InvenTrust Properties (IVT)


Market Price (11/14/2026): $31.53 | Market Cap: $2.5 BilSector: Real Estate | Industry: Retail REITs

InvenTrust Properties (IVT)


Market Price (11/14/2026): $31.53
Market Cap: $2.5 Bil
Sector: Real Estate
Industry: Retail REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38%

Attractive yield
Dividend Yield is 3.1%, FCF Yield is 5.1%

Low stock price volatility
Vol 12M is 16%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, E-commerce & DTC Adoption, and Sustainable & Green Buildings. Themes include Last-Mile Delivery, Show more.

Weak multi-year price returns
2Y Excs Rtn is -18%, 3Y Excs Rtn is -32%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/EPrice/Earnings or Price/(Net Income) is 86x

Key risks
IVT key risks include [1] intense competition for acquisitions and [2] a potential oversupply of retail properties within its geographically concentrated Sun Belt markets.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38%
2 Attractive yield
Dividend Yield is 3.1%, FCF Yield is 5.1%
3 Low stock price volatility
Vol 12M is 16%
4 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, E-commerce & DTC Adoption, and Sustainable & Green Buildings. Themes include Last-Mile Delivery, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -18%, 3Y Excs Rtn is -32%
6 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/EPrice/Earnings or Price/(Net Income) is 86x
7 Key risks
IVT key risks include [1] intense competition for acquisitions and [2] a potential oversupply of retail properties within its geographically concentrated Sun Belt markets.

IVT in ETFs

Weight = IVT's share of each fund

VTI0.00%
ITOT0.00%
IWM0.08%
IJR0.12%
VB0.03%
USRT0.20%
SLYV0.20%
VIOV0.19%
+14 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Prices as of 11/13/2026

Down 19.5% from its Jul 17 high to Oct 7, up 7.6% since (S&P 500 up 4.8%)
This decline was largely driven by the reaction to the 2026 second quarter results reported on August 3, 2026, which preceded the largest daily drop on August 4. Other significant declines, including on August 5 and October 5, occurred without specific company news.

Oct 28: down 0.8% the day after its Oct 27 earnings report (S&P 500 up 0.3%)
The stock reacted to the 2026 third quarter earnings report, which showed significant increases in revenue, net income, and diluted EPS. Despite these positive reported figures, the stock saw a modest decline on October 28.

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Prices as of 11/13/2026

Down 19.5% from its Jul 17 high to Oct 7, up 7.6% since (S&P 500 up 4.8%)
This decline was largely driven by the reaction to the 2026 second quarter results reported on August 3, 2026, which preceded the largest daily drop on August 4. Other significant declines, including on August 5 and October 5, occurred without specific company news.

Oct 28: down 0.8% the day after its Oct 27 earnings report (S&P 500 up 0.3%)
The stock reacted to the 2026 third quarter earnings report, which showed significant increases in revenue, net income, and diluted EPS. Despite these positive reported figures, the stock saw a modest decline on October 28.

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Stock Movement Drivers

Fundamental Drivers

The -10.2% change in IVT stock from 7/31/2026 to 11/13/2026 was primarily driven by a -75.7% change in the company's Net Income Margin (%).
(LTM values as of)731202611132026Change
Stock Price ($)35.1231.54-10.2%
Change Contribution By: 
Total Revenues ($ Mil)3083307.1%
Net Income Margin (%)35.7%8.7%-75.7%
P/E Multiple24.985.9244.7%
Shares Outstanding (Mil)7878-0.1%
Cumulative Contribution-10.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/13/2026
ReturnCorrelation
IVT-10.2% 
Market (SPY)1.2%-2.8%
Sector (XLRE)-1.6%60.1%

Fundamental Drivers

The -0.3% change in IVT stock from 4/30/2026 to 11/13/2026 was primarily driven by a -75.7% change in the company's Net Income Margin (%).
(LTM values as of)430202611132026Change
Stock Price ($)31.6431.54-0.3%
Change Contribution By: 
Total Revenues ($ Mil)3083307.1%
Net Income Margin (%)35.7%8.7%-75.7%
P/E Multiple22.585.9282.6%
Shares Outstanding (Mil)7878-0.1%
Cumulative Contribution-0.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/13/2026
ReturnCorrelation
IVT-0.3% 
Market (SPY)5.5%-8.8%
Sector (XLRE)0.8%57.0%

