Slide 1: InvenTrust Properties Investor Presentation NAREIT 2022
InvenTrust Properties Investor Presentation NAREIT 2022 Essential Retail. Smart Locations.®
Slide 2: Introductory Notes
Introductory Notes Cautionary Note About Forward-Looking Statements This document has been prepared by InvenTrust Properties Corp. (the “Company,” “IVT” or “InvenTrust”) solely for informational purposes. This presentation contains “forward-looking statements” within the meaning of the Private Secur
Slide 3: Overview
Overview The Shops at Arbor Trails MSA: Austin, TX
Slide 4: Overview: Portfolio and Financial Highlights
Overview Portfolio Highlights RETAIL PROPERTIES TOTAL GLA 1 AVG. CENTER SIZE AVG. TAP SCORE (PEER AVERAGE = 68) 2 SUN BELT 3 GROCERY-ANCHORED 3, 4 LEASED OCCUPANCY ABR PER SF 5 Financial Highlights 6 NET DEBT-TO- NET LEVERAGE RATIO 7 TOTAL LIQUIDITY ADJUSTED EBITDA 2022E CORE FFO PER DILUTED SHARE G
Slide 5: Simple and Focused Strategy
Simple and Focused Strategy Solid Balance Sheet Favorable Demographics Investment grade balance sheet with Continue to increase our concentration ample liquidity to execute disciplined and capitalize on attractive Sun Belt capital allocation providing significant demographic trends growth opportunit
Slide 6: Strong Stock Performance & Strategic Corporate Initiatives In Place
Strong Stock Performance & Strategic Corporate Initiatives In Place Important additions to our capital allocation toolbox Lakeside Crossing MSA: Orlando, FL • Established a new share repurchase program of up to $150 million • Established an at-the-market (“ATM”) equity offering program of up to $250
Slide 7: Portfolio
Portfolio The Pointe at Creedmoor MSA: Raleigh / Durham, NC
Slide 8: Essential Retail. Smart Locations.
Essential Retail. Smart Locations.® Sun Belt Markets Poised for Growth 91% of NOI derived from Sun Belt markets, clear sector leader Garden Village Attractive demographic trends with 3-mile avg. population and HHI growth set to outpace peers MSA: Los Angeles, CA Durable cash flow providing sta
Slide 9: Sun Belt Focused: Near-Term Income Stability, Long-Term Value
Sun Belt Focused: Near-Term Income Stability, Long-Term Value IVT has the highest concentration in the Sun Belt amongst peers1 IVT Portfolio by Percentage of NOI 2 IVT Properties Sun Belt Top 5 Markets by NOI 2 Austin Southern CA Atlanta Miami Dallas Top 5 Percentage of Total 17% 12% 12% 11% 9% 61%
Slide 10: Attractive Markets Driving New Retail Store Openings
Attractive Markets Driving New Retail Store Openings Migration of people and jobs to Sun Belt markets will continue to accelerate MSA Median HHI Growth (’21E–’25E CAGR) U.S. Retail FY2021 Retail Store Openings/Closings Ratio2 3.0% 2.8% 4.3 InvenTrust Peers ¹ Properties 2.4 MSA Population Growth (’21
Slide 11: Portfolio Composition
Portfolio Composition 86% grocery-anchored with 66% coming from smaller format neighborhood and community centers Old Grove Marketplace Neighborhood Center Community Center Kyle Marketplace MSA: San Diego, CA MSA: Austin, TX Trade Area 1 – 3 miles Trade Area 3 – 5 miles • 36 properties • 14 properti
Slide 12: Essential Retail Tenant Mix
Essential Retail Tenant Mix Half of our top 10 tenants are grocers, which Tenants meeting daily needs of our communities drive traffic to our centers % of ABR Top 10 Tenants Essential Retail 43.8% Credit Rating # of Grocery/Drug 20.7 # Tenant (S&P) Leases % of ABR Medical 8.1 1 BBB 151 5.1 Banks 4.8
Slide 13: Robust Leasing Pipeline of High-Quality Tenants
Robust Leasing Pipeline of High-Quality Tenants Portfolio is healthy and performing well – 68 leases signed in Q1 totaling 183K SF of pro rata GLA Historical Leased Occupancy 1 Comparable Re-Leasing Spread 1 (Blended – New, Renewal & Options) 4-Year Average: 94% 4-Year Average: 4% 94.7% 93.9% 94.4%
Slide 14: Redevelopment: Infusing Capital to Enhance the Consumer Experience
Redevelopment: Infusing Capital to Enhance the Consumer Experience Modest and disciplined capital focused on retenanting, revitalization, and anchor repositioning Estimated Property Status Cost (000’s) Project Description Completion Suncrest Village Active $7,500 2022 Expansion of the Publix grocery
Slide 15: Acquisition Strategy
Acquisition Strategy PGA Plaza MSA: Miami, FL
Slide 16: Continue to Increase Sun Belt Ownership
Continue to Increase Sun Belt Ownership Opportunistically rotate out of non-Sun Belt markets (CO & DC) and redeploy capital into assets that are additive to IVT’s operational presence Sun Belt Target Markets • Acquisition criteria: • Institutional quality, necessity-based retail • Thriving sub-marke
