Company Quick10K Filing
InvenTrust Properties
Price-0.00 EPS0
Shares729 P/E-0
MCap-0 P/FCF-0
Net Debt-119 EBIT45
TEV-119 TEV/EBIT-3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
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10-K 2015-12-31 Filed 2016-03-18
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10-K 2014-12-31 Filed 2015-03-27
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10-Q 2014-03-31 Filed 2014-05-13
10-K 2013-12-31 Filed 2014-03-13
10-Q 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-03-13
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-03-08
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-14
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-06-09
8-K 2020-05-07
8-K 2020-04-13
8-K 2020-03-26
8-K 2020-03-18
8-K 2020-03-06
8-K 2020-01-17
8-K 2020-01-15
8-K 2019-11-12
8-K 2019-11-01
8-K 2019-11-01
8-K 2019-10-07
8-K 2019-07-08
8-K 2019-06-26
8-K 2019-06-14
8-K 2019-05-20
8-K 2019-05-09
8-K 2019-05-09
8-K 2019-05-08
8-K 2019-04-05
8-K 2019-03-06
8-K 2019-01-22
8-K 2019-01-07
8-K 2018-12-31
8-K 2018-11-07
8-K 2018-10-09
8-K 2018-10-05
8-K 2018-08-27
8-K 2018-08-09
8-K 2018-07-09
8-K 2018-07-06
8-K 2018-06-05
8-K 2018-05-09
8-K 2018-05-09
8-K 2018-05-09
8-K 2018-04-06
8-K 2018-01-19
8-K 2018-01-05

IVTP 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ivtp331202010-qexh311.htm
EX-31.2 ivtp331202010-qexh312.htm
EX-32.1 ivtp331202010-qexh321.htm
EX-32.2 ivtp331202010-qexh322.htm

InvenTrust Properties Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
1.40.90.4-0.0-0.5-1.02012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
COMMISSION FILE NUMBER: 000-51609
INVENTRUST PROPERTIES CORP.
(Exact name of registrant as specified in its charter)
Maryland
 
34-2019608
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
3025 Highland Parkway,
Suite 350
Downers Grove,
Illinois
 
60515
(Address of principal executive offices)
 
(Zip Code)
(855)
377-0510
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
  
 
Accelerated filer
  
 
 
 
 
 
Non-accelerated filer
  
 
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Exchange Act: None
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
 
 
 
 
 
N/A
 
N/A
 
N/A
Securities registered pursuant to Section 12(g) of the Act: Common Stock
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No
As of May 1, 2020, there were 720,886,925 shares of the registrant's common stock outstanding.




InvenTrust Properties Corp.
 
Quarterly Report on Form 10-Q
For the quarterly period ended March 31, 2020
Table of Contents

 
Page
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 
 
 
 



- i-

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Balance Sheets

(in thousands, except share amounts)



 
 
As of
 
March 31, 2020
 
December 31, 2019
 
(unaudited)
 
 
Assets
 
 
 
Investment properties
 
 
 
Land
$
578,391

 
$
572,353

Building and other improvements
1,640,313

 
1,628,486

Construction in progress
2,592

 
4,052

Total
2,221,296

 
2,204,891

Less accumulated depreciation
(252,444
)
 
(246,702
)
Net investment properties
1,968,852

 
1,958,189

Cash and cash equivalents
329,212

 
255,069

Restricted cash
5,150

 
5,679

Investment in unconsolidated entities
117,220

 
118,861

Intangible assets, net
114,050

 
116,360

Accounts and rents receivable, net
25,551

 
30,194

Deferred costs and other assets, net
26,077

 
22,836

Total assets
$
2,586,112

 
$
2,507,188

 
 
 
 
Liabilities
 
 
 
Debt, net
$
681,662

 
$
572,850

Accounts payable and accrued expenses
21,593

 
29,804

Distributions payable
13,678

 
13,252

Intangible liabilities, net
42,319

 
42,642

Other liabilities
38,737

 
29,039

Total liabilities
797,989

 
687,587

Commitments and contingencies


 


