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InvenTrust Properties Corp. (IVT) is a leading real estate investment trust (REIT) headquartered in the United States. Specializing in the ownership, management, and leasing of multi-tenant outdoor shopping centers, InvenTrust has carved out a significant niche in high-growth markets. The company operates with the guiding principle of creating symbiotic success for both retail partners and consumers, ensuring dynamic shopping center operations and enjoyable shopping experiences for all.
Leveraging extensive retail experience, InvenTrust has deep insights into the markets it serves. Its strategic offices are located across major U.S. cities including Dallas, Houston, Austin, Denver, Atlanta, Orlando, Raleigh, and Southern California. These locations were chosen for their high job growth, wage increases, economic development, and substantial traffic patterns, ensuring continued success and expansion in areas with strong demographics.
In recent years, InvenTrust has undergone significant transformations to focus more on its core retail operations. This included the spin-off of non-core assets into a separate REIT and the sale of its student housing platform. Such strategic decisions have streamlined the company’s focus on building a premium retail portfolio, which includes grocery-anchored community and neighborhood centers, as well as power centers classified as necessity-based.
InvenTrust's retail properties are designed to meet the evolving needs of modern consumers. The company’s collaborative approach with retail partners ensures that the shopping centers remain vibrant and relevant. By continuously redeveloping and acquiring high-quality assets, InvenTrust maintains a robust and diverse portfolio that contributes to its strong financial health and growth potential.
InvenTrust Properties reported its Q3 2024 financial results with a net loss of $0.5 million ($0.01 per share). Key highlights include Nareit FFO of $0.45 and Core FFO of $0.44 per diluted share, with Same Property NOI growth of 6.5%. The company achieved 97.0% leased occupancy and executed 59 leases totaling 469,000 square feet with a 9.8% blended lease spread. Notable activities include acquiring Scottsdale North Marketplace for $23 million and raising $247.3 million through equity issuance. The company updated its 2024 guidance, projecting Net Income of $0.09-$0.12 per share and Nareit FFO of $1.74-$1.77 per share.
InvenTrust Properties Corp. (NYSE: IVT) has announced the recast and upsizing of its Unsecured Revolving credit facility from $350 million to $500 million. The maturity date extends to January 2029 with a 6-month extension option. Combined with the unchanged $400 million term loan, the total facility now amounts to $900 million. The facility will be used for general corporate purposes, including acquisitions and working capital. Interest accrues at 105 basis points plus Adjusted Term SOFR, varying with InvenTrust's corporate leverage levels. KeyBanc Capital Markets and Wells Fargo Securities led the arrangement, with KeyBanc National Association serving as Administrative Agent.
InvenTrust Properties Corp. (NYSE: IVT) has announced its schedule for reporting third quarter 2024 earnings. The company will release its financial results on October 29, 2024, after the market closes. Following this, InvenTrust will host an earnings conference call on October 30, 2024, at 10:00 a.m. ET to discuss the results and business highlights.
Investors and interested parties can access the earnings release and supplemental information on the company's website in the Investor Relations section. To participate in the conference call, attendees can use the dial-in number 833-470-1428 with access code 861040. A webcast of the call will also be available, with an archive accessible on the company's website for future reference.
InvenTrust Properties Corp. (NYSE: IVT) has priced an underwritten registered public offering of 8,000,000 shares of its common stock at $28.00 per share, totaling $224.0 million in gross proceeds. The company has granted underwriters a 30-day option to purchase up to an additional 1,200,000 shares. The offering is expected to close on September 25, 2024.
J.P. Morgan, BofA Securities, and Wells Fargo Securities are acting as joint-book-running managers, with Jefferies and KeyBanc Capital Markets as additional bookrunners. BTIG and Fifth Third Securities are co-managers for the public offering.
InvenTrust plans to use the net proceeds for general corporate purposes, including property acquisitions, debt repayment, and working capital. The offering is made pursuant to an effective shelf registration statement filed with the SEC.
InvenTrust Properties Corp. (NYSE: IVT) has announced a public offering of 6,500,000 shares of its common stock, with an option for underwriters to purchase an additional 975,000 shares. The offering, subject to market conditions, will be managed by J.P. Morgan, BofA Securities, and Wells Fargo Securities as joint book-running managers.
The company plans to use the net proceeds for general corporate purposes, including funding property acquisitions, repaying short-term and long-term debt (including a $72.5 million loan with Bank of America), and providing working capital. The offering is being made through an effective shelf registration statement filed with the SEC.
InvenTrust Properties Corp. (NYSE: IVT) has announced its third quarter 2024 cash dividend. The company's Board of Directors declared a distribution of $0.2263 per share of common stock, representing a 5% year-over-year increase. When annualized, this dividend equates to $0.9052 per share. The distribution is scheduled to be paid on or about October 15, 2024, to stockholders of record as of September 30, 2024. This dividend announcement demonstrates InvenTrust's commitment to providing value to its shareholders through consistent and growing cash distributions.
InvenTrust Properties Corp. (NYSE: IVT) reported its Q2 2024 financial results. Key highlights include:
- Net Income of $1.5 million, or $0.02 per diluted share
- Nareit FFO of $0.44 per diluted share
- Core FFO of $0.43 per diluted share
- Same Property NOI growth of 2.6%
- Leased Occupancy of 96.4%
- Executed 60 leases totaling 445,000 square feet of GLA
- Acquired two neighborhood centers in Atlanta and Orlando
The company increased its Same Property NOI guidance by 75 basis points at the midpoint due to strong performance in the first half of the year. InvenTrust maintains a flexible balance sheet and continues to make disciplined capital allocation decisions, focusing on selective acquisitions in the Sun Belt region.
InvenTrust Properties Corp. (NYSE: IVT) has scheduled its second quarter 2024 earnings release for July 31st, 2024, after the market closes. The earnings results and supplementary information will be available on the company's investor relations webpage. Following the release, an earnings conference call is set for August 1st, 2024, at 10:00 a.m. ET, to discuss the results and business highlights. Interested parties can join the call via dial-in or through a webcast link, with a replay available on the company's website.
InvenTrust Properties Corp. (NYSE: IVT) announced a second quarter 2024 cash dividend of $0.2263 per share of common stock.
This dividend marks a 5% increase from the previous year. When annualized, the rate is $0.9052 per share.
The dividend will be paid on or about July 15, 2024, to shareholders of record as of June 30, 2024.
InvenTrust Properties Corp. (NYSE: IVT) announced its participation in NAREIT's REITWeek 2024 Investor Conference. The company’s management team will present a performance update followed by a Q&A session on Tuesday, June 4, 2024, from 9:30 AM to 10:00 AM EDT. A live webcast will be available on InvenTrust's website, with a recorded version accessible for a time. Additionally, the management team will host meetings with the investment community during the conference.
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