InvenTrust Posts Strong 2025 Gains

Despite a dip in Q4 net income, the company posted a tenfold increase in annual earnings and raised its dividend.

February 11, 2026

Performance Trends That Matter

InvenTrust Properties closed out 2025 with a solid year of execution and growth, putting itself in a strong position heading into 2026. Net income jumped to $111.4 million, up from $13.7 million in 2024. Operational metrics and leasing activity moved in the right direction, while management laid out a forward-looking plan centered on continued investment, stable cash flow, and disciplined portfolio expansion.

The company’s full-year results showed steady improvement across key indicators. Core FFO landed at $1.83 per diluted share, while Nareit FFO came in at $1.89 —a 6.2% increase from the prior year. Same Property NOI rose 5.3%, building on a similar pace from 2024. These gains weren’t accidental. They reflect stronger rent collections, tighter operations, and better leasing outcomes across the board.

That momentum extended into the fourth quarter. While net income declined to $2.7 million—down from $9.8 million in Q4 2024—leasing activity remained healthy. The team executed 79 leases covering 350,000 square feet. Over the full year, 272 leases were signed across more than 1.3 million square feet, with blended lease spreads above 13% on both a quarterly and annual basis.

Occupancy stayed high. As of year-end, the portfolio was 96.7% leased, with anchor tenants at 98.4% and small shop space at 94%. The lease-to-economic occupancy spread stood at 130 basis points, translating to roughly $5.4 million in unrealized base rent on an annualized basis.

Strategic Capital Deployment

InvenTrust continued building out its portfolio with two acquisitions in Q4. It added Daniels Marketplace in Fort Myers, Florida, and Mesa Shores in Mesa, Arizona—totaling 242,000 square feet. Both properties are anchored by grocery tenants and were funded with a mix of liquidity and, in one case, mortgage assumption. Combined, the two deals cost $109 million.

The company ended the year with $480 million in total liquidity, including $35 million in cash and $445 million of available credit. There’s no debt coming due in 2026, and only $26 million maturing in 2027. The weighted average interest rate on debt was 4.04%, with a 4.5-year average term remaining.

Looking Ahead: 2026 Priorities

Initial 2026 guidance points to continued growth, with projected Nareit FFO per share in the $1.97–$2.03 range and Same Property NOI expected to rise 3.25% to 4.25%. Net investment activity is expected to hit $300 million, up from roughly $159 million last year. Management also forecasted general and administrative expenses in line with 2025 levels and a moderate increase in interest expense.

To support its forward-looking strategy, the Board approved a 5% dividend increase. Starting in April, the quarterly payout will rise to $0.25 per share, bringing the annualized dividend to $1.00.

InvenTrust enters 2026 with a strong balance sheet, a focused Sun Belt footprint, and a leasing engine that continues to deliver. Backed by high occupancy, disciplined acquisitions, and clear capital plans, the company is positioned to maintain momentum and navigate the year ahead with flexibility and focus.