InvenTrust Properties Corp. — Regulatory Filings 2021

Sep 23, 2021

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 23, 2021

INVENTRUST PROPERTIES CORP.

(Exact Name of Registrant as Specified in its Charter)

Maryland	000-51609	34-2019608
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3025 Highland Parkway, Suite 350

Downers Grove, Illinois 60515

(Address of Principal Executive Offices)

(855) 377-0510

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☒ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class	Trading Symbol	Name of each exchange on which registered
N/A	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

Attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference is a copy of InvenTrust Properties Corp.’s (the “ Company ”) financial supplemental for the quarter ended June 30, 2021 (the “ Supplemental Presentation ”) to be used in a series of presentations beginning on September 27, 2021, during which management will discuss the second quarter results, provide commentary on business performance and discuss the Company’s potential NYSE Listing and related Tender Offer (each as defined below in Item 7.01).

The information furnished under Item 2.02 in this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the “ Securities Act ”), or the Exchange Act, except as set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

As previously disclosed by the Company in its Current Report on Form 8-K filed with the Securities and Exchange Committee (the “ SEC ”) on September 20, 2021 (the “ Prior Form 8-K ”), the Board of Directors of the Company authorized the Company to pursue and consummate a listing of the Company’s shares of common stock on the New York Stock Exchange (the “ NYSE Listing ”). The Company also announced in the Prior Form 8-K that in conjunction with the anticipated NYSE Listing, the Company also expects to commence a modified “Dutch Auction” tender offer (the “ Tender Offer ”) to purchase up to $100 million shares of its outstanding common stock.

Attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference is a copy of an investor presentation (the “ Investor Presentation ”) to be used by the Company’s management team in a series of presentations beginning on September 27, 2021 to members of the investment community in anticipation of the NYSE Listing and related Tender Offer.

The information furnished under Item 7.01 in this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.

Forward Looking Statements

The statements in this Current Report on Form 8-K include statements regarding the intent, belief or current expectations of the Company and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “strives,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should,” “could” or similar expressions. Such statements include, but are not limited to, statements about the Company’s intention to pursue and consummate the NYSE Listing and commence the Tender Offer. These forward-looking statements are based on the Company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the

forward-looking statements. The following factors, among others, could cause actual results and financial position and timing of certain events to differ materially from those described in the forward-looking statements: 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; government policy changes; and any material market changes and trends that could affect the Company’s business strategies or decision or ability to consummate the NYSE Listing and commence the Tender Offer. These and other risk factors are more fully discussed in the Company’s filings with the SEC. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Important Information Regarding the Potential Tender Offer

The information herein is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any or all of the Company’s securities. The potential Tender Offer described herein has not yet commenced, and there can be no assurances that the Company will commence the Tender Offer on the terms and conditions described herein or at all. If the Company commences the Tender Offer, the Tender Offer will be made solely by an Offer to Purchase, the Letter of Transmittal and related materials, as they may be amended or supplemented. Stockholders should read the Company’s commencement tender offer statement on Schedule TO, expected to be filed with the SEC in connection with the Tender Offer, which will include as exhibits the Offer to Purchase, the Letter of Transmittal and related materials, as well as any amendments or supplements to the Schedule TO when they become available, because they will contain important information related to the potential Tender Offer. If the Company commences the Tender Offer, each of these documents will be filed with the SEC, and, when available, stockholders may obtain them for free from the SEC at its website ( http://www.sec.gov ), or from the Company’s information agent, who will be identified in the materials filed with the SEC at the commencement of the Tender Offer.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1*	Supplemental Presentation – Second Quarter Ended June 30, 2021
99.2*	Investor Presentation, dated September 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

• Furnished herewith.

SIGNATURE

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 hereunto duly authorized.

Dated: September 23, 2021
By:	/s/ Christy L. David
	Christy L. David
	Executive Vice President, Chief Operating Officer, General Counsel & Secretary

Exhibit 99.1

Essential Retail. Smart Locations. ®

Introductory Notes i Financial Information Summary Financial Information 1 Accounts Receivable Collections 1 Consolidated Balance Sheets 2 Consolidated Statements of Operations and Comprehensive Income (Loss) 3 Consolidated Supplemental Details of Assets and Liabilities 4 Consolidated Supplemental Details of Operations 5 Same Property Net Operating Income 6 Reconciliation of Non-GAAP Measures and Capital Expenditures 7 Summary of Outstanding Debt 8 Joint Venture Financial Information 9 Portfolio and Leasing Overview Markets & Tenant Size 12 Top 25 Tenants by ABR 13 Comparable & Non-Comparable Lease Statistics 14 Tenant Lease Expirations 15 Investment Summary Acquisitions and Dispositions 16 Development Pipeline 17 Property Summary 18 Components of Net Asset Value as of June 30, 2021 20 Glossary of Terms 21 InvenTrust Properties

Introductory Notes Supplemental Information InvenTrust Properties Corp. (“we,” the “Company,”“our,”“us,“or “InvenTrust”) is a premier Sun Belt, multi-tenant retail REIT that owns, leases, redevelops, acquires and manages grocery anchored neighborhood and community centers, as well as high-quality power centers that often have a grocery component. The Company continues to execute its strategy by investing in Sun Belt markets in assets with an essential retail profile, while exhibiting focused and disciplined capital allocation. The enclosed information should be read in conjunction with our filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, our Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under Generally Accepted Accounting Principles (“GAAP”). Cautionary Note About Forward-Looking Statements Forward-Looking Statements in this supplemental disclosure, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future and are typically identified by words such as “may,”“could,”“expect,” “intend,”“plan,”“seek,”“anticipate,”“believe,”“estimate,”“predict,”“potential,”“continue,”“objective,”“goal,”“strategy,”“likely,” “will,”“would,”“should“and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. The following factors, among others, could cause actual results and financial position and timing of certain events to differ materially from those described in the forward-looking statements: 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; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in InvenTrust’s most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this supplemental disclosure. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. 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. Notice Regarding Non-GAAP Financial Measures In addition to GAAP measures, this supplemental disclosure contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measures included in our Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of our financial performance as they may not reflect the operations of our entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties that could materially impact our results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including Supplemental Disclosure Quarter End June 30, 2021

Introductory Notes our ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate our business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, our non-GAAP measures may not be comparable to other REITs. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included in this supplemental disclosure on pages 6 and 7 and definitions of our non-GAAP measures are included in our Glossary of Terms on pages 21 and 22. Pro Rata Financial Information The Company owns a 55% interest in IAGM Retail Fund I, LLC (“IAGM“or“JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”). IAGM was formed on April 17, 2013 for the purpose of acquiring, owning, managing, supervising and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities. IAGM is the Company’s sole joint venture and is unconsolidated. Throughout this supplemental disclosure, where indicated as “pro rata” the Company has included the results from its share of its JV properties when combined with the Company’s wholly-owned properties, with the exception of property count. The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying our overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent our legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro rata interest. Accordingly, pro rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. For additional detail regarding our JV properties, see the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in each case as filed with the SEC. Reverse Stock Split We effected a one-for-ten reverse stock split effective on August 5, 2021. As a result of the reverse stock split, every ten shares of our 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. The reverse stock split had no material impact to the Company’s stockholders as voting rights per share and percentage ownership interest in the Company remained the same, except for de minimis changes as a result of the elimination of fractional shares. Unless otherwise indicated, the information in this supplement gives effect to the reverse stock split.

