InvenTrust Properties Corp. Files Q3 2024 10-Q

TL;DR

IVT Q3 10-Q is in. Check financials for real estate performance.

AI Summary

InvenTrust Properties Corp. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the year. Key financial data and operational details for this period are presented, including information related to their real estate portfolio and management services.

Why It Matters

This filing provides investors with a detailed look at InvenTrust's financial performance and operational status for the third quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a real estate investment trust, InvenTrust is subject to market fluctuations, interest rate changes, and property-specific risks that can impact its financial performance.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The end date for the financial information presented in the 10-Q.)
• 2024-10-29 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-01-01 — Nine Months Period Start Date (The beginning of the nine-month period for which financial data is reported.)
• 2023-12-31 — Prior Year End Date (The end date of the previous fiscal year, used for comparative financial reporting.)

Key Players & Entities

• InvenTrust Properties Corp. (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 2024-10-29 (date) — Filing Date
• 3025 HIGHLAND PARKWAY SUITE 350 (address) — Business and Mail Address
• 855-377-0510 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value IVT New York Stock Exchange

Filing Documents

• ivt-20240930.htm (10-Q) — 1368KB
• ivtp0930202410-qexh311.htm (EX-31.1) — 10KB
• ivtp0930202410-qexh312.htm (EX-31.2) — 11KB
• ivtp0930202410-qexh321.htm (EX-32.1) — 6KB
• ivtp0930202410-qexh322.htm (EX-32.2) — 6KB
• ivt-20240930_g1.jpg (GRAPHIC) — 58KB
• 0001307748-24-000101.txt ( ) — 6374KB
• ivt-20240930.xsd (EX-101.SCH) — 44KB
• ivt-20240930_cal.xml (EX-101.CAL) — 64KB
• ivt-20240930_def.xml (EX-101.DEF) — 225KB
• ivt-20240930_lab.xml (EX-101.LAB) — 504KB
• ivt-20240930_pre.xml (EX-101.PRE) — 361KB
• ivt-20240930_htm.xml (XML) — 831KB

- Financial Information

Part I - Financial Information Page

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and nine months ended September 30, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited) 5 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 31

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 32

Signatures

Signatures 33 -i- INVENTRUST PROPERTIES CORP. Condensed Consolidated Balance Sheets (in thousands, except share amounts) As of September 30, 2024 December 31, 2023 (unaudited) Assets Investment properties Land $ 710,160 $ 694,668 Building and other improvements 2,013,459 1,956,117 Construction in progress 11,716 5,889 Total 2,735,335 2,656,674 Less accumulated depreciation ( 496,559 ) ( 461,352 ) Net investment properties 2,238,776 2,195,322 Cash, cash equivalents and restricted cash 202,758 99,763 Intangible assets, net 107,004 114,485 Accounts and rents receivable 34,797 35,353 Deferred costs and other assets, net 37,146 42,408 Total assets $ 2,620,481 $ 2,487,331 Liabilities Debt, net $ 740,109 $ 814,568 Accounts payable and accrued expenses 48,683 44,583 Distributions payable 17,455 14,594 Intangible liabilities, net 30,369 30,344 Other liabilities 28,660 29,198 Total liabilities 865,276 933,287 Commitments and contingencies Stockholders' Equity Preferred stock, $ 0.001 par value, 40,000,000 shares authorized, none outstanding — — Common stock, $ 0.001 par value, 146,000,000 shares authorized, 77,130,431 shares issued and outstanding as of September 30, 2024 and 67,807,831 shares issued and outstanding as of December 31, 2023 77 68 Additional paid-in capital 5,721,592 5,468,728 Distributions in excess of accumulated net income ( 3,977,152 ) ( 3,932,826 ) Accumulated comprehensive income 10,688 18,074 Total stockholders' equity 1,755,205 1,554,044 Total liabilities and stockholders' equity $ 2,620,481 $ 2,487,331 See accompanying notes to the condensed consolidated financial statements. 1 INVENTRUST PROPERTIES CORP. Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) (in thousands, except share and per share amounts) Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Income Lease income, net $ 68,132 $ 63,716 $ 201,681 $ 192,814 Ot

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View this 10-Q filing on SEC EDGAR