IVT

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. InvenTrust Properties (IVT) has put acquisitions back in focus after its second quarter 2026 earnings call, describing an active pipeline supported by a balance sheet that management says can fund additional risk adjusted investments. See our latest analysis for InvenTrust Properties. Recent trading has been choppy for InvenTrust Properties, with the share price at $32.77 and down 7.32% over 30 days. The stock is still showing a 6.12% 90 day share price return and a very large 5 year total shareholder return. Together, these figures indicate that longer term momentum has held up despite short term selling after the latest earnings and guidance updates. If you are weighing InvenTrust Properties against other ideas, it can help to see what else is gaining attention in the market. Take a look at the 19 top founder-led companies InvenTrust Properties now trades at a double digit discount to analyst targets and an even wider discount to some fair value estimates, despite recent selling after earnings. Is the market being cautious for good reason, or is it being too cautious? On the latest numbers, the most followed narrative pegs InvenTrust Properties at a fair value of $36.29 per share, compared with the current $32.77 price. That gap reflects a view that the portfolio mix and cash flows can support a higher valuation if the assumptions behind the model play out. Read the complete narrative. Want to see what is baked into that fair value for InvenTrust Properties? The narrative is based on steady top line growth, firmer margins, and a richer future earnings multiple. Consider how those pieces fit together and what has to happen for the cash flows to justify the gap to $36.29. Result: Fair Value of $36.29 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, you also need to weigh risks for InvenTrust Properties, including its heavy Sun Belt concentration and refinancing needs that could raise funding costs and pressure margins. Find out about the key risks to this InvenTrust Properties narrative. Sentiment around InvenTrust Properties in this article is mixed, with both concerns and reasons for optimism highlighted, so act quickly and review the underlying data yourself. To see how those potential risks balance against the possible rewards, take a closer look at the 1 key reward and 4 important warning signs If you only focus on InvenTrust Properties you might miss other opportunities. Use the Simply Wall Street Screener to spot ideas that fit your portfolio goals. Target reliable cash generators by scanning companies with the solid balance sheet and fundamentals stocks screener (48 results) that can support operations and potential shareholder returns. Hunt for potential bargains by checking out the screener containing 21 high quality undiscovered gems that combine quality fundamentals with limited market attention. Strengthen your portfolio resilience by reviewing the 83 resilient stocks with low risk scores that stand out for lower overall risk profiles. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include IVT. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 10:00 a.m. ET Vice President of Investor Relations - Dan Lombardo President and Chief Executive Officer - DJ Busch Chief Financial Officer - Mike Phillips Chief Operating Officer - Christy David Chief Investment Officer - Dave Heimberger Operator: Thank you for standing by, and welcome to InvenTrust's Second Quarter 2026 Earnings Conference Call. My name is Ellen, and I will be your conference call operator today. Before we begin, I would like to remind listeners that today's presentation is being recorded, and a replay will be available on the Investors section of the company's website at inventrustproperties.com. [Operator Instructions] I would now like to turn the call over to Mr. Dan Lombardo, Vice President of Investor Relations. Please go ahead, sir. Dan Lombardo: Thank you, operator. Good morning, everyone, and thank you for joining us today. On the call from the InvenTrust team is DJ Busch, President and Chief Executive Officer; Mike Phillips, Chief Financial Officer; Christy David, Chief Operating Officer; and Dave Heimberger, Chief Investment Officer. Following the team's prepared remarks, the lines will be open for questions. As a reminder, some of today's comments may contain forward-looking statements about the company's views on the future of our business and financial performance, including forward-looking earnings guidance and future market conditions. These are based on management's current beliefs and expectations and are subject to various risks and uncertainties. Any forward-looking statements speak only as of today's date, and we assume no obligation to update any forward-looking statements made on today's call or that are in the quarterly financial supplemental or press release. In addition, we will also reference certain non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, which are posted on our Investor Relations website. With that, I'll turn the call over to DJ. Daniel Busch: Good morning, everyone, and thank you for joining us. InvenTrust delivered another solid quarter, supported by continued strength of our portfolio and the consistency of our operating platform. Cash flow is growing, leasing activity and tenant retention remains strong, and our signed but not open pipeline continues to convert into occupancy and cash flow. Same-property net operating income growth accelerated to 4.1% in the second quarter, while year-to-date NAREIT FFO per share increased 11% and core FFO per share increased approximately 9%. Retailer demand remains concentrated in well-located open-air necessity-based centers and limited new supply continues to provide a favorable backdrop for long-term rent growth. Our first half results, combined with the visibility we have from contractual rent growth, lease commencements and redevelopment activity continue to support our full year outlook. Mike will walk through our financial results in more detail in a few moments. We made strong progress executing our external growth strategy during the first half of 2026. To date, we have acquired 6 properties and 1 outparcel at an existing center for approximately $290 million. A key part of that activity has been expanding into emerging Sun Belt markets such as Charleston, Greensboro and Knoxville. Importantly, we're finding opportunities, not only in our existing markets, but also in adjacent complementary markets where our operating model and retail relationships give us confidence that we can create long-term value. These markets offer many characteristics we value, including population growth, household formation, relative affordability and strong retailer demand. For us, they are a natural extension of our strategy, allowing us to expand while remaining disciplined and focused on the fundamentals that have driven our success thus far. This activity represents strong progress toward our full year net investment guidance. Our acquisition pipeline remains active, and our balance sheet provides the flexibility to pursue additional investments where risk-adjusted returns are compelling. As we continue to grow, we expect to pair future acquisitions with selective one-off asset sales, recycling capital from assets that are less aligned with our long-term growth strategy into opportunities with stronger growth characteristics. As our portfolio expands, we remain focused on scaling the organization efficiently. Technology, including artificial intelligence, will help us streamline workflows, enhance reporting and evaluate investment opportunities more effectively. While local market expertise, tenant relationships and disciplined decision-making will always remain at the center of our business, these tools will help us operate more efficiently and support our long-term growth. In closing, our priorities remain clear: continue owning high-quality necessity-based retail centers; thoughtfully expand across our core and complementary emerging Sun Belt markets; maintain a disciplined balance sheet and leverage the strength of our platform to drive sustainable growth in cash flow, net asset value per share and long-term shareholder value. With that, I'll turn the call over to Mike. Michael Phillips: Thanks, DJ, and good morning, everyone. For the quarter, same-property NOI was $48.5 million, up 4.1% compared with the second quarter of 2025. Growth was led by base rent increases of 320 basis points, including approximately 180 basis points from contractual rent bumps, along with contributions from leasing spreads, redevelopment activity, percentage rent, specialty income and net expense reimbursement. These gains were partially offset by a 50 basis point expected temporary occupancy impact and 20 basis points of bad debt. Year-to-date, same-property NOI totaled $97.2 million, up 3.3% compared with the first 6 months of 2025. On our quarterly cadence, we expect same-property NOI growth to be somewhat uneven for the remainder of the year. The third quarter reflects timing of operating