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InvenTrust Properties
(NYSE:IVT)
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Rating:68Neutral
Price Target:
$38.00
▲(4.25% Upside)
Action:Downgraded
Date:08/04/26
IVT’s score is driven primarily by solid (but not fully consistent) financial fundamentals and a notably constructive earnings call with reaffirmed/raised guidance, strong leasing, and high occupancy. These positives are tempered by uneven profitability/cash-flow signals in the financial statements, soft near-term technical momentum, and a valuation that looks less compelling given the ~24.9 P/E and moderate dividend yield.
Positive Factors
High occupancy and strong leasing metrics
Sustained high occupancy, strong tenant retention and meaningful blended lease spreads indicate durable rent-roll stability and organic NOI growth. Signed-but-not-open ABR provides visible near-term rent conversion, supporting recurring cash flow and lowering vacancy-related volatility for the next several quarters.
Negative Factors
Uneven profitability and margin volatility
Volatile margins and swings in profitability reduce predictability of distributable cash flow and complicate forecasting. Negative gross margin in 2025 signals atypical cost or accounting swings that can persistently distort FFO and free cash flow, increasing execution risk for payout and reinvestment plans.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and strong leasing metrics
Sustained high occupancy, strong tenant retention and meaningful blended lease spreads indicate durable rent-roll stability and organic NOI growth. Signed-but-not-open ABR provides visible near-term rent conversion, supporting recurring cash flow and lowering vacancy-related volatility for the next several quarters.
Read all positive factors
InvenTrust Properties Key Performance Indicators (KPIs)
Any
Leased Occupancy Rate
Percentage of rentable space currently leased. High occupancy points to steady rental income and stronger cash flow, while falling occupancy can signal weakening tenant demand, increased concessions, or upcoming income pressure.
Percentage of rentable space currently leased. High occupancy points to steady rental income and stronger cash flow, while falling occupancy can signal weakening tenant demand, increased concessions, or upcoming income pressure.
Data provided by:
The Fly
The FlyInvenTrust Properties (IVT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.76B
Dividend Yield2.75%
Average Volume (3M)540.77K
Price to Earnings (P/E)24.9
Beta (1Y)0.36
Revenue Growth9.91%
EPS Growth518.94%
CountryUS
Employees103
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.20
Shares Outstanding77,935,860
10 Day Avg. Volume614,961
30 Day Avg. Volume540,773
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.22
Price to Sales (P/S)7.32
P/FCF Ratio19.74
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$37.75Price Target Upside3.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.17
Revenue Forecast (FY)$333.63M
InvenTrust Properties Business Overview & Revenue Model
Company Description
InvenTrust Properties Corp. operates as a leading multi-tenant retail real estate investment trust (REIT), engaging in the acquisition, ownership, leasing, redevelopment, and management of properties. Its portfolio largely comprises grocery-anchor...
How the Company Makes Money
IVT primarily makes money by generating rental revenue from leasing space in its shopping centers to a diversified set of retail tenants. Its key revenue stream is base rent earned under lease agreements; in addition, leases commonly provide for r...
InvenTrust Properties Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive operational and financial momentum: same-property NOI and FFO showed healthy year-over-year growth, leasing spreads and occupancy remained strong, the company executed meaningful acquisitions (~$290M YTD) in targeted Sun Belt markets, maintained ample liquidity ($489M), and raised dividend and NAREIT FFO guidance. Near-term challenges include a few anchor vacancies (notably Painted Tree), temporary occupancy and bad debt impacts, slightly elevated leverage metrics as recent acquisitions annualize, competitive acquisition pricing, and inherent restaurant turnover. Management presented these issues as manageable within a disciplined capital and operating framework.Positive Updates
Same-Property NOI Growth
Same-property net operating income (NOI) increased 4.1% in Q2 2026 vs Q2 2025; year-to-date same-property NOI was $97.2 million, up 3.3% vs the first 6 months of 2025. Full-year same-property NOI guidance reaffirmed at 3.25%–4.25%.
Negative Updates
Anchor Occupancy Pressure from Key Vacancy
Leased occupancy declined 20 basis points sequentially to 96.2%, primarily driven by loss of the Painted Tree anchor at West Park (anchor lease occupancy down 40 basis points). The company has 6 vacant big-box spaces, 4 tied to redevelopment/disposition, creating near-term vacancy drag.
Read all updates
Q2-2026 Updates
Positive
Negative
Same-Property NOI Growth
Same-property net operating income (NOI) increased 4.1% in Q2 2026 vs Q2 2025; year-to-date same-property NOI was $97.2 million, up 3.3% vs the first 6 months of 2025. Full-year same-property NOI guidance reaffirmed at 3.25%–4.25%.
