Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Investor Presentation (November 2022)
32 slides from Inventrust Properties's investor presentation, November 2022
Slide 1: InvenTrust Properties Investor Presentation November 2022
InvenTrust Properties Investor Presentation November 2022 Scan for digital copy Essential Retail. Smart Locations.®
Slide 2: Introductory Notes
Introductory Notes Cautionary Note About Forward-Looking Statements This document has been prepared by InvenTrust Properties Corp. (the “Company,” “IVT” or “InvenTrust”) solely for informational purposes. Forward-Looking Statements in this presentation, which are not historical facts, are forward-lo
Slide 3: Overview
Overview Lakeside & Lakeside Crossing MSA: Orlando, FL
Slide 4: Portfolio and Financial Highlights
Overview Portfolio Highlights RETAIL PROPERTIES TOTAL GLA 1 AVG. CENTER SIZE AVG. TAP SCORE (PEER AVERAGE = 68) 2 SUN BELT 3 GROCERY-ANCHORED 3, 4 LEASED OCCUPANCY ABR PER SF 5 Financial Highlights 6 NET DEBT-TO- NET LEVERAGE RATIO 7 TOTAL LIQUIDITY ADJUSTED EBITDA 2022E CORE FFO PER DILUTED SHARE G
Slide 5: Simple and Focused Strategy
Simple and Focused Strategy Favorable Demographics Cash Flow Stability Continue to increase our concentration Essential retail tenants drive and benefit from attractive Sun Belt recurring foot traffic and deliver demographic trends durable cash flows Sustainability Strong Balance Sheet Escarpment Vi
Slide 6: Essential Retail. Smart Locations.
Essential Retail. Smart Locations.® Sun Belt Markets Poised for Growth 93% of NOI derived from Sun Belt markets, sector leading Garden Village Attractive demographic trends with job, population, and HHI growth set to outpace peers MSA: Los Angeles, CA Durable cash flow providing stability and
Slide 7: Portfolio
Portfolio The Pointe at Creedmoor MSA: Raleigh / Durham, NC
Slide 8: Sun Belt Focused: Near-Term Income Stability, Long-Term Value
Sun Belt Focused: Near-Term Income Stability, Long-Term Value IVT has the highest Sun Belt concentration of assets, amongst the peer set, at 93%1 IVT Portfolio by Percentage of NOI 2 IVT Properties Sun Belt Top 5 Markets by NOI 2 Austin Southern CA Atlanta Miami Dallas Top 5 Percentage of Total 18%
Slide 9: IVT Markets are Corporate Magnets
IVT Markets are Corporate Magnets Migration of high paying jobs and people to Sun Belt markets will continue to accelerate1 Top U.S. Growth Markets Corporations Opening New Offices in Estimated Annualized RevPAF the Sun Belt Growth '22 to ‘262 Atlanta 4.0% Nashville 3.5% Fort Lauderdale 3.5% Salt La
Slide 10: High Quality Portfolio, High Performing Assets
High Quality Portfolio, High Performing Assets 86% grocery-anchored with 66% coming from smaller format neighborhood and community centers Old Grove Marketplace Neighborhood Center Community Center Kyle Marketplace MSA: San Diego, CA MSA: Austin, TX Trade Area 1 – 3 miles Trade Area 3 – 5 miles • 36
Slide 11: Essential Retail is Recession Resistant
Essential Retail is Recession Resistant Half of our top 10 tenants are grocers, which Tenant mix of daily needs retail drives drive traffic to our centers performance in all economic conditions % of ABR Top 10 Tenants Essential Retail 43.3% Credit Rating # of Grocery/Drug 20.1 # Tenant (S&P) Leases
Slide 12: Robust Leasing Pipeline of High-Quality Tenants
Robust Leasing Pipeline of High-Quality Tenants Portfolio is healthy and performing well – 227 leases signed YTD totaling 950K SF of pro rata GLA Historical Leased Occupancy 1 Comparable Re-Leasing Spread 1 (Blended) 95.6% 15% 95.4% 94.7% 94.4% 93.9% 92.8% 8% 6% 5% 4% (0%) 2019 2020 2021 Q1 2022 Q2
Slide 13: Redevelopment: Infusing Capital to Enhance the Consumer Experience
Redevelopment: Infusing Capital to Enhance the Consumer Experience Modest and disciplined capital allocation focused on retenanting, revitalization, and anchor repositioning Estimated Property Status Cost (000’s) Project Description Completion Redevelopment of a former bank building for a freestandi
Slide 14: Acquisition Strategy
Acquisition Strategy PGA Plaza MSA: Miami, FL
Slide 15: Continue to Increase Sun Belt Ownership
Continue to Increase Sun Belt Ownership Opportunistically rotate out of non-Sun Belt markets (CO & DC) and redeploy capital into assets that are additive to IVT’s operational presence Stone Ridge Market Portfolio MSA: San Antonio, TX Curation Parameters Sun Belt Target Markets Large, Growing Workf
Slide 16: Recent Sun Belt Market Acquisitions
Recent Sun Belt Market Acquisitions Purchasing necessity-based retail assets in the Sun Belt delivering stable cash flows Escarpment Village The Shops at Arbor Trails MSA: Austin, TX MSA: Austin, TX • Purchased 2022 • Purchased 2022 • ABR PSF - $21.22 • ABR PSF - $13.60 • H-E-B anchored • Costco & W
