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Jun 30, 2022
InvenTrust Q2 2022 Earnings Report
InvenTrust reported strong second quarter results driven by solid leasing activity and execution of business objectives.
Key Takeaways
InvenTrust Properties Corp. reported a significant increase in net income for the second quarter of 2022, with $41.9 million, or $0.62 per diluted share, compared to $1.5 million, or $0.02 per diluted share, for the same period in 2021. The company's Pro Rata Same Property NOI increased by 7.7%, and leased occupancy reached 95.4%.
NAREIT FFO for the quarter was $0.45 per diluted share.
Core FFO for the quarter was $0.42 per diluted share.
Pro Rata Same Property Net Operating Income (NOI) increased 7.7% for the three-month period.
Leased Occupancy as of June 30, 2022, was 95.4%.
InvenTrust
InvenTrust
Forward Guidance
InvenTrust has updated its 2022 guidance.
Positive Outlook
- Net Income per diluted share is expected to be $0.74 - $0.78.
- NAREIT FFO per diluted share is expected to be $1.61 - $1.65.
- Core FFO per diluted share is expected to be $1.52 - $1.56.
- Same Property NOI (SPNOI) Growth is expected to be 4.00% - 5.00%.
- Net investment activity is expected to be ~$210,000.
Challenges Ahead
- General and administrative expenses are expected to be $32,750 - $33,750.
- Interest expense, net is expected to be $24,500 - $25,500.
- Guidance excludes potential gains or losses on asset sales, and any related GAAP adjustments resulting from these transactions.
- Guidance excludes any items that impact NAREIT FFO comparability, including loss on debt extinguishment, non-routine or one-time items or transaction expenses.
- Guidance includes an expectation that some tenants will move from the cash basis of accounting to the accrual basis of accounting which can result in volatility in straight-line rental income adjustments.