InvenTrust Properties Corp. Reports 2022 First Quarter Results
InvenTrust Properties Corp. (NYSE: IVT) reported a robust Q1 2022, achieving a net income of $9.5 million ($0.14 per diluted share), a significant improvement from a net loss of $0.1 million in Q1 2021. Key highlights include NAREIT FFO of $31.7 million ($0.47 per share), a 12.2% increase in Same Property NOI, and a leased occupancy rate of 94.4%. The company launched a $250 million ATM equity offering and a $150 million share repurchase program. Fitch Ratings assigned the firm a 'BBB-' issuer rating, enhancing its credit profile. Updated 2022 guidance indicates potential growth in net income and FFO.
- Net Income of $9.5 million, up from a net loss of $0.1 million YoY.
- NAREIT FFO increased to $31.7 million from $22.9 million YoY.
- Pro Rata Same Property NOI grew by 12.2%.
- Leased occupancy at 94.4%, indicating strong demand.
- Inaugural investment grade rating ('BBB-') assigned by Fitch Ratings.
- Net Debt-to-Adjusted EBITDA rose to 5.7x from 4.6x YoY, indicating increased leverage.
- Small Shop Leased Occupancy decreased by 10 basis points sequentially.
First Quarter 2022 Highlights:
-
NAREIT FFO for the quarter of
per diluted share$0.47 -
Core FFO for the quarter of
per diluted share$0.43 -
Pro Rata Same Property Net Operating Income (“NOI”) increased
12.2% for the three month period -
Leased Occupancy as of
March 31, 2022 of94.4% -
Executed 68 leases totaling approximately 183,000 square feet of pro rata GLA, of which 125,000 square feet was executed at a blended comparable lease spread of
5.0% -
Net Debt-to-Adjusted EBITDA of 5.7x at
March 31, 2022 -
Established an at-the-market (“ATM”) equity offering program of up to
$250 million -
Established a new share repurchase program of up to
$150 million
“InvenTrust had an excellent first quarter of 2022,” stated Daniel (DJ) Busch, President and CEO. “Not only did the company continue to produce strong operating results, but also put in place several important corporate programs, including an ATM equity offering and a share repurchase program. The company was also assigned its inaugural investment grade rating from Fitch Ratings. These programs coupled with our solid financial results have us well-positioned to take advantage of capital market opportunities, deliver stable cash flow growth, and long-term value for our stakeholders.”
FINANCIAL RESULTS
-
Net Income for the three months ended
March 31, 2022 was , or$9.5 million per diluted share, compared to a Net Loss of$0.14 , or$0.1 million per diluted share, for the same period in 2021.$0.00 -
NAREIT FFO for the three months ended
March 31, 2022 was , or$31.7 million per diluted share, as compared to$0.47 , or$22.9 million per diluted share, for the same period in 2021.$0.32 -
Core FFO of
, or$29.0 million per diluted share, for the three months ended$0.43 March 31, 2022 compared to , or$22.1 million per diluted share, for the same period in 2021.$0.31 -
Pro Rata Same Property NOI for the three months ended
March 31, 2022 was , a$38.7 million 12.2% increase, compared to the same period in 2021.
DIVIDEND
-
On
March 31, 2022 , the Company declared a quarterly cash distribution for the second quarter 2022. OnApril 15, 2022 , each stockholder of record as ofMarch 31, 2022 received a$0.20 52 per share distribution.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
-
As of
March 31, 2022 , the Company’s Leased Occupancy was94.4% .-
Total Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was
96.6% and Small Shop Leased Occupancy was90.5% . Anchor Leased Occupancy decreased by 10 basis points and Small Shop Leased Occupancy increased by 150 basis points on a sequential basis compared to the previous quarter. -
Leased to Economic Occupancy spread of 120 basis points, which equates to approximately
of base rent on an annualized basis.$3.6 million
-
Total Anchor Leased Occupancy, which includes spaces greater than or equal to 10,000 square feet, was
-
Blended re-leasing spreads for comparable new and renewal leases signed in the first quarter were
5.0% . -
Annualized Base Rent PSF (“ABR”) as of
March 31, 2022 for the Pro Rata Combined Portfolio was , an increase of$18.64 2.2% compared to the same period in 2021. Anchor Tenant ABR PSF was and Small Shop ABR PSF was$12.24 for the first quarter.$31.51 -
On
February 2, 2022 , the Company acquired two properties inAustin, Texas for , totaling approximately 527,000 square feet.$189.3 million -
During the three months ended
March 31, 2022 , the Company’s unconsolidated joint venture disposed of one property to a third party for and recognized a gain of$39.1 million , of which the Company’s share was$3.8 million .$2.1 million
LIQUIDITY AND CAPITAL STRUCTURE
-
InvenTrust had
