Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Inland American Real Estate Trust — Corporate Update (December 2009)
17 slides from Inventrust Properties's corporate update, Dec 21, 2009
Slide 1: Inland American Third Quarter 2009 Update
www.inlandamerican.com December 2009 Inland American Third Quarter 2009 Update
Slide 2: Forward-looking statements
2 This presentation may contain forward-looking statements. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such word
Slide 3: Overview
3 Owns a diverse portfolio of core commercial real estate including: Retail Lodging Office Multi-Family/Student Housing Industrial • Owns directly or indirectly through joint ventures 946 properties 43 million square feet 8,544 multi-family units 15,125 lodging rooms • Invests in joint ventures, dev
Slide 4: Strategy
4 A Diverse Real Estate Portfolio Balances Risk Exposure Core assets in several real estate sectors nationwide Investments in joint ventures, developments, loans and marketable securities designed to enhance core stabilized yield Conservative Balance Sheet Management Low leveraged buyer - 44% debt t
Slide 5: Steady Progress on Addressing Maturing Loans
5 Steady Progress on Addressing Maturing Loans(1) (in thousands) 2010 2011 2012 Mortgage Debt Maturing (2) $774,000 $545,000 $288,000 Paid Down (65,000) - - Refinanced (100,000) - - Exercised Extension Options (200,000) Contractual Extension Options (120,000) - - Under Commitment (199,000) - - Marke
Slide 6: Unencumbered Assets
6 • Provides another resource for capital as credit markets return Assets totaling $650 million have no existing debt Examples within portfolio The Woodlands Waterway Marriott Hotel The Woodlands, TX Silverlake Shopping Center Erlanger, Kentucky Unencumbered Assets As of September 30, 2009
Slide 7: Balanced Acquisition of Assets Over Time
7 Balanced Acquisition of Assets Over Time As of September 30, 2009 Cap Rate Low Point $4.01B - 326 Properties $6.04B - 620 Properties Quarters Acquired Value $1.8B $1.6B $1.4B $1.2B $1.0B $800M $600M $400M $200M 0 Quarters 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Slide 8: Investment Allocation - $11.5B
8 Cash & Other Assets – 8% Total Assets $11.5B Core Assets – 79% Retail – 35% Lodging – 27% Office – 21% Industrial – 9% Multi-Family – 8% Notes Receivable – 4% Marketable Securities – 2% Joint Ventures – 4% Development – 3% A Diverse Strategy Balances Risk Exposure As of September 30, 2009 *Figure
Slide 9: Current Portfolio – States – Properties
9 Current Portfolio – 36 States – 946 Properties As of September 30, 2009 Texas - highest concentration of properties and square footage. Multi-Family Industrial Office Lodging Retail 24 Properties 64 Properties 48 Properties 99 Properties 711 Properties 8 States 17 States 17 States 23 States + Dist
Slide 10: Top Tenants: 79% Are Investment Grade
10 Top 10 Tenants: 79% Are Investment Grade Sorted by Annualized Base Rent As of September 30, 2009 SunTrust Banks A- Retail/Office 11.6% 5.3% AT&T, Inc. A Office 9.6% 8.3% RBS Citizens, NA A- Retail 4.0% 2.1% Sanofi-Aventis U.S. Inc. AA- Office 3.5% 1.7% United Healthcare Services, Inc. NR Office 3
Slide 11: Retail: 35% of Core
11 Tomball Town Center Houston, TX Retail: 35% of Core Real Estate Portfolio 94% economic occupancy 67% of retail properties are anchored by necessity based tenants, serving consumer needs Strategic concentration in strong Texas market As of September 30, 2009
Slide 12: Lodging: 27% of Core
12 • 66% occupancy compared to industry average of 56.6%* • 48% Marriott, 40% Hilton Includes such brands as Courtyard by Marriott, Residence Inn & Hilton Garden Inn • Well positioned portfolio located in targeted urban markets: Washington, D.C., Atlanta, GA Dallas & Houston, TX • Acquisitions incor
Slide 13: Lodging is Positioned for Growth
Lodging is Positioned for Growth We have moved aggressively in meeting the challenges of the downturn, including: Cost cuts in property expenses as a result of occupancy levels Inland American is one of the few owners with cash available to modernize hotels and position us to gain market share 13
Slide 14: Office: 21% of Core
14 The IDS Center Minneapolis, MN Office: 21% of Core Real Estate Portfolio 97% economic occupancy Strategic mix of single and multi-tenant buildings 73% single-tenant of which 79% are investment grade As of September 30, 2009
Slide 15: Multi-Family/Student Housing: 8% of Core
15 88% economic occupancy Multi-family concentration in Texas Student housing in close proximity to major universities such as: – University of Pennsylvania – University of Alabama/Birmingham – University of Florida/Gainesville UAB/Birmingham Birmingham, AL Multi-Family/Student Housing: 8% of Core R
Slide 16: Industrial: 9% of Core
16 Thermo Process Facility Sugarland, TX Industrial: 9% of Core Real Estate Portfolio 97% economic occupancy 42% of industrial segments serves the needs of essential goods and services companies such as food and drug Largest concentration in Memphis, next to FedEx’s “Super Hub” As of September 30, 2
Slide 17: Looking Ahead
17 Credit markets improving for certain asset classes (multi-family, community shopping center and “trophy” properties) Buying opportunities at attractive cap rates Continued strength of core real estate portfolio and strength in liquidity Stable and conservative balance sheet Looking Ahead
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