Slide 1: Quarterly Financial Supplemental, Quarter Ended September 30, 2024
Inventrust Properties QUARTERLY FINANCIAL SUPPLEMENTAL QUARTER ENDED SEPTEMBER 30, 2024
Slide 2: Table of Contents
Table of Contents Page No. Introductory Notes i Press 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. (the “Company,” "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 as well as high-q
Slide 4: Introductory Notes
Introductory Notes Former Joint Venture On January 18, 2023, the Company acquired the four remaining retail properties from its unconsolidated joint venture, IAGM Retail Fund I, LLC (“IAGM” or “JV”), a joint venture partnership between the Company and PGGM Private Real Estate Fund (“PGGM”), in which
Slide 5: InvenTrust Properties Corp. Reports 2024 Third Quarter Results
CONTACT: Dan Lombardo Vice President of Investor Relations 630-570-0605 dan.lombardo@inventrustproperties.com InvenTrust Properties Corp. Reports 2024 Third Quarter Results DOWNERS GROVE, IL – October 29, 2024 – InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported f
Slide 6: Same Property NOI, Dividend, Portfolio Performance & Investment Activity
SAME PROPERTY NOI • Same Property NOI for the three months ended September 30, 2024 was $45.5 million, a 6.5% increase, compared to the same period in 2023. • Same Property NOI for the nine months ended September 30, 2024 was $123.8 million, a 4.2% increase, compared to the same period in 2023. DIVI
Slide 7: 2024 Guidance
2024 GUIDANCE InvenTrust has updated its 2024 guidance, as summarized in the table below. (Unaudited, dollars in thousands, except per share amounts) Current (1) (2) Previous Net Income per diluted share $0.09 — $0.12 $0.08 — $0.12 Nareit FFO per diluted share $1.74 — $1.77 $1.73 — $1.77 Core FFO pe
Slide 8: Summary Financial Information
Summary Financial Information In thousands, except share information and per square foot amounts Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 Financial Results Net (loss) income $ (539) $ (822) $ 3,859 $ 2,379 Net (loss) income per common share - basic (0.01) (0
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets In thousands, except share and per share amounts As of September 30, 2024 December 31, 2023 Assets (unaudited) Investment properties Land $ 710,160 $ 694,668 Building and other improvements 2,013,459 1,956,117 Construction in progress 11,716 5,889 Total 2,735,33
Slide 10: Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income In thousands, except share and per share information, unaudited Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 Income Lease income, net $ 68,132 $ 63,716 $ 201,681 $ 192,814 Other prop
Slide 11: Condensed Consolidated Supplemental Details of Assets and Liabilities
Condensed Consolidated Supplemental Details of Assets and Liabilities In thousands As of September 30, 2024 December 31, 2023 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 193,187 $ 96,385 Restricted cash 9,571 3,378 Total $ 202,758 $ 99,763 Accounts and rents receivable Bas
Slide 12: Condensed Consolidated Supplemental Details of Operations
Condensed Consolidated Supplemental Details of Operations In thousands Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 Income * Minimum base rent $ 44,060 $ 41,559 $ 129,696 $ 123,580 * Real estate tax recoveries 8,334 7,808 24,733 24,273 * Common area maintenance,
Slide 13: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In thousands Same Property NOI Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 Income Minimum base rent $ 42,809 $ 41,481 $ 116,321 $ 113,761 Real estate tax recoveries 8,214 7,798 22,886 22,749 Common area maintenance, insurance
Slide 14: Reconciliation of Non-GAAP Measures, continued
Reconciliation of Non-GAAP Measures, continued In thousands Nareit FFO and Core FFO Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 Net (loss) income $ (539) $ (822) $ 3,859 $ 2,379 Depreciation and amortization of real estate assets 27,923 30,094 84,439 84,714 Imp
Slide 15: Summary of Outstanding Debt
