InvenTrust Properties Corp. (NYSE: IVT) reported a 4.1% increase in same-property net operating income (NOI) for the second quarter of fiscal year 2026, driving an 11.1% rise in NAREIT FFO per share year-over-year. The Sun Belt retail REIT also raised its full-year NAREIT FFO guidance range to $2.01 to $2.07 per share while reaffirming its same-property NOI growth outlook.

The company acquired six properties and one outparcel for approximately $290 million during the first half of the year, expanding into emerging markets such as Charleston, Greensboro, and Knoxville. Management noted that limited new supply in necessity-based retail centers continues to support long-term rent growth and high occupancy levels.

Financial performance highlights

For the quarter ended June 30, 2026, InvenTrust recorded same-property NOI of $48.5 million, up from the prior year period. Growth was primarily driven by base rent increases of 320 basis points, which included approximately 180 basis points from contractual rent bumps. These gains were partially offset by a 50 basis point temporary occupancy impact and 20 basis points of bad debt.

NAREIT FFO for the quarter totaled $39.8 million, or $0.50 per diluted share. Core FFO rose 9.1% to $0.48 per share. Year-to-date, NAREIT FFO reached $81.1 million ($1.03 per diluted share), reflecting a 10.8% increase compared to the first six months of 2025.

Portfolio and leasing activity

Leasing activity remained robust, with the company executing 76 leases covering approximately 464,000 square feet during the quarter. The retention rate stood at 88% year-to-date, while new lease spreads reached 18.7% and renewal spreads were 7.9%. Annualized base rent per square foot increased 3.8% year-over-year to $20.94.

Leased occupancy ended the quarter at 96.2%, down 20 basis points sequentially due to the vacancy at the former Painted Tree anchor space. Management expects lease occupancy to approach all-time highs by the first quarter of 2027. A significant new lease was signed with Publix at the Plantation Grove property in Orlando, marking the first step toward a future redevelopment project.

Balance sheet and guidance updates

In June, InvenTrust funded a $250 million private placement of senior notes, using proceeds to partially pay down its line of credit. Total liquidity at quarter-end stood at $489 million, including $64 million in cash and $425 million available on the revolving credit facility. Net leverage finished the quarter at 31.9%, with net debt to adjusted EBITDA at 5.3 times on a quarterly annualized basis.

The company declared a quarterly dividend of $0.25 per share, a 5% increase over the prior year. Regarding guidance, InvenTrust reaffirmed its full-year same-property NOI growth range of 3.25% to 4.25% and maintained Core FFO guidance of $1.92 to $1.96 per share. However, it raised NAREIT FFO guidance to reflect non-cash revenue increases from recent acquisitions.

What the numbers show

The divergence between Core FFO growth (9.1%) and NAREIT FFO growth (11.1%) highlights the impact of recent acquisitions on reported earnings. While operational performance drove the core metric, the raised NAREIT FFO guidance explicitly cites non-cash revenue increases from acquisitions as a key factor. This suggests that external growth is currently contributing disproportionately to headline earnings metrics compared to organic portfolio performance, which remains steady but slower-growing.

InvenTrust Properties Corp. (NYSE: IVT) will present at the BofA Securities 2026 Global Real Estate Conference. The Sun Belt-focused retail REIT’s executive team is scheduled for an open roundtable discussion on Tuesday, September 15, 2026.

The session will begin at 11:05 am Eastern Time. Participating executives include DJ Busch, President and Chief Executive Officer; Christy David, Chief Operating Officer, General Counsel and Secretary; and Dave Heimberger, Chief Investment Officer.

Event Access

Investors can access the discussion via a live webcast. A replay of the event will be posted within 24 hours of its conclusion on InvenTrust’s investor relations website.

About InvenTrust Properties

InvenTrust Properties Corp. is a multi-tenant essential retail REIT focused on the Sun Belt region. The company owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers with grocery components.

Its strategy involves acquiring retail properties in Sun Belt markets, opportunistically disposing of assets and maintaining a flexible capital structure.