InvenTrust Properties Corp. (IVT) is a Sun Belt grocery-anchored retail REIT with 75 properties and ~12.0 million square feet of GLA as of March 31, 2026. Under a liquidation lens, the recovery posture is deeply negative, consistent with the MFFAIS-reported CLV/LLV/OLV of approximately -$1.88 billion. The asset side is dominated by real estate investment property at gross cost of $3.12 billion, against accumulated depreciation of $547 million, yielding a GAAP net book value of $2.57 billion. Applying a 50-65% recovery haircut to the real property (as typical for forced-sale retail real estate), the recoverable value from the core PP&E base is approximately $1.3-1.7 billion. Cash and restricted cash recovers at par ($34 million). Accounts receivable of $37 million recovers at ~90-95% (~$33-35 million). Intangibles (in-place lease intangibles and other) total $203 million; these receive a 0% haircut recovery under the liquidation lens. Below-market lease liabilities of $74 million remain at face value as a liability. Total assets at GAAP are $2.89 billion; total liabilities at face value are $1.11 billion, dominated by long-term debt and capital lease obligations of $952 million (face amount $948 million before discount/costs). On a liquidation basis, even at the generous end of the PP&E haircut range, the haircut on intangibles alone ($203 million to zero) and the PP&E discount drive estimated equity recovery well below book equity of $1.78 billion. The 2026 Q1 filing shows material balance sheet changes versus year-end 2025: three acquisitions totaling ~$123 million in gross consideration closed in Q1 2026 (Marketplace at Hudson Station, Nashville West, and a small outparcel), funded largely by $126 million of revolving credit facility drawdowns. This increased total debt and shifted the financing mix toward variable-rate revolver exposure. The revolving credit facility balance stands at $181 million as of March 31, 2026. Subsequent to quarter-end, on April 16, 2026, IVT entered into a note purchase agreement for $250 million in private placement senior notes (Series A at 5.09%, Series B at 5.32%, Series C at 5.60%, expected issuance June 29, 2026). This post-period event, not yet on the balance sheet, will add $250 million to face-value liabilities, further widening the liquidation shortfall. The filing also discloses a new finance lease (West Ashley Station ground lease) with total undiscounted obligations of $74 million, present value of $11.1 million — a new commitment not present in the prior 10-K that increases the liability stack under the liquidation lens. The company carries no goodwill and no pension obligations.
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