expenses associated with scheduled projects. From there, we expect the fourth quarter to reaccelerate as leases commence and signed not open leases continue converting into rent-paying occupancy. NAREIT FFO for the quarter totaled $39.8 million or $0.50 per diluted share, reflecting an 11.1% increase from the second quarter of 2025. Core FFO rose 9.1% to $0.48 per share year-over-year. FFO growth was driven primarily by higher same-property NOI and net acquisition activity, partially offset by interest expense. For the first 6 months of the year, NAREIT FFO was $81.1 million or $1.03 per diluted share, reflecting a 10.8% year-over-year increase, while core FFO was $0.98 per diluted share, up 8.9% compared to 2025. In June, our $250 million private placement of senior notes funded, and we used the proceeds to partially pay down our line of credit. At quarter end, total liquidity stood at $489 million, including $64 million of cash and $425 million available on our revolving credit facility. Our weighted average interest rate was 4.36% with a weighted average term to maturity of 4.3 years. Net leverage finished the quarter at 31.9% and net debt-to-adjusted EBITDA was 5.3x on a quarterly annualized basis. Our balance sheet remains strong and provides the flexibility and liquidity to continue executing on our long-term strategy. Finally, we declared a quarterly dividend payment of $0.25 per share, a 5% increase over last year. Turning to guidance. We are reaffirming our full year same-property NOI growth guidance range of 3.25% to 4.25%. We're also maintaining our core FFO guidance range of $1.92 to $1.96 per share. For NAREIT FFO, we are raising our full year guidance range to $2.01 to $2.07 per share, which reflects a noncash revenue increase from our recent acquisitions. Additional details on our guidance assumptions are available in our supplemental disclosure. And with that, I'll turn the call over to Christy to discuss our portfolio activity. Christy David: Thanks, Mike. From an operating standpoint, leasing activity remained healthy during the quarter, and retailer feedback has been consistent. National tenants continue to have multiyear expansion plans, but their biggest challenge remains finding quality space in the right trade areas. In response to tight supply, some retailers are becoming more flexible on format and box size while remaining disciplined on build-out costs and store level economics. This reinforces the depth of demand while also showing that retailers are focused on opening locations that will perform well over the long term. During the quarter, we executed 76 leases covering approximately 464,000 square feet, and our retention rate was 88% year-to-date. Comparable blended lease spreads were 8.5% with new lease spreads of 18.7% and renewal spreads of 7.9%. Annualized base rent per square foot increased 3.8% year-over-year to $20.94. Leased occupancy ended the quarter at 96.2%, down 20 basis points sequentially, primarily due to the former Painted Tree anchor space. We already have a letter of intent from a prominent national retailer and expect to provide an update on this space in the near term. Importantly, large-format availability remains limited and manageable. We ended the quarter with only 6 vacant big box spaces, 4 are tied to redevelopment or disposition activity. One is the former Painted Tree space just mentioned, and the remaining space is a former Party City at one of our Dallas properties. Small shop lease occupancy increased 30 basis points to 93.2%, while anchor lease occupancy ended at 98.1%, down 40 basis points from first quarter. Retention remains a key driver of internal growth. Excluding tenant exercise options, renewal spreads were 14.4%, which underscores the value we continue to capture through renewals. When we can retain a productive tenant, achieve a solid rent increase and do so with limited incremental capital, the all-in economics can often be more attractive than pursuing a higher headline spread that requires downtime, tenant improvements and leasing costs. Our goal is to build partnerships that support tenant success while creating durable cash flow growth for InvenTrust. Given the quality of our portfolio and the strength of the current retail backdrop, we are well positioned to capture these mark-to-market opportunities. A significant lease signing during the quarter was with Publix at our Plantation Grove property in the Orlando MSA. This lease is an important first step toward a future redevelopment of the center where we are replacing the existing store with Publix's new prototype. We have worked with Publix on similar projects before, and we are excited about the value this type of investment can bring to the center. We expect the project to break ground in 2026. At quarter end, the lease economic occupancy spread was 160 basis points, representing approximately $5.6 million of annualized base rent. We expect 77% of ABR to commence by the end of the year and over $1 million expected to be recognized in 2026. Turning to acquisitions. We continue to build on the momentum DJ outlined earlier. During the quarter, we closed on 3 properties and 1 asset subsequent to quarter end. Together, these 4 assets represent more than $165 million of investment, showcasing our ability to acquire in a competitive transaction environment. Our acquisition pipeline is strong, and we will continue to target well-located centers in attractive trade areas, supported by necessity-based uses and clear opportunities to create value as we integrate the assets into the InvenTrust operating platform. The first acquisition was 3609 South in Charlotte, North Carolina. This property is 100% leased unanchored strip center located in Charlotte's South and submarket with favorable surrounding demographics and visible rent upside. While unanchored assets are not a large portion of our portfolio, we will pursue them selectively when the location fits within an existing market where we already have operating knowledge and relationships. We also closed on Western Plaza in Knoxville, Tennessee, an approximately 162,000 square foot community center anchored by The Fresh Market and Crunch Fitness. Knoxville is an example of the type of emerging Sun Belt market where we are seeing attractive long-term fundamentals and healthy retailer interest. Western Plaza provides us with a position in an established retail node with grocery and fitness anchors that drive consistent traffic. In the Charleston MSA, we acquired Sweetgrass Corner, an approximately 95,000 square foot community center anchored by Trader Joe's, Homesense and Golf Galaxy. This high-quality asset marks our fourth acquisition in Charleston in less than 2 years. On July 1, we closed on New Garden Crossing in Greensboro, North Carolina. This property is 100% leased, 169,000 square foot community center, anchored by Lowes Foods, Marshalls, HomeGoods and Office Depot. We like the combination of grocery, off-price and service-oriented tenancy, and we view Greensboro as another attractive emerging Sun Belt market that is complementary to our existing regional footprint. Tenant interest reinforces where we are investing. National and regional retailers are increasingly looking to emerging Sun Belt markets for expansion opportunities. Charleston, Greensboro and Knoxville are places where retailers want to grow, where consumers are moving and where owning high-quality assets fits our strategy. Operator, that concludes our prepared remarks, and we are ready to open the line for questions. Operator: [Operator Instructions] Your first question comes from the line of Andrew Reale with Bank of America. Andrew Reale: I guess just to go back to the occupancy. Obviously, your small shop occupancy improved sequentially, but anchor slipped. Can you just remind us what drove the anchor decline? And then how should we think about the trajectory of both anchor and shop occupancy into year-end? Christy David: Sure, Andrew. This is Christy. Thanks for the question. The primary driver, as you noted, was the Painted Tree, which we lost. It was not in our numbers last quarter, but we noted it on the call. That was at our West Park asset in Glen Allen, Virginia. So that's the primary driver of why the anchor vacancy went down. And as I noted, we only have 6 vacant anchors, of which we expect to hopefully bring 3 of those into execution by the end of the year. And as for the trajectory of where we think occupancy can go, we think we should be approaching leased occupancy all-time highs by the end of first quarter 2027 with economic occupancy about third quarter 2027. Andrew Reale: Okay. And then just on the net debt-to-EBITDA, that's moved to 5.5x from about 4.5x at year-end. Are you comfortable running at this leverage level? And then how should we think about equity or dispositions entering the funding mix going forward? Daniel Busch: Andrew, yes, so interestingly enough, some of the assets that we closed were late in the quarter, and that's an annualized number. So that's going to come down materially. But the way we look at it on