Company Quick10K Filing
Quick10K
Inventrust Properties
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-12 Regulation FD, Other Events, Exhibits
8-K 2019-11-01 Exhibits, Exhibits
8-K 2019-11-01 Regulation FD, Other Events, Exhibits
8-K 2019-10-07 Regulation FD, Exhibits
8-K 2019-07-08 Regulation FD, Exhibits
8-K 2019-06-26 Officers, Exhibits
8-K 2019-06-14 Regulation FD, Exhibits
8-K 2019-05-20 Regulation FD, Exhibits
8-K 2019-05-09 Regulation FD, Other Events, Exhibits
8-K 2019-05-09 Shareholder Vote
8-K 2019-05-08 Officers, Exhibits
8-K 2019-04-05 Regulation FD, Exhibits
8-K 2019-03-06 Regulation FD, Exhibits
8-K 2019-01-22 Other Events
8-K 2019-01-07 Regulation FD, Exhibits
8-K 2018-12-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-07 Regulation FD, Exhibits
8-K 2018-10-09 Officers, Exhibits
8-K 2018-10-05 Regulation FD, Exhibits
8-K 2018-08-27 Officers, Exhibits
8-K 2018-08-09 Officers, Exhibits
8-K 2018-07-09 Officers, Exhibits
8-K 2018-07-06 Regulation FD, Exhibits
8-K 2018-06-05 Regulation FD, Exhibits
8-K 2018-05-09 Shareholder Vote
8-K 2018-04-06 Regulation FD, Exhibits
8-K 2018-01-19 Other Events
8-K 2018-01-05 Regulation FD, Exhibits
GBPT Globe Photos 2,138
DTIL Precision BioSciences 419
SMRN Smartag International 43
CTAM Castle A M 7
IGNG Imaging3 5
HCT Healthcare Trust 0
ALTA Alterola Biotech 0
TEHG Technovative Group 0
ILCC International Leaders Capital 0
VTNL Vet Online Supply 0
IVTP 2019-09-30
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 ivtp930201910-qexh311.htm
EX-31.2 ivtp930201910-qexh312.htm
EX-32.1 ivtp930201910-qexh321.htm
EX-32.2 ivtp930201910-qexh322.htm

