InvenTrust Properties Corp. (IVT) Bundle
A Brief History of InvenTrust Properties Corp.
Company Overview
InvenTrust Properties Corp. is a real estate investment trust (REIT) focused on owning, operating, and managing retail properties across the United States. As of 2024, the company has established itself as a significant player in the retail real estate sector.
Financial Performance
For the nine months ended September 30, 2024, InvenTrust reported a net income of $3.859 million compared to $2.379 million for the same period in 2023. Lease income for the same period increased to $201.681 million from $192.814 million in 2023, indicating growth in property operations.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Income | $3.859 million | $2.379 million |
| Lease Income | $201.681 million | $192.814 million |
| Operating Expenses | $168.129 million | $167.145 million |
Assets and Liabilities
As of September 30, 2024, InvenTrust Properties Corp. reported total assets of $2.620 billion, with liabilities amounting to $865.276 million. The company had a debt net of $740.109 million, reflecting a decrease from $814.568 million as of December 31, 2023.
| Balance Sheet Item | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Total Assets | $2.620 billion | $2.487 billion |
| Total Liabilities | $865.276 million | $933.287 million |
| Debt (Net) | $740.109 million | $814.568 million |
Stock Performance and Dividends
InvenTrust's stock has shown resilience in the market. As of September 30, 2024, the company declared a distribution of $0.23 per share, up from $0.22 per share in 2023. The total number of shares outstanding increased from 67.807 million to 77.130 million due to an equity offering.
| Stock Metrics | 2024 | 2023 |
|---|---|---|
| Shares Outstanding | 77.130 million | 67.807 million |
| Distribution per Share | $0.23 | $0.22 |
Operational Highlights
InvenTrust has been active in expanding its portfolio, acquiring eight retail properties since January 1, 2023, while disposing of one. The company focuses on enhancing its properties to improve net operating income (NOI), which increased by 4.2% year-over-year, reflecting successful management strategies.
| Operational Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Same Property NOI | $123.788 million | $118.764 million |
| Increase in Same Property NOI | 4.2% | N/A |
Debt Management
The company's debt management strategy has included refinancing and the use of interest rate swaps to mitigate risks associated with variable rates. As of September 30, 2024, InvenTrust had $400 million of its variable-rate debt swapped to fixed rates, reducing exposure to interest rate fluctuations.
| Debt Structure | As of September 30, 2024 |
|---|---|
| Total Debt | $743.380 million |
| Fixed Rate Debt | $400 million |
Outlook
InvenTrust Properties Corp. remains focused on strategic acquisitions and enhancing its existing property portfolio to drive future growth and shareholder value. The company is well-positioned to navigate the evolving retail landscape with its robust operational framework and financial discipline.
A Who Owns InvenTrust Properties Corp. (IVT)
Major Shareholders
As of 2024, InvenTrust Properties Corp. (IVT) has a diversified ownership structure that includes institutional investors and individual shareholders. The following table summarizes the major shareholders of IVT:
| Shareholder | Type | Ownership Percentage |
|---|---|---|
| The Vanguard Group, Inc. | Institutional Investor | 9.5% |
| BlackRock, Inc. | Institutional Investor | 8.2% |
| State Street Corporation | Institutional Investor | 7.4% |
| Dimensional Fund Advisors LP | Institutional Investor | 4.9% |
| InvenTrust Management, LLC | Insider | 3.1% |
| Other Individual and Institutional Investors | Various | 66.9% |
Institutional Ownership
Institutional ownership plays a significant role in the overall equity of InvenTrust Properties Corp. The following table highlights the institutional ownership metrics:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| The Vanguard Group, Inc. | 6,800,000 | 9.5% |
| BlackRock, Inc. | 5,900,000 | 8.2% |
| State Street Corporation | 5,200,000 | 7.4% |
| Dimensional Fund Advisors LP | 3,500,000 | 4.9% |
| InvenTrust Management, LLC | 2,200,000 | 3.1% |
| Total Institutional Ownership | 23,600,000 | 32.1% |
Recent Developments Affecting Ownership
In September 2024, InvenTrust Properties Corp. completed a public offering of its common stock, issuing 9,200,000 shares at a price of $28.00 per share. This offering generated net proceeds of approximately $247.3 million. This event could potentially alter the ownership structure, increasing the number of shares held by institutional and retail investors alike.
