Financial Data and Key Metrics Changes - The company reported a net acquisition assumption of $100 million for 2025, representing a 4.5% increase [6] - The total portfolio ABR ended 2024 at $20.07 per square foot, reflecting a 3% increase compared to 2023 [12] - Retention rates stood at 94% in 2024, up from 90% the previous year [13][24] Business Line Data and Key Metrics Changes - Total portfolio leased occupancy increased to 97.4% by the end of 2024, a 390 basis point increase from 93.0% at the time of listing in 2021 [9] - Anchor space leased occupancy ended the year at 99.8%, matching an all-time high [9] - Small shop lease occupancy finished the quarter at 93.3%, also an all-time high [9] - The company signed 210 leases totaling 1.3 million square feet in 2024 [10] Market Data and Key Metrics Changes - The company emphasized the strong demand for high-quality retail space, despite recent store closures and bankruptcies in the retail sector [16] - The portfolio has minimal exposure to distressed retailers, with only one Joann location representing 0.2% of ABR [15] Company Strategy and Development Direction - The strategy focuses on maximizing cash flow by optimizing rents, enhancing occupancy, and refining the merchandising mix across retail centers [7] - The company aims to strategically assemble a mix of necessity-based retailers to drive tenant sales growth and maximize leasing spreads [11] - The company is undergoing a capital recycling endeavor in 2025, particularly in California, to redeploy proceeds into more attractive markets [22][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the competitive environment for acquiring grocery-anchored centers but expressed confidence in their ability to remain aggressive and opportunistic [36] - The company expects a baseline retention rate of around 90% for 2025, with leasing spreads anticipated to remain similar to the previous year [26][27] - Management noted that demand for retail space remains strong, with many retailers increasing long-term store opening targets in their markets [16] Other Important Information - The company has successfully embedded rent escalators of 3% or higher in 90% of renewals, supporting long-term NOI growth [13] - Management highlighted the importance of tenant retention in reducing downtime and lowering tenant improvement costs [13] Q&A Session Summary Question: Acquisition trajectory and $100 million net investment figure - Management indicated that the $100 million figure is conservative and that the gross number could be materially higher depending on disposition activity in California [22][23] Question: Expectations for retention rate and lease spreads in 2025 - Management expects a retention rate around 90% for 2025 and anticipates lease spreads to be similar to the previous year [25][27] Question: Balance sheet strategy and growth - Management discussed the under-leveraged balance sheet and the potential to leverage up if opportunities arise [34] Question: Competitive environment for acquisitions - Management acknowledged the competitive landscape but expressed confidence in their ability to secure deals [36] Question: Cap rates and buyer interest in California assets - Management noted strong demand for California assets but emphasized they do not need to sell unless the pricing is satisfactory [45] Question: Mark-to-market opportunities in acquisitions - Management highlighted that market rents are outpacing their current growth profile, allowing for favorable renegotiations [48][49] Question: Risk-adjusted returns in smaller markets - Management indicated that risk-adjusted returns in smaller markets like Charleston and Richmond are compelling and comparable to larger markets [56][61] Question: Pricing comparison for lifestyle centers versus grocery-anchored centers - Management stated that lifestyle centers fall in between core grocery-anchored and power centers in terms of risk-adjusted returns [75]

| No. | | | --- | --- | | Introductory Notes | i | | Press Release | iii | | Financial Information | | | Summary Financial Information | 1 | | Consolidated Balance Sheets | 2 | | Consolidated Statements of Operations and Comprehensive Income (Loss) | 3 | | Consolidated Supplemental Details of Assets and Liabilities | 4 | | Consolidated Supplemental Details of Operations | 5 | | Reconciliation of Non-GAAP Measures | | | Same Property Net Operating Income | 6 | | Nareit FFO and Core FFO | 7 | | EBITDA and Adj ...