Inventrust Properties Earnings 2019-09-30

IVTP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
false--12-31Q320190001307748true0.0010.00114600000001460000000728558989728722763728558989728722763150000000.0150000000.0250000000.0250000000.0250000000.0250000000.00.05490.03490.0268P4YP5YP5Y6MP5Y6MP5Y6MP5YP5YP5YP5Y1000000005000000008900000.001510.0010.001400000004000000000138000438000 0001307748 2019-01-01 2019-09-30 0001307748 2019-11-01 0001307748 2019-09-30 0001307748 2018-12-31 0001307748 2018-07-01 2018-09-30 0001307748 us-gaap:RealEstateOtherMember 2019-01-01 2019-09-30 0001307748 2018-01-01 2018-09-30 0001307748 2019-07-01 2019-09-30 0001307748 us-gaap:RealEstateOtherMember 2019-07-01 2019-09-30 0001307748 us-gaap:ManagementServiceMember 2018-01-01 2018-09-30 0001307748 us-gaap:RealEstateOtherMember 2018-01-01 2018-09-30 0001307748 us-gaap:RealEstateOtherMember 2018-07-01 2018-09-30 0001307748 us-gaap:ManagementServiceMember 2019-01-01 2019-09-30 0001307748 us-gaap:ManagementServiceMember 2019-07-01 2019-09-30 0001307748 us-gaap:ManagementServiceMember 2018-07-01 2018-09-30 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001307748 us-gaap:CommonStockMember 2019-09-30 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001307748 2019-01-01 2019-03-31 0001307748 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-03-31 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-12-31 0001307748 2019-04-01 2019-06-30 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-06-30 0001307748 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-01-01 2019-03-31 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001307748 us-gaap:CommonStockMember 2018-12-31 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-09-30 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001307748 us-gaap:CommonStockMember 2019-03-31 0001307748 us-gaap:CommonStockMember 2019-06-30 0001307748 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001307748 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-07-01 2019-09-30 0001307748 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-04-01 2019-06-30 0001307748 2019-06-30 0001307748 2019-03-31 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001307748 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001307748 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001307748 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001307748 2018-03-31 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-06-30 0001307748 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-03-31 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-01-01 2018-03-31 0001307748 us-gaap:CommonStockMember 2018-06-30 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001307748 2018-01-01 2018-03-31 0001307748 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-07-01 2018-09-30 0001307748 2018-04-01 2018-06-30 0001307748 us-gaap:CommonStockMember 2018-01-01 0001307748 2018-06-30 0001307748 us-gaap:AccountingStandardsUpdate201705Member 2018-01-01 0001307748 us-gaap:CommonStockMember 2017-12-31 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0001307748 us-gaap:CommonStockMember 2018-03-31 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-04-01 2018-06-30 0001307748 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001307748 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-01-01 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-09-30 0001307748 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0001307748 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0001307748 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 0001307748 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0001307748 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001307748 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-01-01 0001307748 2018-01-01 0001307748 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 0001307748 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2017-12-31 0001307748 us-gaap:CommonStockMember 2018-09-30 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 0001307748 2017-12-31 0001307748 us-gaap:AccountingStandardsUpdate201705Member us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-01-01 0001307748 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001307748 2018-09-30 0001307748 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001307748 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001307748 srt:RetailSiteMember 2018-09-30 0001307748 srt:RetailSiteMember 2018-09-30 0001307748 us-gaap:CorporateJointVentureMember 2018-09-30 0001307748 us-gaap:CorporateJointVentureMember 2019-01-01 2019-09-30 0001307748 srt:RetailSiteMember 2019-09-30 0001307748 us-gaap:CorporateJointVentureMember 2019-09-30 0001307748 srt:RetailSiteMember 2019-09-30 0001307748 us-gaap:CorporateJointVentureMember 2018-01-01 2018-09-30 0001307748 ivtp:TaxandInsuranceRecoverIncomeMember 2019-07-01 2019-09-30 0001307748 ivtp:AmortizationofAboveandBelowmarketLeaseandLeaseInducementsNetMember 2019-01-01 2019-09-30 0001307748 ivtp:TaxandInsuranceRecoverIncomeMember 2019-01-01 2019-09-30 0001307748 ivtp:ShorttermTerminationFeeandOtherLeaseIncomeMember 2019-01-01 2019-09-30 0001307748 ivtp:TaxandInsuranceRecoverIncomeMember 2018-07-01 2018-09-30 0001307748 ivtp:CommonAreaMaintenanceandOtherRecoverIncomeMember 2019-01-01 2019-09-30 0001307748 ivtp:CommonAreaMaintenanceandOtherRecoverIncomeMember 2018-07-01 2018-09-30 0001307748 ivtp:AmortizationofAboveandBelowmarketLeaseandLeaseInducementsNetMember 2018-07-01 2018-09-30 0001307748 ivtp:ShorttermTerminationFeeandOtherLeaseIncomeMember 2018-07-01 2018-09-30 0001307748 ivtp:AmortizationofAboveandBelowmarketLeaseandLeaseInducementsNetMember 2018-01-01 2018-09-30 0001307748 ivtp:AmortizationofAboveandBelowmarketLeaseandLeaseInducementsNetMember 2019-07-01 2019-09-30 0001307748 ivtp:ShorttermTerminationFeeandOtherLeaseIncomeMember 2019-07-01 2019-09-30 0001307748 ivtp:CommonAreaMaintenanceandOtherRecoverIncomeMember 2018-01-01 2018-09-30 0001307748 ivtp:TaxandInsuranceRecoverIncomeMember 2018-01-01 2018-09-30 0001307748 ivtp:CommonAreaMaintenanceandOtherRecoverIncomeMember 2019-07-01 2019-09-30 0001307748 ivtp:ShorttermTerminationFeeandOtherLeaseIncomeMember 2018-01-01 2018-09-30 0001307748 ivtp:LeasingandOtherMember 2018-07-01 2018-09-30 0001307748 ivtp:PropertyManagementMember 2019-07-01 2019-09-30 0001307748 ivtp:LeasingandOtherMember 2019-07-01 2019-09-30 0001307748 ivtp:LeasingandOtherMember 2019-01-01 2019-09-30 0001307748 ivtp:PropertyManagementMember 2018-07-01 2018-09-30 0001307748 ivtp:LeasingandOtherMember 2018-01-01 2018-09-30 0001307748 us-gaap:AssetManagement1Member 2019-07-01 2019-09-30 0001307748 us-gaap:AssetManagement1Member 2018-07-01 2018-09-30 0001307748 us-gaap:AssetManagement1Member 2019-01-01 2019-09-30 0001307748 ivtp:PropertyManagementMember 2019-01-01 2019-09-30 0001307748 us-gaap:AssetManagement1Member 2018-01-01 2018-09-30 0001307748 ivtp:PropertyManagementMember 2018-01-01 2018-09-30 0001307748 srt:AffiliatedEntityMember 2019-09-30 0001307748 srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:GardenVillageBankPadMember srt:RetailSiteMember 2019-09-30 0001307748 ivtp:ShoppesatFairviewMember srt:RetailSiteMember 2019-09-30 0001307748 srt:RetailSiteMember 2019-09-30 0001307748 ivtp:SouthernPalmMember srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:TomballTownCenterKrogerMember srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:ScofieldCrossingMember srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:CommonsatUniversityPlaceRaleighCaryNCMSAMember srt:RetailSiteMember 2019-09-30 0001307748 ivtp:CommonsatUniversityPlaceRaleighCaryNCMSAMember srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:ScofieldCrossingMember srt:RetailSiteMember 2019-09-30 0001307748 ivtp:TravilahSquareShoppingCenterMember srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:SouthernPalmMember srt:RetailSiteMember 2019-09-30 0001307748 ivtp:EldoradoMarketplaceMember srt:RetailSiteMember 2019-09-30 0001307748 ivtp:SandyPlainsOutparcelMember srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:GardenVillageBankPadMember srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:ShoppesatFairviewMember srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:SandyPlainsOutparcelMember srt:RetailSiteMember 2019-09-30 0001307748 ivtp:EldoradoMarketplaceMember srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:LakesideWinterParkandLakesideCrossingsOrlandoKissimmeeSanfordFLMember srt:RetailSiteMember 2019-09-30 0001307748 ivtp:TomballTownCenterKrogerMember srt:RetailSiteMember 2019-09-30 0001307748 ivtp:LakesideWinterParkandLakesideCrossingsOrlandoKissimmeeSanfordFLMember srt:RetailSiteMember 2019-01-01 2019-09-30 0001307748 ivtp:TravilahSquareShoppingCenterMember srt:RetailSiteMember 2019-09-30 0001307748 ivtp:PGAPlazaMiamiFortLauderdaleWestPalmBeachFLMember srt:RetailSiteMember 2018-09-30 0001307748 ivtp:KennesawMarketplacePhase3Member srt:RetailSiteMember 2018-01-01 2018-09-30 0001307748 ivtp:KennesawMarketplaceAtlantaSandySpringsRoswellGAMember srt:RetailSiteMember 2018-09-30 0001307748 srt:RetailSiteMember 2018-09-30 0001307748 ivtp:KennesawMarketplaceAtlantaSandySpringsRoswellGAMember srt:RetailSiteMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember 2018-01-01 2018-09-30 0001307748 ivtp:KennesawMarketplacePhase3Member srt:RetailSiteMember 2018-09-30 0001307748 ivtp:PGAPlazaMiamiFortLauderdaleWestPalmBeachFLMember srt:RetailSiteMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:BoyntonCommonsMember 2019-01-01 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:BoyntonCommonsMember 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:PromenadeFultondaleMember 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:QuebecSquareMember 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2019-01-01 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:WestCreekMember 2019-01-01 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:ChesapeakSquareMember 2019-01-01 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:WestCreekMember 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:BrooksCornerSanAntonioTxMember 2019-01-01 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:ChesapeakSquareMember 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:BrooksCornerSanAntonioTxMember 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:PromenadeFultondaleMember 2019-01-01 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:SilverlakeMember 2019-01-01 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:QuebecSquareMember 2019-01-01 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:SilverlakeMember 2019-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:ParkwayCentreNorthMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:TulsaHillsMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:TomballTownCenterMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsExchangeMember ivtp:BellerivePlazaMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember ivtp:DisposalGroupDisposedofbyMeansOtherthanSaleNotDiscontinuedOperationsCondemnationMember ivtp:NorthwestMarketplaceHoustonTxMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember ivtp:DisposalGroupDisposedofbyMeansOtherthanSaleNotDiscontinuedOperationsCondemnationMember ivtp:NorthwestMarketplaceHoustonTxMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsExchangeMember ivtp:StonecrestMarketplaceLithoniaGaMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:TulsaHillsMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:GraftonCommonsMilwaukeeRacineWaukeshaWIMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsExchangeMember ivtp:StonecrestMarketplaceLithoniaGaMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:LakeportCommonsSiouxCityVermillionIASDMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:GraftonCommonsMilwaukeeRacineWaukeshaWIMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:ShermanTownCenterIIIDallasFortWorthTXMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:SiegenPlazaMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:SiegenPlazaMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:MarketatMorseHamiltonMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:ParkwayCentreNorthMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsExchangeMember ivtp:BellerivePlazaMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:MarketatMorseHamiltonMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:ShermanTownCenterIIIDallasFortWorthTXMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:TomballTownCenterMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:LakeportCommonsSiouxCityVermillionIASDMember 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsExchangeMember ivtp:StonecrestMarketplaceLithoniaGaMember 2018-03-21 2018-03-21 0001307748 srt:RetailSiteMember ivtp:AdditionalLoanMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsExchangeMember ivtp:BellerivePlazaMember 2018-06-26 2018-06-26 0001307748 srt:RetailSiteMember ivtp:BryantSquareMember 2018-07-01 2018-09-30 0001307748 srt:RetailSiteMember ivtp:IAGMRetailFundILLCMember ivtp:RockwellPlazaMember 2019-01-01 2019-09-30 0001307748 ivtp:DowntownRailyardVentureLLCMember ivtp:UnconsolidatedEntitiesMember 2019-06-24 2019-06-24 0001307748 ivtp:IAGMRetailFundILLCMember ivtp:NonRecourseMortgageLoanMember us-gaap:LoansPayableMember 2019-06-30 0001307748 srt:RetailSiteMember ivtp:BryantSquareMember 2018-01-01 2018-09-30 0001307748 ivtp:DowntownRailyardVentureLLCMember ivtp:UnconsolidatedEntitiesMember 2018-01-01 2018-12-31 0001307748 srt:RetailSiteMember ivtp:IAGMRetailFundILLCMember ivtp:RockwellPlazaMember 2019-09-30 0001307748 srt:RetailSiteMember ivtp:IAGMRetailFundILLCMember 2018-01-01 2018-09-30 0001307748 srt:RetailSiteMember ivtp:RockwellPlazaMember 2019-01-01 2019-09-30 0001307748 srt:RetailSiteMember ivtp:IAGMRetailFundILLCMember ivtp:BryantSquareMember 2018-01-01 2018-09-30 0001307748 ivtp:IAGMRetailFundILLCMember us-gaap:ExtendedMaturityMember 2019-06-30 2019-06-30 0001307748 ivtp:IAGMRetailFundILLCMember ivtp:UnconsolidatedEntitiesMember 2013-12-31 0001307748 ivtp:IAGMRetailFundILLCMember ivtp:NonRecourseMortgageLoanMember 2019-06-30 0001307748 srt:RetailSiteMember ivtp:IAGMRetailFundILLCMember 2018-07-01 2018-09-30 0001307748 ivtp:IAGMRetailFundILLCMember ivtp:UnconsolidatedEntitiesMember 2013-04-17 2013-04-17 0001307748 ivtp:IAGMRetailFundILLCMember ivtp:UnconsolidatedEntitiesMember 2017-01-01 2017-12-31 0001307748 ivtp:IAGMRetailFundILLCMember ivtp:UnconsolidatedEntitiesMember 2018-01-01 0001307748 us-gaap:MortgagesMember 2019-01-01 2019-09-30 0001307748 ivtp:VariableInterestEntityConsolidatedRealEstateInvestmentPropertiesMember 2018-12-31 0001307748 us-gaap:OtherAssetsMember 2018-12-31 0001307748 ivtp:IAGMRetailFundILLCMember 2019-09-30 0001307748 ivtp:DowntownRailyardVentureLLCMember 2019-09-30 0001307748 ivtp:IAGMRetailFundILLCMember 2019-09-30 0001307748 ivtp:DowntownRailyardVentureLLCMember 2018-12-31 0001307748 ivtp:IAGMRetailFundILLCMember 2018-12-31 0001307748 ivtp:OtherUnconsolidatedEntitiesMember 2019-09-30 0001307748 ivtp:OtherUnconsolidatedEntitiesMember 2018-12-31 0001307748 us-gaap:MortgagesMember 2019-09-30 0001307748 ivtp:TermLoan5yearVariableRate3.5493Member ivtp:InterestRateSwapOneMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-09-03 