 
 
 
 
Stockholders' Equity
 
 
 
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding

 

Common stock, $.001 par value, 1,460,000,000 shares authorized,
720,829,133 shares issued and outstanding as of March 31, 2020 and
720,807,884 shares issued and outstanding as of December 31, 2019.
721

 
721

Additional paid-in capital
5,568,679

 
5,568,707

Distributions in excess of accumulated net income
(3,768,048
)
 
(3,750,884
)
Accumulated comprehensive (loss) income
(13,229
)
 
1,057

Total stockholders' equity
1,788,123

 
1,819,601

Total liabilities and stockholders' equity
$
2,586,112

 
$
2,507,188

See accompanying notes to the condensed consolidated financial statements.

1

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)

(in thousands, except share and per share amounts)

 
Three months ended March 31
 
2020
 
2019
Income
 
 
 
Lease income, net
$
51,284

 
$
55,499

Other property income
191

 
451

Other fee income
963

 
905

Total income
52,438

 
56,855

 
 
 
 
Operating expenses
 
 
 
Depreciation and amortization
22,122

 
22,862

Property operating
7,108

 
7,938

Real estate taxes
8,489

 
9,051

General and administrative
7,195

 
8,523

Total operating expenses
44,914

 
48,374

 
 
 
 
Other income (expense)
 
 
 
Interest and other income, net
1,555

 
539

Interest expense, net
(4,809
)
 
(5,478
)
Gain on sale of investment properties
457

 

Equity in earnings of unconsolidated entities
789

 
459

Provision for asset impairment
(9,002
)
 

Total other expense, net
(11,010
)
 
(4,480
)
 
 
 
 
Net (loss) income from continuing operations
(3,486
)
 
4,001

Net loss from discontinued operations

 
(13,500
)
Net loss
$
(3,486
)
 
$
(9,499
)
 
 
 
 
Weighted-average number of common shares outstanding, basic
720,825,864

 
728,558,989

Weighted-average number of common shares outstanding, diluted
720,825,864

 
728,827,861

 
 
 
 
Net income per common share, from continuing operations, basic and diluted
$

 
$
0.01

Net loss per common share, from discontinued operations, basic and diluted

 
(0.02
)
Net income per common share, basic and diluted
$

 
$
(0.01
)
 
 
 
 
Distributions declared per common share outstanding
$
0.02

 
$
0.02

Distributions paid per common share outstanding
$
0.02

 
$
0.02

Comprehensive loss
 
 
 
Net loss
$
(3,486
)
 
$
(9,499
)
Unrealized loss on derivatives
(14,141
)
 
(112
)
Reclassification to interest expense, net
(145
)
 
(432
)
Comprehensive loss
$
(17,772
)
 
$
(10,043
)
See accompanying notes to the condensed consolidated financial statements.

2

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Equity
(Unaudited)

(in thousands, except share amounts)

 
Number of Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Distributions
in Excess of Accumulated
Net Income
 
Accumulated Comprehensive Income
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, January 1, 2019
728,558,989

 
$
729

 
$
5,585,758

 
$
(3,735,810
)
 
$
1,637

 
$
1,852,314

Net loss

 

 

 
(9,499
)
 

 
(9,499
)
Unrealized loss on derivatives

 

 

 

 
(112
)
 
(112
)
Reclassification to interest expense, net

 

 

 

 
(432
)
 
(432
)
Distributions declared

 

 

 
(13,405
)
 

 
(13,405
)
Stock-based compensation, net

 

 
397

 

 

 
397

Ending balance, March 31, 2019
728,558,989

 
$
729

 
$
5,586,155

 
$
(3,758,714
)
 
$
1,093

 
$
1,829,263




 
Number of Shares
 
Common
Stock
 
Additional
Paid-in
Capital
 
Distributions
in Excess of Accumulated
Net Income
 
Accumulated Comprehensive Income (Loss)
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, January 1, 2020
720,807,884

