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Inventrust Properties Corp. 2016 Annual Report

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Inventrust Properties Corp. 2016 Annual Report disciplined. focused. focused. simple. 2016 ANNUAL REPORT Invest in Exit Ma RedevelopmentRe Insufficient Asset OpportunitiesO Concentration Acquire Properties Sell Assets that Drive Value & Simple. with Low Growth EnhanceEnhanc Income Potential GrowthGro Focused. Disciplined. SourceSour Off-Market Invest in Transactions Through Open-Air Multi-TenantTenant our Local Market Retail Centers with Presencence Growth Potential InvestInves in Marketss withwith StroStrongn Demographicsaphics Dear Fellow InvenTrust Stockholders, As we start 2017, InvenTrust’s dedicated, hard-working team of professionals continues to execute on the Company’s simple, focused and disciplined portfolio strategy. This strategy includes transforming and refining our portfolio Thomas P. McGuinness with grocery-anchored community centers and necessity- Presideent & CEO based power centers predominantly in key Sunbelt growth markets, as well as maintaining a best-in-class balance sheet and flexible capital structure. There is no denying that InvenTrust has been a complex and challenging company to understand over the last three years as we became an open- air multi-tenant retail asset company. | InvenTrust Properties 2016 Annual Report Properties | InvenTrust 1 IN 2016, WE ACCOMPLISHED THE FOLLOWING MAJOR INITIATIVES: Inn Aprp il, we complpleteteded the spip n-offo of ouo r non n-core assets into a staandd-aloonee REEIT caalled Higghlhlandsd REEITI , Inc. Thihis trtrana sasacttioon did sps ososede of assses tss fror m ouo r poportr fooliio tht atat didid noto mata chch ouru groowtw h ststrarattegygy movovining ffoorwwarardd. InnJununee,,we finfinalalizizededouru stut ded ntnthouo singgtrar nsn accttion witha consortit um forrmemed ammoongthhe CaCananadad 2 PeP nsnsioion PlP an Invvestment BoB arrd,d GICC andnd Sciionon Commmum ninititieess Innvvesestotors foror a groross sala es priicece of | InvenTrust Properties 2016 Annual Report Properties | InvenTrust $1$1.44 billlilionon. AAss a resesulu t off the stutudent houo sis ngng traansnsaactit on, InInvevenTnTrurusts nete ted aappprproxximimattelely $8$8455 mmiilll ioion iinn proroceeededss. These funnddss allowowede us ttoo payay down deebtb andnd strt enengtgthheen ouour babalalancce shsheeet.t WeW cononssideer ouour cacapipitatal ssttrruucturu e a kekey didiffeffererenntiiaattoor amamoonng ouour reretatailil peeeerrss, bboothth trar deded anand nonon-n-ttradadeded. OuOur bbaalaancn e shheeet mmaainntaaiinns wewelll -s- tatagggerereded deebbt mmatuurir tit eses anndd lowo levevere agage,e, whih chc prprovvidideess flexe ibillitity and acceessss to a vaarriieetty ooff debebt souru ccess,, aloongn witi h ththe ccaapipital toto exeeccuutte on ouour acacqquisi iitioon plp ananss. ThT e ststududennt hohoususining saalel and ouru baallananccee shheeetet strt enengtgth pprrovoviiddeded InvvenenTrTrusust wwiithth thhee capapititall to exexececuute onon a comompapanyny-sspoponsnsoro eded shaharere buyuy bacack inin thehe foro m ofof a modifiifieded“DuDutctch AAuuctctioion”n”tenendeder offoffeerr. WeWe accccepepteted ffoor ppuurcrchahassee oveer 8989 milillilionon shaharees ofof ourur comommoon ssttoco k atat a pririccee of $2$2.666 peper shsharare,e, foror an agaggrgregegatate ccoosts of apapprp oxoximimatatelely $2$23838.1.1 milillilionon, reeprpreseseenntitingng apppprrooxix mamatetelyly 1010.44 perercecentnt of ouour iisssusueded andnd oututststanandid ngng shah reres ofof comommomon ststoco k.k Thihis tetenndderer offeffer prp ovoviddeed imimmemedid atate liliququidditity toto cerertaainn stoockckhoholdlderers anand wawas acaccrcretetivive ttoo stotockckhoholdlderers whwho mamainintatainineded ththeieir shshaarreses in IInnvevenTTrurusstt. WWee belelieieveve thehe exexecucuttionon of thhesese ininititiaiatitiveves wwiillll alll owow us toto morore effeffecectiivevelyy purrsuue anand evevalaluauatete vavaririouus liliququididiitty opoptitionons ffoor ouour ststocockhk olo ded rsrs in ththe fuututurere. BALANCE SHEET METRICS* AS OF 12/31/16 29% 3.9% Gross Debt/ Weighted Avg. Asset Value Interest Rate *I*InInclulusivi e ofIf IAGMGMG Joointn VeV ntun rere ShaShharer Inn addddititioion,n, theh sese funnddss werere crc iticcaall in mmoviv ngn theh exeecucutiiono of our ovverrala l sts rar tetegyy fororwawardrd 2016 Annual Report Properties | InvenTrust 3 aannd enenabablel d usus to cocontntinnuue ourr retetaia l ppllata form transn foormr ata ion with thee acqquiu sis tiionon of eie ghght openn-a-airir proropepertrtieies foor ovoverer $46465 mimillllioon tht roughooutu 201016.6.Theh se cenntet rss immpprooveved thhe quualliti y anand inincocomeme of ouour reretataili porortftfololioio. TRANSACTIONS COMPLETED IN 2016(1) Acquistions