Inventrust Properties Corp. has reported its financial and operating results for the fourth quarter and full year ended December 31, 2024. The company's net income for the three months ended December 31, 2024 was $9.8 million, or $0.13 per diluted share, compared to $2.9 million, or $0.04 per diluted share, for the same period in 2023. For the full year, the company reported net income of $13.7 million, or $0.19 per diluted share, compared to $5.3 million, or $0.08 per diluted share, for the same period in 2023.
NAREIT FFO for the fourth quarter of 2024 was $34.9 million, or $0.45 per diluted share, compared to $30.8 million, or $0.45 per diluted share, for the same period in 2023. For the full year, NAREIT FFO was $126.7 million, or $1.78 per diluted share, compared to $115.5 million, or $1.70 per diluted share, for the same period in 2023.
Core FFO for the fourth quarter of 2024 was $33.5 million, or $0.43 per diluted share, compared to $27.8 million, or $0.41 per diluted share, for the same period in 2023. For the full year, Core FFO was $122.8 million, or $1.73 per diluted share, compared to $111.9 million, or $1.65 per diluted share, for the same period in 2023.
The company reported a same property net operating income (NOI) growth of 7.1% for the fourth quarter and 5.0% for the full year. Leased occupancy as of December 31, 2024, was 97.4%, representing a fourth quarter sequential increase of 40 basis points and a full year increase of 120 basis points.
In terms of investment activity, the company acquired four properties in the fourth quarter, totaling approximately 614,000 square feet, including two properties in the Charleston, South Carolina market. The company raised $7.8 million of net proceeds under the at-the-market equity offering program (the “ATM program”) during the fourth quarter.
Additionally, the board of directors approved a 5% increase to the company’s dividends starting in April 2025.
Looking ahead, the company has provided initial guidance for 2025, including net income per diluted share of $0.27 to $0.33, NAREIT FFO per diluted share of $1.83 to $1.89, and Core FFO per diluted share of $1.79 to $1.83. The company's initial 2025 guidance also includes same property NOI growth of 3.50% to 4.50%.
The company's financial position shows that it had $87.4 million of cash and cash equivalents and $500.0 million of availability under its revolving credit facility as of December 31, 2024.
These results reflect Inventrust's continued focus on operational excellence and strategic growth, as stated by DJ Busch, President and CEO of Inventrust. As a result of these announcements, the company's shares have moved 1.2% on the market, and are now trading at a price of $30.16. If you want to know more, read the company's complete 8-K report here.
