InvenTrust Properties (US:IVT)2024-04-30 20:11Financial Performance - Net Income for Q1 2024 was $2.9 million, or $0.04 per diluted share, compared to $1.1 million, or $0.02 per diluted share in Q1 2023[14]. - Nareit FFO for Q1 2024 was $30.8 million, or $0.45 per diluted share, up from $28.0 million, or $0.41 per diluted share in Q1 2023[18]. - Core FFO for Q1 2024 was $30.0 million, or $0.44 per diluted share, compared to $27.4 million, or $0.40 per diluted share in Q1 2023[19]. - Total income for the three months ended March 31, 2024, was $66,798, an increase of 2.4% from $65,205 in the same period of 2023[35]. - Net income for the three months ended March 31, 2024, was $2,900, compared to $1,133 in the same period of 2023[39]. - Nareit FFO applicable to common shares for the three months ended March 31, 2024, was $30,846, an increase from $28,018 in 2023[39]. - Adjusted EBITDA for the three months ended March 31, 2024, was $39,173, compared to $36,217 in 2023[42]. - The company aims to enhance its financial performance through strategic adjustments in its operating metrics, including Adjusted EBITDA and Nareit Funds From Operations[78]. Property and Occupancy Metrics - Same Property NOI for Q1 2024 was $41.5 million, a 4.1% increase compared to Q1 2023[20]. - Leased Occupancy as of March 31, 2024, was 96.3%, with Anchor Leased Occupancy at 98.6%[24]. - Economic occupancy for the same property portfolio was 93.4% in Q1 2024, down from 94.5% in Q1 2023[31]. - The occupancy rate across all properties was 96.3%, with total annualized base rent (ABR) of $189.414 million[57]. - Total GLA across all properties is 10,385 thousand square feet with an overall leased occupancy rate of 96.3%[75]. Leasing Activity - Executed 41 leases totaling approximately 180,000 square feet, with a blended comparable lease spread of 11.2%[20]. - The company achieved a retention rate of approximately 90% for leases expiring during the three months ended March 31, 2024, with 328,000 square feet re-leased out of 364,000 square feet[62]. - For the three months ended March 31, 2024, the average contractual rent for renewal leases was $29.08 per square foot, reflecting a 9.4% increase over prior leases[63]. - Comparable new leases executed in Q1 2024 had an average contractual rent of $19.77 per square foot, representing a 24.3% increase compared to prior leases[63]. - The total number of leases executed in Q1 2024 was 41, covering 180,000 square feet, with an average contractual rent of $27.28 per square foot, an 11.2% increase over prior leases[64]. Debt and Liquidity - The Company's total liquidity as of March 31, 2024, was $421.2 million, including $71.2 million in cash[24]. - The weighted average interest rate on the Company's debt as of March 31, 2024, was 4.28%[24]. - Outstanding debt as of March 31, 2024, was $827,527,000, up from $814,568,000 as of December 31, 2023[32]. - Total debt stood at $831,548,000, with accounts payable and accrued expenses amounting to $28,764,000[77]. - The company reported a total interest expense of $9,634 for the three months ended March 31, 2024, compared to $9,509 in 2023[35]. Capital Expenditures and Investments - Total capital expenditures for the three months ended March 31, 2024, were $7.093 million, an increase from $6.018 million in the same period of 2023[54]. - The company invested $1.230 million in development and redevelopment projects during Q1 2024, compared to $809,000 in Q1 2023[54]. - The total accrued investment in development and redevelopment projects as of March 31, 2024, was $848,000, up from $264,000 in the previous year[55]. - The company has projected remaining development costs of $11,000,000, with an estimated incremental yield range of 7-10%[77]. Tenant and Market Overview - The company's top 25 tenants contributed a total Annual Base Rent (ABR) of $62,958,000, accounting for 33.1% of total ABR[60]. - The grocery/drug category represents the largest segment of the tenant merchandise mix, with an ABR of $37,570,000, or 19.8% of total ABR[61]. - The company’s tenant mix includes various categories, with quick service restaurants contributing $23,321,000, or 12.3% of total ABR[61]. Future Outlook and Guidance - The company expects uncollectibility to reflect 50-100 basis points of expected total revenue in its guidance[28]. - The company continues to focus on expanding its portfolio through new leases and renewal leases, enhancing its market presence[78]. - The development pipeline includes projects with estimated costs of $15,400,000 and projected incremental costs of $4,400,000, with expected yields of 7-10%[70].