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Sep 30, 2024
InvenTrust Q3 2024 Earnings Report
InvenTrust reported solid financial results for Q3 2024, highlighted by Same Property NOI growth and increased occupancy.
Key Takeaways
InvenTrust Properties Corp. reported a net loss of $0.5 million for the third quarter of 2024. However, the company saw growth in Nareit FFO, Core FFO, and Same Property NOI. They also raised approximately $250 million in new capital through an equity issuance.
Nareit FFO was $0.45 per diluted share.
Core FFO was $0.44 per diluted share.
Same Property Net Operating Income (NOI) grew by 6.5%.
Leased Occupancy as of September 30, 2024, was 97.0%.
Forward Guidance
InvenTrust has updated its 2024 guidance.
Positive Outlook
- Net Income per diluted share: $0.09—$0.12
- Nareit FFO per diluted share: $1.74—$1.77
- Core FFO per diluted share: $1.70—$1.73
- Same Property NOI (“SPNOI”) Growth: 4.25%—5.00%
- General and administrative: $33,000—$34,000
Challenges Ahead
- Interest expense, net: $34,500—$35,000
- Net investment activity: ~$159,000 - $215,000
- 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 0-50 basis points of expected total revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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