Inventrust Properties (IVT) investor relations material

Opening remarks and business overview

• Owns 75 wholly owned, open-air, necessity-based retail assets in the Sun Belt, with a focus on demographic tailwinds and repeatable growth.

• Achieved over 4% same property NOI growth since going public in 2021, with more than 5% net operating growth in the last two years.

• Added nearly $1 billion in new assets while maintaining low leverage, with a current acquisition pipeline exceeding $1 billion.

• Net debt to EBITDA is just under five times, providing capacity for further investment and growth.

Internal growth and leasing environment

• Internal growth is driven by rent escalators and lease expirations, resulting in 3%-4% same-store NOI growth and mid-single digit FFO growth.

• Retail leasing demand is strong, with major retailers planning expansions through 2030, but there is a shortage of anchor-sized boxes and new supply.

• Retailers are showing flexibility in store formats and are expanding into secondary Sun Belt markets.

Acquisition strategy and market dynamics

• Acquisition opportunities were quieter at ICSC compared to earlier in the year, but $325 million in deals have closed, awarded, or are under contract.

• Focus on stabilized, fully leased assets in both core and secondary Sun Belt markets, benefiting from demographic trends and limited supply.

• Cap rates in target markets range from low/mid 5s to mid 6s, with acquisitions often surpassing underwriting expectations due to strong rent growth.