Fundamental Drivers

The 18.8% change in IVT stock from 10/31/2025 to 11/13/2026 was primarily driven by a 394.3% change in the company's P/E Multiple.
(LTM values as of)1031202511132026Change
Stock Price ($)26.5531.5418.8%
Change Contribution By: 
Total Revenues ($ Mil)29333012.6%
Net Income Margin (%)40.5%8.7%-78.6%
P/E Multiple17.485.9394.3%
Shares Outstanding (Mil)7878-0.5%
Cumulative Contribution18.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/13/2026
ReturnCorrelation
IVT18.8% 
Market (SPY)11.8%-3.3%
Sector (XLRE)11.4%50.7%

Fundamental Drivers

The 38.8% change in IVT stock from 10/31/2023 to 11/13/2026 was primarily driven by a 436.2% change in the company's Net Income Margin (%).
(LTM values as of)1031202311132026Change
Stock Price ($)22.7331.5438.8%
Change Contribution By: 
Total Revenues ($ Mil)24833033.1%
Net Income Margin (%)1.6%8.7%436.2%
P/E Multiple382.685.9-77.5%
Shares Outstanding (Mil)6878-13.4%
Cumulative Contribution38.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/13/2026
ReturnCorrelation
IVT38.8% 
Market (SPY)87.0%34.9%
Sector (XLRE)47.3%65.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
IVT Return1121%-10%11%23%-3%14%1556%
Peers Return58%-11%10%15%-4%20%104%
S&P 500 Return27%-19%24%23%16%11%103%

Monthly Win Rates [3]
IVT Win Rate25%33%50%58%42%73% 
Peers Win Rate83%38%57%60%42%71% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
IVT Max Drawdown-10%-33%-16%-7%-15%-20% 
Peers Max Drawdown-11%-30%-20%-13%-17%-16% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: REG, KIM, FRT, BRX, PECO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/13/2026 (YTD)

How Low Can It Go

EventIVTS&P 500
2025 US Tariff Shock
  % Loss-12.3%-18.8%
  % Gain to Breakeven14.0%23.1%
  Time to Breakeven136 days79 days
2023 SVB Regional Banking Crisis
  % Loss-13.0%-6.7%
  % Gain to Breakeven14.9%7.1%
  Time to Breakeven47 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-21.9%-24.5%
  % Gain to Breakeven28.0%32.4%
  Time to Breakeven440 days427 days

Compare to REG, KIM, FRT, BRX, PECO

In The Past

InvenTrust Properties's stock fell -12.3% during the 2025 US Tariff Shock. Such a loss loss requires a 14.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventIVTS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-21.9%-24.5%
  % Gain to Breakeven28.0%32.4%
  Time to Breakeven440 days427 days

Compare to REG, KIM, FRT, BRX, PECO

In The Past

InvenTrust Properties's stock fell -12.3% during the 2025 US Tariff Shock. Such a loss loss requires a 14.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About InvenTrust Properties (IVT)

InvenTrust Properties Corp. (IVT) operates as a real estate investment trust (REIT) specializing in multi-tenant retail properties. The company's core business involves the ownership, leasing, redevelopment, acquisition, and management of various retail shopping centers. Essentially, IVT provides essential retail space to a diverse range of tenants, focusing on creating and maintaining valuable commercial properties within its portfolio.

IVT's primary focus is on grocery-anchored neighborhood centers, which are designed to serve daily needs and often feature essential retailers. It also includes select power centers, many of which incorporate a grocery component. Geographically, InvenTrust Properties strategically targets Sun Belt markets known for their favorable demographic trends, aiming to capitalize on regions experiencing population growth and economic vitality for its retail tenants.

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Here are a few brief analogies for InvenTrust Properties (IVT):

  • It's like the Simon Property Group (SPG) for grocery-anchored shopping centers, focusing on essential open-air retail instead of large enclosed malls.

