Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Investor Presentation (February 2025)
27 slides from Inventrust Properties's investor presentation, February 2025
Slide 1: Q4 2024 Investor Presentation
Q4 2024 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 68 97% 87% 74 11.0M 161K Sun Belt1 Grocery Anchored1,2 Avg. TAP Score Retail Properties Total GLA Avg. Center Size (Peer Average = 51%)3 (Peer Average = 86%)3 (Peer Average = 68)3 Full Year Guidance Long-Term Targets $1.79 - $1.83 3.5% - 4.5% 5.0x - 6.0x 25% - 3
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 • Attractive demographic trends – jobs, population, education and household income • Long-term Sun Belt growth set to substantially outpace the national average o
Slide 5: 2024 Full Year Highlights
2024 FULL YEAR HIGHLIGHTS Operating Results 5.0% $20.07 97.4% 94.0% 99.8% 93.3% 11.3% Tenant Retention Anchor Tenant Small Shop Leased Comparable Leasing SPNOI Growth ABR Per SF1 Leased Occupancy Rate Leased Occupancy Occupancy Spreads – New & Renewals Financial Performance $1.73 4.1x 23.0% $587M $0
Slide 6: Strong Fundamentals and Sector Tailwinds
STRONG FUNDAMENTALS AND SECTOR TAILWINDS Historically Low Supply 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 '26E '27E '28E 0
Slide 7: 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 6% 5% Charleston (New Market) 3% Orlando Atlanta 5% Southern CA 10% Miami/ 9% Phoenix Houston Fort Lauderda
Slide 8: High Quality Assets
HIGH QUALITY ASSETS Established centers with necessity-based tenants drive performance in all economic conditions Rio Pinar Plaza NEIGHBORHOOD CENTER Orlando, FL Trade Area 1-3 mi. • 41 properties • 40.6% of NOI1 • 4.1M GLA • $21.10 ABR2 Shops at Arbor Trails COMMUNITY CENTER Austin, TX Trade Area 3
Slide 9: Essential Retail Dominates Merchandise Mix
ESSENTIAL RETAIL DOMINATES MERCHANDISE MIX RECENTLY EXECUTED LEASES Recession resistant tenants with limited exposure to distressed retailers Anchors Small Shop Top 10 Tenants Ranking Tenant Credit Rating (S&P) # of Leases % of ABR 1 BBB 141 4.3% 2 N/A 152 3.3% 3 A 14 2.4% 4 BB+ 6 2.1% 5 N/A 53 2.0%
Slide 10: Tenant Composition
TENANT COMPOSITION Diverse and balanced tenant mix provides durable cash flows Tenant Composition % of ABR1 Tenant Composition % of ABR Essential Retail Breakout 59% Grocery 17% Health & Beauty Services 11% Restaurants 21% Medical 9% Off Price 5% Banks 5% Other Retail / Services 20% 59% Grocery / Es
Slide 11: Strong Leasing Activity Continues
STRONG LEASING ACTIVITY CONTINUES Portfolio is experiencing unprecedented demand and occupancy levels Leased Occupancy 97.4% 96.1% 96.2% 93.9% 92.8% 2020 2021 2022 2023 2024 Leased to Economic Occupancy Spread (basis points) $6.3 Million Incremental 290 Annualized Base Rent 220 210 110 2021 2022 202
Slide 12: Growing Asset Base Through Acquisitions
GROWING ASSET BASE THROUGH ACQUISITIONS Acquiring necessity-based retail assets in Sun Belt Markets TOTAL ACQUISITIONS FOR 2024 - $282 MILLION NEXTON SQUARE MARKET AT MILL CREEK MSA: Charleston, SC MSA: Charleston, SC • Acquired Q4 2024 • Acquired Q4 2024 • Year Built – 2019 • Year Built – 2018 • AB
Slide 13: 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 Estimated Completion 2025 Estimated Completion 2025 Date: Date: Project Description: Redevelopment and expansion to accommodate a 10,00
Slide 14: Investment-Grade Balance Sheet
INVESTMENT-GRADE BALANCE SHEET INVENTRUST MAINTAINS A LOW LEVERAGE Debt Maturity Schedule BUSINESS MODEL $226 ($ Millions) Secured $200 Unsecured $182 BBB- / STABLE $200 $150 Fitch $100 $36 $587 MILLION $26 $32 Liquidity 2025 2026 2027 2028 2029 2030 2031 2032 4.1x Net Debt-to-Adjusted EBITDA1 5.6x
Slide 15: Sustainable Dividend Growth
