InvenTrust Properties is a REIT that owns, leases, and manages open-air retail shopping centers in Sun Belt markets. The company owns 73 properties totaling roughly 11.6 million square feet of gross leasable area (GLA), approximately 96.7% leased. About 87% of NOI comes from grocery-anchored neighborhood and community centers, where a grocery store — Publix, Kroger, Whole Foods, HEB, Sprouts, Trader Joe's, or Wegmans — serves as the primary anchor, driving daily foot traffic that supports surrounding small shop tenants. The remaining portfolio consists of power centers and lifestyle centers in Sun Belt markets. Tenants are predominantly necessity- and convenience-based: grocers, quick service restaurants, health and wellness, medical providers, off-price retailers, and personal services. InvenTrust leases space to these retailers under multi-year contracts with embedded annual rent escalators of 3% or more, which provide predictable NOI growth. Tenants also reimburse InvenTrust for a share of property operating expenses, insulating the company from some cost inflation. NOI growth is driven by these rent escalators, occupancy gains, leasing spreads on new and renewal leases, and acquisitions. InvenTrust's external growth strategy focuses on acquiring grocery-anchored centers in high-growth Sun Belt metros, using a hub-and-spoke model to build scale in core markets like Austin, Charlotte, and Phoenix, then expanding into adjacent secondary markets. In FY25, InvenTrust acquired 10 properties for over $460M, funded partly by selling its entire California portfolio for ~$306M and redeploying proceeds into higher-growth markets. The company carries net debt to EBITDA of 4.5x, which management views as providing balance sheet capacity to fund future acquisitions.