InvenTrust Properties Corp. (“InvenTrust” or the “Company”)
(NYSE: IVT) today reported financial and operating results for the
period ended June 30, 2022. For the three months ended June 30,
2022 and 2021, Net Income was $41.9 million, or $0.62 per diluted
share, compared to Net Income of $1.5 million, or $0.02 per diluted
share, respectively.
Second Quarter 2022
Highlights:
- NAREIT FFO for the quarter of $0.45 per diluted share
- Core FFO for the quarter of $0.42 per diluted share
- Pro Rata Same Property Net Operating Income (“NOI”) increased
7.7% for the three month period
- Leased Occupancy as of June 30, 2022 of 95.4%
- Executed 78 leases totaling approximately 289,000 square feet
of pro rata GLA, of which 153,000 square feet was executed at a
blended comparable lease spread of 15.1%
- Net Debt-to-Adjusted EBITDA of 5.1x at June 30, 2022
- Entered into a note purchase agreement providing for the
private placement of $150 million of seven year and $100 million of
ten year senior notes with a weighted average fixed rate of 5.12%
and weighted average tenor of approximately 8.2 years
- Issued our inaugural 2021 Environmental, Social and Governance
(ESG) Report
“InvenTrust continues to execute on its business objectives and
produce strong results,” stated Daniel (DJ) Busch, President and
CEO of InvenTrust. “Our leasing activity remains solid, and we
believe the company is well-positioned, with our simple and focused
Sun Belt strategy, to deliver sustainable cash flow growth in any
economic environment.”
FINANCIAL SUMMARY
NET INCOME
- Net Income for the three months ended June 30, 2022 was $41.9
million, or $0.62 per diluted share, compared to Net Income of $1.5
million, or $0.02 per diluted share, for the same period in
2021.
- Net Income for the six months ended June 30, 2022 was $51.4
million, or $0.76 per diluted share, compared to Net Income of $1.4
million, or $0.02 per diluted share, for the same period in
2021.
NAREIT FFO
- NAREIT FFO for the three months ended June 30, 2022 was $30.4
million, or $0.45 per diluted share, compared to $25.0 million, or
$0.35 per diluted share, for the same period in 2021.
- NAREIT FFO for the six months ended June 30, 2022 was $62.1
million, or $0.92 per diluted share, compared to $47.9 million, or
$0.66 per share, for the same period in 2021.
CORE FFO
- Core FFO for the three months ended June 30, 2022 was $28.6
million, or $0.42 per diluted share, compared to $23.9 million, or
$0.33 per diluted share, for the same period in 2021.
- Core FFO for the six months ended June 30, 2022 was $57.7
million, or $0.85 per diluted share, compared to $46.0 million, or
$0.64 per diluted share, for the same period in 2021.
PRO RATA SAME PROPERTY NOI
- Pro Rata Same Property NOI for the three months ended June 30,
2022 was $37.3 million, a 7.7% increase, compared to the same
period in 2021.
- Pro Rata Same Property NOI for the six months ended June 30,
2022 was $74.8 million, a 9.9% increase, compared to the same
period in 2021.
DIVIDEND
- On June 30, 2022, the Board of Directors declared a quarterly
cash distribution of $0.2052 per share, payable on July 15,
2022.
PORTFOLIO PERFORMANCE & INVESTMENT ACTIVITY
- As of June 30, 2022, the Company’s Leased Occupancy was 95.4%.
- Total Anchor Leased Occupancy, which includes spaces greater
than or equal to 10,000 square feet, was 98.2% and Small Shop
Leased Occupancy was 90.5%. Anchor Leased Occupancy increased by
160 basis points and Small Shop Leased Occupancy remained flat on a
sequential basis compared to the previous quarter.
- Leased to Economic Occupancy spread of 220 basis points, which
equates to approximately $5.2 million of base rent on an annualized
basis.
- Blended re-leasing spreads for comparable new and renewal
leases signed in the second quarter were 15.1%.
- Annualized Base Rent PSF (“ABR”) as of June 30, 2022 for the
Pro Rata Combined Portfolio was $18.80, an increase of 2.6%
compared to the same period in 2021. Anchor Tenant ABR PSF was
$12.30 and Small Shop ABR PSF was $31.75 for the second
quarter.
- On April 21, 2022, the Company acquired a property located in
Flower Mound, Texas for $38.0 million, totaling approximately
175,000 square feet, and assumed $22.9 million of existing mortgage
debt to partially finance the acquisition. The Company purchased
this property from its joint venture.