SUSTAINABLE DIVIDEND GROWTH Historical and Projected Dividend Payments Steady dividend increases with Aggregate dividends declared additional capacity to grow in as a percentage of Core FFO = 54%1 the future $0.95 $0.91 $0.86 $0.82 $0.78 2021 2022 2023 2024 2025 PGA PLAZA | MSA: MIAMI 1. Aggregate d
Slide 16: InvenTrust Delivers Consistent Cash Flow Growth
INVENTRUST DELIVERS CONSISTENT CASH FLOW GROWTH 2025 Guidance Net Income Per Diluted Share Nareit FFO Per Diluted Share $0.27 to $0.33 $1.83 to $1.89 Core FFO Per Diluted Share SPNOI Growth $1.79 to $1.83 3.5% to 4.5% CYFAIR TOWN CENTER | MSA: HOUSTON Q4 2024 Investor Presentation 1 6
Slide 17: Components of Annual Cash Flow Growth
COMPONENTS OF ANNUAL CASH FLOW GROWTH Embedded Positive Leasing Incremental Balance Sheet Redevelopment Acquisitions Rent Spreads For New Occupancy Management Escalations & Renewals Increases CARY PARK TOWN CENTER | MSA: RALEIGH Q4 2024 Investor Presentation 1 7
Slide 18: 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 19: Strong and Experienced Board of Directors
Julian E. Whitehurst • Former CEO and President of National Retail Properties, Inc. Chairperson since 2023 • Previously served as COO of National Retail Properties, Inc. from 2004 to 2017 Director since 2016 • Practiced business and real estate law for 20 years at Lowndes, Drosdick, Doster, STRONG A
Slide 20: Non-GAAP Measures and Definition of Terms
NON-GAAP MEASURES AND DEFINITION OF TERMS Adjusted EBITDA Non-GAAP Financial Measures The Company’s non-GAAP measure of Adjusted EBITDA excludes gains (or losses) This Press Release includes certain financial measures and other terms that are not resulting from debt extinguishments, straight-line re
Slide 21: Reconciliation of Non-GAAP Measures: Same Property NOI
RECONCILIATION OFNon-GAAP Reconciliation of NON-GAAP MEASURES Measures Same Property NOI In thousands Same Property NOI Note: In Thousands Three Months Ended December 31 Year Ended December 31 2024 2023 2024 2023 Income Minimum base rent $ 42,591 $ 40,817 $ 152,502 $ 148,304 Real estate tax recoveri
Slide 22: Reconciliation of Net Income to Same Property NOI
Same Property NOI $ 45,878 $ 42,817 $ 162,555 $ 154,848 % Change over Prior Period 7.1 % 5.0 % RECONCILIATION Same Property count OF NET INCOME (LOSS) TO SAME 61 PROPERTY NOI 56 Same Property NOI Net InIncome Note: Thousandsto Same Property NOI Three Months Ended December 31 Year Ended December 31 2
Slide 23: Reconciliation of Non-GAAP Measures: Nareit FFO & Core FFO
RECONCILIATION OF NON-GAAP MEASURES Reconciliation of Non-GAAP Measures, continued Nareit FFO & Core FFO In thousands Nareit Note: FFO and Core FFO In Thousands Three Months Ended December 31 Year Ended December 31 2024 2023 2024 2023 Net income $ 9,799 $ 2,890 $ 13,658 $ 5,269 Depreciation and amor
Slide 24: Reconciliation of Non-GAAP Measures: EBITDA & Adjusted EBITDA
(a) Reflects the Company’s share of adjustments for IAGM's Nareit FFO on the same basis as InvenTrust. (b) Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income, and basis difference recognition arising from acquiring the four
Slide 25: Reconciliation of Financial Leverage Ratios
RECONCILIATION OF FINANCIAL LEVERAGE RATIOS Net Debt-to-Adjusted EBITDA Note: In Thousands Year Ended December 31 2024 2023 Net Debt Outstanding Debt, net $ 740,415 $ 814,568 Less: Cash and cash equivalents (87,395) (96,385) Net Debt $ 653,020 $ 718,183 Net Debt-to-Adjusted EBINTDA (trailing 12 mont
Slide 26: Reconciliation of 2025 Guidance Range
RECONCILIATION OF 2025 GUIDANCE RANGE Estimated net income per share to estimated Nareit FFO and Core FFO per diluted share (Unaudited) Low End High End Net income per diluted share $ 0.27 $ 0.33 Depreciation and amortization of real estate assets 1.56 1.56 Nareit FFO per diluted share 1.83 1.89 Amo
Slide 27: 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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