InvenTrust Properties Corp. IVT
On October 4, 2004, InvenTrust Properties Corp. was incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and elected to operate in a manner to be taxed as a REIT for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April 2015 and is focused on owning, leasing, redeveloping, acquiring and managing a multi-tenant retail platform. On October 12, 2021, the Company's shares of common stock were listed and began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "IVT."
As of December 31, 2025, the Company owned 73 retail properties with a total gross leasable area ("GLA") of approximately 11.6 million square feet. The following table summarizes our retail portfolio as of December 31, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $299.2M | $274.0M | $258.7M | $236.7M | $212.0M | $197.8M | $226.5M | $242.7M | $251.8M | $242.7M |
| SG&A | $34.9M | $33.2M | $31.8M | $33.3M | $38.2M | $33.1M | $35.4M | $35.3M | $42.7M | $49.1M |
| Total operating expenses | $247.8M | $227.0M | $222.9M | $201.5M | $209.2M | $179.7M | $199.0M | $205.9M | $209.2M | $215.1M |
| Operating income | $60.0M | -$33.3M | -$30.5M | $17.0M | -$8.1M | -$28.4M | $36.4M | $47.1M | $16.7M | $27.6M |
| Interest expense | $34.5M | $37.1M | $38.1M | $26.8M | $16.3M | $18.7M | $22.7M | $24.9M | $30.2M | $44.1M |
| Pre-tax income | $112.0M | $14.2M | $5.8M | — | — | — | $65.0M | $83.9M | $59.3M | $119.4M |
| Income tax | $568.0K | $543.0K | $517.0K | — | — | — | $1.1M | $30.0K | $1.3M | $201.0K |
| Net income | $111.4M | $13.7M | $5.3M | $52.2M | -$5.4M | -$10.2M | $38.4M | $83.8M | $61.8M | $252.7M |
| EPS, basic | 1.44 | 0.19 | 0.08 | 0.77 | -0.08 | -0.14 | 0.53 | — | — | — |
| EPS, diluted | 1.42 | 0.19 | 0.08 | 0.77 | -0.08 | -0.14 | 0.53 | 0.11 | 0.07 | 0.29 |
| Shares, diluted (wtd. avg.) | $78.3M | $71.0M | $67.8M | $67.5M | $71.1M | $72.0M | $73.0M | $762.1M | $774.6M | $854.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $40.5M | $91.2M | $99.8M | $137.8M | $44.9M | $223.8M | $260.7M | $264.9M | $171.9M | $422.2M |
| Total assets | $2.79B | $2.64B | $2.49B | $2.47B | $2.21B | $2.41B | $2.51B | $2.54B | $2.70B | $2.79B |
| Long-term debt | $822.6M | $740.4M | $814.6M | $754.6M | $533.1M | — | — | — | — | $434.7M |
| Total liabilities | $994.4M | $875.9M | $933.3M | $869.1M | $640.9M | $668.5M | $687.6M | $683.7M | $792.9M | $837.2M |
| Total equity | $1.79B | $1.76B | $1.55B | $1.60B | $1.57B | $1.74B | $1.82B | $1.85B | $1.91B | $1.95B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $155.4M | $136.9M | $129.6M | $125.8M | $90.0M | $94.2M | $106.0M | $124.7M | $118.2M | $133.2M |
| Depreciation and amortisation | $128.5M | $113.9M | $113.4M | $95.0M | $87.1M | $87.8M | $97.4M | $100.6M | $95.3M | $116.4M |
| Stock-based compensation | — | — | — | — | — | — | $5.5M | $4.3M | $3.4M | $2.2M |
| Capital expenditure | $44.5M | $36.1M | $35.7M | $33.2M | $15.4M | $12.9M | $17.8M | $27.2M | $15.9M | $13.7M |
| Investing cash flow | -$144.9M | -$240.5M | -$79.7M | -$144.5M | -$64.7M | -$49.1M | -$41.8M | $175.4M | -$209.1M | $1.08B |
| Financing cash flow | -$61.2M | $95.1M | -$87.9M | $111.6M | -$204.2M | -$82.1M | -$68.3M | -$207.1M | -$159.4M | -$1.01B |
| Dividends paid | $72.8M | $62.8M | $57.5M | $55.3M | $55.6M | $54.2M | $53.2M | $54.2M | $53.4M | $98.6M |
| Buybacks | — | — | $0 | $0 | $116.4M | $5.2M | $20.4M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001307748-26-000045.
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