0001307748 ivtp:TermLoan5yearSwappedtoFixedRate2.69Member ivtp:InterestRateSwapFiveMember us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:TermLoan5yearSwappedtoFixedRate2.5510Member ivtp:InterestRateSwapOneMember us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:TermLoan5yearSwappedtoFixedRate2.68Member ivtp:InterestRateSwapThreeMember us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:RevolvingCreditFacilityAmendedandRestatedMember us-gaap:RevolvingCreditFacilityMember 2018-12-21 2018-12-21 0001307748 ivtp:TermLoan5yearVariableRate3.6794Member ivtp:InterestRateSwapOneMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-12-21 0001307748 ivtp:TermLoanMember us-gaap:LineOfCreditMember 2019-09-30 0001307748 ivtp:TermLoanMember ivtp:InterestRateSwapOneMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-09-30 0001307748 srt:MaximumMember us-gaap:MortgagesMember 2019-09-30 0001307748 ivtp:TermLoan5yearSwappedtoFixedRate2.5525Member ivtp:InterestRateSwapTwoMember us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:RevolvingCreditFacilityAmendedandRestatedMember us-gaap:RevolvingCreditFacilityMember 2019-09-30 0001307748 ivtp:TermLoanMember us-gaap:UnsecuredDebtMember 2018-12-21 0001307748 ivtp:TermLoanTrancheTwoMember us-gaap:UnsecuredDebtMember 2018-12-21 0001307748 srt:MaximumMember ivtp:RevolvingCreditFacilityAmendedandRestatedMember us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-09-30 0001307748 srt:MinimumMember ivtp:RevolvingCreditFacilityAmendedandRestatedMember us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-09-30 0001307748 srt:MinimumMember us-gaap:MortgagesMember 2019-09-30 0001307748 ivtp:RevolvingCreditFacilityAmendedandRestatedMember us-gaap:RevolvingCreditFacilityMember 2018-12-21 0001307748 ivtp:TermLoanTrancheOneMember us-gaap:UnsecuredDebtMember 2018-12-21 0001307748 ivtp:TermLoan5yearSwappedtoFixedRate2.70Member ivtp:InterestRateSwapSixMember us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:RevolvingCreditFacilityAmendedandRestatedMember us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-09-30 0001307748 us-gaap:MortgagesMember 2018-12-31 0001307748 ivtp:TermLoan5yearVariableRate3.5493Member ivtp:InterestRateSwapOneMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-12-03 0001307748 ivtp:TermLoanMember us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:TermLoanMember us-gaap:LineOfCreditMember 2018-12-31 0001307748 ivtp:TermLoan5yearVariableRate3.5493Member us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:TermLoan5yearVariableRate3.6794Member us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:TermLoan5.5yearVariableRate3.5493Member us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:TermLoan5.5yearVariableRate3.6794Member us-gaap:UnsecuredDebtMember 2018-12-31 0001307748 ivtp:TermLoan5.5yearVariableRate3.5493Member us-gaap:UnsecuredDebtMember 2018-12-31 0001307748 ivtp:TermLoan5yearSwappedtoFixedRate2.5525Member ivtp:InterestRateSwapTwoMember us-gaap:UnsecuredDebtMember 2018-12-31 0001307748 ivtp:TermLoan5.5yearVariableRate3.6794Member us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:TermLoan5yearVariableRate3.6794Member us-gaap:UnsecuredDebtMember 2018-12-31 0001307748 ivtp:TermLoan5yearSwappedtoFixedRate2.5510Member ivtp:InterestRateSwapOneMember us-gaap:UnsecuredDebtMember 2018-12-31 0001307748 ivtp:TermLoan5yearVariableRate3.5493Member us-gaap:UnsecuredDebtMember 2018-12-31 0001307748 ivtp:TermLoanMember us-gaap:UnsecuredDebtMember 2018-12-31 0001307748 ivtp:TermLoan5yearVariableRate3.6794Member us-gaap:UnsecuredDebtMember 2019-01-01 2019-09-30 0001307748 ivtp:TermLoan5.5yearVariableRate3.5493Member us-gaap:UnsecuredDebtMember 2019-01-01 2019-09-30 0001307748 ivtp:TermLoan5yearSwappedtoFixedRate2.5510Member ivtp:InterestRateSwapOneMember us-gaap:UnsecuredDebtMember 2019-01-01 2019-09-30 0001307748 ivtp:TermLoan5.5yearVariableRate3.6794Member us-gaap:UnsecuredDebtMember 2019-01-01 2019-09-30 0001307748 ivtp:TermLoan5yearVariableRate3.5493Member us-gaap:UnsecuredDebtMember 2019-01-01 2019-09-30 0001307748 ivtp:TermLoan5yearSwappedtoFixedRate2.5525Member ivtp:InterestRateSwapTwoMember us-gaap:UnsecuredDebtMember 2019-01-01 2019-09-30 0001307748 ivtp:TermLoan5yearSwappedtoFixedRate2.68Member ivtp:InterestRateSwapFourMember us-gaap:UnsecuredDebtMember 2019-09-30 0001307748 ivtp:RevolvingCreditFacilityAmendedandRestatedMember us-gaap:RevolvingCreditFacilityMember 2018-01-01 2018-12-31 0001307748 ivtp:RevolvingCreditFacilityAmendedandRestatedMember us-gaap:RevolvingCreditFacilityMember 2018-12-31 0001307748 srt:MinimumMember us-gaap:MortgagesMember 2018-12-31 0001307748 srt:MaximumMember us-gaap:MortgagesMember 2018-12-31 0001307748 ivtp:TermLoanTrancheTwoMember us-gaap:UnsecuredDebtMember 2018-12-21 2018-12-21 0001307748 ivtp:TermLoanTrancheOneMember us-gaap:UnsecuredDebtMember 2018-12-21 2018-12-21 0001307748 us-gaap:MortgagesMember ivtp:MeasurementInputWeightedAverageEffectiveMarketrateMember 2019-09-30 0001307748 us-gaap:LineOfCreditMember us-gaap:MeasurementInputDiscountRateMember 2019-09-30 0001307748 us-gaap:LineOfCreditMember us-gaap:MeasurementInputDiscountRateMember 2018-12-31 0001307748 us-gaap:MortgagesMember ivtp:MeasurementInputWeightedAverageEffectiveMarketrateMember 2018-12-31 0001307748 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001307748 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-09-30 0001307748 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0001307748 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0001307748 us-gaap:FairValueMeasurementsNonrecurringMember 2018-07-01 2018-09-30 0001307748 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-07-01 2019-09-30 0001307748 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-01-01 2018-09-30 0001307748 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-01-01 2019-09-30 0001307748 us-gaap:FairValueMeasurementsNonrecurringMember 2018-01-01 2018-09-30 0001307748 us-gaap:FairValueMeasurementsNonrecurringMember 2019-07-01 2019-09-30 0001307748 us-gaap:FairValueMeasurementsNonrecurringMember 2019-01-01 2019-09-30 0001307748 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-07-01 2018-09-30 0001307748 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001307748 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001307748 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001307748 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001307748 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001307748 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001307748 ivtp:PerformanceBasedRestrictedStockUnitsRSUMember 2019-09-30 0001307748 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001307748 us-gaap:RestrictedStockUnitsRSUMember 2018-12-31 0001307748 us-gaap:RestrictedStockUnitsRSUMember 2019-09-30 0001307748 ivtp:PerformanceBasedRestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001307748 ivtp:PerformanceBasedRestrictedStockUnitsRSUMember 2018-12-31 0001307748 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001307748 ivtp:UniversityHouseCommunitiesGroupIncMember us-gaap:SettledLitigationMember 2019-06-14 2019-06-14 0001307748 srt:RetailSiteMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ivtp:NorthwestMarketplaceHoustonTxMember us-gaap:SubsequentEventMember 2019-10-11 iso4217:USD ivtp:joint_venture iso4217:USD xbrli:shares xbrli:shares ivtp:VIE ivtp:property utreg:sqft xbrli:pure ivtp:tranche ivtp:option ivtp:swap
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 September 30, 2019
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:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
 