- On May 4, 2022, the Company acquired a property located in
Bonita Springs, Florida for $10.4 million, totaling approximately
63,000 square feet.
- On June 30, 2022, the Company disposed of two Colorado
properties for $55.5 million and recognized a total gain on sale of
$36.9 million.
LIQUIDITY AND CAPITAL STRUCTURE
- InvenTrust had $310.4 million of total liquidity, as of June
30, 2022 comprised of $103.4 million of Pro Rata Cash and $207.0
million of availability under its Revolving Credit Facility.
- The Company has no debt maturing in 2022 and $38.8 million of
debt maturing in 2023.
- The Company entered into a note purchase agreement providing
for the private placement of $150 million of seven year and $100
million of ten year senior notes with a weighted average fixed rate
of 5.12% and weighted average tenor of approximately 8.2
years.
- The Company's weighted average interest rate on its
consolidated debt as of June 30, 2022 was 3.05% and the weighted
average remaining term was 4.0 years.
2022 GUIDANCE
InvenTrust has updated its 2022 guidance, as summarized in the
table below.
(Unaudited, dollars in thousands, except
per share amounts)
Current
Previous
Net Income per diluted share (1)
$0.74
—
$0.78
$0.18
—
$0.24
NAREIT FFO per diluted share (2)
$1.61
—
$1.65
$1.58
—
$1.64
Core FFO per diluted share
$1.52
—
$1.56
$1.51
—
$1.56
Same Property NOI (“SPNOI”) Growth
4.00%
—
5.00%
3.75%
—
5.25%
General and administrative (3)
$32,750
—
$33,750
$33,500
—
$34,500
Interest expense, net
$24,500
—
$25,500
$25,500
—
$26,500
Net investment activity (4)
~$210,000
~$210,000
(1)
Net Income per diluted share excludes
potential gains and losses on asset sales, and any related GAAP
adjustments resulting from these transactions.
(2)
2022 NAREIT FFO per diluted share
Guidance:
- Excludes potential gains or losses on asset sales, and any
related GAAP adjustments resulting from these transactions.
- Excludes any items that impact NAREIT FFO comparability,
including loss on debt extinguishment, non-routine or one-time
items or transaction expenses.
- Includes an expectation that some tenants will move from the
cash basis of accounting to the accrual basis of accounting which
can result in volatility in straight-line rental income
adjustments.
(3)
General and administrative guidance is
inclusive of expenses associated with our oversight of the joint
venture.
(4)
Net investment activity represents
anticipated acquisition activity less disposal activity for
2022.
Net Income, NAREIT FFO, Core FFO and SPNOI guidance are
inclusive of prior period rent that we anticipate collecting in
2022.
The Company's 2022 Guidance is based on a number of assumptions
that are subject to change and may be outside the control of the
Company. If actual results vary from these assumptions, the
Company's expectations may change. There can be no assurances that
InvenTrust will achieve these results.
CONFERENCE CALL INFORMATION
Date:
August 2, 2022
Time:
9:00 a.m. ET
Dial-in:
(888) 396-8049 / Conference ID:
54356319
Webcast:
https://events.q4inc.com/attendee/388301422
Replay
Webcast Archive:
https://www.inventrustproperties.com/investor-relations/
A webcast replay will be available shortly
after the conclusion of the presentation using the webcast link
above.
NON-GAAP FINANCIAL MEASURES
This Earnings Release includes certain non-GAAP financial
measures and other terms that management believes are helpful in
understanding our business. These measures should not be considered
as alternatives to, or more meaningful than, net income (calculated
in accordance with GAAP) or other GAAP financial measures, as an
indicator of financial performance and are not alternatives to, or
more meaningful than, cash flow from operating activities
(calculated in accordance with GAAP) as a measure of liquidity.
Non-GAAP performance measures have limitations as they do not
include all items of income and expense that affect operations, and
accordingly, should always be considered as supplemental financial
results to those calculated in accordance with GAAP. The Company's
computation of these non-GAAP performance measures may differ in
certain respects from the methodology utilized by other REITs and,
therefore, may not be comparable to similarly titled measures
presented by such other REITs. Investors are cautioned that items
excluded from these non-GAAP performance measures are relevant to
understanding and addressing financial performance. A
reconciliation of our non-GAAP measures to the most directly
comparable GAAP financials measures are included herein.
