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| Statement |
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| In spite of an uptick on some well-documented retail bankruptcies in 2023, our leasing velocity remains strong as we continue to push rents and lease up the minimal number of vacancies left in the portfolio |
| Our core operations, coupled by selective external growth opportunities, like the one just described, is the precise recipe on how we expect to deliver sustainable cash flow growth year in and year out, which should translate into superior total returns for our stakeholders |
| The team is able to capitalize on these market dynamics by increasing rental rates and remerchandising with stronger credit tenants at our centers |
| It's increased core FFO per share by 18%, again, well above the NAREIT shopping center average And completed $240 million of net investment activity or a 10% expansion of the asset base |
| The strength in our underlying fundamentals is undoubtedly driven by the favorable demand drivers in the Sun Belt markets in which we operate and a generationally low amount of new retail construction |
| Our balance sheet continues to be the core strength of the company |
| 2023 was another excellent year for InvenTrust, performance that continues to demonstrate the strength and resiliency of our simple and focused strategy |
| As a result, lease occupancy continues to be near all-time highs at over 96% primarily driven by the continued strength in our small shop tenancy, which again reached an all-time high of 92.5% and has increased sequentially for 11th consecutive quarters |
| So DJ, solid results |
| And then there's very good visibility as it relates to the pipeline |
| Moreover, the underlying credit strength and predominantly necessity-based offerings within our merchandise mix gives us confidence in our tenants' operating ability despite whatever economic disruptions may or may not unfold in the coming years |
| It gives us a lot of confidence that we're in the right spot, and we will continue to expand if the opportunities arise |
| All this activity increased our total portfolio leased occupancy to 96.2%, up 110 basis points from last quarter, reapproaching the portfolio's peak |
| sector low leverage levels and de minimis near-term maturities put InvenTrust in an enviable position as we seek new opportunities for growth |
| And the anchor leasing efforts today will be sizable contributors for continued growth beyond 2024 |
| As indicated in our 2024 guidance, the favorable trends within our business are expected to more than offset some of the downtime related to the bankruptcies noted earlier, a normal cycle within our business |
| Retaining and at higher rates is probably the best return that we can get minimal to no capital, higher rent and with a proven concept |
| Fourth quarter same-property NOI grew at 6.4% over the same quarter in 2022 |
| This marks InvenTrust's first property in the Phoenix MSA and we're excited to expand our footprint in a market that exhibits many of the favorable demographic drivers we see in the rest of our Sun Belt markets |
| Our balance sheet remains well positioned with $446 million of total liquidity, including a full $350 million of borrowing capacity available on our revolving line of credit |
| To take demand dynamics a step further, nearly 85% of our properties are located in states that have disproportionately benefited from positive migration trends with Texas and Florida leading the way |
| Building on our strong 2023 results, we expect NAREIT FFO to be between $1.69 and $1.75 per share |
| Our anchor space lease occupancy finished at 98.2%, an increase of 160 basis points from last quarter, and our small shop lease occupancy increased to 92.5%, a new high point for our portfolio |
| Full year same-property NOI grew at 4.9%, driven primarily by base rent growth of 390 basis points, net expense reimbursements of 190 basis points and offset by 40 basis points from revenues deemed uncollectible and a 60 basis point headwind from out-of-period rent collected in 2022 |
| One of the vacancies is being purposely held for a larger development that's down in Florida, which is -- or redevelopment, I should say, which will be a great opportunity for us in the next couple of years |
| In the two full years since joining the public market, the company has grown same-property net operating income by an average of 4.8% per year, above the NAREIT shopping center average |
| And the team is out, is working obviously really hard on coming up with strategies for a lot of that remaining space, some of which hasn't been leased in a while and we've made a lot of good headway on that |
| It's a really high-quality asset |
| It's really one of those assets that you can kind of set it and operate it and it's going to do great |
| The small shop risk over the last two years has been a pleasant surprise |
| Statement |
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| We believe limited new supply for the strip center space across the country and in particular, the Sun Belt will be far below historical averages for several years to come, keeping premium retail space in high demand |
| So as you know, obviously, one of the challenges with our -- one of the few challenges, I would say, is we did not issue equity when we decided to list the company |
| And I would suspect that, that would continue through the year |
| And one of the things that you have to challenge yourself with is it's really hard to get scale quickly |
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