 
$
721

 
$
5,568,707

 
$
(3,750,884
)
 
$
1,057

 
$
1,819,601

Net loss

 

 

 
(3,486
)
 

 
(3,486
)
Unrealized loss on derivatives

 

 

 

 
(14,141
)
 
(14,141
)
Reclassification to interest expense, net

 

 

 

 
(145
)
 
(145
)
Distributions declared

 

 

 
(13,678
)
 

 
(13,678
)
Stock-based compensation, net

 

 
201

 

 

 
201

Common stock issuance costs in excess of proceeds from distribution reinvestment plan
21,249

 

 
(229
)
 

 

 
(229
)
Ending balance, March 31, 2020
720,829,133

 
$
721

 
$
5,568,679

 
$
(3,768,048
)
 
$
(13,229
)
 
$
1,788,123


See accompanying notes to the condensed consolidated financial statements.

3

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows
(Unaudited)

(in thousands)

 
Three months ended March 31
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net loss
$
(3,486
)
 
$
(9,499
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
Depreciation and amortization
22,122

 
22,862

Amortization of above and below-market leases and lease inducements, net
(1,542
)
 
(1,591
)
Amortization of debt premiums, discounts and financing costs, net
467

 
417

Straight-line rent adjustment, net
(378
)
 
(1,126
)
Provision for asset impairment
9,002

 

Gain on sale of investment properties
(457
)
 

Equity in earnings of unconsolidated entities
(789
)
 
(459
)
Distributions from unconsolidated entities
2,299

 
1,841

Stock-based compensation, net
528

 
845

Provision for indemnification claims

 
13,500

Changes in operating assets and liabilities:
 
 
 
Accounts and rents receivable, net
5,023

 
2,675

Deferred costs and other assets
(3,627
)
 
(3,958
)
Accounts payable and accrued expenses
(9,375
)
 
(4,553
)
Other liabilities
(2,889
)
 
524

Net cash provided by operating activities
16,898

 
21,478

Cash flows from investing activities:
 
 
 
Purchase of investment properties
(30,309
)
 
(78,987
)
Acquired in-place and market lease intangibles, net
(2,068
)
 
(6,413
)
Capital expenditures and tenant improvements
(4,169
)
 
(5,965
)
Investment in development and re-development projects
(910
)
 
(1,909
)
Proceeds from sale of investment properties, net
650

 

Lease commissions and other leasing costs
(1,010
)
 
(568
)
Other assets
(250
)
 
270

Other liabilities
(433
)
 
(417
)
Net cash used in investing activities
(38,499
)
 
(93,989
)
Cash flows from financing activities:
 
 
 
Proceeds from distribution reinvestment plan
49

 

Distributions to shareholders
(13,252
)
 
(13,029
)
Proceeds from debt
150,000

 

Payoffs of debt
(41,000
)
 

Principal payments of mortgage debt
(457
)
 
(514
)
Payment of finance lease liabilities
(100
)
 
(117
)
Payment of loan fees and deposits
(25
)
 
(134
)
Net cash provided by (used in) financing activities
95,215

 
(13,794
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
73,614

 
(86,305
)
Cash, cash equivalents, and restricted cash at the beginning of the period
260,748

 
264,853

Cash, cash equivalents, and restricted cash at the end of the period
$
334,362

 
$
178,548

 
 
 
 
Reconciliation of cash, cash equivalents, and restricted cash to
condensed consolidated balance sheets:
Cash and cash equivalents
$
329,212

 
$
174,237

Restricted cash
5,150

 
4,311

Cash, cash equivalents, and restricted cash at the end of the period
$
334,362

 
$
178,548

 
 
 
 

4

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows
(Unaudited)

(in thousands)

 
Three months ended March 31
 
2020
 
2019
Supplemental disclosure and schedules:
 
 
 
Cash flow disclosure, including non-cash activities:
 
 
 
Cash paid for interest, net of capitalized interest of $5 and $0, respectively
$
4,567

