Inventrust Properties (IVT) Q2 2026 earnings summary

Executive summary

• Delivered a solid quarter with strong cash flow growth, robust leasing activity, and high tenant retention, supported by a well-located, necessity-based retail portfolio, with 97% leased and 89% of ABR from grocery-anchored centers 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.

• Net income for Q2 2026 was $1.4M, down from $95.9M in Q2 2025, which included a $90.9M gain on property sales.

• Expanded into emerging Sun Belt markets, acquiring six properties and one outparcel for $290 million, with a portfolio of 78 properties and 12.3M sq. ft. GLA.

• Same Property NOI grew 4.1% year-over-year for Q2 2026, with comparable leasing spreads for new and renewal leases averaging 8.5%.

Financial highlights

• Same Property NOI grew 4.1% year-over-year to $48.5 million for the quarter; year-to-date NOI up 3.3% to $97.2 million.

• Nareit FFO per share increased 11% year-to-date; Core FFO per share up approximately 9%, with Q2 2026 Core FFO per diluted share at $0.48 and Nareit FFO at $0.50.

• Quarterly Nareit FFO was $39.8 million ($0.50/share), up 11.1% year-over-year; Core FFO was $0.48/share, up 9.1%.

• Q2 2026 leased occupancy was 96.2%, with anchor tenant occupancy at 98.1% and small shop occupancy at 93.2%.

• Declared a quarterly dividend of $0.25/share, a 5% increase over last year, with annualized dividend rate at $1.00.

Outlook and guidance

• Reaffirmed full-year Same Property NOI growth guidance of 3.25%-4.25%.

• Maintained Core FFO guidance of $1.92-$1.96/share; raised Nareit FFO guidance to $2.01-$2.07/share.

• Net income per diluted share guidance is $0.12–$0.18; net investment activity projected at ~$45 million to ~$300 million for 2026.

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