ivt-20260331

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, 2026

☐ 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: 001-40896

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

(855)

377-0510

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, $0.001 par value

IVT

New York Stock Exchange

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 such 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. ☐

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 April 24, 2026, there were 77,935,857 shares of the registrant's common stock outstanding.

INVENTRUST PROPERTIES CORP.

Quarterly Report on Form 10-Q

For the quarterly period ended March 31, 2026

Table of Contents


	Part I - Financial Information	Page
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	1
	Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)	2
	Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025 (unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	4
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	31
	Part II - Other Information
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	32

	Signatures	33

-i-

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Balance Sheets

(in thousands, except share amounts)


	As of
	March 31, 2026		December 31, 2025
	(unaudited)
Assets
Investment properties
Land	$	719,744	$	702,147
Building and other improvements	2,390,215		2,295,852
Construction in progress	7,599		7,473
Total	3,117,558		3,005,472
Less accumulated depreciation	(547,018)		(525,830)
Net investment properties	2,570,540		2,479,642
Cash, cash equivalents, and restricted cash	34,395		40,518
Intangible assets, net	202,691		193,963
Accounts and rents receivable	36,518		37,471
Deferred costs and other assets, net	41,334		37,053
Total assets	$	2,885,478	$	2,788,647

Liabilities
Debt, net	$	952,218	$	825,881
Accounts payable and accrued expenses	29,190		48,291
Distributions payable	19,484		18,450
Intangible liabilities, net	73,915		68,475
Other liabilities	32,589		33,288
Total liabilities	1,107,396		994,385
Commitments and contingencies

Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	—		—
Common stock, $0.001 par value, 146,000,000 shares authorized, 77,935,857 shares issued and outstanding as of March 31, 2026 and 77,691,533 shares issued and outstanding as of December 31, 2025	78		78
Additional paid-in capital	5,733,540		5,736,652
Distributions in excess of accumulated net income	(3,961,529)		(3,947,229)
Accumulated comprehensive income	5,993		4,761
Total stockholders' equity	1,778,082		1,794,262
Total liabilities and stockholders' equity	$	2,885,478	$	2,788,647

See accompanying notes to the condensed consolidated financial statements.

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(in thousands, except share and per share amounts)


	Three months ended March 31
		2026		2025
Income
Lease income, net		$	82,110	$	73,389
Other property income		471		382
Total income		82,581		73,771

Operating expenses
Depreciation and amortization		36,385		30,614
Property operating		12,021		10,747
Real estate taxes		9,902		9,356
General and administrative		9,319		8,547
Total operating expenses		67,627		59,264

Other (expense) income
Interest expense, net		(10,085)		(8,322)



Other income and expense, net		315		607
Total other (expense) income, net		(9,770)		(7,715)

Net income		$	5,184	$	6,792

Weighted-average common shares outstanding - basic		77,933,973		77,563,971
Weighted-average common shares outstanding - diluted		78,415,161		78,160,787

Net income per common share - basic		$	0.07	$	0.09
Net income per common share - diluted		$	0.07	$	0.09

Comprehensive income
Net income		$	5,184	$	6,792
Unrealized gain (loss) on derivatives, net		2,838		(1,586)
Reclassification to net income		(1,606)		(2,242)
Comprehensive income		$	6,416	$	2,964

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		Total

Beginning balance, January 1, 2026	77,691,533	$	78	$	5,736,652	$	(3,947,229)	$	4,761	$	1,794,262
Net income	—	—		—		5,184		—		5,184
Unrealized gain on derivatives	—	—		—		—		2,838		2,838
Reclassification to interest expense, net	—	—		—		—		(1,606)		(1,606)
Distributions declared ($0.2500 per common share)	—	—		—		(19,484)		—		(19,484)
Stock-based compensation, net	244,324	—		(3,112)		—		—		(3,112)
Ending balance, March 31, 2026	77,935,857	$	78	$	5,733,540	$	(3,961,529)	$	5,993	$	1,778,082


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

Beginning balance, January 1, 2025	77,450,794	$	77	$	5,730,367	$	(3,984,865)	$	14,426	$	1,760,005
Net income	—	—		—		6,792		—		6,792
Unrealized loss on derivatives	—	—		—		—		(1,586)		(1,586)
Reclassification to interest expense, net	—	—		—		—		(2,242)		(2,242)
Distributions declared ($0.2377 per common share)	—	—		—		(18,438)		—		(18,438)
Stock-based compensation, net	116,970	1		274		—		—		275
Ending balance, March 31, 2025	77,567,764	$	78	$	5,730,641	$	(3,996,511)	$	10,598	$	1,744,806

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
	2026		2025
Cash flows from operating activities:
Net income	$	5,184	$	6,792
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	36,385		30,614
Amortization of market-lease intangibles and inducements, net	(2,258)		(895)
Amortization of debt discounts and financing costs	832		683
Accretion of finance lease liability	51		—
Straight-line rent adjustments, net	(1,178)		(894)
Provision for (reversal of) estimated credit losses	217		(33)



Stock-based compensation, net	2,801		2,766
Changes in operating assets and liabilities:
Accounts and rents receivable	1,914		3,260
Deferred costs and other assets, net	(3,776)		(4,852)
Accounts payable and accrued expenses	(19,260)		(17,780)
Other liabilities	(713)		520
Net cash provided by operating activities	20,199		20,181
Cash flows from investing activities:
Purchase of investment properties	(122,247)		—
Capital investments and leasing costs	(6,087)		(7,373)

Other investing activities, net	79		272
Net cash used in investing activities	(128,255)		(7,101)
Cash flows from financing activities:
Payment of tax withholdings for stock-based compensation	(5,570)		(2,420)

Proceeds from sale of common stock under ESPP	187		210
Payment of common stock offering costs	(40)		—
Distributions to stockholders	(18,450)		(17,512)


Proceeds from line of credit	126,000		—






Payment of mortgage principal	(194)		—


Net cash provided by (used in) financing activities

SEC Form 10-Q filed by InvenTrust Properties Corp.