a forward basis, we'll probably still end the year based on our net investment expectations still under 5x. And as we've said, our range where we're comfortable is 5 to 6x on a forward basis. So we still have plenty of capacity on the current balance sheet. Obviously, there's been volatility in the equity markets. We want to be very careful and patient with our equity capital. But we still can self-fund this business and continue to grow cash flow for the next several years if need be. Operator: Your next question comes from the line of Jamie Feldman with Wells Fargo. James Feldman: So you clearly had success on some of the Sun Belt expansion markets. How big is the buy box of what you're looking at? And how quickly could you ramp it up if you really wanted to? I would imagine the transaction market is getting more competitive. It just seems like everyone seems to be finding opportunities to sell. So maybe just a big picture of what the next couple of years could look like and how many more Sun Belt markets you think you might be in, and what's out there? Daniel Busch: Yes. No, it's a great question, Jamie. Thanks. It's interesting. So our pipeline ebbs and flows. It always remains kind of the canvas that we're looking at, both in current and new expanding markets is right around $2 billion, give or take. There is a seasonality to the pipeline. It's always a little bit quieter midyear. We're seeing some interesting opportunities just pop up now. We've been very fortunate that some of these new expanding markets we've gone into, I wouldn't say we were a first mover, but they are tighter markets. So when you say the buy box, the opportunities in something like a Greensboro or a Knoxville or a Savannah are going to be fewer than what it would be, obviously, in an Orlando or some of our Texas markets. But we're looking at all of it. And as you've seen, we'll do unanchored if it makes sense for the portfolio or the market that we're operating in or we'll do some bigger box opportunities like we did in Nashville, if it makes sense, and that's a great asset for us to get into the Nashville market. So we feel very confident. Obviously, we're off to a great start this year with $290 million closed. We have a couple of really interesting opportunities that we're looking at. But like you said, it is a competitive market. We've been very lucky on a blended basis, we're hitting our goals from a net investment activity, which continues to be kind of in the low 6s on an initial yield perspective and getting to an IRR on an unlevered basis somewhere in the low to mid-7s. And that recipe has continued for the last couple of years, and it's something that we still feel comfortable given what we're seeing in the pipeline today. But nonetheless, it is a competitive market, specifically in some of our larger core markets. James Feldman: Okay. And then 21% exposure to the restaurant business. Can you just talk about some of the trends you're seeing? Any kind of weakness? I know the lettuce scare has probably been top of mind for people. But what are you just seeing on whether it's the lower end or the higher end restaurant credit trends or sales trends? Daniel Busch: Yes. It's funny. We don't have a ton of, obviously, white linen or anything high end from a restaurant basis. I think it's about half full service, half fast casual or fast food. Restaurants are always a tricky business. We tend to have the highest turnover in that category. We've always ran kind of close to 20%. I think we moved up a little bit, obviously, post-COVID, given the amount of traffic, given the hybrid work environment, all the stuff that we've talked about previously. It will always be a higher turnover category. However, there's no significant trends as it relates to types of food category. It's really either undercapitalized or poor performing operator with several options as backfills. So like I said, it is a turnover business, but there's a tremendous amount of demand behind some of those struggling restaurants, at least what we've seen in our portfolio. James Feldman: Okay. I mean, do you have a pipeline of potential closures you know about or you just monitor? Daniel Busch: No, no, no. There's always a handful that we're watching for different reasons. Sometimes it's as simple as it's taken them longer to get open than what we expected. So we always have a handful of restaurants that we're watching. And then if we're watching them, we're already talking to potential backfills if necessary. Operator: [Operator Instructions] Your next question comes from the line of Todd Thomas with KeyBanc. Todd Thomas: DJ, you mentioned you're closing in on the net investment guidance for the year. It sounds like the appetite is there for additional acquisitions. And as we think about additional investments, you've also talked a little bit about maybe pruning the portfolio, perhaps reducing exposure in some markets such as Houston. Can you just provide an update on efforts there, whether anything on the disposition side is in the works? Daniel Busch: Yes. No, thanks, Todd. That's exactly right. As we've always said about our net investment expectations, it's really at a point in time what we're seeing. If we see buying opportunities in the back half of the year that are attractive to us that can help us accelerate, not only into the back half of this year, but more importantly into 2027, we'll absolutely go through that $300 million. To your point, we do have a handful of assets that we can pull forward. There's 2 in the market right now that we're hopeful that we will get done in the second half of this year. And like you said, the strong properties that just don't fit the growth profile that we're looking for as we move forward, but still very solid properties. And we'll continue to look through the portfolio for those. But we're fortunate that the portfolio kind of top to bottom is increasing in quality. So the disposition activity will be kind of de minimis after from what you saw last year with California. Todd Thomas: Okay. Got it. And then can you -- how should we think about from a pricing standpoint, maybe you can -- if you can bookend the pricing on dispositions, how we should think about disposition pricing as it compares to the initial yields on what you're buying in the low 6% range? Daniel Busch: It's actually very similar. So on an initial yield, it's going to be basically neutral from an accretion dilution perspective. But obviously, the difference being the growth profile that we're trading up for. The bookends on the buy side that we've been at and like we talked about, the pricing is getting competitive. We always look at it as the entire net investment activity, but that ranges from 5.5% up to 7%, and we'll look at everything from both sides of the spectrum. And as you know, like it's going to be core grocery core market is going to be on the low end and then maybe some of the boxer stuff and maybe some of the secondary markets will be on the high end. But everything is compressing. So we're being very careful and selective on the opportunities that we're going after. Todd Thomas: Okay. And just to clarify, I guess, from a timing standpoint, it sounds like as you sort of approach or exceed the $300 million acquisition amount, that would drive or be a catalyst for dispositions or are you -- you mentioned you're in the market with 2 assets. I mean, should we anticipate that there could be some asset sales in advance of incremental acquisitions? Daniel Busch: They're going to usually be on the back end. That's kind of the cadence that we're hoping to kind of stick with. Obviously, California was more opportunistic. We're trying to match fund the capital recycling a little bit more carefully as we look forward. But there could be -- we do have select assets after the 2 that I mentioned that we will pull forward if the acquisition opportunities are there. However, we do have plenty of capacity on the balance sheet to continue to use leverage in our favor, but obviously, in a very conservative manner to continue to grow the business. We've got a bunch of different levers without having to go to the equity markets to continue to grow the portfolio and grow cash flow. Operator: Your next question comes from the line of Daniel Purpura with Green Street. Daniel Purpura: You've acquired a range of property types this year. You mentioned the unanchored center in this quarter and then there's a power center last quarter. Can you talk about the different return profiles that you underwrite across these property formats? Daniel Busch: Yes. I mean, Daniel, thanks for the question. I mean, obviously, when you have the boxer centers tend to have a slightly higher unlevered return. But on a risk-adjusted basis, it all kind of comes back to the same spot, you know what I mean. So unanchored centers core grocery, they're going to be a lower initial yield than what you do for larger format community or power. And a lot of times, it's price point, a lot of times it's GLA size or market. There's a lot of different pieces of it. But if I'm going