Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Investor Presentation (February 2024)
32 slides from Inventrust Properties's investor presentation, February 2024
Slide 1: Investor Presentation Q4 2023
Escarpment Village | Austin, TX INVESTOR PRESENTATION Q4 2023 Essential Retail. Smart Locations. ®
Slide 2: Introductory Notes
Introductory Notes Forward-Looking Statements Disclaimer IVT cautions you not to place undue reliance on any forward-looking statements, Forward-Looking Statements in this presentation, which are not historical facts, are which are made as of the date of this presentation. IVT undertakes no obligati
Slide 3: Overview
Lakeside & Lakeside Crossing | Orlando, FL Overview
Slide 4: Overview: 2024 Guidance and Portfolio Statistics
Overview 2024 Guidance & Portfolio Statistics1 Long-Term Targets 62 Retail Properties $1.66-$1.70 2024 Core FFO Per Diluted Share 95% Growth of 0.6% To 3% Sun Belt 1 (Peer Average = 50%)3 87% Grocery-Anchored 1, 2 (Peer Average = 84%)3 2.25%-3.25% 2024 SP-NOI Growth 74 Avg. TAP Score (Peer Average =
Slide 5: Simple and Focused Strategy
Simple and Focused Strategy Sun Belt Markets with High-Performing, Grocery- Continued Growth Anchored Portfolio • Sector-leading Sun Belt • 87% of NOI derived from centers concentration of 95% with a grocery presence • Attractive demographic trends – • Essential retail tenants drive jobs, population
Slide 6: Full Year 2023 Highlights
Full Year 2023 Highlights Operating Results Financial Performance $1.65 Core FFO 4.9% 2023 FY SP-NOI Growth $19.48 ABR Per SF1 4.9x Net Debt-To- Adjusted EBITDA2 96.2% 2023 Leased Occupancy 27% Net Leverage Ratio3 98.2% 2023 Anchor Tenant Leased Occupancy $446M Total Liquidity 92.5% 2023 Small Shops
Slide 7: Portfolio
The Shops at Arbor Trails | Austin, TX Portfolio 7
Slide 8: Sun Belt Focused
Sun Belt Focused Concentrated portfolio brings operational efficiencies InvenTrust Portfolio by Percentage of ABR1 DC Metro 3% Richmond 2% Raleigh / Durham Charlotte 7% 5% Orlando 5% Atlanta Miami / Fort Southern CA Houston 10% Lauderdale / West Entered the 12% Phoenix market San 11% Palm Beach with
Slide 9: Sector Tailwinds: Rent Growth with Low Supply
Sector Tailwinds: Rent Growth with Low Supply TOP U.S. STRIP CENTER SUPPLY GROWTH2 3.0% GROWTH MARKETS Estimated Annualized 2.5% M-RevPAF Growth ‘24 to ‘281 2.0% Austin 3.8% 1.5% Phoenix 3.8% 1.0% Miami 3.7% 0.5% Boston 3.7% 0.0% '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '1
Slide 10: Sector Tailwinds: Necessity-Based Retail Thriving
Sector Tailwinds: Necessity-Based Retail Thriving Essential Retail Last-Mile Solution • Neighborhood centers - critical • Consumer goods and services component in the last-mile solution that satisfy needs for day-to- • Curbside & BOPIS programs more day living efficient than e-grocery options • Rece
Slide 11: High Quality Portfolio
High Quality Portfolio Established centers with necessity-based tenants drive performance in all economic conditions Old Grove Marketplace | San Diego, CA Shops at Arbor Trails | Austin, TX Sarasota Pavilion | Tampa, FL Shops at the Galleria | Austin, TX Neighborhood Center Community Center Power Ce
Slide 12: Essential Retail
Essential Retail Recession resistant tenants contribute 60% of total ABR TOP 15 TENANTS Portfolio Tenant Composition # Tenant Credit Rating (S&P) # of Leases % of ABR % of ABR 1 BBB 151 5.2 Other Retail / Services 2 N/A 142 3.3 19% 3 A 14 2.6 4 BB+ 6 2.3 60% Grocery/Essential 5 N/A 53 2.3 21% Retail
Slide 13: Robust Leasing Pipeline of Essential Tenants
Robust Leasing Pipeline of Essential Tenants Portfolio is experiencing unprecedented demand & occupancy levels HISTORICAL LEASED OCCUPANCY RECENTLY EXECUTED LEASES 96.1% 96.2% Anchors 93.9% 92.8% 2020 2021 2022 2023 ABR PSF Small Shop $19.48 $19.08 $18.59 $18.21 2020 2021 2022 2023 Note: Data as of
Slide 14: Expansion Into a New Sun Belt Market
Expansion Into a New Sun Belt Market Recently Acquired: The Plant, a neighborhood grocery-anchored center in Chandler, AZ The Plant | Phoenix, AZ PROPERTY STATS GLA ~57,000 Occupancy 100% Year Built 2016 Traffic Count 53,000 Vehicles per Day 3-Mile Population 88,600 3-Mile Average HHI $169,000 ABR p
Slide 15: Disciplined Redevelopment Program
Disciplined Redevelopment Program Using capital to enhance the consumer experience, focused on revitalization and anchor repositioning CYFAIR TOWN CENTER - Cypress, TX SOUTHERN PALM CROSSING - Miami, FL BUCKHEAD CROSSING – Atlanta, GA Status: Completed Status: Active Status: Active Completion Date:
Slide 16: Environmental, Social and Governance
Kyle Marketplace | Austin, TX Environmental, Social and Governance
