Financial Performance - For the three months ended September 30, 2025, net lease income increased by $5.9 million to $74.0 million compared to $68.1 million in the same period of 2024, driven by $10.9 million from acquired properties and a decrease of $7.2 million from disposed properties [108]. - The total income for the nine months ended September 30, 2025, rose by $19.0 million to $221.8 million, up from $202.7 million in the same period of 2024 [109]. - Net income for the three months ended September 30, 2025 was $6.0 million, compared to a loss of $0.5 million in 2024, while for the nine months, net income was $108.8 million compared to $3.9 million in 2024 [123]. - Core FFO for the three months ended September 30, 2025, was $36.7 million, up from $30.1 million in the same period of 2024, representing a 21.6% increase [129]. - Nareit FFO for the nine months ended September 30, 2025, was $111.1 million, compared to $91.8 million for the same period in 2024, reflecting a 20.9% increase [129]. - EBITDA for the three months ended September 30, 2025, was $47.9 million, an increase from $37.2 million in 2024, marking a 28.5% growth [134]. - Total income for the nine months ended September 30, 2025 was $180.5 million, an increase of $8.2 million, or 4.8%, compared to $172.3 million in 2024 [126]. Property and Occupancy - As of September 30, 2025, the company owned 71 properties with a Gross Leasable Area (GLA) of 11,347 thousand square feet, compared to 65 properties and 10,550 thousand square feet in 2024 [103]. - Economic occupancy increased to 95.6% in 2025 from 94.2% in 2024, while leased occupancy rose to 97.2% from 97.0% [103]. - The company acquired four retail properties in 2025, including The Marketplace at Encino Park for $38.5 million and West Broad Marketplace for $86.0 million, funded by cash on hand [96][97]. - The company has acquired a total of fifteen retail properties and disposed of six since January 1, 2024 [108]. - Same Property NOI for the three months ended September 30, 2025 increased by $2.7 million, or 6.4%, to $44.3 million compared to $41.6 million in 2024, primarily due to increased occupancy and favorable lease spreads [125]. - Same Property NOI for the nine months ended September 30, 2025 increased by $7.2 million, or 5.9%, to $128.3 million compared to $121.1 million in 2024, driven by increased occupancy and advantageous fixed recovery terms [126]. Expenses and Costs - For the three months ended September 30, 2025, total operating expenses increased by $4.9 million to $61.2 million compared to $56.3 million in 2024, while for the nine months, it increased by $13.4 million to $181.5 million compared to $168.1 million in 2024 [112]. - The company reported a $1.7 million increase in minimum base and ground rent for the three months ended September 30, 2025, attributed to increased occupancy and ABR PSF [110]. - Minimum base rent for the three months ended September 30, 2025 increased by $1.6 million, or 4.1%, to $40.9 million compared to $39.3 million in 2024 [125]. - Depreciation and amortization for the three months ended September 30, 2025 increased by $4.6 million to $32.7 million compared to $28.1 million in 2024, and for the nine months, it increased by $9.0 million to $94.1 million compared to $85.1 million in 2024 [112]. Liquidity and Debt - The company has available liquidity of $500.0 million under its revolving credit facility as of September 30, 2025 [100]. - The company entered into a Term Loan Amendment on August 25, 2025, extending the maturity dates of its $400.0 million Term Loan Credit Agreement [101]. - The company has $400.0 million in outstanding variable-rate debt, all of which has been swapped to fixed rates through maturity dates [157]. - Total fixed rate debt obligations amount to $928.1 million, with $650.0 million due thereafter [152]. - The company has future payments under mortgage maturities totaling $107.6 million, with $22.9 million due in 2025 [152]. - The company reported $247.3 million in net proceeds from the underwritten public offering of common stock, net of underwriting discounts and commissions [149]. - Interest payments on fixed rate debt total $167.7 million over the life of the debt [152]. - The company maintained $236.7 million available for issuance under its ATM Program as of September 30, 2025 [142]. Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2025, was $112.7 million, up from $99.9 million in 2024, indicating a $12.8 million increase [146]. - Cash used in investing activities for the nine months ended September 30, 2025, was $54.3 million, a decrease of $53.9 million compared to $108.3 million in 2024 [146]. - Total capital expenditures and leasing costs for the three months ended September 30, 2025, amounted to $7.0 million, compared to $6.0 million in 2024, a 16.4% increase [135]. - The company incurred $45.3 million to pay distributions related to its common stock [149]. - The company declared distributions totaling $55.3 million during the nine months ended September 30, 2025, with cash distributions of $54.4 million [144]. Other Financial Information - Interest expense, net, for the three months ended September 30, 2025 decreased by $0.5 million to $8.9 million compared to $9.5 million in 2024, and for the nine months, it decreased by $3.1 million to $25.6 million compared to $28.7 million in 2024 [115]. - Other income and expense, net, increased by $1.4 million for the three months ended September 30, 2025, primarily due to increased interest income, and by $1.7 million for the nine months [118]. - The company recognized a gain of $90.9 million on the sale of five properties in California for an aggregate gross disposition price of $306.0 million during the nine months ended September 30, 2025 [117]. - The weighted average common shares outstanding - diluted increased to 78,498,873 for the three months ended September 30, 2025, from 68,526,238 in 2024 [129]. - There have been no material changes to the company's critical accounting estimates compared to previous reports [155]. - The company has no off-balance sheet arrangements [150]. - The company’s effective interest rate swaps as of September 30, 2025, have a total notional amount of $400.0 million [158].

