Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Inland American Real Estate Trust — Investor Presentation (May 2009)
22 slides from Inventrust Properties's investor presentation, May 13, 2009
Slide 1: Inland American Update as of December 31, 2008
Inland American Update as of December 31, 2008 www.inland-american.com May 2009
Slide 2: Forward Looking Statements
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 typicall
Slide 3: Strategy
Strategy Diversified Real Estate Portfolio Balances Risk Exposure • Core assets in several real estate sectors nationwide • Investments in joint ventures, developments, loans and marketable securities designed to enhance core stabilized yield Conservative Balance Sheet Management 40% 2008 • Low leve
Slide 4: Major Challenges
Major Challenges • Global credit crisis impacts – Liquidity – Ability to refinance maturing debt – Limited ability to purchase new assets • Joint Ventures – Leasing – Certain JV development projects – Lending/Borrowing • Lodging occupancy and revenue 5
Slide 5: Our Strategy to Mitigate These Challenges
Our Strategy to Mitigate These Challenges • Focus on smaller regional banks, Fannie Mae & Freddie Mac and larger lenders to access debt to fund existing obligations • We have the ability to manage existing joint venture development projects that may be experiencing challenges • Our specialized lodgi
Slide 6: Diversified Strategy Balances Risk Exposure
Diversified Strategy Balances Risk Exposure Investment Allocation – $11.1B* As of December 31, 2008 Core Assets – 74% Retail – 35% Lodging – 31% Office – 17% Industrial – 11% Multi-Family – 6% Total Assets $11.1B Notes Receivable – 4% Marketable Securities – 2% Joint Ventures – 7% Development – 3% C
Slide 7: Joint Ventures and Developments
• Disciplined Disciplined, limited approach to investing in joint ventures Joint Ventures and Developments Comprise 10% of Total Assets As of December 31, 2008 including operational and development projects • Student housing and correctional facilities comprise the majority of development – projects
Slide 8: Notes Receivable and Marketable Securities Comprise 6% of Total Assets
Notes Receivable and Marketable Securities Comprise 6% of Total Assets As of December 31, 2008 • Impairments on securities are non-cash charges, which may Total ultimately result in future gains as the market recovers Assets Total Assets $11.1B • Notes receivable include certain loans to borrowers w
Slide 9: Conservative Balance Sheet Management
Conservative Balance Sheet Management • Manageable debt maturities • Low leveraged buyer • Individual property debt – not corporate 10
Slide 10: Manageable Debt Maturities
Manageable Debt Maturities As of December 31, 2008 $528M $600M $550M $500M $341M $450M $400M $350M $300M 161 50 $167M $75M $250M $200M $150M $100M $95M $76M $144M 2009 $628M 2010 $653M 2011 $345M $45M $51M $52M $22M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $50M 0 $24M 23 $5M Notes • Q1 09 - $167M in loan
Slide 11: Unencumbered Assets Provide Another Resource of Capital
Unencumbered Assets Provide Another Resource of Capital When the Credit Markets Open Up As of December 31, 2008 • Assets totaling $800 million have no existing debt. We will be able to generate additional purchasing power for the REIT once these are leveraged with mortgage loans • Examples within po
Slide 12: Balanced Acquisition of Assets Over Time
Balanced Acquisition of Assets Over Time As of December 31, 2008 $4.01B/326 Properties $5.10B/578 Properties $1.8B $1.6B $1.4B $1.2B $1B $800M $600M Acquired Value $400M $200M 0 Quarters Quarters Cap Rate Low Point 13 p
Slide 13: Current National Portfolio – 35 States – 904 Properties
Multi-Family Industrial Office Lodging Retail Current National Portfolio – 35 States – 904 Properties As of December 31, 2008 17 Properties 64 Properties 36 Properties 99 Properties 688 Properties 8 States 17 States 15 States 23 States + Dist. of Col. 30 States + Dist. Of Col. 6,346 Units 15.4M Squa
Slide 14: Strong Presence in Solid Texas Market
Strong Presence in Solid Texas Market • Over 7 million square feet of core assets in Texas, which was the strongest economy in the U.S. as of February 2009 • In fiscal 2008, Gross State Product grew 4.2%, vs. 1.9% nationally • In the months ending December 2008, Texas gained over 153,700 12 jobs. To
Slide 15: Top Ten Tenants – 75% are Investment Grade
Top Ten Tenants – 75% are Investment Grade % % As of December 31, 2008 SunTrust Banks A-* Retail/Office 11.62% 5.45% AT&T, Inc. A Office 9.88% 8.66% Tenant Name Rating Type of Total Annualized Income of Total SF Citizens Banks A- Retail 4.37% 2.37% United NR Office 3.42% 2.90% Healthcare Services C&
Slide 16: Retail Comprises 35% of Core Portfolio
• 95% economic occupancy as of 12/31/08 Retail Comprises 35% of Core Portfolio • 57% necessity based – serves consumers weekly needs • High concentration in solid Texas market The Highlands Flower Mound, TX 17 Tomball Town Center Houston, TX
Slide 17: Lodging Comprises 31% of Core Portfolio
Lodging Comprises 31% of Core Portfolio • 69% occupancy compared to industry average of 60.4%* as of 12/31/08 • 48% Marriott, 40% Hilton Includes such brands as Courtyard by Marriott, Residence Inn & Hilton Garden Inn • Strong portfolio located in targeted Hilton Garden Inn Atlanta North/Alpharetta
Slide 18: Office Comprises 17% of Core Portfolio
Office Comprises 17% of Core Portfolio • 97% economic occupancy as of 12/31/08 • Strategic mix of single and multitenant buildings • 70% single-tenant of which 81% are investment grade rated Worldgate Plaza Herndon, VA 19 The IDS Center Minneapolis, MN
Slide 19: Multi-Family/Student Housing Comprises 6% of Core Portfolio
Multi-Family/Student Housing Comprises 6% of Core Portfolio • 92% economic occupancy as of 12/31/08 • Multi-family concentration in Texas • Student housing concentration near major universities – University of Pennsylvania – University of Alabama/Birmingham The Radian at UPENN Philadelphia, PA 20 UA
Slide 20: Industrial Comprises 11% of Core Portfolio
Industrial Comprises 11% of Core Portfolio • 99% economic occupancy as of 12/31/08 • 42% of our Industrial segment serves the needs of essential goods and services companies (food, drug, etc.) • Largest concentration in Memphis within blocks of FedEx’s “Super Hub” Airport Distribution Center #11 Mem
Slide 21: Recent Portfolio Acquisitions Exemplify Current Opportunities
Recent Portfolio Acquisitions Exemplify Current Opportunities Thomas Crossroads Newnan, GA Brazos Ranch Apartments Rosenberg, TX Pavilion at La Quinta La Quinta, CA Promenade Fultondale Fultondale, AL
Slide 22: Message from the Chairman of the Board
“We believe our diversified strategy of owning high quality assets across various real estate sectors strongly positions Inland American for the future. We continue to focus on preservation of your capital and are working hard by prudently managing upcoming debt maturities strength our balance sheet
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