 
 
 
 
Common Stock
 
N/A
 
N/A
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 November 1, 2019, there were 728,722,763 shares of the registrant’s common stock outstanding.




InvenTrust Properties Corp.
 
Quarterly Report on Form 10-Q
For the quarterly period ended September 30, 2019
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 and per share amounts)



 
 
As of
 
September 30, 2019
 
December 31, 2018
 
(unaudited)
 
 
Assets
 
 
 
Investment properties
 
 
 
Land
$
603,730

 
$
558,817

Building and other improvements
1,778,436

 
1,670,678

Construction in progress
4,238

 
12,788

Total
2,386,404

 
2,242,283

Less accumulated depreciation
(280,483
)
 
(286,330
)
Net investment properties
2,105,921

 
1,955,953

Cash and cash equivalents
113,785

 
260,131

Restricted cash
5,032

 
4,722

Investment in unconsolidated entities
120,050

 
156,132

Intangible assets, net
124,040

 
108,005

Accounts and rents receivable, net
28,181

 
27,087

Deferred costs and other assets, net
23,105

 
23,976

Total assets
$
2,520,114

 
$
2,536,006

 
 
 
 
Liabilities
 
 
 
Debt, net
$
573,097

 
$
561,782

Accounts payable and accrued expenses
37,972

 
32,784

Distributions payable
13,408

 
13,029

Intangible liabilities, net
45,676

 
46,985

Other liabilities
29,018

 
29,112

Total liabilities
699,171

 
683,692

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,
728,722,763 shares issued and outstanding as of September 30, 2019 and
728,558,989 shares issued and outstanding as of December 31, 2018.
729

 
729

Additional paid-in capital
5,588,008

 
5,585,758

Distributions in excess of accumulated net income
(3,766,326
)
 
(3,735,810
)
Accumulated comprehensive (loss) income
(1,468
)
 
1,637

Total stockholders' equity
1,820,943

 
1,852,314

Total liabilities and stockholders' equity
$
2,520,114

 
$
2,536,006

See accompanying notes to the condensed consolidated financial statements.

1

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)

(in thousands, except share and per share amounts)

 
Three months ended
September 30
 
Nine months ended
September 30
 
2019
 
2018
 
2019
 
2018
Income
 
 
 
 
 
 
 
Lease income, net
$
56,768

 
$
58,766

 
$
167,312

 
$
181,139

Other property income
333

 
363

 
1,605

 
1,314

Other fee income
1,068

 
965

 
2,833

 
2,965

Total income
58,169

 
60,094

 
171,750

 
185,418

 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
Depreciation and amortization
24,253

 
29,684

 
71,807

 
77,768

Property operating expenses
8,460

 
8,216

 
22,969

 
25,864

Real estate taxes
9,000

 
8,712

 
27,009

 
27,742

General and administrative expenses
8,379

 
9,628

 
25,788

 
26,617

Total operating expenses
50,092

 
56,240

 
147,573

 
157,991

 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
Interest, dividend and other income
124

 
361

 
1,434

 
2,004

Interest expense, net
(6,077
)
 
(5,954
)
 
(17,182
)
 
(19,047
)
(Loss) gain on extinguishment of debt, net
(2,092
)
 
(4
)
 
(2,901
)
 
10,693

Provision for asset impairment
(2,359
)
 
(2,713
)
 
(2,359
)
 
(3,510
)
Gain on sale and transfer of investment properties, net
26,781

 
13,476

 
32,443

 
51,741

Equity in earnings (losses) of unconsolidated entities
572

 
(43
)
 