Slide 17: Institutional Joint Venture Partnership
Institutional Joint Venture Partnership PGGM joint venture partnership demonstrates our ability to utilize capital sources and is a captive pipeline of low-risk acquisitions Blackhawk Town Center Stables Town Center MSA: Houston, TX MSA: Houston, TX • Institutional capital partnership with PGGM sinc
Slide 18: Balance Sheet & 2022 Outlook
Balance Sheet & 2022 Outlook Gateway Market Center MSA: Tampa, FL
Slide 19: Investment Grade Balance Sheet
Investment Grade Balance Sheet InvenTrust continues to diversify capital structure and manage our maturity schedule Balance Sheet Highlights1 Completed a $250 million private placement • 7-year tranche for $150 million and a 10-year tranche for $100 million • Inaugural investment grade rating ‘BBB-’
Slide 20: Conservative and Prudent Leverage Profile
Conservative and Prudent Leverage Profile As we evaluate growth opportunities, InvenTrust will maintain our low leverage business model Net Debt-to-Adjusted EBITDA (Trailing 12 months) IVT go-forward target Net 7.0x 7.0x Debt to EBITDA range of Peer Average : 6.1x 6.6x 6.6x 5.0x – 6.0x 6.0x 5.5x 5.5
Slide 21: Consistent Dividend Increases
Consistent Dividend Increases Increased dividend payments over the last six years and during the pandemic with additional capacity to grow dividend further • Aggregate dividends declared (as a % of Core FFO) = 50% 1 Historical & Projected Dividend Payments 2 Did not cut or suspend dividend during 20
Slide 22: 2022 Outlook and Guidance
2022 Outlook and Guidance Growth Opportunities Contractual 2022 OUTLOOK AND GUIDANCE1 Rent Steps Net Income per diluted share2 $0.76 to $0.80 New & Renewal Leasing Growth NAREIT FFO per diluted share3 $1.65 to $1.69 Redevelopment $1.57 to $1.60 Core FFO per diluted share 12% to 14% YoY growth Acquis
Slide 23: Environmental, Social, and Governance
Environmental, Social, and Governance
Slide 24: Corporate Responsibility Strategy
Corporate Responsibility Strategy We believe we are a committed and Transparency Consistency Accountability trusted business partner that focuses on Openly connect with Engage proactively and Inform stakeholders of building strong relationships with all our stakeholders by providing maintain regular
Slide 25: Strong & Experienced Board of Directors
Strong & Experienced Board of Directors Ms. Shah’s appointment to the BOD in October underscores our commitment to finding high-caliber professionals across all levels of the Company 5/9 4/9 BOARD EXPERIENCE PAULA J. SABAN THOMAS F. GLAVIN Current or Former C-Suite Real Estate Chairperson since 2017
Slide 26: ESG Overview
ESG Overview InvenTrust is dedicated to reporting our ESG practices with transparency and disclosure Environmental Social Governance • InvenTrust recognizes our environmental • IVT invests in its employees through tuition • IVT places a strong emphasis on its responsibility and opportunity to add re
Slide 27: Appendix
Appendix Plaza Midtown MSA: Atlanta, GA
Slide 28: Non-GAAP Measures and Definition of Terms
Non-GAAP Measures and Definition of Terms General In addition to measures prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP” measures), this presentation contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measur
Slide 29: Reconciliation of Non-GAAP Measures: Pro Rata Same Property NOI
Reconciliation of Non-GAAP Measures Pro Rata Same Property NOI Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Net income $ 936 $ 3,992 $ 52,358 $ 5,391 Adjustments to reconcile to non-GAAP metrics: Other income and expense, net (497) (8) (652) 155 Equity in earnin
Slide 30: Reconciliation of Non-GAAP Measures: EBITDA and Adjusted EBITDA
Reconciliation of Non-GAAP Measures EBITDA and Adjusted EBITDA Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Net income $ 936 $ 3,992 $ 52,358 $ 5,391 Interest expense 8,200 4,690 19,772 14,385 Income tax expense 114 74 329 275 Depreciation and amortization 25,35
Slide 31: Reconciliation of Non-GAAP Measures: NAREIT FFO and Core FFO
Reconciliation of Non-GAAP Measures NAREIT FFO and Core FFO Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Net income $ 936 $ 3,992 $ 52,358 $ 5,391 Depreciation and amortization related to investment properties 23,826 21,107 70,444 64,328 Gain on sale of investme
Slide 32: Corporate Office, Investor Relations, Transfer Agent
Corporate Office 3025 Highland Parkway Suite 350 Downers Grove, IL 60515 Investor Relations 630-570-0605 InvestorRelations@InvenTrustProperties.com Transfer Agent Computershare 855.377.0510 Scan for digital Scan for IVT’s Third Scan for IVT’s version of the IR Quarter 2022 complete 2021 presentation
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