InvenTrust Properties Corp. Reports 2026 Third Quarter Results
DOWNERS GROVE, Ill.--( BUSINESS WIRE)--InvenTrust Properties Corp. (“InvenTrust” or the “Company”) (NYSE: IVT) today reported financial and operating results for the quarter ended September 30, 2026. For the three months ended September 30, 2026 and 2025, the Company reported Net Income of $19.4 million, or $0.25 per diluted share, and $6.0 million, or $0.08 per diluted share, respectively. For the nine months ended September 30, 2026 and 2025, the Company reported Net Income of $26.0 million, or $0.33 per diluted share, and $108.8 million, or $1.39 per diluted share, respectively.
Third Quarter 2026 Highlights:
“InvenTrust made meaningful progress during the quarter, converting signed leases into rent-paying occupancy and cash flow,” said DJ Busch, President and Chief Executive Officer of InvenTrust. “Our internal growth drivers, together with the earnings contribution from recent acquisitions, helped drive year-to-date Nareit FFO per-share growth of approximately 10%. As we look toward 2027, our signed-but-not-open leases, redevelopment activity and acquisition opportunities provide multiple avenues to grow the business and create long-term shareholder value.”
NET INCOME
NAREIT FFO
CORE FFO
SAME PROPERTY NOI
DIVIDEND
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
LIQUIDITY AND CAPITAL STRUCTURE
2026 GUIDANCE
InvenTrust has updated its 2026 guidance, as summarized in the following table.
(Unaudited, dollars in thousands, except per share amounts)
Current (1) (2)
Previous
Net Income per diluted share
$0.31
—
$0.33
$0.12
—
$0.18
Nareit FFO per diluted share
$2.05
—
$2.07
$2.01
—
$2.07
Core FFO per diluted share (3)
$1.94
—
$1.96
$1.92
—
$1.96
Same Property NOI (“SPNOI”) Growth
3.75%
—
4.25%
3.25%
—
4.25%
General and administrative
$35,750
—
$36,750
$35,750
—
$36,750
Interest expense, net (4)
$44,000
—
$44,500
~ $45,000
Net investment activity (5)
$190,000
—
$255,000
~ $300,000
(1)
The Company’s 2026 guidance excludes projections related to gains or losses on dispositions, gains or losses on debt transactions, and depreciation, amortization, and straight-line rent adjustments related to anticipated acquisitions.
(2)
The Company’s 2026 guidance includes an expectation of uncollectibility, reflected as 30 - 70 basis points of expected total revenue.
(3)
Core FFO per diluted share excludes amortization of market-lease intangibles and inducements, straight-line rent adjustments, gains or losses on debt transactions, amortization of debt discounts and financing costs, accretion of finance lease liability, depreciation and amortization of corporate assets, and non-operating income and expense.
(4)
Interest expense, net, excludes amortization of debt discounts and financing costs, accretion of finance lease liability, and expected interest income of approximately $0.5 million.
(5)
Net investment activity represents anticipated acquisition activity less disposition activity.
In addition to the foregoing assumptions, the Company's 2026 guidance incorporates several other assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurances that InvenTrust will achieve these results.
The following table reconciles the range of the Company's 2026 estimated net income per diluted share to estimated Nareit FFO and Core FFO per diluted share:
(Unaudited)
Low End
High End
Net income per diluted share
$
0.31
$
0.33
Depreciation and amortization of real estate assets
1.96
1.96
Gain on sale of investment properties
(0.22
)
(0.22
)
Nareit FFO per diluted share
2.05
2.07
Amortization of market-lease intangibles and inducements, net
(0.09
)
(0.09
)
Straight-line rent adjustments, net
(0.07
)
(0.07
)
Amortization of debt discounts and financing costs
0.05
0.05
Depreciation and amortization of corporate assets
0.01
0.01
Non-operating income and expense, net
(0.01
)
(0.01
)
Core FFO per diluted share
$
1.94
$
1.96
This earnings release does not include a reconciliation of forward-looking SPNOI to forward-looking GAAP Net Income because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.
Date:
Wednesday, October 28, 2026
Time:
10:00 a.m. ET
Dial-in:
(833) 461-5787 / Access Code 407-103-358
Webcast & Replay Link:
https://events.q4inc.com/attendee/407103358
A webcast replay will be available shortly after the conclusion of the presentation using the webcast link above.