Financial Data and Key Metrics Changes - Same property NOI for the quarter was $44.3 million, representing a 6.4% increase year-over-year, driven by embedded rent escalations, occupancy gains, and positive rent spreads [10] - NAREIT FFO was $38.4 million, or $0.49 per diluted share, reflecting an 8.9% increase compared to the same quarter last year [10] - Year-to-date NAREIT FFO totaled $111.1 million, or $1.42 per diluted share, a 6% year-over-year increase [11] - Total liquidity stood at $571 million, including $71 million in cash and a full $500 million available under a revolving credit facility [12] Business Line Data and Key Metrics Changes - The company reported a same property NOI growth of over 6%, with healthy rent spreads and positive leasing activity across both anchors and small shops [4] - New leases for the third quarter achieved a 25.6% spread, while renewals averaged at 10.4%, resulting in a blended leasing spread of 11.5% [17] - Retention rate year-to-date was 82%, with a higher rate of 89% when excluding a single anchor space undergoing redevelopment [18] Market Data and Key Metrics Changes - Census data indicated retail sales are up year-over-year, with sustained strength in suburban centers across the Sunbelt [6] - The company noted that nine of the top 10 U.S. retail metros are in the Sunbelt, where it is heavily concentrated [6] - The limited level of new open-air retail development is seen as a competitive advantage, with rising costs and restrictive zoning keeping new supply muted [7] Company Strategy and Development Direction - The company maintains a hub-and-spoke operating model to manage a broad network of top-tier assets across Sunbelt markets efficiently [5] - The capital allocation strategy remains measured and disciplined, targeting opportunities that align with strict return thresholds [8] - Approximately 70% of the portfolio consists of neighborhood and community centers, with a focus on high-quality tenant bases and financial flexibility [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver solid total returns for shareholders, supported by favorable strip center fundamentals [9] - While household debt levels are rising and consumer confidence has weakened, day-to-day consumer behavior in the company's centers remains resilient [6] - The company raised its full-year same property NOI growth guidance to a range of 4.75% to 5.25% [14] Other Important Information - The company completed four acquisitions totaling $250 million during the quarter, funded primarily with cash on hand [13] - An annualized dividend of $0.95 per share was declared [13] Q&A Session Summary Question: Thoughts on tenants in discretionary categories, including restaurants - Management noted strong demand from quick service and sit-down dining, with most restaurants performing well in the portfolio [22][23] Question: Percentage of core grocery versus power and lifestyle in acquisition pipeline - The pipeline remains robust, with over $1 billion in assets being considered, primarily grocery-anchored [25][26] Question: Trajectory of occupancy over the next couple of quarters - Management expects a slight decline in small shop occupancy but anticipates a reacceleration in 2026 [32][33] Question: Confidence level to grow creatively from acquisitions moving into 2026 - Management emphasized the importance of responsible and creative growth strategies, focusing on high-quality assets [41][42] Question: Remaining budgeted bad debt expense for the year - The forecast includes visibility into the lower end of the bad debt range, with some assumptions for unforeseen fallout [46] Question: Lease-to-economic occupancy spread and its future - Management indicated that the spread is influenced by timing and expects it to stabilize between 150 to 200 basis points [53][54] Question: Balance between grocery sector strength and dining out trends - Management observed that both sectors have been complements rather than substitutes, with strong performance in both areas [56][57] Question: Comfort with increasing share of tertiary markets in the portfolio - Management is open to secondary and tertiary markets as long as the quality of assets remains high [62][63]

Financial Data and Key Metrics Changes - Same property NOI for the quarter was $44.3 million, representing a 6.4% increase year-over-year, driven by embedded rent escalations, occupancy gains, and positive rent spreads [10] - NAREIT FFO was $38.4 million, or $0.49 per diluted share, reflecting an 8.9% increase compared to the same quarter last year [10] - Year-to-date NAREIT FFO totaled $111.1 million, or $1.42 per diluted share, a 6% year-over-year increase [11] - The company raised its full-year same property NOI growth guidance to a range of 4.75%-5.25% [14] Business Line Data and Key Metrics Changes - The company reported a blended leasing spread of 11.5% for new leases and renewals, with new leases achieving a 25.6% spread and renewals averaging 10.4% [17] - Retention rate year-to-date was 82%, with a higher rate of 89% when excluding a single anchor