InvenTrust Properties Corp. reported its financial and operating results for the third quarter ended September 30, 2024, showing a Net Loss of $0.5 million, or $0.01 per diluted share, an improvement from a Net Loss of $0.8 million in the prior year. The company's Same Property Net Operating Income (NOI) grew by 6.5% over the third quarter of 2023, reaching $45.5 million, driven by increases in base rent, net expense reimbursement, and improved collections.
Year-to-date, Nareit FFO per diluted share increased by 7.2% to $1.34, and Core FFO per diluted share grew by 4.8% to $1.30 compared to the same period in 2023. Management raised its full-year 2024 guidance, with Same Property NOI growth now expected between 4.25% and 5.00%, Nareit FFO per diluted share between $1.74 and $1.77, and Core FFO per diluted share between $1.70 and $1.73. The net investment activity guidance was also increased to a range of $159 million to $215 million.
The company's balance sheet strengthened, with the net leverage ratio dropping to 20% and net debt to adjusted EBITDA at 3.6x on a trailing 12-month basis. InvenTrust paid off $72.5 million in variable rate debt, resulting in a weighted average interest rate of 4% and 100% fixed remaining debt. The Board of Directors also declared an annualized dividend payment of $0.91 per share, representing a 5% increase over the previous year.
Operational highlights include total leased occupancy climbing to 97%, with anchor space at 99.8% and small shop occupancy at 92%, setting new high watermarks for the portfolio. Blended comparable leasing spreads remained healthy at 9.8%, with new leases at 14.2% and renewals at 9.2%, alongside a 93% retention rate. The company closed on Scottsdale North Marketplace in the Phoenix MSA for $23 million during the quarter, and subsequent to quarter-end, acquired a Wegman's-anchored community center in Richmond, Virginia, for $62.1 million.
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