The following is a summary of the InvenTrust Properties Corp. (IVT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• InvenTrust ended 2023 with Q4 NAREIT FFO of $30.8M or $0.45 per share, with full-year FFO at $115.5M or $1.70 per share, driven largely by NOI growth and acquisition.

• The company reported same-property NOI growth of 6.4% QoQ, with full-year same-property NOI growth at 4.9%.

• In Q4 2023, the company declared a dividend of $0.215 per share. From April 2024, the dividend will increase by 5% to an annualized rate of $0.905 per share.

• The business decreased variable rate debt exposure to 9% by paying off $20M of debt and raised $5.4M through share issues.

• InvenTrust posted blended comparable lease spreads of 13.9% for the quarter, with new leases and renewals achieving 34% and 8% respectively.

Business Progress:

• Leasing activity remained strong in 2023, with the most deals executed in Q4 since 2019.

• Occupancy rates reached all-time highs of over 96%, due in part to strong performance by small shop tenants, whose occupancy rates peaked at 92.5%.

• The company's predictions for 2024 suggest ongoing business trends will offset possible impacts from retail bankruptcies.

• Expansion into Phoenix MSA began with the acquisition of a grocery-anchored center in Chandler, Arizona.

• In Q4 2023, 86 leases were signed, including two with PGA Superstore and Nordstrom Rack. In the forthcoming year, the company plans to lease the remaining anchor spaces in their portfolio.

More details: InvenTrust Properties IR

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