 
$
5,164

Cash refunded (paid) for income taxes, net
$
5

 
$
(11
)
Distributions payable to shareholders
$
13,678

 
$
13,405

Accrued capital expenditures and tenant improvements
$
1,906

 
$
649

Accrued investment in re-development projects
$
403

 
$
784

Accrued lease commissions and other leasing costs
$
268

 
$
351

Capitalized costs placed in service
$
4,312

 
$
5,686

Accrued tenant building construction
$

 
$
7,100

Reclassification of registration statement costs incurred to equity issuance costs
$
278

 
$

 
 
 
 
Purchase of investment properties:
 
 
 
Net investment properties
$
30,515

 
$
79,433

Accounts and rents receivable, lease intangibles, and deferred costs and other assets
3,770

 
8,530

Accounts payable and accrued expenses, lease intangibles, and other liabilities
(1,908
)
 
(2,563
)
Cash outflow for purchase of investment properties, net
32,377

 
85,400

Capitalized acquisition costs
(63
)
 
(608
)
Credits and other changes in cash outflow, net
890

 
1,958

Gross acquisition price of investment properties
$
33,204

 
$
86,750

 
 
 
 
Sale of investment properties:
 
 
 
Net investment properties
$
193

 
$

Gain on sale of investment properties, net
457

 

Proceeds from sale of investment properties, net
650

 

Gross disposition price of investment properties
$
650

 
$

See accompanying notes to the condensed consolidated financial statements.

5

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Readers of these interim condensed consolidated financial statements (the "Quarterly Report") should refer to the audited consolidated financial statements of InvenTrust Properties Corp. (the "Company") as of and for the year ended December 31, 2019, which are included in the Company's Annual Report on Form 10-K (the "Annual Report") as certain note disclosures contained in such audited consolidated financial statements have been omitted from this Quarterly Report. In the opinion of management, all adjustments necessary (consisting of normal recurring accruals, except as otherwise noted) for a fair presentation have been included in these condensed consolidated financial statements. Unless otherwise noted, all dollar amounts are stated in thousands, except per share amounts. Number of properties and square feet are unaudited.
1. Organization
On October 4, 2004, InvenTrust Properties Corp. (the "Company") was incorporated as Inland American Real Estate Trust, Inc. as a Maryland corporation and has elected to be taxed, and currently qualifies, 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, managing, acquiring and developing a multi-tenant retail platform.
The Company is taxed and operates in a manner that will allow the Company to continue to qualify as a REIT for U.S. federal income tax purposes. So long as it maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to stockholders. If the Company fails to continue to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and will not be able to re-elect REIT status during the four years following the year of the failure.
The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries and any consolidated variable interest entities ("VIEs"). Subsidiaries generally consist of limited liability companies ("LLCs") and limited partnerships ("LPs"). 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, and each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 7. Debt."
The Company determined it has a single reportable segment, multi-tenant retail, for disclosure purposes in accordance with GAAP. The following table summarizes the Company's multi-tenant retail portfolio as of March 31, 2020 and 2019:
 
Total Portfolio
 
Wholly-Owned and Consolidated
Retail Properties (a)
 
Unconsolidated
Retail Properties (b)
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
No. of properties
66
 
73
 
56
 
60
 
10
 
13
Square feet
10,958,613
 
12,251,264
 
8,488,479
 
9,645,450
 
2,470,134
 
2,605,814
(a)
Includes one retail property classified as a consolidated VIE at March 31, 2019.
(b)
Reflects partial ownership of properties owned through the Company's interest in an unconsolidated joint venture.
Impact of the COVID-19 Pandemic on the Company's Financial Statements
The Company is closely monitoring the impact of the coronavirus disease 2019 ("COVID-19") pandemic on all aspects of its business, including how it will impact its tenants and their ability to make rental payments in a timely fashion or at all. The Company did not experience significant disruptions during the three months ended March 31, 2020 from the COVID-19 pandemic.
Under the federal legislation enacted on March 27, 2020, known as the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), certain limitations on the deductibility of net operating losses ("NOLs") enacted under prior federal tax legislation have been temporarily rolled back. In particular, the CARES Act permits businesses to carryback NOLs generated in taxable years beginning after December 31, 2017 and before January 1, 2021 to the previous five years and temporarily suspends, until taxable years beginning after December 31, 2020, the annual limit of the 80% on the amount of taxable income

