,380		$	3,497	Total	$	1,546		$	3,312	$	3,384		$	8,242

(a)Direct development and re-development costs relate to construction of buildings at our retail properties.

(b)Indirect development and re-development costs relate to capitalized interest, real estate taxes, insurance, and payroll attributed to improvements at our retail properties.

(c)Direct leasing costs relate to improvements to a tenant space that are either paid directly by or reimbursed to the tenants.

Short-term Liquidity and Capital Resources

On a short-term basis, our principal uses for funds are to pay our operating and corporate expenses, interest and principal on our indebtedness, property capital expenditures, and to make distributions to our stockholders.

~~At this time, we do not expect the COVID-19 pandemic to impact our ability to meet our short-term liquidity requirements. However, our~~Our ability to maintain adequate liquidity for our operations in the future is dependent upon a number of factors, including our revenue, macroeconomic conditions, ~~the length and severity of business disruptions caused by the COVID-19 pandemic,~~ our ability to contain costs, including capital expenditures, and to collect rents and other receivables, and various other factors, many of which are beyond our control. We will continue to monitor our liquidity position and may seek to raise funds through debt or equity financing in the future to fund operations, significant investments or acquisitions that are consistent with our strategy. Our ability to raise these funds may also be diminished by ~~the impact of the COVID-19 pandemic or~~ other macroeconomic factors.

Long-term Liquidity and Capital Resources

Our objectives are to maximize revenue generated by our retail platform, to further enhance the value of our retail properties to produce attractive current yield and long-term returns for our stockholders, and to generate sustainable and predictable cash flow from our operations to distribute to our stockholders.

Any future determination to pay distributions will be at the discretion of our Board and will depend on our financial condition, capital requirements, restrictions contained in current or future financing instruments, and such other factors as our Board deems relevant. In December 2020, our Board approved an increase to our annual distribution rate effective for the quarterly distribution paid in April 2021. The Board will continue to evaluate our distribution rate and, if it deems appropriate, adjust the distribution to take into account all relevant factors, including ~~the~~our ongoing ~~effects of the COVID-19 pandemic and our~~ operating and capital needs.

Our primary sources and uses of capital are as follows:

Sources

•Operating cash flows from our real estate investments;

•Distributions from our joint venture investment;

•Proceeds from sales of properties;

•Proceeds from mortgage loan borrowings on properties;

•Proceeds from corporate borrowings; and

•Interest earned on cash and cash equivalents.

Uses

•To pay our operating expenses;

•To make distributions to our stockholders;

•To service or pay down our debt;

•To invest in properties;

•To fund development, re-development, maintenance and capital expenditures or leasing ~~investments;~~incentives; and

•To fund other general corporate uses.

We may, from time to time, seek to acquire additional amounts of our outstanding equity through cash purchases or exchanges for other securities. Such purchases or exchanges, if any, will depend on our liquidity requirements, contractual restrictions, and other factors.

Distributions

During the ~~three~~six months ended ~~March 31,~~June 30, 2021, we declared distributions to our stockholders totaling ~~$14.1~~$28.0 million and paid cash distributions of ~~$13.6~~$27.7 million. As we execute on our retail strategy and continue to evaluate ~~the impact of the COVID-19 pandemic on~~ our business, results of operations and cash flows, ~~the~~our Board will continue to evaluate our distribution on a periodic basis. ~~See~~

On August 5, 2021, our Board approved a 5% increase to our annual distribution rate effective for the quarterly distribution paid in January 2022. All future dividends remain subject to the discretion of the Company’s Board.See "Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Current Strategy and Outlook" for more information regarding our retail strategy.

Summary of Cash Flows


		Three months ended March 31,				Change			Six months ended June 30,				Change
		2021		2020					2021		2020
Cash provided by operating activities	Cash provided by operating activities	$	20,846	$	16,898	$	3,948	Cash provided by operating activities	$	53,999	$	40,333	$	13,666
Cash used in investing activities	Cash used in investing activities	(4,490)		(38,499)		34,009		Cash used in investing activities	(10,358)		(37,426)		27,068
Cash (used in) provided by financing activities	Cash (used in) provided by financing activities	(64,087)		95,215		(159,302)		Cash (used in) provided by financing activities	(95,300)		47,126		(142,426)
(Decrease) increase in cash, cash equivalents, and restricted cash		(47,731)		73,614		(121,345)
Cash, cash equivalents, and restricted cash at beginning of period		223,770		260,748		(36,978)
Cash, cash equivalents, and restricted cash at end of period		$	176,039	$	334,362	$	(158,323)
(Decrease) increase in cash, cash equivalents and restricted cash								(Decrease) increase in cash, cash equivalents and restricted cash	(51,659)		50,033		(101,692)
Cash, cash equivalents and restricted cash at beginning of period								Cash, cash equivalents and restricted cash at beginning of period	223,770		260,748		(36,978)
Cash, cash equivalents and restricted cash at end of period								Cash, cash equivalents and restricted cash at end of period	$	172,111	$	310,781	$	(138,670)

