InvenTrust Properties (IVT) - 2025 Q3 - Quarterly Results

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]