InvenTrust Properties Corp. Reports 2024 Fourth Quarter and Full Year Results

InvenTrust Properties Corp., a premier Sun Belt, multi-tenant essential retail REIT, has released its financial and operating results for the fourth quarter and full year ended December 31, 2024. The company also provided initial guidance for 2025.

Financial Highlights

For the fourth quarter of 2024, InvenTrust reported a net income of $9.8 million, or $0.13 per diluted share, a significant increase from the $2.9 million, or $0.04 per diluted share, reported in the same period in 2023. For the full year, net income was $13.7 million, or $0.19 per diluted share, compared to $5.3 million, or $0.08 per diluted share, in 2023.

Key financial metrics include:

• Nareit FFO for Q4 2024 was $34.9 million, or $0.45 per diluted share, compared to $30.8 million, or $0.45 per diluted share, in Q4 2023.
• Core FFO for Q4 2024 was $33.5 million, or $0.43 per diluted share, compared to $27.8 million, or $0.41 per diluted share, in Q4 2023.
• Same Property NOI growth of 7.1% for Q4 2024 and 5.0% for the full year.

Business and Operational Highlights

InvenTrust achieved a leased occupancy rate of 97.4% as of December 31, 2024, marking a sequential increase of 40 basis points for the fourth quarter and a full-year increase of 120 basis points. The company executed 52 leases in Q4, totaling approximately 232,000 square feet of GLA, with a blended comparable lease spread of 15.5%. For the full year, 210 leases were executed, totaling approximately 1,323,000 square feet of GLA, with a blended comparable lease spread of 11.3%.

Strategic Initiatives and Corporate Developments

During the fourth quarter, InvenTrust raised $7.8 million of net proceeds under its at-the-market equity offering program. The company also acquired four properties totaling approximately 614,000 square feet, including two properties in the Charleston, South Carolina market. Additionally, the Board of Directors approved a 5% increase in the company's dividends starting in April 2025.

Management's Perspective

DJ Busch, President and CEO of InvenTrust, commented, "InvenTrust's strong fourth-quarter and full-year performance reflects our continued focus on operational excellence and strategic growth. Our impressive Same Property NOI growth, all-time high leased occupancy, and solid leasing spreads underscore the quality of our portfolio and our ability to drive long-term value. We believe our disciplined acquisition approach in key Sun Belt markets positions us for sustained success in 2025 and beyond. Additionally, the Board’s decision to increase our dividend by 5% for 2025 demonstrates confidence in our strategy and commitment to shareholder returns. We look forward to building on this momentum in the years ahead."

Future Outlook

InvenTrust has provided initial guidance for 2025, projecting net income per diluted share to be between $0.27 and $0.33. Nareit FFO per diluted share is expected to range from $1.83 to $1.89, while Core FFO per diluted share is projected to be between $1.79 and $1.83. The company anticipates Same Property NOI growth of 3.5% to 4.5% for the year.

SEC Filing: InvenTrust Properties Corp. [ IVT ] - 8-K - Feb. 11, 2025