InvenTrust Properties (IVT) 10-Q 31 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40896
Entity Registrant Name	INVENTRUST PROPERTIES CORP.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	34-2019608
Entity Address, Address Line One	3025 Highland Parkway,
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Downers Grove,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	(855)
Local Phone Number	377-0510
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	IVT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67,930,431
Entity Central Index Key	0001307748
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investment properties
Land	$ 705,798	$ 694,668
Building and other improvements	2,013,451	1,956,117
Construction in progress	9,511	5,889
Total	2,728,760	2,656,674
Less accumulated depreciation	(495,211)	(461,352)
Net investment properties	2,233,549	2,195,322
Cash, cash equivalents and restricted cash	37,129	99,763
Intangible assets, net	111,647	114,485
Accounts and rents receivable	30,861	35,353
Deferred costs and other assets, net	46,889	42,408
Total assets	2,460,075	2,487,331
Liabilities
Debt, net	812,217	814,568
Accounts payable and accrued expenses	39,457	44,583
Distributions payable	15,370	14,594
Intangible liabilities, net	30,424	30,344
Other liabilities	27,034	29,198
Total liabilities	924,502	933,287
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding	0	0
Common stock, $0.001 par value, 146,000,000 shares authorized, 67,917,128 shares issued and outstanding as of June 30, 2024 and 67,807,831 shares issued and outstanding as of December 31, 2023	68	68
Additional paid-in capital	5,473,515	5,468,728
Distributions in excess of accumulated net income	(3,959,158)	(3,932,826)
Accumulated comprehensive income	21,148	18,074
Total stockholders' equity	1,535,573	1,554,044
Total liabilities and stockholders' equity	$ 2,460,075	$ 2,487,331

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	40,000,000	40,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	146,000,000	146,000,000
Common stock, shares issued (in shares)	67,917,128	67,807,831
Common stock, shares outstanding (in shares)	67,917,128	67,807,831

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income
Lease income, net	$ 67,056	$ 64,268	$ 133,549	$ 129,098
Total income	67,423	64,687	134,221	129,892
Operating expenses
Depreciation and amortization	28,790	28,263	56,958	55,021
Property operating	10,243	9,756	20,242	19,986
Real estate taxes	9,046	8,952	18,027	18,580
General and administrative	8,661	8,048	16,635	15,779
Total operating expenses	56,740	55,019	111,862	109,366
Other (expense) income
Interest expense, net	(9,640)	(9,377)	(19,274)	(18,886)
Gain on sale of investment properties	0	984	0	984
Equity in earnings (losses) of unconsolidated entities	0	149	0	(514)
Other income and expense, net	455	644	1,313	1,091
Total other (expense) income, net	(9,185)	(7,600)	(17,961)	(17,325)
Net income	$ 1,498	$ 2,068	$ 4,398	$ 3,201
Weighted-average common shares outstanding - basic (in shares)	67,900,275	67,523,105	67,887,402	67,515,913
Weighted-average common shares outstanding - diluted (in shares)	68,327,263	67,711,848	68,299,657	67,683,226
Net income per common share - basic (in dollars per share)	$ 0.02	$ 0.03	$ 0.06	$ 0.05
Net income per common share - diluted (in dollars per share)	0.02	0.03	0.06	0.05
Distributions declared per common share outstanding (in dollars per share)	0.23	0.22	0.45	0.43
Distributions paid per common share outstanding (in dollars per share)	$ 0.23	$ 0.22	$ 0.44	$ 0.42
Comprehensive income
Net income	$ 1,498	$ 2,068	$ 4,398	$ 3,201
Unrealized gain on derivatives, net	2,386	10,835	9,705	7,518
Reclassification to net income	(3,314)	(3,984)	(6,631)	(6,876)
Comprehensive income	570	8,919	7,472	3,843
Other property income
Income
Income	367	419	672	714
Other fee income
Income
Income	$ 0	$ 0	$ 0	$ 80

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Net Income	Accumulated Comprehensive Income
Balance beginning of period (in shares) at Dec. 31, 2022		67,472,553
Balance beginning of period at Dec. 31, 2022	$ 1,603,909	$ 67	$ 5,456,968	$ (3,879,847)	$ 26,721
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,133			1,133
Unrealized gain (loss) on derivatives	(3,317)				(3,317)
Reclassification to interest expense, net	(2,892)				(2,892)
Distributions declared	(14,548)			(14,548)
Stock-based compensation, net (in shares)		36,088
Stock-based compensation, net	2,120	$ 1	2,119
Balance end of period (in shares) at Mar. 31, 2023		67,508,641
Balance end of period at Mar. 31, 2023	1,586,405	$ 68	5,459,087	(3,893,262)	20,512
Balance beginning of period (in shares) at Dec. 31, 2022		67,472,553
Balance beginning of period at Dec. 31, 2022	1,603,909	$ 67	5,456,968	(3,879,847)	26,721
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,201
Unrealized gain (loss) on derivatives	7,518
Balance end of period (in shares) at Jun. 30, 2023		67,531,335
Balance end of period at Jun. 30, 2023	1,582,937	$ 68	5,461,253	(3,905,747)	27,363
Balance beginning of period (in shares) at Mar. 31, 2023		67,508,641
Balance beginning of period at Mar. 31, 2023	1,586,405	$ 68	5,459,087	(3,893,262)	20,512
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,068			2,068
Unrealized gain (loss) on derivatives	10,835				10,835
Reclassification to interest expense, net	(3,984)				(3,984)
Distributions declared	(14,553)			(14,553)
Stock-based compensation, net (in shares)		22,694
Stock-based compensation, net	2,166		2,166
Balance end of period (in shares) at Jun. 30, 2023		67,531,335
Balance end of period at Jun. 30, 2023	$ 1,582,937	$ 68	5,461,253	(3,905,747)	27,363
Balance beginning of period (in shares) at Dec. 31, 2023	67,807,831	67,807,831
Balance beginning of period at Dec. 31, 2023	$ 1,554,044	$ 68	5,468,728	(3,932,826)	18,074
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,900			2,900
Unrealized gain (loss) on derivatives	7,319				7,319
Reclassification to interest expense, net	(3,317)				(3,317)
Distributions declared	(15,360)			(15,360)
Stock-based compensation, net (in shares)		66,697
Stock-based compensation, net	2,463		2,463
Balance end of period (in shares) at Mar. 31, 2024		67,874,528
Balance end of period at Mar. 31, 2024	$ 1,548,049	$ 68	5,471,191	(3,945,286)	22,076
Balance beginning of period (in shares) at Dec. 31, 2023	67,807,831	67,807,831
Balance beginning of period at Dec. 31, 2023	$ 1,554,044	$ 68	5,468,728	(3,932,826)	18,074
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,398
Unrealized gain (loss) on derivatives	$ 9,705
Balance end of period (in shares) at Jun. 30, 2024	67,917,128	67,917,128
Balance end of period at Jun. 30, 2024	$ 1,535,573	$ 68	5,473,515	(3,959,158)	21,148
Balance beginning of period (in shares) at Mar. 31, 2024		67,874,528
Balance beginning of period at Mar. 31, 2024	1,548,049	$ 68	5,471,191	(3,945,286)	22,076
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,498			1,498
Unrealized gain (loss) on derivatives	2,386				2,386
Reclassification to interest expense, net	(3,314)				(3,314)
Distributions declared	(15,370)			(15,370)
Stock-based compensation, net (in shares)		42,600
Stock-based compensation, net	$ 2,324		2,324
Balance end of period (in shares) at Jun. 30, 2024	67,917,128	67,917,128
Balance end of period at Jun. 30, 2024	$ 1,535,573	$ 68	$ 5,473,515	$ (3,959,158)	$ 21,148