space undergoing redevelopment [18] Market Data and Key Metrics Changes - The Sun Belt markets continue to show strong consumer fundamentals, with retail sales up year-over-year and foot traffic above national averages [6] - Hiring momentum in major Sun Belt MSAs remains healthy, with nine of the top 10 U.S. retail metros located in the Sun Belt [6] Company Strategy and Development Direction - The company focuses on maintaining high occupancy, embedding contractual rent escalators, and pursuing selective acquisitions to enhance portfolio quality [4] - The capital allocation strategy remains disciplined, targeting opportunities that align with strict return thresholds [8] - The company aims to continue scaling efficiently while maintaining hands-on oversight through its hub-and-spoke operating model [5] Management's Comments on Operating Environment and Future Outlook - Management noted that while household debt levels are rising and consumer confidence has weakened, day-to-day consumer behavior remains resilient [7] - The company expects some deceleration in the fourth quarter due to backloaded property operating expenses and remaining bad debt reserves [14] - Management remains optimistic about the leasing pipeline and expects to finish the year strong, with a positive outlook for 2026 [82] Other Important Information - The company completed four acquisitions totaling $250 million during the quarter, funded primarily with cash on hand [13] - Total liquidity stood at $571 million, including $71 million in cash and a $500 million revolving credit facility [12] Q&A Session Summary Question: Insights on tenants in discretionary categories, including restaurants - Management sees strong demand from quick service and casual dining tenants, with more restaurants performing well than struggling [22][23] Question: Acquisition pipeline composition and pricing - The acquisition pipeline remains robust, with over $1 billion in assets being considered, primarily grocery-anchored [25][26] Question: Future occupancy trajectory - Management expects a slight decline in small shop occupancy but anticipates a reacceleration in 2026 [32][33] Question: CapEx expectations for leasing and TIs in 2026 - CapEx burden is expected to decrease as occupancy stabilizes, leading to greater free cash flow [34] Question: Context on back-end loaded expenses in Q4 - Higher property operating expenses are typical in the fourth quarter, along with increased corporate expenses [35] Question: Confidence in growing creatively from acquisitions - Management is focused on responsible growth and is looking for opportunities that align with their strategy [41][42] Question: Remaining budgeted bad debt expense for the year - The forecast for bad debt expense is between 55 basis points and 75 basis points, with visibility into the lower end of the range [46] Question: Lease-to-economic occupancy spread - The spread is influenced by timing, with expectations of a normal run rate between 150 basis points and 200 basis points [54] Question: Balance between grocery and dining sectors - Both sectors have been complementary within the portfolio, with strong performance observed in both areas [56][57] Question: Comfort with increasing share of tertiary markets - The company is open to expanding in secondary and tertiary markets, provided the quality of assets remains high [63][66]

Financial Data and Key Metrics Changes - The company reported same property NOI for the quarter at $44.3 million, reflecting a 6.4% increase year-over-year, driven by embedded rent escalations, occupancy gains, and positive rent spreads [10] - NAREIT FFO for the third quarter was $38.4 million, or $0.49 per diluted share, representing an 8.9% increase compared to the same quarter last year [10] - Year-to-date NAREIT FFO totaled $111.1 million, or $1.42 per diluted share, reflecting a 6% year-over-year increase [11] - The company declared an annualized dividend of $0.95 per share [12] Business Line Data and Key Metrics Changes - Same property NOI growth was attributed to various factors: embedded rent escalations contributed 160 basis points, occupancy gains and positive rent spreads each added 100 basis points, and redevelopment activity contributed 60 basis points [10] - New leases achieved a 25.6% spread, while renewals averaged 10.4%, resulting in a blended leasing spread of 11.5% [17] Market Data and Key Metrics Changes - The company noted that retail sales in the Sunbelt region are up year-over-year, with foot traffic and occupancy levels remaining above national averages [5] - The company highlighted that nine of the top 10 U.S. retail metros are located in the Sunbelt, where it is heavily concentrated [5] Company Strategy and Development Direction - The company continues to focus on maintaining high occupancy, embedding contractual rent escalators, and pursuing selective, accretive acquisitions [4] - The capital allocation strategy remains disciplined, targeting opportunities that align with strict return thresholds and enhance asset quality [8] - The company aims to