  • It's like the McDonald's of essential retail properties, owning the prime, widely distributed locations for grocery stores and neighborhood shops, rather than operating the stores themselves.

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  • Retail Property Ownership: Owning grocery-anchored neighborhood and select power centers predominantly in Sun Belt markets.
  • Retail Space Leasing: Providing lease opportunities to tenants within their multi-tenant retail properties.
  • Retail Property Redevelopment: Enhancing and modernizing existing retail properties to increase their value and attractiveness.
  • Retail Property Acquisition: Strategically purchasing new grocery-anchored and select power centers to expand their portfolio.
  • Retail Property Management: Overseeing the daily operations, maintenance, and tenant relations for their portfolio of retail centers.

AI Analysis | Feedback

InvenTrust Properties (IVT) is a retail Real Estate Investment Trust (REIT). As such, its customers are not individuals, but rather other companies that lease commercial space within its properties. These properties primarily consist of grocery-anchored neighborhood centers and select power centers.

Major customers for a retail REIT like InvenTrust Properties typically include anchor tenants and other significant retailers that occupy substantial space and drive traffic to its shopping centers. Based on the company's focus on "grocery-anchored neighborhood centers" and "essential retail," its major customers would be leading grocery store chains, discount retailers, pharmacies, and other prominent service and retail providers. While specific tenant rosters vary by property, the following are examples of major customer companies that commonly lease space in the types of centers IVT owns and manages, including their symbols if they are public:

  • Grocery Store Chains:
    • Kroger (KR)
    • Albertsons Companies (ACI)
    • Sprouts Farmers Market (SFM)
  • Essential and Discount Retailers:
    • The TJX Companies (TJX) - operates TJ Maxx, Marshalls, HomeGoods
    • Ross Stores, Inc. (ROST)
    • CVS Health Corporation (CVS)
    • Walgreens Boots Alliance, Inc. (WBA)

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Daniel J. Busch President & Chief Executive Officer

Mr. Busch was appointed Chief Executive Officer and Director of InvenTrust Properties in August 2021, having previously served as President since February 2021. From 2019 to August 2021, he held the position of Executive Vice President, Chief Financial Officer and Treasurer for the company. Before joining InvenTrust in September 2019, Mr. Busch was the Managing Director, Retail at Green Street Advisors, an independent research and advisory firm focused on the commercial real estate industry. His prior experience also includes serving as an equity research analyst at Telsey Advisory Group and working in a corporate capacity at Petco Animal Supplies Inc.

Michael D. Phillips Executive Vice President, Chief Financial Officer and Treasurer

Mr. Phillips was appointed Chief Financial Officer of InvenTrust Properties in August 2021. Prior to this role, he served as Senior Vice President and Chief Accounting Officer of InvenTrust since 2009. Before his tenure at InvenTrust, Mr. Phillips spent five years as Manager of Finance at Pasquinelli Homebuilding.

Christy L. David Executive Vice President, Chief Operating Officer, General Counsel and Secretary

Ms. David joined InvenTrust in 2014 as Managing Counsel – Transactions. She was promoted to Vice President, Deputy General Counsel and Secretary in November 2016, and then to General Counsel in 2017. Prior to joining InvenTrust, Ms. David worked at The Inland Group Inc., where she was responsible for managing, reviewing, and drafting legal documents related to InvenTrust's acquisitions, dispositions, corporate contracts, and spin-offs.

David P. Bryson Senior Vice President, Chief Accounting Officer and Controller

Mr. Bryson served as Vice President and Controller of InvenTrust Properties since May 2021 before his current appointment. He previously spent 15 years at Ernst & Young LLP, where his most recent role was Senior Manager in their Real Estate Assurance Services practice.

James Puzon Senior Vice President, Corporate Finance and Portfolio Management

Mr. Puzon was appointed to his current position in June 2021. He has held various senior financial roles at InvenTrust, including Vice President of Corporate Finance and Operations. Before joining InvenTrust, Mr. Puzon served in positions of increasing responsibility at Brookfield Properties Retail (formerly General Growth Properties), including Vice President, Corporate Finance and Director, Corporate Finance.