SAME PROPERTY NOI or SPNOI
Information provided on a same property basis includes the
results of properties that were owned and operated for the entirety
of both periods presented. NOI excludes general and administrative
expenses, depreciation and amortization, provision for asset
impairment, other income and expense, net, gains (losses) from
sales of properties, gains (losses) on extinguishment of debt,
interest expense, net, equity in earnings (losses) from
unconsolidated entities, lease termination income and expense, and
GAAP rent adjustments (such as straight-line rent, above/below
market lease amortization and amortization of lease
incentives).
NAREIT FUNDS FROM OPERATIONS (NAREIT FFO) and CORE
FFO
Our non-GAAP measure of NAREIT Funds from Operations ("NAREIT
FFO"), based on the National Association of Real Estate Investment
Trusts ("NAREIT") definition, is net income (or loss) in accordance
with GAAP, excluding gains (or losses) resulting from dispositions
of properties, plus depreciation and amortization and impairment
charges on depreciable real property. Adjustments for our
unconsolidated joint venture is calculated to reflect our
proportionate share of the joint venture's NAREIT FFO on the same
basis. Core Funds From Operations (“Core FFO”) is an additional
supplemental non-GAAP financial measure of our operating
performance. In particular, Core FFO provides an additional measure
to compare the operating performance of different REITs without
having to account for certain remaining amortization assumptions
within NAREIT FFO and other unique revenue and expense items which
some may consider not pertinent to measuring a particular company’s
on-going operating performance.
ADJUSTED EBITDA
Our non-GAAP measure of Adjusted EBITDA excludes gains (or
losses) resulting from debt extinguishments, transaction expenses,
straight-line rent adjustments, amortization of above and below
market leases and lease inducements, and other unique revenue and
expense items which some may consider not pertinent to measuring a
particular company’s on-going operating performance. Adjustments
for our unconsolidated joint venture is calculated to reflect our
proportionate share of the joint venture's Adjusted EBITDA on the
same basis.
NET DEBT-TO-ADJUSTED EBITDA
Net Debt-to-Adjusted EBITDA is Pro Rata Net Debt divided by
Adjusted EBITDA on a trailing twelve month basis.
PRO RATA
Where appropriate, the Company has included the results from its
ownership share of its joint venture properties when combined with
the Company's wholly owned properties, defined as "Pro Rata," with
the exception of property and lease count.
FINANCIAL STATEMENTS
Condensed Consolidated Balance
Sheets
Dollars in thousands, except share
amounts
As of June 30,
As of December 31,
2022
2021
Assets
(unaudited)
Investment properties
Land
$
649,634
$
598,936
Building and other improvements
1,804,485
1,664,525
Construction in progress
16,857
9,642
Total
2,470,976
2,273,103
Less accumulated depreciation
(369,291
)
(350,256
)
Net investment properties
2,101,685
1,922,847
Cash, cash equivalents and restricted
cash
95,893
44,854
Investment in unconsolidated entities
57,550
107,944
Intangible assets, net
98,501
81,026
Accounts and rents receivable
27,979
30,059
Deferred costs and other assets, net
46,105
25,685
Total assets
$
2,427,713
$
2,212,415
Liabilities
Debt, net
$
702,802
$
533,082
Accounts payable and accrued expenses
35,952
36,208
Distributions payable
13,836
13,802
Intangible liabilities, net
31,712
28,995
Other liabilities
23,922
28,776
Total liabilities
808,224
640,863
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value,
40,000,000 shares authorized, none outstanding
—
—
Common stock, $0.001 par value,
146,000,000 shares authorized,
67,427,571 shares issued and outstanding
as of June 30, 2022 and
67,344,374 shares issued and outstanding
as of December 31, 2021
67
67
Additional paid-in capital
5,454,292
5,452,550
Distributions in excess of accumulated net
income
(3,852,985
)
(3,876,743
)
Accumulated comprehensive income
(loss)
18,115
