Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Investor Presentation (November 2021)
35 slides from Inventrust Properties's investor presentation, November 2021
Slide 1: InvenTrust Properties Investor Presentation November 2021
InvenTrust Properties Investor Presentation November 2021 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 Windward Commons MSA: Atlanta, GA
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 1) Reflects GLA at 100% share; 9.7
Slide 5: Simple & Focused Business Plan
Simple & Focused Business Plan Strong Balance Sheet Favorable Demographics Ample liquidity, combined with Continue to curate a Sun Belt- sector-low leverage, provide focused portfolio to capitalize on unmatched strategic flexibility attractive demographic trends Essential Retail Smart Locations.® Or
Slide 6: Essential Retail. Smart Locations.
Essential Retail. Smart Locations.® Sun Belt Markets Poised for Growth 90% of NOI derived from Sun Belt markets, 1st among peers 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 stabili
Slide 7: Sun Belt Focused: Near-Term Income Stability, Long-Term Value
Sun Belt Focused: Near-Term Income Stability, Long-Term Value Migration of people & jobs to Sun Belt markets is expected to accelerate the long-term growth potential for IVT centers MSA Median HHI Growth IVT Portfolio by % of NOI 2 IVT Properties Regional Offices Corporate HQ Sun Belt (’21E–’25E CAG
Slide 8: Portfolio
Portfolio The Pointe at Creedmoor MSA: Raleigh / Durham, NC
Slide 9: Our Differentiated Portfolio
Our Differentiated Portfolio 1 Focused on Sun Belt with favorable demographic trends Portfolio Strategically focused in high growth markets predominantly across the Sun Belt Curation Parameters High Growth Sun Belt Growth dynamics supported by highly-educated workforces comparable to those of co
Slide 10: Attractive Portfolio Demographics
Attractive Portfolio Demographics Strong and growing trade areas are expected to lead to market rent growth TAP Score 1 Top 6 STEM Markets (% of ABR) 2 3-Mile Educational Attainment 80 77 75 38% 51% 72 71 71 35% 48% 67 47% 47% 28% 44% 44% 44% 57 25% 54 23% 38% 38% 13% 11% 7% 5% REG IVT ROIC RPT KIM
Slide 11: Portfolio Composition
Portfolio Composition 85% grocery-anchored with 64% 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 • 35 properties • 13 properti
Slide 12: Essential Retail Portfolio Composition
Essential Retail Portfolio Composition Half of our top 10 tenants are grocers, which Daily needs-focused tenants provided creates robust leasing demand resiliency throughout the pandemic % of ABR Top 10 Tenants Essential Retail 43.4% # of Grocery / Drug 20.0% # Tenant Leases % of ABR Medical 7.9% 1
Slide 13: Top Grocers Generate a Stable Income Stream
Top Grocers Generate a Stable Income Stream High productivity grocers drive traffic that benefits small shop tenants & leasing activity Average Grocer Sales ($ per SF) ~$730 ~$680 InvenTrust 1 Peers Peers² 2 Properties Kennesaw Marketplace MSA: Atlanta, GA InvenTrust Properties Source: Public filing
Slide 14: Positive Leasing Momentum
Positive Leasing Momentum Strong leasing momentum throughout 2021 Executed Leases 1 Historical Leased Occupancy 1 Comparable Re-Leasing Spread 1 (Thousands of SF) (Blended) 5% 5% 3-Year Average: 909 1,462 3-Year Average: 94% 3-Year Average: 5% 8% (2%) 982 94% 95% 817 928 93% 94% 6% Q1 Q2 Q3 3% (0%)
Slide 15: 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 Redevelopment investment benchmarks: Est. Spend on Redevelopment Projects ¹ • No large mixed use funding commitments Year Estimated Spend
Slide 16: Balance Sheet & Growth Potential
Balance Sheet & Growth Potential PGA Plaza MSA: Miami, FL
Slide 17: Flexible & Conservative Capital Structure
Flexible & Conservative Capital Structure InvenTrust primed for growth with sector-leading balance sheet Balance Sheet Highlights Capital Structure (at share) Secured Debt • Balance sheet with investment grade-like characteristics • Over $500M liquidity 7% Unsecured Debt 13% • Liquidity includes $16
Slide 18: Six Dividend Increases in Five Years
Six Dividend Increases in Five Years Increased dividend payments over the last five years and during the pandemic with additional capacity to grow dividend further Aggregate distributions (as a % of Core FFO) = 57% 1 Historical & Projected Dividend Payments 2 Did not cut or suspend dividend during
