InvenTrust Properties Corp. Reports 2026 Third Quarter Results

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the quarter ended September 30, 2026. For the three months ended September 30, 2026 and 2025, the Company reported Net Income of $19.4 million, or $0.25 per diluted share, and $6.0 million, or $0.08 per diluted share, respectively. For the nine months ended September 30, 2026 and 2025, the Company reported Net Income of $26.0 million, or $0.33 per diluted share, and $108.8 million, or $1.39 per diluted share, respectively.

Third Quarter 2026 Highlights:

• Nareit FFO of $0.53 per diluted share
• Core FFO of $0.50 per diluted share
• Same Property Net Operating Income (“NOI”) growth of 3.1%
• Leased Occupancy as of September 30, 2026 of 96.4%
• Executed 86 leases totaling approximately 549,000 square feet of GLA, of which 512,000 square feet was executed at a blended comparable lease spread of 14.2%
• Acquired one property, totaling approximately 169,000 square feet, for a purchase price of $34.0 million

“InvenTrust made meaningful progress during the quarter, converting signed leases into rent-paying occupancy and cash flow,” said DJ Busch, President and Chief Executive Officer of InvenTrust. “Our internal growth drivers, together with the earnings contribution from recent acquisitions, helped drive year-to-date Nareit FFO per-share growth of approximately 10%. As we look toward 2027, our signed-but-not-open leases, redevelopment activity and acquisition opportunities provide multiple avenues to grow the business and create long-term shareholder value.”

NET INCOME

• Net Income for the three months ended September 30, 2026 was $19.4 million, or $0.25 per diluted share, compared to $6.0 million, or $0.08 per diluted share, for the same period in 2025.
• Net Income for the nine months ended September 30, 2026 was $26.0 million, or $0.33 per diluted share, compared to $108.8 million, or $1.39 per diluted share, for the same period in 2025.

NAREIT FFO

• Nareit FFO for the three months ended September 30, 2026 was $41.5 million, or $0.53 per diluted share, compared to $38.4 million, or $0.49 per diluted share, for the same period in 2025.
• Nareit FFO for the nine months ended September 30, 2026 was $122.6 million, or $1.56 per diluted share, compared to $111.1 million, or $1.42 per diluted share, for the same period in 2025.

CORE FFO

• Core FFO for the three months ended September 30, 2026 was $39.0 million, or $0.50 per diluted share, compared to $36.7 million, or $0.47 per diluted share, for the same period in 2025.
• Core FFO for the nine months ended September 30, 2026 was $115.9 million, or $1.47 per diluted share, compared to $107.3 million, or $1.37 per diluted share, for the same period in 2025.

SAME PROPERTY NOI

• Same Property NOI for the three months ended September 30, 2026 was $50.4 million, a 3.1% increase, compared to the same period in 2025.
• Same Property NOI for the nine months ended September 30, 2026 was $144.8 million, a 3.4% increase, compared to the same period in 2025.

DIVIDEND

• For the quarter ended September 30, 2026, the Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on October 15, 2026.

PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY

• As of September 30, 2026, the Company’s Leased Occupancy was 96.4%.
  • Anchor Leased Occupancy was 98.4% and Small Shop Leased Occupancy was 93.2%. Anchor Leased Occupancy increased 30 basis points and Small Shop Leased Occupancy was unchanged on a sequential basis compared to the previous quarter.
  • Leased to Economic Occupancy spread of 110 basis points, which equates to approximately $4.3 million of base rent on an annualized basis.
• Comparable leases signed in the third quarter generated a blended re-leasing spread of 14.2%, including 41.7% on new leases and 10.9% on renewals. Renewal spreads included 6.8% on option exercises and 16.0% on non-option renewals.
• Annualized Base Rent (“ABR”) per square foot (“PSF”) as of September 30, 2026 was $20.97, an increase of 3.4% compared to the same period in 2025. Anchor Tenant ABR PSF was $13.24 and Small Shop Tenant ABR PSF was $34.51 as of September 30, 2026.
• During the third quarter, the Company completed the following acquisition using available liquidity:
  • On July 1, 2026, the Company acquired New Garden Crossing, a 169,000 square foot community center anchored by Lowes Foods, in Greensboro, North Carolina, for a gross acquisition price of $34.0 million.

LIQUIDITY AND CAPITAL STRUCTURE

• InvenTrust had $509.5 million of total liquidity as of September 30, 2026, comprised of $29.5 million of cash and cash equivalents and $480.0 million of availability under its Revolving Credit Facility.
• InvenTrust has no debt maturing in 2026 and $26.0 million of debt maturing in 2027.
• The Company's weighted average interest rate on its debt as of September 30, 2026 was 4.70% and the weighted average remaining term was 4.1 years.

2026 GUIDANCE

InvenTrust has updated its 2026 guidance, as summarized in the following table.

In addition to the foregoing assumptions, the Company's 2026 guidance incorporates several other assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.

The following table reconciles the range of the Company's 2026 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:

This earnings release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.

A webcast replay will be available shortly after the conclusion of the presentation using the webcast link above.

Definitions

NON-GAAP FINANCIAL MEASURES

This Earnings Release includes certain financial measures and other terms that are not in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) that management believes are helpful in understanding the Company’s business. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. Reconciliations of the Company’s non-GAAP measures to the most directly comparable GAAP financial measures are included herein.

SAME PROPERTY NOI or SPNOI

Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market-lease intangibles, amortization of lease incentives, and straight-line rent adjustments (“GAAP Rent Adjustments”). The Company bifurcates NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet the Company’s Same Property criteria. NOI from other investment properties includes adjustments for the Company’s captive insurance company.

NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE FFO

The Company’s non-GAAP measure of Nareit Funds From Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s ongoing operating performance.

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA) and ADJUSTED EBITDA

The Company’s non-GAAP measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization. Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance.

NET DEBT-TO-ADJUSTED EBITDA

Net Debt-to-Adjusted EBITDA is Net Debt divided by Adjusted EBITDA.

Financial Statements

Financial Statements, continued

Reconciliation of Non-GAAP Measures
In thousands

Same Property NOI

The following table presents the components of Same Property NOI:

Net Income to Same Property NOI

The following table reconciles Net Income to Same Property NOI:

Reconciliation of Non-GAAP Measures, continued
In thousands, except share and per share amounts

Nareit FFO and Core FFO

The following table reconciles Net Income to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:

EBITDA and Adjusted EBITDA

The following table reconciles Net Income to EBITDA and Adjusted EBITDA:

Financial Leverage Ratios
In thousands

Net Debt and Net Debt-to-Adjusted EBITDA

The following table calculates Net Debt and Net Debt-to-Adjusted EBITDA:

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-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.inventrustproperties.com.

The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under GAAP. The information provided in this earnings release is unaudited and includes non-GAAP measures (as discussed herein), and there can be no assurance that the information will not vary from the final information in the Company's Form 10-Q for the quarter ended September 30, 2026. The Company may, but assumes no obligation to, update information in this earnings release.

Forward-Looking Statements Disclaimer

Forward-Looking Statements in this earnings release, or made during the earnings call, 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 expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.

The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes, including the effects of tariffs and changes in global trade policies, on the overall state of the economy and on our and our tenants' business and operations and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law.

IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this earnings release. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.

Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels

Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account, x.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties), as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on inventrustproperties.com/investor-relations and on the Company’s social media channels.