On November 1, 2023, InvenTrust Properties Corp (IVT, Financial) released its financial and operating results for the period ended September 30, 2023. The company reported a net loss of $0.8 million, or $0.01 per diluted share, for Q3 2023, compared to a net income of $0.9 million, or $0.01 per diluted share, for the same period in 2022.
Financial Highlights
For the three months ended September 30, 2023, InvenTrust Properties Corp (IVT, Financial) reported a NAREIT FFO and Core FFO of $0.41 per diluted share. The company also reported a Same Property Net Operating Income (NOI) growth of 5.3%. As of September 30, 2023, the company's leased occupancy stood at 95.1%. During the quarter, the company executed 74 leases totaling approximately 273,000 square feet of GLA, of which 168,000 square feet was executed at a blended comparable lease spread of 9.3%.
Company's Commentary
InvenTrust’s third quarter operating results continue to reflect robust tenant demand across the portfolio, despite recent pockets of modest retail disruption. We believe this unprecedented demand is undoubtedly due to the high-quality nature of our properties and the sustained demographic drivers within our Sun Belt markets,” stated Daniel (DJ) Busch, President and CEO of InvenTrust. “We also remain committed to our low leverage business model, which affords us the ability to capitalize when appropriate and grow cash flow into the future.”
Financial Performance Analysis
Despite the net loss reported for Q3 2023, InvenTrust Properties Corp (IVT, Financial) demonstrated a strong financial performance with a 5.3% growth in Same Property NOI and a NAREIT FFO and Core FFO of $0.41 per diluted share. The company's robust tenant demand and high-quality properties have contributed to its financial achievements during the quarter.
2023 Guidance
InvenTrust Properties Corp (IVT, Financial) has updated its 2023 guidance. The company expects a net income per diluted share of $0.05 to $0.08, a NAREIT FFO per diluted share of $1.66 to $1.69, and a Core FFO per diluted share of $1.63 to $1.65. The company also anticipates a Same Property NOI (SPNOI) Growth of 4.25% to 5.00%.
Explore the complete 8-K earnings release (here) from InvenTrust Properties Corp for further details.