Summary Financial Information In thousands, except share information and per square foot amounts Financial Results Net income (loss)$ Three Months Ended June 30 2021 1,499$ 2020 (9,611) $ Six Months Ended June 30 2021 1,399$ 2020 (13,097) Net income (loss) per share 0.02 (0.13) 0.02 (0.18) FFO (page 7) 24,998 14,989 47,896 43,982 FFO per share 0.35 0.21 0.66 0.61 Core FFO (page 7) 23,887 18,939 46,005 47,328 Core FFO per share 0.33 0.26 0.64 0.66 Pro Rata Same-property NOI (page 6) 37,416 32,414 72,494 70,236 Pro Rata Same-property NOI growth 15.4% 3.2% Adjusted EBITDA (page 7) 28,314 24,335 55,000 56,125 Dividends declared per share 0.19 0.19 0.39 0.38 Aggregate distributions (as a % of Core FFO) 58.9% 72.2% 60.2% 56.9% June 30, 2021December 31, 2020 December 31, 2019 December31, 2018 Capital Information Shares outstanding As of 71,261,383 As of 71,998,634 As of 72,133,143 As of 72,908,254 Pro Rata Outstanding debt, net$ 625,562$ 688,422$ 714,053$ 711,728 Less: Pro Rata Cash (181,214) (249,854) (281,430) Pro Rata Debt Metrics (tralling 12 Months) (306,419) Pro Rata net debt$ 444,348$ 438,568$ 432,623$ 405,309 Adjusted EBITDA (trailing 12 months) $ 115,064 $ 116,190$ 137,233$ 123,355 Net debt-to-Adjusted EBITDA 3.9x 3.8x 3.2x 3.3x Fixed charge coverage 6.0x 5.5x 2.9x 4.0x Net debt to real estate assets, before depreciation 17.9% 17.7% 17.7% 16.5% Net debt to total assets, before depreciation 15.2% 14.6% 14.3% 13.1% Dividend Paid Per Share Liquidity and Credit Facility Q2 2021 $0.1955 Cash on hand, pro rata $181,214 Q1 2021 $0.1900 Available under credit facility 350,000 Q4 2020 $0.1900 Total $531,214 Q3 2020 $0.1900 Same Property Three Months Ended June 30 Same Property Six Months Ended June 30 Total Six Months Ended June 30 2021 2020 2021 2020 2021 2020 Portfolio Metrics. Pro Rata No. of properties 65 65 63 63 65 65 GLA (square feet) 9,686 9,686 9,515 9,515 9,753 9,687 Economic Occupancy 91.5% 93.6% 91.4% 93.4% 91.6% 93.6% Leased Occupancy 92.8% 94.9% 92.8% 94.8% 92.9% 94.9% ABR PSF $18.41 $17.90 $18.51 $17.99 $18.33 As of June 30, 2021 Accounts Receivable Collections, Pro Rata Collection% June 30, 2021 March 31, 2021 For the quarter ended December 31,2020 September 30, 2020 June 30, 2020 97.0% 97.1% 97.0% 95.3% 92.9% Supplemental Disclosure Quarter End June 30, 2021

Consolidated Balance Sheets In thousands, except per share amounts June Assets (i Investment properties Land$ Building and other improvements Construction in progress As ne 30, 2021 unaudited) 577,313 1,646,085 4,682 of Dece $ mber31, 2020 577,750 1,640,693 3,246 Total 2,228,080 2,221,689 Less accumulated depreciation (323,618) (292,248) 1,904,462 1,929,441 Cash, cash equivalents and restricted cash 172,111 223,770 Investment in unconsolidated entities 104,892 109,051 Intangible assets, net 85,598 95,722 Accounts and rents receivable 24,625 28,983 Deferred costs and other assets, net 22,157 20,372 Liabilities Debt, net$ Accounts payable and accrued expenses Distributions payable Intangible liabilities, net Other liabilities Total liabilities Commitments and contingencies Stockholders’ Equity Preferred stock, $0,001 par value Common stock, $0,001 par value Additional paid-in capital Distributions in excess of accumulated net income Accumulated comprehensive loss Total stockholders’ equity Total liabilities and stockholders’ equity$ 2,313,845 504,829 30,662 13,921 31,562 30,147 611,121 71 5,553,470 (3,842,249) (8,568) 1,702,724 2,313,845 $ $ $ 2,407,339 555,109 28,284 13,642 34,872 36,569 668,476 72 5,566,902 (3,815,662) (12,449) 1,738,863 2,407,339

Consolidated Statements of Operations & Comprehensive Income (Loss) In thousands, except per share information Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Income Lease income, net$50,978$ 40,718$ 100,904$ 92,002 Other property income268 208 450 399 Other fee income894 713 1,907 1,676 Total income52,140 Operating expenses Depreciation and amortization21,995 Property operating7,774 Real estate taxes8,158 General and administrative9,910 Total operating expenses47,837 Other (expense) income Interest expense, net(3,972) Loss on extinguishment of debt— Provision for asset impairment— Gain (loss) on sale of investment properties, net361 Equity in earnings (losses) of unconsolidated entities775 Other income and expense, net32 Total other (expense) income, net(2,804) Net income (loss)$1,499$ Weighted-average number of common shares outstanding, basic71,943,522 Weighted-average number of common shares outstanding, diluted72,036,326 Net income (loss) per common share, basic and diluted$0.02$ Distributions declared per common share outstanding$0.19$ Distributions paid per common share outstanding$0.20$ Comprehensive income (loss) Net income (loss)$1,499$ Unrealized (loss) gain on derivatives(138) Reclassification to net income (loss)1,078 Comprehensive income (loss)$2,439$ 41,639 22,405 6,184 7,218 8,387 44,194 (4,924) (2,543) (213) (149) 773 (7,056) (9,611) $ 72,137,317 72,137,317 (0.13) $ 0.19$ 0.19$ (9,611) $ (2,332) 745 (11,198) $ 103,261 43,682 15,783 16,291 20,261 96,017 (7,957) 880 1,395 (163) (5,845) 1,399$ 71,970,925 72,024,453 0.02 $ 0.39$ 0.38$ 1,399$ 1,755 2,126 5,280$ 94,077 44,527 13,292 15,707 15,582 89,108 (9,733) (2,543) (9,002) 244 640 2,328 (18,066) (13,097) 72,136,129 72,136,129 (0.18) 0.38 0.37 (13,097) (16,473) 600 (28,970)

Consolidated Supplemental Details of Assets and Liabilities In thousands As of June 30, 2021December 31,2020 Billed base rent, recoveries, and other revenue$9,594$ 15,122 Accounts and rents receivable total 24,625 Right of use assets, net Straight-line rent receivables15,031 13,861 Deferred cost and other assets, net Lease commissions, net11,736 Other assets2,969 Deferred costs, net4,539 Loanfees.net1,160 Right of use assets, net1,753 Total22,157 Other liabilities Deferred revenues6,995 Other liabilities2,085 Unearned income4,992 Security deposits5,194 Operating lease liabilities1,921 Financing lease liabilities459 Fair value of derivatives8,501 Total$30,147$ 28,983 10,732 3,428 2,900 1,512 1,800 20,372 7,235 3,113 6,417 4,996 1,976 673 12,159 36,569

Consolidated Supplemental Details of Operations In thousands Revenues * Base rent three $ month2 021 31,617 ended June 30 2020 32,473 $Six Months En 2021 62,607 nded J $ une 30 2020 64,918 * Real estate tax recoveries 7,281 6,127 14,275 14,011 * CAM, insurance, and other recoveries 5,830 4,909 11,768 10,305 * Ground rent income 3,258 3,271 6,514 6,462 Above/below market rent and lease inducement amortization, net 1,142 1,306 2,385 2,848 Straight line rent adjustment, net 851 141 1,491 682 * Short-term and other lease income 786 424 1,721 1,343 Termination fee income 74 112 195 241 Provision for uncollectible straight-line rent (99) (1,887) (222) (2,050) * Reversal of (provision for) uncollectible billed rent and recoveries, net 238 (6,158) 170 (6,758) Lease income, net 50,978 40,718 100,904 92,002 * Other property income 268 208 450 399 JV property management fee 488 436 1,075 1,013 JV asset management fee 296 271 567 556 JV leasing commissions 110 6 265 107 Other fee income 894 713 1,907 1,676 Total income $52,140 $41,639 $103,261 $94,077 Operating Expenses Depreciation and amortization 21,995 22,405 43,682 44,527 * Property operating and maintenance expenses 7,774 5,784 15,783 12,849 Termination fee expense — 400 — 443 Property operating expenses 7,774 6,184 15,783 13,292 * Real estate taxes 8,158 7,218 16,291 15,707 General and administrative expenses 8,169 7,545 16,578 14,925 Stock based compensation 2,400 1,497 4,980 2,042 Capitalized direct development compensation costs (659) (655) (1,297) (1,385)

