Inventrust Properties
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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.
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Q4 2025 earnings summary11 Feb, 2026

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.

Explain 2026 Net Income guidance vs FFO growth
Factors for 2026 SPNOI growth deceleration
Funding plan for $300M 2026 net investment
Leverage target with $300M net acquisitions
Expected CapEx reduction from renewal focus
Strategy for target yields in competitive market
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Frequently asked questions

InventTrust Properties Corp is a real estate investment trust focused on owning and operating open-air retail centers. The company’s portfolio consists primarily of grocery-anchored shopping centers located in suburban and high-income markets across the United States. The company is headquartered in Downers Grove, Illinois, and its shares are listed on the NYSE.

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