The following is a summary of the InvenTrust Properties Corp. (IVT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• InvenTrust reported Q1 2024 same-property Net Operating Income (NOI) of $41.5 million, a 4.1% increase year over year.

• NAREIT Funds from Operations (FFO) showed a rise of 9.8% over last year, amounting to $30.8 million.

• By the end of Q1, InvenTrust demonstrated strong liquidity with a total of $421 million.

• The company declared an annualized dividend payment of $0.91 per share, marking a 5% increase from last year.

• Following these favorable results, InvenTrust has revised its 2024 guidance and now expects NAREIT FFO to be within the range of $1.71 to $1.77 per share.

Business Progress:

• Leasing activity surpassed expectations with the initiation of 41 leases for over 180,000 sq ft, pushing the leased occupancy rate to 96.3%.

• In order to enhance their portfolio, InvenTrust successfully closed deals on two new properties located in Phoenix and the Upper West Side of Atlanta.

• The company's initiative of owning and operating essential open-air retail centers exclusively in the Sun Belt region has resulted in significant business progression.

• Despite potential headwinds from interest rates, sustained NOI growth is expected.

• Structural changes in shopping habits post-COVID and the hybrid work environment are favoring InvenTrust's strategy of focusing on open-air community centers or grocery tenant spaces.

• New tenant signings leading to 4% to 5% increases appears promising for the company with 40% to 45% of their portfolio now on fixed CAM.

More details: InvenTrust Properties IR

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