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 4,398	$ 3,201
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	56,958	55,021
Amortization of market-lease intangibles and inducements, net	(1,233)	(2,088)
Amortization of debt discounts and financing costs	1,175	2,119
Straight-line rent adjustments, net	(1,887)	(1,762)
Provision for (reversal of) estimated credit losses	231	(124)
Gain on sale of investment properties	0	(984)
Equity in losses of unconsolidated entities	0	514
Stock-based compensation expense, net	4,757	4,269
Changes in operating assets and liabilities:
Accounts and rents receivable	6,148	6,181
Deferred costs and other assets, net	(1,542)	411
Accounts payable and accrued expenses	(5,891)	(4,162)
Other liabilities	(1,652)	889
Net cash provided by operating activities	61,462	63,485
Cash flows from investing activities:
Purchase of investment properties	(60,533)	(152,047)
Capital expenditures and tenant improvements	(10,730)	(12,692)
Investment in development and redevelopment projects	(4,137)	(2,622)
Proceeds from sale of investment properties, net	0	1,581
Distributions from unconsolidated entities	0	91,355
Lease commissions and other leasing costs	(1,653)	(1,840)
Other investing activities, net	(192)	(1,540)
Net cash used in investing activities	(77,245)	(77,805)
Cash flows from financing activities:
Payment of tax withholdings for stock-based compensation	(1,197)	(556)
Distributions to shareholders	(29,954)	(28,385)
Line of credit proceeds	0	30,000
Line of credit repayments	0	(30,000)
Payoffs of debt	(15,700)	(13,700)
Principal payments on mortgage debt	0	(32)
Other financing activities	0	(20)
Net cash used in financing activities	(46,851)	(42,693)
Net decrease in cash, cash equivalents and restricted cash	(62,634)	(57,013)
Cash, cash equivalents and restricted cash at the beginning of the period	99,763	137,762
Cash, cash equivalents and restricted cash at the end of the period	37,129	80,749
Cash flow disclosure, including non-cash activities:
Cash paid for interest, net of capitalized interest	18,536	16,727
Cash paid for income taxes	569	525
Previously held equity investments in real estate assets acquired	0	39,603
Distributions payable to shareholders	15,370	14,553
Accrued capital expenditures and tenant improvements	4,377	2,944
Capitalized costs placed in service	4,944	5,643
Gross issuance of shares for stock-based compensation	3,963	2,072
Purchase of investment properties:
Net investment properties	62,914	200,085
Accounts and rents receivable, lease intangibles, and deferred costs and other assets	12,840	52,871
Accounts payable and accrued expenses, lease intangibles, and other liabilities	(2,631)	(9,133)
Assumption of mortgage debt, at fair value	(12,590)	(91,776)
Cash outflow for purchase of investment properties, net	60,533	152,047
Assumption of mortgage principal	13,000	92,468
Capitalized acquisition costs	(260)	(150)
Credits and other changes in cash outflow, net	327	(365)
Gross acquisition price of investment properties	73,600	244,000
Sale of investment properties:
Net investment properties	0	597
Gain on sale of investment properties	0	984
Proceeds from sale of investment properties, net	0	1,581
Credits and other changes in cash inflow, net	0	111
Gross disposition price of investment properties	$ 0	$ 1,692

Organization

Organization	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization On October 4, 2004, InvenTrust Properties Corp. was incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and elected to operate in a manner to be taxed as a 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, leasing, redeveloping, acquiring, and managing a multi-tenant retail platform. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends paid to stockholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to stockholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal and state income tax on its taxable income at regular corporate tax rates. 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 and limited partnerships. 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. The Company 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 June 30, 2024 and 2023: Wholly-Owned Retail Properties 2024 2023 No. of properties 64 63 Gross Leasable Area (square feet) 10,484 10,387

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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. Recently Issued Accounting Pronouncements The following table summarizes recently issued accounting pronouncements and the potential impact on the Company: Standard Description Effective Date Effect on the financial statements or other significant matters ASU No. 2023-07 The Accounting Standards Update ("ASU") is intended to improve financial reporting by requiring enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker so investors can better understand an entity's overall performance and assess future cash flows. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. Fiscal years beginning January 1, 2024, and interim periods for fiscal years beginning The Company is continuing to evaluate this guidance, but expects the standard to impact its disclosures pertaining to having a single reportable segment and is not anticipated to have an impact on the Company's financial position, results of operations, or cash flows. 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.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	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: As of June 30, 2024 Remaining 2024 $ 98,957 2025 193,035 2026 174,191 2027 141,335 2028 114,057 Thereafter 383,059 Total $ 1,104,634 The foregoing table 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 fifty-six years. The following table reflects the disaggregation of lease income, net: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Minimum base rent $ 43,189 $ 41,545 $ 85,636 $ 82,021 Real estate tax recoveries 8,294 7,948 16,399 16,465 Common area maintenance, insurance, and other recoveries 8,041 7,489 15,895 14,438 Ground rent income 4,749 4,797 9,486 9,507 Amortization of market-lease intangibles and inducements, net 657 572 1,233 2,088 Short-term and other lease income 673 635 1,934 1,949 Termination fee income 749 610 1,310 744 Straight-line rent adjustments, net 981 853 1,887 1,762 (Provision for) reversal of uncollectible billed rent and recoveries, net (277) (181) (231) 124 Lease income, net $ 67,056 $ 64,268 $ 133,549 $ 129,098