General and administrative expenses 9,910 8,387 20,261 15,582

Total operating expenses $47,837$ 44,194$ 96,017$ 89,108

• Component of Net Operating Income

Same Property Net Operating Income Pro rata, in thousands Income Total income Three Months Ended 2021 d June 30 2020 Six Months Ended 2021 June 30 2020 Base rent $31,638 $32,246 $61,631 $63,838 Real estate tax recoveries 7,281 6,195 14,087 13,948 CAM, insurance, and other recoveries 5,782 4,870 11,391 10,090 Ground rent income 3,255 3,258 6,314 6,310 Short-term and other lease income 701 425 1,643 1,262 Reversal of (provision for) estimated credit loss 238 (6,160) 207 (6,653) Other property income 269 205 450 376 49,164 41,039 95,723 89,171 Operating Expenses Property operating expenses 7,776 5,758 15,477 12,554 Real estate taxes 8,157 7,179 16,099 15,456 Total operating expenses 15,933 12,937 31,576 28,010 Same Property NOI (a) 33,231 28,102 64,147 61,161 JV Same Property NOI 4,185 4,312 8,347 9,075 Pro Rata Same Property NOI $37,416 $32,414 $72,494 $70,236 % Change over Prior Period 15.4% 3.2% Same-Property count 65 63 Reconciliation of Net Income (Loss) to Pro Rata Same Property NOI Net income (loss) Adjustments $1,499 $(9,611) $1,399 $(13,097) Other income and expense, net (32) (773) 163 (2,328) Equity in (earnings) losses of unconsolidated entities (775) 149 (1,395) (640) Interest expense, net 3,972 4,924 7,957 9,733 Loss on extinguishment of debt — 2,543 — 2,543 (Gain) loss on sale of properties, net (361) 213 (880) (244) Provision for asset impairment — — — 9,002 Depreciation and amortization 21,995 22,405 43,682 44,527 General and administrative 9,910 8,387 20,261 15,582 Other fee income (894) (713) (1,907) (1,676) Adjustments to NOI(a) (1,968) 728 (3,849) (1,278) NOI from other consolidated investment properties (115) (150) (1,284) (963) Consolidated Same Property NOI $33,231 $28,102 $64,147 $61,161 Adjustments for Pro Rata Same Property NOI JV Same Property NOI at share 4,185 4,312 8,347 9,075 Pro Rata Same Property NOI $37,416 $32,414 $72,494 $70,236 (a) Adjustments to NOI include termination fee income and expense and GAAP rent adjustments.

Reconciliation of Non-GAAP Measures and Capital Expenditures In thousands, except share and per share amounts 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) Joint venture adjustments 2,086 2,372 4,156 4,760 FFO Attributable 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 P 539 2,752 1,358 3,870 Joint venture adjusting items, net i 146 760 306 956 Core FFO Applicable to Common Shares and Dilutive Securities $ 23,887 $ 18,939 $ 46,006 S 47,328 Weighted average number of common shares outstanding - basic 71,943,522 72,137,317 71,970,925 72,136,120 Effect of unvested restricted shares 92,804 53,528 Weighted average number of common shares outstanding - diluted 72,036,326 72,137,317 72,024,453 72,136, 129 FFO Applicable to Common Shares and Dilutive Securities per share $ 0.35 $ 0.21 $ 0.66 $ 0.61 Core FFO Applicable to Common Shares and Dilutive Securities per share $ 0.33 $ 0.26 $ 0.64 $ 0.66 (a) Represents our share of depreciation and amortization related to investment properties held in the JV. (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 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. (c) Represents our share of adjusting items, net, related to the JV. (d) For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating earnings per share under GAAP. For the three and six months ended 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. EBITDA. Pro Rata Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Net Income (loss) $ 1,499 $ (9,611) S 1,399 $ (13,097) Interest expense 4,780 5,900 9,695 11,915 Income tax expense (benefit) 102 22 201 (1,050) Depreciation and amortization 24,081 24,779 47,838 49,289 EBITDA 30,462 21,090 59,133 47,057 Adjustments to reconcile to Adjusted EBITDA Provision for asset impairment 9,002 (Gain) loss on sale of investment properties, net (361) 212 (880) (1.202) Non-operating income and expense, net (71) 1,869 133 1,949 Other leasing adjustments (1,716) 1,164 (3,386) (681) Adjusted EBITDA $ 28,314 $ 24.335 $ 55,000 $ 56,125 (a) Includes our consolidated entities and our pro-rata share of our JV. (b) Non-operating income and expense, net, includes other non-operating revenue and expense items which are not pertinent to measuring ongoing operating performance, such as termination fee expense, miscellaneous income, settlement income, and loss on extinguishment of debt. (c) Other leasing adjustments includes amortization of above and below market leases and straight-line rent adjustments. Capital Expenditures, Pro Rata Three Months Ended June 30 Six Months Ended June 30 2021 2020 2021 2020 Leasing and Maintenance Capital Expenditures: Tenant improvements $ 2,032 $ 1,254 $ 3,634 $ 4,229 Leasing commissions 1,298 22 2,445 1,122 Maintenance capital expenditures 1,598 1,464 3,701 2,759 Total leasing and maintenance capital expenditures 4,928 2,740 9,780 8,110 Investment in development and redevelopment projects Grand total 1,981 $ 6,909 $ 1,222 3,962 $ 3,266 13,046 $ 2,471 10.581 InvenTrust Properties Supplemental Disclosure Quarter End June 30, 2021 7

Summary of Outstanding Debt In thousands Fixed rate secured debt Fixed rate unsecured debt Variable rate unsecured debt Issuance costs, net of accumulated amortization Total consolidated debt, net Balance as of June 30, 2021 106,612 300,000 100,000 (1,783) 504,829 Ratio 21% 59% 20% n/a 100% Weighted Average Interest Rate 4.07% 2 68% 1.29% wa 2.70% Weighted Average Years to Maturity 24 2.6 2.7 nda 2.6 100% Schedule of Maturities by Year Fixed Rate Variable Rate Total Secured Unsecured Unsecured Consolidated Total JV Dept at Total Maturity Year Debt Debt Debt Debt Debt 2021 S $ $ $ $ $ 2022 22,618 22,618 22,618 2023 39,664 200,000 50,000 289,664 180,125 469,789 2024 15,700 100,000 50,000 165,700 165,700 2025 28,630 28,630 22,880 51,510 Thereafter 17,800 17,800 Issuance costs, net of amortization (1,783) (1,291) (3,074) Total 106,612 $ 300,000 $ 100,000 $ 504,829 $ 219,514 $ 724,343 (a) Weighted average term for JV debt, of which our share is 55%, is 2.7 years and weighted average rate is 2.43%. The 2023 maturities for JV debt are not inclusive of extension options available to the JV. Debt Maturities Maturity Date Interest Rate Interest Rate Type Balance as of June 30, 2021 $ 06/06/22 04/06/23 01/06/23 09/01/25 4.58% 3.49% 4.10% 3.85% Fixed Fixed Fixed Fixed Mortgages Payable Pavilion at La Quinta Renaissance Center 11 University Oaks Shopping Center The Shops at Walnut Creek Total Pooled Mortages Payable Plantation Grove Suncrest Village Total 22,618 14,289 25,375 28,630 90,912 06/05/24 06/05/24 4.24% 4.24% Foced Fixed 7,300 8,400 15,700 106,612 2.68% 2.68% Total mortgages payable Term loans $250.0 million 5 year-swapped to fixed rate $250.0 million 5 year-swapped to fixed rate $250.0 million 5 year-variable rate $150.0 million 5.5 year-swapped to fixed rate $150.0 million 5.5 year-swapped to fixed rate $150.0 million 5.5 year - variable rate Total Grand total 12/21/23 12/21/23 12/21/23 06/21/24 06/21/24 06/21/24 1.29% 2.69% 2.70% 1.29% Fixed Fixed Variable Fixed Fixed 100,000 100,000 50,000 50,000 50,000 50,000 400,000 506,612 Variable $ (a) Interest rate reflects 1-Month LIBOR plus 1.20% effective June 1, 2021. Unsecured Debt Facility Covenants (trailing 12 months) Term Loan Covenants: Leverage Ratio Borrower Fixed Charge Coverage Ratio Minimum Tangible Net Worth (in billions) Maximum Dividend Payout Maximum Secured Recourse Deb! <60.0% > 1.50 > $1.25 < 95% < 10% of Total Asset Value Q2 2021 26.1% 6.04 $1.77 53.5% For the quarter ended Q1 2021 Q4 2020 26.9% 28.4% 5.70 5.73 $1.69 $1.73 59.0% 55.0% -% -% Q3 2020 31.5% 5.35 $1.71 55.9% —% InvenTrust Properties Supplemental Disclosure Quarter End June 30, 2021 8

