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 quarter ended March 31, 2026. For the three months ended March 31, 2026 and 2025, the Company reported Net Income of $5.2 million, or $0.07 per diluted share, and Net Income of $6.8 million, or $0.09 per diluted share, respectively.
First Quarter 2026 Highlights:
“Our start to 2026 reflects the continued strength of the InvenTrust portfolio and the consistency of our operating platform,” said DJ Busch, President and CEO of InvenTrust. “First-quarter results were in line with our expectations and reflect the timing of lease commencements and anticipated portfolio activity, with same property NOI growth expected to step up meaningfully in the back half of the year. This acceleration is driven by contractual rent growth and a strong pipeline of signed leases scheduled to commence over the balance of the year. We also advanced our external growth strategy, deploying $123 million into high-quality acquisitions, including our entry into the Nashville market. With meaningful embedded growth, disciplined capital allocation, and sustained leasing demand, we remain well positioned to deliver durable cash flows and create long-term shareholder value.”
NET INCOME
NAREIT FFO
CORE FFO
SAME PROPERTY NOI
DIVIDEND
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
LIQUIDITY AND CAPITAL STRUCTURE
SUBSEQUENT EVENTS
2026 GUIDANCE
InvenTrust has updated its 2026 guidance, as summarized in the following table.
(Unaudited, dollars in thousands, except per share amounts)
Current(1) (2)
Previous
Net Income per diluted share
$0.10
—
$0.16
$0.22
Nareit FFO per diluted share
$2.00
$2.06
$1.97
$2.03
Core FFO per diluted share (3)
$1.92
$1.96
$1.91
$1.95
Same Property NOI (“SPNOI”) Growth
3.25%
4.25%
General and administrative
$35,750
$36,750
Interest expense, net(4)
~ $44,000
Net investment activity(5)
~ $300,000
(1)
The Company’s 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 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 $0.5 million.
(5)
Net investment activity represents anticipated acquisition activity less disposition activity.
In addition to the foregoing assumptions, the Company's 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
$
0.10
0.16
Depreciation and amortization of real estate assets
1.90
2.00
2.06
Amortization of market-lease intangibles and inducements, net
(0.08
)
Straight-line rent adjustments, net
(0.05
(0.06
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
1.92
1.96
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.
EARNINGS CALL INFORMATION
Wednesday, April 29, 2026
10:00 a.m. ET
(833) 461-5787 / Access Code: 537477482
https://events.q4inc.com/attendee/537477482
A webcast replay will be available shortly after the conclusion of the presentation 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.
Condensed Consolidated Balance Sheets
In thousands, except share amounts
As of March 31
As of December 31
2026
2025
Assets
(unaudited)
Investment properties
Land
719,744
702,147
Building and other improvements
2,390,215
2,295,852
Construction in progress
7,599
7,473
Total
3,117,558
3,005,472
Less accumulated depreciation
(547,018
(525,830
Net investment properties
2,570,540
2,479,642
Cash, cash equivalents, and restricted cash
34,395
40,518
Intangible assets, net
202,691
193,963
Accounts and rents receivable
36,518
37,471
Deferred costs and other assets, net
41,334
37,053
Total assets
2,885,478
2,788,647
Liabilities
Debt, net
952,218
825,881
Accounts payable and accrued expenses
29,190
48,291
Distributions payable
19,484
18,450
Intangible liabilities, net
73,915
68,475
Other liabilities
32,589
33,288
Total liabilities
1,107,396
994,385
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,
77,935,857 shares issued and outstanding as of March 31, 2026 and
77,691,533 shares issued and outstanding as of December 31, 2025
78
Additional paid-in capital
5,733,540
5,736,652
Distributions in excess of accumulated net income
(3,961,529
(3,947,229
Accumulated comprehensive income
5,993
4,761
Total stockholders' equity
1,778,082
1,794,262
Total liabilities and stockholders' equity
In thousands, except share and per share amounts, unaudited
Three Months Ended March 31
Income
Lease income, net
82,110
73,389
Other property income
471
382
Total income
82,581
73,771
Operating expenses
Depreciation and amortization
36,385
30,614
Property operating
12,021
10,747
Real estate taxes
9,902
9,356
9,319
8,547
Total operating expenses
67,627
59,264
Other (expense) income
Interest expense, net
(10,085
(8,322
Other income and expense, net
315
607
Total other (expense) income, net
(9,770
(7,715
Net income
5,184
6,792
Weighted-average common shares outstanding - basic
77,933,973
77,563,971
Weighted-average common shares outstanding - diluted
78,415,161
78,160,787
Net income per common share - basic
0.07
0.09
Net income per common share - diluted
Comprehensive income
Unrealized gain (loss) on derivatives, net
2,838
(1,586
Reclassification to net income
(1,606
(2,242
6,416
2,964
The following table presents the components of Same Property NOI:
Minimum base rent
44,349
43,183
Real estate tax recoveries
8,209
7,912
Common area maintenance, insurance, and other recoveries
8,798
8,646
Ground rent income
4,872
4,760
Short-term and other lease income
1,328
1,174
(Provision for) reversal of estimated credit losses
(156
32
427
348
67,827
66,055
Operating Expenses
10,282
9,981
8,857
8,615
19,139
18,596
Same Property NOI
48,688
47,459
The following table reconciles Net Income to Same Property NOI:
Adjustments to reconcile to non-GAAP metrics:
(315
(607
10,085
8,322
Adjustments to NOI (a)
(4,238
(1,799
NOI
56,420
51,869
NOI from other investment properties
(7,732
(4,410
(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:
36,111
30,366
Nareit FFO Applicable to Common Shares and Dilutive Securities
41,295
37,158
Amortization of market lease intangibles and inducements, net
(2,258
(895
(1,178
(894
832
683
Accretion of finance lease liability
51
274
248
Non-operating income and expense, net (a)
(264
(71
Core FFO Applicable to Common Shares and Dilutive Securities
38,752
36,229
Weighted average common shares outstanding - basic
Dilutive effect of unvested restricted shares (b)
481,188
596,816
Weighted average common shares outstanding - diluted
0.53
0.48
0.49
0.46
Reflects items which are not pertinent to measuring ongoing 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
147
136
EBITDA
51,801
45,864
Adjusted EBITDA
48,101
44,004
The following table calculates net debt and Net Debt-to-Adjusted EBITDA:
Net Debt:
Outstanding Debt, net
Less: Cash and cash equivalents
(26,799
(34,973
Net Debt
925,419
790,908
Net Debt-to-Adjusted EBITDA (trailing 12 months):
Adjusted EBITDA (trailing 12 months)
179,298
175,201
Net Debt-to-Adjusted EBITDA
5.2x
4.5x
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-Q for the quarter ended March 31, 2026. The Company 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 tariffs and changes in global trade policies, on the overall state of the economy and on our and our tenants' business and operations 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