Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Q2 2025 Earnings Presentation
30 slides from Inventrust Properties's earnings presentation, Jul 30, 2025
Slide 1: Q2 2025 Investor Presentation
Q2 2025 INVESTOR PRESENTATION
Slide 2: Introductory Notes: Forward-Looking Statements Disclaimer
INTRODUCTORY NOTES Forward-Looking Statements Disclaimer Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and e
Slide 3: Company Overview
COMPANY OVERVIEW Portfolio Statistics 67 97% 85% 10.6M 158K Retail Properties Sun Belt1 Grocery Anchored1,2 Total GLA Avg. Center Size Full Year Guidance Long-Term Targets $1.79 - $1.83 4.0% - 5.0% 5.0x - 6.0x 25% - 35% Growth of 3.5% to 5.8% 2025 SPNOI Growth Net Debt-To-Adjusted EBITDA Net Leverag
Slide 4: A Simple & Focused Investment Opportunity
A SIMPLE & FOCUSED Sun Belt Markets with Strong, Persistent Migration INVESTMENT OPPORTUNITY • Moving towards 100% Sun Belt concentration (peer average ~40%)1 • Attractive demographic trends – jobs, population, education, and household income GROCERY -AN • Long-term Sun Belt population growth set to
Slide 5: Second Quarter 2025
SECOND QUARTER 2025 Operating Results 4.8% $20.18 97.3% 91.0% 99.5% 93.8% 16.4% SPNOI Growth ABR Per SF 1 Leased Occupancy Tenant Retention Anchor Tenant Small Shop Tenant Comparable Leasing Rate Leased Occupancy Leased Occupancy Spreads – New & Renewals Financial Performance $0.44 2.8x 17.1% $787M
Slide 6: Optimizing the Portfolio
OPTIMIZING THE PORTFOLIO Strategic Reinvestment into Thriving Sun Belt Markets SAN ANTONIO, TX SAVANNAH, GA CHARLESTON, SC RICHMOND, VA • On track to become the 6th largest • Population growth expected to be • 2% annual population growth, more • A growing and educated population city in the U.S.1 ov
Slide 7: Growing Asset Base Through Acquisitions
GROWING ASSET BASE THROUGH ACQUISITIONS Acquiring Necessity-Based Retail Assets in Sun Belt Markets MSA: Charlotte, NC CARMEL VILLAGE MSA: Tucson, AZ PLAZA ESCONDIDA • Acquired Q2 2025 • Acquired Q2 2025 • Year Built - 2006 • Year Built - 1986/1997 ren. • ABR PSF - $26.76 • ABR PSF - $16.53 • Neighb
Slide 8: Sun Belt Focused
SUN BELT FOCUSED Clustered Portfolio Brings Operational Efficiencies and Detailed Market Knowledge InvenTrust Portfolio by Percentage of ABR1 DC Metro 3% Richmond 3% Raleigh / Durham Charlotte 7% 6% Charleston Savannah 4% (New Market) 1% Southern CA Atlanta Orlando 1% 11% 5% Phoenix / Tucson Houston
Slide 9: Strong Fundamentals and Sector Tailwinds
STRONG FUNDAMENTALS AND SECTOR TAILWINDS Historically Low Supply Projected to Continue 3.0% 3.0 Strip Center Supply Growth1 (Year-Over-Year) 2.5% 2.5 2.0% 2.0 1.5% 1.5 1.0% 1.0 0.5% 0.5 0.0% '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25E
Slide 10: High Quality Assets
HIGH QUALITY ASSETS Established Centers with Necessity-Based Tenants Rio Pinar Plaza NEIGHBORHOOD CENTER MSA: Orlando Trade Area 1-3 Miles • 42 properties • 41% of ABR1 • 4.1M GLA • $21.01 ABR2 Shops at Arbor Trails COMMUNITY CENTER MSA: Austin Trade Area 3-5 Miles • 12 properties • 27% of ABR1 • 2.
