InvenTrust Properties Corp.

In Q2 2026, same-property NOI was $48.5 million, up 4.1% versus Q2 2025, and year-to-date same-property NOI was $97.2 million, up 3.3%. NAREIT FFO was $39.8 million, or $0.50 per diluted share, up 11.1% year over year, while core FFO was $0.48 per share, up 9.1%. For the first six months, NAREIT FFO was $81.1 million, or $1.03 per diluted share, up 10.8%, and core FFO was $0.98 per share, up 8.9%. Leasing metrics included 76 leases for approximately 464,000 square feet, 8.5% comparable blended spreads, 18.7% new lease spreads, 7.9% renewal spreads, and annualized base rent of $20.94 per square foot, up 3.8% year over year. Leased occupancy ended at 96.2%, small shop occupancy at 93.2%, and anchor occupancy at 98.1%. Liquidity was $489 million, including $64 million of cash and $425 million available on the revolver; weighted average interest rate was 4.36%, weighted average term to maturity was 4.3 years, net leverage was 31.9%, and net debt-to-adjusted EBITDA was 5.3x. Management reaffirmed full-year same-property NOI growth guidance of 3.25% to 4.25% and core FFO guidance of $1.92 to $1.96 per share, and raised full-year NAREIT FFO guidance to $2.01 to $2.07 per share.

DJ Busch said the quarter reflected the strength and consistency of InvenTrust’s operating platform, with cash flow growth, strong leasing, and signed-but-not-open deals converting into occupancy and cash flow. He emphasized the strategy of owning necessity-based retail, expanding thoughtfully in core and complementary Sun Belt markets, and using selective asset sales to recycle capital into higher-growth opportunities. He also highlighted technology, including AI, as a way to improve efficiency as the company scales, while keeping local expertise and tenant relationships central to the model.

Mike Phillips highlighted that Q2 same-property NOI of $48.5 million grew 4.1% year over year, driven mainly by base rent increases, contractual rent bumps, leasing spreads, redevelopment activity, percentage rent, specialty income, and expense reimbursement, partly offset by temporary occupancy and bad debt. He said FFO growth was supported by higher NOI and acquisitions, with Q2 NAREIT FFO at $0.50 per share and core FFO at $0.48 per share; for the first half, those figures were $1.03 and $0.98 per share, respectively. On the balance sheet, he pointed to $489 million of liquidity, 4.36% weighted average interest rate, 4.3-year average maturity, 31.9% net leverage, and a 5% dividend increase to $0.25 per share. He reaffirmed same-property NOI and core FFO guidance, and raised NAREIT FFO guidance due to noncash revenue from recent acquisitions.

Analysts focused on occupancy, leverage, acquisition/disposition pacing, restaurant exposure, and whether the company is stretching into smaller Sun Belt markets. Management said the anchor occupancy decline was mainly due to Painted Tree, but noted only 6 vacant big-box spaces remain and expects leased occupancy to approach all-time highs by the end of Q1 2027, with economic occupancy around Q3 2027. On leverage, management said the current forward range is comfortable at 5x to 6x and expects year-end net leverage to be under 5x based on its investment plan. They also said the acquisition pipeline is about $2 billion, that disposition activity should be modest, and that restaurant turnover is elevated but not showing a broad credit-category deterioration.