Acquired Properties

Acquired Properties	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquired Properties	Acquired Properties The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2024: Acquisition Date Property Metropolitan Area Square Feet Gross Assumption of February 1, 2024 The Plant (a) Phoenix, AZ 57 $ 29,500 $ 13,000 April 9, 2024 Moores Mill Atlanta, GA 70 28,000 — June 13, 2024 Maguire Groves (b) Orlando, FL 33 16,100 — 160 $ 73,600 $ 13,000 (a) The Company recognized a fair value adjustment of $410 related to the mortgage payable secured by the property. (b) Maguire Groves is immediately adjacent to Plantation Grove, a Publix anchored neighborhood center wholly-owned by the Company. The Company operates these properties under the Plantation Grove name. The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2023: Acquisition Date Property Metropolitan Area Square Feet Gross Assumption of January 18, 2023 Bay Colony (a) Houston, TX 416 $ 79,100 $ 41,969 January 18, 2023 Blackhawk Town Center (a) Houston, TX 127 26,300 13,008 January 18, 2023 Cyfair Town Center (a) Houston, TX 433 79,200 30,880 January 18, 2023 Stables Town Center (a) Houston, TX 148 37,000 6,611 June 2, 2023 The Shoppes at Davis Lake Charlotte, NC 91 22,400 — 1,215 $ 244,000 $ 92,468 (a) These retail properties were acquired from the Company's unconsolidated joint venture, IAGM Retail Fund I, LLC, as disclosed in "Note 6. Investment in Unconsolidated Entities". The Company recognized a fair value adjustment of $692 related to the pooled mortgage debt on these properties. Transaction costs of $260 and $150 were capitalized during the six months ended June 30, 2024 and 2023, respectively.

Disposed Properties

Disposed Properties	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposed Properties	Disposed Properties There was no real property disposed of during the six months ended June 30, 2024. The following table reflects the real property disposed of during the six months ended June 30, 2023: Date Property Metropolitan Area Square Feet Gross Gain on Sale June 20, 2023 Shops at the Galleria (a) Austin, TX N/A $ 1,692 $ 984 (a) This disposition was related to the completion of a partial condemnation at one retail property.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities Liquidation of Joint Venture Interest in IAGM On April 17, 2013, the Company and PGGM Private Real Estate Fund formed IAGM Retail Fund I, LLC ("IAGM"), a joint venture partnership for the purpose of acquiring, owning, managing, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities. On January 18, 2023, the Company acquired the four remaining retail properties from IAGM for an aggregate purchase price of $222.3 million by acquiring 100% of the membership interests in each of IAGM's wholly owned subsidiaries . The Company assumed aggregate mortgage debt of $92.5 million and funded the remaining balance with its available liquidity. IAGM recognized a gain on sale of $45.2 million, of which the Company's share was approximately $24.9 million. Subsequent to the transaction, IAGM proportionately distributed substantially all net proceeds from the sale, of which the Company's share was approximately $71.4 million . In connection with the foregoing, IAGM adopted a liquidation plan on January 11, 2023. On December 15, 2023, IAGM was fully liquidated. The Company's aggregate deferred gains related to its previously owned equity interest in real estate acquisitions from IAGM of $39.9 million are reflected in the basis of the respective acquired assets. Previously, deferred gains were reflected as a reduction of the Company's investment in IAGM and amortized to equity in earnings of unconsolidated entities. On January 18, 2023, the Company also acquired IAGM's two interest rate swap agreements which achieved fixed interest rates on an aggregate notional amount of $75.0 million of the assumed pooled mortgage priced in a Secured Overnight Financing Rate ("SOFR"), each of which reprice monthly ("1-Month Term SOFR"). IAGM recognized a gain on sale of $2.6 million representing the fair value of the derivatives, of which the Company's share was approximately $1.4 million. The Company deferred its share of IAGM's gain on sale of derivatives, initially reflecting it within accumulated comprehensive income and amortizing it to interest expense, net, through the instruments' maturity date.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Notes and Loans Payable [Abstract]
Debt	Debt The Company's debt consists of mortgages payable, unsecured term loans, senior notes, and an unsecured revolving line of credit. 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. 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 June 30, 2024 and December 31, 2023, the Company was in compliance with all loan covenants. On February 6, 2023, the Company extinguished the $13.7 million mortgage payable secured by Renaissance Center with its available liquidity. On June 5, 2024, the Company extinguished the $7.3 million and $8.4 million pooled mortgages payable secured by Plantation Grove and Suncrest Village, respectively, with its available liquidity. Credit Agreements On September 22, 2021, the Company entered into an amendment to the Revolving Credit Agreement (the "Amended Revolving Credit Agreement"), which provides for, among other things, an extension of the maturity of the $350.0 million Revolving Credit Agreement to September 22, 2025, with two six-month extension options. On September 22, 2021, the Company entered into an amendment to its $400.0 million Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity dates and a reallocation of indebtedness under the two outstanding tranches of term loans thereunder. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on September 22, 2026, and a $200.0 million 5.5-year tranche maturing on March 22, 2027. On June 3, 2022, in connection with and upon effectiveness of the Note Purchase Agreement (as defined below) and in accordance with the terms of the Amended Term Loan Credit Agreement and Amended Revolving Credit Agreement, each of the administrative agents under such agreements released all of the subsidiary guarantors from their guaranty obligations that were previously made for the benefit of the lenders under such agreements. Interest Rate Swaps As of June 30, 2024, the Company is party to five effective interest rate swap agreements which achieve fixed interest rates through the maturity dates of the Amended Term Loan Agreement. On March 16, 2023, the Company entered into one interest rate swap agreement with a notional amount of $100.0 million at 3.69%, achieving a fixed interest rate of 4.99%. As of the effective date of April 3, 2023, the entirety of the Company's variable rate term loans were swapped to fixed rates through the maturity dates of the Amended Term Loan Agreement. Senior Notes On August 11, 2022, the Company issued $250.0 million aggregate principal amount of senior notes in a private placement, of which (i) $150.0 million are designated as 5.07% Senior Notes, Series A, due August 11, 2029 (the "Series A Notes") and (ii) $100.0 million are designated as 5.20% Senior Notes, Series B, due August 11, 2032 (the "Series B Notes" and, together with the Series A Notes, the "Notes") pursuant to a note purchase agreement (the "Note Purchase Agreement"), dated June 3, 2022, between the Company and the various purchasers named therein. The Notes were issued at par in accordance with the Note Purchase Agreement and pay interest semiannually on February 11th and August 11th until their respective maturities. The Company may prepay at any time all or any part of the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount prepaid plus accrued interest and a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes will be required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain material credit facilities of the Company. Currently, there are no subsidiary guarantees of the Notes. The following table summarizes the Company's debt as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 Maturity Date Rate Type Interest Rate Amount Interest Rate Amount Mortgages Payable Fixed rate mortgages payable Various Fixed 3.97% (a) $ 93,380 4.01% (a) $ 96,080 Variable rate mortgages payable (b) 11/2/2024 Variable 1M SOFR + 1.65% (c) 72,468 1M SOFR + 1.65% (c) 72,468 Total 165,848 168,548 Term Loan $200.0 million 5 years 9/22/2026 Fixed 2.81% (d) 100,000 2.81% (d) 100,000 $200.0 million 5 years 9/22/2026 Fixed 2.81% (d) 100,000 2.81% (d) 100,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.78% (d) 50,000 2.77% (d) 50,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.84% (d) 50,000 2.76% (d) 50,000 $200.0 million 5.5 years 3/22/2027 Fixed 4.99% (d) 100,000 4.99% (d) 100,000 Total 400,000 400,000 Senior Notes $150.0 million Series A Notes 8/11/2029 Fixed 5.07% 150,000 5.07% 150,000 $100.0 million Series B Notes 8/11/2032 Fixed 5.20% 100,000 5.20% 100,000 Total 250,000 250,000 Revolving Line of Credit $350.0 million total capacity 9/22/2025 Variable 1M SOFR + 1.14% (c)(e) — 1M SOFR + 1.14% (c)(e) — Total debt 4.29% 815,848 4.29% 818,548 Debt discounts and issuance costs, net (3,631) (3,980) Debt, net $ 812,217 $ 814,568 (a) Interest rates reflect the weighted average of the Company's mortgages payable. (b) These mortgages payable are cross collateralized by three properties and have one 12-month extension option. (c) As of June 30, 2024 and December 31, 2023, 1-Month Term SOFR (d) Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (e) Interest rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire line of credit capacity. The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2024: Scheduled maturities by year: As of June 30, 2024 2024 $ 72,468 2025 35,880 2026 — 2027 26,000 2028 — Thereafter 31,500 Total mortgage payable maturities $ 165,848

