Inventrust Properties (IVT) Q1 2026 earnings summary

Executive summary

• Q1 2026 results showed steady operating performance, with Same-Property NOI up 2.6% year-over-year and Core FFO and Nareit FFO per share increasing to $0.49 and $0.53, respectively, from Q1 2025.

• Portfolio is nearly 100% Sun Belt, 89% grocery-anchored, focused on essential goods in high-growth trade areas, benefiting from demographic tailwinds and migration trends.

• Acquisition activity was robust, with $123 million completed and $167 million under contract or awarded, including entry into the Nashville market and continued expansion in core and secondary Sun Belt cities.

• Dividend growth remains strong, with a 5% annual increase and a $1.00 annualized dividend rate, representing 50% of Core FFO.

• Lease income, net, rose to $82.1 million for Q1 2026, up $8.7 million year-over-year, driven by acquisitions and higher base rent and recoveries.

Financial highlights

• Same-Property NOI for Q1 2026 was $48.7 million, up 2.6% year-over-year, driven by embedded rent escalations, positive leasing spreads, and redevelopment activity.

• Nareit FFO totaled $41.3 million or $0.53 per diluted share, a 10.4% increase from Q1 2025.

• Core FFO per diluted share was $0.49, up from $0.46 year-over-year.

• Leased occupancy reached 96.4%, with anchor tenant occupancy at 98.5% and small shop occupancy at 92.9%.

• Total liquidity stood at $346 million as of March 31, 2026, with $27 million in cash and $319 million available on the revolver.

Outlook and guidance

• Full-year Same-Property NOI growth guidance reaffirmed at 3.25%-4.25%.

• Nareit FFO per share guidance raised to $2.00-$2.06, up 7.4% at midpoint versus 2025, driven by mark-to-market lease adjustments from acquisitions.

• Core FFO guidance increased to $1.92-$1.96 per share, up 6% at midpoint.

• Net investment activity for 2026 is guided at $300 million.

• Guidance excludes gains/losses on dispositions and certain non-operating items.