(b)                    (758)       (2,612)       (1,033)       (1,821) 
      Unconsolidated 
       joint venture 
       adjusting 
       items, net 
       (c)                      --            80            --           (92) 
                        ----------    ----------    ----------    ---------- 
         Core FFO 
          Applicable 
          to Common 
          Shares and 
          Dilutive 
          Securities   $    33,547   $    27,793   $   122,769   $   111,858 
                        ==========    ==========    ==========    ========== 
 
Weighted average 
 common shares 
 outstanding - basic    77,222,248    67,563,908    70,394,448    67,531,898 
Dilutive effect of 
 unvested restricted 
 shares (d)                792,224       527,004       616,120       281,282 
                        ----------    ----------    ----------    ---------- 
Weighted average 
 common shares 
 outstanding - 
 diluted                78,014,472    68,090,912    71,010,568    67,813,180 
 
   Net income per 
    diluted share      $      0.13   $      0.04   $      0.19   $      0.08 
   Nareit FFO per 
    diluted share      $      0.45   $      0.45   $      1.78   $      1.70 
   Core FFO per 
    diluted share      $      0.43   $      0.41   $      1.73   $      1.65 
 
 
(a)   Reflects the Company's share of adjustments for IAGM's Nareit FFO on the 
      same basis as InvenTrust. 
(b)   Reflects items which are not pertinent to measuring on-going operating 
      performance, such as miscellaneous and settlement income, and basis 
      difference recognition arising from acquiring the four remaining 
      properties of IAGM in 2023. 
(c)   Reflects the Company's share of adjustments for IAGM's Core FFO on the 
      same basis as InvenTrust. 
(d)   For purposes of calculating non-GAAP per share metrics, the Company 
      applies the same denominator used in calculating diluted earnings per 
      share in accordance with GAAP. 
 
 
Reconciliation of Non-GAAP Measures, continued 
In thousands 
 
EBITDA and Adjusted EBITDA 
 
The following table presents a reconciliation of Net Income to 
EBITDA and Adjusted EBITDA, and provides additional information 
related to its operations: 
 
                        Three Months Ended        Year Ended 
                            December 31           December 31 
                        ------------------  ---------------------- 
                          2024      2023      2024       2023 
                         ------    ------    -------    ------- 
Net income              $ 9,799   $ 2,890   $ 13,658   $  5,269 
   Interest expense, 
    net                   8,356     9,697     37,100     38,138 
   Income tax expense       140       129        543        517 
   Depreciation and 
    amortization         28,856    28,091    113,948    113,430 
   Unconsolidated 
    joint venture 
    adjustments (a)          --        --         --        417 
                         ------    ------    -------    ------- 
     EBITDA              47,151    40,807    165,249    157,771 
       Impairment of 
       real estate 
       assets                --        --      3,854         -- 
       Gain on sale of 
        investment 
        properties, 
        net              (3,523)       --     (3,857)    (2,691) 
       Amortization of 
        market-lease 
        intangibles 
        and 
        inducements, 
        net                (740)     (626)    (2,804)    (3,343) 
       Straight-line 
        rent 
        adjustments, 
        net                (748)     (857)    (3,400)    (3,349) 
       Non-operating 
        income and 
        expense, net 
        (b)                (758)   (2,612)    (1,033)    (1,821) 
       Unconsolidated 
        joint venture 
        adjusting 
        items, net 
        (c)                  --        80         --       (108) 
                         ------    ------    -------    ------- 
         Adjusted 
          EBITDA        $41,382   $36,792   $158,009   $146,459 
                         ======    ======    =======    ======= 
 
 
(a)   Reflects the Company's share of adjustments for IAGM's EBITDA on the 
      same basis as InvenTrust. 
(b)   Reflects items which are not pertinent to measuring on-going operating 
      performance, such as miscellaneous and settlement income, and basis 
      difference recognition arising from acquiring the four remaining 
      properties of IAGM in 2023. 
(c)   Reflects the Company's share of adjustments for IAGM's Adjusted EBITDA 
      on the same basis as InvenTrust. 
 
 
Financial Leverage Ratios 
Dollars in thousands 
 
The following table presents the calculation of net debt and Net 
Debt-to-Adjusted EBITDA: 
 
                                                  As of December 31 
                                             --------------------------- 
                                                   2024        2023 
                                                 --------    -------- 
Net Debt: 
  Outstanding Debt, net                       $   740,415   $ 814,568 
    Less: Cash and cash equivalents               (87,395)    (96,385) 
                                                 --------    -------- 
      Net Debt                                $   653,020   $ 718,183 
                                                 ========    ======== 
 
Net Debt-to-Adjusted EBITDA (trailing 12 
months): 
      Net Debt                                $   653,020   $ 718,183 
Adjusted EBITDA                                   158,009     146,459 
                                                 --------    -------- 
  Net Debt-to-Adjusted EBITDA                         4.1x          4.9x 
 

About InvenTrust Properties Corp.

InvenTrust Properties Corp. (the "Company," "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential 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. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.inventrustproperties.com.

The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under GAAP. The information provided in this press release is unaudited and includes non-GAAP measures (as discussed herein), and there can be no assurance that the information will not vary from the final information in the Company's Form 10-K for the year-ended December 31, 2024. IVT may, but assumes no obligation to, update information in this press release.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this press release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should, " "could," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.

The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; 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 management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company'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.

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