AI Analysis | Feedback

InvenTrust Properties Corp. (IVT) faces several key risks inherent to its operations as a multi-tenant retail REIT. The most significant risks include its concentrated geographic exposure, sensitivity to interest rate fluctuations, and challenges related to tenant performance and the broader retail environment.
  1. Concentration in Sunbelt Markets: InvenTrust Properties focuses predominantly on Sun Belt markets. While this strategy aims to capitalize on favorable demographics, it also creates a concentration risk. A slowdown in population migration, weakening labor markets, or increased competition from new supply within these specific regions could materially and adversely affect the company's financial results.
  2. Interest Rate Movements and Capital Costs: As a real estate investment trust (REIT), InvenTrust Properties relies on debt for acquisitions and capital improvements. Movements in interest rates can significantly impact the company's funding costs and overall profitability. Rising interest rates, in particular, could lead to higher financing expenses for existing debt and make future capital redeployment or acquisitions less favorable, especially if investment spreads are not high enough. Upcoming term loan refinancings also expose the company to potential changes in funding costs.
  3. Tenant and Retail Industry Risks: Despite focusing on grocery-anchored and necessity-based retail centers, InvenTrust Properties is susceptible to risks stemming from its tenants and the broader retail industry. These risks include the ability to timely re-lease space, as there is no assurance that leases will be renewed or re-leased on terms equal to or better than current terms. Furthermore, factors such as rising household debt levels, future retailer store closings, retailer consolidation, retailer bankruptcies, and the ongoing impact of e-commerce could negatively affect tenant demand, occupancy rates, and rental income.

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InvenTrust Properties (IVT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

  1. Strategic Acquisitions in Sun Belt Markets: InvenTrust is actively pursuing and executing a strategy of acquiring retail properties in high-growth Sun Belt markets. The company acquired approximately $465 million of necessity-based retail assets in 2025 and plans for about $300 million of net investment activity in 2026, including an $88 million Nashville power center. This focused acquisition strategy is expected to expand its portfolio and increase its revenue base.
  2. Consistent Same Property Net Operating Income (NOI) Growth: The company anticipates continued growth from its existing portfolio. InvenTrust reported Same Property NOI growth of 5.0% for the full year 2024 and 5.3% for 2025, and has provided guidance for Same Property NOI growth of 3.25% to 4.25% for 2026. This growth is driven by a combination of rent escalations, efficient property management, and high occupancy levels within its current assets.
  3. Strong Leasing Spreads and High Occupancy Rates: InvenTrust has demonstrated robust leasing fundamentals, with leased occupancy reaching 97.4% as of December 31, 2024, and 96.7% as of December 31, 2025. In 2025, the company achieved blended leasing spreads of 13.3%, with new lease spreads at 30.9% and renewals at 10.9%. Record small shop occupancy and annual rent escalators averaging over 3.1% for new and renewal small shop leases in 2025 further contribute to revenue expansion.
  4. Redevelopment Projects: InvenTrust is leveraging redevelopments to enhance its multi-tenant retail platform. Redevelopment initiatives are expected to contribute an estimated 50-100 basis points of incremental NOI growth annually, optimizing existing assets for increased profitability and attracting new tenants.

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Capital Allocation Decisions (Last 3-5 Years)

Outbound Investments

  • In 2025, InvenTrust acquired approximately $465 million of necessity-based retail assets, while selling five California properties and redeploying $306 million.
  • For 2026, the company plans approximately $300 million of net investment activity, including an $88 million acquisition of the Nashville West Shopping Center in the first quarter.
  • On January 18, 2023, InvenTrust acquired the four remaining retail properties from its unconsolidated joint venture, IAGM, for an aggregate purchase price of $222.3 million.

Capital Expenditures

  • InvenTrust Properties' capital expenditures, including redevelopment, averaged 23% of Net Operating Income (NOI) from 2021 to 2024.
  • The company is undertaking targeted redevelopment projects, primarily focused on anchor repositioning and small shop improvements, which are expected to contribute 50–100 basis points of incremental NOI growth annually.
  • Net cash used in investing activities, often driven by capital expenditures and asset-related activities, was approximately $90.6 million in Q4 2025.

