Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Q1 2023 Earnings Presentation
27 slides from Inventrust Properties's earnings presentation, Apr 28, 2023
Slide 1: Quarterly Financial Supplemental, Quarter Ended March 31, 2023
InventTrust Properties QUARTERLY FINANCIAL SUPPLEMENTAL QUARTER ENDED MARCH 31, 2023
Slide 2: 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 3: Introductory Notes
Introductory Notes About InvenTrust Properties Corp. InvenTrust Properties Corp. (“we,” the “Company,” “our,” “us,” "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
Slide 4: Introductory Notes
Introductory Notes Pro Rata Financial Information As of December 31, 2022, the Company owned a 55% interest in IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”). IAGM was formed on April 17, 2013 for the purpose of ac
Slide 5: InvenTrust Properties Corp. Reports 2023 First Quarter Results
CONTACT: Dan Lombardo Vice President of Investor Relations 630-570-0605 dan.lombardo@inventrustproperties.com InvenTrust Properties Corp. Reports 2023 First Quarter Results DOWNERS GROVE, III – April 27, 2023 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported fi
Slide 6: Dividend, Portfolio Performance, Liquidity and Capital Structure
DIVIDEND • For the quarter ending March 31, 2023, the Board of Directors declared a quarterly cash distribution of $0.2155 per share, payable on April 14, 2023. PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY • As of March 31, 2023, the Company’s Leased Occupancy was 96.1%. ◦ Total Anchor Leased Occupan
Slide 7: 2023 Guidance
2023 GUIDANCE InvenTrust has updated its 2023 guidance, as summarized in the table below. (Unaudited, dollars in thousands, except per share amounts) Current Previous Net Income per diluted share (1) $0.06 — $0.11 $0.23 — $0.28 NAREIT FFO per diluted share (2) $1.64 — $1.69 $1.64 — $1.69 Core FFO pe
Slide 8: Summary Financial Information
Summary Financial Information In thousands, except share information and per square foot amounts Three Months Ended March 31 2023 2022 Financial Results Net income $ 1,133 $ 9,501 Net income per common share - basic 0.02 0.14 Net income per common share - diluted 0.02 0.14 NAREIT FFO (page 7) 28,018
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets In thousands, except share and per share amounts As of March 31, 2023 December 31, 2022 Assets (unaudited) Investment properties Land $ 691,401 $ 650,764 Building and other improvements 1,930,980 1,825,893 Construction in progress 7,046 5,005 Total 2,629,427 2,4
Slide 10: Consolidated Statements of Operations and Comprehensive (Loss) Income
Consolidated Statements of Operations and Comprehensive (Loss) Income In thousands, except share and per share information, unaudited Three Months Ended March 31 2023 2022 Income Lease income, net $ 64,830 $ 57,768 Other property income 295 264 Other fee income 80 754 Total income 65,205 58,786 Oper
Slide 11: Condensed Consolidated Supplemental Details of Assets and Liabilities
Condensed Consolidated Supplemental Details of Assets and Liabilities In thousands As of March 31, 2023 December 31, 2022 Accounts and rents receivable Billed base rent, recoveries, and other revenue $ 9,570 $ 14,701 Straight-line rent receivables 20,736 19,827 Total $ 30,306 $ 34,528 Deferred cost
Slide 12: Condensed Consolidated Supplemental Details of Operations
Condensed Consolidated Supplemental Details of Operations In thousands Three Months Ended March 31 2023 2022 Income * Minimum base rent $ 40,476 $ 35,048 * Real estate tax recoveries 8,517 7,267 * Common area maintenance, insurance, and other recoveries 6,949 6,292 * Ground rent income 4,710 3,610 A
Slide 13: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In thousands Same Property Net Operating Income Three Months Ended March 31 2023 2022 Income Minimum base rent $ 33,879 $ 32,124 Real estate tax recoveries 6,747 6,403 Common area maintenance, insurance, and other recoveries 5,875 5,627 Ground rent income 3,470 3,
Slide 14: Reconciliation of Non-GAAP Measures, continued
Reconciliation of Non-GAAP Measures, continued In thousands NAREIT FFO and Core FFO Three Months Ended March 31 2023 2022 Net income $ 1,133 $ 9,501 Depreciation and amortization related to investment properties 26,543 22,622 Unconsolidated joint venture adjustments (a) 342 (465) NAREIT FFO Applicab
