InvenTrust Properties
InvenTrust
DOWNERS GROVE, Ill.--(BUSINESS WIRE)-- InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the fourth quarter and full year ended December 31, 2025 and provided initial guidance for 2026. For the three months ended December 31, 2025 and 2024, the Company reported Net Income of $2.7 million, or $0.03 per diluted share, compared to Net Income of $9.8 million, or $0.13 per diluted share, respectively. For the years ended December 31, 2025 and 2024, the Company reported Net Income of $111.4 million, or $1.42 per diluted share, compared to Net Income of $13.7 million, or $0.19 per diluted share, respectively.
Fourth Quarter and Full Year 2025 Highlights:
“InvenTrust delivered exceptional performance in 2025, reflecting strong operating fundamentals and disciplined execution,” said DJ Busch, President and CEO. “Same property NOI increased 5.3%, marking our second consecutive year of growth above 5%, while NAREIT FFO reached $1.89 per share, representing 6.2% year-over-year growth. Supported by one of the strongest balance sheets in the sector, we are well positioned to continue delivering value and building on this momentum in 2026.”
NET INCOME
NAREIT FFO
CORE FFO
SAME PROPERTY NOI
DIVIDEND
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
LIQUIDITY AND CAPITAL STRUCTURE
FULL YEAR 2026 OUTLOOK AND INITIAL GUIDANCE
The Company has provided initial 2026 guidance, as summarized in the following table.
(Unaudited, dollars in thousands, except per share amounts)
Initial 2026 Guidance(1)(2)
2025 Actual
Net Income per diluted share
$0.16
—
$0.22
$1.42
Nareit FFO per diluted share
$1.97
$2.03
$1.89
Core FFO per diluted share(3)
$1.91
$1.95
$1.83
Same Property NOI (“SPNOI”) Growth
3.25%
4.25%
5.3%
General and administrative
$35,750
$36,750
$34,925
Interest expense, net(4)
~ $44,000
$31,233
Net investment activity(5)
~ $300,000
$158,575
The Company’s initial 2026 guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and depreciation, amortization, and straight-line rent adjustments related to anticipated acquisitions.
(2)
The Company’s initial 2026 guidance includes an expectation of uncollectibility, reflected as 30-70 basis points of expected total revenue.
(3)
Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, gains or losses on debt transactions, straight-line rent adjustments, depreciation and amortization of corporate assets, and non-operating income and expense.
(4)
Interest expense, net, excludes amortization of debt discounts and financing costs, accretion of finance lease liability, and expected interest income of approximately $0.1 million.
(5)
Net investment activity represents anticipated acquisition activity less disposition activity.
In addition to the foregoing assumptions, the Company's initial 2026 Guidance incorporates several other assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.
The following table reconciles the range of the Company's 2026 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:
(Unaudited)
Low End
High End
Net income per diluted share
$
0.16
0.22
Depreciation and amortization of real estate assets
1.81
1.97
2.03
Amortization of market-lease intangibles and inducements, net
(0.06
)
Straight-line rent adjustments, net
(0.05
Amortization of debt discounts and financing costs
0.04
Depreciation and amortization of corporate assets
0.01
Non-operating income and expense, net
(0.01
Core FFO per diluted share
1.91
1.95
This earnings release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.
CONFERENCE CALL INFORMATION
Date:
Wednesday, February 11, 2026
Time:
10:00 a.m. ET
Dial-in:
(833) 470-1428 / Access Code: 220637
Webcast & Replay Link:
https://events.q4inc.com/attendee/470227160
Webcast Archive:
https://www.inventrustproperties.com/investor-relations/
A webcast replay will be available shortly after the conclusion of the earnings call using the webcast link above.
NON-GAAP FINANCIAL MEASURES
This Earnings Release includes certain financial measures and other terms that are not in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) that management believes are helpful in understanding the Company’s business. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of the Company’s non-GAAP measures to the most directly comparable GAAP financials measures are included herein.
SAME PROPERTY NOI or SPNOI
Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market lease intangibles, amortization of lease incentives, and straight-line rent adjustments (“GAAP Rent Adjustments”). The Company bifurcates NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet the Company’s Same Property criteria. NOI from other investment properties includes adjustments for the Company’s captive insurance company.
NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE FFO
The Company’s non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s ongoing operating performance.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA) and ADJUSTED EBITDA
The Company’s non-GAAP measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization. Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance.
NET DEBT-TO-ADJUSTED EBITDA
Net Debt-to-Adjusted EBITDA is Net Debt divided by trailing twelve month Adjusted EBITDA.