Joint Venture Financial Information In thousands Condensed Balance Sheets June 30 2021 As of December 31 2020 $ Assets Investment properties Land Building and other improvements Construction in progress Total Less accumulated depreciation Net investment properties Cash and cash equivalents Intangible assets, net Accounts and rents receivable Deferred costs and other assets, net Total assets Liabilities and Equity Mortgages debit, net Accounts payable and accrued expenses Intangible liabilities, net Other liabilities Total liabilities Equity Total liabilities and equity 127,969 $ 341,010 859 469,838 (85,740) 384,098 16,550 12,781 5,156 5,631 424,216 $ 127,968 337,862 732 466,562 (79,168) 387,394 47,426 13,717 6,150 5,160 459,847 219,514 7.085 4,185 2,715 233,499 190,717 424,216 $ 242,388 11,297 4,408 3,439 261,532 198,315 459,847 $ Condensed Statement of Operations June 30 2021 As of December 31 2020 $ Assets Investment properties Land Building and other improvements Construction in progress Total Less accumulated depreciation Net investment properties Cash and cash equivalents Intangible assets, net Accounts and rents receivable Deferred costs and other assets, net Total assets Liabilities and Equity Mortgages dett, net Accounts payable and accrued expenses Intangible liabilities, net Other liabilities Total liabilities Equity Total liabilities and equity 127,969 $ 341,010 859 469,838 (85,740) 384,098 16,550 12,781 5,156 5,631 424,216 S 127,968 337,862 732 466,562 (79,168) 387,394 47,426 13,717 6,150 5,160 459,847 219,514 7,085 4,185 2,715 233,499 190,717 424,216 $ 242,388 11,297 4,408 3,439 261,532 198,315 459,847 $ Condensed Statement of Operations Three Months Ended June 30 2021 2020 Six Months Ended June 30 2021 2020 $ Income Lease income, net Other property income Total income 11,356 $ 65 11,421 9,756 $ 59 9,815 22,716 $ 134 22,850 22,416 122 22,538 Expenses Depreciation and amortization Property operating Real estate taxes Asset management fee Interest expense, net Loss on extinguishment of debt Gain on sale investment properties, net Other income and expense, net Total expenses 3,793 2,056 2,298 296 1,469 4,316 1,507 2,182 271 1,775 7,557 4,129 4,670 567 3,161 14 8,658 3,372 4,608 556 3,968 8 (1,741) 139 19,568 116 10,028 49 10,100 245 20,343 Net Income ((loss)) $ 1,393 $ (285) $ 2,507 $ 2,970 Notes: Financial information on this page and pages 10 and 11 relate to our JV with AGM and is shown at 100%. See introductory note for additional details. InvenTrust Properties Supplemental Disclosure Quarter End June 30, 2021 9

Joint Venture Supplemental Details of Assets, Liabilities, and Operations In thousands June 30 2021 As of December 31 2020 $ Accounts and rents receivable Billed base rent, recoveries, and other revenue Straight-line rent receivables Total 1,165 $ 3,991 5,156 2.268 3,882 6,150 Deferred cost and other assets, net Lease commissions, net Other assets Deferred costs, net Total 3,440 54 2,137 5,631 3,169 113 1,878 5,160 Other liabilities Other liabilities Unearned Income Security deposits Fair value of derivatives Total 308 1,351 933 123 2,715 $ 476 1,528 909 526 3,439 Three Months Ended June 30 2021 2020 Six Months Ended June 30 2021 2020 $ Revenues Base rent Real estate tax recoveries CAM, Insurance, and other recoveries Ground rent income Above/below market rent and lease inducement amortization, net Short-term and other lease income Termination fee income Straight line rent adjustment, net Reversal of (provision for) uncollectible straight-line rent Reversal of (provision for uncollectible billed rent and recoveries, net Lease income, net 7,574 $ 1,658 1,112 1,142 (201) 147 102 49 8 (235) 11,356 8,407 $ 1,576 902 1,134 (677) 148 38 (44) (600) (1,128) 9,756 14,851 $ 3,300 2,297 2,180 (418) 285 261 137 (27) (150) 22,716 16,786 3,475 1,945 2,307 (787) 292 210 (51) (615) (1,146) 22.416 Other property income 65 59 134 122 Total income 11,421 9,815 22,850 22,538 Expenses Depreciation and amortization Property operating expenses Real estate taxes Asset management fee Interest expense, net Loss on extinguishment of debt Gain on sale investment properties, net Other Income and expense, net Total operating expenses 3,793 2,056 2,298 296 1,469 4,316 1,507 2,182 271 1,775 7,557 4,129 4,670 567 3,161 14 8,658 3,372 4,608 556 3,968 8 (1,741) 139 19,568 49 116 10,028 $ 245 20,343 $ $ 10,100 $ Component of Net Operating Income InvenTrust Properties Supplemental Disclosure Quarter End June 30, 2021 10

Summary of Outstanding JV Debt In thousands $ Balance as of June 30, 2021 143,805 77,000 (1,291) 219,514 Ratio 65% 35% Weighted Average Interest Rate 2.83% 1.69% Fixed rate secured debt Variable rate secured debt Issuance costs, net of accumulated amortization Total debt, net Weighted Average Years to Maturity 2.9 2.3 n/a 2.7 n/a wa $ 100% 2.43% Schedule of Maturities by Year Fixed Rate Secured Debt $ Variable Rate Secured Debt Total 103,125 77,000 180,125 Maturity Year 2021 2022 2023 2024 2025 n/a (a) Thereafter Issuance costs, net of amortization Total 22,880 17,800 22,880 17,800 (1,291) 219,514 143,805 77,000 $ (a) The 2023 maturities for JV debt are not inclusive of extension options available to the JV. Debt Maturities Maturity Date Interest Rate Interest Rate Type Balance as of June 30, 2021 $ 01/11/23 12/01/25 08/01/26 3.47% 3.88% 4.06% Fixed Fixed Fixed 28,125 22,880 17,800 68,805 Mortgages Payable Stone Ridge Market The Highlands of Flower Mound Price Plaza Total Pooled Loans Cross collateralized Cross collateralized, swapped to fixed Cross collateralized, swapped to fixed Total Grand total 11/02/23 11/02/23 11/02/23 1.65% 1.98% 1.96% Variable Fixed Fixed 77,000 45,000 30,000 152,000 $ 220,805 (a) Interest rate reflects 1-Month LIBOR plus 1.55% at June 30, 2021.InvenTrust Properties Supplemental Disclosure Quarter End June 30, 2021 11