Better Bets vs. InvenTrust Properties (IVT)

Peer Outperformance in Retail REITs

IVT has outperformed 77% of its 22 Retail REITs peers over 5Y. Among the peers that beat it are SKT and SPG. Retail REITs ranks 2nd of 12 industries in Real Estate by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Retail REITs constituents that IVT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
52%
of 23 industry peers · 15.9% return
3Y
41%
of 22 industry peers · 35.6% return
5Y
77%
of 22 industry peers · 53.4% return
Retail REITs peers with revenue growth within 4pp of IVT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
IVT InvenTrust Properties 9.3% 85.9x 15.9%35.6%53.4% —
SKT Tanger 11.3% 35.2x 20.8%72.4%140.7% +87pp
SPG Simon Property 9.1% 16.7x 32.8%123.4%84.4% +31pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Real Estate sector, ranked by 5Y. Retail REITs is IVT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care REITs 15 14.6%58.8%74.3% WELL 223% · OHI 141% · CTRE 134%
Retail REITs ← 23 14.8%37.2%35.3% SKT 141% · SPG 84% · BRX 55%
Hotel & Resort REITs 16 53.6%46.9%16.0% HST 83% · RHP 75% · APLE 66%
Other Specialized REITs 11 2.7%20.9%13.7% IRM 189% · LAMR 77% · OUT 69%
Real Estate Development 6 -8.9%25.0%6.6% JOE 38%
Industrial REITs 11 13.2%29.6%0.2% EGP 14% · STAG 6% · FR 5%
Single-Family Residential REITs 4 -0.7%-1.5%-18.4% AMH -6% · ELS -15% · INVH -22%
Multi-Family Residential REITs 12 -1.9%16.0%-28.4% ESS -5% · VMRK -9% · UDR -20%
Diversified REITs 12 0.3%6.0%-28.9% EPRT 19% · WPC 15%
Office REITs 19 0.3%34.2%-32.8% CDP 47% · CUZ -6% · HIW -7%
Telecom Tower REITs 3 5.4%5.3%-35.6% AMT -17% · CCI -36% · SBAC -40%
Real Estate Services 27 -24.6%-23.3%-38.3% JLL 39% · CBRE 26% · COMP -11%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

IVTREGKIMFRTBRXPECOMedian
NameInvenTru.Regency .Kimco Re.Federal .Brixmor .Phillips. 
Mkt Price31.5376.1525.54112.9230.3041.2036.36
Mkt Cap2.513.917.09.89.35.39.5
Rev LTM3301,6232,1971,3521,4227611,387
Op Inc LTM54608771466534223500
FCF LTM125-1,236340688227340
FCF 3Y Avg109-1,098328643225328
CFO LTM164-1,236652688355652
CFO 3Y Avg148-1,098606643338606

Growth & Margins

IVTREGKIMFRTBRXPECOMedian
NameInvenTru.Regency .Kimco Re.Federal .Brixmor .Phillips. 
Rev Chg LTM12.6%8.6%3.5%7.8%5.7%7.0%7.4%
Rev Chg 3Y Avg9.3%9.1%7.5%6.5%4.8%8.2%7.9%
Rev Chg Q17.0%10.0%1.9%5.2%5.5%5.7%5.6%
QoQ Delta Rev Chg LTM4.0%2.4%0.5%1.3%1.3%1.4%1.4%
Op Inc Chg LTM2.6%10.3%9.4%3.3%11.0%17.0%9.8%
Op Inc Chg 3Y Avg18.8%9.5%10.2%6.4%6.9%14.4%9.9%
Op Mgn LTM16.4%37.5%35.1%34.5%37.5%29.3%34.8%
Op Mgn 3Y Avg16.9%36.4%33.6%35.1%36.8%27.2%34.3%
QoQ Delta Op Mgn LTM-0.0%0.1%0.5%-0.0%0.4%0.4%0.3%
CFO/Rev LTM49.8%-56.3%48.2%48.4%46.6%48.4%
CFO/Rev 3Y Avg49.8%-52.3%47.9%47.7%48.0%48.0%
FCF/Rev LTM37.7%-56.3%25.1%48.4%29.8%37.7%
FCF/Rev 3Y Avg36.7%-52.3%26.0%47.7%32.1%36.7%