Consolidated Balance Sheets In thousands, except share amounts
As of December 31
2025
2024
Assets
(unaudited)
Investment properties
Land
702,147
712,827
Building and other improvements
2,295,852
2,116,092
Construction in progress
7,473
9,951
Total
3,005,472
2,838,870
Less accumulated depreciation
(525,830
(511,969
Net investment properties
2,479,642
2,326,901
Cash, cash equivalents, and restricted cash
40,518
91,221
Intangible assets, net
193,963
137,420
Accounts and rents receivable
37,471
36,131
Deferred costs and other assets, net
37,053
44,277
Total assets
2,788,647
2,635,950
Liabilities
Debt, net
825,881
740,415
Accounts payable and accrued expenses
48,291
46,418
Distributions payable
18,450
17,512
Intangible liabilities, net
68,475
42,897
Other liabilities
33,288
28,703
Total liabilities
994,385
875,945
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding
Common stock, $0.001 par value, 146,000,000 shares authorized,
77,691,533 shares issued and outstanding as of December 31, 2025 and
77,450,794 shares issued and outstanding as of December 31, 2024
78
77
Additional paid-in capital
5,736,652
5,730,367
Distributions in excess of accumulated net income
(3,947,229
(3,984,865
Accumulated comprehensive income
4,761
14,426
Total stockholders' equity
1,794,262
1,760,005
Total liabilities and stockholders' equity
Consolidated Statements of Operations and Comprehensive Income In thousands, except share and per share amounts, unaudited
Three Months Ended December 31
Year Ended December 31
Income
Lease income, net
76,939
70,759
297,477
272,440
Other property income
442
473
1,692
1,534
Total income
77,381
71,232
299,169
273,974
Operating expenses
Depreciation and amortization
34,411
28,856
128,497
113,948
Property operating
13,356
12,376
46,633
43,413
Real estate taxes
9,113
9,209
37,710
36,441
9,356
8,404
34,925
33,172
Total operating expenses
66,236
58,845
247,765
226,974
Other (expense) income
Interest expense, net
(8,882
(8,356
(34,519
(37,100
Impairment of real estate assets
(3,854
Gain on sale of investment properties, net
3,523
90,961
3,857
Other income and expense, net
398
2,245
3,575
3,755
Total other (expense) income, net
(8,484
(2,588
60,017
(33,342
Net income
2,661
9,799
111,421
13,658
Weighted-average common shares outstanding, basic
77,620,164
77,222,248
77,598,121
70,394,448
Weighted-average common shares outstanding, diluted
78,400,894
78,014,472
78,338,449
71,010,568
Net income per common share - basic
0.03
0.13
1.44
0.19
Net income per common share - diluted
1.42
Comprehensive income
Unrealized gain (loss) on derivatives
1,830
6,459
(807
9,019
Reclassification to net income
(2,007
(2,721
(8,858
(12,667
2,484
13,537
101,756
10,010
Same Property NOI The following table presents the components of Same Property NOI:
Minimum base rent
41,486
40,180
158,378
152,410
Real estate tax recoveries
7,605
7,680
30,251
29,222
Common area maintenance, insurance, and other recoveries
8,492
7,646
30,819
28,575
Ground rent income
4,443
4,322
17,323
16,860
Short-term and other lease income
1,186
1,719
4,016
3,939
Provision for uncollectible rent and recoveries
(545
(348
(591
(271
389
384
1,464
1,233
63,056
61,583
241,660
231,968
Operating Expenses
10,611
10,339
37,615
37,296
8,103
8,199
32,722
31,922
18,714
18,538
70,337
69,218
Same Property NOI
44,342
43,045
171,323
162,750
Net Income to Same Property NOI The following table reconciles Net Income to Same Property NOI:
Adjustments to reconcile to non-GAAP metrics:
(398
(2,245
(3,575
(3,755
8,882
8,356
34,519
37,100
(3,523
(90,961
(3,857
3,854
Adjustments to NOI (a)
(2,168
(1,492
(8,401
(7,548
NOI
52,744
48,155
206,425
186,572
NOI from other investment properties
(8,402
(5,110
(35,102
(23,822
(a)
Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.
Nareit FFO and Core FFO The following table reconciles Net Income to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:
34,124
28,616
127,387
113,055
Nareit FFO Applicable to Common Shares and Dilutive Securities
36,785
34,892
147,847
126,710
Amortization of market lease intangibles and inducements, net
(1,252
(740
(4,422
(2,804
(812
(748
(3,671
(3,400
794
661
2,870
2,403
Accretion of finance lease liability
49
109
287
240
1,110
893
Non-operating income and expense, net (a)
(25
(758
(750
(1,033
Core FFO Applicable to Common Shares and Dilutive Securities
35,826
33,547
143,093
122,769
Weighted average common shares outstanding - basic
Dilutive effect of unvested restricted shares (b)
780,730
792,224
740,328
616,120
Weighted average common shares outstanding - diluted
0.47
0.45
1.89
1.78
0.46
0.43
1.83
1.73
Reflects items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income.
(b)
For purposes of calculating non-GAAP per share metrics, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.
EBITDA and Adjusted EBITDA The following table reconciles Net Income to EBITDA and Adjusted EBITDA:
Income tax expense
148
140
568
543
EBITDA
46,102
47,151
275,005
165,249
Adjusted EBITDA
44,013
41,382
175,201
158,009
Net Debt and Net Debt-to-Adjusted EBITDA The following table calculates net debt and Net debt-to-Adjusted EBITDA.
Net Debt:
Outstanding Debt, net
Less: Cash and cash equivalents
(34,973
(87,395
Net Debt
790,908
653,020
Net Debt-to-Adjusted EBITDA (trailing 12 months):
Net Debt-to-Adjusted EBITDA
4.5x
4.1x
About InvenTrust Properties Corp.
InvenTrust Properties Corp. (the “Company,” "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.inventrustproperties.com.
The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company’s Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under GAAP. The information provided in this earnings release is unaudited and includes non-GAAP measures (as discussed herein), and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year ended December 31, 2025. IVT may, but assumes no obligation to, update information in this earnings release.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this earnings release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," “could,” "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.
The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes, including the effects of recent tariffs and changes in global trade policies on the overall state of the economy; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law.
IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this earnings release. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.
Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels
Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account (x.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on inventrustproperties.com/investor-relations and on the Company’s social media channels.
Dan Lombardo Vice President of Investor Relations 630-570-0605 dan.lombardo@inventrustproperties.com