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Measurements The following financial instruments are remeasured at fair value on a recurring basis: Fair Value Measurements as of June 30, 2024 December 31, 2023 Cash Flow Hedges: (a) (b) Level 1 Level 2 (c) Level 3 Level 1 Level 2 (c) Level 3 Derivative interest rate swaps — $ 21,148 — — $ 18,074 — (a) During the twelve months subsequent to June 30, 2024, an estimated $11,254 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings. (b) As of June 30, 2024 and December 31, 2023, 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. (c) Derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively. Nonrecurring Measurements Investment Properties During the six months ended June 30, 2024 and 2023 , the Company had no Level 3 nonrecurring 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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Carrying Value Estimated Market Carrying Value Estimated Market Mortgages payable $ 165,848 $ 157,954 7.45 % $ 168,548 $ 161,320 6.86 % Senior notes 250,000 232,059 6.53 % 250,000 233,635 6.31 % Term loans 400,000 400,157 5.65 % 400,000 399,539 5.10 % Revolving line of credit — — N/A — — N/A The market interest rates used to estimate the fair value of the Company's mortgages payable, senior notes, term loans, and revolving line of credit reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company. The Company classifies its debt instrument valuations within Level 2 of the fair value hierarchy.

Earnings Per Share and Equity T

Earnings Per Share and Equity Transactions	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share and Equity Transactions	Earnings Per Share and Equity Transactions Basic earnings per share ("EPS") is computed by dividing net income or loss attributed to common shares by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that may occur from awards issued pursuant to stock-based compensation plans. The following table reconciles the amounts used in calculating basic and diluted EPS: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Numerator: Net income attributed to common shares - basic and diluted $ 1,498 $ 2,068 $ 4,398 $ 3,201 Denominator: Weighted average common shares outstanding - basic 67,900,275 67,523,105 67,887,402 67,515,913 Dilutive effect of unvested restricted shares (a) 426,988 188,743 412,255 167,313 Weighted average common shares outstanding - diluted 68,327,263 67,711,848 68,299,657 67,683,226 Basic and diluted earnings per common share: Net income per common share - basic $ 0.02 $ 0.03 $ 0.06 $ 0.05 Net income per common share - diluted $ 0.02 $ 0.03 $ 0.06 $ 0.05 (a) For the three and six months ended June 30, 2023, the Company has excluded the anti-dilutive effect of market-based awards granted in 2023. ATM Program On March 7, 2022, the Company established an at-the-market equity offering program (the "ATM Program") through which the Company may sell from time to time up to an aggregate of $250.0 million of its common stock. In connection with the ATM Program, the Company may sell shares of its common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. As of June 30, 2024, $244.6 million of common stock remains available for issuance under the ATM Program. Share Repurchase Program

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Incentive Award Plan The Company's board of directors (the "Board") adopted the InvenTrust Properties Corp. 2015 Incentive Award Plan effective as of June 19, 2015 (the "Incentive Award Plan"). On May 6, 2016, the Board adopted the first amendment to the Incentive Award Plan and on March 20, 2024, the Board adopted the second amendment to the Incentive Award Plan (collectively, the “Amendments”). The Company's stockholders approved the Incentive Award Plan, as amended by the Amendments, on May 7, 2024, which, among other things, increased the aggregate number of shares of common stock that may be issued pursuant to awards granted under the Incentive Award Plan (the "Share Limit") by 2,750,000 shares to 5,750,000 shares. Any forfeited or unearned performance shares subject to an award are added back to the Share Limit. Outstanding restricted stock unit ("RSU") awards are categorized as either time-based awards, performance-based awards, or market-based awards. All awards are granted at fair value, earn dividends throughout the vesting period, and have no voting rights. As of June 30, 2024, 2,854,824 shares were available for future issuance under the Incentive Award Plan. Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period. The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models: At Grant Date 2024 2023 Volatility 31.00% 34.00% Risk free interest rate 4.42% 4.45% Dividend Yield 3.40% 3.20% The following table summarizes the Company's RSU activity during the six months ended June 30, 2024: Unvested Time- Unvested Performance Weighted-Average Grant Outstanding as of January 1, 2024 147,592 1,024,771 $19.36 Shares granted 197,884 335,936 $19.78 Shares vested (42,600) (113,954) $27.17 Unearned performance shares — (82,665) $28.90 Shares forfeited (2,190) (17,360) $17.41 Outstanding as of June 30, 2024 300,686 1,146,728 $18.29 Employee Stock Purchase Plan On May 4, 2023, the Company established an Employee Stock Purchase Plan (the "ESPP") pursuant to which employees may purchase up to an aggregate of 3,300,000 shares of the Company's common stock, of which 3,288,272 shares remain available for future issuance as of June 30, 2024. Stock-Based Compensation Expense The following table summarizes the Company's stock-based compensation expense: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Incentive Award Plan, net (a) $ 2,532 $ 2,302 $ 4,688 $ 4,269 Employee Stock Purchase Plan (b) 34 — 69 — Stock-based compensation expense, net $ 2,566 $ 2,302 $ 4,757 $ 4,269 (a) As of June 30, 2024, there was $15,295 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2026. (b) As of June 30, 2024, there was $145 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through December 2025.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In preparing its condensed consolidated financial statements, the Company evaluated events and transactions occurring after June 30, 2024 through the date the financial statements were issued for recognition and disclosure purposes.

