InvenTrust Properties Corp
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
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Item 2. Properties
The following table summarizes our retail portfolio as of December 31, 2024 and 2023.
| Year ended December 31 | ||
|---|---|---|
| 2024 | 2023 | |
| No. of properties | 68 | 62 |
| GLA (square feet) | 10,972 | 10,324 |
| Economic occupancy | 95.3% | 93.3% |
| Leased occupancy | 97.4% | 96.2% |
| ABR PSF | $20.07 | $19.48 |
The following table summarizes the geographical diversity of our retail portfolio by ABR as of December 31, 2024.
| Market | No. of Properties | ABR | ABR PSF | ABR as % of Total | GLA | GLA as % of Total |
|---|---|---|---|---|---|---|
| Austin-Round Rock, TX | 8 | $33,517 | $16.97 | 16.1% | 2,091 | 19.1% |
| Houston-Sugar Land-Baytown, TX | 6 | 21,376 | 16.41 | 10.2% | 1,378 | 12.5% |
| Atlanta Metro Area, GA | 10 | 20,935 | 20.89 | 10.0% | 1,069 | 9.7% |
| Miami-Fort Lauderdale-Miami Beach, FL | 3 | 20,231 | 24.04 | 9.7% | 859 | 7.8% |
| Dallas-Fort Worth-Arlington, TX | 7 | 18,678 | 20.56 | 9.0% | 941 | 8.6% |
| Raleigh-Cary-Durham, NC | 5 | 13,288 | 20.39 | 6.4% | 688 | 6.3% |
| Orlando-Kissimmee, FL | 4 | 10,337 | 25.67 | 5.0% | 411 | 3.7% |
| Charlotte-Gastonia-Concord, NC | 4 | 9,972 | 20.67 | 4.8% | 515 | 4.7% |
| Tampa-St. Petersburg, FL | 3 | 9,486 | 15.34 | 4.6% | 744 | 6.8% |
| So. California - Los Angeles, CA | 2 | 7,489 | 20.14 | 3.6% | 392 | 3.6% |
| Richmond, VA | 2 | 6,864 | 17.94 | 3.3% | 385 | 3.5% |
| San Antonio, TX | 2 | 6,573 | 27.02 | 3.2% | 261 | 2.4% |
| Washington D.C., MD | 2 | 5,826 | 36.34 | 2.8% | 181 | 1.6% |
| So. California - San Diego, CA | 2 | 5,712 | 26.31 | 2.8% | 225 | 2.1% |
| So. California - Inland Empire, CA | 2 | 5,661 | 23.36 | 2.7% | 246 | 2.2% |
| Charleston-Berkeley-Dorchester, SC | 2 | 5,225 | 25.80 | 2.5% | 214 | 2.0% |
| Cape Coral-Fort Myers, FL | 2 | 3,718 | 15.55 | 1.8% | 249 | 2.3% |
| Phoenix, AZ | 2 | 3,057 | 25.73 | 1.5% | 123 | 1.1% |
| Total | 68 | $207,945 | $20.07 | 100% | 10,972 | 100% |
The following table presents information regarding the top 10 tenants of our retail portfolio by ABR as of December 31, 2024.
| 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 2 | 14 | $8,891 | 4.3% | 821 | 7.5% | ||||
| Publix Super Markets, Inc. | Publix 12 / Publix Liquor 3 | 15 | 6,926 | 3.3% | 581 | 5.3% | ||||
| TJX Companies | Marshalls 7 / HomeGoods 5 / TJ Maxx 2 | 14 | 4,907 | 2.4% | 399 | 3.6% | ||||
| Albertson's | Tom Thumb 2 / Market Street 2 / Safeway 1 /Albertsons 1 | 6 | 4,359 | 2.1% | 365 | 3.3% | ||||
| H.E.B. | H.E.B. 4 / H.E.B. Staff Office 1 | 5 | 4,257 | 2.0% | 447 | 4.1% | ||||
| Amazon, Inc. | Whole Foods Market 5 | 5 | 2,742 | 1.3% | 194 | 1.8% | ||||
| Apollo Global Management, Inc. | Michael's 8 | 8 | 2,660 | 1.3% | 190 | 1.7% | ||||
| Best Buy | 4 | 2,270 | 1.1% | 138 | 1.3% | |||||
| Ross Dress For Less | Ross Dress for Less 5 / dd's Discounts 1 | 6 | 2,193 | 1.1% | 171 | 1.6% | ||||
| BC Partners | PetSmart 6 | 6 | 2,117 | 1.0% | 125 | 1.1% | ||||
| 83 | $41,322 | 19.9% | 3,431 | 31.3% | ||||||
The following table presents the lease expirations of our retail portfolio as of December 31, 2024. This table does not include expirations of signed but not yet commenced leases, nor does it assume available but unexercised contractual lease renewal or extension options contained in our leases.
| 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) |
|---|---|---|---|---|---|---|
| 2025 | 137 | 697 | 6.6% | $12,522 | 5.6% | $17.97 |
| 2026 | 231 | 1,000 | 9.5% | 24,231 | 10.9% | 24.23 |
| 2027 | 286 | 1,883 | 17.9% | 38,609 | 17.3% | 20.50 |
| 2028 | 238 | 1,111 | 10.7% | 26,712 | 12.0% | 24.04 |
| 2029 | 241 | 1,487 | 14.2% | 32,612 | 14.6% | 21.93 |
| 2030 | 133 | 937 | 8.9% | 20,027 | 9.0% | 21.37 |
| 2031 | 89 | 581 | 5.5% | 12,337 | 5.5% | 21.23 |
| 2032 | 89 | 543 | 5.2% | 12,233 | 5.5% | 22.53 |
| 2033 | 69 | 435 | 4.1% | 10,789 | 4.8% | 24.80 |
| 2034 | 84 | 768 | 7.3% | 15,599 | 7.0% | 20.31 |
| Thereafter | 46 | 1,032 | 9.9% | 16,493 | 7.5% | 15.98 |
| Other (b) | 11 | 22 | 0.2% | 598 | 0.3% | 27.18 |
| Totals | 1,654 | 10,496 | 100% | $222,762 | 100% | $21.22 |
(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 $93.4 million as of December 31, 2024. 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.