6

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

that NOLs generated in taxable years beginning after December 31, 2017 may offset. As a result of the anticipated NOL carryback claims for the Company's taxable REIT subsidiaries, total additional tax benefits of $1,168 have been recognized as part of interest and other income, net, on the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2020.
2. Basis of Presentation and Recently Issued Accounting Pronouncements
The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which require 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 collectability 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.
FASB Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic
On April 10, 2020, the Financial Accounting Standards Board ("FASB") issued a document titled Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic ("FASB Q&A document") which focused on the application of lease guidance for concessions related to the effects of the COVID-19 pandemic. In this document, the FASB staff will allow entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842, Leases, ("Topic 842") as though enforceable rights and obligations for those qualifying concessions existed. The Company is continuing to evaluate the impact of this optional election on the condensed consolidated financial statements and related disclosures.
Recently Issued Accounting Pronouncements Adopted
Standard
 
Description
 
Date of adoption
 
Effect on the financial statements or other significant matters
ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
 
ASU No. 2018-13 is intended to improve the effectiveness of the disclosures required by Topic 820, Fair Value Measurement by eliminating, amending, or adding certain disclosures. Certain amendments require a prospective transition method, while others require a retrospective transition method.
 
January 2020
 
The Company adopted the amendments of ASU No. 2018-13 on the applicable basis required, either prospective or retrospective. The standard only impacts fair value measurement disclosures, and therefore did not have an impact on the Company's condensed consolidated financial position, results of operations, or cash flows.
ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference
Rate Reform on Financial Reporting
 
ASU 2020-04 is intended to provide optional guidance for a limited period of
time to ease the potential burden in accounting for (or recognizing the effects of)
reference rate reform on financial reporting.

Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation.
 
January 2020
 
The Company adopted ASU No. 2020-04 and has elected to apply, as of January 1, 2020, the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives.

The Company is continuing to evaluate this
guidance and may apply other elections as applicable as additional changes in the market occur. The Company expects the application of Topic 848 to assist in preserving the Company's presentation of derivatives as cash flow hedges.

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.

7

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

3. Revenue Recognition
Operating Leases
The majority of revenue recognized from the Company's retail properties is comprised of fixed and variable consideration received from tenants under long-term operating leases with varying terms. Fixed consideration generally consists of minimum lease payments for the rental of retail space while the variable consideration generally consists of reimbursements of the tenant's pro-rata share of certain operating expenses incurred by the Company, including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees and certain capital repairs. Certain other tenants are subject to net leases whereby the tenant is responsible for fixed minimum lease payments to the Company, as well as directly paying all costs and expenses associated with occupancy to third party service providers. Such direct payments to third parties are not recorded as revenue and expense by the Company.
Remaining lease terms range from less than one year to forty years. 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:
Minimum lease payments, by year
As of March 31, 2020
2020
$
110,759

2021
137,676

2022
117,445

2023
102,738

2024
86,443

Thereafter
311,119

Total
$
866,180


The following table reflects the disaggregation of lease income, net:
 
Three months ended March 31
 
2020
 
2019
Minimum lease payments
$
36,177

 
$
39,407

Tax and insurance recoveries
8,130

 
8,258

Common area maintenance and other recoveries
5,150

 
5,777

Amortization of above and below-market leases and lease inducements, net
1,542

 
1,591

Short-term, termination fee and other lease income
1,048

 
671

Estimated credit losses
(763
)
 
(205
)
Lease income, net
$
51,284

 
$
55,499


Other Fee Income
The following table reflects the disaggregation of other fee income:
 
