InvenTrust Properties Corp. reported strong financial and operating results for the second quarter ended June 30, 2025. The company posted a Net Income of $95.9 million, or $1.23 per diluted share, a substantial increase from $1.5 million, or $0.02 per diluted share, in Q2 2024. This significant rise was primarily driven by a $90.9 million gain on the sale of investment properties, reflecting successful portfolio optimization.
Same Property Net Operating Income (NOI) grew by 4.8% over Q2 2024, reaching $42.6 million, demonstrating continued operational strength. Nareit FFO per diluted share was $0.45, and Core FFO per diluted share was $0.44. InvenTrust updated its 2025 guidance, raising Net Income per diluted share to a range of $1.43 to $1.49 and increasing Same Property NOI Growth guidance to 4.00% to 5.00%, while maintaining Nareit FFO and Core FFO guidance.
Operational metrics remained robust, with total leased occupancy at 97.3%, anchor space at 99.5%, and small shop occupancy at 93.8%. The company achieved strong blended leasing spreads of 16.4%, with new leases at 44.1% and renewals at 9.2%, alongside a high retention rate of 91%. These figures underscore the health and demand within InvenTrust's essential retail portfolio.
InvenTrust's balance sheet remains strong, with total liquidity of $787 million, a low net leverage ratio of 17%, and net debt to adjusted EBITDA of 2.8x. The weighted average interest rate stood at 4%, with a weighted average maturity of 2.9 years, and all remaining debt is 100% fixed. The company continued its capital recycling program, closing on six properties totaling approximately $230 million and securing or placing under contract another two properties representing nearly $126 million, including acquisitions in Tucson, Charlotte, Charleston, Savannah, San Antonio, and Richmond.
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