Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Inland American Real Estate Trust — Q3 2011 Earnings Presentation
32 slides from Inventrust Properties's earnings presentation, Nov 18, 2011
Slide 1: 3rd Quarter 2011 Financial Update
3™4 Quarter 2011 Financial Update Inland American INLAND ® E§. REAL Estate TRUST, INC
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may contain forwarc-looking statements. Forwarc-looking statements are statements that are not historical, including statements regarding managements intentions, beliefs, expectations, representations, plans or precictios of the fuure, and aretypicaly ide
Slide 3: Inland American - Our Portfolio
Inland American - Our Portfolio Diversified portfolio reduces sector risk > VV VV Quality commercial real estate in following asset classes: Retail Lodging Apartments Office Industrial / Distribution As of 09/30/2011 > 976properties > 49.2 million square feet of retail, office and industrial space >
Slide 4: Portfolio Diversification - Balances Risk Exposure
Portfolio Diversification - Balances Risk Exposure Ind/Dist $1.1B 10 Lodging $2.9B 26% Multi-Family $899M 8% Based onundepreciated values (total investment) for coreassets 4
Slide 5: Geographic Diversification - Balances Risk Exposure
Geographic Diversification - Balances Risk Exposure 38 States + D.C. [B Uptozmittion sq. ft. 1 2+to Smittion sa. BE over S million sq. ft > Approximately 55% of Our Sq. Ft is located in the south and west part of the US. >» Population in the south & west increased 14% in the last decade* Source ~US.
Slide 6: Our Focus
Our Focus « AReliable and Sustainable Distribution Rate > 6.2% annualized yield monthly distributions to over 185,000 stockholders* * Refine Our High-quality Portfolio > Diversified portfolio by asset class, tenant, geography and markets > Acquire quality assets in higher performin gasset classes >»
Slide 7: Our Focus
Our Focus * Growing Income Through Our Operating Excellence : Maximize revenue from our existing properties by improving occupancy and market rents Deliver superior customer service and expand our tenant relationships Pursue value-add marketing activities Management team — experienced and respected
Slide 8: Acquisitions
201 Acquisitions October 2011: Acquired Feb 2011: Acquired Retail Portfolio in Charleston Marriottin _ Houston, Texas Charleston, West Virginia >Naturalcomplement to Premier meetinghotelin current properties inregion region Lodging -Napa Valley Marriott August 2011: Acquired August 2011: Acquired Fa
Slide 9: Dispositions - Critical Component in Refining Our Portfolio
Dispositions - Critical Component in Refining Our Portfolio ¢ Taking advantage of attractive pricing * Selling non-strategic assets ¢ Exiting or reducing exposure to lower growth markets or asset classes * Regions and asset classes with increasing supply pressures * Moving from low yielding assets t
Slide 10: YTD Same-Store Revenue Up 3.4%
YTD Same-Store Revenue Up 3.4% Industrial $64M / Multi-Family $63M / (ee 17% Total Same-Store Revenue $862M / 3.4% “Percentages in chart equals change over same-store revenue from the first nine months o£ 2010
Slide 11: Tenants You Know
Tenants You Know a Mle —s YS] Witntjreect = EN tet 30 ame te Tans lanebryant @rimess a STAPLES HOBBYS chem hd BARNES <-NOBLE nes we PETCO fe) Payless KOHES > Co. NAVY) X¥ Citizens Bank UAL WILD INGE see a eal BATH al ae Bankof America Office eS Marshalls. a DICK’S| peas | Viichaek’s Publix Gameston
Slide 12: Lodging Portfolio Structure
Lodging Portfolio Structure * 96 Properties — 15,813 Rooms Retail Ind/Dist Lodging Portfolio by Brand i DY Aarriott. 50% 5%
Slide 13: Lodging Occupancy and Average Daily Rate
75% 70% 65% YTD first 9 months of the year 73% + $125 69! e + $120 $120 ~ $US $3 $4 r r $ulo YTD 2007 YTD 2008 YTD 2009 YTD 2010 YTD 2011 —Occupancy —Average Daily Rate
Slide 14: Strategy for Lodging Portfolio
Strategy for Lodging Portfolio « Take Advantage of Improving Industry Fundamentals > Earlystage of a multi-year lodging growth cycle > Historicallylow supply growth forecast 10.0% - 8.1% 8.0% +~ 6.0% }~ 4.8% — a —_ — 4.0% +~ 3.0% JAP os o h-796— 8 2.0% 2.0%. 2.0% 2.0% + a 4 1.0% : iB ose | 0.7% | 0.