Cash provided by operating activities of ~~$20.8~~$54.0 million and ~~$16.9~~$40.3 million for the ~~three~~six months ended ~~March 31,~~June 30, 2021 and 2020, respectively, was generated primarily from income from property operations and operating distributions from unconsolidated entities. Cash provided by operating activities increased ~~$3.9~~$13.7 million when comparing the ~~three~~six months ended ~~March 31,~~June 30, 2021, to the same period in 2020, including $10.7 million related to increased cash collections from tenants primarily as a result of the stabilization of the pandemic's impact on our tenants, general fluctuations in working capital, and the acquisition of two retail properties since January 1, 2020, which was partially offset by the disposition of one retail property since January 1, 2020.

Cash used in investing activities of ~~$4.5~~$10.4 million for the ~~three~~six months ended ~~March 31,~~June 30, 2021, was primarily the result of:

•$~~3.0~~6.7 million for capital expenditures and tenant improvements,

•$~~0.5~~1.5 million for investment in development projects,

•$2.3 million for lease commissions and other leasing costs, and

•$1.2 million for cash outflows from other investing activities, which was partially offset by cash provided of

•$1.3 million from net proceeds received from the sale of investment properties.

Cash used in investing activities of $37.4 million for the six months ended June 30, 2020, was primarily the result of:

•$32.4 million for acquisitions of investment properties,

•$6.9 million for capital expenditures and tenant improvements,

•$1.5 million for investment in development projects,

•$1.0 million for lease commissions and other leasing costs, and

•$~~0.9~~1.3 million for cash outflows from other investing activities, which was partially offset by cash provided of

•$~~0.9 million from net proceeds received from the sale of investment properties.~~

~~Cash used in investing activities of $38.5 million for the three months ended March 31, 2020, was primarily the result of:~~

•~~$32.4 million for acquisitions of investment properties,~~

•~~$4.2 million for capital expenditures and tenant improvements,~~

•~~$0.9 million for investment in development projects,~~

•~~$1.0 million for lease commissions and other leasing costs, and~~

•~~$0.7 million for cash outflows from other investing activities, which was partially offset by cash provided of~~

•~~$0.7~~5.7 million from net proceeds received from the sale of investment properties.

2931

Cash used in financing activities of ~~$64.1~~$95.3 million for the ~~three~~six months ended ~~March 31,~~June 30, 2021, was primarily the result of:

•$50.0 million for pay-offs of debt,

•$~~13.6~~27.7 million to pay distributions,

•$16.7 million for the common shares repurchased through the share repurchase program, and

•$~~0.5~~0.9 million for principal payments ofon mortgage debt, payment of finance lease liabilities, and payment of loan fees and other deposits.

Cash provided by financing activities of ~~$95.2~~$47.1 million for the ~~three~~six months ended ~~March 31,~~June 30, 2020, was primarily the result of:

•$~~150.0~~150.1 million of proceeds received from our unsecured revolving credit agreement and distribution reinvestment plan, which was partially offset by cash used of

•$~~13.3~~67.3 million for pay-offs of debt,

•$26.9 million to pay distributions,

•$~~41.0~~5.2 million for ~~pay-offs of~~the common shares repurchased through the share repurchase program,

•$2.5 million for debt prepayment penalties, and

•$~~0.5~~1.1 million for principal payments ofon mortgage debt, payment of finance lease liabilities, and payment of loan fees and other deposits.

We consider all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements with a maturity of three months or less, at the date of purchase, to be cash equivalents. We maintain our cash and cash equivalents at major financial institutions. The combined account balances at one or more institutions generally exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage. We periodically assess the credit risk associated with these financial institutions. As a result, there is what we believe to be insignificant credit risk related to amounts on deposit in excess of FDIC insurance coverage.