Summary of Outstanding Debt In thousands Balance as of Proportion of Weighted Average Weighted Average Sept. 30, 2024 Total Debt Interest Rate Years to Maturity Fixed rate secured debt $ 93,380 13% 3.97% 2.9 Fixed rate unsecured debt 650,000 87% 4.04% 3.7 Discounts and issuance costs, net (3,271) n/
Slide 16: Debt Covenants, Interest Rate Swaps, and Capital Expenditures
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 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Leverage Ratio < 60.0% < 60.0% 24.0% 28.4% 29.2% 29.0% Fixed C
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 97.9 % $ 33,458 $ 16.91 17.0 % 2,057 19.5 % Houston-Sugar Land-Baytown, TX 6 94.4 % 21,428
Slide 18: Top 25 Tenants by Total ABR and Tenant Merchandise Mix
Top 25 Tenants by Total ABR and Tenant Merchandise Mix In thousands Credit No. of % of Total % of Total Parent Name Tenant Name/Count Rating (a) Leases ABR ABR GLA Occ.GLA 1 Kroger Kroger 7 / Kroger Gas 1 / BBB 15 $ 9,676 4.9 % 864 8.2 % Harris Teeter 4 / Ralphs 3 2 Publix Super Markets, Inc. Publix
Slide 19: Comparable and Non-Comparable Lease Statistics
Comparable and Non-Comparable Lease Statistics GLA in thousands The Company's Retail Portfolio had 932 thousand square feet expiring during the nine months ended September 30, 2024, of which 868 thousand square feet was re-leased. This achieved a retention rate of approximately 93%. The following ta
Slide 20: Tenant Lease Expirations
Tenant Lease Expirations GLA and ABR in thousands, except per square foot amounts No. of Percent of Lease Expiring GLA of Total GLA of ABR of Percent of Expiring Expiration Year Leases Expiring Leases Expiring Leases Expiring Leases Total ABR ABR PSF (a) Anchor Tenants 2024 — — —% — —% – 2025 12 517
Slide 21: Acquisitions and Dispositions
Acquisitions and Dispositions Dollars and GLA in thousands Acquisitions Acquisition Date Property Name Market Price GLA Leased Occ. Anchor Tenants (a) 2/1/2024 The Plant Phoenix, AZ $ 29,500 57 100% Sprouts Farmers Market 4/9/2024 Moores Mill Atlanta Metro Area, GA 28,000 70 100% Publix 6/13/2024 Ma
Slide 22: Development Pipeline
Development Pipeline In thousands Active Redevelopments Estimated Projected Estimated Completion Incremental Costs to Incremental Property Market Project Description Quarter (a) Costs Date Yield on Cost Antoine Town Center Houston-Sugar Land-Baytown, TX New development, including addition of an outp
Slide 23: Property Summary, by Total Market GLA
Property Summary, by Total Market GLA GLA in thousands Center Leased ABR Grocery Property Market State Type (a) GLA Occupancy PSF Anchor (b) Major Anchors (c) 1 Escarpment Village Austin-Round Rock TX N 170 100% $22.21 Yes HEB 2 Kyle Marketplace Austin-Round Rock TX C 226 99.4% $17.70 Yes HEB 3 Mark
Slide 24: Property Summary, by Total Market GLA
Property Summary, by Total Market GLA GLA in thousands Center Leased ABR Grocery Property Market State Type (a) GLA Occupancy PSF Anchor (b) Major Anchors (c) 35 Eastfield Village Charlotte-Gastonia-Concord NC N 96 97.5% $18.58 Yes Food Lion, Gold's Gym 36 Northcross Commons Charlotte-Gastonia-Conco
Slide 25: Property Summary, by Total Market GLA
Property Summary, by Total Market GLA GLA in thousands Center Leased ABR Grocery Property Market State Type (a) GLA Occupancy PSF Anchor (b) Major Anchors (c) 64 Scottsdale North Marketplace (f) Phoenix AZ N 66 98.4% $21.97 Yes AJ's Fine Foods 65 The Plant (f) Phoenix AZ N 57 100% $28.85 Yes Sprouts
Slide 26: Components of Net Asset Value as of September 30, 2024
Components of Net Asset Value as of September 30, 2024 In thousands, except share information Page No. NOI Excluding Lease Termination Income and Expense, and GAAP Rent Adjustments, Most Recent Quarter NOI, excluding ground rent income $ 42,121 5 Ground rent income 4,774 5 NOI 46,895 5 Annualized NO
Slide 27: 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 The Company's non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, straight-line rent adjustment
Slide 28: InvenTrust Properties Corporate Office
» Inventrust Properties CORPORATE OFFICE 3025 Highland Parkway | Suite 350 Downers Grove, IL 60515 630.570.0700 InvestorRelations@InvenTrustProperties.com