Letter to Stockholders Dear Fellow Stockholder, It’s critical to understand which retail properties are thriving The acquisition of PGA Plaza, a 120,000 square foot Trader amid the current disruption in the retail industry. InvenTrust Joe’s grocery-anchored neighborhood center, represents a believes grocery-anchored centers are the right centers compelling growth opportunity for InvenTrust and expands to invest in now and for the future. Rents and occupancy our presence in the vibrant and burgeoning South Florida rates for grocery-anchored centers are strong, with organic, market. PGA Plaza is a best-in-class property, attracting high health-conscious and higher-service grocers leading the traffic-driving anchors such as Marshalls and Ulta, in addition sector. With consumers still wanting to pick their own to a flagship store for Trader Joe’s. The center is 95% leased groceries and American working families looking for meal- and has a stable internet resistant tenant base. time convenience, supermarkets are responding with more fresh food options and improved quality. Grocers are InvenTrust’s acquisition of Kennesaw Marketplace, a also focusing on improving interior and exterior lighting, 114,000 square foot Whole Foods-anchored center in Metro exhibiting produce displays with a farmers’ market feel, Atlanta, also strengthened our portfolio by providing grocer training employees on how to keep items looking fresh and diversification within our Atlanta market. Developed in 2017, creating affordable, convenient meal kits. the Marketplace hosts one of the few Whole Foods in the Atlanta metro area, providing significant drawing power and Our belief that these trends will continue is a key reason traffic to the center. The Marketplace is 99% leased with major InvenTrust has focused our portfolio strategy on grocery- national tenants that include Starbucks, MOD Pizza and PNC anchored and necessity-based centers. By 2020, we expect Bank. Kennesaw is known for its strong school systems, first‐ to have close to 85% of our portfolio in grocery-anchored rate parks and new housing stock, and we expect to benefit assets, up from about 71% in 2016. In the first half of 2018, we from the city’s above-average wage and population growth advanced this strategy by acquiring PGA Plaza in Palm Beach as well. Gardens, FL. and Kennesaw Marketplace in Kennesaw, GA. RECENT ACQUISITIONS PGA Plaza Kennesaw Marketplace Palm Beach Gardens, FL Kennesaw, GA July 6, 2018
tribution s i D h as C rter ua Q nd Thomas P. McGuinness P. Thomas CEO President, We have provided a detailed explanation of the valuation valuation the of explanation detailed a provided have We share new per the estimate to used and process method with the 8-K filed Report our Current in on Form value the filing in its entirety. read to you encourage We SEC. 2 quarter the second of 2018, the cash distribution equals For rate annualized $0.0716 a to equates This share. per $0.0179 per share. feel Please in InvenTrust. investment your for you Thank 855-377-0510 or questions at contact us with any to free investorrelations@inventrustproperties.com. Sincerely, INVENTRUST PROPERTIES CORP. ss e l er ap P o ue al G V nd a re a ss h S cce ted A a ine l tim s n E O ew et events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If the by applicable law. required extent to the except forward-looking or changes in other factors affecting changes in assumptions, statements, events, those or with respect to it will make additional updates that should be drawn no inference forward-looking one or more statements, updates Company lookingother forward statements. case as filed with the Securities and Exchange Commission. The Company intends that such forward-looking harbors be subject such that to the safe statements intends Company The Commission. case as filed with the Securities and Exchange as may Section by and Section Securities 27A of the except Actcreated of 1933, as amended, Act of 1934, as amended, 21E of the Securities Exchange of this made as of the date which are forward-looking on any statements, reliance undue place cautioned not to are You applicable law. by be required future new information, reflect actualresults, to forward-looking these of statements undertakes publicly any update to obligation no Company The letter. by the Company and its management, are inherently uncertain and involve known and unknown risks that are difficult to predict. For a discussion of For a discussion predict. known to and unknown difficult uncertain risks are that inherently and involve are and its management, the Company by condition, see the results and financial forward-looking and our future statements Company’s of the affect the outcome materially factors could that Quarterly in each subsequent any 10-K, Report Annual 10-Q, Report by as updated most recent on Form on Form included in the Company’s Risk Factors beliefs, expectations, plans or predictions of the future and are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “anticipate,” “seek,” “plan,” intentions, management’s regarding including statements not historical, are that statements are statements Act of 1995 Forward-looking Reform Litigation “intend,” of these or the negative similar expressions, and of these terms and variations “expect,” “would” “will,” “could,” “likely,” “may,” as such words by typically identified are and future the of predictions or plans expectations, beliefs, “continue,” “potential,” “predict,” “estimate,” “believe,” reasonable while considered and assumptions that, estimates based upon necessarily are Such forward-looking statements similar expressions. or terms Forward-Looking Statements in this letter, which are not historical facts, are forward-looking statements within the meaning of the Private Securities forward-looking within the meaning of the Private facts, not historical are statements which are in this letter, Statements Forward-Looking in place to provide a compelling value proposition to to proposition value a compelling provide to in place the long term. over shareholders billion grocery-anchored, Sun Belt focused retail portfolio. portfolio. retail Sun Belt focused grocery-anchored, billion and portfolio strategy has the right InvenTrust believe We to a multitude of factors impacting the retail sector. While While a multitude of factors impactingto sector. the retail in believe still we disappointing, is value in decline the performancefinancial the structure capital and $3 our of estimated share value of $3.14. The reduction in value was was reduction in value The of $3.14. value share estimated due values estate real retail in decline overall the by driven N of our value per share publish an estimated we Each year published a new stock. 9th, InvenTrust common On May your account online. account your have already enrolled in our e-delivery enrolled already have thank program, or Financial Ameriprise by managed is account If your you. use their proprietary portals access to please LPL Financial, when a new document becomes available and you will be be will and you available becomes when a new document those that For online account. your it from access able to for our e-delivery for just is simple: process - the registration or call investorrelations@inventrustproperties.com email e-mail 855-377-0510. Stockholders will be notified by communications electronically. We hope to see these these see to hope We electronically. communications up signing consider Please higher. climb even numbers In less than 12 months, over 15,000 of our stockholders stockholders of our 15,000 over Inmonths, 12 than less quarterlytheir distribution receive up to signed have other stockholder and statement account letter, G Letter to Stockholders July 6, 2018