Valuation

IVTREGKIMFRTBRXPECOMedian
NameInvenTru.Regency .Kimco Re.Federal .Brixmor .Phillips. 
Mkt Cap2.513.917.09.89.35.39.5
P/S7.58.67.77.26.57.07.3
P/Op Inc45.522.922.121.017.423.822.5
P/EBIT34.118.618.215.114.017.317.7
P/E85.926.922.722.221.929.224.8
P/CFO15.0-13.815.013.514.914.9
Total Yield4.2%7.5%8.8%8.6%8.6%6.6%8.1%
Dividend Yield3.1%3.8%4.4%4.1%4.0%3.1%3.9%
FCF Yield 3Y Avg5.0%-7.3%3.6%7.6%4.9%5.0%
D/E0.40.40.50.50.60.50.5
Net D/E0.40.40.50.50.60.50.5

Returns

IVTREGKIMFRTBRXPECOMedian
NameInvenTru.Regency .Kimco Re.Federal .Brixmor .Phillips. 
1M Rtn6.7%6.1%14.1%7.6%11.7%10.0%8.8%
3M Rtn-5.5%0.3%5.9%-3.6%2.2%2.6%1.2%
6M Rtn2.1%2.1%13.6%1.8%5.8%6.3%4.0%
12M Rtn15.9%13.6%31.0%20.6%19.7%22.9%20.2%
3Y Rtn35.6%37.3%55.9%35.4%56.7%30.3%36.4%
1M Excs Rtn7.1%5.9%14.3%8.5%12.1%11.6%10.0%
3M Excs Rtn-3.3%2.3%7.7%-1.7%4.6%5.4%3.5%
6M Excs Rtn-0.7%-0.8%10.7%-1.0%3.0%3.5%1.1%
12M Excs Rtn4.9%2.0%18.8%9.4%7.8%11.6%8.6%
3Y Excs Rtn-31.6%-32.3%-12.2%-36.5%-11.9%-37.9%-31.9%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Multi-tenant retail299274259237 
Lease income, net    207
Other fee income    4
Other property income    1
Total299274259237212


Operating Income by Segment
$ Mil20152014
Retail191185
Non-Core7689
Student Housing5442
Adjustment-337-467
Lodging 283
Total-15132


Assets by Segment
$ Mil20152014201320122011
Retail2,0062,0432,2073,5423,803
Student Housing924636640  
Adjustment7461,5982,5311,4811,490
Non-Core537613792  
Lodging 2,6083,4932,6852,386
Industrial   800910
Multi-Family   770762
Office   1,4831,568
Total4,2137,4979,66210,76010,919


Price Behavior

Price Behavior
Market Price$31.54 
Market Cap ($ Bil)2.5 
First Trading Date07/10/2014 
Distance from 52W High-13.4% 
   50 Days200 Days
DMA Price$30.66$31.86
DMA Trenddownup
Distance from DMA2.9%-1.0%
 3M1YR
Volatility15.8%16.4%
Downside Capture5.95-8.72
Upside Capture-17.9610.76
Correlation (S&P 500)3.6%-3.0%
IVT Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.50-0.23-0.32-0.25-0.090.44
Up Beta-1.92-0.58-1.01-0.76-0.390.49
Down Beta-0.24-0.43-0.57-0.37-0.070.52
Up Capture-31%-23%-34%-7%6%13%
Bmk +ve Days12182862130427
Stock +ve Days12182255120379
Down Capture-72%5%36%-5%-15%59%
Bmk -ve Days10253664121325
Stock -ve Days10254271127363

