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Dec 31, 2022
InvenTrust Q4 2022 Earnings Report
InvenTrust reported results for the fourth quarter and full year ended December 31, 2022, and provided guidance for 2023.
Key Takeaways
InvenTrust Properties Corp. reported a net loss of $0.1 million for the fourth quarter of 2022. Leased occupancy reached 96.1%, a sequential increase of 50 basis points. The company also acquired Eastfield Village and Stone Ridge Market during the quarter.
NAREIT FFO for the fourth quarter was $0.35 per diluted share.
Core FFO for the fourth quarter was $0.34 per diluted share.
Pro Rata Same Property NOI growth was 0.4% for the fourth quarter.
Leased Occupancy as of December 31, 2022, was 96.1%, a sequential increase of 50 basis points.
Forward Guidance
InvenTrust provided initial 2023 guidance, including net income per diluted share, NAREIT FFO per diluted share, Core FFO per diluted share, and Same Property NOI growth.
Positive Outlook
- Net Income per diluted share is projected to be between $0.23 and $0.28.
- NAREIT FFO per diluted share is expected to be between $1.64 and $1.69.
- Core FFO per diluted share is anticipated to be between $1.59 and $1.64.
- Same Property NOI (SPNOI) Growth is projected to be between 3.50% and 5.00%.
- Net investment activity is expected to be around $150,000,000.
Challenges Ahead
- Guidance excludes effects from potential acquisitions or dispositions.
- Guidance excludes any items that impact NAREIT FFO comparability, including loss on debt extinguishment and non-routine items.
- 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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