Insider Ownership
Insider ownership is also a critical aspect of InvenTrust Properties Corp.'s equity structure. The following table presents the insider ownership metrics:
| Insider | Shares Owned | Ownership Percentage |
|---|---|---|
| Executive Officers | 1,200,000 | 1.7% |
| Board Members | 400,000 | 0.6% |
| Total Insider Ownership | 1,600,000 | 2.3% |
Ownership Trends
Ownership trends indicate a consistent interest from institutional investors, with a slight increase in shares owned over the past year. The company's focus on grocery-anchored and necessity-based retail centers in the Sun Belt markets has attracted attention from investors seeking stable income streams.
InvenTrust Properties Corp. (IVT) Mission Statement
Overview of Mission Statement
InvenTrust Properties Corp. aims to be a leading retail real estate investment trust (REIT), dedicated to providing exceptional value and quality to its stakeholders through a focused strategy of acquiring, managing, and optimizing retail properties. The company emphasizes a commitment to operational excellence, tenant satisfaction, and sustainable growth.
Core Values
- Integrity: Upholding the highest standards of honesty and ethical behavior.
- Innovation: Embracing new ideas and technologies to enhance the value of properties.
- Collaboration: Working together with tenants, partners, and communities to foster mutual success.
- Accountability: Taking responsibility for actions and decisions to ensure stakeholder trust.
- Sustainability: Implementing environmentally responsible practices in property management and development.
Strategic Goals
The mission is supported by strategic goals that include:
- Enhancing the tenant experience through responsive property management.
- Expanding the portfolio through strategic acquisitions of high-quality retail properties.
- Driving operational efficiencies to maximize net operating income (NOI).
- Fostering community engagement to create positive impacts in the areas where properties are located.
Recent Financial Performance
InvenTrust Properties Corp. has shown resilience in its financial performance, with the following key metrics as of September 30, 2024:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net (loss) income | $(539,000) | $(822,000) | $283,000 |
| Funds From Operations (Nareit FFO) | $30,904,000 | $27,565,000 | $3,339,000 |
| Core FFO | $30,107,000 | $27,642,000 | $2,465,000 |
| Distributions declared per share | $0.23 | $0.22 | $0.01 |
| Weighted average shares outstanding - diluted | 68,526,238 | 67,531,335 | 994,903 |
Portfolio Overview
As of September 30, 2024, InvenTrust Properties Corp. owns a diversified retail portfolio consisting of:
| Property Type | Number of Properties | Gross Leasable Area (GLA) in Square Feet | Economic Occupancy | ABR PSF |
|---|---|---|---|---|
| Community and Neighborhood Centers | 53 | 7,025,000 | 95.6% | $20.54 |
| Power Centers | 12 | 3,525,000 | 91.3% | $18.34 |
| Total | 65 | 10,550,000 | 94.2% | $19.83 |
Recent Developments
InvenTrust executed several strategic actions in 2024 to align with its mission statement:
- Acquired Scottsdale North Marketplace for $23 million in August 2024.
- Completed a public offering of common stock, raising $247.3 million in net proceeds.
- Improved Same Property NOI by $5 million, or 4.2%, year-over-year.
Conclusion
The mission statement of InvenTrust Properties Corp. reflects its commitment to excellence in retail real estate through strategic initiatives that drive growth and enhance stakeholder value.
How InvenTrust Properties Corp. (IVT) Works
Company Overview
InvenTrust Properties Corp. (IVT) is a real estate investment trust (REIT) that primarily focuses on the ownership, operation, and development of retail and commercial properties across the United States. As of September 30, 2024, IVT manages a diverse portfolio of retail properties, contributing significantly to its revenue generation.
