Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Inland American Real Estate Trust — NAREIT Presentation 2012
18 slides from Inventrust Properties's conference presentation, Jun 13, 2012
Slide 1: Performance Driven Sustainable Distributions - NAREIT Presentation
PERFORMANCE DRIVEN SUSTAINABLE DISTRIBUTIONS June 12, 2012 NAREIT Presentation
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements This presentation may contain forward-looking statements. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typica
Slide 3: Inland American Highlights
3 Inland American Highlights • Funds from operations (FFO) o Full year 2011 - $0.516 per share o 1st qtr. 2012 - $0.125 per share • Same-store NOI o Up 2.4% for the full year 2011 o Up 1.1% in the 1st qtr. of 2012 • Acquired 5 new upper upscale lodging assets consisting of 2,300 rooms for $393 milli
Slide 4: Inland American Portfolio
4 Inland American Portfolio Retail $4.3B 38% Lodging $3.3B 28% Office $1.9B 17% Ind./Dist. $1.1B 9% Apartments $673M 6% Student Housing $215M 2% As of 3/31/12, based on undepreciated core asset values Diversification - Balances Risk Exposure
Slide 5: Geographic Diversification - Balances Risk Exposure
5 Geographic Diversification - Balances Risk Exposure As of 3/31/12 38 States + D.C. 970 properties across the country o 49.3 million sq. ft. of retail, office & industrial o 9,563 multi-family units o 17,899 hotel rooms
Slide 6: Our 2012 Strategic Business Plan
6 Our 2012 Strategic Business Plan 1. Maintain a solid, conservative balance sheet o Manageable debt maturities o Well-positioned capital structure to capture near-term acquisition opportunities 2. Produce a sustainable distribution o 6.9% annualized yield on $7.22 estimated per share value to over
Slide 7: Our 2012 Strategic Business Plan
7 Our 2012 Strategic Business Plan 3. Refine our high-quality portfolio o Sell less strategic assets o Acquire quality assets in high performing asset classes or geographic regions 4. Continue to differentiate from our peers to drive occupancy and rents o We bring segment expertise to all our proper
Slide 8: Upper Management Experience
8 Upper Management Experience - 5 10 15 20 25 30 35 Retail Lodging Student Housing Multi-Family Office & Industrial 30 26 20 26 21 Average Years of Experience in Each Segment Per company calculations
Slide 9: Lodging – Industry Outlook
9 Lodging – Industry Outlook Limited supply should drive performance to prior peak by 2015 • Steady growth forecasted for RevPAR in 2012 • Demand/supply gap expanding • Upper upscale segment should see strong revenue growth
Slide 10: Lodging Portfolio Structure
10 Lodging Portfolio Structure 53% 37% Other 10% Upper Upscale 34% Upscale 56% Midscale 10% By Brand By Class • 100 Properties – 17,899 rooms • 27 states
Slide 11: Lodging Performance
11 Lodging Performance $- $20 $40 $60 $80 $100 $120 $140 Same-Store Rev Same-Store NOI $126.0 $37.1 $130.5 3.5% $38.6 3.9% Q1 2011 Q1 2012 $60 $70 $80 $90 2009 2010 2011 $78 $80 $86 Inland American RevPAR
Slide 12: First Quarter Acquisitions - $393 million
12 First Quarter Acquisitions - $393 million Griffin Gate Marriott Resort & Spa – Lexington, KY San Francisco Airport Marriott Waterfront – Burlingame, CA Renaissance Waverly – Atlanta, GA Renaissance Arboretum – Austin, TX Hilton St. Louis Downtown
Slide 13: Lodging – 2012 Strategies
13 Lodging – 2012 Strategies • Balance Portfolio o Expand ownership of premium branded upper upscale hotels to further enhance our portfolio o Look for high barriers to entry in top-25 urban markets • Harvest Positive Fundamentals o Industry RevPAR expected to increase 4 – 8% in 2012 o Historically
Slide 14: Condensed Balance Sheet
14 Condensed Balance Sheet 3/31/2012 12/31/2011 Investment properties $ 11,148,437 10,728,081 Less accumulated depreciation (1,385,531) (1,301,899) Net investment properties 9,762,906 9,426,182 Cash and restricted cash 262,389 316,607 Investment in marketable securities 318,738 289,365 Investment in
Slide 15: Debt Maturities
15 Debt Maturities $402M $1.0B $607M $578M $786M $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 2012 2013 2014 2015 2016 in Millions Fixed Variable % of Total Debt as of 03/31/12 6.6% 16.5% 9.9% 9.4% 12.8%
Slide 16: FFO & NOI Breakdown
16 FFO & NOI Breakdown 2012 2011 Funds from operations 109,317 $ 94,396 $ FFO per share 0.125 $ 0.111 $ Segment NOI 2012 2011 Retail 74,746 67,460 10.8% Lodging 43,073 37,407 15.1% Office 33,130 33,669 -1.6% Industrial 21,971 20,699 6.1% MultiFamily 13,990 12,763 9.6% Net Operating Income 186,910 $
Slide 17: Key Points & Themes to Remember
17 Key Points & Themes to Remember • Our overall cash flow and operating performance continues to improve • Lodging & multi-family will drive our results in 2012 and approximately 1,700 student housing beds are scheduled to come online in the next 18 months • We believe we have a solid and achievabl
Slide 18: GAAP Reconciliation Slide
18 GAAP Reconciliation Slide in '000s 3/31/2012 3/31/2011 12/31/2011 Net loss (30,210) (52,403) (309,545) Net (income) loss of noncontrolling interests (73) (2,224) (6,708) Net income (loss) attributable to Company (30,283) (54,627) (316,253) Add: Depreciation and amortization related to investment
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