to use a generalization, usually core grocery is going to be the most sought-after product. With the unanchored strips, you can get a little bit better growth. So the initial yield may be a little bit tighter, but you can get the growth on the back end. So it's a tough question to answer, but that's the way that kind of we think about it. But like I said, InvenTrust, our portfolio, we're portfolio agnostic to an extent that unanchored can be just as attractive to us as larger format, but it's got to fit the criteria. It's got to be in a market that we trust, that we know we can grow in, that we already have had success in, and it has to fit the essential retail nature of the centers that we own. Daniel Purpura: Got it. So you aren't underwriting like a different IRR depending on the property type? Daniel Busch: No, not necessarily. I mean, like I said, the unlevered IRRs that we're getting to are anywhere from the low 7s to the high 7s. And it's all what the risk tolerance is. We need a little bit of more unlevered return if we think that the asset is inherently more risky for whatever reasons and a lot of things I just mentioned, GLA size, the amount of boxes that it may have, whether it has a grocery anchor or not, if it's in a core market or core retail node or if it's in a developing market or a secondary submarket within a market. So all those things considered. But we look at it, like I said, when we're looking at our $300 million that we're trying to put out on a blended basis, we want to get to an initial yield that we're comfortable with, a growth profile that's going to be complementary and additive to the current portfolio and an IRR where we know we can make money and then in turn, grow cash flow. Daniel Purpura: Got it. And if I could ask one more. Do you see a market concern about expanding into more of the secondary and tertiary markets is the ability to grow rents long term to match that of some of the larger markets? So how do you get comfortable thinking that you'll be able to grow rents in these markets similar to how you would grow in some of your larger markets? Daniel Busch: So Daniel, it's a great question. And the reason for that is what we've studied the markets that we've currently been talking about, we've been looking at for a long time. And the most important thing is, and it really is a Sun Belt kind of story that continues, by the way. It's probably not as accelerated as it was just coming out of COVID. But the migration trends from population, the amount of income and business formation that's going into the Sun Belt, it's bleeding out into some of these other markets like a Knoxville, like a Greensboro, certainly like a Charleston. So those markets are seeing the types of movements, and I'm going to use this just as an example, like perhaps Nashville did 15 years ago. So continuing to get population growth and that should serve it for the next several years, not just a point in time. Operator: There are no further questions at this time. I will now turn the call back to DJ Busch for closing remarks. Daniel Busch: Thank you, everyone, for your interest in InvenTrust. Thank you for the questions, and we look forward to seeing many of you as we kick back into some of the conference season. Enjoy the rest of the day. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in InvenTrust Properties, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and InvenTrust Properties wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. InvenTrust Properties (IVT) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Same property NOI growth accelerated to 4.1% in Q2 2026, driven by strong base rent increases and contractual rent bumps. Year-to-date NAREIT FFO per share increased 11% and core FFO per share increased approximately 9%, reflecting robust earnings growth. Executed 76 leases covering approximately 464,000 square feet with strong comparable blended lease spreads of 8.5%, including new lease spreads of 18.7%. Expanded into attractive emerging Sunbelt markets such as Charleston, Greensboro, and Knoxville, with a strong acquisition pipeline and $290 million invested year-to-date. Maintained a strong balance sheet with net leverage at 31.9% and total liquidity of $489 million, providing flexibility for future investments. Tenant retention remains high at 88% year-to-date, and the signed-not-open pipeline is expected to convert into occupancy and cash flow, supporting future growth. Reaffirmed full-year guidance for same property NOI growth and core FFO, while raising NAREIT FFO guidance due to non-cash revenue from acquisitions. Leased occupancy declined 20 basis points sequentially to 96.2%, primarily due to the loss of the former Painted Tree anchor space. Anchor lease occupancy decreased 40 basis points from the first quarter, reflecting temporary occupancy impacts from vacant big-box spaces. Net debt to adjusted EBITDA increased to 5.3 times on a quarterly annualized basis, up from approximately 4.5 times at year-end, though expected to decline. Same property NOI growth is expected to be uneven in Q3 due to timing of operating expenses, with reacceleration only expected in Q4. The acquisition market remains highly competitive, with pricing compressing and requiring careful selection to maintain targeted returns. Restaurant exposure (21% of portfolio) remains a higher-turnover category, with ongoing monitoring needed for undercapitalized or poor-performing operators. Warning! GuruFocus has detected 10 Warning Sign with IVT. Is IVT fairly valued? Test your thesis with our free DCF calculator. Q: Can you remind us what drove the anchor occupancy decline and how should we think about the trajectory of both anchor and shop occupancy into year-end? A: Christy David, Chief Operating Officer: The primary driver was the loss of the Painted Tree space at our West Park asset in Glen Allen, Virginia. We only have six vacant anchors, and we expect to bring three of those into execution by the end of the year. We expect to approach all-time highs in leased occupancy by the first quarter of 2027, with economic occupancy following in the third quarter of 2027. Q: Net debt to EBITDA moved to 5.5 times from about 4.5 at year-end. Are you comfortable running at this leverage level, and how should we think about equity or dispositions entering the funding mix going forward? A: Mike Phillips, Chief Financial Officer: Some of the assets closed late in the quarter, so that annualized number will come down materially. On a forward basis, we expect to end the year under five times. Our comfortable range is five to six times on a forward basis. We have plenty of capacity on the current balance sheet, and while there has been volatility in the equity markets, we can self-fund this business and continue to grow cash flow for the next several years if needed. Q: How big is the buy box for Sunbelt expansion markets, and how quickly could you ramp it up? What could the next couple of years look like in terms of new markets? A: Dave Heinberger, Chief Investment Officer: Our pipeline remains around $2 billion, give or take, across current and new expanding markets. There is seasonality, with quieter periods mid-year, but we are seeing interesting opportunities pop up now. Markets like Greensboro, Knoxville, and Savannah are tighter with fewer opportunities than larger markets like Orlando or Texas, but we are looking at all of it. We are off to a great start with $290 million closed, and on a blended basis, we are hitting our goals with initial yields in the low 6s and unlevered IRRs in the low to mid 7s. Q: With 21% exposure to the restaurant business, can you talk about trends you're seeing, including credit or sales trends at the lower or higher end? A: Dave Heinberger, Chief Investment Officer: We don't have a ton of high-end restaurants; it's about half full-service and half fast casual or fast food. Restaurants are always a tricky business with the highest turnover in that category, running close to 20%. There are no significant trends as it relates to food category types. It's really about undercapitalized or poor-performing operators, and there is a tremendous amount of demand behind some of those struggling restaurants as backfills. Q: Do you have a pipeline of potential restaurant closures you know about, or do you just monitor? A: Dave Heinberger, Chief Investment Officer: There's always a handful we're watching for different reasons, sometimes as simple as it taking longer to get open than expected. If we're watching them, we're already talking to potential backfills if necessary. Q: You mentioned closing in on net investment guidance. Can you provide an update on disposition efforts, perhaps reducing exposure in markets like Houston? A: Dave Heinberger, Chief Investment Officer: If we see attractive buying opportunities in the back half of the year, we'll absolutely go through the $300 million. We have a handful of assets we can pull forward, with two in the market right now that we hope to get done in the second half of this year. These are solid properties that don't fit the growth