(48
)
 
(2,795
)
Realized and unrealized investment gains

 
13

 

 
236

Total other income
16,949

 
5,136

 
11,387

 
39,322

 
 
 
 
 
 
 
 
Income before income taxes
25,026

 
8,990

 
35,564

 
66,749

Income tax expense
(100
)
 
(43
)
 
(359
)
 
(407
)
Net income from continuing operations
24,926

 
8,947

 
35,205

 
66,342

Net loss from discontinued operations

 

 
(25,500
)
 

Net income
$
24,926

 
$
8,947

 
$
9,705

 
$
66,342

 
 
 
 
 
 
 
 
Weighted-average number of common shares outstanding, basic
728,722,763
 
768,385,770
 
728,645,975
 
772,341,263
Weighted-average number of common shares outstanding, diluted
729,456,722
 
769,306,859
 
729,221,226
 
772,971,787
 
 
 
 
 
 
 
 
Net income per common share, from continuing operations, basic and diluted
$
0.03

 
$
0.01

 
$
0.05

 
$
0.09

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

 
$

 
$
(0.03
)
 
$

Net income per common share, basic and diluted
$
0.03

 
$
0.01

 
$
0.02

 
$
0.09

 
 
 
 
 
 
 
 
Distributions declared per common share outstanding
$
0.02

 
$
0.01

 
$
0.06

 
$
0.05

Distributions paid per common share outstanding
$
0.02

 
$
0.01

 
$
0.05

 
$
0.05

Comprehensive income
 
 
 
 
 
 
 
Net income
$
24,926

 
$
8,947

 
$
9,705

 
$
66,342

Unrealized (loss) gain on derivatives
(1,587
)
 
142

 
(1,903
)
 
1,218

Reclassification to interest expense, net
(343
)
 
(284
)
 
(1,202
)
 
(593
)
Comprehensive income
$
22,996

 
$
8,805

 
$
6,600

 
$
66,967

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, 2018
774,293,197

 
$
773

 
$
5,681,912

 
$
(3,778,908
)
 
$
1,945

 
$
1,905,722

Impact of Accounting Standards Update ("ASU")
No. 2016-01

 

 

 
275

 
(275
)
 

Impact of ASU No. 2017-05 (a)

 

 

 
12,756

 

 
12,756

Adjusted balance, January 1, 2018
774,293,197

 
773

 
5,681,912

 
(3,765,877
)
 
1,670

 
1,918,478

Net income

 

 

 
34,232

 

 
34,232

Unrealized gain on derivatives

 

 

 

 
760

 
760

Reclassification to interest expense, net

 

 

 

 
(93
)
 
(93
)
Distributions declared

 

 

 
(13,860
)
 

 
(13,860
)
Stock-based compensation, net
18,057

 

 
545

 

 

 
545

Ending balance, March 31, 2018
774,311,254

 
773

 
5,682,457

 
(3,745,505
)
 
2,337

 
1,940,062

Net income

 

 

 
23,163

 

 
23,163

Unrealized gain on derivatives

 

 

 

 
316

 
316

Reclassification to interest expense, net

 

 

 

 
(216
)
 
(216
)
Distributions declared

 

 

 
(13,863
)
 

 
(13,863
)
Stock-based compensation, net
137,893

 

 
751

 

 

 
751

Ending balance, June 30, 2018
774,449,147

 
773

 
5,683,208

 
(3,736,205
)
 
2,437

 
1,950,213

Net income

 

 

 
8,947

 

 
8,947

Unrealized gain on derivatives

 

 

 

 
142

 
142

Reclassification to interest expense, net

 

 

 

 
(284
)
 
(284
)
Distributions declared

 

 

 
(13,030
)
 

 
(13,030
)
Stock-based compensation, net
3,590

 

 
516

 

 

 
516

Repurchase of common stock
(46,503,539
)
 
$
(45
)
 
$
(99,186
)
 
$

 
$

 
$
(99,231
)
Ending balance, September 30, 2018
727,949,198

 
728

 
5,584,538

 
(3,740,288
)
 
2,295

 
1,847,273


(a)
See Note 6. Investments in Consolidated and Unconsolidated Entities.
See accompanying notes to the condensed consolidated financial statements.


3

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

Net loss

 

 

 
(5,722
)
 

 
(5,722
)
Unrealized loss on derivatives

 

 

 

 
(204
)
 
(204
)
Reclassification to interest expense, net

 

 

 

 
(427
)
 
(427
)
Distributions declared

 

 

 
(13,408
)
 

 
(13,408
)
Stock-based compensation, net
163,774

 

 
1,195

 

 

 
1,195

Ending balance, June 30, 2019
728,722,763

 
729

 
5,587,350

 
(3,777,844
)
 
462

 
1,810,697

Net income

 

 

 
24,926

 

 
24,926

Unrealized loss on derivatives

 

 

 

 
(1,587
)
 
(1,587
)
Reclassification to interest expense, net

 

 

 

 
(343
)
 
(343
)
Distributions declared

 

 

 
(13,408
)
 

 
(13,408
)
Stock-based compensation, net

 

 
658

 

 

 
658

Ending balance, September 30, 2019
728,722,763

 
729

 
5,588,008

 
(3,766,326
)
 
(1,468
)
 
1,820,943


See accompanying notes to the condensed consolidated financial statements.

