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InvenTrust Properties Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 28 April 2026: press release. Guidance figures: 4 raised, 1 lowered, 1 new, 6 kept. The quarter’s numbers.

Key takeaways

  • Core FFO rose to $0.49: Core FFO was $38.8 million, or $0.49 per diluted share, against $36.2 million, or $0.46 per diluted share, a year earlier. Source
  • Same property NOI up 2.6%: Same Property NOI was $48.7 million, a 2.6% increase on the same period of 2025. Source
  • FFO guidance raised, net income lowered: Nareit FFO range raised $0.03 per share at each end and Core FFO range raised $0.01. Net income per diluted share range lowered $0.06 at each end. Source
  • Occupancy at 96.4%: Leased occupancy stood at 96.4% at March 31, 2026. Source
  • Leasing spreads of 10.5%: The company executed 64 leases covering about 329,000 square feet, of which 249,000 square feet had a 10.5% blended comparable spread. Source
  • $123 million of acquisitions: The company acquired two properties and a single-tenant outparcel totaling about 391,000 square feet for about $123.0 million. Source
  • Net debt-to-adjusted EBITDA rose to 5.2x: Net debt-to-adjusted EBITDA on a trailing twelve-month basis was 5.2x, up from 4.5x at December 31, 2025. Net debt was $925.4 million. Source

“Our start to 2026 reflects the continued strength of the InvenTrust portfolio and the consistency of our operating platform,”

DJ Busch, President and CEO

Guidance

AreaPeriodFigureAgainst last quarter
Net income per diluted share Source2026$0.10 - $0.16Lowered from $0.16 - $0.22
Nareit FFO per diluted share Source2026$2.00 - $2.06Raised from $1.97 - $2.03
Core FFO per diluted share Source2026$1.92 - $1.96Raised from $1.91 - $1.95
Same Property NOI growth Source20263.25% - 4.25%Kept
General and administrative expense Source2026$35,750 - $36,750 (in thousands)Kept
Interest expense, net Source2026~ $44,000 (in thousands)Kept
Net investment activity (acquisitions less dispositions) Source2026~ $300,000 (in thousands)Kept
Expected interest income Source2026approximately $0.5 millionRaised from approximately $0.1 million
Uncollectibility allowance Source202630-70 basis points of expected total revenueKept
Depreciation and amortization of real estate assets per diluted share Source20261.90Raised from 1.81
Amortization of market-lease intangibles and inducements, net per diluted share Source2026(0.08)
Straight-line rent adjustments, net per diluted share Source2026(0.05) - (0.06)Kept
Senior notes weighted average fixed interest rate SourceIssue expected June 29, 20265.44% on $250 millionNew

What changed from last quarter

  • Guidance raised: 2026 Nareit FFO per diluted share range raised to $2.00 - $2.06 from $1.97 - $2.03. Source
  • Guidance raised: 2026 Core FFO per diluted share range raised to $1.92 - $1.96 from $1.91 - $1.95. Source
  • Guidance raised: Expected interest income assumption raised to about $0.5 million from about $0.1 million. Source
  • Guidance lowered: 2026 net income per diluted share range lowered to $0.10 - $0.16 from $0.16 - $0.22. Source
  • Guidance kept: Same Property NOI growth, general and administrative expense, interest expense, net and net investment activity ranges are unchanged from the prior guidance. Source
  • New: Company entered a note purchase agreement for a $250 million private placement of senior notes on April 16, 2026. Source
  • New: Company expanded its Sun Belt presence into Nashville, Tennessee through the Nashville West acquisition. Source

Results and guidance changes

  • Core FFO rose to $0.49: Core FFO was $38.8 million, or $0.49 per diluted share, against $36.2 million, or $0.46 per diluted share, a year earlier. Source
  • Nareit FFO and net income: Nareit FFO was $41.3 million, or $0.53 per diluted share, against $0.48 a year earlier. Net income was $5.2 million, or $0.07 per diluted share, against $6.8 million, or $0.09. Source
  • Same property NOI up 2.6%: Same Property NOI was $48.7 million, a 2.6% increase on the same period of 2025. Source
  • FFO guidance raised, net income lowered: Nareit FFO range raised $0.03 per share at each end and Core FFO range raised $0.01. Net income per diluted share range lowered $0.06 at each end. Source

Occupancy and leasing

  • Occupancy at 96.4%: Leased occupancy stood at 96.4% at March 31, 2026. Source
  • Anchor and small shop levels: Anchor occupancy was 98.5% and small shop occupancy 92.9% at March 31, 2026, reported separately. Source
  • Small shop occupancy fell sequentially: Anchor occupancy rose 10 basis points from the prior quarter, while small shop occupancy fell 110 basis points. Source
  • Leasing spreads of 10.5%: The company executed 64 leases covering about 329,000 square feet, of which 249,000 square feet had a 10.5% blended comparable spread. Source
  • Leased-to-economic gap of $4.6 million: The leased-to-economic occupancy spread was 130 basis points, equal to about $4.6 million of annualized base rent. Source
  • Base rent per foot up 2.1%: Annualized base rent per square foot was $20.63, up 2.1%, with anchor tenants at $13.05 and small shop tenants at $34.01. Source

“This acceleration is driven by contractual rent growth and a strong pipeline of signed leases scheduled to commence over the balance of the year.”