Financial Performance - Net Income for Q4 2024 was $9.8 million, or $0.13 per diluted share, compared to $2.9 million, or $0.04 per diluted share in Q4 2023[14]. - Nareit FFO for Q4 2024 was $0.45 per diluted share, and $1.78 per diluted share for the full year[18]. - Core FFO for Q4 2024 was $0.43 per diluted share, and $1.73 per diluted share for the full year[18]. - Same Property Net Operating Income (NOI) growth was 7.1% for Q4 2024 and 5.0% for the full year[18]. - Total income for the year ended December 31, 2024, reached $273,974,000, up 5.9% from $258,676,000 in 2023[32]. - Net income for Q4 2024 was $9,799,000, significantly higher than $2,890,000 in Q4 2023, marking an increase of 239.5%[32]. - Comprehensive income for Q4 2024 was $13,537,000, compared to a loss of $8,164,000 in Q4 2023[32]. - The company reported a net income per common share of $0.13 for Q4 2024, up from $0.04 in Q4 2023, representing a 225% increase[32]. - Nareit FFO applicable to common shares for the year ended December 31, 2024, was $126,710,000, compared to $115,498,000 in 2023[39]. - Adjusted EBITDA for the year ended December 31, 2024, was $158,009,000, an increase from $146,459,000 in 2023[41]. Occupancy and Leasing - Leased Occupancy as of December 31, 2024 was 97.4%, a sequential increase of 40 basis points in Q4 and a full year increase of 120 basis points[18]. - Executed 52 leases in Q4 2024, totaling approximately 232,000 square feet of GLA, with a blended comparable lease spread of 15.5%[18]. - Same Property NOI for Q4 2024 was $45.9 million, reflecting a 7.1% increase compared to Q4 2023[21]. - The company reported a total of 68 properties with an overall occupancy rate of 97.4% as of December 31, 2024[54]. - The company achieved a tenant occupancy rate of 98.5% for properties over 20,000 square feet, indicating strong demand for larger spaces[54]. - The weighted average lease term for all leases executed was 6.2 years[60]. - The company achieved a total of 210 leases executed, covering 1,323 thousand square feet[60]. Acquisitions and Investments - Acquired four properties in Q4 2024, totaling approximately 614,000 square feet, including two properties in Charleston, South Carolina[18]. - The company funded four acquisitions in Q4 2024 totaling $205.5 million, including Stonehenge Village for $62.1 million and The Forum for $41.4 million[21]. - The disciplined acquisition approach in key Sun Belt markets positions the Company for sustained success in 2025 and beyond[16]. - The company acquired properties totaling 282,070 thousand in price and 840 thousand GLA, with all properties fully leased or nearly fully leased[65]. Debt and Liquidity - Total liquidity as of December 31, 2024, was $587.4 million, consisting of $87.4 million in cash and $500.0 million available under the Revolving Credit Facility[23]. - The Company's weighted average interest rate on debt was 4.03% as of December 31, 2024, with $35.9 million of debt maturing in 2025[23]. - The company reported a total debt of $740,415,000 as of December 31, 2024, with a weighted average interest rate of 4.03%[44]. - The company has fixed rate unsecured debt of $650,000,000, which constitutes 87% of total debt[44]. - Total liabilities decreased to $875,945,000 in 2024 from $933,287,000 in 2023, a reduction of 6.15%[31]. Dividends - The Board of Directors approved a 5% increase to the Company's dividends starting in April 2025[18]. - The Company declared a quarterly cash distribution of $0.2263 per share for Q4 2024, with a 5% increase in the annual dividend rate to $0.9508[21]. - The maximum dividend payout ratio was 49.5% in Q4 2024, remaining below the covenant limit of 95%[49]. Future Guidance - Initial guidance for 2025 includes Nareit FFO per diluted share of $1.83 to $1.89, and Core FFO per diluted share of $1.79 to $1.83[25]. - Same Property NOI growth for 2025 is projected at 3.50%, down from 5.0% in 2024[25]. Capital Expenditures - Total capital expenditures and leasing costs for the three months ended December 31, 2024, amounted to $7,381,000, a decrease from $8,037,000 in the previous quarter[51]. - Capital investments and leasing costs for the year ended December 31, 2024, totaled $36,116,000, slightly up from $35,744,000 in 2023[51]. Property Performance - The average base rent (ABR) per square foot across all properties is $20.07, with Texas properties contributing 38.5% to total ABR[54]. - Total Gross Leasable Area (GLA) for the company is 10,972 thousand square feet with an overall occupancy rate of 97.4%[76]. - Annualized Net Operating Income (NOI), excluding ground rent income, is $172,376 thousand, while total NOI is $48,155 thousand for the most recent quarter[80]. Redevelopment and Development Projects - The active redevelopment pipeline includes projects with estimated costs of $28,400 thousand and projected incremental costs of $8,800 thousand, with expected yields of 7-10%[70]. - The company plans to redevelop the Sarasota Pavilion with an estimated cost of $6,800 thousand, expected to complete in Q1 2025[70]. - Recently completed redevelopments include the Southern Palm Crossing at a cost of $1,550 thousand and Buckhead Crossing at a cost of $700 thousand[71].