Organization (Tables)

Organization (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Multi-Tenant Retail Portfolio	The following table summarizes the Company's retail portfolio as of June 30, 2024 and 2023: Wholly-Owned Retail Properties 2024 2023 No. of properties 64 63 Gross Leasable Area (square feet) 10,484 10,387

Basis of Presentation and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Recently Issued Accounting Pronouncements	The following table summarizes recently issued accounting pronouncements and the potential impact on the Company: Standard Description Effective Date Effect on the financial statements or other significant matters ASU No. 2023-07 The Accounting Standards Update ("ASU") is intended to improve financial reporting by requiring enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker so investors can better understand an entity's overall performance and assess future cash flows. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. Fiscal years beginning January 1, 2024, and interim periods for fiscal years beginning The Company is continuing to evaluate this guidance, but expects the standard to impact its disclosures pertaining to having a single reportable segment and is not anticipated to have an impact on the Company's financial position, results of operations, or cash flows.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Minimum Lease Payments to be Received	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: As of June 30, 2024 Remaining 2024 $ 98,957 2025 193,035 2026 174,191 2027 141,335 2028 114,057 Thereafter 383,059 Total $ 1,104,634
Schedule of Disaggregation of Lease Income, Net	The following table reflects the disaggregation of lease income, net: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Minimum base rent $ 43,189 $ 41,545 $ 85,636 $ 82,021 Real estate tax recoveries 8,294 7,948 16,399 16,465 Common area maintenance, insurance, and other recoveries 8,041 7,489 15,895 14,438 Ground rent income 4,749 4,797 9,486 9,507 Amortization of market-lease intangibles and inducements, net 657 572 1,233 2,088 Short-term and other lease income 673 635 1,934 1,949 Termination fee income 749 610 1,310 744 Straight-line rent adjustments, net 981 853 1,887 1,762 (Provision for) reversal of uncollectible billed rent and recoveries, net (277) (181) (231) 124 Lease income, net $ 67,056 $ 64,268 $ 133,549 $ 129,098

Acquired Properties (Tables)

Acquired Properties (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Retail Properties Acquired	The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2024: Acquisition Date Property Metropolitan Area Square Feet Gross Assumption of February 1, 2024 The Plant (a) Phoenix, AZ 57 $ 29,500 $ 13,000 April 9, 2024 Moores Mill Atlanta, GA 70 28,000 — June 13, 2024 Maguire Groves (b) Orlando, FL 33 16,100 — 160 $ 73,600 $ 13,000 (a) The Company recognized a fair value adjustment of $410 related to the mortgage payable secured by the property. (b) Maguire Groves is immediately adjacent to Plantation Grove, a Publix anchored neighborhood center wholly-owned by the Company. The Company operates these properties under the Plantation Grove name. The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2023: Acquisition Date Property Metropolitan Area Square Feet Gross Assumption of January 18, 2023 Bay Colony (a) Houston, TX 416 $ 79,100 $ 41,969 January 18, 2023 Blackhawk Town Center (a) Houston, TX 127 26,300 13,008 January 18, 2023 Cyfair Town Center (a) Houston, TX 433 79,200 30,880 January 18, 2023 Stables Town Center (a) Houston, TX 148 37,000 6,611 June 2, 2023 The Shoppes at Davis Lake Charlotte, NC 91 22,400 — 1,215 $ 244,000 $ 92,468 (a) These retail properties were acquired from the Company's unconsolidated joint venture, IAGM Retail Fund I, LLC, as disclosed in "Note 6. Investment in Unconsolidated Entities". The Company recognized a fair value adjustment of $692 related to the pooled mortgage debt on these properties.

Disposed Properties (Tables)

Disposed Properties (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Real Property Disposed	The following table reflects the real property disposed of during the six months ended June 30, 2023: Date Property Metropolitan Area Square Feet Gross Gain on Sale June 20, 2023 Shops at the Galleria (a) Austin, TX N/A $ 1,692 $ 984 (a) This disposition was related to the completion of a partial condemnation at one retail property.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Notes and Loans Payable [Abstract]
Schedule of Debt	The following table summarizes the Company's debt as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 Maturity Date Rate Type Interest Rate Amount Interest Rate Amount Mortgages Payable Fixed rate mortgages payable Various Fixed 3.97% (a) $ 93,380 4.01% (a) $ 96,080 Variable rate mortgages payable (b) 11/2/2024 Variable 1M SOFR + 1.65% (c) 72,468 1M SOFR + 1.65% (c) 72,468 Total 165,848 168,548 Term Loan $200.0 million 5 years 9/22/2026 Fixed 2.81% (d) 100,000 2.81% (d) 100,000 $200.0 million 5 years 9/22/2026 Fixed 2.81% (d) 100,000 2.81% (d) 100,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.78% (d) 50,000 2.77% (d) 50,000 $200.0 million 5.5 years 3/22/2027 Fixed 2.84% (d) 50,000 2.76% (d) 50,000 $200.0 million 5.5 years 3/22/2027 Fixed 4.99% (d) 100,000 4.99% (d) 100,000 Total 400,000 400,000 Senior Notes $150.0 million Series A Notes 8/11/2029 Fixed 5.07% 150,000 5.07% 150,000 $100.0 million Series B Notes 8/11/2032 Fixed 5.20% 100,000 5.20% 100,000 Total 250,000 250,000 Revolving Line of Credit $350.0 million total capacity 9/22/2025 Variable 1M SOFR + 1.14% (c)(e) — 1M SOFR + 1.14% (c)(e) — Total debt 4.29% 815,848 4.29% 818,548 Debt discounts and issuance costs, net (3,631) (3,980) Debt, net $ 812,217 $ 814,568 (a) Interest rates reflect the weighted average of the Company's mortgages payable. (b) These mortgages payable are cross collateralized by three properties and have one 12-month extension option. (c) As of June 30, 2024 and December 31, 2023, 1-Month Term SOFR (d) Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (e) Interest rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire line of credit capacity.
Schedule of Maturities for Outstanding Mortgage Indebtedness	The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2024: Scheduled maturities by year: As of June 30, 2024 2024 $ 72,468 2025 35,880 2026 — 2027 26,000 2028 — Thereafter 31,500 Total mortgage payable maturities $ 165,848