expand its portfolio in high-growth Sunbelt markets while managing a balanced approach between neighborhood/community centers and power/lifestyle properties [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Sunbelt consumer base, despite some caution signals such as rising household debt and weakened consumer confidence [5] - The company anticipates some deceleration in the fourth quarter due to backloaded property operating expenses and remaining bad debt reserves [13] - Management raised full-year same property NOI growth guidance to a range of 4.75% to 5.25% and increased the midpoint of NAREIT FFO guidance to $1.87 per share [13] Other Important Information - The company completed four acquisitions totaling $250 million during the quarter, funded primarily with cash on hand [12] - Total liquidity stood at $571 million, including $71 million in cash and a full $500 million available under a revolving credit facility [12] Q&A Session Summary Question: Thoughts on tenants in discretionary categories, including restaurants - Management noted strong demand from quick service and sit-down dining tenants, with more restaurants performing well than struggling [22][23] Question: Percentage of core grocery versus power and lifestyle in acquisition pipeline - The pipeline remains robust, with over $1 billion in assets being considered, predominantly featuring grocery components [25][26] Question: Trajectory of occupancy over the next couple of quarters - Management expects a slight decline in small shop occupancy but anticipates a reacceleration in 2026 [28][29] Question: Confidence in growing creatively from acquisitions moving into 2026 - Management emphasized the importance of responsible and creative growth strategies, focusing on high-quality assets in strong markets [37] Question: Remaining budgeted bad debt expense for the year - Management indicated that the forecast includes both visible and assumption-based elements, with a range of 55 to 75 basis points for bad debt [40] Question: Lease-to-economic occupancy spread and its future trajectory - Management suggested that the spread is influenced by timing and expects it to stabilize between 150 to 200 basis points [46] Question: Balance between grocery sector strength and dining out trends - Management observed that grocery and dining sectors have been complementary rather than substitutive within their portfolio [48]

INVESTOR PRESENTATION Q3 2025 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 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 statem ...

分组1 - InvenTrust Properties Corp. reported quarterly funds from operations (FFO) of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.45 per share, and showing an increase from $0.44 per share a year ago, resulting in an FFO surprise of +4.44% [1] - The company achieved revenues of $74.47 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.44%, compared to $68.52 million in the same quarter last year [2] - Over the last four quarters, InvenTrust Properties has surpassed consensus FFO estimates two times and revenue estimates three times [2] 分组2 - The stock has underperformed the market, losing about 4% since the beginning of the year, while the S&P 500 has gained 16.9% [3] - The current consensus FFO estimate for the coming quarter is $0.46 on revenues of $75.59 million, and for the current fiscal year, it is $1.83 on revenues of $295.6 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 35% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Performance - Net Income for Q3 2025 was $6.0 million, or $0.08 per diluted share, compared to a Net Loss of $0.5 million, or $0.01 per diluted share in Q3 2024[20] - Nareit FFO for Q3 2025 was $38.4 million, or $0.49 per diluted share, up from $30.9 million, or $0.45 per diluted share in Q3 2024[23] - Total income for the three months ended September 30, 2025, was $74,466,000, an increase of 2.8% from $68,521,000 in the same period of 2024[35] - Net income for the three months ended September 30, 2025, was $6,026,000, a significant recovery from a net loss of $539,000 in the same period of 2024[37] - Core FFO per diluted share for Q3 2025 is estimated to be between $1.80 and $1.83, up from $1.79 to $1.83 in the previous quarter[30] - Adjusted EBITDA for the nine months ended September 30, 2025, was $131,188,000, compared to $116,627,000 for the same period in 2024, indicating a 12.4% increase[41] Property Operations - Same Property Net Operating Income (NOI) grew by 6.4% to $44.3 million in Q3 2025 compared to Q3 2024[26] - The company reported a Same Property NOI of $44,284,000 for Q3 2025, reflecting a growth of 6.4% compared to Q3 2024[31] - The economic occupancy rate improved to 95.3% in Q3 2025, up from 94.4% in Q3 2024[31] - Leased Occupancy as of September 30, 2025, was 97.2%, with Anchor Leased Occupancy at 99.3%[26] - Minimum base rent for the three months ended September 30, 2025, was $47,632,000, up from $44,060,000 in 2024, indicating a growth of 6.0%[35] Debt and Liquidity - Total liquidity as of September 30, 2025, was $570.7 