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IVT
IVT16.3%16.4%0.72-
Sector ETF (XLRE)10.2%14.6%0.4350.5%
Equity (SPY)11.6%13.7%0.54-3.1%
Gold (GLD)-7.9%28.9%-0.29-5.0%
Commodities (DBC)33.8%21.3%1.26-18.3%
Real Estate (VNQ)10.7%14.2%0.4755.0%
Bitcoin (BTCUSD)-30.9%43.5%-0.73-10.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IVT
IVT8.6%24.7%0.30-
Sector ETF (XLRE)1.6%19.2%-0.0263.3%
Equity (SPY)11.5%17.3%0.4945.5%
Gold (GLD)15.9%19.2%0.665.0%
Commodities (DBC)7.8%19.6%0.2810.5%
Real Estate (VNQ)1.3%18.9%-0.0466.7%
Bitcoin (BTCUSD)2.8%51.5%0.2418.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IVT
IVT3.7%25.1%0.26-
Sector ETF (XLRE)7.6%20.4%0.3261.6%
Equity (SPY)15.5%18.0%0.7344.5%
Gold (GLD)11.1%16.6%0.544.5%
Commodities (DBC)7.6%18.1%0.3310.5%
Real Estate (VNQ)6.3%20.7%0.2664.9%
Bitcoin (BTCUSD)58.8%66.2%0.9917.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10302026
Short Interest: Shares Quantity4.8 Mil
Short Interest: % Change Since 10152026-12.9%
Average Daily Volume0.7 Mil
Days-to-Cover Short Interest7.1 days
Basic Shares Quantity78.0 Mil
Short % of Basic Shares6.2%

Earnings Returns History

Updated 11/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/2026-0.8%2.5% 
8/3/2026-2.3%-5.8%-6.7%
4/28/2026-2.3%-1.6%1.7%
2/10/2026-0.1%-0.1%0.9%
10/28/2025-2.4%-2.4%1.1%
7/29/20250.3%-0.8%6.4%
4/30/20251.1%1.0%0.8%
2/11/20251.4%-1.1%-6.0%
...
SUMMARY STATS   
# Positive1069
# Negative111511
Median Positive1.6%1.5%3.9%
Median Negative-1.0%-1.6%-4.2%
Max Positive4.3%2.5%6.7%
Max Negative-4.7%-5.8%-8.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/2026-0.8%2.5% 
8/3/2026-2.3%-5.8%-6.7%
4/28/2026-2.3%-1.6%1.7%
2/10/2026-0.1%-0.1%0.9%
10/28/2025-2.4%-2.4%1.1%
7/29/20250.3%-0.8%6.4%
4/30/20251.1%1.0%0.8%
2/11/20251.4%-1.1%-6.0%
10/29/20242.1%1.5%6.4%
7/31/2024-0.7%-2.2%3.9%
4/30/2024-0.2%-0.4%-4.2%
2/13/20240.5%1.4%-1.2%
11/1/20230.9%-2.8%-0.6%
7/31/20231.9%1.4%-2.4%
4/27/20232.6%1.9%-4.3%
2/14/20231.9%-0.6%-8.1%
11/1/2022-4.7%-0.4%-0.0%
8/1/2022-2.5%-1.9%-8.8%
5/2/20224.3%-3.5%6.7%
2/10/2022-1.0%-4.2%6.2%
11/1/2021-0.7%-0.2%-1.6%
SUMMARY STATS   
# Positive1069
# Negative111511
Median Positive1.6%1.5%3.9%
Median Negative-1.0%-1.6%-4.2%
Max Positive4.3%2.5%6.7%
Max Negative-4.7%-5.8%-8.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202610/27/202610-Q
06/30/202608/03/202610-Q
03/31/202604/28/202610-Q
12/31/202502/12/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/13/202510-K
09/30/202410/29/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/14/202410-K
09/30/202311/01/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202202/21/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/27/202610-Q
06/30/202608/03/202610-Q
03/31/202604/28/202610-Q
12/31/202502/12/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/13/202510-K
09/30/202410/29/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/14/202410-K
09/30/202311/01/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202202/21/202310-K
09/30/202211/02/202210-Q
06/30/202208/02/202210-Q
03/31/202205/03/202210-Q
12/31/202102/15/202210-K
09/30/202111/02/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202002/19/202110-K
09/30/202011/06/202010-Q
06/30/202008/07/202010-Q
03/31/202005/08/202010-Q
12/31/201902/21/202010-K