Markets & Tenant Size Pro rata, GLA and dollar amounts in thousands, except per square foot amounts Market No. of Properties ABR ABR psf ABR as % of Total GLA GLA as % of Total Austin-Round Rock, TX 6 $ 22,610 $15.99 14.0% 1,529 15.8% Atlanta Metro Area 10 18,446 18.43 11.4% 1,058 10.8% Miami-Fort Lauderdale-Miami Beach, FL 3 16,840 21.65 10.4% 859 8.8% Dallas-Fort Worth-Arlington, TX 8 14,714 18.84 9.1% 880 9.0% Houston-Sugar Land-Baytown, TX 8 14,700 15.30 9.1% 1,116 11.4% Raleigh-Cary-Durham, NC 5 12,141 19.04 7.5% 688 7.1% So. California—Los Angeles, CA 3 9,861 20.11 6.1% 579 5.9% Tampa-St. Petersburg, FL 3 8,489 12.48 5.2% 755 7.7% Washington D.C/Richmond Metro Area 3 7,530 23.27 4.7% 360 3.7% Denver-Colorado Springs-Greeley, CO 3 7,293 16.57 4.5% 467 4.8% Orlando-Kissimmee, FL 4 7,059 21.38 4.4% 367 3.8% Charlotte-Gastonia-Concord, NC 2 6,190 19.64 3.8% 328 3.4% So. California—Inland Empire, CA 2 5,559 22.91 3.4% 246 2.5% San Antonio, TX 3 5,207 23.09 3.2% 296 3.0% So. California—San Diego, CA 2 5,184 24.89 3.2% 225 2.3% Total 65 $161,823 $18.33 100.0% 9,753 100.0% No. of ABR as GLA as State Properties ABR ABR psf % of Total GLA % of Total Texas 25 $57,231 $16.93 35.4% 3,821 39.2% Florida 10 32,388 18.11 20.0% 1,981 20.3% California 7 20,604 21.89 12.7% 1,050 10.8% Georgia 10 18,446 18.43 11.4% 1,058 10.8% North Carolina 7 18,331 19.24 11.3% 1,016 10.4% Maryland/Virginia 3 7,530 23.27 4.7% 360 3.7% Colorado 3 7,293 16.57 4.5% 467 4.8% Total 65 $161,823 $18.33 100.0% 9,753 100.0% Leased Tenant type GLA Occupancy ABR ABR PSF 20,000 SF+ a 5,352 96.6% $ 57,267 $11.14 10,000- 19,999 SF(a) 936 93.2% 15,908 19.13 5,000—9,999 SF b 744 87.3% 15,704 25.79 1 -4,999 SF (b) 2,721 86.9% 72,944 32.45 Total 9,753 92.9% $ 161,823 $18.33 Anchor Tenants(a) 6,288 96.1% $ 73,175 $12.25 Small Shops (b) 3,465 87.0% $ 88,648 $31.03 a Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants. b Tenants with square footage less than 10,000 square feet are considered Small Shops.

Top 25 Tenants by ABR In thousands Parent Name Tenant Name/Count No. of Leases Credit Rating (S&P) ABR Pro Rata Portfolio % of Total ABR G LA Pro Rata Portfolio % of Total Occ.GLA Kroger Kroger 8 / Kroger Gas 1 / Harris Teeter 3 / Ralphs 3 / King Soopers 1 16 BBB $9,333 5.8% 882 9.0% Publix Super Markets, Inc. Publix 13 / Publix Liquor 3 16 N/A 6,463 4.0% 629 6.4% Albertsons Safeway 2 / Safeway Gas 1 / Tom Thumb 2 / Market Street 2 / Albertsons 1 8 BB 4,946 3.1% 425 4.4% TJX Companies Marshalls 6 / HomeGoods 3 / TJ Maxx 3 12 A 4,304 2.7% 373 3.8% Petsmart, Inc. 9 B 2,681 1.7% 177 1.8% Best Buy 5 BBB+ 2,469 1.5% 163 1.7% Bed Bath & Beyond Inc. Bed Bath & Beyond 5 / Buy Buy Baby 3 8 B+ 2,421 1.5% 199 2.0% H.E.B. 3 N/A 2,386 1.5% 263 2.7% Ross Dress For Less Ross Dress for Less 7 7 BBB+ 2,140 1.3% 196 2.0% Whole Foods Market 4 AA 1,992 1.2% 155 1.6% Dick’s Sporting Goods, Inc. Dick’s Sporting Goods 2 / Going, Going, Gone 1 3 N/A 1,846 1.1% 171 1.8% Ulta Beauty Inc. 8 N/A 1,837 1.1% 78 0.8% Apollo Global Management, Inc. Michael’s 7 7 B 1,800 1.1% 142 1.5% Trader Joe’s 4 N/A 1,711 1.1% 51 0.5% Office Depot, Inc Office Depot 4 / OfficeMax 2 6 N/A 1,444 0.9% 92 0.9% Costco Wholesale 1 A+ 1,250 0.8% 145 1.5% Sprouts Farmers Market 2 N/A 1,239 0.8% 56 0.6% Bank of America 8 A- 1,236 0.8% 33 0.3% Massage Envy 14 N/A 1,232 0.8% 40 0.4% The Gap, Inc. Old Navy 5 5 BB- 1,191 0.7% 75 0.8% DSW, Inc. 4 N/A 1,173 0.7% 64 0.7% Wells Fargo 8 BBB+ 1,129 0.7% 27 0.3% Five Below, Inc. 7 N/A 1,058 0.7% 63 0.6% Petco Animal Supplies Stores, Inc. 6 B 1,037 0.6% 65 0.7% Walgreens 4 BBB 929 0.6% 47 0.5% Totals 175 $59,247 36.8% 4,611 47.3% Tenant Merchandise Mix Tenant Category ABR Pro Rata Portfolio % of Total ABR Grocery/Drug Stores $33,371 20.5% Soft Goods 29,464 18.2% Quick Service Restaurants 18,458 11.4% Personal Health and Beauty Services 18,143 11.2% Full Service Restaurants 13,354 8.3% Medical 12,565 7.8% Office/Communications 7,143 4.4% Banks 7,113 4.4% Pet Supplies 5,475 3.4% Other 5,469 3.4% Fitness 4,518 2.8% Other Essential Retail/Services 3,710 2.3% Entertainment 1,640 1.0% Hardware/Auto 1,400 0.9% $161,823 100.0%

Comparable & Non-Comparable Lease Statistics Pro Rata, GLA in thousands No. of Leases Executed GLA ABR PSF Prior ABR PSF % Change over Prior Lease WA Lease Term (Years) Tenant Improvement Allowance ($ PSF) Lease Commissions ($ PSF) Comparable Leases Total New and Renewal Leases Q2 2021 56 329 $19.38 $18.68 3.7% 5.5 $3.18 $0.32 Q1 2021 59 235 21.58 21.78 (0.9)% 6.1 2.20 1.22 Q4 2020 48 333 15.84 17.23 (8.1)% 4.6 2.17 1.41 Q3 2020 69 223 23.31 22.43 3.9% 4.3 1.99 0.40 Total 232 1,120 $19.57 $19.64 (0.4)% 5.1 $2.44 $0.85 No. of Leases Executed GLA ABR PSF Prior ABR PSF % Change over Prior Lease WA Lease Term (Years) Tenant Improvement Allowance ($ PSF) Lease Commissions ($ PSF) New Leases Q2 2021 6 25 $18.99 $16.23 17.0% 9.7 $17.48 $4.22 Q1 2021 11 25 27.73 26.50 4.6% 9.0 18.81 11.41 Q4 2020 7 41 20.21 28.03 (27.9)% 9.6 16.55 11.53 Q3 2020 5 10 30.83 30.13 2.3% 7.5 28.49 8.96 Total 29 101 $22.80 $24.89 (8.4)% 9.3 $18.48 $9.43 No. of Leases Executed GLA ABR PSF Prior ABR PSF % Change over Prior Lease WA Lease Term (Years) Tenant Improvement Allowance ($ PSF) Lease Commissions ($ PSF) Renewals Q2 2021 50 304 $19.42 $18.88 2.9% 5.2 $2.01 — Q1 2021 48 210 20.84 21.21 (1.7)% 5.7 0.22 — Q4 2020 41 292 15.23 15.73 (3.2)% 4.0 0.17 — Q3 2020 64 213 22.98 22.08 4.1% 4.2 0.81 0.02 Total 203 1,019 $19.25 $19.13 0.6% 4.7 $0.86 — No. of Leases Executed GLA ABR PSF WA Lease Term (Years) Tenant Improvement Allowance ($ PSF) Lease Commissions ($ PSF) Non-Comparable Leases Q2 2021 22 80 $25.08 7.3 $11.28 $7.38 Q1 2021 16 117 15.39 11.8 9.28 2.63 Q4 2020 17 40 26.84 7.4 19.88 7.34 Q3 2020 23 56 24.36 6.2 19.63 6.99 Total 78 293 $21.39 8.9 $13.25 $5.40