Slide 11: Tenant Composition
TENANT COMPOSITION Diverse and Balanced Tenant Mix Provides Durable Cash Flows Total Portfolio Composition Tenant Composition Tenant Composition % of ABR % of ABR 1 % of ABR1 Essential Retail Breakout 59% Grocery 17% Local Restaurants Health & Beauty Services 11% 18% 21% Grocery / Medical 10% Essent
Slide 12: Essential Retail Dominates Merchandise Mix
ESSENTIAL RETAIL DOMINATES MERCHANDISE MIX RECENTLY EXECUTED LEASES Anchors Small Shop Top 10 Tenants Ranking Tenant Credit Rating (S&P) # of Leases % of ABR MSA: SARASOTA 1 N/A 16 1 3.6% MSA: AUSTIN 2 BBB 122 3.6% MSA: AUSTIN 3 A 15 2.6% MSA: SARASOTA 4 BB+ 6 2.2% MSA: MIAMI 5 N/A 53 2.1% MSA: AUST
Slide 13: Limited Exposure to Watch List Tenants
LIMITED EXPOSURE TO WATCH LIST TENANTS Strong, Necessity Based Portfolio REIT Exposure to Watch List Tenants1 (as a percentage of GLA) 10.7% 9.6% 8.0% 8.1% 7.6% 7.2% 6.3% 5.9% 4.7% 2.9% PECO REG IVT AKR Peer BRX FRT KIM UE KRG Avg 1. Source: BofA, July 14, 2025. BofA Watch List Tenants Include (39 t
Slide 14: Strong Leasing Activity Continues
STRONG LEASING ACTIVITY CONTINUES Unprecedented Demand and Occupancy Levels Leased Occupancy 97.4% 97.3% 97.3% 96.1% 96.2% 93.9% 92.8% 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Leased to Economic Occupancy Spread (basis points) 290 $5.1 Million Incremental Annualized Base Rent 220 210 190 180 110 202
Slide 15: Above Average Same Property NOI Growth with Lower Capital Expenditures
ABOVE AVERAGE SAME PROPERTY NOI GROWTH WITH LOWER CAPITAL EXPENDITURES Capital Expenditures (including Redevelopment) by REIT1 Cumulative Same Property (Average % of NOI ‘21 - ‘24) NOI Growth 42% (‘22 - ‘24) 14.5% 38% 12.7% 28% 27% 22% 22% 23% 20% 20% 20% PECO KIM IVT REG AKR KRG Peer FRT BRX UE IVT
Slide 16: Disciplined Redevelopment Program
DISCIPLINED REDEVELOPMENT PROGRAM Anticipated Project Yields Between 7-10% SANDY PLAINS CENTRE SARASOTA PAVILION Atlanta, GA Tampa, FL Status: Active Status: Active Est. Completion Year: 2025 Est. Completion Year: 2026 Project Description: Redevelopment and expansion Project Description: Anchor spac
Slide 17: Investment-Grade Balance Sheet
INVESTMENT-GRADE BALANCE SHEET LOW LEVERAGE BUSINESS MODEL Debt Maturity Schedule Secured ($ Millions) $226 Unsecured $200 Finance Lease BBB- / STABLE $182 Liability Fitch $200 $150 $100 $787 MILLION $23 $8 $11 Liquidity $26 $32 2025 2026 2027 2028 2029 2030 2031 2032 Thereafter1 2.8x Net Debt-to-Ad
Slide 18: Sustainable Dividend Growth
SUSTAINABLE DIVIDEND GROWTH Aggregate dividends declared as a percentage of Core FFO = 52%1 $0.95 $0.91 $0.86 $0.82 $0.78 PGA PLAZA | MSA: MIAMI 2021 2022 2023 2024 2025 1. Aggregate distributions declared (as a % of Core FFO) Q2 2025 Investor Presentation 1 8 for the six months ended June 30, 2025
Slide 19: Consistent Cash Flow Growth
CONSISTENT CASH FLOW GROWTH 2025 Guidance Net Income Per Diluted Share Nareit FFO Per Diluted Share $1.43 to $1.49 $1.83 to $1.89 Core FFO Per Diluted Share SPNOI Growth $1.79 to $1.83 4.0% to 5.0% Net Investment Activity ~$100 Million CYFAIR TOWN CENTER | MSA: HOUSTON Q2 2025 Investor Presentation
Slide 20: Components of Annual Cash Flow Growth
COMPONENTS OF ANNUAL CASH FLOW GROWTH Embedded Positive Leasing Incremental Expense Redevelopment Balance Sheet Acquisitions Rent Spreads For New Occupancy Management Management Escalations & Renewals Increases CARY PARK TOWN CENTER | MSA: RALEIGH Q2 2025 Investor Presentation 2 0
