One-glance verdict
Overvalued
$21.03 our estimate vs market $29.78
Wall Street consensus: $36.00 (71.2% higher than our fair-value estimate)
42% above our estimate, beyond the bull case
Fundamentals snapshot
InvenTrust Properties Corp.
IVT · NYQ · Real Estate · REIT - Retail
Current price
$29.78
52-week range
$26.81 - $37.22
Market cap
$2.32B
Balance sheet
Stretched
1.49x Concerning
Net debt $1.01B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 6.0% last year.
- Reward Free cash flow was positive in 10/10 years.
- Risk Net debt grew 27.3% over 3 years.
- Risk Stock trades 19.2% above its 5-year average P/E.
What this company does
InvenTrust Properties Corp.
InvenTrust Properties Corp. is like a landlord that owns shopping centers, mostly in the warm Southern US states. These centers are anchored by grocery stores, meaning the grocery store is the main attraction, and other smaller shops rent space within these centers. This business matters because people always need groceries, so these shopping centers tend to have steady shoppers and reliable income for the company, even when other businesses are struggling.
How the company got here
InvenTrust Properties Corp. started in 2004 as Inland American Real Estate Trust, a company that invested in various types of real estate. Over the years, it underwent significant changes, including rebranding to InvenTrust Properties in 2015 and a strategic shift to focus on retail properties. A major turning point was its listing on the New York Stock Exchange in 2021, marking its transition to a publicly traded Real Estate Investment Trust (REIT). This journey involved selling off non-core assets, like hotels and student housing, to concentrate on its current strategy.
What it actually does
InvenTrust Properties Corp. is a real estate company that owns and manages shopping centers. Think of them as landlords for other businesses. They focus on open-air shopping centers, particularly those with grocery stores as the main attraction (grocery-anchored). These are often neighborhood or community centers where people do their everyday shopping. They also own larger shopping centers called power centers, which often include a grocery store. Their main goal is to acquire, lease, and manage these properties in growing areas, especially in the "Sun Belt" region of the United States, which includes states like Florida, Texas, and Arizona.
Multi-tenant Retail
This is the core business of InvenTrust Properties Corp. They own and operate shopping centers that house multiple different retail stores and services. These centers are typically anchored by a grocery store, meaning the grocery store's presence draws a lot of regular foot traffic, which in turn benefits the other smaller shops in the same center. InvenTrust focuses on these types of centers because they tend to be more resilient, as people always need to buy groceries and other essential items. The company makes money by collecting rent from these various retail tenants.
What management is betting on now
InvenTrust's main strategy is to concentrate its investments in the Sun Belt region of the U.S., focusing on open-air shopping centers that are anchored by grocery stores or offer essential goods and services. They are actively acquiring properties in these high-growth markets and selling off assets in less strategic locations, like their recent sale of California properties. Management believes this focus will drive long-term value for shareholders by concentrating on areas with strong population growth and consumer demand. They also aim to improve the performance of their existing properties through smart leasing and potential redevelopment projects.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$17.69M
FY2024 Q4
$35.91M
FY2025 Q1
$12.81M
FY2025 Q2
$37.95M
FY2025 Q3
$20.68M
FY2025 Q4
$39.45M
FY2026 Q1
$14.11M
FY2026 Q2
$46.02M
Revenue
$82.83M
Net income
$1.37M
Diluted EPS
0.02
Operating cash flow
$53.95M
Free cash flow
$46.02M
Fetching…
Sources
Revenue
$82.58M
Net income
$5.18M
Diluted EPS
0.07
Operating cash flow
$20.20M
Free cash flow
$14.11M
Fetching…
Sources
Revenue
$77.38M
Net income
$2.66M
Diluted EPS
0.02
Operating cash flow
$42.74M
Free cash flow
$39.45M
Fetching…
Sources
Revenue
$74.47M
Net income
$6.03M
Diluted EPS
0.08
Operating cash flow
$43.81M
Free cash flow
$20.68M
Fetching…
Sources
Revenue
$73.55M
Net income
$95.94M
Diluted EPS
1.23
Operating cash flow
$48.69M
Free cash flow
$37.95M
Fetching…
Sources
Revenue
$73.77M
Net income
$6.79M
Diluted EPS
0.09
Operating cash flow
$20.18M
Free cash flow
$12.81M
Fetching…
Sources
Revenue
$71.23M
Net income
$9.80M
Diluted EPS
0.14
Operating cash flow
$36.98M
Free cash flow
$35.91M
Fetching…
Sources
Revenue
$68.52M
Net income
$-539.00K
Diluted EPS
-0.01
Operating cash flow
$38.43M
Free cash flow
$17.69M
Fetching…
Sources
Is it cheap or expensive?
Fair value $21.03 vs current price $29.78
Wall Street consensus is the average analyst price target: $36.00 (71.2% higher than our fair-value estimate).
Our most-likely fair value is $21.03 a share — about 29.4% below today's price of $29.78, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Stretched
Net debt $1.0B. Interest coverage 1.5x.
Net debt
$1.01B
Interest coverage
1.49x
InvenTrust Properties Corp.'s profit covers its interest bill about 1.5 times over. and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
IVT
BASELINE
InvenTrust Properties Corp.
Total debt $1.10B Interest coverage 1.49x This is the baseline the peer rows are being compared against.
Total debt $29.44B Interest coverage 3.26x +119% vs IVT Carries about 2.2x more debt cushion than IVT.
Total debt $5.14B Interest coverage 2.82x +90% vs IVT Carries about 1.9x more debt cushion than IVT.
Total debt $5.38B Interest coverage 2.24x +50% vs IVT Carries about 1.5x more debt cushion than IVT.
Total debt $2.45B Interest coverage 1.79x +20% vs IVT Carries about 1.2x more debt cushion than IVT.
Total debt $1.69B Interest coverage 0.88x -41% vs IVT Carries about 1.7x less debt cushion than IVT.
What you should know
The case for and against IVT
3 Rewards
2 Risks
Rewards
-
Revenue grew 6.0% last year.
-
Free cash flow was positive in 10/10 years.
-
Dividend yield is 3.3% with 12-year payout history.
Risks
-
Net debt grew 27.3% over 3 years.
-
Stock trades 19.2% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
156.74x
Forward P/E
-133.73x
P/B
1.31x
P/S
7.32x
EV/EBITDA
18.10x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
72.6%
Operating margin
15.3%
Net margin
4.8%
ROE
0.9%
ROA
1.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.62x
Current ratio
1.85x
Quick ratio
1.85x
Total debt
$1.10B
Total cash
$84.23M
Growth
How the business has been compounding
Revenue TTM
$317.26M
Revenue 5Y CAGR
9.0%
EPS TTM
0.19
EPS 5Y CAGR
22.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$160.69M
Free CF TTM
$110.89M
FCF margin
35.0%
Dividend
Shareholder payout
Yield
3.3%
Payout ratio
513.4%
Last ex-div date
2026-09-30