Slide 1: Quarterly Financial Supplemental, Quarter Ended December 31, 2024
Inventrust Properties QUARTERLY FINANCIAL SUPPLEMENTAL QUARTER ENDED DECEMBER 31, 2024
Slide 2: Table of Contents
Table of Contents Page No. Introductory Notes i Press Release iii Financial Information Summary Financial Information ....................................................................................................................................... 1 Consolidated Balance Sheets ................
Slide 3: 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 4: Introductory Notes, continued
Introductory Notes, continued 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 it held a
Slide 5: InvenTrust Properties Corp. Reports 2024 Fourth Quarter and Full Year Results
CONTACT: Dan Lombardo Vice President of Investor Relations 630-570-0605 dan.lombardo@inventrustproperties.com InvenTrust Properties Corp. Reports 2024 Fourth Quarter and Full Year Results DOWNERS GROVE, IL – February 11, 2025 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT)
Slide 6: Nareit FFO, Core FFO and Same Property NOI
NAREIT FFO • Nareit FFO for the three months ended December 31, 2024 was $34.9 million, or $0.45 per diluted share, as compared to $30.8 million, or $0.45 per diluted share, for the same period in 2023. • Nareit FFO for the year ended December 31, 2024 was $126.7 million, or $1.78 per diluted share,
Slide 7: Liquidity and Capital Structure
LIQUIDITY AND CAPITAL STRUCTURE • During the three months ended December 31, 2024, the Company raised $7.8 million of net proceeds, after $0.1 million in commissions, under the ATM Program, through the issuance of 254,082 shares of common stock at a weighted average price of $30.96 per share. • On O
Slide 8: Full Year 2025 Outlook and Initial Guidance
FULL YEAR 2025 OUTLOOK AND INITIAL GUIDANCE The Company has provided initial 2025 guidance, as summarized in the table below. (Unaudited, dollars in thousands, except per share amounts) Initial 2025 Guidance(1)(2) 2024 Actual Net Income per diluted share $0.27 — $0.33 $0.19 Nareit FFO per diluted sh
Slide 9: Summary Financial Information
Summary Financial Information In thousands, except share information and per square foot amounts Three Months Ended December 31 Year Ended December 31 2024 2023 2024 2023 Financial Results Net income $ 9,799 $ 2,890 $ 13,658 $ 5,269 Net income per common share - basic 0.13 0.04 0.19 0.08 Net income
Slide 10: Consolidated Balance Sheets
Consolidated Balance Sheets In thousands, except share and per share amounts As of December 31, 2024 December 31, 2023 Assets (unaudited) Investment properties Land $ 712,827 $ 694,668 Building and other improvements 2,116,092 1,956,117 Construction in progress 9,951 5,889 Total 2,838,870 2,656,674
Slide 11: Consolidated Statements of Operations and Comprehensive Income (Loss)
Consolidated Statements of Operations and Comprehensive Income (Loss) In thousands, except share and per share information, unaudited Three Months Ended December 31 Year Ended December 31 2024 2023 2024 2023 Income Lease income, net $ 70,759 $ 64,332 $ 272,440 $ 257,146 Other property income 473 390
Slide 12: Consolidated Supplemental Details of Assets and Liabilities
Consolidated Supplemental Details of Assets and Liabilities In thousands As of December 31, 2024 December 31, 2023 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 87,395 $ 96,385 Restricted cash 3,826 3,378 Total $ 91,221 $ 99,763 Accounts and rents receivable Billed base rent
Slide 13: Consolidated Supplemental Details of Operations
Consolidated Supplemental Details of Operations In thousands Three Months Ended December 31 Year Ended December 31 2024 2023 2024 2023 Income * Minimum base rent $ 45,372 $ 41,687 $ 175,068 $ 165,267 * Real estate tax recoveries 8,610 6,947 33,343 31,220 * Common area maintenance, insurance, and oth
Slide 14: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In thousands Same Property NOI Three Months Ended December 31 Year Ended December 31 2024 2023 2024 2023 Income Minimum base rent $ 42,591 $ 40,817 $ 152,502 $ 148,304 Real estate tax recoveries 8,223 6,615 29,463 28,184 Common area maintenance, insurance, and oth
Slide 15: Reconciliation of Non-GAAP Measures, continued
Reconciliation of Non-GAAP Measures, continued In thousands Nareit FFO and Core FFO Three Months Ended December 31 Year Ended December 31 2024 2023 2024 2023 Net income $ 9,799 $ 2,890 $ 13,658 $ 5,269 Depreciation and amortization of real estate assets 28,616 27,864 113,055 112,578 Impairment of re
