InvenTrust Properties (IVT) - 2024 Q4 - Annual Results

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].