Tenant Lease Expirations Pro Rata, GLA and ABR in thousands, except per square foot amounts Anchor Tenants No. of GLA of Percent of Lease Expiring Expiring Leases Total GLA of ABR of Percent of Expiring Expiration Year Leases (square feet) Expiring Leases Expiring Leases Total ABR ABR PSF 2021 — — —% $ — —% $0.00 2022 28 789 13.1% 9,211 12.1% 11.67 2023 19 570 9.5% 6,463 8.6% 11.34 2024 28 681 11.4% 9,037 12.0% 13.27 2025 21 758 12.7% 8,529 11.3% 11.25 2026 16 364 6.1% 4,364 5.8% 11.99 2027 23 786 13.1% 12,208 16.2% 15.53 2028 13 280 4.7% 4,118 5.5% 14.71 2029 9 289 4.8% 3,501 4.6% 12.11 2030 8 215 3.6% 3,124 4.1% 14.53 Thereafter 30 1,256 21.0% 14,925 19.8% 11.88 Other(b) — — —% — —% — Sub total 195 5,988 100% $ 75,480 100% $12.61 Vacant space 302 Total 6,290 Small Shops 2021 55 112 3.8% $ 3,096 3.2% $27.64 2022 177 358 12.1% 10,644 10.9% 29.73 2023 184 378 12.9% 11,634 11.9% 30.78 2024 166 395 13.4% 12,267 12.5% 31.06 2025 160 346 11.8% 11,068 11.3% 31.99 2026 149 356 12.1% 12,153 12.4% 34.14 2027 104 274 9.3% 10,404 10.6% 37.97 2028 66 155 5.3% 5,686 5.8% 36.68 2029 80 219 7.4% 7,426 7.6% 33.91 2030 65 152 5.2% 5,968 6.1% 39.26 Thereafter 52 168 5.7% 6,800 6.9% 40.48 Other(b) 14 28 1.0% 827 0.8% 29.54 Totals 1,272 2,941 100% $ 97,973 100% $33.31 Vacant space 522 Total 3,463 Total Pro Rata 2021 55 112 1.3% $ 3,096 1.8% $27.64 2022 205 1,147 12.7% 19,855 11.5% 17.31 2023 203 948 10.6% 18,097 10.4% 19.09 2024 194 1,076 12.1% 21,304 12.3% 19.80 2025 181 1,104 12.4% 19,597 11.3% 17.75 2026 165 720 8.1% 16,517 9.5% 22.94 2027 127 1,060 11.9% 22,612 13.0% 21.33 2028 79 435 4.9% 9,804 5.7% 22.54 2029 89 508 5.7% 10,927 6.3% 21.51 2030 73 367 4.1% 9,092 5.2% 24.77 Thereafter 82 1,424 15.9% 21,725 12.5% 15.26 Other(b) 14 28 0.3% 827 0.5% 29.54 Totals 1,467 8,929 100% $ 173,453 100% $19.43 Vacant space 824 Total 9,753 (a) No. of expiring leases includes JV properties at 100%. (b) [GRAPHIC APPEARS HERE]Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases. Supplemental Disclosure Quarter End June 30, 2021

Dollars and GLA in thousands, except per square (a) foot amounts Acquisitions and Dispositions OwnershipDateProperty Name Market Acquisition Price GLA Percent Leased Anchor Tenants None for the six months ended June 30, 2021 Dispositions (a) Ownership Date Property Name Market Disposition Price GLA Percent Leased Anchor Tenants 100%02/28/21Sonterra VillageSan Antonio, TX$ 616N/AN/AN/A 100%03/14/21Eldridge Town CenterHouston-Sugar Land-Baytown, TX133N/AN/AN/A 100%03/31/21Windward CommonsAtlanta Metro Area150N/AN/AN/A 100%06/30/21Eldridge Town CenterHouston-Sugar Land-Baytown, TX418N/AN/AN/A $ 1,317 (a) Dispositions for the six months ended June 30, 2021 were related to completions of partial condemnations at three retail properties.

Development Pipeline In thousands Active Redevelopments Ownership Property Name Market Project Description Estimated Completion Quarter(a) Projected Incremental Costs Costs to Date Estimated Incremental Yield on Cost 100% Custer Creek Dallas-Fort Worth- Modernization of center to include facade 3Q-2021 $1,100 $1,100 Arlington, TX and common area enhancements. 100% Suncrest Village Orlando-Kissimmee, FL Redevelopment of center includes demolition and expansion of the Publix grocery store, upgrading the facade, signage enhancement and common area improvements. 2Q—2022 $7,500 $1,100 100% Eldridge Town Center Houston-Sugar Demolition and reconstruction of a fuel 3Q-2021 $2,600 $500 Land-Baytown, TX facility, a former bank building, and ground up construction of a new fuel facility and a freestanding building with drive-through. 55% Cyfair Town Center Houston-Sugar Renovation and re-merchandising of center to 3Q—2022 $3,800 $200 Land-Baytown, TX include facade and common area enhancements, upgraded signage and rebranding. Totals $15,000 $2,900 7-10% (a) The timing of estimated completion of our projects and the may be impacted by factors outside of our control, including government restrictions and/or social distancing requirements of construction projects due to the COVID-19 pandemic. Recently Completed Redevelopments Project Description Completion Quarter Incremental Costs Costs to Date Incremental Yield Ownership Property Name Market 100%Shops at Walnut Creek Denver-Colorado Springs-Greeley, CO Ground up development of a multitenant outparcel building with a drive- through. 2Q—2020 $3,800 $3,800 8% Potential Developments Ownership Property Name Market Project Description 100% Cary ParkTown Center Raleigh-Cary-Durham, NC Ground up development of a fuel pad for Harris Teeter. 100% Eldridge Town Center Houston-Sugar Land-Baytown, TX Demolition of a former auto repair facility and construction of a freestanding building for a single entity user. 100% Gateway Market Center Tampa-St. Petersburg, FL Extensive repositioning and reconfiguration of the shopping center to right size anchor space, add freestanding buildings and improve vehicular access. 100% Garden Village So. California-Los Angeles, CA Demolition of outparcel buildings and reconstruction for freestanding buildings with drive- throughs. 100% Kyle Marketplace Austin-Round Rock,TX Densification of the site including additional outparcel developments. 100% Southern Palm Crossing Miami-Fort Lauderdale- Miami Beach, FL Redevelopment of a former bank building for Starbucks with a drive-through. 100% Antoine Town Center Houston-Sugar Land-Baytown, TX Densification of the site including additional outparcel developments. 100% Sarasota Pavilion Tampa-St. Petersburg, FL Redevelopment of a former bank building for a multi-tenant building with a drive-through. 100% The Center on Hugh Howell Altanta Metro Re-merchandise an anchor store with multiple retailers. 100% Westpark Shopping Center Washington D.C./ Richmond Metro Area Densification of the site with a ground up development of a freestanding multi-tenant building. 100% River Oaks Shopping Center So. California-Los Angeles, CA Redevelopment of an outparcel and common area improvements. 100% Buckhead Crossing Atlanta Metro Remerchandising of the shopping center including facade and common area enhancements, anchor space repositioning and addition of a freestanding building. 100% Sycamore Commons Charlotte-Gastonia- Concord, NC Repositioning and reconfiguration of the shopping center including facade and common area improvements and added freestanding buildings. Supplemental Disclosure Quarter End June 30, 2021

