Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Inland American Real Estate Trust — Q2 2012 Earnings Presentation
29 slides from Inventrust Properties's earnings presentation, Aug 23, 2012
Slide 1: Second Quarter 2012 Earnings Call
PERFORMANCE DRIVEN SUSTAINABLE DISTRIBUTIONS August 23, 2012 Second Quarter 2012 Earnings Call
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements This presentation may contain forward-looking statements. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typica
Slide 3: Core Assets
3 Core Assets As of 6/30/12, based on undepreciated core asset values Diversification - Balances Risk Exposure
Slide 4: Geographic Diversification
4 Geographic Diversification As of 6/30/12 38 States + D.C.
Slide 5: Financial Highlights: NOI
5 Financial Highlights Total net operating income (NOI) up 10.5% for the first half of 2012 (Includes impact of acquisitions & dispositions) Same-store NOI Up 1.9% for the first half of 2012
Slide 6: Financial Highlights: FFO and Distributions
6 Financial Highlights Funds from operations (FFO) First half of 2012 - $226.7 million or $0.259 per share (annualized $0.52) Maintaining guidance of $0.50 to $0.51 for the year (assumes some decrease from the annualized number of $0.52 due to timing of potential dispositions and acquisitions in the
Slide 7: 2012 Portfolio Refinement
7 2012 Portfolio Refinement Acquired $407 million of real estate in the first half of 2012 Segment Number of Properties Price Sq. Ft./Units/Rooms Lodging 5 $393.1 2,302 rooms *Marriott-San Francisco Airport $108.0 685 rooms *Hilton St. Louis Downtown $22.6 195 rooms *Renaissance Arboretum – Austin,
Slide 8: Condensed Balance Sheet
8 Condensed Balance Sheet In Thousands
Slide 9: Debt Maturities
9 Debt Maturities % of Total Debt as of 06/30/12 4.5% 16.9% 10.4% 9.7% 12.9%
Slide 10: NOI Breakdown
10 NOI Breakdown In Thousands In Thousands * Includes impact of acquisitions & dispositions
Slide 11: Lodging Performance
11 Lodging Performance In Millions
Slide 12: Office Performance
12 Office Performance In Millions *Majority of the lease expiration relates to one property - AT&T in Hoffman Est., IL
Slide 13: Industrial Performance
13 Industrial Performance In Millions
Slide 14: Multi-Family Performance
14 Multi-Family Performance In Millions
Slide 15: University House - UCF Now Open
15 University House - UCF Now Open 416 units and 995 beds Across from UCF campus in Orlando On time & under budget 100% leased
Slide 16: Retail Performance
16 Retail Performance In Millions
Slide 17: Leasing Activity
17 Leasing Activity Positive leasing activity in 2012 New leases and renewals coming online in the first half of the year equal over 700,000 sq. ft. Rents are starting to tick up in our portfolio Building on momentum from 2011
Slide 18: Defining Our Necessity-Based Retail Portfolio
18 Defining Our Necessity-Based Retail Portfolio Our portfolio consists of assets that we expect to provide stable and growing cash flow Segment Strategies: Well-located properties in attractive markets Market dominant centers Strong household income growth profiles and population density Strong mer
Slide 19: Portfolio Breakdown
19 Portfolio Breakdown * Necessity-based center is defined as having grocery and pharmacy in the center whether owned or shadow anchored
Slide 20: Top Tenants in Retail
20 Top 10 Tenants in Retail Tenant Name Credit Rating* % of Total Annualized Income SunTrust Bank BBB+ 8.81% Citizens Bank A 2.83% Stop ‘n Shop BBB 1.64% Best Buy BB+ 1.41% Ross Dress for Less BBB+ 1.14% Publix Super Markets, Inc. NR 1.06% Randall’s Food & Drug BBB 0.89% Bed Bath & Beyond BBB+ 0.76%
Slide 21: Retail Industry Outlook
21 Retail Industry Outlook Retail Fundamentals Starting to Improve Across the Country Well-located, necessity-based centers in high demand by tenants Financially healthy national retailers are focused on increasing store count Discount retailers are well positioned to serve cost-conscious consumers
Slide 22: Inland American's Long-Term Strategy
22 Inland American’s Long-Term Strategy Sustainable monthly shareholder distributions while maintaining capital preservation Tailoring our portfolio focus to Retail, Lodging and Student Housing Position for shareholder liquidity
Slide 23: Lodging Portfolio Strategies
23 Lodging Portfolio Strategies Expand ownership of premium branded upper upscale hotels to further enhance our portfolio Historically low supply growth is forecasted Upper upscale segment should see continued strong revenue growth Look for high barriers-to-entry in top-25 urban markets Harvest posi
Slide 24: Student Housing Portfolio Strategies
24 Student Housing Portfolio Strategies Continue to grow the student housing portfolio Purpose built – acquisition or development Large universities Continue to invest in innovative design and technology ideas and operational excellence programs to attract students Create and reinforce relationships
Slide 25: Retail Portfolio Strategies
25 Retail Portfolio Strategies Focus portfolio towards necessity-based assets in favorable demographic & geographic locations Rotate capital out of single-tenant assets into multi-tenant necessity-based anchored centers Maintain operational efficiencies Revisit tenant synergy as leases mature (tenan
Slide 26: Shareholder Liquidity Events
26 Shareholder Liquidity Events The timing will be determined by market conditions that are favorable for execution We believe optimal long-term liquidity for our stockholders will be achieved by executing business strategies for each segment We are positioning each segment for potential listing, me
Slide 27: Key Points & Themes
27 Key Points & Themes Our overall cash flow and operating performance continues to improve driven by lodging & multi-family assets We believe we have a solid and achievable business strategy for the year, which we have already started to execute Our debt maturities and capital structure are stable
Slide 28: Q&A Session
PERFORMANCE DRIVEN SUSTAINABLE DISTRIBUTIONS August 23, 2012 Q&A Session
Slide 29: GAAP Reconciliation Slide
29 GAAP Reconciliation Slide
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