InvenTrust Properties Corp. reported a total revenue of $273.97 million for the fiscal year ending December 31, 2024, marking an increase of approximately 5.9% from $258.68 million in 2023. The company's net income also rose significantly, reaching $13.66 million compared to $5.27 million in the previous year. This improvement in profitability was attributed to a combination of increased lease income from newly acquired properties and enhanced performance from existing assets, which saw a rise in occupancy rates and annualized base rent (ABR) per square foot.
The company experienced notable operational changes during the year, acquiring 12 retail properties and disposing of two, resulting in a total of 68 properties under management with a gross leasable area of approximately 11 million square feet. Economic occupancy improved to 95.3%, up from 93.3% in 2023, while leased occupancy increased to 97.4% from 96.2%. The ABR per square foot also rose to $20.07, compared to $19.48 the previous year. These metrics reflect InvenTrust's strategic focus on grocery-anchored and necessity-based retail centers in high-growth Sun Belt markets.
In terms of financial strategy, InvenTrust successfully raised $247.3 million through a public offering of common stock in September 2024, which was used to enhance liquidity and support future acquisitions. The company also expanded its revolving credit facility from $350 million to $500 million, extending the maturity date to January 2029. As of December 31, 2024, the company had total debt of $740.42 million, down from $814.57 million in 2023, indicating a reduction in leverage and improved financial flexibility.
Looking ahead, InvenTrust remains optimistic about its growth trajectory, emphasizing its commitment to acquiring high-quality retail properties in favorable demographic markets. The company plans to continue leveraging its strong operational performance and strategic acquisitions to enhance shareholder value. However, management acknowledged potential risks, including economic downturns and shifts in consumer behavior towards e-commerce, which could impact occupancy and rental rates in the retail sector.
Overall, InvenTrust Properties Corp. demonstrated solid financial performance and strategic growth in 2024, positioning itself for continued success in the competitive retail real estate market.
About InvenTrust Properties Corp.
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