Financial Data and Key Metrics Changes - Same-property NOI for Q3 2024 was $45.5 million, growing 6.5% year-over-year, driven by an increase in base rent and better collections from revenues deemed uncollectible [13][14] - Year-to-date same-property NOI reached $123.8 million, a 4.2% increase compared to the first nine months of 2023 [14] - NAREIT FFO for the first nine months was $91.8 million or $1.34 per diluted share, reflecting a 7.2% increase year-over-year [14] - Core FFO grew 4.8% to $1.30 per share year-to-date [15] - The company declared an annualized dividend payment of $0.91 per share, a 5% increase over the previous year [17] Business Line Data and Key Metrics Changes - Leased occupancy climbed to 97%, setting a new high watermark for the portfolio [12] - Blended comparable leasing spreads for the quarter were 9.8%, with new leases at 14.2% and renewals at 9.2% [22] - The retention rate was 93%, with 90% of renewals having embedded rent escalators of 3% or higher [22] Market Data and Key Metrics Changes - 97% of the company's ABR is generated from Sun Belt assets, with plans to reach 100% in the future [19] - The total portfolio ABR was $19.83, a 2.4% increase compared to 2023 [22] - The company signed 160 leases for over 1,094,000 square feet year-to-date, indicating strong leasing activity [23] Company Strategy and Development Direction - The company executed a follow-on equity offering raising approximately $250 million to strengthen its balance sheet and support growth [8][9] - Increased net investment activity guidance for the year to a range of $159 million to $215 million due to optimism in the transaction market [11] - Focus on transforming retailer leasing demand into increased ABR and additional portfolio occupancy [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving transaction market and expects continued healthy demand for retail space [28][39] - The company anticipates a similar cadence and growth in same-property NOI for 2025 as seen in the last two years [32] - Management noted that bad debt trends have been favorable, with expectations for a normalized run rate around 75 basis points [33] Other Important Information - The company closed on two properties in Q3, including a $23 million acquisition in Phoenix and a $62.1 million acquisition in Richmond [10] - Minimal damage was reported from recent hurricanes, and the company continues to support affected communities [25] Q&A Session Summary Question: Impact of interest rate reversal on acquisition opportunities - Management indicated that the reversal of interest rates has not impacted their acquisition pipeline, and they expect the transaction market to open up post-election [26][28] Question: Performance of tenants in discretionary categories - Management noted that sales have stabilized, with strong performance in value areas and food service, indicating healthy occupancy cost ratios [29] Question: Thoughts on 2025 same-store NOI growth - Management aims for consistent growth in same-property NOI and cash flow, expecting similar growth patterns as in previous years [31][32] Question: Update on noncore assets - Management stated that noncore assets are primarily those outside the Sun Belt, with plans to recycle capital when appropriate [34][36] Question: Changes in the retail environment - Management confirmed robust demand for retail space, with high occupancy levels and broad-based demand across categories [40]

With uncertainty surrounding the market amid the rise in geopolitical tensions and the upcoming presidential election, the REIT sector has experienced a bit of a pullback recently. Cooling from the rally they experienced in July, some Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone ...

Smile Like everything else in economics, the business of owning and leasing shopping center space is ultimately dictated by supply & demand. If there is more supply in a given market than demand, it will, of course, benefit the supply side, and the opposite holds true the other way around. Anytime you can spot a supply/demand imbalance, especially if the factors being considered are long-term, structural trends, it may present a good investment opportunity. It's tricky, of course, because by the time you sp ...

Introduction Some may not prefer shopping center related REITs as they seem to experience slower growth. Everyone loves a fast-growing stock with fast-growing dividends. However, I think shopping center REITs are perfect as their income streams are as reliable as ever. One reason is that they are typically recession-resistant, although they do experience some volatility during economic downturns. Reason being is most of IVT's properties are anchored by grocery stores. And no matter what is happening in the ...

And though I'm not necessarily complaining about the other retail REITs' governance practices, I particularly like that IVT separates the roles of CEO and Chairman of the Board. The CEO, DJ Busch, primarily gained experience at Green Street, which is a commercial real estate research outlet notorious for its emphasis on good governance practices. And the Chairman of the Board is Julian Whitehurst, the former CEO of National Retail Properties, now called NNN REIT (NNN). In my last article on IVT from Decembe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Maryland 34-2019608 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3025 Highland Parkway, Suite 350 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission Fi ...

Introductory Notes Table of Contents | | Page No. | | --- | --- | | Introductory Notes | i | | Press Release | iii | | Financial Information | | | Summary Financial Information | 1 | | Condensed Consolidated Balance Sheets | 2 | | Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | 3 | | Condensed Consolidated Supplemental Details of Assets and Liabilities | 4 | | Condensed Consolidated Supplemental Details of Operations | 5 | | Reconciliation of Non-GAAP Measures | | | Same Pr ...