InvenTrust Properties Corp. reported significant financial developments in its third quarter and year-to-date results for 2024, reflecting a robust performance in its multi-tenant retail real estate investment trust (REIT) operations. As of September 30, 2024, total assets increased to $2.62 billion, up from $2.49 billion at the end of 2023. Investment properties also rose to $2.74 billion, compared to $2.66 billion previously. Notably, net investment properties grew to $2.24 billion, marking an increase from $2.20 billion.
The company’s lease income for the third quarter of 2024 reached $68.1 million, a 6.9% increase from $63.7 million in Q3 2023. Year-to-date lease income was $201.7 million, up from $192.8 million in the prior year. This growth was attributed to new acquisitions, increased occupancy, and higher average base rent per square foot. Total income for Q3 2024 was $68.5 million, compared to $64.1 million in Q3 2023, while total operating expenses decreased slightly to $56.3 million from $57.8 million.
Despite a net loss of $539,000 in Q3 2024, an improvement from a loss of $822,000 in Q3 2023, the year-to-date net income rose to $3.9 million, up from $2.4 million. The company declared distributions of $0.23 per share for Q3 2024, an increase from $0.22 in the same quarter of the previous year.
In terms of strategic developments, InvenTrust completed a public offering of 9.2 million shares at $28.00 per share on September 25, 2024, generating net proceeds of $247.3 million. The company also acquired several retail properties, including Scottsdale North Marketplace for $23 million and Stonehenge Village for $62.1 million, funded with cash on hand.
Total liabilities decreased to $740.1 million from $814.6 million, with total stockholders' equity rising to $1.76 billion from $1.55 billion. The company extinguished several mortgages, including a $72.5 million pooled mortgage payable, and maintained compliance with all loan covenants.
InvenTrust's operational metrics showed improved occupancy rates, with economic occupancy for community and neighborhood centers at 95.6%, up from 93.5% in 2023. The company executed 160 leases covering 1.1 million square feet, achieving a new contractual rent of $21.46 per square foot, reflecting a 10.4% increase from prior rents.
Overall, InvenTrust Properties Corp. demonstrated solid growth in revenue and strategic positioning within the retail real estate market, supported by effective management of its assets and liabilities.
About InvenTrust Properties Corp.
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