profile we're looking for. The portfolio is increasing in quality top to bottom, so disposition activity will be de minimis after what you saw in California. Q: How should we think about disposition pricing compared to the initial yields on what you're buying in the low 6% range? A: Dave Heinberger, Chief Investment Officer: It's very similar on an initial yield basis, so it's basically neutral from an accretion dilution perspective, but the difference is the growth profile we're trading up for. On the buy side, pricing ranges from 5.5 to up to 7. Core grocery in core markets will be on the low end, while boxier stuff and second-hand markets will be on the high end. Everything is compressing, so we're being very careful and selective. Q: Should we anticipate asset sales in advance of incremental acquisitions, or will they follow? A: Dave Heinberger, Chief Investment Officer: They're usually going to be on the back end, which is the cadence we're hoping to stick with. California was more opportunistic. We're trying to match fund capital recycling more carefully, but we do have select assets we will pull forward if acquisition opportunities are there. We have plenty of capacity on the balance sheet to use leverage conservatively and continue to grow the business without having to go to the equity markets. Q: You've acquired a range of property types this year, from unanchored centers to power centers. Can you talk about the different return profiles you underwrite across these formats? A: Dave Heinberger, Chief Investment Officer: Boxier centers tend to have a slightly higher unlevered return, but on a risk-adjusted basis, it all comes back to the same spot. Core grocery is the most sought-after product, while unanchored strips can get a little bit better growth, so the initial yield may be tighter but you get growth on the back end. We're portfolio agnostic to an extentanchored can be just as attractive as larger format, but it has to fit the criteria of being in a market we trust and fit the essential retail nature of the centers we own. Q: How do you get comfortable that you'll be able to grow rents in secondary and tertiary markets similar to your larger markets? A: Dave Heinberger, Chief Investment Officer: We've studied these markets for a long time. The Sunbelt story continues, with migration trends, population growth, and business formation bleeding into markets like Knoxville, Greensboro, and Charleston. These markets are seeing the types of movements that perhaps Nashville did 15 years ago. Continuing population growth should serve these markets well and support long-term rent growth. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in InvenTrust Properties Corp.? Here are five stocks we like better. Strong second-quarter performance: Same-property NOI rose 4.1%, while Nareit FFO per share increased 11.1% and Core FFO per share grew 9.1%. InvenTrust reaffirmed its same-property NOI and Core FFO outlook and raised full-year Nareit FFO guidance to $2.01–$2.07 per share. Leasing demand remained robust: The company executed 76 leases covering approximately 464,000 square feet, with an 88% year-to-date retention rate and 8.5% comparable blended lease spreads. Leased occupancy was 96.2%, and management expects improvement as vacant anchor spaces are leased and signed-but-not-open tenants begin paying rent. Expansion continued across the Sun Belt: InvenTrust invested more than $290 million in six properties and an outparcel through the first half of 2026, adding assets in Charlotte, Knoxville, Charleston and Greensboro. Management also reported $489 million in liquidity and expects year-end net debt-to-EBITDA below 5 times. InvenTrust Properties (NYSE:IVT) said second-quarter operating results reflected continued demand for its open-air, necessity-based retail centers, with same-property net operating income growth accelerating and leasing activity remaining strong. President and Chief Executive Officer DJ Busch said the company’s cash flow growth was supported by tenant retention, leasing activity and the conversion of signed-but-not-open leases into occupied, rent-paying space. Same-property NOI increased 4.1% from the year-earlier quarter, while year-to-date Nareit funds from operations per share rose 11.1% and Core FFO per share increased about 9.1%. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control “Retailer demand remains concentrated in well-located, open air, necessity-based centers, and limited new supply continues to provide a favorable backdrop for long-term rent growth,” Busch said. Chief Financial Officer Mike Phillips said second-quarter same-property NOI totaled $48.5 million. Base-rent increases contributed 320 basis points to growth, including approximately 180 basis points from contractual rent increases. Leasing spreads, redevelopment activity, percentage rent, specialty income and expense reimbursements also supported results. → 3 Drone Stocks That Should Soar After the Summer Slump Those gains were partly offset by a 50-basis-point temporary occupancy impact and 20 basis points of bad debt. Phillips said same-property NOI growth could be uneven over the remainder of 2026, with third-quarter results affected by the timing of operating expenses related to scheduled projects. The company expects fourth-quarter growth to reaccelerate as leases begin and signed-but-not-open leases convert to revenue. Nareit FFO totaled $39.8 million, or $0.50 per diluted share, up 11.1% year over year. Core FFO rose 9.1% to $0.48 per share. For the first six months, Nareit FFO was $1.03 per diluted share, up 10.8%, while Core FFO was $0.98 per share, up 8.9%. → Why Rare Earth Processing Could Be the Real 2027 Opportunity The company reaffirmed full-year same-property NOI growth guidance of 3.25% to 4.25% and maintained Core FFO guidance of $1.92 to $1.96 per share. It raised Nareit FFO guidance to a range of $2.01 to $2.07 per share, citing a non-cash revenue increase associated with recent acquisitions. In June, InvenTrust completed a $250 million private placement of senior notes and used proceeds to partially repay its credit line. At quarter-end, total liquidity was $489 million, including $64 million of cash and $425 million of available revolving-credit capacity. Net leverage was 31.9%, while net debt to adjusted EBITDA was 5.3 times on a quarterly annualized basis. The company also declared a quarterly dividend of $0.25 per share, up 5% from a year earlier. Chief Operating Officer Christy David said the company executed 76 leases covering about 464,000 square feet during the quarter and recorded an 88% year-to-date retention rate. Comparable blended lease spreads were 8.5%, consisting of 18.7% on new leases and 7.9% on renewals. Annualized base rent per square foot rose 3.8% from a year earlier to $20.94. Leased occupancy ended the quarter at 96.2%, down 20 basis points sequentially, largely because of a former Painted Tree anchor space at the company’s West Park property in Glen Allen, Virginia. David said InvenTrust has a letter of intent from a national retailer for that location. Small-shop leased occupancy increased 30 basis points to 93.2%, while anchor leased occupancy declined 40 basis points from the first quarter to 98.1%. The company had six vacant big-box spaces at quarter-end; four were associated with redevelopment or disposition activity, one was the former Painted Tree space and one was a former Party City location at a Dallas property. David said InvenTrust expects to bring three of the vacant anchors “into execution” by year-end and anticipates approaching all-time highs in leased occupancy by the first quarter of 2027, followed by economic occupancy improvement around the third quarter of 2027. At Plantation Grove in the Orlando metropolitan area, the company signed Publix to a lease that David described as the first step toward a future redevelopment. The project would replace the existing store with Publix’s new prototype, with groundbreaking expected in 2026. InvenTrust acquired six properties and one outparcel at an existing center for approximately $290 million through the first half of 2026. Busch said the company has expanded into emerging Sun Belt markets including Charleston, South Carolina; Greensboro, North Carolina; and Knoxville, Tennessee. During the quarter, the company closed three property acquisitions and completed another acquisition after quarter-end. The four assets represented more than $165 million of investment. They included: 3609 South, a fully leased unanchored strip center in Charlotte, North Carolina. Western Plaza, an approximately 162,000-square-foot Knoxville community center anchored by The Fresh Market and Crunch Fitness. Sweetgrass Corner, an approximately 95,000-square-foot Charleston community center anchored by Trader Joe’s, HomeSense and Golf Galaxy. New Garden Crossing, a fully leased, 169,000-square-foot Greensboro community center anchored by Lowe’s Foods, Marshalls, HomeGoods and Office Depot. Busch said the company’s acquisition pipeline has generally remained around $2 billion, though it fluctuates and