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Inventrust Properties (IVT) investor relations material
Inventrust Properties Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong operating performance in 2025, with Same Property NOI up 5.3% and Core FFO at the high end of guidance, growing 6.2% year-over-year.
Net income for 2025 was $111.4 million ($1.42 per diluted share), up from $13.7 million ($0.19 per diluted share) in 2024.
Completed sale of five California assets and redeployed capital into higher-growth Sun Belt markets, acquiring 10 properties for over $460 million.
Maintained a sector-low net debt to adjusted EBITDA and ample liquidity, supporting expansion objectives.
Focused on disciplined acquisitions, targeting grocery-anchored assets in high-growth regions.
Financial highlights
Full-year Same Property NOI totaled $171 million, up 5.3%, driven by rent escalations, occupancy gains, and positive leasing spreads.
Nareit FFO for 2025 was $147.8 million ($1.89/share), up from $126.7 million ($1.78/share) in 2024; Core FFO was $143.1 million ($1.83/share), up from $122.8 million ($1.73/share).
Fourth quarter Nareit FFO was $36.8 million ($0.47/share), up 4.4% year-over-year; Core FFO for Q4 increased 7% to $0.46/share.
Total liquidity at year-end was $480 million, with $35 million in cash and $445 million available under the revolving credit facility.
Net leverage ratio at 26.3%; net debt to adjusted EBITDA at 4.5x (trailing 12 months).
Outlook and guidance
2026 guidance: Same Property NOI growth expected at 3.25%-4.25%, incorporating a 30-70 basis point bad debt reserve.
Nareit FFO guidance for 2026 is $1.97-$2.03/share; Core FFO guidance is $1.91-$1.95/share.
Net investment activity projected at approximately $300 million for 2026.
2026 net income per diluted share guidance: $0.16–$0.22.
Interest rate on $200 million term loan swaps reset from 2.7% to 4.5%, creating a modest FFO headwind in late 2026.
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