Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Investor Presentation (October 2025)
30 slides from Inventrust Properties's investor presentation, October 2025
Slide 1: Q3 2025 Investor Presentation
Q3 2025 INVESTOR PRESENTATION
Slide 2: Introductory Notes: Forward-Looking Statements Disclaimer
INTRODUCTORY NOTES Forward-Looking Statements Disclaimer Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and e
Slide 3: Company Overview
COMPANY OVERVIEW Portfolio Statistics 71 97% 89% 11.3M 160K Retail Properties Sun Belt1 Grocery Anchored1,2 Total GLA Avg. Center Size Full Year Guidance Long-Term Targets $1.80 - $1.83 4.75% - 5.25% 5.0x - 6.0x 25% - 35% Growth of 4.0% to 5.8% 2025 SPNOI Growth Net Debt-To-Adjusted EBITDA Net Lever
Slide 4: A Simple & Focused Investment Opportunity
A SIMPLE & FOCUSED Sun Belt Markets with Strong, Persistent Migration INVESTMENT OPPORTUNITY • Moving towards 100% Sun Belt concentration (peer average ~37%)1 • Attractive demographic trends – jobs, population, education, and household income GROCERY -AN • Nine of the top 10 retail metros are in the
Slide 5: Third Quarter 2025
THIRD QUARTER 2025 Operating Results 6.4% $20.28 97.2% 82% 99.3% 93.8% 11.5% SPNOI Growth ABR Per SF 1 Leased Occupancy Tenant Retention Anchor Tenant Small Shop Tenant Comparable Leasing Rate Leased Occupancy Leased Occupancy Spreads – New & Renewals Financial Performance $0.47 4.0x 24.0% $571M $0.
Slide 6: Optimizing the Portfolio
OPTIMIZING THE PORTFOLIO Strategic Reinvestment into Thriving Sun Belt Markets ASHEVILLE, NC CHARLESTON, SC CHARLOTTE, NC RICHMOND, VA • Population expected to grow 4% over • 2% annual population growth, more • Among the fastest-growing large • A growing and educated population next five years1 than
Slide 7: Scaling the Platform Through Acquisitions
SCALING THE PLATFORM THROUGH ACQUISITIONS Acquiring Necessity-Based Retail Assets in Sun Belt Markets MSA: Charleston, SC WEST ASHLEY STATION MSA: Savannah, GA TWELVE OAKS SHOPPING CENTER • Acquired Q2 2025 • Acquired Q2 2025 • Year Built – 2017/2024 ren. • Year Built - 1985/1995 ren. • ABR PSF - $2
Slide 8: Sun Belt Focused
SUN BELT FOCUSED Clustered Portfolio Brings Operational Efficiencies and Detailed Market Knowledge InvenTrust Portfolio by Percentage of ABR1 DC Metro 3% Richmond 6% Raleigh / Durham 6% Charlotte / Asheville 9% Charleston Savannah 3% 1% Southern CA Atlanta Orlando 1% 10% 5% Houston Miami / Fort Laud
Slide 9: Strong Fundamentals and Sector Tailwinds
STRONG FUNDAMENTALS AND SECTOR TAILWINDS Historically Low Supply Projected to Continue 3.0% 3.0 Strip Center Supply Growth1 (Year-Over-Year) 2.5% 2.5 2.0% 2.0 1.5% 1.5 1.0% 1.0 0.5% 0.5 0.0% '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25E
Slide 10: High Quality Assets
HIGH QUALITY ASSETS Established Centers with Necessity-Based Tenants Rio Pinar Plaza NEIGHBORHOOD CENTER MSA: Orlando Trade Area 1-3 Miles • 43 properties • 39% of ABR1 • 4.2M GLA • $21.29 ABR2 Shops at Arbor Trails COMMUNITY CENTER MSA: Austin Trade Area 3-5 Miles • 15 properties • 31% of ABR1 • 3.
