InvenTrust Properties Corp.IVT

InvenTrust Properties Corp. Segments Disclosure

10-KFiled Feb 12, 20262 min read
Segment Information
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 year ended December 31, 2025 and 2024, the Company paid $44,522 and $36,116 of capital investments and leasing costs, respectively. As of December 31, 2025 and 2024, total accrued capital investments and leasing costs were $4,248 and $3,620, 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:
Year Ended December 31
202520242023
Net income$111,421 $13,658 $5,269 
Adjustments to reconcile to NOI:
Other income and expense, net(3,575)(3,755)(5,480)
Equity in losses of unconsolidated entities— — 557 
Interest expense, net34,519 37,100 38,138 
Loss on extinguishment of debt— — 15 
Gain on sale of investment properties, net(90,961)(3,857)(2,691)
Impairment of real estate assets— 3,854 — 
Depreciation and amortization128,497 113,948 113,430 
General and administrative34,925 33,172 31,797 
Other fee income— — (80)
Adjustments to NOI (a)(8,401)(7,548)(7,528)
NOI$206,425 $186,572 $173,427 
(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.

Significant Expenses
The following table reflects the disaggregation of property operating expenses:
Year Ended December 31
202520242023
Repairs and maintenance$16,334 $13,366 $14,270 
Payroll, benefits, and office10,559 10,510 10,690 
Utilities and waste removal10,527 9,462 8,747 
Property insurance5,507 6,668 5,552 
Security, legal, and other expenses3,706 3,387 3,573 
Lease termination expense— 20 — 
Property operating expenses$46,633 $43,413 $42,832 
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Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2015Mar 18, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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