Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Q1 2025 Earnings Presentation
52 slides from Inventrust Properties's earnings presentation, Apr 30, 2025
Slide 1: Quarterly Financial Supplemental, Quarter Ended March 31, 2025
‘, InvenTrust Properties QUARTERLY FINANCIAL SUPPLEMENTAL Quarter Ended March 31, 2025
Slide 2: Inventrust
Inventrust Properties
Slide 3: Table of Contents
Table of Contents Page No. Introductory Notes i Earnings Release iii Financial Information Summary Financial Information ....................................................................................................................................... 1 Condensed Consolidated Balance Sheets ...
Slide 4: Inventrust
Inventrust Properties
Slide 5: Introductory Notes: About InvenTrust Properties Corp.
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 6: Inventrust
Inventrust Properties
Slide 7: Introductory Notes: Availability of Information on Website and Social Media
Introductory Notes Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press re
Slide 8: Inventrust
Inventrust Properties
Slide 9: InvenTrust Properties Corp. Reports 2025 First Quarter Results
CONTACT: Dan Lombardo Vice President of Investor Relations 630-570-0605 dan.lombardo@inventrustproperties.com InvenTrust Properties Corp. Reports 2025 First Quarter Results DOWNERS GROVE, IL – April 30, 2025 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported fin
Slide 10: Dividend, Portfolio Performance and Investment Activity
DIVIDEND • For the quarter ended March 31, 2025, the Board of Directors declared a quarterly cash distribution of $0.2377 per share, paid on April 15, 2025. PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY • As of March 31, 2025, the Company’s Leased Occupancy was 97.3% . ◦ Anchor Leased Occupancy, which
Slide 11: 2025 Guidance
2025 GUIDANCE InvenTrust has reaffirmed its 2025 guidance, as summarized in the following table. (Unaudited, dollars in thousands, except per share amounts) Current and Previous (1) (2) Net Income per diluted share $0.27 — $0.33 Nareit FFO per diluted share $1.83 — $1.89 Core FFO per diluted share (
Slide 12: Inventrust
Inventrust Properties
Slide 13: Summary Financial Information
Summary Financial Information In thousands, except share information and per square foot amounts Three Months Ended March 31 2025 2024 Financial Results Net income $ 6,792 $ 2,900 Net income per common share - basic 0.09 0.04 Net income per common share - diluted 0.09 0.04 Nareit FFO (page 7) 37,158
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Inventrust Properties
Slide 15: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets In thousands, except share and per share amounts As of March 31, 2025 December 31, 2024 Assets (unaudited) Investment properties Land $ 712,827 $ 712,827 Building and other improvements 2,118,527 2,116,092 Construction in progress 6,245 9,951 Total 2,837,599 2,8
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Inventrust Properties
Slide 17: Condensed Consolidated Statements of Operations and Comprehensive Income
Condensed Consolidated Statements of Operations and Comprehensive Income In thousands, except share and per share information, unaudited Three Months Ended March 31 2025 2024 Income Lease income, net $ 73,389 $ 66,493 Other property income 382 305 Total income 73,771 66,798 Operating expenses Deprec
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Inventrust Properties
Slide 19: Condensed Consolidated Supplemental Details of Assets and Liabilities
Condensed Consolidated Supplemental Details of Assets and Liabilities In thousands As of March 31, 2025 December 31, 2024 Cash, cash equivalents, and restricted cash Cash and cash equivalents $ 77,368 $ 87,395 Restricted cash 7,211 3,826 Total $ 84,579 $ 91,221 Accounts and rents receivable Base ren
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Inventrust Properties
Slide 21: Condensed Consolidated Supplemental Details of Operations
Condensed Consolidated Supplemental Details of Operations In thousands Three Months Ended March 31 2025 2024 Income * Minimum base rent $ 47,066 $ 42,447 * Real estate tax recoveries 8,599 8,105 * Common area maintenance, insurance, and other recoveries 9,399 7,854 * Ground rent income 5,076 4,737 A
Slide 22: Inventrust
Inventrust Properties
Slide 23: Reconciliation of Non-GAAP Measures: Same Property NOI