Slide 11: Tenant Composition
TENANT COMPOSITION Diverse and Balanced Tenant Mix Provides Durable Cash Flows Total Portfolio Composition Tenant Composition Tenant Composition % of ABR % of ABR 1 % of ABR1 Essential Retail Breakout 59% Grocery 18% Restaurants Health & Beauty Services 11% Local 17% 21% Grocery / Medical 10% Essent
Slide 12: Essential Retail Dominates Merchandise Mix
ESSENTIAL RETAIL DOMINATES MERCHANDISE MIX RECENTLY EXECUTED LEASES Anchors Small Shop Top 10 Tenants Ranking Tenant Credit Rating (S&P) # of Leases % of ABR1 MSA: SARASOTA 1 BBB 13 2 3.7% MSA: AUSTIN 2 N/A 163 3.4% MSA: AUSTIN 3 A 16 2.5% MSA: SARASOTA 4 BB+ 6 2.0% MSA: MIAMI 5 AA 7 2.0% MSA: AUSTI
Slide 13: Limited Exposure to Watch List Tenants
LIMITED EXPOSURE TO WATCH LIST TENANTS REIT Exposure to Watch List Tenants1 (as a percentage of GLA) 10.7% 9.6% 8.0% 8.1% 7.6% 7.2% 6.3% 5.9% 4.7% 2.9% PECO REG IVT AKR Peer BRX FRT KIM UE KRG Avg 1. Source: BofA, July 14, 2025. BofA Watch List Tenants Include (39 total): Advance Auto Parts, AMC Ent
Slide 14: Strong Leasing Activity Continues
STRONG LEASING ACTIVITY CONTINUES Leased Occupancy 97.4% 97.3% 97.3% 97.2% 96.1% 96.2% 93.9% 92.8% 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Leased to Economic Occupancy Spread (basis points) 290 $5.0 Million Incremental Annualized Base Rent 220 210 190 180 160 110 2021 2022 2023 2024 Q1 2025
Slide 15: Above Average Same Property NOI Growth with Lower Capital Expenditures
ABOVE AVERAGE SAME PROPERTY NOI GROWTH WITH LOWER CAPITAL EXPENDITURES Capital Expenditures (including Redevelopment) by REIT1 Cumulative Same Property (Average % of NOI ‘21 - ‘24) NOI Growth 42% (‘22 - ‘24) 14.5% 38% 12.7% 28% 27% 22% 22% 23% 20% 20% 20% PECO KIM IVT REG AKR KRG Peer FRT BRX UE IVT
Slide 16: Disciplined Redevelopment Program
DISCIPLINED REDEVELOPMENT PROGRAM Anticipated Project Yields Between 7-10% SARASOTA PAVILION SHOPS AT ARBOR TRAILS Tampa, FL Austin, TX Status: Active Status: Active Est. Completion Year: 2026 Est. Completion Year: 2026 Project Description: Anchor space repositioning and Project Description: Redevel
Slide 17: Investment-Grade Balance Sheet
INVESTMENT-GRADE BALANCE SHEET LOW LEVERAGE BUSINESS MODEL Debt Maturity Schedule Secured ($ Millions) Unsecured $206 $200 Finance Lease BBB- / STABLE $182 Liability Fitch $150 $200 $100 $571 MILLION $23 $26 $21 $6 $11 Liquidity $32 2025 2026 2027 2028 2029 2030 2031 2032 Thereafter1 4.0x Net Debt-t
Slide 18: Sustainable Dividend Growth
SUSTAINABLE DIVIDEND GROWTH Aggregate dividends declared as a percentage of Core FFO = 52%1 $0.952 $0.91 $0.86 $0.82 $0.78 PGA PLAZA | MSA: MIAMI 2021 2022 2023 2024 2025 1. Aggregate distributions declared (as a % of Core FFO) for the nine months ended September 30, 2025 Q3 2025 Investor Presentati
Slide 19: Consistent Cash Flow Growth
CONSISTENT CASH FLOW GROWTH 2025 Guidance Net Income Per Diluted Share Nareit FFO Per Diluted Share $1.40 to $1.44 $1.85 to $1.89 Core FFO Per Diluted Share SPNOI Growth $1.80 to $1.83 4.75% to 5.25% Net Investment Activity $49.6M to $158.6M CYFAIR TOWN CENTER | MSA: HOUSTON Q3 2025 Investor Present
Slide 20: Components of Annual Cash Flow Growth
COMPONENTS OF ANNUAL CASH FLOW GROWTH Embedded Positive Leasing Incremental Expense Redevelopment Balance Sheet Acquisitions Rent Spreads For New Occupancy Management Management Escalations & Renewals Increases KYLE MARKETPLACE | MSA: AUSTIN-ROUND ROCK Q3 2025 Investor Presentation 2 0