Three months ended March 31
 
2020
 
2019
Property management fees
$
577

 
$
638

Asset management fees
285

 
245

Leasing commissions and other fees
101

 
22

Other fee income
$
963

 
$
905


The Company has other fee income receivable of $278 and $460 as of March 31, 2020 and December 31, 2019, respectively.
The Company is closely monitoring the impact of the COVID-19 pandemic regarding the Company's ability to collect future

8

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

lease payments under the terms of the respective leases. While the Company did not experience significant disruptions during the three months ended March 31, 2020 from the COVID-19 pandemic, the Company will likely have increased exposure to higher levels of estimated credit losses going forward, the impact of which could be material.
4. Acquired Properties
The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2020:
Acquisition Date
 
Property
 
Metropolitan Area
 
Gross
Acquisition Price
 
Square Feet
February 25, 2020
 
Trowbridge Crossing

Atlanta, GA
 
$
10,950

 
62,600

March 10, 2020
 
Antoine Town Center (a)
 
Houston, TX
 
22,254

 
110,500

 
 
 
 
 
 
$
33,204

 
173,100

(a)
This retail property was acquired from the Company's unconsolidated joint venture, as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities".
The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2019:
Acquisition Date
 
Property
 
Metropolitan Area
 
Gross
Acquisition Price
 
Square Feet
January 31, 2019
 
Commons at University Place
 
Raleigh, NC
 
$
23,250

 
92,000

March 20, 2019
 
Lakeside Winter Park and Lakeside Crossings
 
Orlando, FL
 
63,500

 
76,000

 
 
 
 
 
 
$
86,750

 
168,000


Transaction costs of $63 and $608 were capitalized during the three months ended March 31, 2020 and 2019, respectively.
5. Disposed Properties
The following table reflects the completion of partial condemnations at two retail properties during the three months ended March 31, 2020:
Disposition Date
 
Property
 
Metropolitan Area
 
Gross Disposition Price
 
Gain on Sale
February 10, 2020
 
University Oaks Shopping Center
 
Round Rock, TX
 
$
527

 
$
357

February 12, 2020
 
Centerplace of Greeley
 
Greeley, CO
 
123

 
100

 
 
 
 
 
 
$
650

 
$
457


In aggregate, the Company recognized net proceeds of $650 from the completion of partial condemnations at two retail properties on the condensed consolidated statement of cash flows during the three months ended March 31, 2020.
There were no retail properties disposed of during the three months ended March 31, 2019.

9

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

6. Investment in Unconsolidated Entities
Joint Venture Interests
IAGM Retail Fund I, LLC
As of March 31, 2020 and December 31, 2019, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a retail joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). As of March 31, 2020 and December 31, 2019, the carrying value of the Company's investment in IAGM was $117,220 and $118,861, respectively.
During the three months ended March 31, 2020, IAGM prepaid a $14,872 mortgage payable on one retail property with cash on hand.
During the three months ended March 31, 2020, the Company purchased Antoine Town Center from IAGM for $22,254, a fair value determined by independent appraisal, which resulted in IAGM recognizing a gain on sale of $1,741. The Company deferred its share of IAGM's gain on sale of $958 and will amortize the gain over 30 years as an increase to equity in earnings of unconsolidated entities on the consolidated statement of operations and comprehensive loss.
During the three months ended March 31, 2020, IAGM entered into two interest rate swap agreements to achieve fixed interest rates on debt with a variable rate of 1-Month LIBOR plus 1.55%. Each of the interest rate swaps have an effective date of April 1, 2020 and a termination date of November 2, 2023. One interest rate swap has a notional amount of $45,000 and achieves a fixed interest rate of 1.979%. The other interest rate swap has a notional amount of $30,000 and achieves a fixed interest rate of 1.956%. The Company recognizes its share of gains or losses resulting from IAGM's interest rate swaps as an adjustment to the Company's investment in IAGM and an increase or decrease in comprehensive income. As of March 31, 2020, the interest rate swaps were deemed to be liabilities of $238 on a fair value basis, of which the Company's share was $131.
Combined Condensed Financial Information
As of March 31, 2020 and December 31, 2019, the Company's sole joint venture interest is in IAGM. Another joint venture was disposed of in 2019. The following table presents condensed balance sheet information for IAGM and separate condensed income statement information of IAGM and the other joint venture which was disposed in late 2019.
 
