Slide 1: Quarterly Financial Supplemental
Inventrust Properties QUARTERLY FINANCIAL SUPPLEMENTAL QUARTER ENDED MARCH 31, 2024
Slide 2: Table of Contents
Table of Contents Page No. Introductory Notes i Press Release iii Financial Information Summary Financial Information Condensed Consolidated Balance Sheets Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Condensed Consolidated Supplemental Details of Assets and Liabil
Slide 3: Inventrust
Inventrust Properties
Slide 4: Introductory Notes
Introductory Notes About InvenTrust Properties Corp. InvenTrust Properties Corp. (the “Company,” "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-q
Slide 5: Inventrust
Inventrust Properties
Slide 6: Introductory Notes
Introductory Notes Former Joint Venture On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”), in which
Slide 7: Inventrust
Inventrust Properties
Slide 8: InvenTrust Properties Corp. Reports 2024 First Quarter Results
CONTACT: Dan Lombardo Vice President of Investor Relations 630-570-0605 dan.lombardo@inventrustproperties.com InvenTrust Properties Corp. Reports 2024 First Quarter Results DOWNERS GROVE, IL – April 30, 2024 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported fin
Slide 9: Dividend, Portfolio Performance and Investment Activity
DIVIDEND • For the quarter ended March 31, 2024, the Board of Directors declared a quarterly cash distribution of $0.2263 per share, paid on April 15, 2024. PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY • As of March 31, 2024, the Company’s Leased Occupancy was 96.3%. ◦ Anchor Leased Occupancy, which
Slide 10: 2024 Guidance
Nareit FFO per diluted share $1.71 — $1.77 $1.69 — $1.75 Same Property NOI (“SPNOI”) Growth 2.75% — 3.75% 2.25% — 3.25% Interest expense, net (4) $35,000 — $35,750 $35,000 — $35,750 Depreciation and amortization related to investment properties 1.65 1.65 Amortization of market-lease intangibles and
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Inventrust Properties
Slide 12: Summary Financial Information
Summary Financial Information In thousands, except share information and per square foot amounts Three Months Ended March 31 2024 2023 Financial Results Net income $ 2,900 $ 1,133 Net income per common share - basic 0.04 0.02 Net income per common share - diluted 0.04 0.02 Nareit FFO (page 7) 30,846
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Inventrust Properties
Slide 14: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets In thousands, except share and per share amounts As of March 31, 2024 December 31, 2023 Assets (unaudited) Investment properties Land $ 698,532 $ 694,668 Building and other improvements 1,979,896 1,956,117 Construction in progress 7,202 5,889 Total 2,685,630 2,6
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Inventrust Properties
Slide 16: Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) In thousands, except share and per share information, unaudited Three Months Ended March 31 2024 2023 Income Lease income, net $ 66,493 $ 64,830 Other property income 305 295 Other fee income — 80 Total income 66,798 65,
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Inventrust Properties
Slide 18: Condensed Consolidated Supplemental Details of Assets and Liabilities
Condensed Consolidated Supplemental Details of Assets and Liabilities In thousands As of March 31, 2024 December 31, 2023 Accounts and rents receivable Billed base rent, recoveries, and other revenue $ 5,722 $ 12,215 Straight-line rent receivables 24,044 23,138 Total $ 29,766 $ 35,353 Deferred cost
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Inventrust Properties
Slide 20: Condensed Consolidated Supplemental Details of Operations
Condensed Consolidated Supplemental Details of Operations In thousands Three Months Ended March 31 2024 2023 Income * Minimum base rent $ 42,447 $ 40,476 * Real estate tax recoveries 8,105 8,517 * Common area maintenance, insurance, and other recoveries 7,854 6,949 * Ground rent income 4,737 4,710 A
Slide 21: Inventrust
Inventrust Properties
Slide 22: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In thousands Same Property NOI Three Months Ended March 31 2024 2023 Income Minimum base rent $ 38,538 $ 37,739 Real estate tax recoveries 7,612 8,094 Common area maintenance, insurance, and other recoveries 7,100 6,533 Ground rent income 3,877 3,954 Short-term an
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Inventrust Properties
Slide 24: Reconciliation of Non-GAAP Measures, continued
Reconciliation of Non-GAAP Measures, continued In thousands Nareit FFO and Core FFO Three Months Ended March 31 2024 2023 Net income $ 2,900 $ 1,133 Depreciation and amortization related to investment properties 27,946 26,543 Unconsolidated joint venture adjustments (a) — 342 Nareit FFO Applicable t
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Inventrust Properties
Slide 26: Summary of Outstanding Debt
Summary of Outstanding Debt In thousands Balance as of March 31, 2024 Proportion of Total Debt Weighted Average Interest Rate Weighted Average Years to Maturity Fixed rate secured debt $ 109,080 13% 4.01% 2.9 Variable rate secured debt 72,468 9% 6.98% 0.6 Fixed rate unsecured debt 650,000 78% 4.03%
