NYSE$IVT

InvenTrust Properties Corp · Q1 2023 earnings

Q1 2023 earnings · · Investor relations

Briefing

InvenTrust reported financial and operating results for the period ended March 31, 2023.

InvenTrust Properties Corp. reported a net income of $1.1 million, or $0.02 per diluted share, NAREIT FFO of $0.41 per diluted share, Core FFO of $0.40 per diluted share, and Same Property NOI growth of 3.2% for the first quarter of 2023.

  • NAREIT FFO of $0.41 per diluted share
  • Core FFO of $0.40 per diluted share
  • Same Property Net Operating Income (“NOI”) growth of 3.2%
  • Leased Occupancy as of March 31, 2023 of 96.1%

Headline financials

Total Revenue

$65.2M

Previous: $58.8M+10.9%
EPS (adj)

$0.42

Previous: $0.43-2.3%
Leased occupancy

96.1%

Previous: 94.4%+1.8%
Small Shop Leased Occupancy

91.4%

No prior period
ABR per sq ft

$19.12

Previous: $18.64+2.6%
Anchor Tenant ABR PSF

$12.37

No prior period
Capital Expenditures

-$5.54M

Previous: -$6.67M+16.8%
Free Cash Flow

-$4.41M

Previous: $2.84M-255.6%
Net Income

$1.13M

Previous: $9.5M-88.1%
Operating Income

-$9.73M

Previous: -$2.24M-334.0%
Gross Profit

$65.2M

Previous: $58.8M+10.9%
Cash & Equivalents

$69.3M

Previous: $25.7M+169.4%
Total Assets

$2.53B

Previous: $2.35B+7.5%

Revenue & EPS history

InvenTrust · Revenue · Quarterly

$65.2M

Q1 2023+10.9%vs Q1 2022
Beat estimate in 10 of 16 quarters(63%)
ActualEstimate

Revenue by segment

InvenTrust · $73.6M total across 2 segments · Q2 2025

  • Lease income, net
    $73.1M—
  • Other property income
    $421K—

Forward guidance

InvenTrust has updated its 2023 guidance.

Tailwinds

  • Net Income per diluted share $0.06—$0.11
  • NAREIT FFO per diluted share $1.64—$1.69
  • Core FFO per diluted share $1.59—$1.64
  • Same Property NOI (“SPNOI”) Growth 3.50%—5.00%
  • General and administrative $31250—$32750

Headwinds

  • Interest expense, net $34500—$35500
  • Adjustments for uncollectibility 50 bps—150 bps
  • Net investment activity ~ $150000

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q1 2023

Historical avgQ1 2023

-1.0%

Avg return

Earnings day

-2.9%

Avg return

5 days after

-3.7%

Avg return

30 days after

27%

12 / 45 earnings

Positive

+42.6%

Q4 2014

Best reaction

-90.0%

Q2 2021

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q2 2025———
Q1 2026+0.8%-3.2%+1.3%
Q4 2025-0.1%+0.4%+2.1%
Q3 2025-2.8%-2.4%+1.1%
Q1 2025+1.1%+0.4%+0.8%
Q4 2024+1.4%-0.0%-4.9%
Q3 2024+2.0%+0.3%+6.2%
Q2 2024+1.0%-2.4%+7.1%
Q1 2024-0.2%-0.9%-4.1%
Q4 2023-1.5%+0.4%-3.2%
Q3 2023+1.2%+0.3%-0.2%
Q2 2023+2.2%+1.2%-0.3%
Q1 2023+4.4%+3.6%-2.6%
Q4 2022+1.7%+0.4%-8.2%
Q3 2022-4.1%-0.1%+0.6%
Q2 2022-1.7%-3.5%-8.4%
Q1 2022+0.8%-1.9%+3.1%
Q4 2021-1.3%-4.2%+6.1%
Q3 2021+3.0%+3.9%+2.1%
Q2 2021-90.0%-90.0%-91.4%
Q1 2021+0.0%+0.0%-1.6%
Q4 2020+0.0%+0.0%+9.2%
Q3 2020+0.0%+0.0%+0.0%
Q2 2020+0.0%+0.0%+0.0%
Q1 2020+0.0%+0.0%+0.0%
Q4 2019+0.0%+0.0%+0.0%
Q3 2019+0.0%+0.0%+0.0%
Q2 2019+0.0%+0.0%+0.0%
Q1 2019+0.0%+0.0%+0.0%
Q4 2018+0.0%+0.0%+0.0%
Q3 2018+0.0%-13.9%-13.9%
Q2 2018+0.0%+0.0%+20.0%
Q1 2018+0.0%+0.0%+0.0%
Q4 2017+0.0%+0.0%+0.0%
Q3 2017+0.0%+0.0%+0.0%
Q2 2017+0.0%+0.0%+0.0%
Q1 2017+0.0%+0.0%-41.5%
Q4 2016+0.0%+0.0%-21.9%
Q3 2016+0.0%+0.0%+0.0%
Q2 2016+0.0%-0.6%-0.6%
Q1 2016-2.0%——
Q4 2015-3.2%——
Q3 2015-0.2%——
Q2 2015-0.7%——
Q1 2015———
Q4 2014+42.6%——
Q3 2014-0.8%——
Q2 2014———
Q4 2013———
Q1 2014———
Q3 2013———
Q2 2013———
Q1 2013———
Q4 2012———
Q3 2012———
Q2 2012———
Q1 2012———
Q4 2011———
Q3 2011———
Q2 2011———
Q1 2011———
Q4 2010———
Q3 2010———
Q2 2010———
Q1 2010———

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