Recent Forward Guidance

Updated 11/2/2026

Latest: Q3 2026 Earnings Reported 10/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Nareit FFO per diluted shareReported2.052.062.071.0% RaisedGuidance: 2.04 for 2026
2026 Core FFO per diluted shareReported1.941.951.960.5% RaisedGuidance: 1.94 for 2026
2026 Same Property NOI (‘SPNOI’) GrowthReported3.75%4.0%4.25% 0.2%RaisedGuidance: 3.75% for 2026
2026 General and administrativeReported35.75 Mil36.25 Mil36.75 Mil0.0% AffirmedGuidance: 36.25 Mil for 2026
2026 Net investment activityReported190.00 Mil222.50 Mil255.00 Mil-25.8% LoweredGuidance: 300.00 Mil for 2026
2026 Expected Uncollectibility % of expected total revenueReported0.3%0.5%0.7%   
2026 Interest expense, netReported44.00 Mil44.25 Mil44.50 Mil-1.7% LoweredGuidance: 45.00 Mil for 2026
2026 Expected Interest IncomeReported 0.50 Mil    
2026 Net Income per diluted shareReported0.310.320.33113.3% RaisedGuidance: 0.15 for 2026


Prior: Q2 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Nareit FFO per diluted shareReported2.012.042.070.5% RaisedGuidance: 2.03 for 2026
2026 Core FFO per diluted shareReported1.921.941.960 AffirmedGuidance: 1.94 for 2026
2026 Same Property NOI GrowthReported3.25%3.75%4.25% 0AffirmedGuidance: 3.75% for 2026
2026 General and administrativeReported35.75 Mil36.25 Mil36.75 Mil0 AffirmedGuidance: 36.25 Mil for 2026
2026 Net investment activityReported 300.00 Mil 0 AffirmedGuidance: 300.00 Mil for 2026
2026 Interest expense, netReported 45.00 Mil 2.3% RaisedGuidance: 44.00 Mil for 2026
2026 Net Income per diluted shareReported0.120.150.1815.4% RaisedGuidance: 0.13 for 2026

Q1 2026 Earnings Reported 4/28/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Nareit FFO per diluted shareReported22.032.061.5% RaisedGuidance: 2 for 2026
2026 Core FFO per diluted shareReported1.921.941.960.5% RaisedGuidance: 1.93 for 2026
2026 Same Property NOI GrowthReported3.25%3.75%4.25% 0.0%AffirmedGuidance: 3.75% for 2026
2026 General and administrativeReported35.75 Mil36.25 Mil36.75 Mil0.0% AffirmedGuidance: 36.25 Mil for 2026
2026 Net investment activityReported 300.00 Mil 0.0% AffirmedGuidance: 300.00 Mil for 2026
2026 Interest expense, netReported 44.00 Mil 0.0% AffirmedGuidance: 44.00 Mil for 2026
2026 Net Income per diluted shareReported0.10.130.16-31.6% LoweredGuidance: 0.19 for 2026

Q4 2025 Earnings Reported 2/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Nareit FFO per diluted shareReported1.9722.037.0% Higher NewActual: 1.87 for 2025
2026 Core FFO per diluted shareReported1.911.931.956.3% Higher NewActual: 1.82 for 2025
2026 Same Property NOI GrowthReported3.25%3.75%4.25% -1.2%Lower NewActual: 5.0% for 2025
2026 General and administrativeReported35.75 Mil36.25 Mil36.75 Mil3.6% Higher NewActual: 35.00 Mil for 2025
2026 Net investment activityReported 300.00 Mil 188.2% Higher NewActual: 104.10 Mil for 2025
2026 Interest expense, netReported 44.00 Mil 40.8% Higher NewActual: 31.25 Mil for 2025
2026 Net Income per diluted shareReported0.160.190.22-86.6% Lower NewActual: 1.42 for 2025

Investor Activity (13F)

Updated Nov 14, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
B&I Capital AG$9.5 Mil3.2%24Hold13F
Adelante Capital Management LLC$10.1 Mil0.7%42Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Adelante Capital Management LLC$10.1 Mil0.7%42Hold13F
B&I Capital AG$9.5 Mil3.2%24Hold13F
Core Cache Last Updated: 11/13/2026