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Inventrust Properties (IVT) investor relations material
Inventrust Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
FFO per share and Same Property NOI grew strongly year-over-year, driven by high occupancy (97.2%), contractual rent escalators, strong tenant retention (82%), and selective acquisitions, especially in Sun Belt markets with a focus on grocery-anchored centers.
Portfolio expanded to 71 properties totaling 11.3 million sq. ft., with recent acquisitions in high-growth Sun Belt MSAs such as Savannah, Charleston, Richmond, San Antonio, Asheville, and Charlotte.
Major capital redeployment from California sales into higher-growth Sun Belt assets has been highly accretive, supporting portfolio optimization.
Portfolio is 89% grocery-anchored, with 97% leased occupancy and 54% of ABR from Sun Belt markets.
Dividend has increased annually by 5% since 2021, with an annualized rate of $0.95/share.
Financial highlights
Q3 2025 Core FFO per diluted share was $0.47, NAREIT FFO was $0.49, and net income was $6.0 million ($0.08 per share), all up year-over-year; nine-month net income was $108.8 million ($1.39 per share).
Same Property NOI for Q3 2025 was $44.3 million, up 6.4% year-over-year; nine-month Same Property NOI was $128.3 million, up 5.9%.
Total liquidity at quarter end was $571 million, with $71 million in cash and $500 million undrawn on a revolver.
Net leverage ratio is 24%, with Net Debt-to-Adjusted EBITDA at 4.0x, sector low.
Four property acquisitions totaling $250.2 million completed in Q3 2025.
Outlook and guidance
2025 guidance: Net income per diluted share expected at $1.40–$1.44, NAREIT FFO at $1.85–$1.89, Core FFO at $1.80–$1.83, and Same Property NOI growth of 4.75%–5.25%.
Net investment activity for 2025 projected at $49.6 million to $158.6 million.
Bad debt reserve guidance reduced to 55–75 basis points of total revenue.
Some deceleration expected in Q4 due to backloaded property operating expenses and remaining bad debt reserve.
Guidance excludes gains/losses on dispositions and certain non-operating items.
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