(4,322
)
Total stockholders' equity
1,619,489
1,571,552
Total liabilities and stockholders'
equity
$
2,427,713
$
2,212,415
Condensed Consolidated Statements of
Operations and Comprehensive Income
Dollars in thousands, except share and per
share amounts, unaudited
Three Months Ended June 30
Six Months Ended June 30
2022
2021
2022
2021
Income
Lease income, net
$
58,935
$
50,978
$
116,703
$
100,904
Other property income
318
268
582
450
Other fee income
640
894
1,394
1,907
Total income
59,893
52,140
118,679
103,261
Operating expenses
Depreciation and amortization
24,205
21,995
47,034
43,682
Property operating
9,184
7,774
17,469
15,783
Real estate taxes
8,615
8,158
16,658
16,291
General and administrative
8,116
9,910
16,003
20,261
Total operating expenses
50,120
47,837
97,164
96,017
Other income (expense)
Interest expense, net
(5,631
)
(3,972
)
(10,440
)
(7,957
)
Loss on extinguishment of debt
—
—
(96
)
—
Gain on sale of investment properties,
net
36,856
361
36,856
880
Equity in earnings of unconsolidated
entities
716
775
3,432
1,395
Other income and expense, net
207
32
155
(163
)
Total other income (expense), net
32,148
(2,804
)
29,907
(5,845
)
Net income
$
41,921
$
1,499
$
51,422
$
1,399
Weighted-average common shares
outstanding, basic
67,413,049
71,943,542
67,384,044
71,970,945
Weighted-average common shares
outstanding, diluted
67,550,846
72,036,346
67,577,524
72,024,473
Net income per common share, basic and
diluted
$
0.62
$
0.02
$
0.76
$
0.02
Distributions declared per common share
outstanding
$
0.21
$
0.19
$
0.41
$
0.39
Distributions paid per common share
outstanding
$
0.21
$
0.20
$
0.41
$
0.38
Comprehensive income
Net income
$
41,921
$
1,499
$
51,422
$
1,399
Unrealized gain (loss) on derivatives
5,514
(138
)
20,920
1,755
Reclassification to net income
492
1,078
1,517
2,126
Comprehensive income
$
47,927
$
2,439
$
73,859
$
5,280
Pro Rata Same Property NOI
Dollars in thousands
The following table reflects Pro Rata Same
Property NOI:
Three Months Ended June 30
Six Months Ended June 30
2022
2021
2022
2021
Income
Minimum base rent
$
32,514
$
30,703
$
64,600
$
60,687
Real estate tax recoveries
6,646
7,058
13,093
13,832
Common area maintenance, insurance, and
other recoveries
6,100
5,646
11,956
11,385
Ground rent income
3,349
3,242
6,677
6,483
Short-term and other lease income
1,105
691
2,162
1,637
Provision for uncollectible billed rent
and recoveries
(124
)
(603
)
(359
)
(687
)
Reversal of uncollectible billed rent and
recoveries
258
841
1,108
841
Other property income
306
269
573
454
Total income
50,154
47,847
99,810
94,632
Operating Expenses
Property operating
8,089
7,630
15,727
15,431
Real estate taxes
7,430
7,937
14,589
15,846
Total operating expenses
15,519
15,567
30,316
31,277
Same Property NOI
34,635
32,280
69,494
63,355
JV Same Property NOI
2,682
2,382
5,292
4,705
Pro Rata Same Property NOI
$
37,317
$
34,662
$
74,786
$
68,060
Reconciliation of Net Income to Pro
Rata Same Property NOI
The following table is a reconciliation of
Net Income to Pro Rata Same Property NOI:
Three Months Ended June 30
Six Months Ended June 30
2022
2021
2022
2021
Net income
$
41,921
$
1,499
$
51,422
$
1,399
Adjustments to reconcile to non-GAAP
metrics:
Other income and expense, net
(207
)
(32
)
(155
)
163
Equity in earnings of unconsolidated
entities
(716
)
(775
)
(3,432
)
(1,395
)
Interest expense, net
5,631
3,972
10,440
7,957
Loss on extinguishment of debt
—
—
96
—
Gain on sale of investment properties,
net
(36,856
)
(361
)
(36,856
)
(880
)
Depreciation and amortization
24,205
21,995
47,034
43,682
General and administrative
8,116
9,910
16,003
20,261
Other fee income
(640
)
(894
)
(1,394
)
(1,907
)
Adjustments to NOI (a)
(2,422
)
(1,968
)
(6,294
)
(3,849
)
NOI
39,032
33,346
76,864
65,431
NOI from other investment properties
(4,397
)
(1,066
)
(7,370
)
(2,076
)
Same Property NOI
34,635
32,280
69,494
63,355
IAGM Same Property NOI at share
2,682
2,382
5,292
4,705
Pro Rata Same Property NOI
$
37,317
$
34,662
$
74,786
$
68,060
(a)
Adjustments to NOI include termination fee
income and expense and GAAP rent adjustments.
