InvenTrust Properties Corp. reported robust financial and operating results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, Net Income reached $9.8 million, or $0.13 per diluted share, a significant increase from $2.9 million, or $0.04 per diluted share, in Q4 2023. Full-year 2024 Net Income also saw substantial growth, rising to $13.7 million, or $0.19 per diluted share, compared to $5.3 million, or $0.08 per diluted share, in 2023.
The company achieved a strong Full Year 2024 Same Property Net Operating Income (NOI) growth of 5.0%, reflecting solid operational performance across its portfolio. Full Year 2024 Nareit FFO per diluted share was $1.78, and Core FFO per diluted share was $1.73, indicating healthy cash flow generation. The Board of Directors demonstrated confidence in future performance by increasing the dividend by 5% for 2025, setting an annualized rate of $0.95 per share.
InvenTrust provided its initial guidance for 2025, projecting Net Income per diluted share between $0.27 and $0.33, Nareit FFO per diluted share between $1.83 and $1.89, and Core FFO per diluted share between $1.79 and $1.83. Same Property NOI Growth for 2025 is anticipated to be between 3.50% and 4.50%, with net investment activity expected to be approximately $100 million. These projections outline the company's outlook for continued growth and strategic capital deployment.
Operational highlights for 2024 included achieving an all-time high leased occupancy of 97.4% and solid leasing spreads, underscoring the quality and demand for its Sun Belt-focused portfolio. The average base rent (ABR) per square foot reached $20.07, and the company signed 210 leases totaling 1.3 million square feet of GLA throughout the year. These metrics reflect the effectiveness of InvenTrust's strategy in high-growth markets.
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