Slide 17: Recent Sun Belt Market Acquisitions
Recent Sun Belt Market Acquisitions Purchasing necessity-based retail assets in the Sun Belt delivering stable cash flows Escarpment Village The Shops at Arbor Trails The Highlands of Flower Mound MSA: Austin, TX MSA: Austin, TX MSA: Dallas, TX • Purchased 2022 • Purchased 2022 • Purchased from join
Slide 18: Institutional Joint Venture Partnership
Institutional Joint Venture Partnership PGGM joint venture partnership demonstrates our ability to access capital sources and is a captive pipeline of low-risk acquisitions Blackhawk Town Center Stables Town Center MSA: Houston, TX MSA: Houston, TX • Institutional capital partnership with PGGM since
Slide 19: Balance Sheet & 2022 Outlook
Balance Sheet & 2022 Outlook Gateway Market Center MSA: Tampa, FL
Slide 20: Investment Grade Balance Sheet
Investment Grade Balance Sheet Flexible structure allows for various capital allocation levers to drive cash flow Balance Sheet Highlights Investment Grade Rating Assigned by Fitch • Assigned inaugural credit rating from Fitch Ratings - Long-Term Issuer • Over $262M in liquidity Default Rating of ‘B
Slide 21: Conservative and Prudent Leverage Profile
Conservative and Prudent Leverage Profile As we evaluate growth opportunities, InvenTrust will maintain our low leverage business model Net Debt-to-Adjusted EBITDA (Trailing 12 months) IVT go-forward target Net Debt to EBITDA range of 5.0x – 6.0x 7.0x 7.0x Peer Average : 6.2x 6.6x 6.5x 6.2x 5.7x 5.5
Slide 22: Consistent Dividend Increases
Consistent Dividend Increases Increased dividend payments over the last six years and during the pandemic with additional capacity to grow dividend further Continuously evaluate appropriate dividend level Aggregate dividends declared (as a % of Core FFO) = 48% 1 Historical & Projected Dividend P
Slide 23: 2022 Outlook and Guidance
2022 Outlook and Guidance Growth Opportunities Contractual Rent Steps 2022 OUTLOOK AND GUIDANCE1 New & Renewal Net Income per diluted share2 $0.18 to $0.24 Leasing Growth NAREIT FFO per diluted share3 $1.58 to $1.64 Redevelopment $1.51 to $1.56 Core FFO per diluted share 8% to 11% Acquisitions YoY g
Slide 24: Corporate Responsibility
Corporate Responsibility Pavilion at La Quinta MSA: San Diego, CA
Slide 25: ESG Overview
ESG Overview Effectively managing our business and assets with a focus on environmental, social and governance (“ESG”) initiatives Environmental Social Governance • Improved energy, water and waste • IVT invests in its employees through tuition • IVT places a strong emphasis on its management polici
Slide 26: Experienced Board of Directors with Strong Governance
Experienced Board of Directors with Strong Governance Board of Directors Board Governance Paula J. Saban (Chairperson since 2017 and Director since 2004) • Former Senior Vice President and Private Client Manager at Bank of America Non-Staggered Board Yes • Over 25 years of financial services and ban
Slide 27: Appendix
Appendix Plaza Midtown MSA: Atlanta, GA
Slide 28: Non-GAAP Measures and Definition of Terms
Non-GAAP Measures and Definition of Terms General In addition to measures prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP” measures), this presentation contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measur
Slide 29: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Pro Rata Same Property NOI Notes: Pro rata, in thousands. 1) Same Property NOI is reflective of consolidated properties owned for the entirety of both periods presented. 2) NOI from other investment properties is reflective of consolidated properties not classifie
Slide 30: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures EBITDA and Adjusted EBITDA (a) Includes our consolidated entities and our pro-rata share of our JV. (b) Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settle
Slide 31: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures NAREIT FFO and Core FFO (a) Represents our share of depreciation, amortization and gain on sale related to investment properties held in IAGM. (b) Adjusting items, net, are primarily loss on extinguishment of debt, amortization of debt discounts and financing cost
Slide 32: Corporate Office, Investor Relations, Transfer Agent
Corporate Office 3025 Highland Parkway Suite 350 Downers Grove, IL 60515 Investor Relations 630-570-0605 InvestorRelations@InvenTrustProperties.com Transfer Agent Computershare 855.377.0510