4

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows
(Unaudited)

(in thousands)

 
Nine months ended September 30
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
9,705

 
$
66,342

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
71,807

 
77,768

Amortization of above and below-market leases and lease inducements, net
(4,546
)
 
(3,852
)
Amortization of debt premiums, discounts and financing costs, net
1,279

 
797

Straight-line rent adjustment, net
(2,823
)
 
(3,237
)
Provision for asset impairment
2,359

 
3,510

Gain on sale and transfer of investment properties, net
(32,443
)
 
(51,741
)
Loss (gain) on extinguishment of debt, net
2,901

 
(10,693
)
Equity in losses of unconsolidated entities
48

 
2,795

Distributions from unconsolidated entities
6,034

 
5,069

Stock-based compensation, net
3,454

 
3,187

Realized and unrealized investment gains

 
(236
)
Provision for indemnification claims
25,500

 

Changes in assets and liabilities:
 
 
 
Accounts and rents receivable, net
(686
)
 
400

Deferred costs and other assets
(2,175
)
 
3,742

Accounts payable and accrued expenses
5,636

 
7,862

Other liabilities
139

 
(22
)
Net cash provided by operating activities
86,189

 
101,691

Cash flows from investing activities:
 
 
 
Purchase of investment properties
(329,493
)
 
(149,781
)
Acquired in-place and market lease intangibles, net
(29,602
)
 
(8,935
)
Capital expenditures and tenant improvements
(14,861
)
 
(17,636
)
Investment in development projects
(5,658
)
 
(2,028
)
Proceeds from sale and transfer of investment properties, net
183,588

 
254,424

Indemnification payment related to the sale of investment properties
(30,000
)
 

Proceeds from the sale of marketable securities, net

 
3,609

Proceeds from the sale of unconsolidated entity
30,000

 

Contributions to unconsolidated entities

 
(2,761
)
Distributions from unconsolidated entities

 
282

Lease commissions and other leasing costs
(3,864
)
 
(5,353
)
Other assets
477

 
(89
)
Other liabilities
(239
)
 
(330
)
Net cash (used in) provided by investing activities
(199,652
)
 
71,402

Cash flows from financing activities:
 
 
 
Shares repurchased

 
(98,666
)
Distributions
(39,842
)
 
(41,164
)
Proceeds from debt
118,000

 
52,000

Pay-off of debt
(106,041
)
 
(68,096
)
Debt prepayment penalties
(2,692
)
 
(1,617
)
Principal payments of debt
(1,382
)
 
(1,423
)
Payment of finance lease liabilities
(343
)
 

Payment of loan fees and deposits
(273
)
 
(619
)
Net cash used in financing activities
(32,573
)
 
(159,585
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(146,036
)
 
13,508


5

INVENTRUST PROPERTIES CORP.

Condensed Consolidated Statements of Cash Flows
(Unaudited)

(in thousands)

 
Nine months ended September 30
 
2019
 
2018
Cash, cash equivalents, and restricted cash at the beginning of the period
264,853

 
171,878

Cash, cash equivalents, and restricted cash at the end of the period
$
118,817

 
$
185,386

 
 
 
 
Reconciliation of cash, cash equivalents, and restricted cash to
condensed consolidated balance sheets:
Cash and cash equivalents
$
113,785

 
$
157,351

Restricted cash
5,032

 
28,035

Cash, cash equivalents, and restricted cash at the end of the period
$
118,817

 
$
185,386

 
 
 
 
Supplemental disclosure and schedules:
 
 
 
Cash flow disclosure, including non-cash activities:
 
 
 
Cash paid for interest, net of capitalized interest of $89 and $0
$
16,089

 
$
18,504

Cash paid for income taxes, net of refunds of $438 and $138
$
504

 
$
1,040

Cash paid for operating lease liabilities
$
568

 
$

Right-of-use assets obtained in exchange for operating lease liabilities
$
2,890

 
$

Lease liabilities arising from obtaining right-of-use assets
$
3,114

 
$

Distributions payable
$
13,408

 
$
13,030

Recognition of partially deferred gains on property sales
$

 
$
12,756

Accrued capital expenditures and tenant improvements
$
732

 
$
5,207

Accrued investment in re-development projects
$
300

 
$
362

Accrued lease commissions and other leasing costs
$
232

 
$
410

Tenant building construction placed into service
$
7,950

 
$

Accrued common stock repurchase costs
$

 
$
565

 
 
 
 
Purchase of investment properties:
 
 
 
Net investment properties
$
332,449

 
$
150,477

Accounts and rents receivable, lease intangibles, and deferred costs and other assets
37,103

 
14,121

Accounts payable and accrued expenses, lease intangibles, and other liabilities
(10,457
)
 
(5,882
)
Cash outflow for purchase of investment properties, net
359,095

 
158,716

Capitalized acquisition costs
(2,334
)
 
(260
)
Construction escrow accounts

 
467

Credits and other changes in cash outflow, net
9,003

 
877

Gross acquisition price of investment properties
$
365,764

 
$
159,800

 
 
 
 
Sale and transfer of investment properties:
 
 
 
Net investment properties
$
153,081

 
$
251,383

Accounts and rents receivable, lease intangibles, and deferred costs and other assets
5,683

 
10,077

Accounts payable and accrued expenses, lease intangibles, and other liabilities
(5,527
)
 
(10,289
)
Debt extinguished through the transfer of properties

 
(44,331
)
Debt assumed by the buyer through the disposition of properties

 
(14,854
)
Gain on sale and transfer of investment properties, net
32,443

 
51,741

(Loss) gain on extinguishment of debt
(2,092
)
 
10,697

Proceeds from sale and transfer of investment properties, net
183,588

 
254,424

Transfer of mortgage principal to buyer

 
16,600

Surrender of mortgage escrows for transferred properties

 
2,160

Credits and other changes in cash inflow, net
6,612

 
9,766

Gross disposition price of investment properties
$
190,200

 
$
282,950

See accompanying notes to the condensed consolidated financial statements.

