InvenTrust Properties Corp
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
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Item 2. Properties
As of December 31, 2023 and 2022, InvenTrust's wholly-owned and managed retail properties include grocery-anchored community and neighborhood centers and power centers, including those classified as necessity-based. For the year ended December 31, 2022, we have included results from the properties previously owned by our 55% ownership interest in IAGM at share when combined with our wholly-owned properties, defined as "Pro Rata Combined Retail Portfolio."
The following table summarizes our retail portfolio, on a wholly-owned, IAGM, and pro-rata combined basis, as of December 31, 2023 and 2022.
| Wholly-Owned Retail Properties | IAGM Retail Properties | Pro Rata CombinedRetail Portfolio | ||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| No. of properties | 62 | 58 | — | 4 | 62 | 62 |
| GLA (square feet) | 10,324 | 9,171 | — | 1,125 | 10,324 | 9,790 |
| Economic occupancy | 93.3% | 94.2% | —% | 90.2% | 93.3% | 93.9% |
| Leased occupancy | 96.2% | 96.2% | —% | 93.6% | 96.2% | 96.1% |
| ABR PSF | $19.48 | $19.26 | $— | $16.22 | $19.48 | $19.08 |
The following table represents the geographical diversity of our retail portfolio by ABR as of December 31, 2023.
| Market | No. of Properties | ABR | ABR PSF | ABR as % of Total | GLA | GLA as % of Total |
|---|---|---|---|---|---|---|
| Austin-Round Rock, TX | 8 | $32,625 | $16.74 | 17.5% | 2,056 | 19.9% |
| Houston-Sugar Land-Baytown, TX | 6 | 20,908 | 16.39 | 11.2% | 1,409 | 13.6% |
| Miami-Fort Lauderdale-Miami Beach, FL | 3 | 18,895 | 23.06 | 10.1% | 859 | 8.3% |
| Dallas-Fort Worth-Arlington, TX | 7 | 18,325 | 20.02 | 9.8% | 939 | 9.1% |
| Atlanta Metro Area, GA | 9 | 18,023 | 20.73 | 9.7% | 995 | 9.6% |
| Raleigh-Cary-Durham, NC | 5 | 13,318 | 20.09 | 7.2% | 688 | 6.7% |
| So. California - Los Angeles, CA | 3 | 11,247 | 20.94 | 6.0% | 579 | 5.6% |
| Charlotte-Gastonia-Concord, NC | 4 | 9,492 | 20.00 | 5.1% | 515 | 5.0% |
| Orlando-Kissimmee, FL | 4 | 9,026 | 24.24 | 4.8% | 378 | 3.7% |
| Tampa-St. Petersburg, FL | 3 | 8,614 | 13.26 | 4.6% | 753 | 7.3% |
| Washington D.C/Richmond Metro Area | 3 | 8,494 | 26.78 | 4.6% | 358 | 3.5% |
| San Antonio, TX | 2 | 5,993 | 25.62 | 3.2% | 261 | 2.5% |
| So. California - San Diego, CA | 2 | 5,752 | 26.04 | 3.1% | 225 | 2.2% |
| So. California - Inland Empire, CA | 2 | 5,116 | 24.21 | 2.8% | 246 | 2.4% |
| Cape Coral-Fort Myers, FL | 1 | 574 | 9.68 | 0.3% | 63 | 0.6% |
| Total | 62 | $186,402 | $19.48 | 100% | 10,324 | 100% |
The following table presents information regarding the top 10 tenants of our retail portfolio by ABR as of December 31, 2023.
| Parent Name · Tenant Name/Count · No. of Leases · ABR · % of Total ABR · GLA · % of Total Occ.GLA | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Kroger | Kroger 7 / Kroger Gas 1 / Harris Teeter 4 / Ralphs 3 | 15 | $9,676 | 5.2% | 864 | 8.4% | ||||
| Publix Super Markets, Inc. | Publix 11 / Publix Liquor 3 | 14 | 6,204 | 3.3% | 541 | 5.2% | ||||
| TJX Companies | Marshalls 7 / HomeGoods 5 / TJ Maxx 2 | 14 | 4,872 | 2.6% | 397 | 3.8% | ||||
| Albertson's | Safeway 1 / Tom Thumb 2 / Market Street 2 / Albertsons 1 | 6 | 4,303 | 2.3% | 365 | 3.5% | ||||
| H.E.B. | H.E.B. 4 / H.E.B. Staff Office 1 | 5 | 4,220 | 2.3% | 447 | 4.3% | ||||
| Amazon, Inc. | Whole Foods Market 5 | 5 | 2,701 | 1.4% | 194 | 1.9% | ||||
| BC Partners | Petsmart 7 | 7 | 2,436 | 1.3% | 151 | 1.5% | ||||
| Best Buy | 4 | 2,270 | 1.2% | 138 | 1.3% | |||||
| Apollo Global Management, Inc. | Michael's 7 | 7 | 2,052 | 1.1% | 161 | 1.6% | ||||
| Ulta Beauty Inc. | 8 | 2,028 | 1.1% | 83 | 0.8% | |||||
| 85 | $40,762 | 21.8% | 3,341 | 32.3% | ||||||
The following table presents the lease expirations of our retail portfolio as of December 31, 2023. This table does not include expirations of signed but not yet commenced leases, nor does it assume that unexercised contractual lease renewal or extension options contained in our leases will, in fact, be exercised.
| Lease Expiration Year | No. ofExpiring Leases | GLA of Expiring Leases | Percent ofTotal GLA of Expiring Leases | ABR of Expiring Leases | Percent of Total ABR | Expiring ABR PSF (a) |
|---|---|---|---|---|---|---|
| 2024 | 108 | 479 | 5.0% | $10,811 | 5.4% | $22.57 |
| 2025 | 170 | 1,170 | 12.1% | 20,178 | 10.1% | 17.25 |
| 2026 | 216 | 958 | 9.9% | 22,433 | 11.2% | 23.42 |
| 2027 | 266 | 1,887 | 19.6% | 38,897 | 19.5% | 20.61 |
| 2028 | 227 | 1,054 | 10.9% | 25,602 | 12.8% | 24.29 |
| 2029 | 153 | 1,127 | 11.7% | 22,457 | 11.2% | 19.93 |
| 2030 | 80 | 383 | 4.0% | 9,980 | 5.0% | 26.06 |
| 2031 | 75 | 504 | 5.2% | 10,563 | 5.3% | 20.96 |
| 2032 | 90 | 549 | 5.7% | 12,673 | 6.3% | 23.08 |
| 2033 | 61 | 386 | 4.0% | 9,959 | 5.0% | 25.80 |
| Thereafter | 42 | 1,100 | 11.5% | 15,048 | 7.7% | 13.68 |
| Other (b) | 10 | 34 | 0.4% | 1,052 | 0.5% | 30.94 |
| Totals | 1,498 | 9,631 | 100% | $199,653 | 100% | $20.73 |
(a)Expiring ABR PSF reflects ABR PSF at the time of lease expiration.
(b)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.
Our retail business is neither highly dependent on specific retailers nor subject to lease roll-over concentration. We believe this minimizes our risk of significant revenue variances over time.
Certain of our properties are encumbered by mortgages, totaling $168.5 million as of December 31, 2023. Additional detail about our retail properties can be found on Schedule III – Real Estate and Accumulated Depreciation.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.