InvenTrust Properties (IVT) - 2025 Q1 - Quarterly Results

Financial Performance - Net Income for Q1 2025 was $6.8 million, or $0.09 per diluted share, compared to $2.9 million, or $0.04 per diluted share in Q1 2024[13] - Nareit FFO for Q1 2025 was $37.2 million, or $0.48 per diluted share, up from $30.8 million, or $0.45 per diluted share in Q1 2024[17] - Core FFO for Q1 2025 was $36.2 million, or $0.46 per diluted share, compared to $30.0 million, or $0.44 per diluted share in Q1 2024[18] - Total income for Q1 2025 was $73,771,000, compared to $66,798,000 in Q1 2024, an increase of 10.8%[33] - Total operating expenses for Q1 2025 were $59,264,000, up from $55,122,000 in Q1 2024, reflecting an increase of 7.8%[37] - Adjusted EBITDA for Q1 2025 was $44,004,000, an increase from $39,173,000 in Q1 2024, representing a growth of 12.5%[41] Property Performance - Same Property NOI for Q1 2025 was $47.3 million, reflecting a 6.1% increase compared to Q1 2024[19] - Same Property NOI for Q1 2025 was $47,286,000, up from $44,548,000 in Q1 2024, marking a growth of 6.1%[30] - Economic occupancy rate improved to 95.2% in Q1 2025 from 93.4% in Q1 2024[30] - Leased Occupancy as of March 31, 2025, was 97.3%, with Anchor Leased Occupancy at 99.5% and Small Shop Leased Occupancy at 93.4%[24] - Total leased properties reached 68 with an occupancy rate of 97.3% and an annualized base rent (ABR) of $209,642,000, translating to an ABR per square foot of $20.21[53] Debt and Liquidity - The Company had $577.4 million in total liquidity as of March 31, 2025, including $77.4 million in cash and cash equivalents[24] - Net debt as of March 31, 2025, was $663,377,000, a decrease from $718,183,000 as of December 31, 2023[30] - Total debt as of March 31, 2025, was $740,745,000, with a weighted average interest rate of 4.03%[43] - The company reported a net debt-to-adjusted EBITDA ratio of 4.1x for the trailing 12 months, unchanged from the previous quarter[30] Guidance and Projections - 2025 guidance includes Net Income per diluted share of $0.27 and Nareit FFO per diluted share of $1.83[26] - Same Property NOI growth is projected at 3.50% for 2025[26] Tenant and Lease Information - The company achieved a retention rate of approximately 90% for leases expiring during the quarter, with 290,000 square feet re-leased out of 323,000 square feet[56] - Total executed leases for Q1 2025 reached 53, covering 221 thousand GLA, with a contractual rent of $22.62 PSF, reflecting a 9.6% increase over the prior period[61] - Renewal leases accounted for 47 executed leases, with a GLA of 209 thousand and a rent of $21.79 PSF, showing an 8.7% increase compared to the previous period[61] - New leases in Q1 2025 totaled 6, with a GLA of 12 thousand and a contractual rent of $37.27 PSF, representing a significant 20.3% increase over prior new leases[61] Redevelopment and Expansion - Total redevelopment costs are projected to be $21.6 million with an estimated incremental yield on cost of 7-10%[66] - The company is redeveloping the Sarasota Pavilion to include an 18,000 square foot anchor space and additional small shop space[67] - The company plans to complete the Campus Marketplace redevelopment by Q2 2025 with estimated costs of $800,000[66] - The company is expanding its market presence with new developments and redevelopments across multiple states, including Texas and Florida[68] Market and Geographic Performance - The Texas market accounted for 38.5% of total ABR at $80,789,000, with an occupancy rate of 97.3% across 23 properties[53] - The Miami-Fort Lauderdale market had an occupancy rate of 98.4% and an ABR of $20,301,000, representing 9.7% of total ABR[53] - The average ABR per square foot for anchor tenants is $12.98, while for small shop tenants it is $33.65[55] - The total Gross Leasable Area (GLA) across all properties is 10,972 thousand square feet with an overall occupancy rate of 97.3%[74]