Inventrust Properties (IVT) investor relations material

Portfolio overview and strategy

• Operates a $3 billion enterprise value, open-air shopping center REIT focused in the Sunbelt, with 71 properties and over 10 million square feet, 85% grocery-anchored.

• Achieved 30% FFO per share growth since 2021 while reducing leverage, aiming for further internal and external growth through acquisitions.

• Maintains over 97% leased rate and 95% economic occupancy, with high tenant retention and strong leasing demand.

• Focuses on acquiring fully stabilized assets, often 100% leased, and upgrades grocer anchors for better growth profiles.

• Employs a hub-and-spoke strategy in competitive markets, targeting premier assets in secondary markets.

Financial performance and growth drivers

• Averaged 5% same-property NOI growth since 2021, with a sustainable target of 3–4% going forward.

• NOI growth driven by contractual rent bumps (150–200 bps), high retention rates, double-digit rent spreads, and recurring CapEx/redevelopment.

• Percentage rents have been converted to base rent for stability, with normalization expected by 2026.

• Expects FFO per share to accelerate even as same-property NOI growth normalizes.

Capital recycling and acquisitions

• Exited California, selling six properties and redeploying proceeds (over $300 million) into higher-growth Sunbelt markets like the Carolinas, Georgia, and Florida.

• New acquisitions focus on Publix, Wegmans, Whole Foods, and Trader Joe's as anchors, with similar or better growth profiles than previous assets.

• Acquisition pipeline remains focused on Sunbelt, with selective entry into new markets like Nashville and continued investment in Texas and Florida.

• Mix of acquisitions: two-thirds grocery-anchored centers, one-third other formats (power centers, lifestyle centers), with careful sizing to manage risk.