Property Summary GLA in thousands No. Name Ownership Market State Center Type (a) GLA (b) Leased Occupancy ABR PSF Grocery Anchor (c) Major Anchors(d) 1 Antoine Town Center 100% Houston-Sugar Land- Baytown TX N 110 96.3% $13.86 Yes Kroger 2 Bay Colony 55% Houston-Sugar Land- Baytown TX C 416 85.4% $15.92 Yes HEB, Kohl’s, Petco, Social Security Administration, The University of Texas Medical Branch, Walgreens 3 Bear Creek Village Center 100% So. California—Inland Empire CA N 80 98.1% $24.70 Yes Stater Brothers 4 BentTree Plaza 100% Raleigh-Cary-Durham NC N 80 98.7% $14.14 Yes Food Lion 5 Blackhawk Town Center 55% Houston-Sugar Land- Baytown TX N 127 99.1% $13.91 Yes HEB, Walgreens 6 Buckhead Crossing 100% Atlanta Metro Area GA P 222 99.3% $20.79 No HomeGoods, Marshalls, Michaels, Office Depot, Ross Dress for Less,TheTile Shop 7 Campus Marketplace 100% So. California—San Diego CA N 144 96.2% $29.79 Yes Ralphs, CVS, Discovery Isle Child Development Center 8 Cary ParkTown Center 100% Raleigh-Cary-Durham NC N 93 98.2% $16.22 Yes Harris Teeter, CVS 9 Centerplace of Greeley 100% Denver—Colorado Springs - Greeley CO C 152 100.0% $17.51 Yes Safeway, Target Famous Footwear, Ross Dress for Less 10 Cheyenne Meadows 100% Denver—Colorado Springs—Greeley CO N 90 96.1% $11.66 Yes King Soopers 11 Commons at University Place 100% Raleigh-Cary-Durham NC N 92 98.6% $16.10 Yes Harris Teeter, CVS 12 Coweta Crossing 100% Atlanta Metro Area GA N 68 100.0% $10.74 Yes Publix 13 Custer Creek Village 100% Dallas-Fort Worth-Arlington TX N 94 92.8% $14.51 Yes Tom Thumb 14 Cyfair Town Center 55% Houston-Sugar Land- Baytown TX C 434 83.6% $15.70 Yes Kroger, Cinemark USA, J.C. Penney 15 Eldorado Marketplace 100% Dallas-Fort Worth-Arlington TX C 189 92.5% $23.01 Yes Market Street, Petsmart, Phenix Salon Suites 16 Eldridge Town Center & Windemere Village 100% Houston-Sugar Land- Baytown TX c 177 84.8% $17.01 Yes Kroger, Petco, Kohl’s 17 Garden Village 100% So. California—Los Angeles CA N 117 94.5% $17.13 Yes Albertson’s, Rite Aid 18 Gateway Market Center 100% Tampa-St. Petersburg FL P 231 99.1% $10.34 Yes Publix,Target Beall’s, HomeGoods, Party City, Petsmart, TJ Maxx, Tuesday Morning 19 Kennesaw Marketplace 100% Atlanta Metro Area GA C 130 100.0% $32.83 Yes Whole Foods Market, Academy Sports + Outdoors Guitar Center Hobby Lobby, Petco 20 Kroger Tomball 100% Houston-Sugar Land- Baytown TX N 74 100.0% $8.96 Yes Kroger 21 Kyle Marketplace 100% Austin-Round Rock TX C 226 98.7% $16.42 Yes HEB 22 Lakeside & Lakeside Crossing 100% Orlando-Kissimmee FL N 76 96.1% $46.06 Yes Trader Joe’s 23 Market at Westlake 100% Austin-Round Rock TX N 30 100.0% $21.18 No Walgreens 24 Northcross Commons 100% Charlotte-Gastonia- Concord NC N 63 91.0% $24.86 Yes Whole Foods Market 25 Old Grove Marketplace 100% So. California-San Diego CA N 81 96.3% $16.14 Yes Ralphs, Lowe’s 26 Pavilion At LaQuinta 100% So. California-Inland Empire CA P 166 99.3% $22.0 Yes Sprouts Farmers Market, Bed Bath & Beyond, Best Buy, DSW, OfficeMax 27 Peachland Promenade 100% Tampa-St. Petersburg FL N 177 91.2% $13.77 Yes Publix, Goodwill, Planet Fitness 28 PGA Plaza Palm Beach Gardens 100% Miami-Ft Lauderdale-West Palm FL C 120 98.2% $31.39 Yes Trader Joe’s, Marshalls,Ulta 29 Plantation Grove 100% Orlando-Kissimmee FL N 74 97.1% $13.75 Yes Publix 30 Plaza Midtown 100% Atlanta Metro Area GA N 70 96.9% $25.85 Yes Publix 31 Prestonwood Town Center 55% Dallas-Fort Worth-Arlington TX P 233 83.5% $21.66 Yes Walmart, Barnes & Noble, Best Buy, DSW, Michaels, Office Depot, Petco, Ulta 32 Price Plaza 55% Houston-Sugar Land- Baytown TX P 206 95.0% $15.53 Yes Sam’s Club, Walmart, BestBuy, dd’s Discounts, Home Depot Jo-Ann Fabrics, K&G Superstore, Ross Dress for Less, Shoe Carnival 33 Renaissance Center 100% Raleigh-Cary-Durham NC P 363 91.1% $22.25 No Ashley HomeStore, Best Buy, Cost Plus, Nordstrom Rack, Old Navy, REI, Ulta, UNC Health Care 34 Rio Pinar Plaza 100% Orlando-Kissimmee FL N 124 95.2% $17.86 Yes Publix, Planet Fitness 35 River Oaks 100% So. California—Los Angeles CA C 275 92.9% $18.54 Yes Sprouts Farmers Market, Target, Buy Buy Baby, Ulta 36 Riverview Village 100% DaIlas-Fort Worth-Arlington TX N 89 96.9% $12.57 Yes Tom Thumb, Petco 37 Riverwalk Market 100% Dallas-Fort Worth-Arlington TX N 90 96.8% $20.66 Yes Market Street 38 Rose Creek 100% Atlanta Metro Area GA N 70 94.8% $10.49 Yes Publix

Property Summary GLA in thousands No. Name Ownership Market State Center Type (a) GLA (b) Leased Occupancy ABR PSF Grocery Anchor (c) Major Anchors (d) 39 Sandy Plains Centre 100% Atlanta Metro Area GA c 131 94.7% $22.06 Yes Kroger, Pet Supplies Plus, Walgreens 40 Sarasota Pavilion 100% Tampa-St. Petersburg FL p 347 85.9% $13.44 Yes Publix, Bank of America, Beall’s, Bed Bath & Beyond, Marshalls, Michaels, Petsmart, Ross Dress for Less, SunTrust Bank 41 Scofield Crossing 100% Austin-Round Rock TX N 95 98.7% $16.98 Yes Hana World Market, Goodwill 42 Shops at FairviewTown Center 100% Dallas-Fort Worth-Arlington TX N 67 83.2% $23.03 Yes Whole Foods Market 43 Shops at Galleria 100% Austin-Round Rock TX P 537 91.4% $13.77 No Best Buy, Cost Plus, Home Consignment Center, HomeGoods, Lowe’s, Marshalls, Michaels, OfficeMax, Old Navy, Petsmart, Spec’s Wine Spirits & Finer Foods 44 Sonterra Village 100% San Antonio TX N 42 96.8% $32.66 Yes Trader Joe’s 45 South Frisco Village 55% Dallas-Fort Worth-Arlington TX P 227 91.6% $14.07 No Bed Bath & Beyond, Buy Buy Baby, Jo- Ann Fabrics, Office Depot, Painted Tree Marketplace 46 Southern Palm Crossing 100% Miami-Ft Lauderdale-West Palm FL P 346 93.7% $15.55 Yes Costco Wholesale, Going Going Gone, Marshalls 47 Stables Town Center 55% Houston-Sugar Land- Baytown TX N 191 87.4% $18.09 Yes Kroger, Walgreens 48 Stevenson Ranch 100% So. California—Los Angeles CA C 187 77.5% $24.82 Yes Ralphs, L.A. Fitness, PetSmart 49 Stone Ridge Market 55% San Antonio TX C 218 89.1% $22.87 Yes HEB Plus Burlington, Petsmart 50 Suncrest Village 100% Orlando-Kissimmee FL N 93 96.7% $13.47 Yes Publix, Orange County Tax Collector 51 Sycamore Commons 100% Charlotte-Gastonia- Concord NC P 265 100.0% $18.47 Yes Costco Wholesale Bed Bath & Beyond, Best Buy, Cost Plus World Market, Dick’s Sporting Goods, Lowe’s Michaels, Old Navy, Ulta 52 The Center on Hugh Howell 100% Atlanta Metro Area GA N 83 98.0% $11.65 Yes Publix 53 The Highlands of Flower Mound 55% Dallas-Fort Worth-Arlington TX P 175 90.8% $19.34 Yes Target Bed Bath & Beyond, Cost Plus World Market, Party City, Skechers 54 The Parke 100% Austin-Round Rock TX P 406 98.6% $15.64 Yes Whole Foods Market, Buy Buy Baby, Cost Plus World Market, Dick’s Sporting Goods, DSW, Marshalls, Michaels, Nordstrom, Old Navy, Petco, Tuesday Morning, Ulta 55 The Pointe at Creedmoor 100% Raleigh-Cary-Durham NC N 60 100.0% $16.75 Yes Harris Teeter 56 The Shops at Town Center 100% Washington D.C / Richmond Metro Area MD N 125 98.1% $29.5 Yes Safeway 57 The Shops at Walnut Creek 100% Denver—Colorado Springs—Greeley CO P 225 91.2% $17.96 Yes Target Dollar Tree, Michaels, Old Navy, Petsmart, TJ Maxx 58 Thomas Crossroads 100% Atlanta Metro Area GA N 105 93.1% $8.92 Yes Kroger 59 Travilah Square Shopping Center 100% Washington D.C / Richmond Metro Area MD N 58 71.5% $48.34 Yes Trader Joe’s 60 Trowbridge Crossing 100% Atlanta Metro Area GA N 63 94.9% $11.78 Yes Publix 61 University Oaks 100% Austin-Round Rock TX P 236 81.5% $20.56 No DSW, Ikea JC Penney Jo-Ann Fabrics, Petsmart, Ross Dress for Less, Spec’s Wine Spirits & Finer Foods 62 Westfork & Paraiso 100% Miami-Ft Lauderdale-West Palm FL N 393 91.8% $24.09 Yes Costco Wholesale, Publix, Pembroke Pink Imaging, Baptist Outpatient Services, Dollar Tree, Petco, Regal Cinemas, Ross Dress for Less,TJ Maxx, Ulta 63 Westover Marketplace 55% San Antonio TX P 243 64.0% $19.21 Yes Target Office Depot, Petsmart, Ross Dress for Less 64 Westpark 100% Washington D.C / Richmond Metro Area VA C 177 96.9% $13.97 Yes Publix, Christmas Tree Shops, Planet Fitness, The Tile Shop 65 Windward Commons 100% Atlanta Metro Area GA N 117 99.9% $14.85 Yes Kroger Totals with JV at 100% 10,865 92.1% $18.24 Totals, Pro Rata 9,753 92.9% $18.33 (a) N = Neighborhood center, P = Power Center, C = Community Center (b) The GLA of properties owned by our unconsolidated joint venture are included at 100%. (c) Grocers may be leased or shadow-anchors and includes traditional, specialty grocers, and large format retailers (i.e. Walmart, Target, and Costco). (d) Grocers listed first and bolded, remaining anchor tenants are shown alphabetically. Shadow anchors are noted with an asterisk.