Slide 15: Summary of Outstanding Debt
Summary of Outstanding Debt In thousands Balance as of Weighted Average Weighted Average March 31, 2023 Ratio Interest Rate Years to Maturity Fixed rate secured debt $ 171,080 20% 3.12% 2.6 Variable rate secured debt 17,468 2% 6.45% 0.6 Fixed rate unsecured debt 550,000 66% 3.82% 5.4 Variable rate u
Slide 16: Consolidated Debt Covenants, Interest Rate Swaps, and Capital Expenditures
Consolidated Debt Covenants, Interest Rate Swaps, and Capital Expenditures Unaudited, dollars in thousands Debt Covenants (trailing 12 months) For the quarter ended Description Term Loan Covenants Senior Note Covenants Q1 2023 Q4 2022 Q3 2022 Q2 2022 Leverage Ratio < 60.0% < 60.0% 29.5% 28.9% 31.4%
Slide 17: Markets and Tenant Size
Markets and Tenant Size GLA and dollar amounts in thousands, except per square foot amounts No. of ABR as GLA as Market Properties ABR ABR psf % of Total GLA % of Total Austin-Round Rock, TX 8 $ 32,545 $16.43 17.7 % 2,056 20.0 % Houston-Sugar Land-Baytown, TX 6 20,655 16.13 11.2 % 1,409 13.7 % Atlan
Slide 18: Top 25 by Total ABR and Tenant Merchandise Mix
Top 25 by Total ABR and Tenant Merchandise Mix In thousands Credit No. of Rating % of Total % of Total Parent Name Tenant Name/Count Leases (S&P) ABR ABR GLA Occ.GLA 1 Kroger Kroger 7 / Kroger Gas 1 / Harris Teeter 3 / 14 BBB $ 9,025 4.9 % 812 7.9 % Ralphs 3 2 Publix Super Markets, Inc. Publix 12 /
Slide 19: Comparable and Non-Comparable Lease Statistics
Comparable and Non-Comparable Lease Statistics GLA in thousands The following tables summarize the leasing activity for leases that were executed during the three months ended March 31, 2023. In our Retail Portfolio, we had GLA totaling 320 thousand square feet expiring during the three months ended
Slide 20: Tenant Lease Expirations
Tenant Lease Expirations GLA and ABR in thousands, except per square foot amounts Anchor Tenants No. of GLA of Percent of Lease Expiring Expiring Leases Total GLA of ABR of Percent of Expiring Expiration Year Leases (square feet) Expiring Leases Expiring Leases Total ABR ABR PSF (a) 2023 2 123 1.9 %
Slide 21: Acquisitions and Dispositions
Acquisitions and Dispositions Dollars and GLA in thousands Acquisitions Acquisition Leased Date Property Name (a) Market Price GLA Occ. Anchor Tenants (b) 1/18/23 Bay Colony Houston-Sugar Land- $ 79,100 416 93.0% HEB, Kohl's, Petco, Social Security Baytown, TX Administration, The University of Texas
Slide 22: Development Pipeline
Development Pipeline In thousands Active Redevelopments Estimated Projected Estimated Completion Incremental Incremental Property Name Market Project Description Quarter (a) Costs Costs to Date Yield on Cost Cyfair Town Center Houston-Sugar Land-Baytown, TX Outparcel redevelopment to include a drive
Slide 23: Property Summary, by State and Market
Property Summary, by State and Market GLA in thousands Center Leased ABR Grocery Name Market State Type (a) GLA Occupancy PSF Anchor (b) Major Anchors (c) 1 Bear Creek Village Center So. California - Inland Empire CA N 80 100% $25.32 Yes Stater Brothers 2 Pavilion at LaQuinta So. California - Inland
Slide 24: Property Summary, by State and Market
Property Summary, by State and Market GLA in thousands Center Leased ABR Grocery Name Market State Type (a) GLA Occupancy PSF Anchor (b) Major Anchors (c) 35 Bent Tree Plaza Raleigh-Cary-Durham NC N 80 100% $14.80 Yes Food Lion 36 Cary Park Town Center Raleigh-Cary-Durham NC N 93 100% $16.90 Yes Har
Slide 25: Components of Net Asset Value as of March 31, 2023
Components of Net Asset Value as of March 31, 2023 In thousands, except share information Page No. NOI Excluding Termination Fee Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter NOI, excluding ground rent income $ 37,998 5 Ground rent income 4,710 5 NOI 42,708 5 Annualized NOI, exc
Slide 26: 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 for that period. Adjusted EBITDA Our non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, straight-line rent adjustments, amortiz
Slide 27: InvenTrust Properties
» Inventrust Properties CORPORATE OFFICE 3025 Highland Parkway | Suite 350 Downers Grove, IL 60515 630.570.0700 InvestorRelations@InvenTrustProperties.com
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