Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Inland American Real Estate Trust — Q3 2012 Earnings Presentation
22 slides from Inventrust Properties's earnings presentation, Dec 19, 2012
Slide 1: Third Quarter 2012 Earnings Call & New Estimated Share Value Announcement
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Slide 2: Forward-Looking Statements
Forward-Looking Statements ‘This presentation may contain forward-looking statements, Forward-looking statements are statements that are not histosical,including statements regarding manage mert!s intentions, beliefs, expectations, epresentations plans or predictions of the future, and are typically
Slide 3: Robert Parks, Chairman of the Board
Robert Parks Chairman of the Board Inland American j Inland American
Slide 4: New Estimated Share Price
New Estimated Share Price * Each year we publish an estimated per share value to assist broker dealers with annual reporting requirements + New estimated share price: $6.93 * Snapshot in time ¢ Will not affect your monthly distribution check * The SRP & DRP values will be adjusted to this new value
Slide 5: Methodology for New Estimated Per Share Value
Methodology for New Estimated Per Share Value Relied solely on the Net Asset Value (“NAV”) (Total value of our real estate) - (Debt) Total number of shares NAV is currently the most commonly used valuation method by non-listed REITs No specific regulations requiring a specific method - evolving proc
Slide 6: Methodology Cont.
Methodology Cont. Different methods may produce different values Inland American Business Manager recommended the value to the Board Real Globe Advisors (an independent third-party) reviewed and verified our approach, assumptions, inputs and final estimated share per-share value After careful analys
Slide 7: FFO Results vs. Distributions
FFO Results vs. Distributions * Funds from operations (FFO) for first 9 months (YTD) © $346 million (2012) vs. $328 million (2011) $0.45 $0.40 $0.35 $0.30 $0.25 $0.20 YTD FFO per share $0.38 $0.40 YTD 2011 YTD 2012 o FFOper share guidance for FY 2012 = $0.50 to $0.51 * Distributions Declared © $329
Slide 8: NOI Percent Change
al NOI Percent Change $Inmillions For the First Nine Months of 2012 vs. 2011 up $34.9 25% 0 20% up $5.2 16.0% 15% up $59.1 9 11.5% up $17.5 9 10% 8% 9 up $1.1 5% up $0.4 1.8% 0.4% 0% : : oe Total Retail Lodging Office Industrial Multi-Family
Slide 9: NOI Percent Change
am e NOI Percent Change $Inmillions 15% 10% 5% 0% 5% For the First Nine Months of 2012 vs. 2011 up $3.5 11.0% up $0.4 0.4% Sem es 1 down $0.2 -0.3% Office Industrial © Multi-Family
Slide 10: Balance Sheet Stats
Balance Sheet Stats Tn Millions 9/30/2012 12/31/2011 Total Assets $ 10,836 $ 10,919 Cash and restricted cash 331 218 Investment in marketable securities 317 289 Investment in unconsolidated entities 281 317 Mortgages, notes and margins payable $ 6,029 $ 5,903 Mortgages, notes and margins payable to
Slide 11: Debt Maturities
Debt Maturities $3,000 Fixed & Variable $2,500 4 $2,000 & c= S $1,500 | $1,000 $936M $648M $685M $732M $500 $180M 3 ell 2012 2013 2014 2015 2016 % of Total Debt as of 09/30/12 3.0% 15.8% 10.9% 11.6% 12.3% i Inland American!
Slide 12: Long-Term Goals
Long-Term Goals * Sustainable monthly stockholder distributions while maintaining capital preservation * Tailoring our portfolio: Retail, Lodging and Student Housing > Expand & perfect these growth portfolios * Position for stockholder liquidity > Multiple liquidity events
Slide 13: Portfolio as of 9/30/12
As of 9/30/12 Ind / Dist Apartments 9% 4% Student Housing Office 15.4 million 3 3% 16% sq. ft. Retail 16,098 hotel 39% rooms 13
Slide 14: Scale may not match final asset allocation
*Scale may not match final asset allocation j Inland Am ‘ican Student Housing 14
Slide 15: Lodging Portfolio Execution
Lodging Portfolio Execution ¢ Expand ownership of premium hotels at attractive per key pricing > Purchased 6 upper-upscale hotels, 2 additional under contract * Invest in top-25 markets > Atlanta, SF, St. Louis, Orlando, Austin ¢ Rotate capital out of certain limited service hotels > Sold 13 non-cor
Slide 16: Continue to grow the student housing portfolio
Continue to grow the student housing portfolio > Builda $1B portfolio through development & acquisitions >» With UCF opening in Aug. 2012, Retreat acquisitions this month & UH — Fullerton coming online in fall of 2013, our number of beds will be over 6,300 Continue to develop best-in-class propertie
Slide 17: Retail Portfolio Strategies
Retail Portfo trategies * Focus portfolio towards necessity-based assets in favorable demographic & geographic locations > 60% of portfolio is multi-tenant necessity-based »& 24% of portfolio in key growth markets - Texas * Rotate capital out of single-tenant assets > Sold 64 bank branches, more und
Slide 18: Shareholder Liquidity Events
Shareholder Liquidity Events * Working closely with investment banking firms, we continue to evaluate all our options for liquidity * The timing will be determined by market conditions that are favorable for execution * We believe optimal long-term liquidity for our stockholders will be achieved by
Slide 19: Q&A Session
Q&A Sess n Please submit your questions online now. We will do our best to answer as many questions in the time we have allowed today. If your exact question is not answered a member of the Inland American team will contact you directly.
Slide 20: Key Points & Themes
Key Points & Themes 1. Executing on our long-term goals * Tailoring portfolio * Preparing for multiple liquidity events in the future 2. Maintaining our FFO per share guidance to $0.50 to $0.51 3. Distributions continue to be sustainable from the operations of the properties 4. New estimated share v
Slide 21: Inland American Real Estate Trust
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Slide 22: GAAP Reconciliation Slide
GAAP Reconciliation Slide ‘in 000s ‘Nine months ended Twelve months ended) 9/30/2012 9/30/2011 12/31/2011 ‘Net income (loss) attributable to Company (65,771) (134,065) (316,253) Add: Depreciation and amortization related to investmert properties and investment in unconsolidated entities 365,800 371,
Inland American Real Estate Trust — Q3 2012 Earnings Presentation on 6ix