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Mar 31, 2022
InvenTrust Q1 2022 Earnings Report
InvenTrust reported strong operating results and implemented corporate programs.
Key Takeaways
InvenTrust Properties Corp. reported a net income of $9.5 million for the first quarter of 2022, a significant increase compared to the net loss in the same period last year. The company also executed numerous leases, made strategic property acquisitions, and established key corporate programs, including an ATM equity offering and a share repurchase program.
NAREIT FFO was $0.47 per diluted share for the quarter.
Core FFO was $0.43 per diluted share for the quarter.
Pro Rata Same Property Net Operating Income (NOI) increased by 12.2% for the three-month period.
Leased Occupancy as of March 31, 2022, reached 94.4%.
InvenTrust
InvenTrust
Forward Guidance
InvenTrust provided updated guidance for 2022, including Net Income per diluted share, NAREIT FFO per diluted share, Core FFO per diluted share, and SPNOI Growth.
Positive Outlook
- Net Income per diluted share is projected to be $0.18 - $0.24.
- NAREIT FFO per diluted share is expected to be $1.58 - $1.64.
- Core FFO per diluted share is anticipated to be $1.51 - $1.56.
- Same Property NOI (SPNOI) Growth is forecasted to be 3.75% - 5.25%.
- Net investment activity is projected to be approximately $210,000,000.
Challenges Ahead
- General and administrative expenses are estimated to be $33,500,000 - $34,500,000.
- Interest expense, net, is expected to be $25,500,000 - $26,500,000.
- Guidance excludes potential gains or losses on asset sales and related GAAP adjustments.
- Guidance excludes items impacting NAREIT FFO comparability, such as loss on debt extinguishment and non-routine items.
- Anticipated tenant moves from cash to accrual accounting may cause volatility in straight-line rental income adjustments.