DJ Busch, President and CEO

Acquisitions and Sun Belt expansion

  • $123 million of acquisitions: The company acquired two properties and a single-tenant outparcel totaling about 391,000 square feet for about $123.0 million. Source
  • Nashville West acquired in February: Nashville West is a 324,000 square foot power center shadow-anchored by Target, Costco and Publix, bought for $88.0 million. Source
  • Hudson Station and Atlanta outparcel: Marketplace at Hudson Station, a 60,000 square foot center in Phoenix, cost $31.25 million. A 7,000 square foot outparcel in Atlanta cost $3.7 million. Source
  • Acquisitions paid from liquidity: The company said the first-quarter acquisitions were completed using available liquidity. Source

Costs and interest expense

  • Depreciation and amortization rose: Depreciation and amortization was $36.4 million against $30.6 million a year earlier. The release does not state a cause. Source
  • Interest expense rose to $10.1 million: Interest expense, net was $10.1 million, against $8.3 million a year earlier. Source
  • General and administrative up: General and administrative expense was $9.3 million, against $8.5 million a year earlier. Source
  • Credit loss provision of $156 thousand: Same property results show a provision for estimated credit losses of $156 thousand, against a reversal of $32 thousand a year earlier. Source

“With meaningful embedded growth, disciplined capital allocation, and sustained leasing demand, we remain well positioned to deliver durable cash flows and create long-term shareholder value.”

DJ Busch, President and CEO

Liquidity, debt and leverage

  • Liquidity of $345.8 million: Total liquidity was $345.8 million, made up of $26.8 million of cash and $319.0 million under the revolver. It was $480.0 million at December 31, 2025. Source
  • Net debt-to-adjusted EBITDA rose to 5.2x: Net debt-to-adjusted EBITDA on a trailing twelve-month basis was 5.2x, up from 4.5x at December 31, 2025. Net debt was $925.4 million. Source
  • Debt rate and maturities: The weighted average interest rate on debt was 4.13%, with a 4.0-year remaining term. No debt matures in 2026 and $26.0 million matures in 2027. Source
  • Distributions payable rose: Distributions payable were $19.5 million at March 31, 2026, against $18.5 million at December 31, 2025. Source

Guidance assumptions behind the ranges

  • Expected interest income raised: The interest expense estimate assumes expected interest income of about $0.5 million, up from about $0.1 million in February. Source
  • Depreciation per share estimate rose: Depreciation and amortization of real estate assets is now 1.90 per diluted share in the FFO reconciliation, up from 1.81. Source
  • Market-lease amortization figure changed: Amortization of market-lease intangibles and inducements is shown at (0.08) per diluted share, against (0.06) previously. Straight-line adjustments stay at (0.05) to (0.06). Source
  • Net investment activity held: Anticipated net investment activity, acquisitions less dispositions, is about $300,000 in thousands for 2026, unchanged from February. Source

Coming up, as management said on 28 April 2026

  • Same property NOI step-up in back half: Management expects same property NOI growth to step up meaningfully in the second half of 2026. Source
  • Senior notes expected to issue June 29: The $250 million senior notes are expected to be issued on June 29, 2026, subject to customary closing conditions. Source

Figures management reported

FigureReported
Nareit FFO per diluted share Source$0.53
Core FFO per diluted share Source$0.49
Same-store NOI growth Source2.6%
Leased occupancy Source96.4%
Leasing spread (blended comparable) Source10.5%
Acquisitions Source$123.0 million
Leverage (net debt-to-adjusted EBITDA) Source5.2x

Risks management discussed

  • Operational: Management attributes first-quarter results to the timing of lease commencements and anticipated portfolio activity. Source
  • Demand: Guidance includes an expected uncollectibility of 30-70 basis points of total revenue, which management identifies as a planning assumption. Source

Earlier plans management reported on

  • Met: The February release said the new annual rate would show in the April 2026 quarterly dividend; the April 2026 release reports a $0.25 per share distribution paid April 15, 2026.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.