Slide 16: Summary of Outstanding Debt
Summary of Outstanding Debt In thousands Balance as of Proportion of Weighted Average Weighted Average December 31, 2024 Total Debt Interest Rate Years to Maturity Fixed rate secured debt $ 93,380 13% 3.97% 2.6 Fixed rate unsecured debt 650,000 87% 4.04% 3.5 Discounts and financing costs, net (2,965
Slide 17: Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs
Debt Covenants, Interest Rate Swaps, and Capital Investments and Leasing Costs Unaudited, dollars in thousands Debt Covenants (trailing 12 months) For the quarter ended Description Term Loan Covenants Senior Note Covenants Q4 2024 Q3 2024 Q2 2024 Q1 2024 Leverage Ratio < 60.0% < 60.0% 23.2% 24.0% 28
Slide 18: Markets and Tenant Size
Markets and Tenant Size GLA and dollar amounts in thousands, except per square foot amounts No. of Leased ABR as GLA as Market Properties Occupancy ABR ABR psf % of Total GLA % of Total Austin-Round Rock, TX 8 98.3 % $ 33,517 $16.97 16.1 % 2,091 19.1 % Houston-Sugar Land-Baytown, TX 6 95.5 % 21,376
Slide 19: Top 25 Tenants by Total ABR and Tenant Merchandise Mix
Top 25 Tenants by Total ABR and Tenant Merchandise Mix In thousands Credit No. of % of Total % of Total Parent Name Tenant Name / Store Count Rating (a) Leases ABR ABR GLA Occ.GLA 1 Kroger Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / BBB 14 $ 8,891 4.3 % 821 7.5 % Ralphs 2 2 Publix Super Markets, Inc
Slide 20: Comparable and Non-Comparable Lease Statistics
Comparable and Non-Comparable Lease Statistics GLA in thousands The Company's Retail Portfolio had 1.22 million square feet expiring during the year ended December 31, 2024, of which 1.15 million square feet was re-leased. This achieved a retention rate of approximately 94%. The following tables sum
Slide 21: Tenant Lease Expirations
Tenant Lease Expirations GLA and ABR in thousands, except per square foot amounts No. of Percent of Lease Expiring GLA of Total GLA of ABR of Percent of Expiring Expiration Year Leases Expiring Leases Expiring Leases Expiring Leases Total ABR ABR PSF (a) Anchor Tenants 2025 10 427 6.2 % $ 4,125 4.6
Slide 22: Acquisitions and Dispositions
Acquisitions and Dispositions Dollars and GLA in thousands Acquisitions Acquisition Leased Date Property Name Market Price GLA Occ. Anchor Tenants (a) 2/1/24 The Plant Phoenix, AZ $ 29,500 57 100% Sprouts Farmers Market 4/9/24 Moores Mill Atlanta Metro Area, GA 28,000 70 100% Publix 6/13/24 Maguire
Slide 23: Development Pipeline
Development Pipeline In thousands Active Redevelopments Estimated Projected Estimated Completion Incremental Incremental Property Market Project Description Quarter (a) Costs Costs to Date Yield on Cost Sarasota Pavilion Tampa-St. Petersburg, FL Redevelopment and remerchandising of a former anchor s
Slide 24: Property Summary, by Total Market GLA
Property Summary, by Total Market GLA GLA in thousands Center Leased ABR Grocery No. Property Market State Type (a) GLA Occupancy PSF Anchor (b) Major Anchors (c) 1 Escarpment Village Austin-Round Rock TX N 170 100% $22.46 Yes HEB 2 Kyle Marketplace Austin-Round Rock TX C 260 99.5% $17.79 Yes HEB 3
Slide 25: Property Summary, by Total Market GLA
Property Summary, by Total Market GLA GLA in thousands Center Leased ABR Grocery No. Property Market State Type (a) GLA Occupancy PSF Anchor (b) Major Anchors (c) 36 Eastfield Village Charlotte-Gastonia-Concord NC N 96 97.5% $18.82 Yes Food Lion, Gold's Gym 37 Northcross Commons Charlotte-Gastonia-C
Slide 26: Property Summary, by Total Market GLA
Property Summary, by Total Market GLA GLA in thousands Center Leased ABR Grocery No. Property Market State Type (a) GLA Occupancy PSF Anchor (b) Major Anchors (c) 67 Scottsdale North Marketplace (e) Phoenix AZ N 66 98.4% $22.83 Yes AJ's Fine Foods 68 The Plant (e) Phoenix AZ N 57 100% $28.89 Yes Spr
Slide 27: Components of Net Asset Value as of December 31, 2024
Components of Net Asset Value as of December 31, 2024 In thousands, except share information NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter Page No. NOI, excluding ground rent $ 43,094 5 Ground rent income 5,061 5 NOI 48,155 5 Annualized NOI, exclu
Slide 28: Glossary of Terms
Glossary of Terms Terms Definitions ABR Per Square Foot (ABR PSF) ABR PSF is the ABR divided by the occupied square footage as of the end of the period. Adjusted EBITDA Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adj
Slide 29: Corporate Office
» Inventrust Properties CORPORATE OFFICE 3025 Highland Parkway | Suite 350 Downers Grove, IL 60515 630.570.0700 InvestorRelations@InvenTrustProperties.com