Slide 21: Corporate Responsibility
CORPORATE RESPONSIBILITY We believe that our efforts to enhance our communities, conserve resources, and foster a best-in-class work environment are not just compatible with, but facilitative of, growing long-term stockholder value. ENVIRONMENTAL • 100% of properties have energy management systems i
Slide 22: Strong and Experienced Board of Directors
Julian E. Whitehurst • Former CEO of National Retail Properties, Inc. Chairperson since 2024 • Previously served as COO of National Retail Properties, Inc. STRONG AND EXPERIENCED Director since 2016 • Practiced business and real estate law for 20 years at Lowndes, Drosdick, Doster, Compensation - M
Slide 23: Definitions
DEFINITIONS NON-GAAP FINANCIAL MEASURES NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) AND CORE FFO This presentation includes certain financial measures and other terms that are not The Company's non-GAAP measure of Nareit Funds from Operations ("Nareit in accordance with U.S. Generally Accepted Account
Slide 24: Reconciliation of Non-GAAP Measures
RECONCILIATION Reconciliation OF NON-GAAP of Non-GAAP MEASURES Measures Same Property NOI In thousands Same Note: Property NOI In thousands Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Income Minimum base rent $ 39,777 $ 38,197 $ 78,459 $ 75,381 Real estate tax recoveries
Slide 25: Reconciliation of Net Income to Same Property NOI
Total operating expenses 18,306 16,935 35,215 33,603 Same Property NOI $ 42,626 $ 40,667 $ 85,061 $ 80,584 RECONCILIATION Same Property NOI Growth Same Property Count OF NET INCOME TO SAME PROPERTY 4.8 % 57 NOI 5.6 % 56 Same Property NOI NetInIncome Note: thousands to Same Property NOI Three Months
Slide 26: Reconciliation of Non-GAAP Measures, continued
RECONCILIATION ReconciliationOF NON-GAAP of Non-GAAP MEASURES Measures, continued Nareit FFO & Core FFO In thousands, except share and per share amounts Nareit Note: FFO and In thousands, exceptCore FFO share and per share amounts Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 20
Slide 27: Reconciliation of Non-GAAP Measures: EBITDA & Adjusted EBITDA
Nareit FFO per diluted share $ 0.45 $ 0.44 $ 0.93 $ 0.89 Core FFO per diluted share $ 0.44 $ 0.43 $ 0.90 $ 0.87 (a) Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income. RECONCILIATION (b) For purposes of calculatingOF NON-GAA
Slide 28: Reconciliation of Financial Leverage Ratios
Financial Leverage Ratios In thousands RECONCILIATION OF FINANCIAL LEVERAGE RATIOS Net Debt-to-Adjusted Net Debt and Net Debt-to-Adjusted EBITDA EBITDA The following table presents the calculation of net debt and Net Debt-to-Adjusted EBITDA: Note: In thousands As of June 30 As of December 31 2025 20
Slide 29: Reconciliation of 2025 Guidance Range
(4) Interest expense, net, excludes amortization of debt discounts and financing costs, and expected interest income of approximately $2.8 million. (5) Net investment activity represents anticipated acquisition activity less disposition activity. RECONCILIATION OF 2025 In addition to the foregoing a
Slide 30: Corporate Office
Corporate Office 3025 Highland Parkway | Suite 350 Downers Grove, IL 60515 630.570.0700 info@InvenTrustProperties.com Investor Relations 630.570.0605 InvestorRelations@InvenTrustProperties.com Transfer Agent Computershare 855.377.0510 Investor Quarterly Corporate Presentation Earnings Responsibility
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