InvenTrust: New Investment Offensive in the Sunbelt Region

InvenTrust, following a successful capital increase of approximately 250 million USD in the third quarter, has once again reinforced its strategy to achieve above-average growth in the Sunbelt region. This influx of capital, along with an increase in the unsecured credit facility by 150 million USD to a total of 500 million USD, has allowed the company to further strengthen its already conservative balance sheet. In the reporting quarter, InvenTrust also completed significant real estate transactions, including the acquisition of a real estate project in the Phoenix MSA, Scottsdale North Marketplace, for 23 million USD, and a Wegman's-anchored community center in Richmond, Virginia, for 62.1 million USD. Given the improvement in the transaction market, the company has forecasted its investment activity to reach up to 215 million USD. Operational results also show progress with a rental occupancy rate of 97%, marking the highest level in the company's history. Additionally, net operating income (NOI) rose by 6.5% year-over-year to 45.5 million USD in the quarter. Along with stable operational performance, it is primarily the external growth efforts that support InvenTrust's business. In response to these positive developments, InvenTrust has raised its annual forecasts for 2024 for both the same-property NOI and the NAREIT FFO to a range of 4.25% to 5% and 1.74 to 1.77 USD per share, respectively.