Definitions
NON-GAAP FINANCIAL MEASURES
This Earnings Release includes certain financial measures and other terms that are not in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) that management believes are helpful in understanding the Company’s business. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company's computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. Reconciliations of the Company’s non-GAAP measures to the most directly comparable GAAP financial measures are included herein.
SAME PROPERTY NOI or SPNOI
Information provided on a same property basis includes the results of properties that were owned and operated for the entirety of both periods presented. NOI excludes general and administrative expenses, depreciation and amortization, other income and expense, net, impairment of real estate assets, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, lease termination income and expense, and GAAP rent adjustments such as amortization of market-lease intangibles, amortization of lease incentives, and straight-line rent adjustments (“GAAP Rent Adjustments”). The Company bifurcates NOI into Same Property NOI and NOI from other investment properties based on whether the retail properties meet the Company’s Same Property criteria. NOI from other investment properties includes adjustments for the Company’s captive insurance company.
NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE FFO
The Company’s non-GAAP measure of Nareit Funds From Operations ("Nareit FFO"), based on the National Association of Real Estate Investment Trusts ("Nareit") definition, is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Core Funds From Operations (“Core FFO”) is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within Nareit FFO and other unique revenue and expense items which some may consider not pertinent to measuring a particular company’s ongoing operating performance.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA) and ADJUSTED EBITDA
The Company’s non-GAAP measure of EBITDA is net income (or loss) in accordance with GAAP, excluding interest expense, net, income tax expense (or benefit), and depreciation and amortization. Adjusted EBITDA is an additional supplemental non-GAAP financial measure of the Company’s operating performance. In particular, Adjusted EBITDA provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within EBITDA, certain gains or losses remaining within EBITDA, and other unique revenue and expense items which some may consider not pertinent to measuring a particular company's ongoing operating performance.
NET DEBT-TO-ADJUSTED EBITDA
Net Debt-to-Adjusted EBITDA is Net Debt divided by Adjusted EBITDA.
Financial Statements
Condensed Consolidated Balance Sheets
In thousands, except share amounts
As of September 30
As of December 31
2026
2025
Assets
(unaudited)
Investment properties
Land
$
747,227
$
702,147
Building and other improvements
2,478,598
2,295,852
Construction in progress
14,976
7,473
Total
3,240,801
3,005,472
Less accumulated depreciation
(577,960
)
(525,830
)
Net investment properties
2,662,841
2,479,642
Cash, cash equivalents, and restricted cash
36,704
40,518
Intangible assets, net
211,585
193,963
Accounts and rents receivable
44,784
37,471
Deferred costs and other assets, net
53,466
37,053
Total assets
$
3,009,380
$
2,788,647
Liabilities
Debt, net
$
1,040,203
$
825,881
Accounts payable and accrued expenses
60,897
48,291
Distributions payable
19,494
18,450
Intangible liabilities, net
77,396
68,475
Other liabilities
31,890
33,288
Total liabilities
1,229,880
994,385
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value, 40,000,000 shares authorized, none outstanding
—
—