As of
 
March 31, 2020
 
December 31, 2019
Assets:
 
 
 
Real estate assets, net of accumulated depreciation
$
405,633

 
$
425,585

Other assets
64,041

 
66,437

Total assets
469,674

 
492,022

Liabilities and equity:
 
 
 
Mortgages payable, net
241,980

 
256,732

Other liabilities
14,385

 
20,765

Equity
213,309

 
214,525

Total liabilities and equity
469,674

 
492,022

 
 
 
 
Company's share of equity
118,175

 
118,861

Deferred gain, net of accumulated amortization of $3
(955
)
 

Carrying value of investments in unconsolidated entities
$
117,220

 
$
118,861



10

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

 
Three months ended March 31,
IAGM
2020
 
2019
Total income
$
12,723

 
$
13,640

Depreciation and amortization
(4,342
)
 
(5,276
)
Property operating
(2,121
)
 
(1,987
)
Real estate taxes
(2,426
)
 
(2,606
)
Interest expense, net
(2,193
)
 
(2,894
)
General and administrative
(119
)
 
(119
)
Gain on sale of real estate
1,741

 

Loss on debt extinguishment
(8
)
 

Net income
3,255

 
758

Other joint venture interest
 
 
 
Net loss

 
(4,858
)
Net income (loss)
$
3,255

 
$
(4,100
)
 
 
 
 
Company's share of net income (loss)
$
1,744

 
$
(3,944
)
Outside basis adjustment for IAGM's sale of real estate
(955
)
 

Outside basis adjustment for other joint venture's sale of assets

 
4,403

Equity in earnings of unconsolidated entities
$
789

 
$
459

The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2020, for the remainder of 2020, each of the next four years and thereafter.
Scheduled maturities by year:
As of March 31, 2020
2020
$

2021
23,150

2022

2023
180,125

2024

Thereafter
40,680

Total
$
243,955


As of March 31, 2020 and December 31, 2019, none of IAGM's mortgages payable are recourse to the Company. It is anticipated that the joint venture will be able to repay, refinance or extend all of its debt on a timely basis.
7. Debt
As of March 31, 2020, the Company's total debt, net, was $681,662, which consists of mortgages payable, net, of $133,908 and credit agreements, net, of $547,754. 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 related to mortgages payable. 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 March 31, 2020 and December 31, 2019, the Company was in compliance with all loan covenants.
Mortgages Payable
As of March 31, 2020 and December 31, 2019, mortgages payable had fixed interest rates ranging from 3.49% to 5.49% with a weighted average interest rate of 4.34%. During the three months ended March 31, 2020, the Company extinguished the $41,000 mortgage payable on one retail property with cash on hand.

11

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2020 for the remainder of 2020, each of the next four years and thereafter.
Scheduled maturities by year:
As of March 31, 2020
2020
$

2021

2022
49,538

2023
40,726

2024
15,700

Thereafter
28,630

Total mortgage payable maturities
$
134,594

Debt issuance costs, net of accumulated amortization
(575
)
Discount, net of accumulated amortization
(111
)
Total mortgages payable, net
$
133,908

Credit Agreements
Revolving Credit Agreement
On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated the Company's prior unsecured revolving credit agreement in its entirety, and provides for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). During the three months ended March 31, 2020, the Company drew $150,000 on the Revolving Credit Agreement at an interest rate of 2.01% reflecting 1-Month LIBOR plus 1.05% for general corporate purposes and to increase its financial flexibility in light of the COVID-19 pandemic. The Revolving Credit Agreement has a 4-year term maturing on December 21, 2022 with two six-month extension options. As of March 31, 2020 and December 31, 2019, the Company had a total of $150,000 and no outstanding borrowings, respectively, under the Revolving Credit Agreement, and a facility fee of 0.15% based on the Company's total leverage ratio. As of March 31, 2020, the remaining capacity on the Revolving Credit Agreement was $200,000.
Unsecured term loans
As of March 31, 2020 and December 31, 2019, the Company had the following unsecured term loan tranches outstanding:
 