Off Balance Sheet Arrangements

The Company does not have off balance sheet arrangements other than its joint venture, IAGM, as disclosed in "Part I. Item 1. Financial Statements - Note 6. Investment in Unconsolidated Entities."

Contractual Obligations

We have obligations related to our mortgage loans, term loan, and revolving credit facility as described in "Note 7. Debt" in the condensed consolidated financial statements. The unconsolidated joint venture in which we have an investment has third-party mortgage debt of $220.8 million as of ~~March 31,~~June 30, 2021, as described in "Note 6. Investment in Unconsolidated Entities" in the condensed consolidated financial statements. It is anticipated that our unconsolidated joint venture will be able to repay or refinance all of its debt on a timely basis.

The following table presents, on a consolidated basis, obligations and commitments to make future payments under debt obligations and lease agreements. It excludes third-party debt associated with our unconsolidated joint venture and debt discounts that are not future cash obligations as of ~~March 31,~~June 30, 2021.


		Payments due by year ending December 31,															Payments due by year ending December 31,
		2021		2022		2023		2024		2025		Thereafter		Total			2021		2022		2023		2024		2025		Thereafter		Total
Long-term debt:	Long-term debt:															Long-term debt:
Fixed rate debt, principal (a)	Fixed rate debt, principal (a)	$	—	$	22,723	$	239,879	$	115,700	$	28,630	$	—	$	406,932	Fixed rate debt, principal (a)	$	—	$	22,618	$	239,664	$	115,700	$	28,630	$	—	$	406,612
Variable-rate debt, principal	Variable-rate debt, principal	—		—		50,000		50,000		—		—		100,000		Variable-rate debt, principal	—		—		50,000		50,000		—		—		100,000
Interest	Interest	10,466		13,358		11,769		3,253		744		—		39,590		Interest	6,987		13,345		11,780		3,228		744		—		36,084
Total long-term debt	Total long-term debt	10,466		36,081		301,648		168,953		29,374		—		546,522		Total long-term debt	6,987		35,963		301,444		168,928		29,374		—		542,696
Operating lease obligations (b)	Operating lease obligations (b)	383		522		536		550		53		—		2,044		Operating lease obligations (b)	225		593		609		606		53		—		2,086
Finance lease obligations (c)	Finance lease obligations (c)	291		279		21		—		—		—		591		Finance lease obligations (c)	194		279		21		—		—		—		494
Grand total	Grand total	$	11,140	$	36,882	$	302,205	$	169,503	$	29,427	$	—	$	549,157	Grand total	$	7,406	$	36,835	$	302,074	$	169,534	$	29,427	$	—	$	545,276

(a)Includes $300.0 million of variable-rate unsecured term loans that have been swapped to a fixed rate.

(b)Includes leases on corporate office spaces.

(c)Includes contracts for property improvements that have been deemed to contain finance leases.

3032

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to market risk associated with changes in interest rates both in terms of variable-rate debt and the price of new fixed-rate debt upon maturity of existing debt and for acquisitions.

Interest Rate Risk

Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. As of ~~March 31,~~June 30, 2021, our debt included outstanding variable-rate term loans of $400.0 million, of which $300.0 million has been swapped to a fixed rate. If market rates of interest on all variable-rate debt as of ~~March 31,~~June 30, 2021 permanently increased and decreased by 1%, the annual increase and decrease in interest expense on the variable-rate debt and future earnings and cash flows would be approximately $1.0 million. See our Annual Report on Form 10-K for expanded discussion regarding how we achieve our interest rate risk management objectives and how we often use financial instruments to hedge exposures to changes in interest rates on loans.

Our unsecured revolving line of credit, term loans, and interest rate swaps are indexed to USD-LIBOR. However, as our amended and restated line of credit and term loan agreements and interest rate swap agreements have provisions that allow for a transition to a new alternative rate, we believe that the transition from USD-LIBOR to the Secured Overnight Financing Rate ("SOFR") will not have a material impact on our condensed consolidated financial statements. See our Annual Report on Form 10-K for expanded discussion regarding recent SOFR announcements.