Reconciliation of Non-GAAP Measures In thousands Same Property NOI Three Months Ended March 31 2025 2024 Income Minimum base rent $ 42,952 $ 41,310 Real estate tax recoveries 8,020 7,837 Common area maintenance, insurance, and other recoveries 8,374 7,647 Ground rent income 4,613 4,501 Short-term an
Slide 24: Inventrust
Inventrust Properties
Slide 25: Reconciliation of Non-GAAP Measures, continued
Reconciliation of Non-GAAP Measures, continued In thousands, except share and per share amounts Nareit FFO and Core FFO Three Months Ended March 31 2025 2024 Net income $ 6,792 $ 2,900 Depreciation and amortization of real estate assets 30,366 27,946 Nareit FFO Applicable to Common Shares and Diluti
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Inventrust Properties
Slide 27: Summary of Outstanding Debt
Summary of Outstanding Debt In thousands Balance as of March 31, 2025 Proportion of Total Debt Weighted Average Interest Rate Weighted Average Years to Maturity Fixed rate secured debt $ 93,380 13% 3.97% 2.4 Fixed rate unsecured debt 650,000 87% 4.04% 3.2 Discounts and financing costs, net (2,635) n
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Inventrust Properties
Slide 29: 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 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Leverage Ratio < 60.0% < 60.0% 23.2% 23.2% 24
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Inventrust Properties
Slide 31: 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 98.5 % $ 33,630 $ 17.05 16.0 % 2,091 19.1 % Houston-Sugar Land-Baytown, TX 6 95.7 % 21,947
Slide 32: Inventrust
Inventrust Properties
Slide 33: 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 2 BBB 14 $ 8,931 4.3 % 821 7.5 % 2 Publix Super Markets, Inc. Publix
Slide 34: Inventrust
Inventrust Properties
Slide 35: Comparable and Non-Comparable Lease Statistics
Comparable and Non-Comparable Lease Statistics GLA in thousands The Company's portfolio had 323 thousand square feet expiring during the three months ended March 31, 2025 , of which 290 thousand square feet was re-leased. This achieved a retention rate of approximately 90% . The following table summ
Slide 36: Inventrust
Inventrust Properties
Slide 37: Comparable and Non-Comparable Lease Statistics, continued
Comparable and Non-Comparable Lease Statistics, continued GLA in thousands The following table summarizes the activity for leases that were executed during the trailing four quarters ended March 31, 2025 . No. of Leases Executed GLA New Contractual Rent ($PSF) Prior Contractual Rent ($PSF) % Change
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Inventrust Properties
Slide 39: 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 2025 6 328 4.8 % $ 2,810 3.1 %
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Inventrust Properties
Slide 41: Development Pipeline
Development Pipeline In thousands Active Redevelopments Estimated Completion Quarter (a) Projected Incremental Costs Costs to Date Estimated Incremental Yield on Cost Property Market Project Description Campus Marketplace So. California - San Diego, CA Redevelopment of an existing outparcel building
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Inventrust Properties
Slide 43: 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% $22.49 Yes HEB 2 Kyle Marketplace Austin-Round Rock TX C 260 100% $17.83 Yes HEB 3 Marke
Slide 44: Inventrust
Inventrust Properties
Slide 45: 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) 36 Eastfield Village Charlotte-Gastonia-Concord NC N 96 97.5% $18.94 Yes Food Lion, Gold's Gym 37 Northcross Commons Charlotte-Gastonia-Conco
Slide 46: Inventrust
Inventrust Properties
Slide 47: 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) 67 Scottsdale North Marketplace (d) Phoenix AZ N 66 98.4% $22.55 Yes AJ's Fine Foods 68 The Plant (d) Phoenix AZ N 57 100% $28.96 Yes Sprouts
Slide 48: Inventrust
Inventrust Properties
Slide 49: Components of Net Asset Value as of March 31, 2025
Components of Net Asset Value as of March 31, 2025 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 $ 46,793 5 Ground rent income 5,076 5 NOI 51,869 5 Annualized NOI, excludin
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Inventrust Properties
Slide 51: 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 52: Corporate Office
Inventrust Properties CORPORATE OFFICE 3025 Highland Parkway | Suite 350 Downers Grove, IL 60515 630.570.0700 InvestorRelations@InventrustProperties.com
InvenTrust Properties — Q1 2025 Earnings Presentation on 6ix