of total liquidity, as of$262.2 million March 31, 2022 comprised of of Pro Rata Cash and$48.2 million of remaining availability on its Revolving Credit Facility.$214.0 million -
The Company has no debt maturing in 2022 and
of debt maturing in 2023.$39.0 million -
The Company's weighted average interest rate on its consolidated debt as of
March 31, 2022 was2.56% and the weighted average remaining term was 4.3 years. -
On
March 4, 2022 , the Company paid off a mortgage payable at one retail property using cash on hand and recognized a loss on debt extinguishment of$22.3 million .$0.1 million
SUBSEQUENT ACTIVITY
-
On
April 12, 2022 , the Company announced a Long-Term Issuer Default Rating of ‘BBB-’ with a stable outlook assigned byFitch Ratings, Inc. -
On
April 21, 2022 , the Company acquiredHighlands ofFlower Mound , a 175,000 square foot power center shadow anchored by Target, located inFlower Mound, Texas , from the Company’s unconsolidated joint venture for , assuming$38.0 million of existing mortgage debt to partially finance the acquisition.$22.9 million
2022 GUIDANCE
(Unaudited, dollars in thousands, except per share amounts) |
Current |
|
Previous |
||||
Net Income per diluted share (1) |
|
— |
|
|
|
— |
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NAREIT FFO per diluted share (2) |
|
— |
|
|
|
— |
|
Core FFO per diluted share |
|
— |
|
|
|
— |
|
Same Property NOI (“SPNOI”) Growth |
3.75 % |
— |
5.25 % |
|
2.75 % |
— |
4.75 % |
General and administrative (3) |
|
— |
|
|
|
— |
|
Interest expense, net |
|
— |
|
|
|
— |
|
Net investment activity (4) |
~ |
|
~ |
(1) |
Net Income per diluted share excludes potential gains and losses on asset sales, and any related GAAP adjustments resulting from these transactions. |
|
(2) |
2022 NAREIT FFO per diluted share Guidance: |
|
|
|
|
(3) |
General and administrative guidance is inclusive of expenses associated with our oversight of the joint venture. |
|
(4) |
Net investment activity represents anticipated acquisition activity less disposal activity for 2022. |
Net Income, NAREIT FFO, Core FFO and SPNOI guidance are inclusive of prior period rent that we anticipate collecting in 2022.
The Company's 2022 Outlook and Guidance is based on a number of assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.
CONFERENCE CALL INFORMATION |
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Date: |
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Time: |
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Dial-in: |
(844) 200-6205 / Access Code: 570911 |
Webcast: |
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Replay |
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Webcast Archive: https://www.inventrustproperties.com/investor-relations/ |
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A webcast replay will be available shortly after the conclusion of the presentation using the webcast link above. |
NON-GAAP FINANCIAL MEASURES and RECONCILIATIONS
This Earnings Release and Supplemental Financial Information includes certain non-GAAP financial measures and other terms that management believes are helpful in understanding our business. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of our non-GAAP measures to the most directly comparable GAAP financials measures are included herein.
SAME PROPERTY NOI or SPNOI
Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. NOI excludes general and administrative expenses, depreciation and amortization, provision for asset impairment, other income and expense, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) an from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments (such as straight-line rent, above/below market lease amortization and amortization of lease incentives).
NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE FFO
Our non-GAAP measure of NAREIT Funds from Operations ("NAREIT FFO"), based on the
ADJUSTED EBITDA
Our non-GAAP measure of Adjusted EBITDA excludes gains (or losses) resulting from debt extinguishments, transaction expenses, straight-line rent adjustments, amortization of above and below market leases and lease inducements, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s on-going operating performance. Adjustments for our unconsolidated joint venture is calculated to reflect our proportionate share of the joint venture's Adjusted EBITDA on the same basis.
NET DEBT-TO-ADJUSTED EBITDA
Net Debt-to-Adjusted EBITDA is Pro Rata Net Debt divided by Adjusted EBITDA on a trailing twelve month basis.
PRO RATA
Where appropriate, the Company has included the results from its ownership share of its joint venture properties when combined with the Company's wholly owned properties, defined as "Pro Rata," with the exception of property and lease count.
FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets |
|||||||
Dollars in thousands, except share amounts |
|||||||
|
As of |
|
As of |
||||
|
|
2022 |
|
|
|
2021 |
|
Assets |
(unaudited) |
|
|
||||
Investment properties |
|
|
|
||||
Land |
$ |
647,180 |
|
|
$ |
598,936 |
|
Building and other improvements |
|
1,794,138 |
|
|
|
1,664,525 |
|
Construction in progress |
|
13,156 |
|
|
|
9,642 |
|
Total |
|
2,454,474 |
|
|
|
2,273,103 |
|
Less accumulated depreciation |
|
(366,394 |
) |
|
|
(350,256 |
) |
Net investment properties |
|
2,088,080 |
|
|
|
1,922,847 |
|
Cash, cash equivalents and restricted cash |
|
25,723 |
|
|
|
44,854 |
|
Investment in unconsolidated entities |
|
81,337 |
|
|
|
107,944 |
|
Intangible assets, net |
|
92,652 |
|
|
|
81,026 |
|
Accounts and rents receivable |
|
25,941 |
|
|
|
30,059 |
|
Deferred costs and other assets, net |
|
40,419 |
|
|
|
25,685 |
|
Total assets |
$ |
2,354,152 |
|
|
$ |
2,212,415 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Debt, net |
$ |
673,336 |
|
|
$ |
533,082 |
|
Accounts payable and accrued expenses |
|
27,830 |
|
|
|
36,208 |
|
Distributions payable |
|
13,828 |
|
|
|
13,802 |
|
Intangible liabilities, net |
|
30,109 |
|
|
|
28,995 |
|
Other liabilities |
|
24,843 |
|
|
|
28,776 |
|
Total liabilities |
|
769,946 |
|
|
|
640,863 |
|
Commitments and contingencies |
|
|
|
||||
|
|
|
|
||||
Stockholders' Equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock,
67,388,703 shares issued and outstanding as of
67,344,374 shares issued and outstanding as of |
|
67 |
|
|
|
67 |
|
Additional paid-in capital |
|
5,453,100 |
|
|
|
5,452,550 |
|
Distributions in excess of accumulated net income |
|
(3,881,070 |
) |
|
|
(3,876,743 |
) |
Accumulated comprehensive income (loss) |
|
12,109 |
|
|
|
(4,322 |
) |
Total stockholders' equity |
|
1,584,206 |
|
|
|
1,571,552 |
|
Total liabilities and stockholders' equity |
$ |
2,354,152 |
|
|
$ |
2,212,415 |
|
Condensed Consolidated Statements of Operations and Comprehensive Income |
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Dollars in thousands, except share and per share amounts, unaudited |
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Three Months Ended |
||||||
|
|
2022 |
|
|
|
2021 |
|
Income |
|
|
|
||||
Lease income, net |
$ |
57,768 |
|
|
$ |
49,926 |
|
Other property income |
|
264 |
|
|
|
182 |
|
Other fee income |
|
754 |
|
|
|
1,013 |
|
Total income |
|
58,786 |
|
|
|
51,121 |
|
|
|
|
|
||||
Operating expenses |
|
|
|
||||
Depreciation and amortization |
|
22,829 |
|
|
|
21,687 |
|
Property operating |
|
8,285 |
|
|
|
8,009 |
|
Real estate taxes |
|
8,043 |
|
|
|
8,133 |
|
General and administrative |
|
7,887 |
|
|
|
10,351 |
|
Total operating expenses |
|
47,044 |
|
|
|
48,180 |
|
|
|
|
|
||||
Other (expense) income |
|
|
|
||||
Interest expense, net |
|
(4,809 |
) |
|
|
(3,985 |
) |
Loss on extinguishment of debt |
|
(96 |
) |
|
|
— |
|
Gain on sale of investment properties, net |
|
— |
|
|
|
519 |
|
Equity in earnings of unconsolidated entities |
|
2,716 |
|
|
|
620 |
|
Other income and expense, net |
|
(52 |
) |
|
|
(195 |
) |
Total other (expense) income, net |
|
(2,241 |
) |
|
|
(3,041 |
) |
|
|
|
|
||||
Net income (loss) |
$ |
9,501 |
|
|
$ |
(100 |
) |
|
|
|
|
||||
Weighted-average common shares outstanding, basic |
|
67,354,717 |
|
|
|
71,998,654 |
|
Weighted-average common shares outstanding, diluted |
|
67,576,038 |
|
|
|
71,998,654 |
|
|
|
|
|
||||
Net income (loss) per common share, basic and diluted |
$ |
0.14 |
|
|
$ |
— |
|
|
|
|
|
||||
Distributions declared per common share outstanding |
$ |
0.21 |
|
|
$ |
0.20 |
|
Distributions paid per common share outstanding |
$ |
0.20 |
|
|
$ |
0.19 |
|
|
|
|
|
||||
Comprehensive income |
|
|
|
||||
Net income (loss) |
$ |
9,501 |
|
|
$ |
(100 |
) |
Unrealized gain on derivatives |
|
15,406 |
