InvenTrust Properties: In-Line 2Q FFO; Acquisition Momentum Continued Into 2Q/3Q

研报英文原文证据摘录

InvenTrust Properties: In-Line 2Q FFO; Acquisition Momentum Continued Into 2Q/3Q

J P M O R G A N North America Equity Research

03 August 2026

InvenTrust Properties Neutral

IVT, IVT US

In-Line 2Q FFO; Acquisition Momentum Continued Into Price (03 Aug 26):$34.88

2Q/3Q

REITs

After Monday’s close, InvenTrust (IVT) reported 2Q operating results and Michael W. Mueller, CFA AC

tweaked its FY outlook. Specifically, the $0.50/share FFO print was in-line with (1-212) 622-6689

JPM/Street and it raised the FY FFO range by $0.01. Operationally, it generated michael.w.mueller@jpmorgan.com

~4% SS NOI growth and maintained the prior core growth outlook. As we touch Anthony Paolone, CFA

on below, SS occupancy metrics were flat-to-down modestly sequentially, and the (1-212) 622-6682

quarter’s renewal spreads were a tad lighter than TTM levels. On the investment anthony.paolone@jpmorgan.com

front, IVT had a very active quarter with ~$130+ million of acquisitions, and $30+ Nahom Tesfazghi

million thus far in 3Q as well. On tomorrow’s call, we expect the acquisition (1-212) 622 4884

nahom.tesfazghi@jpmchase.com

pipeline to be a focal point of the call.

Daniella De Armas Rosales

(1-212) 622-0050

In-line 2Q FFO print; $0.01 higher guide. After Monday’s close, IVT reported daniella.dearmasrosales@jpmchase.com

2Q FFO/share of $0.50, which was in-line with both JPM and Bloomberg J.P. Morgan Securities LLC

consensus. Relative to our model, total NOI came in ~$0.01 higher than our

estimate, but that upside was essentially offset by higher interest expense. With

respect to guidance, management increased the 2026 NAREIT FFO/share outlook

by $0.01 from $2.00–2.06 to $2.01–2.07 even though its 3.25–4.25% SS NOI

outlook and net acquisition guidance of ~$300 million remained unchanged.

Core rundown.