The following table summarizes our four effective interest rate swaps as of ~~March 31,~~June 30, 2021:


Interest Rate Swap	Interest Rate Swap	Effective Date		Termination Date	Bank Pays Variable Rate of		InvenTrust Pays Fixed Rate of		Notional Amount			Fair Value as of						Interest Rate Swap			Effective Date		Termination Date				Bank Pays Variable Rate of		InvenTrust Pays Fixed Rate of		Notional Amount			Fair Value as of
						March 31, 2021					December 31, 2020											June 30, 2021						December 31, 2020
5 year, fixed portion	5 year, fixed portion		Dec 2, 2019			Dec 21, 2023		1-Month LIBOR			1.4795%			$	100,000				$	(3,066)				$	(3,856)	5 year, fixed portion		Dec 2, 2019		Dec 21, 2023			1-Month LIBOR			1.4795%			$	100,000	$	(2,746)	$	(3,856)
5 year, fixed portion	5 year, fixed portion	Dec 2, 2019		Dec 21, 2023	1-Month LIBOR		1.4795%		100,000			(3,066)				(3,856)		5 year, fixed portion			Dec 2, 2019		Dec 21, 2023				1-Month LIBOR		1.4795%		100,000			(1,499)			(3,856)
5.5 year, fixed portion	5.5 year, fixed portion	Dec 2, 2019		June 21, 2024	1-Month LIBOR		1.4915%		50,000			(1,635)				(2,217)		5.5 year, fixed portion			Dec 2, 2019		June 21, 2024				1-Month LIBOR		1.4915%		50,000			(2,746)			(2,217)
5.5 year, fixed portion	5.5 year, fixed portion	Dec 2, 2019		June 21, 2024	1-Month LIBOR		1.4990%		50,000			(1,647)				(2,231)		5.5 year, fixed portion			Dec 2, 2019		June 21, 2024				1-Month LIBOR		1.4990%		50,000			(1,510)			(2,231)
Total fixed of unsecured term loan	Total fixed of unsecured term loan								$	300,000		$	(9,414)			$	(12,160)	Total fixed of unsecured term loan													$	300,000		$	(8,501)		$	(12,160)

The following table summarizes the IAGM effective interest rate swaps as of ~~March 31,~~June 30, 2021:


Interest Rate Swap	Interest Rate Swap	Effective Date		Termination Date	Bank Pays Variable Rate of		InvenTrust Pays Fixed Rate of		Notional Amount			Fair Value as of						Interest Rate Swap			Effective Date		Termination Date				Bank Pays Variable Rate of		InvenTrust Pays Fixed Rate of		Notional Amount			Fair Value as of
						March 31, 2021					December 31, 2020											June 30, 2021						December 31, 2020
Secured term loan	Secured term loan		Apr 1, 2020			Nov 2, 2023		1-Month LIBOR			0.4290%			$	45,000				$	(113)				$	(327)	Secured term loan		Apr 1, 2020		Nov 2, 2023			1-Month LIBOR			0.4290%			$	45,000	$	(83)	$	(327)
Secured term loan	Secured term loan	Apr 1, 2020		Nov 2, 2023	1-Month LIBOR		0.4060%		30,000			$	(58)			$	(198)	Secured term loan			Apr 1, 2020		Nov 2, 2023				1-Month LIBOR		0.4060%		30,000			$	(39)		$	(198)
Total fixed of secured term loan	Total fixed of secured term loan								$	75,000		$	(171)			$	(525)	Total fixed of secured term loan													$	75,000		$	(122)		$	(525)

The gains or losses resulting from marking-to-market our derivatives each reporting period are recognized as an increase or decrease in comprehensive income on our condensed consolidated statements of operations and comprehensive income (loss).

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Securities Exchange Act, our management, including our Principal Executive Officer and our Principal Financial Officer, evaluated as of ~~March 31,~~June 30, 2021, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and Rule 15d-15(e). Based on that evaluation, our Principal Executive Officer and our Principal Financial Officer concluded that our disclosure controls and procedures, as of ~~March 31,~~June 30, 2021, were effective for the purpose of ensuring that information required to be disclosed by us in this report is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to management, including the Principal Executive Officer and our Principal Financial Officer as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There were no changes to our internal control over financial reporting during the quarter ended ~~March 31,~~June 30, 2021, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

3133

Part II - Other Information

Item 1. Legal Proceedings

We are subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, we believe, based on currently available information, that the final outcome of such matters will not have a material adverse effect on our financial condition, results of operations, or liquidity.