NAREIT FFO and Core FFO
Dollars in thousands, except share and per
share amounts
The following table presents the Company’s calculation of NAREIT
FFO and Core FFO Attributable to Common Shares and Dilutive
Securities and provides additional information related to its
operations:
Three Months Ended June 30
Six Months Ended June 30
2022
2021
2022
2021
Net income
$
41,921
$
1,499
$
51,422
$
1,399
Depreciation and amortization related to
investment properties
23,996
21,774
46,618
43,221
Gain on sale of investment properties,
net
(36,856
)
(361
)
(36,856
)
(880
)
Unconsolidated joint venture adjustments
(a)
1,385
2,086
920
4,156
NAREIT FFO Applicable to Common Shares and
Dilutive Securities
30,446
24,998
62,104
47,896
Amortization of above and below-market
leases and lease inducements, net
(1,062
)
(1,143
)
(3,609
)
(2,385
)
Straight-line rent adjustments, net
(1,211
)
(653
)
(2,368
)
(1,170
)
Adjusting items, net (b)
524
539
1,397
1,358
Unconsolidated joint venture adjusting
items, net (c)
(66
)
146
128
306
Core FFO Applicable to Common Shares and
Dilutive Securities
$
28,631
$
23,887
$
57,652
$
46,005
Weighted average common shares outstanding
- basic
67,413,049
71,943,542
67,384,044
71,970,945
Dilutive effect of unvested restricted
shares (d)
137,797
92,804
193,480
53,528
Weighted average common shares outstanding
- diluted
67,550,846
72,036,346
67,577,524
72,024,473
NAREIT FFO Applicable to Common Shares and
Dilutive Securities
per share
$
0.45
$
0.35
$
0.92
$
0.66
Core FFO Applicable to Common Shares and
Dilutive Securities per share
$
0.42
$
0.33
$
0.85
$
0.64
(a)
Represents our share of depreciation,
amortization and gain on sale related to investment properties held
in IAGM.
(b)
Adjusting items, net, are primarily loss
on extinguishment of debt, amortization of debt discounts and
financing costs, depreciation and amortization of corporate assets,
and non-operating income and expenses, net, which includes items
which are not pertinent to measuring on-going operating
performance, such as miscellaneous and settlement income.
(c)
Represents our share of amortization of
above and below-market leases and lease inducements, net, straight
line rent adjustments, net and adjusting items, net related to
IAGM.
(d)
For purposes of calculating non-GAAP per
share metrics, the same denominator is used as that which would be
used in calculating diluted earnings per share in accordance with
GAAP.
EBITDA, Pro Rata
Dollars in thousands
The following table presents the Company’s
calculation of EBITDA and Adjusted EBITDA:
Three Months Ended June 30
Six Months Ended June 30
2022
2021
2022
2021
Net income
$
41,921
$
1,499
$
51,422
$
1,399
Interest expense (a)
6,125
4,780
11,572
9,695
Income tax expense (a)
109
102
215
201
Depreciation and amortization (a)
25,590
24,081
50,017
47,838
EBITDA
73,745
30,462
113,226
59,133
Adjustments to reconcile to Adjusted
EBITDA (a)
Gain on sale of investment properties,
net
(36,856
)
(361
)
(38,919
)
(880
)
Loss on debt extinguishment
50
—
207
8
Non-operating income and expense, net
(b)
(550
)
(71
)
(620
)
125
Other leasing adjustments (c)
(2,252
)
(1,716
)
(5,902
)
(3,386
)
Adjusted EBITDA
$
34,137
$
28,314
$
67,992
$
55,000
(a)
Includes our consolidated entities and our
pro-rata share of our JV.
(b)
Non-operating income and expense, net,
includes other items which are not pertinent to measuring ongoing
operating performance, such as miscellaneous and settlement
income.
(c)
Other leasing adjustments includes
amortization of above and below market leases and straight-line
rent adjustments.