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Inventrust Properties
Slide 28: Debt Covenants, Interest Rate Swaps, and Capital Expenditures
Debt Covenants, Interest Rate Swaps, and Capital Expenditures Unaudited, dollars in thousands Debt Covenants (trailing 12 months) For the quarter ended Description Term Loan Covenants Senior Note Covenants Q1 2024 Q4 2023 Q3 2023 Q2 2023 Leverage Ratio < 60.0% < 60.0% 29.2% 29.0% 29.7% 29.6% Fixed C
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Inventrust Properties
Slide 30: Markets and Tenant Size
Markets and Tenant Size GLA and dollar amounts in thousands, except per square foot amounts Market No. of Properties Leased Occupancy ABR ABR psf ABR as % of Total GLA GLA as % of Total Austin-Round Rock, TX 8 96.5 % $ 32,674 $16.77 17.3 % 2,056 19.8 % Houston-Sugar Land-Baytown, TX 6 94.3 % 20,750
Slide 31: Inventrust
Inventrust Properties
Slide 32: Top Tenants by Total ABR and Tenant Merchandise Mix
Top 25 Tenants by Total ABR and Tenant Merchandise Mix In thousands Parent Name Tenant Name/Count Credit Rating (a) No. of Leases ABR % of Total ABR GLA % of Total Occ.GLA 1 Kroger Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / Ralphs 3 BBB 15 $ 9,676 5.1 % 864 8.3 % 2 Publix Super Markets, Inc. Publix
Slide 33: Inventrust
Inventrust Properties
Slide 34: Comparable and Non-Comparable Lease Statistics
Four Comparable and Non-Comparable Lease Statistics GLA in thousands The Company's Retail Portfolio had 364 thousand square feet expiring during the three months ended March 31, 2024, of which 328 thousand square feet was re-leased. This achieved a retention rate of approximately 90%. The following
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Inventrust Properties
Slide 36: Tenant Lease Expirations
Tenant Lease Expirations GLA and ABR in thousands, except per square foot amounts Lease Expiration Year No. of Expiring Leases GLA of Expiring Leases Percent of Total GLA of Expiring Leases ABR of Expiring Leases Percent of Total ABR Expiring ABR PSF (a) Anchor Tenants 2024 10 237 3.7 % $ 2,981 3.6
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Inventrust Properties
Slide 38: Acquisitions
Acquisitions Dollars and GLA in thousands Acquisitions Date Property Name Market Acquisition Price GLA Leased Occ. Anchor Tenants (a) 2/1/24 The Plant Phoenix, Arizona $ 29,500 57 100% Sprouts Farmers Market (a) Grocers listed first and bolded. Supplemental - Quarter Ended March 31, 2024
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Inventrust Properties
Slide 40: Development Pipeline
Development Pipeline In thousands Active Redevelopments Estimated Completion Quarter (a) Projected Incremental Costs Estimated Incremental Yield on Cost Property Market Project Description Costs to Date Southern Palm Crossing Miami-Fort Lauderdale-Miami Beach, FL Redevelopment of a former bank build
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Inventrust Properties
Slide 42: Property Summary, by Total Market GLA
Property Summary, by Total Market GLA GLA in thousands Property Market State Center Type (a) GLA Leased Occupancy ABR PSF Grocery Anchor (b) Major Anchors (c) 1 Escarpment Village Austin-Round Rock TX N 170 100% $21.89 Yes HEB 2 Kyle Marketplace Austin-Round Rock TX C 225 100% $17.63 Yes HEB 3 Marke
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Inventrust Properties
Slide 44: Property Summary, by Total Market GLA
Windward Commons Atlanta Metro Area GA N 117 $15.53 Yes Kroger Property Summary, by Total Market GLA GLA in thousands Property Market State Center Type (a) GLA Leased Occupancy ABR PSF Grocery Anchor (b) Major Anchors (c) 35 Eastfield Village Charlotte-Gastonia-Concord NC N 96 94.6% $18.10 Yes Food
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Inventrust Properties
Slide 46: Property Summary, by Total Market GLA
Property Summary, by Total Market GLA GLA in thousands Property Market State Center Type (a) GLA Leased Occupancy ABR PSF Grocery Anchor (b) Major Anchors (c) 63 The Plant (d) Phoenix AZ N 57 100% $28.74 Yes Sprouts Farmers Market Total Arizona 57 100% $28.74 Grand Totals 10,385 96.3% $19.61 (a) N =
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Inventrust Properties
Slide 48: Components of Net Asset Value as of March 31, 2024
Components of Net Asset Value as of March 31, 2024 In thousands, except share information Page No. NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter NOI, excluding ground rent income $ 41,038 5 Ground rent income 4,737 5 NOI 45,775 5 Annualized NOI, e
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Inventrust Properties
Slide 50: Glossary of Terms
Adjusted EBITDA The Company's non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, straight-line rent adjustments, amortization of above and below market leases and lease inducements, and other unique revenue and expense items which some may consider no
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Inventrust Properties
Slide 52: Corporate Office
Inventrust Properties CORPORATE OFFICE 3025 Highland Parkway | Suite 350 Downers Grove, IL 60515 630.570.0700 InvestorRelations@InvenTrustProperties.com