6

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, 2018, 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.
As used throughout this Quarterly Report, the terms "Company," "InvenTrust," "we," "us," and "our" mean InvenTrust Properties Corp. and its wholly-owned and unconsolidated joint venture investments. Unless otherwise noted, all dollar amounts are stated in thousands, except share, per share and per square foot data. Any reference to the number of properties, square feet and tenant and occupancy data are unaudited.
1. Organization
On October 4, 2004, 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 and 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."
As of September 30, 2019, the Company's wholly-owned investment properties consisted of 57 retail properties with a gross leasable area ("GLA") of approximately 9.3 million square feet. As of September 30, 2018, the Company's wholly-owned or consolidated investment properties consisted of 63 retail properties, with a GLA of approximately 10.5 million square feet. In addition, as of September 30, 2019 and 2018, the Company had an investment in one unconsolidated real estate joint venture which owns an interest in 11 and 14 retail properties, respectively, with GLA of approximately 2.6 million and 3.0 million square feet, respectively, managed by the Company. As of September 30, 2018, the Company had an investment in a separate unconsolidated real estate joint venture which owned land being developed in Sacramento, California. The Company has since liquidated its interest in that venture as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities."
2. Basis of Presentation and Recently Issued Accounting Pronouncements
The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired assets, determining the fair value of debt and evaluating the collectability of accounts and rents 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.

7

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

Recently Issued Accounting Pronouncements Adopted
Standard
 
Description
 
Date of adoption
 
Effect on the financial statements or other significant matters
 
 
 
 
 
 
 
ASU No. 2016-02, Leases, (Topic 842) and related updates
 
ASU No. 2016-02 amends the existing guidance for lease accounting for both parties to a lease contract (i.e., lessees and lessors). The new standard requires a modified retrospective transition method for all leases existing at the date of initial application, with an option to use certain practical expedients available.
 
January 2019
 
The Company adopted ASU No. 2016-02 and the related updates on a modified retrospective basis and applied the effective date method in which the elected practical expedients were applied consistently to all leases commenced before the ASU effective date of January 1, 2019.

The incremental disclosures pertaining to the Company as a lessor and lessee have been included in "Note 3. Revenue Recognition" and "Note 11. Commitments and Contingencies," respectively.

Recently Issued Accounting Pronouncements Not Yet 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. The guidance is effective for all entities for fiscal years beginning after December 15, 2019, and early adoption is permitted.
 
January 2020
 
The Company is continuing to evaluate this guidance, but expects the standard to only impact fair value measurement disclosures, and therefore should have no impact on the Company's condensed consolidated financial position, results of operations, or cash flows.

Other recently issued accounting standards or pronouncements not disclosed in the foregoing tables 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.

8

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 consists of minimum lease payments received from tenants under long-term operating leases with varying terms. In addition to minimum lease payments, some leases provide for the reimbursement of the tenant’s pro rata share of certain operating expenses incurred by the landlord as recoveries, 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.
In conjunction with the adoption of Topic 842, Leases ("Topic 842") on January 1, 2019, the Company elected the package of practical expedients that permits the Company to not reassess: (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; and (3) any initial direct costs for existing leases as of the effective date. Except as described below, the Company's accounting policies and resulting recognition of lease income remained substantially consistent with previous guidance.
As a result of the narrowed definition of initial direct costs under Topic 842, the Company expenses as incurred certain lease origination costs previously capitalized and amortized to expense over the lease term. The Company has elected the practical expedient of not separating lease and non-lease components for all qualifying leases. In effect, this will generally relieve the Company from the requirement to account for certain consideration under the new revenue standard. As a result of the accounting policy election, all income arising from leases is presented on a combined basis as lease income, net on the condensed consolidated statements of operations and comprehensive income.
Beginning on January 1, 2019, the provision for estimated credit losses resulting from changes in the collectability of lease payments will be recognized as a direct reduction to lease income on the condensed consolidated statements of operations and comprehensive income and a direct write-off of the operating lease receivable on the condensed consolidated balance sheets. Changes in collectability occur when the Company no longer believes it is probable that substantially all of the lease payments will be collected. If collection is not probable, the lease payments will be accounted for on a cash basis, and revenue will be recorded as received. When reassessed and the collection of substantially all of the lease payments from the tenant becomes probable, the accrual basis of revenue recognition will be reestablished.
Consistent with previous guidance, unless there is a change in the minimum lease payment credit risk, changes in the collectability of billed and unbilled recoveries will continue to be recognized as bad debt expense in property operating expenses on the condensed consolidated statements of operations and comprehensive income and an allowance for doubtful accounts established on the condensed consolidated balance sheets.
As of September 30, 2019, 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
Remaining 2019
$
40,463

2020
154,921

2021
142,373

2022
121,061

2023
104,764

Thereafter
377,833

Total
$
941,415






9

INVENTRUST PROPERTIES CORP.

Notes to Condensed Consolidated Financial Statements
(Unaudited)

As of December 31, 2018, 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
2019
$
151,874

2020
139,290

2021
124,366

2022
103,204

2023
83,744

Thereafter
282,629

Total
$
885,107


Topic 842 Reclassifications
The Company has chosen to apply the combined presentation of lease income, net, required by Topic 842 retrospectively to the three and nine months ended September 30, 2018, by combining amounts previously reported as rental income and tenant recovery income, and making certain other reclassifications to the condensed consolidated statements of operations and comprehensive income. The following table reflects the disaggregation of lease income, net:
 
Three months ended
September 30
 
Nine months ended
September 30
 
2019
 
2018
 
2019
 
2018
Minimum lease payments
$
40,664

 
$
42,990

 
$
119,130

 
$
131,173

Billed and unbilled tax and insurance recoveries
8,520

 
7,613

 
25,495

 
25,788

Billed and unbilled common area maintenance and other recoveries
5,627

 
6,000

 
16,752

 
18,602

Amortization of above and below-market leases and lease inducements, net
1,628

 
1,104

 
4,546

 
3,852

Short-term, termination fee and other lease income
505

 
1,458

 
2,654

 
2,489

Estimated credit losses
(