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in response to Item 1A. to Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

3234

Item 6. Exhibits


Exhibit No.						Description

2.1						Master Modification Agreement, dated as of March 12, 2014, by and among Inland American Real Estate Trust, Inc., Inland American Business Manager & Advisor, Inc., Inland American Lodging Corporation, Inland American Holdco Management LLC, Inland American Retail Management LLC, Inland American Office Management LLC, Inland American Industrial Management LLC and Eagle I Financial Corp. (incorporated by reference to Exhibit 2.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on March 13, 2014)
2.2						Asset Acquisition Agreement, dated as of March 12, 2014, by and among Inland American Real Estate Trust, Inc., Inland American Holdco Management LLC, Inland American Retail Management LLC, Inland American Office Management LLC, Inland American Industrial Management LLC and Eagle I Financial Corp. (incorporated by reference to Exhibit 2.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on March 13, 2014)
2.3						Separation and Distribution Agreement by and between Inland American Real Estate Trust, Inc. and Xenia Hotels & Resorts, Inc., dated as of January 20, 2015 (incorporated by reference to Exhibit 2.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on January 23, 2015)
2.4						Separation and Distribution Agreement by and between InvenTrust Properties Corp. and Highlands REIT, Inc., dated as of April 14, 2016 (incorporated by reference to Exhibit 2.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on April 14, 2016)
2.5						Stock Purchase Agreement by and among InvenTrust Properties Corp., University House Communities Group, Inc. and UHC Acquisition Sub LLC, dated as of January 3, 2016 (incorporated by reference to Exhibit 2.1 to the Registrant's Form 10-Q, as filed by the Registrant on May 10, 2016)
2.6						Amendment No. 1 to Stock Purchase Agreement, dated as of May 30, 2016, by and among InvenTrust Properties Corp., University House Communities Group, Inc. and UHC Acquisition Sub LLC (incorporated by reference to Exhibit 2.2 to the Registrant's Form 8-K, as filed by the Registrant on June 27, 2016)
2.7						Amendment No. 2 to Stock Purchase Agreement, dated as of June 20, 2016, by and among InvenTrust Properties Corp., University House Communities Group, Inc. and UHC Acquisition Sub LLC (incorporated by reference to Exhibit 2.3 to the Registrant's Form 8-K, as filed by the Registrant on June 27, 2016)
3.1						Seventh Articles of Amendment and Restatement of InvenTrust Properties Corp., as amended (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10-Q, as filed by the Registrant with the SEC on May 14, 2015)
3.2						Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 5, 2021)
3.3						Articles of Amendment of InvenTrust Properties Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on August 5, 2021)
3.4						Second Amended and Restated Bylaws of the Company, dated as of November 9, 2017 (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 10-Q, as filed by the Registrant on November 9, 2017)
~~10.1~~						Separation and Consulting Agreement, by and between InvenTrust Properties Corp. and Thomas McGuinness, dated as of February 18, 2021 (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on February 23, 2021)
31.1*						Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*						Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*						Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.1						Third Amended and Restated Share Repurchase Program (incorporated by reference to Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed April 12, 2021)
101						The following financial information from our Quarterly Report on Form 10-Q for the period ended ~~March 31,~~June 30, 2021, filed with the SEC on ~~May 7,~~August 6, 2021, is formatted in Extensible Business Reporting Language ("XBRL"): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive ~~Loss,~~Income (Loss), (iii) Condensed Consolidated Statements of Equity, (iv) Condensed Consolidated Statements of Cash Flows (v) Notes to Condensed Consolidated Financial Statements (tagged as blocks of text).
104						Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

						* Filed as part of this Quarterly Report on Form 10-Q

3335

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

InvenTrust Properties Corp.


Date:			~~May 7,~~August 6, 2021
By:			/s/ Thomas P. McGuinness

Name:			Thomas P. McGuinness
Title:			Chief Executive Officer (Principal Executive Officer)


Date:			~~May 7,~~August 6, 2021
By:			/s/ Daniel J. Busch

Name:			Daniel J. Busch
Title:			President, Chief Financial Officer and Treasurer (Principal Financial Officer)

3436


	Disaggregation of Gross Rent Billed
	Gross Rent Billed		Collected		Payment Deferral Plan		Estimated Credit Loss		Remaining Accounts Receivable
Quarter end June 30, 2020	$	52,387	$	45,149	$	3,100	$	4,062	$	76
Quarter end Sept. 30, 2020	$	52,522	$	49,596	$	828	$	1,891	$	207
Quarter end Dec. 31, 2020	$	53,562	$	52,901	$	(1,053)	$	1,393	$	321
Quarter end Mar. 31, 2021	$	52,217	$	50,863	$	(1,161)	$	1,587	$	928