Slide 17: ESG Overview
ESG Overview InvenTrust is committed to the principles of ESG to create long-term shareholder value Environmental Social Governance • 100% of properties have energy management systems • InvenTrust named a “Top Workplace in Chicago” by The • InvenTrust places a strong emphasis on its governance insta
Slide 18: ESG Goals & Progress
ESG Goals & Progress InvenTrust set measurable goals to own and manage environmentally-friendly shopping centers; create innovative and inclusive work and community environments; and execute processes, reporting, and training to conduct business in a manner that upholds high standards of ethics and
Slide 19: Strong & Experienced Board of Directors
Strong & Experienced Board of Directors Julian E. Whitehurst • Former CEO and President of National Retail Properties, Inc. InvenTrust’s Board of Directors (the “Board”) Chairperson since 2023 • Previously served as COO of National Retail Properties, Inc. from 2004 to 2017 Director since 2016 • Prac
Slide 20: Balance Sheet & 2024 Outlook
Old Grove Marketplace | San Diego, CA Balance Sheet & 2024 Outlook
Slide 21: Investment Grade Balance Sheet
Investment Grade Balance Sheet Balance Sheet Highlights1: TOTAL MARKET CAPITALIZATION3 • Fitch affirmed investment grade rating of ‘BBB-’ with a stable outlook in 7% August ‘23 Secured Debt • $446M in liquidity includes $96M of cash and $350M remaining capacity on revolving credit facility 25% 68% U
Slide 22: Conservative Leverage Profile
Conservative Leverage Profile InvenTrust will maintain a low leverage business model NET DEBT-TO-ADJUSTED EBITDA1 6.7x 6.3x 5.8x Peer Average : 5.6x 5.0x 5.3x 4.8x 4.8x NET LEVERAGE RATIO (NET DEBT + PREFERRED AS % OF GROSS ASSETS) 1 41% 39% 36% 37% Peer Average : 35% 28% 29% 29% 1. Source : Forward
Slide 23: Sustainable Dividend Growth
Sustainable Dividend Growth IVT’s total return since listing = 14.3% vs 2.6% peer set1 HISTORICAL & PROJECTED DIVIDEND PAYMENTS Aggregate dividends declared as a 5 percentage of Core FFO = 52%2 $0.905 $0.86 $0.82 $0.78 $0.76 $0.74 $0.72 $0.70 $0.68 2016 2017 2018 2019 2020 2021 2022 2023 2024E 1 - P
Slide 24: InvenTrust Delivers Cash Flow Growth
InvenTrust Delivers Cash Flow Growth Final 2023 Guidance (Nov. ‘23) 2023 Year End Results 2024 Guidance1 NET INCOME PER NET INCOME PER NET INCOME PER DILUTED SHARE DILUTED SHARE DILUTED SHARE $0.05 to $0.08 $0.08 $0.04 to $0.10 NAREIT FFO PER NAREIT FFO PER NAREIT FFO PER DILUTED SHARE DILUTED SHARE
Slide 25: Appendix
Shops At Arbor Trails | Austin, TX Appendix 25
Slide 26: Non-GAAP Measures and Definition of Terms
Non-GAAP Measures and Definition of Terms Non-GAAP Financial Measures In addition to measures prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP” measures), this presentation includes certain non-GAAP financial measures and other terms that ma
Slide 27: Reconciliation of Non-GAAP Measures: Same Property NOI
Reconciliation of Non-GAAP Measures Same Property NOI Note: in thousands. Three Months Ended December 31 Year Ended December 31 2023 2022 2023 2022 Income Base rent $ 36,739 $ 35,889 $ 135,732 $ 130,613 Real estate tax recoveries 6,345 6,655 25,821 26,244 CAM, insurance, and other recoveries 7,413 7
Slide 28: Reconciliation of Net (Loss) Income to Same Property NOI
Reconciliation of Net (Loss) Income to Same Property NOI Same Property NOI Note: in thousands. Three Months Ended December 31 Year Ended December 31 2023 2022 2023 2022 Net income (loss) $ 2,890 $ (125) $ 5,269 $ 52,233 Adjustments to reconcile to non-GAAP metrics: Other income and expense, net (3,7
Slide 29: Reconciliation of Non-GAAP Measures: NAREIT FFO and Core FFO
Reconciliation of Non-GAAP Measures NAREIT FFO and Core FFO Note: in thousands. 29
Slide 30: Reconciliation of Non-GAAP Measures: EBITDA and Adjusted EBITDA
Reconciliation of Non-GAAP Measures EBITDA and Adjusted EBITDA Note: in thousands. 30
Slide 31: Reconciliation of 2024 Guidance Range
Reconciliation of 2024 Guidance Range Estimated net income per share to estimated NAREIT FFO and Core FFO per diluted share The following table provides a reconciliation of the range of the Company's 2024 estimated net income per diluted share to estimated NAREIT FFO and Core FFO per diluted share:
Slide 32: InvenTrust Properties Corp. (IVT)
INVENTRUST Corporate Office 3025 Highland Parkway | Suite 350 PROPERTIES Downers Grove, IL 60515 CORP. (IVT) 630.570.0700 info@InvenTrustProperties.com Investor Relations 630.570.0605 InvestorRelations@InvenTrustProperties.com Transfer Agent Computershare 855.377.0510 Investor Presentation Quarterly
InvenTrust Properties — Investor Presentation (February 2024) on 6ix