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%
Anchor Leased Occupancy

98.8%

No prior period
Small Shop Leased Occupancy

91.4%

No prior period
Annualized Base Rent PSF

$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 15 quarters(67%)
ActualEstimate

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 20 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
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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