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Jun 30, 2024
InvenTrust Q2 2024 Earnings Report
InvenTrust reported second quarter results for 2024.
Key Takeaways
InvenTrust Properties Corp. reported a net income of $1.5 million, or $0.02 per diluted share, Nareit FFO of $0.44 per diluted share, Core FFO of $0.43 per diluted share and Same Property NOI growth of 2.6%. The company also increased its Same Property NOI guidance by 75 basis points at the midpoint.
Nareit FFO of $0.44 per diluted share
Core FFO of $0.43 per diluted share
Same Property Net Operating Income (“NOI”) growth of 2.6%
Leased Occupancy as of June 30, 2024 of 96.4%
Forward Guidance
InvenTrust has updated its 2024 guidance.
Positive Outlook
- Net Income per diluted share: $0.08—$0.12
- Nareit FFO per diluted share: $1.73—$1.77
- Core FFO per diluted share: $1.69—$1.73
- Same Property NOI (“SPNOI”) Growth: 3.50%—4.50%
- Net investment activity: ~$75,000
Challenges Ahead
- General and administrative: $33,000—$34,250
- Interest expense, net: $35,750—$36,250
- The Company’s guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and depreciation, amortization, and straight-line rent adjustments related to acquisitions.
- The Company’s guidance includes an expectation of uncollectibility, reflected as 25-75 basis points of expected total revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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