(b) (758) (2,612) (1,033) (1,821)
Unconsolidated
joint venture
adjusting
items, net
(c) -- 80 -- (92)
---------- ---------- ---------- ----------
Core FFO
Applicable
to Common
Shares and
Dilutive
Securities $ 33,547 $ 27,793 $ 122,769 $ 111,858
========== ========== ========== ==========
Weighted average
common shares
outstanding - basic 77,222,248 67,563,908 70,394,448 67,531,898
Dilutive effect of
unvested restricted
shares (d) 792,224 527,004 616,120 281,282
---------- ---------- ---------- ----------
Weighted average
common shares
outstanding -
diluted 78,014,472 68,090,912 71,010,568 67,813,180
Net income per
diluted share $ 0.13 $ 0.04 $ 0.19 $ 0.08
Nareit FFO per
diluted share $ 0.45 $ 0.45 $ 1.78 $ 1.70
Core FFO per
diluted share $ 0.43 $ 0.41 $ 1.73 $ 1.65
(a) Reflects the Company's share of adjustments for IAGM's Nareit FFO on the
same basis as InvenTrust.
(b) Reflects items which are not pertinent to measuring on-going operating
performance, such as miscellaneous and settlement income, and basis
difference recognition arising from acquiring the four remaining
properties of IAGM in 2023.
(c) Reflects the Company's share of adjustments for IAGM's Core FFO on the
same basis as InvenTrust.
(d) For purposes of calculating non-GAAP per share metrics, the Company
applies the same denominator used in calculating diluted earnings per
share in accordance with GAAP.
Reconciliation of Non-GAAP Measures, continued
In thousands
EBITDA and Adjusted EBITDA
The following table presents a reconciliation of Net Income to
EBITDA and Adjusted EBITDA, and provides additional information
related to its operations:
Three Months Ended Year Ended
December 31 December 31
------------------ ----------------------
2024 2023 2024 2023
------ ------ ------- -------
Net income $ 9,799 $ 2,890 $ 13,658 $ 5,269
Interest expense,
net 8,356 9,697 37,100 38,138
Income tax expense 140 129 543 517
Depreciation and
amortization 28,856 28,091 113,948 113,430
Unconsolidated
joint venture
adjustments (a) -- -- -- 417
------ ------ ------- -------
EBITDA 47,151 40,807 165,249 157,771
Impairment of
real estate
assets -- -- 3,854 --
Gain on sale of
investment
properties,
net (3,523) -- (3,857) (2,691)
Amortization of
market-lease
intangibles
and
inducements,
net (740) (626) (2,804) (3,343)
Straight-line
rent
adjustments,
net (748) (857) (3,400) (3,349)
Non-operating
income and
expense, net
(b) (758) (2,612) (1,033) (1,821)
Unconsolidated
joint venture
adjusting
items, net
(c) -- 80 -- (108)
------ ------ ------- -------
Adjusted
EBITDA $41,382 $36,792 $158,009 $146,459
====== ====== ======= =======
(a) Reflects the Company's share of adjustments for IAGM's EBITDA on the
same basis as InvenTrust.
(b) Reflects items which are not pertinent to measuring on-going operating
performance, such as miscellaneous and settlement income, and basis
difference recognition arising from acquiring the four remaining
properties of IAGM in 2023.
(c) Reflects the Company's share of adjustments for IAGM's Adjusted EBITDA
on the same basis as InvenTrust.
Financial Leverage Ratios
Dollars in thousands
The following table presents the calculation of net debt and Net
Debt-to-Adjusted EBITDA:
As of December 31
---------------------------
2024 2023
-------- --------
Net Debt:
Outstanding Debt, net $ 740,415 $ 814,568
Less: Cash and cash equivalents (87,395) (96,385)
-------- --------
Net Debt $ 653,020 $ 718,183
======== ========
Net Debt-to-Adjusted EBITDA (trailing 12
months):
Net Debt $ 653,020 $ 718,183
Adjusted EBITDA 158,009 146,459
-------- --------
Net Debt-to-Adjusted EBITDA 4.1x 4.9x
About InvenTrust Properties Corp.
InvenTrust Properties Corp. (the "Company," "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. For more information, please visit www.inventrustproperties.com.
The enclosed information should be read in conjunction with the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including, but not limited to, the Company's Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under GAAP. The information provided in this press release is unaudited and includes non-GAAP measures (as discussed herein), and there can be no assurance that the information will not vary from the final information in the Company's Form 10-K for the year-ended December 31, 2024. IVT may, but assumes no obligation to, update information in this press release.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this press release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of InvenTrust's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "may," "should, " "could," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "target," "project," "predict," "potential," "continue," "likely," "will," "forecast," "outlook," "guidance," "suggest," and variations of these terms and similar expressions, or the negative of these terms or similar expressions.
The following factors, among others, could cause actual results, financial position and timing of certain events to differ materially from those described in the forward-looking statements: interest rate movements; local, regional, national and global economic performance; the impact of inflation on the Company and on its tenants; competitive factors; the impact of e-commerce on the retail industry; future retailer store closings; retailer consolidation; retailers reducing store size; retailer bankruptcies; government policy changes; and any material market changes and trends that could affect the Company's business strategy. For further discussion of factors that could materially affect the outcome of management's forward-looking statements and IVT's future results and financial condition, see the Risk Factors included in the Company's most recent Annual Report on Form 10-K, as updated by any subsequent Quarterly Report on Form 10-Q, in each case as filed with the SEC. InvenTrust intends that such forward-looking statements be subject to the safe harbors created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, except as may be required by applicable law.
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