InvenTrust Properties Corp.IVT
InvenTrust Properties Corp. Debt Disclosure
Debt
The Company's debt consists of mortgages payable, unsecured term loans, senior notes, an unsecured revolving line of credit, and a finance lease liability. 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. 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 December 31, 2025 and 2024, the Company was in compliance with all loan covenants.
Mortgages Payable
During the years ended December 31, 2025 and 2024, the Company assumed aggregate mortgages payable of $60.5 million and $13.0 million, respectively.
During the years ended December 31, 2025 and 2024, the Company extinguished aggregate mortgages payable of $35.9 million and $88.2 million, respectively, with its available liquidity.
Credit Agreements
The Company has a $500.0 million revolving credit facility (the "Revolving Credit Facility"). The Revolving Credit Facility is scheduled to mature on January 15, 2029, with one 6-month extension option. On August 25, 2025, the Company entered into an amendment to the Revolving Credit Facility (the "Revolving Credit Facility Amendment," and the Revolving Credit Facility as amended, the "Amended Revolving Credit Facility"), which modified the applicable interest rate thereunder by removing the credit spread adjustment to SOFR, in addition to other modifications. As of December 31, 2025, the Company had available liquidity of $445.0 million under its Amended Revolving Credit Facility.
On August 25, 2025, the Company entered into an amendment (the "Term Loan Amendment") to its $400.0 million Term Loan Credit Agreement (as amended, the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity dates of each tranche. The Amended Term Loan Agreement consists of a $200.0 million 5-year tranche maturing on August 26, 2030, and a $200.0 million tranche maturing February 24, 2031. The Term Loan Amendment also modified the interest rates, with each tranche bearing interest at a rate equal to, at the Company's option, term SOFR, daily simple SOFR or the adjusted base rate (with no credit spread adjustment) plus a margin ranging from 115 to 160 basis points (in the case of SOFR loans) and 15 to 60 basis points (in the case of base rate loans), in each case, based on the Company’s leverage ratio.
Senior Notes
The Company issued $250.0 million aggregate principal amount of senior notes in a private placement, of which (i) $150.0 million are designated as 5.07% Senior Notes, Series A, due August 11, 2029 (the "Series A Notes") and (ii) $100.0 million are designated as 5.20% Senior Notes, Series B, due August 11, 2032 (the "Series B Notes" and, together with the Series A Notes, the "Notes"). The Notes were issued at par and pay interest semiannually on February 11th and August 11th until their respective maturities.
The Company may prepay at any time all or any part of the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount prepaid plus accrued interest and a Make-Whole Amount (as defined in the Note Purchase Agreement). The Notes are required to be absolutely and unconditionally guaranteed by certain subsidiaries of the Company that guarantee certain material credit facilities of the Company. Currently, there are no subsidiary guarantees of the Notes.
Finance Lease Liability
On June 10, 2025, in connection with its acquisition of West Ashley Station, the Company assumed a ground lease and recognized a related of $10,973. As of December 31, 2025, the balance of the was $11,082. See "Note 13. Commitments and Contingencies".
The following table summarizes the Company's debt as of December 31, 2025 and 2024:
| Interest Rate Type | As of December 31, 2025 | As of December 31, 2024 | |||||||||||||||||||||||||||||||||
| Maturity Date | Interest Rate | Amount | Interest Rate | Amount | |||||||||||||||||||||||||||||||
| Mortgages Payable | |||||||||||||||||||||||||||||||||||
| Total mortgages payable | Various | Fixed | 4.28% (a) | $ | 117,605 | 3.97% (a) | $ | 93,380 | |||||||||||||||||||||||||||
| Total | 117,605 | 93,380 | |||||||||||||||||||||||||||||||||
| Term Loans | |||||||||||||||||||||||||||||||||||
$200.0 million 5 year | Aug-30 | Fixed | 2.66% (b) | 100,000 | 2.81% (b) | 100,000 | |||||||||||||||||||||||||||||
$200.0 million 5 year | Aug-30 | Fixed | 2.66% (b) | 100,000 | 2.81% (b) | 100,000 | |||||||||||||||||||||||||||||
$200.0 million 5.5 year | Feb-31 | Fixed | 2.63% (c) | 50,000 | 2.78% (b) | 50,000 | |||||||||||||||||||||||||||||
$200.0 million 5.5 year | Feb-31 | Fixed | 2.69% (c) | 50,000 | 2.84% (b) | 50,000 | |||||||||||||||||||||||||||||
$200.0 million 5.5 year | Feb-31 | Fixed | 4.84% (c) | 100,000 | 4.99% (b) | 100,000 | |||||||||||||||||||||||||||||
| Total | 400,000 | 400,000 | |||||||||||||||||||||||||||||||||
| Senior Notes | |||||||||||||||||||||||||||||||||||
$150.0 million Series A Notes | Aug-29 | Fixed | 5.07% | 150,000 | 5.07% | 150,000 | |||||||||||||||||||||||||||||
$100.0 million Series B Notes | Aug-32 | Fixed | 5.20% | 100,000 | 5.20% | 100,000 | |||||||||||||||||||||||||||||
| Total | 250,000 | 250,000 | |||||||||||||||||||||||||||||||||
| Revolving Line of Credit | |||||||||||||||||||||||||||||||||||
$500.0 million total capacity | Jan-29 | Variable | 1M SOFR + 1.05% (d)(e) | 55,000 | 1M SOFR + 1.15% (d)(e) | — | |||||||||||||||||||||||||||||
| Total secured and unsecured debt | 4.04% | 822,605 | 4.03% | 743,380 | |||||||||||||||||||||||||||||||
| Finance Lease Liability | |||||||||||||||||||||||||||||||||||
| West Ashley Station Ground Lease | Jan-92 | N/A | N/A | 11,082 | N/A | N/A | |||||||||||||||||||||||||||||
| Debt discounts and financing costs, net | (7,806) | (2,965) | |||||||||||||||||||||||||||||||||
| Debt, net | $ | 825,881 | $ | 740,415 | |||||||||||||||||||||||||||||||
(a)Interest rates reflect the weighted average of the Company's mortgages payable.