Components of Net Asset Value as of June 30, 2021 In thousands, except share information NOI Excludina Termination Fee Income and Exoense. and GAAP Rent Adjustments. Current Quarter Page No. Consolidated NOI $ 33,346 5 Ground rent income (3,258) 5 JV NOI at share (a) 4,178 10 JV Ground rent income at share (628) 10 Consolidated NOI, excluding ground rent income 30,088 JV NOI at share, excluding ground rent income 3,550 Annualized Consolidated NOI, excluding ground rent income 120,352 Annualized JV NOI at share, excluding ground rent income 14,200 Annualized ground rent income 15,544 Projected remainina development cash NOI Net Consolidated Project Costs 8,500 17 Net JV Project Costs at share 1,980 17 Estimated Range for Incremental Yield 7-10% 17 Fee Income Third Party Management Fees & Commissions 894 5 Other Assets Cash and Cash Equivalents 172,111 2 Tenant and Other Receivables 9,594 4 Undeveloped Land — Land Held for Development — Total JV Other Assets, at share (b) 9,744 9, 10 Liabilities Debt 506,612 2 Issuance Costs, net of Accumulated Amortization (1,783) 8 Accounts Payable and Accrued Expenses 30,662 2 Other Liabilities 30,147 2 Projected Remaining Development 8,500 17 Total JV Liabilities, at share (c) 128,102 9, 11, 17 Common Shares Outstanding 71,261,383 1 (a) Includes elimination of our share of the management fee expense of $488 for the three months ended June 30, 2021. (b) Total JV other assets, at share, includes the JV’s share of cash and cash equivalents and tenant and other receivables. (c) Total JV liabilities, at share, includes the JV’s share of mortgage debt, issuance costs, net of accumulated amortization, accounts payable and accrued expenses, other liabilities, and projected remaining development. Supplemental Disclosure Quarter End June 30, 2021

Glossary of Terms Terms Definitions ABR Per Square Foot (ABR PSF) ABR PSF is the ABR divided by the occupied square footage for that period. Adjusted EBITDA Our non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, transaction expenses, straight-line rent adjustments, amortization of above and belowmarket leases and lease inducements, and other unique revenue and expense items which are not pertinent to measuring our on-going operating performance. Adjustments for our joint ventures are calculated to reflect our proportionate share of the joint venture’s Adjusted EBITDA on the same basis. Annualized Base Rent (ABR) Annualized Base Rent (ABR) is the base rent for the period multiplied by twelve months. Base rent is inclusive of ground rent and any abatement concessions, but excludes Specialty Lease income. Anchor Tenant Tenants with square footage greater than or equal to 10,000 square feet are considered Anchor Tenants. Community Center Community Centers are generally open air and designed for tenants that offer a larger array of apparel and other soft goods. Typically, community centers contain anchor stores and other national retail tenants. Comparable Lease A comparable lease meets all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to 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. Earnings Before Interest,Taxes, Depreciation, and Amortization Our non-GAAP measure of Earnings Before Interest,Taxes, Depreciation, and Amortization (EBITDA) is net income (or loss) in accordance with GAAP, plus federal and state tax expense, interest expense, and depreciation and amortization. Adjustments for our joint ventures are calculated to reflect our proportionate share of the joint venture’s EBITDA on the same basis. Economic Occupancy Upon Rent Commencement Date, the percentage of occupied GLA divided by total GLA. For purposes of calculating occupancy, Specialty Lease GLA is deemed vacant. Gross Leasable Area (GLA) Measure of the total amount of leasable space at a property in square feet. Leased Occupancy Economic Occupancy plus the percentage of signed and not yet commenced GLA divided by total GLA. NAREIT Funds From Operations (FFO) and Core FFO Our non-GAAP measure of Funds from Operations (“FFO”), based on the National Association of Real Estate InvestmentTrusts (“NAREIT”) definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for our joint ventures are calculated to reflect our proportionate share of the joint venture’s FFO on the same basis. Core Funds From Operations is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Core FFO 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. Neighborhood Center Neighborhood Centers are convenience oriented with tenants such as a grocery store anchor, a drugstore, and other small retailers. Net Debt-to-Adjusted EBITDA Net Debt-to-Adjusted EBITDA is Pro Rata net debt divided by Adjusted EBITDA on a trailing twelve month basis. Net Operating Income (NOI) NOI 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 (losses) earnings and (impairment), net, 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).

Glossary of Terms New Lease New Leases are classified as leases where a new tenant will be occupying a unit or an existing tenant is relocating from one unit to another (unless the tenant is moving from a temporary space back to the original unit). Non-Same Property Properties classified as non-same properties have not been owned for the entirety of the periods presented. Power Center Power Centers consist of category-dominant anchors, such as discount department stores, off-price stores, or wholesale clubs, with only a few small shop tenants. Prior Contractual Rent Base rent charged for a particular unit, prior to the current term’s first year rent. If the prior lease terminated prior to the contractual expiration date, the prior contractual rent amount is the rent charged in the final month of occupancy. Pro Rata Where appropriate, the Company has included the results from its ownership share of its joint venture properties when combined with the Company’s wholly-owned properties, defined as “Pro Rata,” with the exception of property count. Pro Rata Net Debt Pro rata net debt is total outstanding debt, net, less cash and cash equivalents, including our share of the JV. Renewal Lease Terms have been extended on an existing lease in the same unit. This may happen via an amendment, extension agreement or exercised option. Same-Property Information provided on a same-property basis includes the results of properties that were owned and operated for the entirety of both periods presented. Small Shop Tenant Tenants with square footage less than 10,000 square feet are considered Small Shops. Specialty Lease 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 per square foot. Wholly-owned Wholly-owned properties are those properties owned outright by the Company and does not include properties owned through an investment in a joint venture. InvenTust Properties

InvenTrust Properties Essential Retail. Smart Locations. 3025 Highland Parkway, Suite 350 • Downers Grove, IL 60515 • 630.570.0700 • www.lnvenTrustProperties.com

Exhibit 99.2

999 999999 999999

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