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Quantitative Disclosure of the Fair Value for Each Major Category of Assets and Liabilities	The following financial instruments are remeasured at fair value on a recurring basis: Fair Value Measurements as of June 30, 2024 December 31, 2023 Cash Flow Hedges: (a) (b) Level 1 Level 2 (c) Level 3 Level 1 Level 2 (c) Level 3 Derivative interest rate swaps — $ 21,148 — — $ 18,074 — (a) During the twelve months subsequent to June 30, 2024, an estimated $11,254 of derivative interest rate balances recognized in accumulated comprehensive income will be reclassified into earnings. (b) As of June 30, 2024 and December 31, 2023, 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. (c) Derivative assets or liabilities are recognized as a part of deferred costs and other assets, net or other liabilities, respectively.
Schedule of Fair Value of Financial Instruments Presented at Carrying Values	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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Carrying Value Estimated Market Carrying Value Estimated Market Mortgages payable $ 165,848 $ 157,954 7.45 % $ 168,548 $ 161,320 6.86 % Senior notes 250,000 232,059 6.53 % 250,000 233,635 6.31 % Term loans 400,000 400,157 5.65 % 400,000 399,539 5.10 % Revolving line of credit — — N/A — — N/A

Earnings Per Share and Equity_2

Earnings Per Share and Equity Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles the amounts used in calculating basic and diluted EPS: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Numerator: Net income attributed to common shares - basic and diluted $ 1,498 $ 2,068 $ 4,398 $ 3,201 Denominator: Weighted average common shares outstanding - basic 67,900,275 67,523,105 67,887,402 67,515,913 Dilutive effect of unvested restricted shares (a) 426,988 188,743 412,255 167,313 Weighted average common shares outstanding - diluted 68,327,263 67,711,848 68,299,657 67,683,226 Basic and diluted earnings per common share: Net income per common share - basic $ 0.02 $ 0.03 $ 0.06 $ 0.05 Net income per common share - diluted $ 0.02 $ 0.03 $ 0.06 $ 0.05 (a) For the three and six months ended June 30, 2023, the Company has excluded the anti-dilutive effect of market-based awards granted in 2023.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award, Valuation Assumptions	The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models: At Grant Date 2024 2023 Volatility 31.00% 34.00% Risk free interest rate 4.42% 4.45% Dividend Yield 3.40% 3.20%
Schedule of Restricted Stock Unit Activity	The following table summarizes the Company's RSU activity during the six months ended June 30, 2024: Unvested Time- Unvested Performance Weighted-Average Grant Outstanding as of January 1, 2024 147,592 1,024,771 $19.36 Shares granted 197,884 335,936 $19.78 Shares vested (42,600) (113,954) $27.17 Unearned performance shares — (82,665) $28.90 Shares forfeited (2,190) (17,360) $17.41 Outstanding as of June 30, 2024 300,686 1,146,728 $18.29
Schedule of Company's Stock-Based Compensation Expense	The following table summarizes the Company's stock-based compensation expense: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Incentive Award Plan, net (a) $ 2,532 $ 2,302 $ 4,688 $ 4,269 Employee Stock Purchase Plan (b) 34 — 69 — Stock-based compensation expense, net $ 2,566 $ 2,302 $ 4,757 $ 4,269 (a) As of June 30, 2024, there was $15,295 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2026. (b) As of June 30, 2024, there was $145 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through December 2025.

Organization (Details)

Organization (Details) - Retail	Jun. 30, 2024 ft² property	Jun. 30, 2023 ft² property
Entity Information [Line Items]
Number of retail properties | property	64	63
Gross Leasable Area (square feet) | ft²	10,484,000	10,387,000

Revenue Recognition - Minimum L

Revenue Recognition - Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Minimum Lease Payments:
Remaining 2024	$ 98,957
2025	193,035
2026	174,191
2027	141,335
2028	114,057
Thereafter	383,059
Total	$ 1,104,634

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)	Jun. 30, 2024
Minimum
Disaggregation of Revenue [Line Items]
Remaining lease term	1 year
Maximum
Disaggregation of Revenue [Line Items]
Remaining lease term	56 years

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Minimum base rent	$ 43,189	$ 41,545	$ 85,636	$ 82,021
(Provision for) reversal of uncollectible billed rent and recoveries, net	(277)	(181)	(231)	124
Lease income, net	67,056	64,268	133,549	129,098
Real estate tax recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	8,294	7,948	16,399	16,465
Common area maintenance, insurance, and other recoveries
Disaggregation of Revenue [Line Items]
Lease income, net	8,041	7,489	15,895	14,438
Ground rent income
Disaggregation of Revenue [Line Items]
Lease income, net	4,749	4,797	9,486	9,507
Amortization of market-lease intangibles and inducements, net
Disaggregation of Revenue [Line Items]
Lease income, net	657	572	1,233	2,088
Short-term and other lease income
Disaggregation of Revenue [Line Items]
Lease income, net	673	635	1,934	1,949
Termination fee income
Disaggregation of Revenue [Line Items]
Lease income, net	749	610	1,310	744
Straight-line rent adjustments, net
Disaggregation of Revenue [Line Items]
Lease income, net	$ 981	$ 853	$ 1,887	$ 1,762

Acquired Properties - Schedule

Acquired Properties - Schedule of Retail Properties Acquired (Details) - Retail ft² in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023 USD ($) ft²
Real Estate Properties [Line Items]
Gross Leasable Area (square feet) | ft²	160	1,215
Gross Acquisition Price	$ 73,600	$ 244,000
Assumption of Mortgage Debt	13,000	92,468
Fair value assumption of mortgage debt	$ 410	$ 692
The Plant
Real Estate Properties [Line Items]
Gross Leasable Area (square feet) | ft²	57
Gross Acquisition Price	$ 29,500
Assumption of Mortgage Debt	$ 13,000
Moores Mill
Real Estate Properties [Line Items]
Gross Leasable Area (square feet) | ft²	70
Gross Acquisition Price	$ 28,000
Assumption of Mortgage Debt	$ 0
Maguire Groves (b)
Real Estate Properties [Line Items]
Gross Leasable Area (square feet) | ft²	33
Gross Acquisition Price	$ 16,100
Assumption of Mortgage Debt	$ 0
Bay Colony
Real Estate Properties [Line Items]
Gross Leasable Area (square feet) | ft²		416
Gross Acquisition Price		$ 79,100
Assumption of Mortgage Debt		$ 41,969
Blackhawk Town Center
Real Estate Properties [Line Items]
Gross Leasable Area (square feet) | ft²		127
Gross Acquisition Price		$ 26,300
Assumption of Mortgage Debt		$ 13,008
Cyfair Town Center
Real Estate Properties [Line Items]
Gross Leasable Area (square feet) | ft²		433
Gross Acquisition Price		$ 79,200
Assumption of Mortgage Debt		$ 30,880
Stables Town Center
Real Estate Properties [Line Items]
Gross Leasable Area (square feet) | ft²		148
Gross Acquisition Price		$ 37,000
Assumption of Mortgage Debt		$ 6,611
The Shoppes at Davis Lake
Real Estate Properties [Line Items]
Gross Leasable Area (square feet) | ft²		91
Gross Acquisition Price		$ 22,400
Assumption of Mortgage Debt		$ 0