Slide 21: Corporate Responsibility
CORPORATE RESPONSIBILITY We believe that our efforts to enhance our communities, conserve resources, and foster a best-in-class work environment are not just compatible with, but facilitative of, growing long-term stockholder value. ENVIRONMENTAL • 100% of properties have energy management systems i
Slide 22: Strong and Experienced Board of Directors
Julian E. Whitehurst • Former CEO of National Retail Properties, Inc. Chairperson since 2024 • Previously served as COO of National Retail Properties, Inc. STRONG AND EXPERIENCED Director since 2016 • Practiced business and real estate law for 20 years at Lowndes, Drosdick, Doster, Compensation - M
Slide 23: Definitions
DEFINITIONS NON-GAAP FINANCIAL MEASURES NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) AND CORE FFO This presentation includes certain financial measures and other terms that are not The Company's non-GAAP measure of Nareit Funds from Operations ("Nareit in accordance with U.S. Generally Accepted Account
Slide 24: Reconciliation of Non-GAAP Measures: Same Property NOI
Reconciliation of Non-GAAP Measures In thousands RECONCILIATION OF NON-GAAP MEASURES Same Property NOI Same Property NOI The following table presents the components of Same Property NOI: Note: In thousands Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Income Mini
Slide 25: Reconciliation of Net Income to Same Property NOI
Real estate taxes 8,091 8,115 24,774 23,865 Total operating expenses 17,398 17,848 52,151 51,130 Same Property NOI $ 44,284 $ 41,612 $ 128,336 $ 121,129 RECONCILIATION OF NET INCOME TO SAME PROPERTY NOI Net SameIncome (Loss) Property to Same Property NOI NOI The following table presents a reconcilia
Slide 26: Reconciliation of Non-GAAP Measures: Nareit FFO and Core FFO
Reconciliation of Non-GAAP Measures, continued in thousands, except share and per share amounts RECONCILIATION OF NON-GAAP MEASURES Nareit FFO and Core FFO Nareit FFO &table The following Core FFO Net Income (Loss), the most directly comparable GAAP measure, to Nareit FFO Applicable to Common reconc
Slide 27: Reconciliation of Non-GAAP Measures: EBITDA and Adjusted EBITDA
(a) Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income. (b) For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with G
Slide 28: Reconciliation of Financial Leverage Ratios
Financial Leverage Ratios In thousands RECONCILIATION OF FINANCIAL LEVERAGE RATIOS Net Debt Net and Net Debt-to-Adjusted Debt-to-Adjusted EBITDA EBITDA The following table presents the calculation of net debt and Net Debt-to-Adjusted EBITDA: Note: In thousands As of September 30 As of December 31 20
Slide 29: Reconciliation of 2025 Guidance Range
(5) Net investment activity represents anticipated acquisition activity less disposition activity. In addition to the foregoing assumptions, the Company's 2025 guidance incorporates a number of other assumptions that are subject to change and may be outside the control of the Company. If actual resu
Slide 30: Corporate Office and Investor Relations Contacts
Corporate Office 3025 Highland Parkway | Suite 350 Downers Grove, IL 60515 630.570.0700 info@InvenTrustProperties.com Investor Relations 630.570.0605 InvestorRelations@InvenTrustProperties.com Transfer Agent Computershare 855.377.0510 Investor Quarterly Corporate Presentation Earnings Responsibility
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