Inventrust Properties (IVT) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full year 2024 results, with Core FFO per share up 5% year-over-year and net income for 2024 at $13.7M ($0.19/share), up from $5.3M ($0.08/share) in 2023.

• Portfolio performance driven by increased occupancy, solid leasing spreads, disciplined expense management, and strategic capital allocation.

• Leased occupancy reached 97.4% at year-end, with anchor occupancy at 99.8% and small shop occupancy at 93.3%.

• Sun Belt markets continue to benefit from robust population and job growth, supporting demand for retail assets.

• Board approved a 5% increase in the annualized cash dividend to $0.95 for 2025, effective April.

Financial highlights

• Same-Property NOI for 2024 reached $162.6 million, up 5% over 2023, with Q4 Same-Property NOI up 7.1% year-over-year.

• Nareit FFO totaled $126.7 million ($1.78 per diluted share), up 4.7% year-over-year; Core FFO rose 4.8% to $1.73 per share.

• Q4 blended re-leasing spreads were 15.5%; full year blended re-leasing spreads were 11.3%.

• Total portfolio ABR ended 2024 at $20.07 per sq ft, up 3% from 2023.

• Q4 dividend was $0.2263/share; new annual rate for 2025 is $0.9508/share, with the next quarterly dividend at $0.2377/share.

Outlook and guidance

• 2025 Same-Property NOI growth guidance set at 3.5%-4.5%.

• 2025 Nareit FFO guidance is $1.83-$1.89 per share; Core FFO guidance is $1.79-$1.83 per share.

• Net acquisition assumption for 2025 is $100 million, with potential for higher gross activity depending on California dispositions.

• Retention rate expected to normalize to around 90% in 2025 due to known tenant exits.

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