Inventrust Properties (IVT) investor relations material

Executive summary

• Portfolio maintained high occupancy at 96.2%–97%, with 89% of ABR from grocery-anchored centers, and expanded to 78 properties and 12.3M sq. ft. GLA, primarily in high-growth Sun Belt markets.

• Lease income, net, rose to $82.3M for Q2 2026, up $9.2M year-over-year, driven by acquisitions and higher base rent at Same Properties.

• Same Property NOI grew 4.1% year-over-year for Q2 2026, with blended lease spreads at 8.5%.

• Core FFO per diluted share was $0.48 for Q2 2026, with annual guidance of $1.92–$1.96, reflecting 4.9%–7.1% growth year-over-year.

• Net income for Q2 2026 was $1.4M, down from $95.9M in Q2 2025 due to prior-year property sale gains.

Financial highlights

• Total income for Q2 2026 was $82.8M, up from $73.6M in Q2 2025; operating expenses rose to $70.2M, mainly due to acquisitions.

• Core FFO per diluted share was $0.48 for Q2 2026, up from $0.44 in Q2 2025; Nareit FFO per share increased to $0.50.

• Dividend raised 5% to $0.25 per share, with annualized rate at $1.00.

• Net leverage at 31.9%; net debt to adjusted EBITDA at 5.3x; total liquidity at $489M, including $64M–$74.9M cash and $425M revolver.

• Weighted average interest rate at 4.36%–4.4%, with 4.3 years average term to maturity.

Outlook and guidance

• 2026 Core FFO per diluted share guidance is $1.92–$1.96; Nareit FFO guidance $2.01–$2.07; Same Property NOI growth expected at 3.25%–4.25%.

• Net income per diluted share guidance is $0.12–$0.18.

• Net investment activity projected at ~$45M–$300M for 2026.

• Expect occupancy to approach all-time highs by Q1 2027, with economic occupancy following by Q3 2027.

• Board will continue to evaluate distribution policy based on business performance and cash flows.