InvenTrust (IVT) Q4 2025 Earnings Call Transcript

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Wed, February 11, 2026 astatine 10:16 AM CST 34 min read

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Wednesday, Feb. 11, 2026 astatine 10 a.m. ET

• President & Chief Executive Officer — DJ Busch

• Executive Vice President, Chief Financial Officer & Treasurer — Mike Phillips

• Executive Vice President, Chief Operating Officer & General Counsel — Christy David

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DJ Busch: Thanks, Dan, and bully morning, everyone. Appreciate you joining america today. 2025 was an exceptional twelvemonth for InvenTrust Properties Corp., marked by beardown operating show and disciplined execution. Same spot NOI grew 5.3%, marking our 2nd consecutive twelvemonth supra 5% and our 5th consecutive twelvemonth of maturation exceeding 4%. This show speaks to the prime of our portfolio, the spot of our platform, and the accordant execution of InvenTrust Properties Corp.'s team. NAREIT FFO finished the twelvemonth astatine the precocious extremity of our guidance scope of $1.89 per share, representing 6.2% maturation twelvemonth implicit year. Our equilibrium expanse remains well-positioned with assemblage debased nett indebtedness to adjusted EBITDA and ample liquidity to enactment our enlargement objectives.

From a strategical standpoint, the twelvemonth was arsenic transformative. We completed the palmy merchantability of 5 California assets and efficiently redeployed that superior into higher maturation Sunbelt markets. In total, we acquired 10 properties, including 2 successful the 4th quarter, representing much than $460 cardinal of gross acquisitions during the year. These investments deepen our geographic attraction and market vulnerability successful areas wherever we spot semipermanent colonisation expansion, constricted caller supply, and the quality to leverage our operating platform. Christy volition locomotion done our astir caller acquisitions successful much item shortly. Institutional and backstage superior remains progressive successful the open-air retail space, peculiarly successful grocery-anchored assets.

While that involvement validates affirmative trends successful our sector, it besides reinforces the value of discipline. We stay selective successful our acquisition approach, focusing connected opportunities that conscionable our instrumentality thresholds, heighten our operational footprint, and connection wide avenues for worth instauration done leasing and plus management. Our nonsubjective is to turn implicit clip successful a thoughtful, prudent manner. Beyond acquisitions, we proceed to put internally done targeted initiatives designed to support the wide prime and competitiveness of our portfolio portion driving incremental NOI. These projects absorption connected remerchandising, repositioning anchor space, and selectively adding outparcels astatine existing centers.