tends to be quieter in the middle of the year. He said InvenTrust is targeting blended initial acquisition yields in the low-6% range and unlevered internal rates of return in the low- to mid-7% range. The company may pair additional purchases with selective asset sales, focusing on properties that remain solid but do not fit its desired long-term growth profile. Busch said two assets were currently on the market and that disposition activity is expected to be relatively limited compared with the company’s prior California sales. While the company’s net debt-to-EBITDA ratio rose from year-end levels, Busch said late-quarter asset closings affected the annualized measure and that InvenTrust expects to finish the year below 5 times based on its net investment expectations. He said management is comfortable with a forward leverage range of 5 to 6 times and believes the company can continue funding growth without immediately accessing equity markets. InvenTrust Properties Corp is a self‐managed real estate investment trust specializing in suburban and urban retail real estate. Headquartered in Downers Grove, Illinois, the company focuses on the acquisition, leasing and management of open‐air shopping centers that serve everyday consumer needs. The company’s portfolio is concentrated in neighborhood and community retail assets anchored by grocery stores, pharmacies and national service tenants. InvenTrust engages in active leasing strategies, property management services and selective development and redevelopment initiatives designed to enhance long‐term cash flow and tenant mix. InvenTrust Properties was created in 2019 through the spin‐off of its predecessor, Inland Real Estate Investment Corp, and adopted its current name upon separation. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "InvenTrust Properties Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Same-property NOI growth accelerated to 4.1% in Q2, driven by strong tenant retention and the conversion of the 'signed but not open' pipeline into cash flow. Management attributed performance to a favorable retail backdrop where limited new supply and concentrated demand for necessity-based centers provide a tailwind for long-term rent growth. The company is actively expanding into emerging Sun Belt markets like Charleston, Greensboro, and Knoxville, leveraging existing retail relationships to identify value in adjacent territories. Operational efficiency is being prioritized through the integration of technology and AI to streamline workflows and enhance investment evaluation as the portfolio scales. Strategic positioning remains focused on high-quality, necessity-based retail assets that offer population growth, household formation, and relative affordability. The acquisition strategy targets a blended initial yield in the low 6% range with unlevered IRRs in the low-to-mid 7% range to ensure sustainable cash flow growth. Full-year same-property NOI growth guidance is maintained at 3.25% to 4.25%, with an expected reacceleration in Q4 as new leases commence. Management expects to reach all-time high leased occupancy by Q1 2027, with economic occupancy following by Q3 2027. The company plans to pair future acquisitions with selective one-off asset sales to recycle capital from legacy assets into higher-growth opportunities. Guidance assumes a temporary unevenness in Q3 NOI due to the timing of operating expenses associated with scheduled projects. A major redevelopment project with a new Publix prototype is scheduled to break ground in 2026, signaling a focus on long-term asset value enhancement. NAREIT FFO guidance was raised to $2.01 to $2.07 per share to reflect noncash revenue increases stemming from recent acquisition activity. The company successfully funded a $250 million private placement of senior notes in June to pay down its line of credit and strengthen the balance sheet. Management flagged a 50 basis point temporary occupancy impact in Q2, primarily due to the exit of anchor tenant Painted Tree. Net leverage increased to 31.9% following late-quarter acquisitions, though management expects to finish the year under 5x net debt-to-EBITDA. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. The decline was primarily driven by the loss of Painted Tree at a Virginia asset, but management already has a letter of intent from a national retailer for the space. Management expects to bring 3 of the 6 currently vacant anchor spaces into execution by the end of the year. The company intends to remain patient with equity capital due to market volatility, relying instead on self-funding and selective dispositions. Management is comfortable running leverage between 5x and 6x on a forward basis to support the acquisition pipeline. While restaurants represent 21% of the portfolio and have higher turnover, demand for backfilling these spaces remains high. Management noted no significant negative trends in food categories, attributing failures to undercapitalized operators rather than macro shifts. Unanchored centers are pursued selectively in known markets where higher rent growth can offset the lack of a traditional grocery anchor. Management remains 'portfolio agnostic' as long as the asset fits the essential retail criteria and meets risk-adjusted IRR targets.

DOWNERS GROVE, Ill., August 03, 2026--(BUSINESS WIRE)--InvenTrust Properties Corp. ("InvenTrust" or the "Company") (NYSE: IVT) today reported financial and operating results for the quarter ended June 30, 2026. For the three months ended June 30, 2026 and 2025, the Company reported Net Income of $1.4 million, or $0.02 per diluted share, and $95.9 million, or $1.23 per diluted share, respectively. For the six months ended June 30, 2026 and 2025, the Company reported Net Income of $6.6 million, or $0.08 per diluted share, and $102.7 million, or $1.31 per diluted share, respectively. Second Quarter 2026 Highlights: Nareit FFO of $0.50 per diluted share Core FFO of $0.48 per diluted share Same Property Net Operating Income ("NOI") growth of 4.1% Leased Occupancy as of June 30, 2026 of 96.2% Executed 76 leases totaling approximately 464,000 square feet of GLA, of which 377,000 square feet was executed at a blended comparable lease spread of 8.5% Acquired three properties, totaling approximately 286,000 square feet, for an aggregate purchase price of $132.6 million Completed the private placement of $250.0 million of senior notes "Our second quarter results reflect the strength of the InvenTrust platform, with Same Property NOI growth accelerating to 4.1% and healthy leasing activity across our markets," said DJ Busch, President and Chief Executive Officer of InvenTrust. "We also had a very productive first half of 2026 on the acquisition front, closing on five properties for approximately $252 million and expanding our presence in core and complementary emerging Sun Belt markets. These investments enhance the quality of the portfolio, deepen our exposure to attractive growth markets, and support our ability to create long-term value for our shareholders." NET INCOME Net Income for the three months ended June 30, 2026 was $1.4 million, or $0.02 per diluted share, compared to $95.9 million, or $1.23 per diluted share, for the same period in 2025. Net Income for the six months ended June 30, 2026 was $6.6 million, or $0.08 per diluted share, compared to $102.7 million, or $1.31 per diluted share, for the same period in 2025. NAREIT FFO Nareit FFO for the three months ended June 30, 2026 was $39.8 million, or $0.50 per diluted share, compared to $35.5 million, or $0.45 per diluted share, for the same period in 2025. Nareit FFO for the six months ended June 30, 2026 was $81.1 million, or $1.03 per diluted share, compared to $72.6 million, or $0.93 per diluted share, for the same period in 2025. CORE FFO Core FFO for the three months ended June 30, 2026 was $38.1 million, or $0.48 per diluted share, compared to $34.3 million, or $0.44 per diluted share, for the same period in 2025. Core FFO for the six months ended June 30, 2026 was $76.9 million, or $0.98 per diluted share, compared to $70.6 million, or $0.90 per diluted share, for the same period in 2025. SAME PROPERTY NOI Same Property NOI for the three months ended June 30, 2026 was $48.5 million, a 4.1% increase, compared to the same period in 2025. Same Property NOI for the six months ended June 30, 2026 was $97.2 million, a 3.3% increase, compared to the same period in 2025. DIVIDEND For the quarter ended June 30, 2026, the Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on July 15, 2026. PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY As of June 30, 2026, the Company’s Leased Occupancy was 96.2%. Blended re-leasing spreads for comparable new and renewal leases signed in the second quarter were 8.5%. Annualized Base Rent ("ABR") per square foot ("PSF") as of June 30, 2026 was $20.94, an increase of 3.8% compared to the same period in 2025. Anchor Tenant ABR PSF was $13.22 and Small Shop Tenant ABR PSF was $34.26 as of June 30, 2026. During the second quarter, the Company completed the following acquisitions using available liquidity: LIQUIDITY AND CAPITAL STRUCTURE On June 29, 2026, the Company issued $250 million of senior notes in a private placement, consisting of $50 million at 5.09% due June 29, 2029, $100 million at 5.32% due June 29, 2031, and $100 million at 5.60% due June 29, 2033. InvenTrust had $489.3 million of total liquidity, as of June 30, 2026, comprised of $64.3 million of cash and cash equivalents and $425.0 million of availability under its Revolving Credit Facility. InvenTrust has no debt maturing in 2026 and $26.0 million of debt maturing in 2027. The Company's weighted average interest rate on its debt as of June 30, 2026 was 4.36% and the weighted average remaining term was 4.3 years. SUBSEQUENT EVENTS On July 1, 2026, the Company acquired New Garden Crossing, a 169,000 square foot community center anchored by Lowes Foods, in Greensboro, North Carolina, for a gross acquisition price of $34.0 million. The Company completed the transaction using available liquidity. 