Acquired Properties - Narrative

Acquired Properties - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Transaction costs capitalized	$ 260	$ 150

Disposed Properties - Schedule

Disposed Properties - Schedule of Disposal Groups (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Acquisition Price	$ 0	$ 1,692
Disposed of by Sale | Shops at the Galleria | Retail Site
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Acquisition Price		1,692
Gain on Sale		$ 984

Disposed Properties - Narrative

Disposed Properties - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 property
Discontinued Operations and Disposal Groups [Abstract]
Number of properties disposed of	0

Investment in Unconsolidated _2

Investment in Unconsolidated Entities - Narrative (Details)			6 Months Ended
	Jan. 19, 2023 USD ($)	Jan. 18, 2023 USD ($) property interest_rate_swap	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 16, 2023 USD ($)
Variable Interest Entity [Line Items]
Gain on sale of investment real estate		$ 24,900,000
Distributions from unconsolidated entities			$ 0	$ 91,355,000
Gain on sale of derivatives		$ 1,400,000
Interest Rate Swap
Variable Interest Entity [Line Items]
Number of instruments acquired | interest_rate_swap		2
Notional amount		$ 75,000,000			$ 100,000,000
IAGM
Variable Interest Entity [Line Items]
Number of properties acquired | property		4
Purchase price		$ 222,300,000
Assumed aggregate mortgage debt		92,500,000
Distributions from unconsolidated entities	$ 71,400,000
IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Gain on sale of derivatives		$ 2,600,000
IAGM Retail Fund LLC
Variable Interest Entity [Line Items]
Ownership percentage		100%
Gain on sale of investment real estate		$ 45,200,000
Deferred gain on real estates			$ 39,900,000

Debt - Narrative (Details)

Debt - Narrative (Details)	Jun. 05, 2024 USD ($)	Feb. 06, 2023 USD ($)	Aug. 11, 2022 USD ($)	Sep. 22, 2021 USD ($) tranche extension_option	Jun. 30, 2024 USD ($) interest_rate_swap	Dec. 31, 2023	Mar. 16, 2023 USD ($) interest_rate_swap	Jan. 18, 2023 USD ($)
Debt Instrument [Line Items]
Number of tranches | tranche				2
Interest rate					4.29%	4.29%
Interest Rate Swap
Debt Instrument [Line Items]
Number of interest rate derivative instruments | interest_rate_swap					5		1
Notional amount							$ 100,000,000	$ 75,000,000
Fixed interest rate							4.99%
Mortgages payable
Debt Instrument [Line Items]
Extinguishment of mortgage payable		$ 13,700,000
Mortgages payable | Plantation Grove
Debt Instrument [Line Items]
Extinguishment of mortgage payable	$ 7,300,000
Mortgages payable | Suncrest Village
Debt Instrument [Line Items]
Extinguishment of mortgage payable	$ 8,400,000
Revolving line of credit | Revolving line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 350,000,000
Number of extension options | extension_option				2
Extension option on line of credit, period				6 months
Unsecured Debt | Term loans
Debt Instrument [Line Items]
Debt instrument, face amount				$ 400,000,000
Unsecured Debt | Term Loan, Tranche One
Debt Instrument [Line Items]
Debt instrument, face amount				$ 200,000,000
Debt instrument, term				5 years
Unsecured Debt | Term Loan, Tranche Two
Debt Instrument [Line Items]
Debt instrument, face amount				$ 200,000,000
Debt instrument, term				5 years 6 months
Secured Debt | 5.5 year - variable rate | Interest Rate Swap
Debt Instrument [Line Items]
Interest rate							3.69%
Senior notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 250,000,000
Aggregate principal amount			5%
Debt instrument, redemption price percentage			100%
Senior notes | 5.07%, Senior Notes, Series A, Due 2029
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 150,000,000
Debt instrument, face amount			$ 150,000,000
Interest rate			5.07%		5.07%	5.07%
Senior notes | 5.20%, Senior Notes, Series B, Due 2032
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 100,000,000
Debt instrument, face amount			$ 100,000,000
Interest rate			5.20%		5.20%	5.20%

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) property extension_option	Dec. 31, 2023 USD ($)	Aug. 11, 2022 USD ($)
Debt Instrument [Line Items]
Interest rate	4.29%	4.29%
Amount	$ 815,848,000	$ 818,548,000
Debt discounts and issuance costs, net	(3,631,000)	(3,980,000)
Debt, net	$ 812,217,000	$ 814,568,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]	Secured Overnight Financing Rate (SOFR) [Member]
Mortgages payable
Debt Instrument [Line Items]
Amount	$ 165,848,000	$ 168,548,000
Mortgages payable | Fixed rate mortgages payable
Debt Instrument [Line Items]
Interest rate	3.97%	4.01%
Amount	$ 93,380,000	$ 96,080,000
Mortgages payable | Variable rate mortgages payable
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.65%	1.65%
Amount	$ 72,468,000	$ 72,468,000
Number of properties that collateralize mortgage payable | property	3
Number of extension options | extension_option	1
Extension option period	12 months
Term Loan
Debt Instrument [Line Items]
Amount	$ 400,000,000	$ 400,000,000
Debt instrument, variable rate, percent	5.34%	5.35%
Term Loan | 5 year - fixed rate
Debt Instrument [Line Items]
Interest rate	2.81%	2.81%
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years
Term Loan | 5 year - fixed rate
Debt Instrument [Line Items]
Interest rate	2.81%	2.81%
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years
Term Loan | 5.5 year - fixed rate
Debt Instrument [Line Items]
Interest rate	2.78%	2.77%
Amount	$ 50,000,000	$ 50,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Term Loan | 5.5 year- fixed rate
Debt Instrument [Line Items]
Interest rate	2.84%	2.76%
Amount	$ 50,000,000	$ 50,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Term Loan | 5.5 year- fixed rate
Debt Instrument [Line Items]
Interest rate	4.99%	4.99%
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	5 years 6 months
Senior notes
Debt Instrument [Line Items]
Amount	$ 250,000,000	$ 250,000,000
Debt instrument, face amount			$ 250,000,000
Senior notes | 5.07% - fixed rate
Debt Instrument [Line Items]
Interest rate	5.07%	5.07%	5.07%
Amount	$ 150,000,000	$ 150,000,000
Debt instrument, face amount			$ 150,000,000
Maximum borrowing capacity	$ 150,000,000
Senior notes | 5.20%, Senior Notes, Series B, Due 2032
Debt Instrument [Line Items]
Interest rate	5.20%	5.20%	5.20%
Amount	$ 100,000,000	$ 100,000,000
Debt instrument, face amount			$ 100,000,000
Maximum borrowing capacity	$ 100,000,000
Revolving Line of Credit | Revolving line of credit
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.14%	1.14%
Amount	$ 0	$ 0
Maximum borrowing capacity	$ 350,000,000
Facility fee	0.15%