million, consisting of $70.7 million in cash and $500.0 million available under the Revolving Credit Facility[27] - The Company's weighted average interest rate on its debt was 3.98% with a weighted average remaining term of 4.7 years[27] - The company's net debt as of September 30, 2025, was $693,826,000, compared to $653,020,000 at the end of 2024, indicating an increase in leverage[32] - Total secured and unsecured debt as of September 30, 2025, was $760,424,000, with a weighted average interest rate of 3.98%[43] - The leverage ratio for Q3 2025 was 23.0%, well below the covenant limit of 60%[48] Capital Expenditures and Investments - The anticipated net investment activity for 2025 is projected to be between $49,600,000 and $158,600,000, reflecting ongoing growth initiatives[30] - Total capital expenditures and leasing costs for the three months ended September 30, 2025, were $6,998 million, an increase from $6,015 million in the same period of 2024, representing a growth of 16.4%[51] - The company invested $5,013 million in development and redevelopment direct costs for the three months ended September 30, 2025, compared to $2,773 million in 2024, marking an increase of 80.7%[51] Leasing Activity - The Company executed 56 leases totaling approximately 409,000 square feet of GLA, with a blended comparable lease spread of 11.5%[23] - Total executed leases for Q3 2025 reached 49, with a total GLA of 360, resulting in a contractual rent of $16.53 PSF, reflecting an 11.5% increase over the prior lease rent of $14.82 PSF[64] - New leases in Q3 2025 showed a significant increase of 25.6%, with a contractual rent of $34.45 PSF compared to $27.43 PSF in the previous quarter[64] - Renewal leases for Q3 2025 totaled 44, with a GLA of 345 and a contractual rent of $15.75 PSF, marking a 10.4% increase from the previous rent of $14.27 PSF[64] Future Guidance - The Company updated its 2025 guidance, reflecting its ongoing commitment to sustainable growth[28] - The company's 2025 guidance estimates net income per diluted share to be between $1.40 and $1.44, with Nareit FFO per diluted share expected to range from $1.85 to $1.89[29] - Same Property NOI (SPNOI) growth is projected to be between 4.75% and 5.25%, an increase from the previous guidance of 4.00% to 5.00%[30] Market Presence and Expansion - The company plans to continue expanding its market presence, particularly in Texas and Florida, which together account for 59.1% of the total ABR[54] - The company is focusing on enhancing tenant mix by attracting more anchor tenants, which are expected to drive foot traffic[84] - InvenTrust Properties Corp. plans to expand its portfolio by acquiring additional community and lifestyle centers in key markets[85]

Core Viewpoint - The analyst gives a hold rating for InvenTrust Properties (NYSE: IVT), suggesting that the stock price already reflects much of the potential upside from its high-quality Sun Belt portfolio and stable cash flows [1]. Company Analysis - The investment approach focuses on understanding the core economics of a business, including its competitive moat, unit economics, reinvestment runway, and management quality, which are essential for long-term free cash flow generation and shareholder value creation [1]. - The analyst emphasizes a fundamental, valuation-driven investment strategy, particularly in sectors with strong secular tailwinds [1]. Investment Philosophy - The analyst is a self-educated investor with 10 years of experience, currently managing personal funds sourced from friends and family [1]. - The motivation for writing is to share investment insights and gather feedback from fellow investors, aiming to help readers focus on what drives long-term equity value [1]. - The analyst believes that good analysis should be both analytical and accessible, contributing value to readers seeking high-quality, long-term investment opportunities [1].

Core Insights - The article emphasizes the growing interest in various asset classes, including cryptocurrencies, gold, silver, and rare-earth elements, among investors and financial media [1]. Group 1: Company and Analyst Background - Austin Rogers is identified as a REIT specialist with a professional background in commercial real estate, focusing on high-quality dividend growth stocks to generate a stable passive income stream [1]. - The investing group High Yield Landlord, which Austin contributes to, is noted as one of the largest real estate investment communities on Seeking Alpha, providing exclusive research on the global REIT sector and multiple real money portfolios [1].

Group 1 - The article promotes a 2-week free trial for access to a real estate investment portfolio and top picks [1] - The company claims to be the largest real estate investment community on Seeking Alpha, with over 2,000 members [1] - The community has received a perfect rating of 5/5 from over 400 reviews [1] Group 2 - A limited-time offer is available for joining at a deeply reduced rate [1] - The promotion emphasizes the value of the investment community and its resources [1]