Segment Information

9 Months Ended

Sep. 30, 2025

Segment Performance

The chief operating decision maker (the "CODM") believes net income or loss determined in accordance with GAAP is the most appropriate earnings measurement to assess the Company's overall performance. Additionally, the CODM evaluates the consolidated performance of the Company's portfolio of retail properties based on Net Operating Income ("NOI"), a supplemental non-GAAP measure. NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, impairment of real estate assets, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments ("GAAP Rent Adjustments").

The CODM believes the supplemental non-GAAP measure of NOI is an important measure in assessing operating performance and provides added comparability across periods when evaluating the Company's financial condition and operating performance that is not readily apparent from "Net income" in accordance with GAAP.

Retail properties generally require capital investments, including value-enhancing development and redevelopment projects and leasing commissions. During the three months ended September 30, 2025 and 2024, the Company paid $12,399 and $9,092 of capital investments and leasing costs, respectively. During the nine months ended September 30, 2025 and 2024, the Company paid $30,503 and $25,612 of capital investments and leasing costs, respectively. As of September 30, 2025 and 2024, total accrued capital investments and leasing costs were $4,900 and $5,008, respectively.

The measure of segment assets regularly reviewed by the CODM is reported on the consolidated balance sheets as Total assets. No single tenant comprises 10% or more of the Company's Lease income, net for any years presented.

Net Operating Income

The following table reconciles net income, the most directly comparable GAAP measure, to NOI:


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Net income (loss)	$	6,026	$	(539)	$	108,760	$	3,859
Adjustments to reconcile to NOI:
Other income and expense, net	(1,628)		(197)		(3,177)		(1,510)
Interest expense, net	8,969		9,470		25,637		28,744

Gain on sale of investment properties	(52)		(334)		(90,961)		(334)
Impairment of real estate assets	—		3,854		—		3,854
Depreciation and amortization	32,734		28,134		94,086		85,092
General and administrative	8,316		8,133		25,569		24,768
Adjustments to NOI (a)	(2,453)		(1,626)		(6,233)		(6,056)
NOI	$	51,912	$	46,895	$	153,681	$	138,417

(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.

Significant Expenses

The following table presents the disaggregation of property operating expenses:


	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Repairs and maintenance	$	3,719	$	3,576	$	10,927	$	9,550
Payroll, benefits, and office	2,532		2,578		7,897		7,825
Utilities and waste removal	2,703		2,469		7,692		6,847
Property insurance	1,266		1,286		4,182		4,413
Security, legal, and other expenses	834		886		2,579		2,402

Property operating expenses	$	11,054	$	10,795	$	33,277	$	31,037

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

InvenTrust Properties Corp. 10-Q