Common stock, $0.001 par value, 146,000,000 shares authorized, 77,978,431 shares issued and outstanding as of September 30, 2026 and 77,691,533 shares issued and outstanding as of December 31, 2025
78
78
Additional paid-in capital
5,738,889
5,736,652
Distributions in excess of accumulated net income
(3,979,733
)
(3,947,229
)
Accumulated comprehensive income
20,266
4,761
Total stockholders' equity
1,779,500
1,794,262
Total liabilities and stockholders' equity
$
3,009,380
$
2,788,647
Financial Statements, continued
Condensed Consolidated Statements of Operations and Comprehensive Income
In thousands, except share and per share amounts, unaudited
Three months ended September 30
Nine months ended September 30
2026
2025
2026
2025
Income
Lease income, net
$
86,631
$
74,019
$
251,084
$
220,538
Other property income
486
447
1,444
1,250
Total income
87,117
74,466
252,528
221,788
Operating expenses
Depreciation and amortization
39,731
32,734
114,776
94,086
Property operating
13,202
11,054
37,876
33,277
Real estate taxes
10,369
9,047
30,178
28,597
General and administrative
8,557
8,316
26,818
25,569
Total operating expenses
71,859
61,151
209,648
181,529
Other (expense) income
Interest expense, net
(13,210
)
(8,969
)
(34,623
)
(25,637
)
Gain on sale of investment properties
17,379
52
17,379
90,961
Other income and expense, net
(14
)
1,628
330
3,177
Total other (expense) income, net
4,155
(7,289
)
(16,914
)
68,501
Net income
$
19,413
$
6,026
$
25,966
$
108,760
Weighted-average common shares outstanding - basic
77,975,439
77,615,993
77,954,965
77,590,691
Weighted-average common shares outstanding - diluted
78,726,151
78,498,873
78,632,013
78,317,551
Net income per common share - basic
$
0.25
$
0.08
$
0.33
$
1.40
Net income per common share - diluted
$
0.25
$
0.08
$
0.33
$
1.39
Comprehensive income
Net income
$
19,413
$
6,026
$
25,966
$
108,760
Unrealized gain (loss) on derivatives, net
18,932
(1,008
)
20,287
(2,637
)
Reclassification to net income
(7,994
)
(2,316
)
(4,782
)
(6,851
)
Comprehensive income
$
30,351
$
2,702
$
41,471
$
99,272
Reconciliation of Non-GAAP Measures
In thousands
Same Property NOI
The following table presents the components of Same Property NOI:
Three months ended September 30
Nine months ended September 30
2026
2025
2026
2025
Income
Minimum base rent
$
46,411
$
45,169
$
132,829
$
129,144
Real estate tax recoveries
8,569
8,125
24,512
24,395
Common area maintenance, insurance, and other recoveries
9,198
8,822
26,116
25,337
Ground rent income
4,852
4,741
14,500
14,167
Short-term and other lease income
993
849
3,106
2,714
Provision for estimated credit losses
(163
)
(137
)
(562
)
(271
)
Other property income
429
409
1,267
1,148
Total income
70,289
67,978
201,768
196,634
Operating Expenses
Property operating
10,712
10,458
30,527
30,140
Real estate taxes
9,214
8,657
26,414
26,365
Total operating expenses
19,926
19,115
56,941
56,505
Same Property NOI
$
50,363
$
48,863
$
144,827
$
140,129
Net Income to Same Property NOI
The following table reconciles Net Income to Same Property NOI:
Three months ended September 30
Nine months ended September 30
2026
2025
2026
2025
Net income
$
19,413
$
6,026
$
25,966
$
108,760
Adjustments to reconcile to non-GAAP measures:
Other income and expense, net
14
(1,628
)
(330
)
(3,177
)
Interest expense, net
13,210
8,969
34,623
25,637
Gain on sale of investment properties
(17,379
)
(52
)
(17,379
)
(90,961
)
Depreciation and amortization
39,731
32,734
114,776
94,086
General and administrative
8,557
8,316
26,818
25,569
Adjustments to NOI (a)
(3,727
)
(2,453
)
(10,691
)
(6,233
)
NOI
59,819
51,912
173,783
153,681
NOI from other investment properties
(9,456
)
(3,049
)
(28,956
)
(13,552
)
Same Property NOI
$
50,363
$
48,863
$
144,827
$
140,129
(a)
Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.
