XML 28 R16.htm IDEA: XBRL DOCUMENT v3.24.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Incentive Award Plan
The Company's board of directors (the "Board") adopted the InvenTrust Properties Corp. 2015 Incentive Award Plan effective as of June 19, 2015 (the "Incentive Award Plan"). On May 6, 2016, the Board adopted the first amendment to the Incentive Award Plan and on March 20, 2024, the Board adopted the second amendment to the Incentive Award Plan (collectively, the “Amendments”). The Company's stockholders approved the Incentive Award Plan, as amended by the Amendments, on May 7, 2024, which, among other things, increased the aggregate number of shares of common stock that may be issued pursuant to awards granted under the Incentive Award Plan (the "Share Limit") by 2,750,000 shares to 5,750,000 shares. Any forfeited or unearned performance shares subject to an award are added back to the Share Limit.
Outstanding restricted stock unit ("RSU") awards are categorized as either time-based awards, performance-based awards, or market-based awards. All awards are granted at fair value, earn dividends throughout the vesting period, and have no voting rights. As of June 30, 2024, 2,854,824 shares were available for future issuance under the Incentive Award Plan.
Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period.
The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:
At Grant Date
20242023
Volatility31.00%34.00%
Risk free interest rate4.42%4.45%
Dividend Yield3.40%3.20%

The following table summarizes the Company's RSU activity during the six months ended June 30, 2024:
Unvested Time-
Based RSUs		Unvested Performance
and Market-Based RSUs		Weighted-Average Grant
Date Price Per Share
Outstanding as of January 1, 2024147,592 1,024,771 $19.36
Shares granted197,884 335,936 $19.78
Shares vested(42,600)(113,954)$27.17
Unearned performance shares— (82,665)$28.90
Shares forfeited(2,190)(17,360)$17.41
Outstanding as of June 30, 2024300,686 1,146,728 $18.29

Employee Stock Purchase Plan
On May 4, 2023, the Company established an Employee Stock Purchase Plan (the "ESPP") pursuant to which employees may purchase up to an aggregate of 3,300,000 shares of the Company's common stock, of which 3,288,272 shares remain available for future issuance as of June 30, 2024.

Stock-Based Compensation Expense
The following table summarizes the Company's stock-based compensation expense:
Three months ended June 30Six months ended June 30
2024202320242023
Incentive Award Plan, net (a)$2,532 $2,302 $4,688 $4,269 
Employee Stock Purchase Plan (b)34 — 69 — 
Stock-based compensation expense, net$2,566 $2,302 $4,757 $4,269 
(a)As of June 30, 2024, there was $15,295 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2026.
(b)As of June 30, 2024, there was $145 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through December 2025.