Slide 15: Strategy for Lodging Portfolio
Strategy for Lodging Portfolio ¢ Balance Portfolio > > Expand ownership of premium branded upper upscale or luxury hotels Higher barriers to entry for urban properties Since Oct. 2010, acquired 4 upper upscale hotels worth $216 million and disposed of 6 midscale properties Ongoing enhancement of the
Slide 16: Multi-Family Portfolio Structure
Multi-Family Portfolio Structure Lodging 27 Properties — 9,790 Units* Office Average age of properties is 7.9 years leasurement includes apartmentsand student housing
Slide 17: Strong Multi-Family Performance
Strong Multi-Family Performance 95% 92% 89% 86% 83% 80% 86% $878 QI 2010 22010 91% 90% 90% $859 Q3 2010 Q4 2010 Qi 201 —Occupancy —Base Rent 92% Q22011 93% 2011 $950 $925 $900 $875 $850 $825 $800
Slide 18: Multi-Family Fundamentals
Multi-Family Fundamentals New Projected Supply mS IK nm nN od spuvsnoy | uy Source -REIS
Slide 19: Retail Portfolio Structure
Retail Portfolio Structure Ind/Dist Mou ulti Family * 734 Properties / 22.6 million sq. ft. * Total revenue grew 8.4%, over YID 2010, same store revenue was essentially unchanged 73% of portfolio is necessity based 19
Slide 20: Retail Occupancy and Base Rent per Sq. Ft.
92% 88% 86% $15.05 22010 —Occupancy —Base Rent per Sq. Ft. $15.40 $15.00 $14.60
Slide 21: Retail Lease Expirations
40% 30% 20% 10% 7.1% 6.7% sila she = - & 2012 2013 2014 2015 Anchor Tenants YTD 2011 leasing activity has surpassed same period in 2010
Slide 22: Office Portfolio Structure
Office Portfolio Structure * 46 Properties Retail y ~ lodging = * 659 Suburban/35% Central Business District 10.4 M square feet
Slide 23: Office Occupancy and Base Rent per Sq. Ft.
$15.18 $15.09 $15.04 ~ $14.80 90% $14.40 88% - - - - : : $14.00 Q12010 Q22010 Q3 2010 Q4 2010 Q12011 Q2201 Q3 2011 —Occupancy —Base Rent per Sq.Ft. rey
Slide 24: Office — Low Lease Expiration
Office — Low Lease Expiration 40% 30% 20% 1% 8% ne 4.0% oo 3.7% 0% a | | lead 2012 2013 2014 comcast. iio Majority of portfolio is NNN tenants
Slide 25: Industrial / Distribution Portfolio Structure
Industrial / Distribution Portfolio Structure Lodging 73 Properties 16.2 M square feet Retail
Slide 26: Industrial / Distribution Performance
Industrial / Distribution Performance 98% 969 ” 95% 95% 95% 95% 94% $581 $5.79 92% 92% 2e $573 oe 90% 90% 88% 86% Q12010 Q22010 2010 Q4 2010 Q20n1 22011 —Occupancy —Base Rent per Sq. Ft @2011 $6.20 $6.10 $6.00 $5.90 $5.80 $5.70 $5.60 $5.50 $5.40 $5.30 $5.20
Slide 27: Industrial / Distribution — Low Lease Expiration
Industrial / Distribution — Low Lease Expiration 40% 30% 20% 109% 6.7% adit ~~» = Hom» 2012 2013 2014 Major Tenants Thermo Versafold ELECTRON CORPORATION WAREHOUSE AND DISTRIBUTION SERVICES. Approximately IM sq ft has already been renewed in 2012
Slide 28: Selected Financial Results
Selected Financial Results Total consolidated assets Total revenue Total cash Annualized distribution per Share Annualized distribution rate* Mortgage payable Ratio of total mortgage loans to total assets Weighted average interest rate (per annum) Total Distributions Since Inception = $18 Billion Fo
Slide 29: Total Assets
Total Assets Investment Allocation - $12.8B Core Assets 86% Development Marketable : 3% Securities Cash & Other Joint Ventures 4% 2% Assets 5% Based on undepreciated values (total investment) as Individual portfolio percentages hased on Core Assets
Slide 30: Staggered Debt Maturities Mitigates Risk
Staggered Debt Maturities Mitigates Risk $3,000 $2,500 $2,000 $1,500 in Millions $1,000 $500 $0 Percentage of Total Assets $266M 2011 2.4% i Fixed t Variable $718M 2012 6.4% $1,013M 2013 9.0% $361M 2014 3.2% $459M 2015 4.1%
Slide 31: Key Takeaways for Today
- Key Takeaways for Today Diversity provides us opportunities Reported solid, increasing cash results Occupancy rates are strong fanageable lease rollover rates Lodging and Multi-Family performing significantly better YTD than prior year results Conservative and manageable debt ew value will be rele
Slide 32: Inland American
Inland American Je REAL ESTATE TRUST, INC
Inland American Real Estate Trust — Q3 2011 Earnings Presentation on 6ix