Financial Leverage Ratios
Dollars in thousands
The following table presents the
calculation of net debt and Net Debt-to-Adjusted EBITDA:
As of June 30,
As of December 31
2022
2021
Pro Rata Net Debt:
Pro Rata Outstanding Debt, net
$
771,852
$
624,289
Less: Pro Rata Cash
(103,377
)
(79,628
)
Pro Rata Net Debt
$
668,475
$
544,661
Pro Rata Net Debt-to-Adjusted EBITDA
(trailing 12 months):
Pro Rata Net Debt
$
668,475
$
544,661
Adjusted EBITDA (trailing 12 months)
130,265
117,273
Net Debt-to-Adjusted EBITDA
5.1x
4.6x
About InvenTrust Properties Corp.
InvenTrust Properties Corp. (“we,” the “Company,” “our,” “us,”
"IVT" or "InvenTrust") is a premier Sun Belt, multi-tenant
essential retail REIT that owns, leases, redevelops, acquires and
manages grocery-anchored neighborhood and community centers as well
as high-quality power centers that often have a grocery component.
We pursue our business strategy by acquiring retail properties in
Sun Belt markets, opportunistically disposing of retail properties,
maintaining a flexible capital structure, and enhancing
environmental, social and governance ("ESG") practices and
standards. A trusted, local operator bringing real estate expertise
to its tenant relationships, IVT has built a strong reputation with
market participants across its portfolio. IVT is committed to
leadership in ESG practices and has been a Global Real Estate
Sustainability Benchmark (“GRESB”) member since 2013. As of June
30, 2022, the Company is an owner and manager of 62 retail
properties, representing 10.5 million square feet of retail space.
For more information, please visit
www.inventrustproperties.com.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this press release, or made during
the earnings call, which are not historical facts, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements, including statements about the timing of the senior
notes issuance, or regarding management’s intentions, beliefs,
expectations, representation, plans or predictions of the future,
are typically identified by words such as “may,” “could,” “expect,”
“intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,”
“predict,” “potential,” “continue,” “likely,” “will,” “would,”
“outlook,” “guidance,” and variations of these terms and similar
expressions, or the negative of these terms or similar expressions.
Such forward-looking statements are necessarily based upon
estimates and assumptions that, while considered reasonable by us
and our management, are inherently uncertain. The following
factors, among others, could cause actual results and financial
position and timing of certain events to differ materially from
those described in the forward-looking statements: the effects and
duration of the COVID-19 pandemic; interest rate movements; local,
regional, national and global economic performance; competitive
factors; the impact of e-commerce on the retail industry; future
retailer store closings; retailer consolidation; retailers reducing
store size; retailer bankruptcies; government policy changes; and
any material market changes and trends that could affect the
Company’s business strategy. For further discussion of factors that
could materially affect the outcome of our forward-looking
statements and our future results and financial condition, see the
Risk Factors included in InvenTrust’s most recent Annual Report on
Form 10-K, as updated by any subsequent Quarterly Report on Form
10-Q, in each case as filed with the Securities and Exchange
Commission. InvenTrust intends that such forward-looking statements
be subject to the safe harbors created by Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, except as may be
required by applicable law. We caution you not to place undue
reliance on any forward-looking statements, which are made as of
the date of this press release. We undertake no obligation to
update publicly any of these forward-looking statements to reflect
actual results, new information or future events, changes in
assumptions or changes in other factors affecting forward-looking
statements, except to the extent required by applicable laws. If we
update one or more forward-looking statements, no inference should
be drawn that we will make additional updates with respect to those
or other forward-looking statements.
Availability of Information on InvenTrust Properties Corp.'s
Website and Social Media Channels
Investors and others should note that InvenTrust routinely
announces material information to investors and the marketplace
using U.S. Securities and Exchange Commission filings, press
releases, public conference calls, webcasts and the InvenTrust
investor relations website. The Company uses these channels as well
as social media channels (e.g., the InvenTrust Twitter account
(twitter.com/inventrustprop); and the InvenTrust LinkedIn account
(linkedin.com/company/inventrustproperties)) as a means of
disclosing information about the Company's business to our
colleagues, investors, and the public. While not all of the
information that the Company posts to the InvenTrust investor
relations website or on the Company’s social media channels is of a
material nature, some information could be deemed to be material.
Accordingly, the Company encourages investors, the media and others
interested in InvenTrust to review the information that it shares
on www.inventrustproperties.com/investor-relations and on the
Company’s social media channels.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220801005750/en/
Dan Lombardo Vice President of Investor Relations 630-570-0605
dan.lombardo@inventrustproperties.com
InvenTrust Properties (NYSE:IVT)
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