|
|
|
1,893 |
|
Reclassification to net income (loss) |
|
1,025 |
|
|
|
1,048 |
|
Comprehensive income |
$ |
25,932 |
|
|
$ |
2,841 |
|
Pro Rata Same Property NOI |
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Dollars in thousands |
|||||||
The following table reflects Pro Rata Same Property NOI: |
|||||||
|
Three Months Ended |
||||||
|
|
2022 |
|
|
|
2021 |
|
Income |
|
|
|
||||
Minimum base rent |
$ |
32,992 |
|
|
$ |
30,855 |
|
Real estate tax recoveries |
|
6,640 |
|
|
|
6,994 |
|
Common area maintenance, insurance, and other recoveries |
|
6,014 |
|
|
|
5,908 |
|
Ground rent income |
|
3,343 |
|
|
|
3,256 |
|
Short-term and other lease income |
|
1,061 |
|
|
|
949 |
|
Provision for uncollectible billed rent and recoveries |
|
(235 |
) |
|
|
(909 |
) |
Reversal of uncollectible billed rent and recoveries |
|
851 |
|
|
|
841 |
|
Other property income |
|
269 |
|
|
|
187 |
|
Total income |
|
50,935 |
|
|
|
48,081 |
|
|
|
|
|
||||
Operating Expenses |
|
|
|
||||
Property operating |
|
7,847 |
|
|
|
8,012 |
|
Real estate taxes |
|
7,352 |
|
|
|
8,134 |
|
Total operating expenses |
|
15,199 |
|
|
|
16,146 |
|
|
|
|
|
||||
Same Property NOI |
|
35,736 |
|
|
|
31,935 |
|
|
|
|
|
||||
JV Same Property NOI |
|
3,001 |
|
|
|
2,596 |
|
|
|
|
|
||||
Pro Rata Same Property NOI |
$ |
38,737 |
|
|
$ |
34,531 |
|
Reconciliation of Net Income (Loss) to Pro Rata Same Property NOI |
|||||||
The following table is a reconciliation of Net Income (Loss) to Pro Rata Same Property NOI: |
|||||||
|
Three Months Ended |
||||||
|
|
2022 |
|
|
|
2021 |
|
Net income (loss) |
$ |
9,501 |
|
|
$ |
(100 |
) |
Adjustments to reconcile to non-GAAP metrics: |
|
|
|
||||
Other income and expense, net |
|
52 |
|
|
|
195 |
|
Equity in earnings of unconsolidated entities |
|
(2,716 |
) |
|
|
(620 |
) |
Interest expense, net |
|
4,809 |
|
|
|
3,985 |
|
Loss on extinguishment of debt |
|
96 |
|
|
|
— |
|
Gain on sale of investment properties, net |
|
— |
|
|
|
(519 |
) |
Depreciation and amortization |
|
22,829 |
|
|
|
21,687 |
|
General and administrative |
|
7,887 |
|
|
|
10,351 |
|
Other fee income |
|
(754 |
) |
|
|
(1,013 |
) |
Adjustments to NOI (a) |
|
(3,872 |
) |
|
|
(1,881 |
) |
NOI |
|
37,832 |
|
|
|
32,085 |
|
NOI from other investment properties |
|
(2,096 |
) |
|
|
(150 |
) |
Same Property NOI |
|
35,736 |
|
|
|
31,935 |
|
IAGM Same Property NOI at share |
|
3,001 |
|
|
|
2,596 |
|
Pro Rata Same Property NOI |
$ |
38,737 |
|
|
$ |
34,531 |
|
(a) |
Adjustments to NOI include termination fee income and expense and GAAP rent adjustments. |
NAREIT FFO and Core FFO |
|||||||
Dollars in thousands, except share and per share amounts |
|||||||
The following table presents the Company’s calculation of NAREIT FFO and Core FFO Attributable to |
|||||||
|
Three Months Ended |
||||||
|
|
2022 |
|
|
|
2021 |
|
Net income (loss) |
$ |
9,501 |
|
|
$ |
(100 |
) |
Depreciation and amortization related to investment properties |
|
22,622 |
|
|
|
21,447 |
|
Gain on sale of investment properties, net |
|
— |
|
|
|
(519 |
) |
Unconsolidated joint venture adjustments (a) |
|
(465 |
) |
|
|
2,070 |
|
NAREIT FFO Applicable to |
|
31,658 |
|
|
|
22,898 |
|
Amortization of above and below-market leases and lease inducements, net |
|
(2,547 |
) |
|
|
(1,243 |
) |
Straight-line rent adjustments, net |
|
(1,157 |
) |
|
|
(517 |
) |
Adjusting items, net (b) |
|
873 |
|
|
|
819 |
|
Unconsolidated joint venture adjusting items, net (c) |
|
194 |
|
|
|
168 |
|
Core FFO Applicable to |
$ |
29,021 |
|
|
$ |
22,125 |
|
|
|
|
|
||||
Weighted average common shares outstanding - basic |
|
67,354,717 |
|
|
|
71,998,654 |
|
Dilutive effect of unvested restricted shares (d) |
|
221,321 |
|
|
|
— |
|
Weighted average common shares outstanding - diluted |
|
67,576,038 |
|
|
|
71,998,654 |
|
|
|
|
|
||||
NAREIT FFO Applicable to |
$ |