Dispositions Avg Sq Ft 97% 188k 28 Avg Sq Ft 90% 8 107k # of properties Gross Leasable Area(2) Occupancy(3) 2)2) IncInIncn ludluudu eses groggrroundu leeaseasase ssqquarara efe fooootoo agee. 3)3) Incnnccluludlu ese grogrroundndd lel aseasassees,s, excexexcx ludlluududeses spessp ciaiiaaltyl leasiaass ng. INVENTRUST’S STRATEGY GOING FORWARD In conversations with investors, we are often asked about our focused portfolio strategy and how the impact of e-commerce, recent store closings, negative perception of retail by the media and rising interest rates might influence our outlook and strategy execution moving forward. To begin, higher interest rates may negatively impact asset values in the short term. However, increasing interest rates often reflect positive fundamentals in the economy and consumer confidence, which may have a positive impact on the retail real estate market over time. Going forward, we’ll continue to 4 monitor and analyze market fundamentals as we | InvenTrust Properties 2016 Annual Report Properties | InvenTrust evaluate and execute on our plan. TOP RETAIL BRANDS BY ABR* E-commerce and its effect on brick-and-mortar retailers is also an AT 12/31/16 area we continue to monitor closely. We believe that brick-and- mortar stores will continue to be integral to the retail industry. In fact, over 90 percent of retail sales are captured by brick-and- mortar stores and 66 percent of consumers who purchase online 4.5% will also visit the store before or after the transaction.1 Physical | InvenTrust Properties 2016 Annual Report Properties | InvenTrust stores help retailers build their brands and drive online sales, which 5 is why online retailers, such as Amazon and Bonobos are opening 4.2% physical stores. We believe the future of retail is bricks and clicks, not bricks or clicks. 3.2% Taking a closer look at our portfolio, 70 percent of our retail assets are anchored or shadow-anchored by grocers, which tend to be more resistant to internet competition. Furthermore, we believe 2.1% our diversified and balanced tenant concentration is full of high- quality, successful retail companies that understand and have developed omni-channel e-commerce strategies to maximize 2.0% customer satisfaction and profitability. Finally, we see limited supply growth in the retail space. Fewer 1.9% retail centers are being built, which should help to offset any store closings and bankruptcies, especially in high-quality centers in growing markets where retailers want to be and are competing 1.5% for space. *ABR - Annualized Base Rent 1) Source ICSC, March 2017 In conclusion, there is no denying that short-term interest rates, e-commercee, store closingss andd other market coondn itions willl puut pressuree on tht e valuue of our portfolio, potentially impact the timing of any liquidity opportunities that may be available to InvenTrust, and influence how we allocate our capital. However, as I have discussed,d wee will conttinue to trt ansforrm and refine our mulu ti-tene ant reetat ill portfoliio into a unique and compm ellingg investment opportunity with desirable propertiese in markets withh strong demographiics. During 2016, we rotated out of a significant number of assets, generally smaller in size, with less favorable demographics, and we intend to continue rotating out of such assets in 2017. We are redeploying that capital into larger assets in better occupied centers with forecasted income growth and rent increases. We are also targeting markets with high job and income growth in the Sunbelt region, such as Dallas, Atlanta, Raleigh, Austin, Southern California and Florida. 6 | InvenTrust Properties 2016 Annual Report Properties | InvenTrust INVENTRUST TARGET MARKET We believe designing a unique open-air retail platform, comprised of grocery-anchored community JOB GROWTH centers and necessity-based power centers with YEAR-OVER-YEAR 1/16 - 1/17 characteristics to perform in different economic conditions, better positions InvenTrust to drive value Orlando 4.6% and enhance income growth over the long term. Dallas 4.3% Going forward, in addition to acquiring new assets, Atlanta 3.7% we plan to expand our redevelopment efforts within Austin 3.5% our current portfolio of assets. We see this as a great Charlotte 3.2% opportunity to increase our cash flow from properties Inland Empire 3.2% we already control and where tenants are looking to locate or expand. We are pleased with our portfolio Tampa-St. Petersburg 3.0% transformation to date and look forward to continuing Fort Lauderdale 2.8% to execute on our strategy in 2017. Miami 2.8% San Antonio 2.6% Raleigh / Durham 2.5% Phoenix 2.4% San Diego 2.3% Denver 2.0% U.S. Top 40 Average 1.5% Los Angeles 1.4% Houston 0.3% Source: Bureau of Labor Statistics INVENTRUST PROPERTY MAP (WHOLLY OWNED & JV OWNED) | InvenTrust Properties 2016 Annual Report Properties
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