Read all positive updates
Company Guidance
InvenTrust reiterated full-year guidance of same-property NOI growth of 3.25%–4.25%, maintained core FFO of $1.92–$1.96 per share and raised NAREIT FFO to $2.01–$2.07 per share; management said this outlook is supported by Q2 same-property NOI of $48.5 million (up 4.1% YoY) and YTD same-property NOI of $97.2 million (up 3.3%), Q2 NAREIT FFO of $39.8 million ($0.50/sh, +11.1% YoY) and core FFO of $0.48 (+9.1% YoY), YTD NAREIT FFO of $81.1 million ($1.03/sh, +10.8% YoY) and core FFO of $0.98 (+8.9% YoY), plus a signed-but-not-open lease economic occupancy spread of 160 bps (~$5.6M ABR) with ~77% of that ABR expected to commence by year-end (>$1M recognized in 2026); additional supporting metrics cited include 76 leases covering ~464,000 sq ft, 88% YTD retention, blended lease spreads 8.5% (new 18.7%, renewals 7.9%, renewals ex-options 14.4%), annualized base rent per sqft $20.94 (+3.8% YoY), leased occupancy 96.2%, YTD acquisitions of ~$290M (6 properties + 1 outparcel) with an active pipeline, $489M liquidity ($64M cash, $425M revolver), a 4.36% weighted average interest rate (4.3-year term), net leverage 31.9% and net debt/adjusted EBITDA ~5.3x (quarterly annualized), and a $0.25 quarterly dividend (up 5% YoY).InvenTrust Properties Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 316.81M | 299.17M | 273.97M | 258.68M | 236.71M | 211.98M |
| Gross Profit | 160.94M | -42.17M | 194.12M | 181.03M | 163.54M | 147.88M |
| EBITDA | 231.72M | 274.44M | 164.71M | 156.84M | 173.96M | 98.04M |
| Net Income | 15.24M | 111.42M | 13.66M | 5.27M | 52.23M | -5.36M |
Balance Sheet | ||||||
| Total Assets | 3.03B | 2.79B | 2.64B | 2.49B | 2.47B | 2.21B |
| Cash, Cash Equivalents and Short-Term Investments | 74.90M | 40.52M | 91.22M | 96.39M | 137.62M | 36.99M |
| Total Debt | 1.10B | 825.88M | 740.41M | 814.57M | 754.55M | 533.08M |
| Total Liabilities | 1.27B | 994.38M | 875.95M | 933.29M | 869.13M | 640.86M |
| Stockholders Equity | 1.77B | 1.79B | 1.76B | 1.55B | 1.60B | 1.57B |
Cash Flow | ||||||
| Free Cash Flow | 134.38M | 110.89M | 100.76M | 93.88M | 102.07M | 70.54M |
| Operating Cash Flow | 180.89M | 155.42M | 136.88M | 129.62M | 125.80M | 89.96M |
| Investing Cash Flow | -722.58M | -144.91M | -240.53M | -79.72M | -144.46M | -64.70M |
| Financing Cash Flow | 316.43M | -61.21M | 95.12M | -87.90M | 111.57M | -204.17M |
InvenTrust Properties Technical Analysis
Negative
36.45
Price Trends
34.84
Negative
33.14
Positive
30.85
Positive
Market Momentum
-0.37
Positive
30.95
Neutral
6.65
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IVT, the sentiment is Negative. The current price of 36.45 is above the 20-day moving average (MA) of 35.44, above the 50-day MA of 34.84, and above the 200-day MA of 30.85, indicating a neutral trend. The MACD of -0.37 indicates Positive momentum. The RSI at 30.95 is Neutral, neither overbought nor oversold. The STOCH value of 6.65 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IVT.
InvenTrust Properties Risk Analysis
InvenTrust Properties disclosed 1 risk factors in its most recent earnings report. InvenTrust Properties reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
InvenTrust Properties Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.81B | 23.06 | 7.36% | 5.58% | 9.65% | 2.28% | |
72 Outperform | $3.52B | 111.14 | 1.50% | 2.19% | 55.34% | 72.13% | |
71 Outperform | $2.11B | 20.44 | 9.27% | 5.53% | 9.28% | 41.75% | |
68 Neutral | $2.76B | 24.90 | 0.85% | 2.68% | 9.91% | 518.94% | |
68 Neutral | $3.14B | 64.94 | 2.41% | 3.57% | 4.69% | 102.76% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $2.19B | 150.32 | 0.96% | 3.92% | 21.86% | ― |
* Real Estate Sector Average
IVT
InvenTrust Properties
33.23
6.80
25.74%
GTY
Getty Realty
33.39
7.06
26.79%
AKR
Acadia Realty
20.65
2.97
16.83%
FCPT
Four Corners Property
25.10
1.41
5.93%
NTST
NETSTREIT
20.69
2.95
16.60%
CURB
Curbline Properties Corp.
29.62
8.31
39.00%
InvenTrust Properties Corporate Events
Business Operations and StrategyFinancial Disclosures
InvenTrust Properties Posts Strong Q2 2026 Results
Positive
Aug 3, 2026
On August 3, 2026, InvenTrust Properties posted its second-quarter 2026 investor presentation, highlighting a 96.2% leased occupancy rate, 88% tenant retention, and strong anchor tenant leasing at 98.1%, alongside comparable leasing spreads of 8.5...
Business Operations and Strategy
InvenTrust Releases 2025 Corporate Responsibility Report
Positive
Jun 23, 2026
InvenTrust Properties Corp., a real estate investment trust specializing in open-air, necessity-based retail centers, continues to emphasize sustainable and responsible management of its property portfolio. The company targets grocery-anchored and...
Business Operations and StrategyRegulatory Filings and Compliance
InvenTrust Properties Updates Investor Presentation for Conferences
Neutral
May 29, 2026
On May 29, 2026, InvenTrust Properties Corp. posted an updated investor presentation on its website for use at conferences and meetings, also furnishing it in connection with a regulatory filing. The materials are provided as supplemental investor...
Executive/Board ChangesShareholder Meetings
InvenTrust Stockholders Back Board, Auditor and Pay Policies
Positive
May 6, 2026
On May 5, 2026, InvenTrust Properties Corp. held its 2026 Annual Meeting of Stockholders, where shareholders elected eight directors, including Stuart W. Aitken, Amanda E. Black, and CEO Daniel J. Busch, to serve until the next annual meeting. The...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.