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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