0.47 |
|
|
$ |
0.32 |
|
Core FFO Applicable to |
$ |
0.43 |
|
|
$ |
0.31 |
|
(a) |
Represents our share of depreciation, amortization and gain on sale related to investment properties held in IAGM. |
|
(b) |
Adjusting items, net, are primarily loss on extinguishment of debt, amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes items which are not pertinent to measuring on-going operating performance, such as miscellaneous and settlement income. |
|
(c) |
Represents our share of amortization of above and below-market leases and lease inducements, net, straight line rent adjustments, net and adjusting items, net related to IAGM. |
|
(d) |
For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating diluted earnings per share in accordance with GAAP. For the three months ended |
EBITDA, Pro Rata |
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Dollars in thousands |
|||||||
The following table presents the Company’s calculation of EBITDA and Adjusted EBITDA: |
|||||||
|
Three Months Ended |
||||||
|
|
2022 |
|
|
|
2021 |
|
Net income (loss) |
$ |
9,501 |
|
|
$ |
(100 |
) |
Interest expense (a) |
|
5,447 |
|
|
|
4,916 |
|
Income tax expense (a) |
|
106 |
|
|
|
99 |
|
Depreciation and amortization (a) |
|
24,427 |
|
|
|
23,757 |
|
EBITDA |
|
39,481 |
|
|
|
28,672 |
|
Adjustments to reconcile to Adjusted EBITDA (a) |
|
|
|
||||
Gain on sale of investment properties, net |
|
(2,063 |
) |
|
|
(519 |
) |
Loss on debt extinguishment |
|
157 |
|
|
|
8 |
|
Non-operating income and expense, net (b) |
|
(70 |
) |
|
|
238 |
|
Other leasing adjustments (c) |
|
(3,650 |
) |
|
|
(1,669 |
) |
Adjusted EBITDA |
$ |
33,855 |
|
|
$ |
26,730 |
|
(a) |
Includes our consolidated entities and our pro-rata share of our JV. |
|
(b) |
Non-operating income and expense, net, includes other items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income. |
|
(c) |
Other leasing adjustments includes amortization of above and below market leases and straight-line rent adjustments. |
Financial Leverage Ratios |
|||||||
Dollars in thousands |
|||||||
The following table presents the calculation of net debt and Net Debt-to-Adjusted EBITDA: |
|||||||
|
As of |
|
As of |
||||
|
|
2022 |
|
|
|
2021 |
|
Pro Rata Net Debt: |
|
|
|
||||
Pro Rata Outstanding Debt, net |
$ |
754,869 |
|
|
$ |
624,289 |
|
Less: Pro Rata Cash |
|
(48,170 |
) |
|
|
(79,628 |
) |
Pro Rata Net Debt |
$ |
706,699 |
|
|
$ |
544,661 |
|
|
|
|
|
||||
Pro Rata Net Debt-to-Adjusted EBITDA (trailing 12 months): |
|
|
|
||||
Pro Rata Net Debt |
$ |
706,699 |
|
|
$ |
544,661 |
|
Adjusted EBITDA (trailing 12 months) |
|
124,398 |
|
|
|
117,273 |
|
Net Debt-to-Adjusted EBITDA |
|
5.7x |
|
|
|
4.6x |
|
About
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements regarding management’s intentions, beliefs, expectations, representation, plans or predictions of the future, are typically identified by words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would,” “outlook,” “guidance,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. The following factors, among others, could cause actual results and financial position and timing of certain events to differ materially from those described in the forward-looking statements: the effects and duration of the COVID-19 pandemic; interest rate movements; local, regional, national and global economic performance; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes; and any material market changes and trends that could affect the Company’s business strategy. For further discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see the Risk Factors included in InvenTrust’s most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220502005802/en/
Vice President of Investor Relations
630-570-0605
dan.lombardo@inventrustproperties.com
Source:
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