Reconciliation of Non-GAAP Measures, continued
In thousands, except share and per share amounts
Nareit FFO and Core FFO
The following table reconciles Net Income to Nareit FFO Applicable to Common Shares and Dilutive Securities and Core FFO Applicable to Common Shares and Dilutive Securities:
Three months ended September 30
Nine months ended September 30
2026
2025
2026
2025
Net income
$
19,413
$
6,026
$
25,966
$
108,760
Depreciation and amortization of real estate assets
39,466
32,446
113,972
93,263
Gain on sale of investment properties
(17,379
)
(52
)
(17,379
)
(90,961
)
Nareit FFO Applicable to Common Shares and Dilutive Securities
41,500
38,420
122,559
111,062
Amortization of market-lease intangibles and inducements, net
(2,063
)
(1,186
)
(6,014
)
(3,170
)
Straight-line rent adjustments, net
(1,622
)
(1,121
)
(3,802
)
(2,859
)
Amortization of debt discounts and financing costs
923
736
2,632
2,076
Accretion of finance lease liability
51
49
153
60
Depreciation and amortization of corporate assets
265
288
804
823
Non-operating income and expense, net (a)
(54
)
(484
)
(470
)
(725
)
Core FFO Applicable to Common Shares and Dilutive Securities
$
39,000
$
36,702
$
115,862
$
107,267
Weighted average common shares outstanding - basic
77,975,439
77,615,993
77,954,965
77,590,691
Dilutive effect of unvested restricted shares (b)
750,712
882,880
677,048
726,860
Weighted average common shares outstanding - diluted
78,726,151
78,498,873
78,632,013
78,317,551
Net income per diluted share
$
0.25
$
0.08
$
0.33
$
1.39
Nareit FFO per diluted share
$
0.53
$
0.49
$
1.56
$
1.42
Core FFO per diluted share
$
0.50
$
0.47
$
1.47
$
1.37
(a)
Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
(b)
For purposes of calculating non-GAAP per share measures, the Company applies the same denominator used in calculating diluted earnings per share in accordance with GAAP.
EBITDA and Adjusted EBITDA
The following table reconciles Net Income to EBITDA and Adjusted EBITDA:
Three months ended September 30
Nine months ended September 30
2026
2025
2026
2025
Net income
$
19,413
$
6,026
$
25,966
$
108,760
Interest expense, net
13,210
8,969
34,623
25,637
Income tax expense
149
144
440
420
Depreciation and amortization
39,731
32,734
114,776
94,086
EBITDA
72,503
47,873
175,805
228,903
Gain on sale of investment properties
(17,379
)
(52
)
(17,379
)
(90,961
)
Amortization of market-lease intangibles and inducements, net
(2,063
)
(1,186
)
(6,014
)
(3,170
)
Straight-line rent adjustments, net
(1,622
)
(1,121
)
(3,802
)
(2,859
)
Non-operating income and expense, net (a)
(54
)
(484
)
(470
)
(725
)
Adjusted EBITDA
$
51,385
$
45,030
$
148,140
$
131,188
(a)
Reflects items which are not pertinent to measuring ongoing operating performance, such as miscellaneous and settlement income.
Financial Leverage Ratios
In thousands
Net Debt and Net Debt-to-Adjusted EBITDA
The following table calculates Net Debt and Net Debt-to-Adjusted EBITDA:
As of September 30
As of December 31
2026
2025
Net Debt
Outstanding Debt, net
$
1,040,203
$
825,881
Less: Cash and cash equivalents
(29,526
)
(34,973
)
Net Debt
$
1,010,677
$
790,908
Trailing 12 Months, Net Debt-to-Adjusted EBITDA
Net Debt
$
1,010,677
$
790,908
Adjusted EBITDA
192,153
175,201
Net Debt-to-Adjusted EBITDA
5.3x
4.5x
Current Quarter Annualized, Net Debt-to-Adjusted EBITDA
Net Debt
$
1,010,677
$
790,908
Adjusted EBITDA
205,540
176,052
Net Debt-to-Adjusted EBITDA
4.9x
4.5x
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 earnings 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-Q for the quarter ended September 30, 2026. The Company may, but assumes no obligation to, update information in this earnings release.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this earnings 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 earnings 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, including the effects of tariffs and changes in global trade policies, on the overall state of the economy and on our and our tenants' business and operations 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.
IVT cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this earnings release. IVT undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If IVT updates one or more forward-looking statements, no inference should be drawn that IVT will make additional updates with respect to those or other forward-looking statements.
Availability of Information on InvenTrust Properties Corp.'s Website and Social Media Channels
Investors and others should note that InvenTrust routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission filings, press releases, public conference calls, webcasts and the InvenTrust investor relations website. The Company uses these channels as well as social media channels (e.g., the InvenTrust X account, x.com/inventrustprop); and the InvenTrust LinkedIn account ( linkedin.com/company/inventrustproperties), as a means of disclosing information about the Company's business to colleagues, investors, and the public. While not all of the information that the Company posts to the InvenTrust investor relations website or on the Company’s social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in InvenTrust to review the information that it shares on inventrustproperties.com/investor-relations and on the Company’s social media channels.