Debt - Mortgage Maturities (Det

Debt - Mortgage Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of maturities for outstanding mortgage indebtedness
Total mortgage payable maturities	$ 815,848	$ 818,548
Mortgages payable
Schedule of maturities for outstanding mortgage indebtedness
2024	72,468
2025	35,880
2026	0
2027	26,000
2028	0
Thereafter	31,500
Total mortgage payable maturities	$ 165,848	$ 168,548

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Cash Flow Hedges:
Deferred amounts in accumulated comprehensive income (loss) that will be reclassified into earnings	$ 11,254
Fair Value, Measurements, Recurring | Level 1
Cash Flow Hedges:
Derivative interest rate swaps	0	$ 0
Fair Value, Measurements, Recurring | Level 2
Cash Flow Hedges:
Derivative interest rate swaps	21,148	18,074
Fair Value, Measurements, Recurring | Level 3
Cash Flow Hedges:
Derivative interest rate swaps	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonrecurring fair value measurements	$ 0	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Not Measure at Fair Value (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Mortgages payable | Market Interest Rate
Debt Instrument [Line Items]
Fair value measurement input (percent)	0.0745	0.0686
Mortgages payable | Carrying Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 165,848	$ 168,548
Mortgages payable | Estimated  Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 157,954	$ 161,320
Senior notes | Market Interest Rate
Debt Instrument [Line Items]
Fair value measurement input (percent)	0.0653	0.0631
Senior notes | Carrying Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 250,000	$ 250,000
Senior notes | Estimated  Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 232,059	$ 233,635
Term loans | Market Interest Rate
Debt Instrument [Line Items]
Fair value measurement input (percent)	0.0565	0.0510
Term loans | Carrying Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 400,000	$ 400,000
Term loans | Estimated  Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	400,157	399,539
Revolving line of credit | Carrying Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	0	0
Revolving line of credit | Estimated  Fair Value
Debt Instrument [Line Items]
Line of credit and term loan, estimated fair value	$ 0	$ 0

Earnings Per Share and Equity_3

Earnings Per Share and Equity Transactions - Reconciliation of Basic and Diluted Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributed to common shares - basic	$ 1,498	$ 2,068	$ 4,398	$ 3,201
Net income attributed to common shares - diluted	$ 1,498	$ 2,068	$ 4,398	$ 3,201
Denominator:
Weighted average common shares outstanding - basic (in shares)	67,900,275	67,523,105	67,887,402	67,515,913
Dilutive effect of unvested restricted shares (in shares)	426,988	188,743	412,255	167,313
Weighted average common shares outstanding - diluted (in shares)	68,327,263	67,711,848	68,299,657	67,683,226
Basic and diluted earnings per common share:
Net income per common share - basic (in dollars per share)	$ 0.02	$ 0.03	$ 0.06	$ 0.05
Net income per common share - diluted (in dollars per share)	$ 0.02	$ 0.03	$ 0.06	$ 0.05

Earnings Per Share and Equity_4

Earnings Per Share and Equity Transactions - Narrative (Details) - USD ($)		6 Months Ended
	Mar. 07, 2022	Jun. 30, 2024	Feb. 23, 2022
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 150,000,000
Repurchase of common stock under share repurchase plan (in shares)		0
ATM Program
Class of Stock [Line Items]
Sale of stock consideration received on transaction	$ 250,000,000
Remaining number of shares available for issuance		244,600,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - shares	6 Months Ended
	Jun. 30, 2024	May 07, 2024	May 06, 2024
Restricted Stock Units (RSUs) | 2015 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (shares)		5,750,000	2,750,000
Number of shares available for grant (shares)	2,854,824
Market performance thresholds period	3 years
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (shares)	3,300,000
Number of shares available for grant (shares)	3,288,272

Stock-Based Compensation - Sign

Stock-Based Compensation - Significant Assumptions Used in the Monte Carlo simulation Models (Details) - 2015 Incentive Award Plan - Unvested Time- Based RSUs	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	31%	34%
Risk free interest rate	4.42%	4.45%
Dividend Yield	3.40%	3.20%

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Unvested Time- Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding as beginning (in shares)	147,592
Shares granted (in shares)	197,884
Shares vested (in shares)	(42,600)
Unearned performance shares added back to share limit (in shares)	0
Shares forfeited (in shares)	(2,190)
Outstanding as ending (in shares)	300,686
Weighted-Average Grant Date Price Per Share
Outstanding as beginning (in dollars per share) | $ / shares	$ 19.36
Shares granted (in dollars per share) | $ / shares	19.78
Shares vested (in dollars per share) | $ / shares	27.17
Unearned performance shares added back to share limit (in dollars per share) | $ / shares	28.90
Shares forfeited (in dollars per share) | $ / shares	17.41
Outstanding as ending (in dollars per share) | $ / shares	$ 18.29
Unvested Performance and Market-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding as beginning (in shares)	1,024,771
Shares granted (in shares)	335,936
Shares vested (in shares)	(113,954)
Unearned performance shares added back to share limit (in shares)	(82,665)
Shares forfeited (in shares)	(17,360)
Outstanding as ending (in shares)	1,146,728

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net	$ 2,566	$ 2,302	$ 4,757	$ 4,269
Incentive Award Plan, Net
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net	2,532	2,302	4,688
Estimated unrecognized compensation expense	15,295		15,295
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, net	34	$ 0	69	$ 0
Estimated unrecognized compensation expense	$ 145		$ 145