InvenTrust Properties Corp.IVT

InvenTrust Properties Corp. Earnings Per Share Disclosure

10-KFiled Feb 12, 20262 min read
Earnings Per Share and Equity Transactions
Basic earnings per share ("EPS") is computed by dividing net income or loss attributed to common shares by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that may occur from awards issued pursuant to stock-based compensation plans.
The following table reconciles the amounts used in calculating basic and diluted EPS:
Year ended December 31
202520242023
Numerator:
Net income attributed to common shares - basic and diluted$111,421 $13,658 $5,269 
Denominator:
Weighted average common shares outstanding - basic77,598,121 70,394,448 67,531,898 
Dilutive effect of unvested restricted shares740,328 616,120 281,282 
Weighted average common shares outstanding - diluted78,338,449 71,010,568 67,813,180 
Basic and diluted earnings per common share:
Net income per common share - basic$1.44 $0.19 $0.08 
Net income per common share - diluted$1.42 $0.19 $0.08 

ATM Program
The Company maintains an at-the-market equity offering program (the "ATM Program") through which the Company may sell from time to time up to an aggregate of $250.0 million of its common stock. In connection with the ATM Program, the Company may sell shares of its common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. During the year ended December 31, 2025, no shares were issued under the ATM Program. As of December 31, 2025, $236.7 million of common stock remains available for issuance under the ATM Program.
The following table summarizes the Company's activity under the ATM Program:
Number of
Shares Issued		Weighted
Average Price		Gross ProceedsCommissionsNet Proceeds
Quarter ended December 31, 2023
208,040$26.13$5,437 $68 $5,369 
Quarter ended December 31, 2024
254,082$30.96$7,866 $99 $7,767 
Share Repurchase Program
The Company maintains a share repurchase program (the "SRP") of up to $150.0 million of the Company's outstanding shares of common stock. The SRP may be suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or particular amount of shares. As of December 31, 2025, the Company has not repurchased any common stock under the SRP.
Common Stock Offering
On September 25, 2024, the Company completed an underwritten public offering of its common stock at a price to the public of $28.00 per share. The Company issued and sold 9,200,000 shares of its common stock, including 1,200,000 shares issued in connection with the full exercise of the underwriters' over-allotment option. The Company received $247.3 million of net proceeds, after deducting $10.3 million in underwriting discounts and commissions.

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 13, 2025
2023Feb 14, 2024
2022Feb 21, 2023
2021Feb 15, 2022
2020Feb 19, 2021
2019Feb 21, 2020
2018Mar 7, 2019
2015Mar 18, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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