2026 GUIDANCE InvenTrust has updated its 2026 guidance, as summarized in the following table. The following table reconciles the range of the Company's 2026 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share: This earnings release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results. EARNINGS CALL INFORMATION A webcast replay will be available shortly after the conclusion of the presentation using the webcast link above. NON-GAAP FINANCIAL MEASURES This Earnings Release includes certain financial measures and other terms that are not in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") that management believes are helpful in understanding the Company’s 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. Reconciliations of the Company’s non-GAAP measures to the most directly comparable GAAP financial 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, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market-lease intangibles, amortization of lease incentives, and straight-line rent adjustments ("GAAP Rent Adjustments"). The Company bifurcates NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet the Company’s Same Property criteria. NOI from other investment properties includes adjustments for the Company’s captive insurance company. NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE FFO The Company’s non-GAAP measure of Nareit Funds from Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core Funds From Operations ("Core FFO") is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s ongoing operating performance. EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA) and ADJUSTED EBITDA The Company’s non-GAAP measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization. Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance. NET DEBT-TO-ADJUSTED EBITDA Net Debt-to-Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. About InvenTrust Properties Corp. InvenTrust Properties Corp. (the "Company," "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.inventrustproperties.com. The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under GAAP. The information provided in this earnings release is unaudited and includes non-GAAP measures (as discussed herein), and there can be no assurance that the information will not vary from the final information in the Company's Form 10-Q for the quarter ended June 30, 2026. The Company may, but assumes no obligation to, update information in this earnings release. Forward-Looking Statements Disclaimer Forward-Looking Statements in this earnings release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should," "could," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; 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, including the effects of tariffs and changes in global trade policies, on the overall state of the economy and on our and our tenants' business and operations 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 management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company'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 SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law. IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this earnings release. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements. Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account, x.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties), as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on inventrustproperties.com/investor-relations and on the Company’s social media channels. View source version on businesswire.com: https://www.businesswire.com/news/home/20260803032455/en/ Contacts Dan LombardoVice President of Investor [email protected]

DOWNERS GROVE, Ill., June 26, 2026--(BUSINESS WIRE)--InvenTrust Properties Corp. ("InvenTrust" or the "Company") (NYSE: IVT) will report its second quarter 2026 earnings results on August 3, 2026, after the market closes. The Company’s earnings release and any supplemental information will be posted on the Investor Relations section of the Company’s website – www.inventrustproperties.com/investor-relations/. InvenTrust will host an earnings conference call to discuss the Company’s results and business highlights on August 4, 2026, at 10:00 a.m. ET. An archive of the webcast will be available on the Company’s website. Second Quarter 2026 Earnings Conference Call About InvenTrust Properties Corp. InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.inventrustproperties.com. Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account (https://x.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company's business to our colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on www.inventrustproperties.com/investor-relations and on the Company’s social media channels. View source version on businesswire.com: https://www.businesswire.com/news/home/20260626685037/en/ Contacts For Additional Information Investor Relations Dan LombardoVice President of Investor [email protected]

DOWNERS GROVE, Ill., June 15, 2026--(BUSINESS WIRE)--InvenTrust Properties Corp. (NYSE: IVT) announced today that its Board of Directors declared a second quarter 2026 cash distribution of $0.25 per share of common stock. This distribution will be paid on or about July 15, 2026, to stockholders of record as of June 30, 2026. About InvenTrust Properties Corp. InvenTrust Properties Corp. (the "Company," "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.inventrustproperties.com. Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account (https://x.com/inventrustprop); and the InvenTrust LinkedIn account (linkedin.com/company/inventrustproperties) as a means of disclosing information about the Company's business to our colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on www.inventrustproperties.com/investor-relations and on the Company’s social media channels. View source version on businesswire.com: https://www.businesswire.com/news/home/20260615666726/en/ Contacts Investor RelationsDan LombardoVice President of Investor [email protected]

Q1 results: Same‑Property NOI rose 2.6% and Nareit FFO was $0.53 per share (up 10.4% YoY), and management raised full‑year guidance to Nareit FFO $2.00–$2.06 and Core FFO $1.92–$1.96, while declaring a $0.25 quarterly dividend (up 5%). Leasing and pipeline: Leasing stayed healthy (64 leases, ~329k sq ft; blended spreads 10.5%) with portfolio occupancy at 96.4%, and a mostly small‑shop SNO pipeline (≈80%) that management expects ~90% to be open by year‑end, driving back‑half NOI acceleration. Capital deployment and balance sheet: InvenTrust has completed $123M of its $300M investment target with $167M under contract, is underwriting initial yields in the low‑sixes (targeting IRRs in the sevens), finished the quarter with $346M liquidity, and plans a $250M private note placement (avg rate ~5.4%) to fund growth. Interested in InvenTrust Properties Corp.? Here are five stocks we like better. InvenTrust Properties (NYSE:IVT) reported what President and CEO DJ Busch described as “steady operating performance across the portfolio” in the company’s first-quarter 2026 earnings call, highlighted by Same-Property NOI growth of 2.6% and year-over-year increases in FFO per share metrics. Management also raised full-year 2026 FFO per share guidance, citing improved visibility into leasing and acquisitions. Busch said the quarter reflected “meaningful embedded growth from annual escalators, healthy cash-on-cash leasing spreads, and our SNO pipeline,” adding that those factors support expectations for Same-Property NOI growth to build in the back half of the year. → Palantir Is Down 30%: Noise? Or a Signal to Accumulate? EVP, CFO, and Treasurer Michael Phillips said first-quarter Same-Property NOI totaled $48.7 million, up 2.6% from the first quarter of 2025. Phillips detailed the components behind the increase: Embedded rent escalations contributed approximately 170 basis points. Positive leasing spreads added roughly 90 basis points. Redevelopment activity added about 70 basis points. Percentage rents and specialty income contributed 50 basis points. Offsets included a 40 basis point headwind from bad debt and a 60 basis point impact from what Phillips called an “expected temporary” occupancy change. Nareit FFO for the quarter was $41.3 million, or $0.53 per diluted share, a 10.4% increase from the first quarter of 2025, Phillips said. Core FFO rose 6.5% to $0.49 per share year-over-year, driven by higher Same-Property NOI and net acquisition activity, partially offset by interest expense. Phillips also noted the company recognized about $800,000 of lease termination fee income during the quarter, which he said was anticipated and incorporated into initial guidance. