InvenTrust Sees Q3 Growth

Strategic Sun Belt investments and a revamped credit facility strengthen the REIT’s financial positioning.

October 29, 2025

InvenTrust Powers Through Q3 with Strategic Acquisitions and Strong Operating Metrics

InvenTrust kept its momentum going in Q3 2025, turning in a quarter marked by disciplined execution and tactical deployment of capital. Net income came in at $6.0 million—rebounding from a small loss the year before—while occupancy and rent growth both moved in the right direction. With over $250 million allocated to four new property acquisitions in high-growth Sun Belt markets, the company continued to lean into its long-term strategy: focus on essential retail, remain operationally lean, and position the balance sheet for flexibility.

High Leasing Activity and Solid Rent Growth

The company closed the quarter with a leased occupancy rate of 97.2%, driven by strong demand across both anchor and small shop spaces. In total, 56 leases were signed, covering approximately 409,000 square feet. Nearly 360,000 of that total came from comparable re-leasing, which posted an average spread of 11.5% —a sign that market rents are still outpacing expiring lease rates.

Same Property NOI rose 6.4% year-over-year, and Annualized Base Rent reached $20.28 per square foot, reflecting a 2.3% increase from Q3 2024.

$250M Deployed into Sun Belt Centers

InvenTrust’s Q3 acquisition activity was headlined by four grocery-anchored centers totaling 791,000 square feet. Each purchase aligned with the company’s focus on essential retail and population growth corridors.

The Marketplace at Encino Park – San Antonio, TX

West Broad Marketplace – Richmond, VA

Asheville Market – Asheville, NC

Rea Farms – Charlotte, NC

All four deals were funded primarily with cash on hand, with the Asheville acquisition also involving an assumed mortgage.

Debt Strategy: Push Out Maturities, Lock In Rates

Alongside the acquisitions, InvenTrust made moves to stretch out its debt profile. The company amended its $400 million term loan, splitting it into two tranches maturing in 2030 and 2031. It also executed four forward-starting interest rate swaps to fix future rates around 4.5%–4.6%. These swaps kick in when the existing ones roll off in 2026 and 2027.

In parallel, the company adjusted the pricing mechanism on its $500 million revolving credit facility, eliminating the credit spread adjustment and reducing cost of capital. As of quarter-end, total liquidity stood at $570.7 million, including $70.7 million in cash.

Updated Outlook for 2025

The company modestly narrowed its 2025 guidance ranges. Net income is now expected to land between $1.40 and $1.44 per share, while Core FFO is projected between $1.80 and $1.83. Guidance for same-property NOI growth was nudged higher to 4.75%–5.25%, reflecting stronger operating performance through the first nine months of the year.

Taken together, the Q3 numbers and balance sheet updates reflect a company staying consistent with its plan. InvenTrust continues to scale its portfolio in Sun Belt markets while preserving flexibility—positioning itself to keep delivering reliable income growth in a shifting retail environment.