Today, InvenTrust Properties Corp. (IVT) released its 10-K report, and its shares moved 0.5% on the market, currently trading at $25.15.
InvenTrust Properties Corp. is a Sun Belt, multi-tenant essential retail Real Estate Investment Trust (REIT) that owns, leases, redevelops, acquires, and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers. The company focuses on Sun Belt markets with favorable demographics, including above-average growth in population, employment, income, and education levels.
In the year ended December 31, 2023, InvenTrust Properties Corp. made significant moves in its portfolio. The company acquired four retail properties from IAGM for an aggregate purchase price of $222.3 million, subsequently disposing of four properties for a total gross disposition price of $221.6 million. The company also acquired five properties and assumed mortgage debt, totaling $244.0 million, and disposed of two properties for a gross disposition price of $13.1 million.
In terms of financial indicators, the company reported a net operating income (NOI) of $257.1 million, reflecting an increase of $24.2 million from the previous year. The company also reported a total income of $258.7 million, representing a $21.9 million increase from the prior year. Moreover, the company's operating expenses amounted to $222.9 million, marking a $21.4 million increase from the previous year.
However, despite the company's optimistic outlook and strategic acquisitions, a financial analysis of the stock reveals weak operating margins, negative EPS growth, a highly leveraged balance sheet, weak revenue growth, and a flat capital expenditure trend.
For further details, you can access the company's full 10-K submission here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $242,674 | $226,490 | $197,833 | $211,979 | $236,707 | $253,225 |
| Revenue Growth | n/a | -6.67% | -12.65% | 7.15% | 11.67% | 6.98% |
| Operating Margins | 19% | 16% | -14% | -4% | 7% | -12% |
| Net Margins | 35% | 17% | -5% | -3% | 22% | 1% |
| Net Income (k) | $83,849 | $38,399 | -$10,174 | -$5,360 | $52,233 | $2,254 |
| Net Interest Expense (k) | $24,943 | $22,717 | $18,749 | $16,261 | $26,777 | $37,089 |
| Depreciation & Amort. (k) | $100,593 | $97,429 | $87,755 | $87,143 | $94,952 | $109,236 |
| Earnings Per Share | $1.15 | $0.53 | -$0.14 | -$0.08 | $0.77 | $0.03 |
| EPS Growth | n/a | -53.91% | -126.42% | 42.86% | 1062.5% | -96.1% |
| Diluted Shares (k) | 72,897 | 72,954 | 71,986 | 71,073 | 67,526 | 67,531 |
| Free Cash Flow (k) | $97,424 | $88,254 | $81,237 | $74,595 | $106,375 | $98,607 |
| Capital Expenditures | $27,233 | $17,754 | $12,918 | $15,361 | $19,420 | $26,103 |
InvenTrust Properties has weak operating margins with a negative growth trend, declining EPS growth, and a highly leveraged balance sheet. InvenTrust Properties has weak revenue growth and a flat capital expenditure trend and positive cash flows.
