InvenTrust Properties Corp. Q1 FY2026 earnings call

• Steady operating performance across the portfolio with same property NOI growth. Enjoyed growth from annual escalators, healthy cash-on-cash leasing spreads, and sign-out open pipeline provides confidence in revenue conversion.
• Christy to discuss leasing demand and backfill opportunities for available spaces. Completed $123 million towards $300 million net investment guidance for the year, with $167 million of additional deals awarded or under contract. Entered Nashville market with acquisition of Nashville West. Selective small-scale redevelopment expected to contribute approximately 90 to 100 basis points of same property NOI growth in 2026.

Same property NOI grew 2.6% in the first quarter of 2026, while core FFO and narrate FFO per share increased 6.5% and 10.4%, respectively, from the first quarter of 2025. Same property NOI for the quarter totaled $48.7 million. Nereid FFO for the quarter totaled $41.3 million, or 53 cents per diluted share, reflecting a 10.4% increase from the first quarter of 2025. Core FFO rose 6.5% to 49 cents per share year over year. The firm's nearly 100% Sunbelt footprint is roughly 89% grocery anchored.

• Reaffirmed full-year same-property NOI growth guidance range of 3.25% to 4.25%.
• Increased Nade Read FFO full-year guidance range to $2 to $2.06 per share, representing a 7.4% growth at the midpoint versus 2025, primarily driven by mark-to-market lease adjustments related to recent acquisitions.
• Increased core FFO guidance to $1.92 to $1.96 per share, up 6% at the midpoint from last year.

• Forward-looking statements subject to various risks and uncertainties. Credit markets turbulence could impact access to capital. Seller expectations and competition in the acquisition market pose risks.

Includes questions from Todd Thomas regarding acquisitions timeline, seller expectations; Andrew Riel on Nashville West acquisition and upside; Cooper Clark on same property NOI acceleration and acquisition market competition; Michael Gorman on larger format small shop tenants; Hong Zhang on redevelopment pipelines; Paulina Roja on cap rate shifts with corresponding detailed answers from InvenTrust's team members.