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss EVP and COO Christy David said leasing activity “remained healthy” during the quarter. The company executed 64 leases covering approximately 329,000 square feet. Comparable blended spreads were 10.5%, with new leases at 19.8% and renewals at 9.9%. David said annualized base rent per occupied square foot increased 2.1% year-over-year to $20.63. At quarter end, lease occupancy was 96.4%, including 98.5% for anchors and 92.9% for small shops. → Did Qualcomm Just Put Apple in Check? Management attributed the quarter’s expected short-term occupancy change primarily to seven larger-format small shop spaces. David said six of the seven spaces were already “either signed or under LOI,” and that prospective rents for new opportunities and returning spaces were running about 15% to 20% higher. During Q&A, David added there was “nothing systematic or thematic” about the small shop departures, noting the spaces were “all over the board” by use type and geography, and averaged around 5,000 square feet on a blended basis. David also discussed vacancies and tenant changes, including five anchor vacancies: three tied to a redevelopment project at Gateway Market Center in Florida, one at a California asset in the disposition pipeline, and one in Texas with an LOI being negotiated. She also noted Painted Tree Marketplace closed stores across the U.S., including one InvenTrust location in Glen Allen, Virginia, representing roughly 30,000 square feet or about 20 basis points of ABR, and said the company was “well-positioned to backfill this space.” Looking ahead, David said the lease-to-economic occupancy spread ended the quarter at 130 basis points, with 80% attributable to small shop space “that is yet to commence,” providing what she called a “clear line of sight into revenue conversion.” She said the first quarter of 2026 was one of InvenTrust’s highest quarters of new rent commencement since its listing. On the anticipated back-half NOI acceleration, Phillips said the signed-not-open (SNO) pipeline is mostly small shop, with 80% in that category, and he expects 90% of it to come online by year-end, weighted to the third and fourth quarters. Busch added the company expects the second quarter to be “very similar to the first quarter,” with acceleration in the third quarter but “mostly in the fourth quarter,” and said the SNO pipeline should increase into the back half of the year, positioning the company heading into 2027. Busch emphasized the company’s Sun Belt focus—“nearly 100%” of the footprint—with approximately 89% grocery-anchored exposure. He said InvenTrust continues investing in core markets while expanding a “corridor strategy into complementary secondary Sun Belt cities” to broaden acquisition sourcing and the opportunity set for capital deployment. During the quarter, InvenTrust completed $123 million toward its $300 million net investment guidance for the year, Busch said, and had another $167 million of additional deals “awarded or under contract,” with other opportunities in the pipeline. David highlighted two acquisitions completed during the quarter: Marketplace at Hudson Station in Phoenix, Arizona, a neighborhood center anchored by EōS Fitness and shadow anchored by a Fry’s Marketplace. Nashville West, a power center located about 15 minutes from downtown Nashville, shadow anchored by Target, Costco, and Publix. Asked about timing, Busch said the company hopes most of the $167 million under contract or awarded will close in the second quarter, “maybe leaking a little bit into the third quarter.” He also said InvenTrust expects some selective asset sales, but only if the acquisition pipeline remains “actionable.” On underwriting, Busch said the company has continued to find deals with initial yields “in that low six range or even mid-sixes,” producing “healthy IRRs comfortably in the sevens.” He said the higher acquisition cadence helped support the company’s decision to raise FFO per share guidance. Discussing Nashville West as an entry into a new market, David called it a “dominant power center” and said the company sees an ability to raise rent and do some remerchandising over time. She said InvenTrust has “a few other assets in the pipeline” in Nashville, though nothing under LOI or near execution, and said she hopes the company can eventually build to three or four assets in the market to operate efficiently. Busch also pointed to mark-to-market opportunities in acquired properties, saying InvenTrust typically only gets access to a certain number of leases per year. He said the average annual escalators at acquisitions made since 2021 (and “even 2024”) are about half what the company has been able to achieve elsewhere, citing around 3% annual escalators on new deals versus about 1.5% in-place escalators, which he characterized as “a tremendous amount of opportunity.” Busch said InvenTrust continues to pursue selective small-scale redevelopments aimed at repositioning anchors, remerchandising space, and adding small shop or outparcel space where demand is strong. He said the company expects redevelopment to contribute approximately 90 to 100 basis points of Same-Property NOI growth in 2026. Asked about the redevelopment pipeline, Busch said the company completed some projects early and has “a ton of things” in progress at varying stages, including entitlement work and active construction. He added that some larger redevelopment opportunities over the next couple of years are expected to center on grocery rebuilds or relocations within existing centers, which he called “the best bang for our buck.” On outparcels, David explained that InvenTrust looks to control as much of a property as possible, “especially the front door of the property.” Addressing an outparcel purchase in Atlanta, she said it was not a redevelopment play by itself, and noted it currently has a new lease with an urgent care tenant that complements existing uses. She added it could create the ability to add an additional outparcel in the future if demand warrants, and said the company consistently evaluates outparcel opportunities across the portfolio to improve control, often tied to OEAs and REAs. Phillips said the company ended the quarter with total liquidity of $346 million, including $27 million of cash and $319 million available under its revolving credit facility. The weighted average interest rate was 4.1%, with a weighted average term to maturity of four years. Net leverage finished the quarter at 29.7%, and net debt to adjusted EBITDA was 5.2x on a trailing 12-month basis, Phillips said. Subsequent to quarter end, Phillips said the company signed a definitive note purchase agreement for a $250 million private placement of senior unsecured notes, structured in three tranches: $50 million due in 2029, $100 million due in 2031, and $100 million due in 2033. The notes have a weighted average tenor of about 5.4 years and a weighted average fixed interest rate of 5.4%, with funding expected June 29, 2026, subject to customary closing conditions. The company also declared a quarterly dividend of $0.25 per share, which Phillips said was a 5% increase over last year. On guidance, Phillips said InvenTrust reaffirmed its full-year Same-Property NOI growth guidance range of 3.25% to 4.25%. The company raised full-year 2026 Nareit FFO guidance to $2.00 to $2.06 per share, and raised Core FFO guidance to $1.92 to $1.96 per share. Phillips said the Nareit FFO increase was “primarily driven by mark-to-market lease adjustments related to our recent acquisitions.” InvenTrust Properties Corp is a self‐managed real estate investment trust specializing in suburban and urban retail real estate. Headquartered in Downers Grove, Illinois, the company focuses on the acquisition, leasing and management of open‐air shopping centers that serve everyday consumer needs. The company’s portfolio is concentrated in neighborhood and community retail assets anchored by grocery stores, pharmacies and national service tenants. InvenTrust engages in active leasing strategies, property management services and selective development and redevelopment initiatives designed to enhance long‐term cash flow and tenant mix. InvenTrust Properties was created in 2019 through the spin‐off of its predecessor, Inland Real Estate Investment Corp, and adopted its current name upon separation. The article "InvenTrust Properties Q1 Earnings Call Highlights" was originally published by MarketBeat.