Slide 19: Self Funded Growth Strategy
Self Funded Growth Strategy Flexible structure allows for various capital allocation levers to drive cash flow • Support a Dutch Auction tender up to $100M and repurchase shares accretive to NAV ¹ • External growth via acquisitions in Sun Belt markets with attractive growth profiles • Reinvest in as
Slide 20: Experienced Acquisitions Team
Experienced Acquisitions Team Best-in-class acquisitions platform with prudent approach and high volume capabilities Historical Acquisitions Funnel ¹ Total InvenTrust Acquisitions and Dispositions ($M) $1,960 Average Annual Acquisitions: $322 $633 $465 $392 600+ $223 Opportunities $191 $30 $26 Evalu
Slide 21: Institutional Capital Partnership
Institutional Capital Partnership PGGM joint venture provides visible pipeline for future external growth via assets InvenTrust knows better than any other operator Blackhawk Town Center Stables Town Center MSA: Houston, TX MSA: Houston, TX • Institutional capital partnership with PGGM since 2013 (I
Slide 22: 2021 Outlook and Guidance
2021 Outlook and Guidance Gateway Market Center MSA: Tampa, FL
Slide 23: 2021 Outlook and Guidance
2021 Outlook and Guidance 2021 Outlook and Guidance Net Loss per diluted share $(0.20) to $(0.16) FFO per share ¹ $1.09 to $1.13 Core FFO per share ² $1.38 to $1.42 SPNOI Growth 3.25% to 4.75% Commons at University Place MSA: Raleigh—Durham, NC Note: Acquisitions are not included in the 2021 Outlook
Slide 24: Governance and Corporate Responsibility
Governance and Corporate Responsibility Trowbridge Crossing MSA: Atlanta, GA
Slide 25: 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 26: ESG Initiatives
ESG Initiatives 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 is invested in its employees with tuition • IVT places a strong emphasis on its management po
Slide 27: InvenTrust Essential Retail. Smart Locations.
B Loss DRESS 02 nce IN Essential Retail. Smart Locations.® 3 0 _ Zt & Market by macys Ye Invenfrust- SST pertfes ——
Slide 28: Appendix
Appendix Plaza Midtown MSA: Atlanta, GA
Slide 29: Non-GAAP Measures and Definition of Terms
Non-GAAP Measures and Definition of Terms General In addition to GAAP measures, this investor presentation contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measures to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not
Slide 30: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Net Income (Loss) to Pro Rata Same Property NOI Nine Months Ended Sep 30 2021 2020 Net income (loss) $ 5,391 $ (11,420) Adjustments Other income and expense, net 155 (2,572) Equity in (earnings) losses of unconsolidated entities (2,441) (1,591) Interest expense, n
Slide 31: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Net Income (Loss) to Pro Rata Same Property NOI (Cont’d) Year Ended December 31 2020 2019 Net income (loss) $ (10,174) $ 38,399 Adjustments Net Loss from discontinued operations – 25,500 Other income and expense, net (3,326) (1,384) Equity in (earnings) losses of
Slide 32: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures EBITDA and Adjusted EBITDA Three Months Ended Sep. 30 Nine Months Ended Sep. 30 2021 2020 2021 2020 Net income (loss) $ 3,992 $ 1,677 $ 5,391 $ (11,420) Interest expense ¹ 4,690 5,554 14,385 17,469 Income tax expense (benefit) ¹ 74 140 275 (910) Depreciation and a
Slide 33: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures EBITDA and Adjusted EBITDA (Cont’d) Year Ended Dec. 31, 2020 Net income (loss) $ (10,174) Interest expense ¹ 22,849 Income tax expense (benefit) ¹ (739) Depreciation and amortization ¹ 96,722 EBITDA 108,658 Adjustments to reconcile to Adjusted EBITDA ¹ Provision f
Slide 34: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures FFO and Core FFO Three Months Ended Sep. 30 Nine Months Ended Sep. 30 2021 2020 2021 2020 Net income (loss) $ 3,992 $ 1,677 $ 5,391 $ (11,420) Depreciation and amortization related to investment properties 21,107 22,165 64,328 65,726 Provision for asset impairment
Slide 35: 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
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