InvenTrust Properties Raises Annual FFO Guidance as NOI Growth Accelerates
The real estate investment trust raised its 2026 Nareit FFO per diluted share guidance to a range of $2.01 - $2.07 [3][4].
InvenTrust Properties (IVT), a real estate investment trust, reported second-quarter results that showed an acceleration in property performance despite a decline in occupancy and lease spreads.
The company saw Same Property NOI growth rise to 4.1% in the second quarter, up from 2.6% in the first quarter. This growth occurred alongside a decline in leased occupancy, which fell to 96.2% as of June 30, 2026, from 97.3% a year earlier.
Nareit FFO per diluted share for the quarter was $0.50, an increase from $0.45 in the second quarter of 2025. The figure represented a sequential decrease from the $0.53 reported in the first quarter. Core FFO per diluted share followed a similar pattern, rising to $0.48 from $0.44 year-over-year, but dipping from $0.49 in the prior quarter.
Net income for the quarter dropped to $1.4 million, or $0.02 per diluted share, from $95.9 million, or $1.23 per diluted share, in the second quarter of 2025. The decline was primarily due to the absence of a $90.9 million gain on the sale of investment properties recorded in the prior year.
Rental rates continued to climb as annualized base rent per square foot rose 3.8% to $20.94. However, blended comparable lease spreads declined to 8.5%, down from 10.5% in the first quarter and 16.4% in the second quarter of 2025.
InvenTrust raised its 2026 net income per diluted share guidance to a range of $0.12 - $0.18 from $0.10 - $0.16. The company also raised its Nareit FFO per diluted share guidance to $2.01 - $2.07 from $2.00 - $2.06, while reiterating its Core FFO and SPNOI growth targets.
To manage its capital structure, the company completed a $250 million private placement of senior notes on June 29, 2026, with maturities spanning 2029, 2031, and 2033. Net debt-to-adjusted EBITDA for the trailing 12 months increased to 5.5x as of June 30, 2026, compared to 4.5x as of December 31, 2025.