InvenTrust announces public offering of 6.5 million shares

DOWNERS GROVE, Ill. - InvenTrust Properties Corp. (NYSE:IVT), a real estate investment trust (REIT) focused on Sun Belt retail properties, has launched a public offering of 6.5 million shares of common stock, it was announced today. The company also plans to offer the underwriters a 30-day option to buy an additional 975,000 shares. The timing and size of the offering are dependent on market conditions.

Joint book-running managers for this offering are J.P. Morgan, BofA Securities, and Wells Fargo Securities. InvenTrust aims to allocate the net proceeds from this offering for general corporate purposes. These include potential property acquisitions, repaying debts such as a $72.5 million loan from Bank of America, N.A., and addressing the company's revolving credit facility needs.

The offering is being made through an effective shelf registration statement filed with the Securities and Exchange Commission (SEC). Details regarding the offering will be available via a preliminary prospectus supplement and accompanying prospectus, which will be filed with the SEC.

InvenTrust Properties Corp. specializes in owning, leasing, redeveloping, and managing grocery-anchored neighborhood and community centers, as well as power centers with grocery components, primarily in the Sun Belt region. The company's strategy involves acquiring retail properties in Sun Belt markets, selling retail properties opportunistically, maintaining a flexible capital structure, and enhancing environmental, social, and governance practices.

The press release contains forward-looking statements, which are based on current plans and projections about future events. InvenTrust cautions that these statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from those projected.

This news is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The sale of these securities in any jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction is not permitted.

In other recent news, InvenTrust Properties Corp. announced robust results for the second quarter, largely driven by operations in the US Sunbelt region. The company reported a record high leased occupancy of 96.4% and successfully acquired McGuire Groves in Orlando. Furthermore, InvenTrust raised its full-year guidance for same-property net operating income (NOI) growth and funds from operations (FFO), projecting a positive outlook for 2024. The company's financial strength is also evident in its plans to continue monitoring the market for potential acquisitions and dispositions, while maintaining its strategic focus on the Sunbelt region. However, the company also remains open to compelling acquisitions outside this region. Notably, the company has exceeded expectations with the health of its small shop tenants and its financial condition remains strong, with a reduced watch list and low rent delinquencies. Despite the potential risk of property closures in the Dallas MSA due to the possible Kroger-Albertsons merger, InvenTrust's strategy and performance indicate a resilient approach in the retail real estate sector.

InvestingPro Insights

InvenTrust Properties Corp. (NYSE:IVT) has shown a robust financial performance in recent times, as evidenced by the real-time data from InvestingPro. The company has demonstrated a significant return over the last three months, with a 20.99% increase in share price, which is in line with its strong historical performance over the last five years. This performance is particularly noteworthy as it trades near its 52-week high, with the price at 97.23% of this peak.

InvestingPro data also highlights that InvenTrust's market capitalization stands at $2 billion, with a high adjusted P/E ratio of 62.73 for the last twelve months as of Q2 2024. Despite this high earnings multiple, the company's dividend yield is attractive at 3.08%, and it has raised its dividend for 6 consecutive years, showcasing a commitment to returning value to shareholders.

One of the InvestingPro Tips for InvenTrust is the company's ability to manage its short-term obligations, which currently exceed its liquid assets. This financial insight might be particularly relevant for investors considering the company's recent public offering of shares and its stated intention to use the proceeds for, among other things, repaying debt. Another tip to consider is that analysts predict InvenTrust will be profitable this year, which could be a positive sign for potential investors.

For those seeking more in-depth analysis and additional insights, InvestingPro offers a comprehensive list of tips for InvenTrust, which can be found at https://www.investing.com/pro/IVT. There are currently several more InvestingPro Tips available, providing a more detailed look at the company's financial health and future prospects.

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