Inventrust Properties Corp. (IVT) 10-Q Quarterly Report November 2023

– InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the period ended June 30, 2023. For the three months ended June 30, 2023 and 2022, Net Income was $2.1 million, or $0.03 per diluted share, compared to Net Income of $41.9 million, or $0.62 per diluted share, respectively.

Second Quarter 2023 Highlights:

•NAREIT FFO of $0.43 per diluted share

•Core FFO of $0.43 per diluted share

•Same Property Net Operating Income (“NOI”) growth of 3.7%

•Leased Occupancy as of June 30, 2023 of 96.2%

•Executed 77 leases totaling approximately 347,000 square feet of GLA, of which 244,000 square feet was executed at a blended comparable lease spread of 5.8%

•Acquired The Shoppes at Davis Lake, a 91,000 square foot neighborhood center anchored by Harris Teeter in Charlotte, North Carolina for a gross acquisition price of $22.4 million.

•Published the Company’s annual 2022 Environmental, Social & Governance report.

“Our results this quarter highlight the robust tenant demand at our centers and the outstanding execution of the InvenTrust team, positioning our platform for continued outperformance,” Daniel (DJ) Busch, President and CEO of InvenTrust stated. “Our investment grade balance sheet provides us the flexibility to be both patient and opportunistic when looking to grow our asset base without the immediate need to access the capital markets.”

NET INCOME

•Net Income for the three months ended June 30 2023 was $2.1 million, or $0.03 per diluted share, compared to Net Income of $41.9 million, or $0.62 per diluted share, for the same period in 2022.

•Net Income for the six months ended June 30, 2023 was $3.2 million, or $0.05 per diluted share, compared to Net Income of $51.4 million, or $0.76 per diluted share, for the same period in 2022.

NAREIT FFO

•NAREIT FFO for the three months ended June 30, 2023 was $29.2 million, or $0.43 per diluted share, compared to $30.4 million, or $0.45 per diluted share, for the same period in 2022.

•NAREIT FFO for the six months ended June 30, 2023 was $57.2 million, or $0.84 per diluted share, compared to $62.1 million, or $0.92 per diluted share, for the same period in 2022.


1 Earnings Release - Quarter End June 30, 2023

The following information was filed by Inventrust Properties Corp. (IVT) on Monday, July 31, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Inventrust Properties Corp.'s 10-Q Quarterly Report:

Financial - Cash Flow Highlight
Capital Sources and Uses Our primary sources and uses of capital are as follows: Sources Uses Operating cash flows from our real estate investments; Distributions from our joint venture investment; Proceeds from sales of properties; Proceeds from mortgage loan borrowings on properties; Proceeds from corporate borrowings and debt financings; Proceeds from any ATM Program activities; and Proceeds from our Series A Notes and Series B Notes.

Financial - Income Highlight
InvenTrust focuses on Sun Belt markets with favorable demographics, including above average growth in population, employment, income and education levels.
Financial - Shares Highlight
25 Equity in earnings (losses) of unconsolidated entities The decreases in equity in earnings (losses) of unconsolidated entities for each of the periods presented are a result of the Company acquiring the four remaining retail properties from IAGM on January 18, 2023.
Financial - Income Highlight
Other income and expense, net The increases in other income and expense, net, for each of the periods presented are a result of increased interest income earned on cash and cash equivalents.
Financial - Expense Highlight
Same Property NOI increased by $4.5 million, or 4.4%, when comparing the nine months ended September 30, 2023 to the same period in 2022, and was primarily a result of: $4.5 million of increased minimum rent attributable to increased occupancy levels and rental rates, and $1.2 million of recoveries in excess of recoverable expenses, primarily attributable to leases with fixed recovery terms, partially offset by: $0.2 million of decreased percentage rent attributable to timing of grocer sales, and $1.0 million of net changes in credit losses and related reversals primarily attributable to lump sum rent collections from our cash basis tenants in 2022 pertaining to prior period rent charges.
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Inventrust Properties Corp. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: IVT
CIK: 1307748
Form Type: 10-Q Quarterly Report
Accession Number: 0001307748-23-000115
Submitted to the SEC: Wed Nov 01 2023 5:16:53 PM EST
Accepted by the SEC: Wed Nov 01 2023
Period: Saturday, September 30, 2023
Industry: Real Estate Investment Trusts

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Inventrust Properties Corp. (IVT) SEC Filing 10-Q Quarterly Report for the period ending Saturday, September 30, 2023

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