(b)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on September 22, 2026, at which point the fixed interest rate will become 4.50%.
(c)Interest rates reflect the fixed rates achieved through the Company's effective interest rate swaps terminating on March 22, 2027, at which point the weighted average fixed interest rate will become 4.58%.
(d)As of December 31, 2025 and 2024, 1-Month Term was 3.69% and 4.33%, respectively.
(e)Interest rate applies to drawn balance only. An additional annual facility fee of 0.15% applies to entire line of credit capacity.
The following table summarizes the scheduled payments and maturities of the Company's debt as of December 31, 2025:
| Scheduled maturities by year: | Mortgage Payments | Mortgage Maturities | Term Loan & Senior Notes | Revolving Line of Credit | Total | ||||||||||||||||||||||||
| 2026 | $ | 773 | $ | — | $ | — | $ | — | $ | 773 | |||||||||||||||||||
| 2027 | 810 | 26,000 | — | — | 26,810 | ||||||||||||||||||||||||
| 2028 | 495 | 21,321 | — | — | 21,816 | ||||||||||||||||||||||||
| 2029 | 449 | 61,750 | 150,000 | 55,000 | 267,199 | ||||||||||||||||||||||||
| 2030 | 154 | 5,853 | 200,000 | — | 206,007 | ||||||||||||||||||||||||
| Thereafter | — | — | 300,000 | — | 300,000 | ||||||||||||||||||||||||
| Total | $ | 2,681 | $ | 114,924 | $ | 650,000 | $ | 55,000 | $ | 822,605 | |||||||||||||||||||
| Finance lease liability | 11,082 | ||||||||||||||||||||||||||||
| Debt discounts and financing costs, net | (7,806) | ||||||||||||||||||||||||||||
| Total Debt, net | $ | 825,881 | |||||||||||||||||||||||||||
Interest Rate Swaps
As of December 31, 2025, the Company was party to five effective and four forward-starting interest rate swap agreements, the latter of which address the periods between the termination dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps achieve fixed interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement.
The following table summarizes the Company's five effective interest rate swaps as of December 31, 2025 and 2024:
| Effective Interest Rate Swaps | Effective Date | Termination Date | InvenTrust Receives | InvenTrust Pays Fixed Rate of | Fixed Rate Achieved (a) | Notional Amount | ||||||||||||||||||||||||||||||||
5.5 year Term Loan | 4/3/23 | 3/22/27 | 1-Month SOFR | 3.69% | 4.84% | $ | 100,000 | |||||||||||||||||||||||||||||||
5 year Term Loan | 12/21/23 | 9/22/26 | 1-Month SOFR | 1.51% | 2.66% | 100,000 | ||||||||||||||||||||||||||||||||
5 year Term Loan | 12/21/23 | 9/22/26 | 1-Month SOFR | 1.51% | 2.66% | 100,000 | ||||||||||||||||||||||||||||||||
5.5 year Term Loan | 6/21/24 | 3/22/27 | 1-Month SOFR | 1.54% | 2.69% | 50,000 | ||||||||||||||||||||||||||||||||
5.5 year Term Loan | 6/21/24 | 3/22/27 | 1-Month SOFR | 1.48% | 2.63% | 50,000 | ||||||||||||||||||||||||||||||||
| $ | 400,000 | |||||||||||||||||||||||||||||||||||||
(a)Interest rates reflect the Company's current credit spread of 1.15% as of December 31, 2025.
The following table summarizes the Company's four forward-starting interest rate swaps as of December 31, 2025:
| Forward-Starting Interest Rate Swaps | Effective Date | Termination Date | InvenTrust Receives | InvenTrust Pays Fixed Rate of | Fixed Rate Achieved (a) | Notional Amount | ||||||||||||||||||||||||||||||||
5 year Term Loan | 9/22/26 | 8/26/30 | Daily SOFR | 3.35% | 4.50% | $ | 100,000 | |||||||||||||||||||||||||||||||
5 year Term Loan | 9/22/26 | 8/26/30 | Daily SOFR | 3.35% | 4.50% | 100,000 | ||||||||||||||||||||||||||||||||
5.5 year Term Loan | 3/22/27 | 2/24/31 | Daily SOFR | 3.42% | 4.57% | 100,000 | ||||||||||||||||||||||||||||||||
5.5 year Term Loan | 3/22/27 | 2/24/31 | Daily SOFR | 3.43% | 4.58% | 100,000 | ||||||||||||||||||||||||||||||||
| $ | 400,000 | |||||||||||||||||||||||||||||||||||||
(a)Interest rates reflect the Company's current credit spread of 1.15% as of December 31, 2025.
The following table summarizes the effects of derivative financial instruments on the consolidated financial statements for the years ended December 31, 2025, 2024 and 2023:
| Location and amount of (loss) gain recognized in accumulated comprehensive income (loss) | Location and amount of gain (loss) reclassified from accumulated comprehensive income into net income | Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized (loss) gain on derivatives | $ | (807) | $ | 9,019 | $ | 6,228 | Interest expense, net | $ | 8,858 | $ | 12,667 | $ | 14,875 | Interest expense, net | $ | 34,519 | $ | 37,100 | $ | 38,138 | |||||||||||||||||||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2018 | Mar 7, 2019 | |
| 2017 | Mar 7, 2018 | |
| 2015 | Mar 18, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.