Q4 2024 Inventrust Properties Corp Earnings Call Transcript
Key Points
- Core FFO per share grew by 5% both in the fourth quarter and for the full year, marking the third consecutive year of cash flow per share growth above 4%.
- Increased occupancy and solid leasing spreads contributed to above-sector average cash flow growth.
- InvenTrust Properties Corp (IVT) ended the year with lease occupancy at 97.4% and economic occupancy at 95.3%, indicating strong leasing performance.
- The company acquired eight properties for $282 million in 2024, expanding its portfolio with high-quality assets.
- The balance sheet remains strong with a net leverage ratio of 23% and a net debt to adjusted EBITDA of 4.1 times, providing liquidity and flexibility for growth.
- The company faces potential risks from tenant bankruptcies and store closures, although these are accounted for in their guidance.
- Retention rate is expected to be slightly lower in 2025 due to known tenant exits, such as Party City.
- The competitive environment for acquisitions, particularly in the Sunbelt region, may impact the company's ability to secure deals.
- The company has minimal exposure to certain distressed retailers, but disruptions could still affect financial performance.
- The reliance on market conditions for capital recycling and acquisitions could pose challenges if conditions change unfavorably.
Thank you for standing by and welcome to Inventrust's fourth quarter and full year 2024 earnings conference call. My name is Elliot and I'll be your conference call operator today. Before we begin, I would like to remind our listeners that today's presentation is being recorded, and the replay will be available on the investors section of the company's website at inventrustproperties.com.
(Operator Instructions)
I'd now like to hand over to Mr. Dan Rado, Vice President of Investor Relations. Please go ahead, sir.
Thank you, Operator, and good morning, everyone, and thank you for attending our call today. Joining me from the Inventrust team is DJ Busch, President and Chief Executive Officer, Mike Phillips, Chief Financial Officer, Christy David, Chief Operating Officer, and Dave Heimberger, Chief Investment Officer. Following the team's prepared remarks, the lines will be opened for questions
As a reminder, some of today's comments may contain forward
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