Slide 1: Quarterly Financial Supplemental, Quarter Ended June 30, 2023
Inventrust Properties QUARTERLY FINANCIAL SUPPLEMENTAL QUARTER ENDED JUNE 30, 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: Pro Rata Financial Information
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 Second Quarter Results
CONTACT: Dan Lombardo Vice President of Investor Relations 630-570-0605 dan.lombardo@inventrustproperties.com InvenTrust Properties Corp. Reports 2023 Second Quarter Results DOWNERS GROVE, III – July 31, 2023 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported fi
Slide 6: Core FFO, Same Property NOI, Dividend
CORE FFO • Core FFO for the three months ended June 30, 2023 was $29.1 million, or $0.43 per diluted share, compared to $28.6 million, or $0.42 per diluted share, for the same period in 2022. • Core FFO for the six months ended June 30, 2023 was $56.4 million, or $0.83 per diluted share, compared to
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 $0.06 — $0.11 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 June 30 Six Months Ended June 30 2023 2022 2023 2022 Financial Results Net income $ 2,068 $ 41,921 $ 3,201 $ 51,422 Net income per common share - basic 0.03 0.62 0.05 0.76 Net income p
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets In thousands, except share and per share amounts As of June 30, 2023 December 31, 2022 Assets (unaudited) Investment properties Land $ 697,035 $ 650,764 Building and other improvements 1,949,421 1,825,893 Construction in progress 9,488 5,005 Total 2,655,944 2,48
Slide 10: 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 June 30 Six Months Ended June 30 2023 2022 2023 2022 Income Lease income, net $ 64,268 $ 58,935 $ 129,098 $ 116,703 Other property income 419 31
Slide 11: Condensed Consolidated Supplemental Details of Assets and Liabilities
Condensed Consolidated Supplemental Details of Assets and Liabilities In thousands As of June 30, 2023 December 31, 2022 Accounts and rents receivable Billed base rent, recoveries, and other revenue $ 10,269 $ 14,701 Straight-line rent receivables 21,589 19,827 Total $ 31,858 $ 34,528 Deferred cost
Slide 12: Condensed Consolidated Supplemental Details of Operations
Condensed Consolidated Supplemental Details of Operations In thousands Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 Income * Minimum base rent $ 41,545 $ 36,726 $ 82,021 $ 71,774 * Real estate tax recoveries 7,948 7,739 16,465 15,006 * Common area maintenance, insurance, a
Slide 13: Reconciliation of Non-GAAP Measures: Same Property NOI
Reconciliation of Non-GAAP Measures In thousands Same Property Net Operating Income Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 Income Minimum base rent $ 36,029 $ 34,341 $ 68,071 $ 64,693 Real estate tax recoveries 6,982 7,140 13,708 13,005 Common area maintenance, insur
Slide 14: Reconciliation of Non-GAAP Measures, continued
Reconciliation of Non-GAAP Measures, continued In thousands NAREIT FFO and Core FFO Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 Net income $ 2,068 $ 41,921 $ 3,201 $ 51,422 Depreciation and amortization related to investment properties 28,077 23,996 54,620 46,618 Gain on
Slide 15: Summary of Outstanding Debt
Summary of Outstanding Debt In thousands Balance as of Weighted Average Weighted Average June 30, 2023 Ratio Interest Rate Years to Maturity Fixed rate secured debt $ 171,080 20% 3.12% 2.4 Variable rate secured debt 17,468 2% 6.79% 0.3 Fixed rate unsecured debt 650,000 78% 4.00% 5.0 Issuance costs,
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 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Leverage Ratio < 60.0% < 60.0% 29.6% 29.5% 28.9%
Slide 17: Markets and Tenant Size
Markets and Tenant Size GLA and dollar amounts in thousands, except per square foot amounts No. of Leased ABR as GLA as Market Properties Occupancy ABR ABR psf % of Total GLA % of Total Austin-Round Rock, TX 8 96.5 % $ 32,744 $16.52 17.5 % 2,056 19.8 % Houston-Sugar Land-Baytown, TX 6 93.8 % 20,481
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 4 / 15 BBB $ 9,676 5.2 % 864 8.3 % 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 six months ended June 30, 2023. In our Retail Portfolio, we had GLA totaling 525 thousand square feet expiring during the six months ended June
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 1 60 0.9 %
Slide 21: Acquisitions and Dispositions
Acquisitions and Dispositions Dollars and GLA in thousands Acquisitions Acquisition Leased Date Property Name Market Price GLA Occ. Anchor Tenants (a) 1/18/23 Bay Colony (b) 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 The Shoppes at Davis Lake (d) Charlotte-Gastonia-Concord NC N 91 97.2% $16.74 Yes Harris Teeter 36 Bent Tree Plaza Raleigh-Cary-Durham NC N 80
Slide 25: Components of Net Asset Value as of June 30, 2023
Components of Net Asset Value as of June 30, 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 $ 39,147 5 Ground rent income 4,797 5 NOI 43,944 5 Annualized NOI, excl
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: Corporate Office
» Inventrust Properties CORPORATE OFFICE 3025 Highland Parkway | Suite 350 Downers Grove, IL 60515 630.570.0700 InvestorRelations@InvenTrustProperties.com