March 31, 2020
 
December 31, 2019
 
 
 
Principal Balance
 
Interest
Rate
 
Principal Balance
 
Interest
Rate
 
Maturity Date
$250.0 million 5 year - swapped to fixed rate
$
100,000

 
2.6795% (a)
 
$
100,000

 
2.6795% (a)
 
December 21, 2023
$250.0 million 5 year - swapped to fixed rate
100,000

 
2.6795% (a)
 
100,000

 
2.6795% (a)
 
December 21, 2023
$250.0 million 5 year - variable-rate
50,000

 
2.7811% (b)
 
50,000

 
2.8911% (c)
 
December 21, 2023
$150.0 million 5.5 year - swapped to fixed rate
50,000

 
2.6915% (a)
 
50,000

 
2.6915% (a)
 
June 21, 2024
$150.0 million 5.5 year - swapped to fixed rate
50,000

 
2.6990% (a)
 
50,000

 
2.6990% (a)
 
June 21, 2024
$150.0 million 5.5 year - variable-rate
50,000

 
2.7811% (b)
 
50,000

 
2.8911% (c)
 
June 21, 2024
Total unsecured term loans
400,000

 

 
400,000

 
 
 
 
Issuance costs, net of accumulated amortization
(2,246
)
 
 
 
(2,471
)
 
 
 
 
Total unsecured term loans, net
$
397,754

 
 
 
$
397,529

 
 
 
 
(a)
As of March 31, 2020, the Company has four interest rate swap agreements, of which two have a notional amount of $100,000, an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68%. The other two interest rate swap agreements each have a notional amount of $50,000, an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70%.
(b)
Interest rate reflects 1-Month LIBOR plus 1.20% effective March 2, 2020.
(c)
Interest rate reflects 1-Month LIBOR plus 1.20% effective December 2, 2019.
(d)
During the twelve months subsequent to March 31, 2020, the Company expects to reclassify $3,532 of deferred amounts in accumulated comprehensive income (loss) into earnings.

12

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

8. Fair Value Measurements
Recurring Measurements
The following financial instruments are remeasured at fair value on a recurring basis:
 
 
Fair Value Measurements as of
 
 
March 31, 2020
 
December 31, 2019
Cash Flow Hedges:
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
Derivative interest rate assets (a)
 
$

 
$

 
$

 
$

 
$
1,057

 
$

Derivative interest rate liabilities (b)
 

 
(13,229
)
 

 

 

 


(a)
Recognized as a part of deferred costs and other assets, net, on the condensed consolidated balance sheets.
(b)
Recognized as a part of other liabilities on the condensed consolidated balance sheets.
Level 1
At March 31, 2020 and December 31, 2019, the Company had no Level 1 recurring fair value measurements.
Level 2
As of March 31, 2020 and December 31, 2019, 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.
Level 3
At March 31, 2020 and December 31, 2019, the Company had no Level 3 recurring fair value measurements.
Nonrecurring Measurements
During the three months ended March 31, 2020, the Company identified one retail property that had a reduction in its expected holding period and recorded a provision for asset impairment of $9,002 on the condensed consolidated statement of operations and comprehensive loss as a result of the fair value being lower than the property's carrying value. The Company's fair value was based on an executed sales contract.
During the three months ended March 31, 2019, 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 March 31, 2020 and December 31, 2019:
 
March 31, 2020

December 31, 2019
 
Carrying Value
Estimated Fair Value

Carrying Value
Estimated Fair Value
Mortgages payable
$
134,594

$
135,113


$
176,051

$
178,937

Term loans
$
400,000

$
400,019

 
$
400,000

$
400,020

Revolving line of credit
$
150,000

$
150,461

 
$

$