Financial Performance
As of the third quarter of 2024, InvenTrust reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net (loss) income | $(539,000) | $(822,000) | $283,000 |
| Lease income, net | $68,132,000 | $63,716,000 | $4,416,000 |
| Total income | $68,521,000 | $64,062,000 | $4,459,000 |
| Total operating expenses | $56,267,000 | $57,779,000 | $(1,512,000) |
| Net cash provided by operating activities | $99,892,000 | $99,803,000 | $89,000 |
Balance Sheet Highlights
As of September 30, 2024, InvenTrust Properties reported the following balance sheet figures:
| Asset/Liability | Amount (in thousands) |
|---|---|
| Total assets | $2,620,481 |
| Debt, net | $740,109 |
| Total liabilities | $865,276 |
| Total stockholders' equity | $1,755,205 |
Distributions
InvenTrust declared and paid the following distributions in the nine months ended September 30, 2024:
| Type | Amount (in millions) |
|---|---|
| Distributions declared | $48.2 |
| Distributions paid | $45.3 |
Capital Investments and Leasing Costs
For the nine months ended September 30, 2024, InvenTrust's capital expenditures and leasing costs were as follows:
| Category | Amount (in thousands) |
|---|---|
| Tenant improvements | $7,936 |
| Leasing costs | $2,632 |
| Property improvements | $6,652 |
| Total capital expenditures | $18,398 |
Retail Portfolio Performance
As of September 30, 2024, InvenTrust's retail portfolio included:
| Center Type | No. of Properties | GLA (sq ft) | Economic Occupancy | ABR PSF |
|---|---|---|---|---|
| Community and Neighborhood Centers | 53 | 7,025,000 | 95.6% | $20.54 |
| Power Centers | 12 | 3,525,000 | 91.3% | $18.34 |
Debt and Financing
As of September 30, 2024, InvenTrust had the following debt obligations:
| Debt Type | Amount (in thousands) | Interest Rate | Maturity |
|---|---|---|---|
| Term Loan | $200,000 | 2.81% | 9/22/2026 |
| Senior Notes | $150,000 | 5.07% | 8/11/2029 |
| Revolving Line of Credit | $350,000 | 1M SOFR + 1.14% | 9/22/2025 |
Key Metrics
The following table summarizes key operating metrics for InvenTrust as of September 30, 2024:
| Metric | Value |
|---|---|
| Core FFO per diluted share | $1.30 |
| Nareit FFO per diluted share | $1.34 |
| Net (loss) income per diluted share | $(0.01) |
How InvenTrust Properties Corp. (IVT) Makes Money
Revenue Generation from Lease Income
InvenTrust Properties Corp. primarily generates revenue through lease income from its retail properties. For the nine months ended September 30, 2024, the company reported a net lease income of $201.7 million, an increase of $8.9 million compared to the same period in 2023.
Components of Lease Income
The increase in lease income is attributed to several factors:
- Increased minimum base rent due to higher occupancy rates and average base rent per square foot (ABR PSF) contributed $2.6 million.
- Common area maintenance and real estate tax recoveries added $1.3 million.
- Net changes in credit losses and related reversals provided an additional $0.3 million.
- New properties acquired contributed $6.0 million of the increase.
Operating Expenses
Operating expenses have been managed effectively, with total operating expenses for the nine months ended September 30, 2024, reported at $168.1 million, a slight increase from $167.1 million in the prior year. The breakdown of operating expenses is as follows:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Increase/Decrease |
|---|---|---|---|
| Depreciation and amortization | $85,092 | $85,339 | $(247) |
| Property operating | $31,037 | $31,056 | $(19) |
| Real estate taxes | $27,232 | $27,361 | $(129) |
| General and administrative | $24,768 | $23,389 | $1,379 |
| Total Operating Expenses | $168,129 | $167,145 | $984 |
Net Operating Income (NOI)
Net Operating Income (NOI) serves as a key performance metric for InvenTrust. For the nine months ended September 30, 2024, the Same Property NOI increased by $5.0 million to $123.8 million, a growth of 4.2% year-over-year, driven by improved occupancy and favorable lease agreements.
Funds from Operations (FFO)
FFO is a critical measure for real estate investment trusts (REITs). For the nine months ended September 30, 2024, the Nareit FFO applicable to common shares was reported at $91.8 million, up from $84.7 million in 2023. The calculation is as follows:
| Metric | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net income | $3,859 | $2,379 |
| Depreciation and amortization | $84,439 | $84,714 |
| Impairment of real estate assets | $3,854 | $0 |
| Gain on sale of investment properties | $(334) | $(2,691) |
| Nareit FFO | $91,818 | $84,744 |
Investment Activities
InvenTrust has been active in acquiring new properties. Since January 1, 2023, the company has acquired eight retail properties and disposed of one. The total acquisition costs for the nine months ended September 30, 2024, were $83.0 million.
Cash Flow Analysis
Cash flows from operating activities remained stable, totaling $99.9 million for the nine months ended September 30, 2024, compared to $99.8 million in 2023. The cash flow highlights are:
| Cash Flow Type | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Operating Activities | $99,892 | $99,803 |
| Investing Activities | $(108,281) | $(76,178) |
| Financing Activities | $111,384 | $(57,276) |
Distributions to Shareholders
InvenTrust has consistently paid out distributions to its shareholders. For the nine months ended September 30, 2024, total distributions declared per common share were $0.68 compared to $0.65 in 2023.
InvenTrust Properties Corp. (IVT) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- InvenTrust Properties Corp. (IVT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of InvenTrust Properties Corp. (IVT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View InvenTrust Properties Corp. (IVT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.