At a glance
Inventrust Properties Corp is worth $2.35B, about 21 times its fiscal 2025 earnings. Revenue grew 9.2% to $299.2M in fiscal 2025, with 37.2% kept as profit; over 5 years it has grown 8.6% a year. It pays a 3.29% dividend yield, raised every year for at least 8 years, and returned $420.4M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +10.0% over the past year with dividends reinvested and +8.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months after the low.
The business in plain English
InvenTrust Properties Corp. is a real estate investment trust (REIT), a property company that must pay out most of its taxable income as dividends. It owns shopping centers in Sun Belt markets, chosen for above-average growth in population, jobs and income. Most are grocery-anchored neighborhood and community centers. It also owns larger "power centers," which group several big-box stores and often include a grocer. As of December 31, 2025, it owned 73 centers with about 11.6 million square feet of leasable space.
It makes money by renting space to retailers. Anchor tenants of 10,000 square feet or more draw shoppers. Smaller "small shop" tenants produced about 60.6% of annualized base rent (the last month's base rent times twelve) as of December 31, 2025. Base rent averaged $20.41 per square foot a year. Tenants paying rent filled 95.4% of the space, or 96.7% counting signed leases not yet started. Revenue was $299.2 million in fiscal 2025, up 9.2% from fiscal 2024.
Texas alone produced 37.7% of annualized base rent at the end of 2025, led by the Austin area (15.4%), Houston (9.7%), Dallas-Fort Worth (8.5%) and San Antonio (4.1%). Formerly Inland American Real Estate Trust, the company listed on the NYSE in October 2021. It trims centers that no longer fit its criteria and reinvests elsewhere in the Sun Belt.
Price history
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IVT +10.0% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $87.1M, up 17% from a year earlier, and net income was $19.4M (+222.2%).
- For fiscal 2025, revenue was $299.2M (+9.2% year over year; +8.6% a year from FY2020 to FY2025) with a 37.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.6% good |
|---|---|
| Operating margin | 20.1% good |
| Free cash flow margin | 37.1% good |
| Return on equity (FY2025) | 6.2% weak |
| Return on assets (FY2025) | 4% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $197.8M | $-10.2M | $81.2M |
| FY2021 | $212.0M | $-5.4M | $74.6M |
| FY2022 | $236.7M | $52.2M | $92.6M |
| FY2023 | $258.7M | $5.3M | $93.9M |
| FY2024 | $274.0M | $13.7M | $100.8M |
| FY2025 | $299.2M | $111.4M | $110.9M |
Valuation snapshot
| Market value | $2.35B |
|---|---|
| P/E ratio | 21.2 |
| Dividend yield | 3.29% |
Rank among 1514 US companies
Market value at each year end
Inventrust Properties’s market value went from $1.94B at the end of 2021 to $2.35B on Oct 28, 2026, up 21%; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.35B | +7.1% |
| 2025 | $2.19B | -5.8% |
| 2024 | $2.32B | +35.8% |
| 2023 | $1.71B | +7.2% |
| 2022 | $1.60B | -17.8% |
| 2021 | $1.94B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| IVT price data to Oct 28, 2026 | +9.2% | +10.0% | +11.8% | +8.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.2% |
| 2025 | -3.2% |
| 2024 | +23.0% |
| 2023 | +11.1% |
| 2022 | -10.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.6% over that stretch · deepest drop along the way 33.2%, back to its old high 24.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Jun 30, 2026 |
| Vanguard Portfolio Management | 10.16% | Jun 30, 2026 |
| PRINCIPAL REAL ESTATE INVESTORS LLC | 7.9% | Mar 31, 2026 |
| Vanguard Capital Management | 5.18% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
| BlackRock Portfolio Management LLC | 4.3% | Sep 30, 2026 |
ETFs with the most weight in IVT
| HAPS Harbor Human Capital Factor US Small Cap ETF | 1.59% |
| PPTY US Diversified Real Estate ETF | 0.34% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 0.31% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.25% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 0.24% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.21% |
| FRI First Trust S&P REIT Index Fund | 0.2% |
| USRT iShares Core U.S. REIT ETF | 0.2% |
What could go wrong
- Heavy dependence on Texas, especially Austin. Texas properties produced 37.7% of annualized base rent as of December 31, 2025, with the Austin area at 15.4%. A local downturn or a glut of new retail space there could hurt rent and dividends.
- Small shop tenants pay most of the rent. Tenants under 10,000 square feet produced about 60.6% of annualized base rent at the end of 2025. They generally have fewer resources than anchor tenants, so a recession could force more of them to close.
- Losing an anchor can hit a whole center. Anchors (10,000 square feet or more) draw the crowds. If one fails or leaves, co-tenancy clauses (lease terms tied to other stores staying open) may let other tenants cut rent or end leases.
- Sun Belt storms and climate exposure. With its centers clustered in Sun Belt markets, natural disasters and severe weather could damage several properties at once. Insurance may not cover every loss, and premiums can rise.
- $1.04 billion of debt and interest-rate exposure. InvenTrust had about $1.04 billion of debt as of September 30, 2026. Higher interest rates would raise borrowing costs as loans are refinanced, and loan covenants (lender rules) can restrict its activities.
- Shoppers shifting to online buying. Many national chains push online sales and may shrink the size or number of their stores. That could lower InvenTrust's occupancy and rents, even with its focus on grocery and everyday needs.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
For income and retirement investors
InvenTrust has raised its regular dividend for 8 years in a row through fiscal 2025, from $0.75 a share in fiscal 2020 to $0.95, about 4.8% a year. The dividend yield was 3.29% as of October 28, 2026. As a REIT, it must pay out at least 90% of its taxable income. Fiscal 2025 dividends took about 65% of both earnings and free cash flow (cash left after capital spending). Earnings swing widely: fiscal 2023 earnings per share were $0.08 against a dividend of $0.86. Buybacks of about $116 million came in fiscal 2021, yet the share count rose about 9.4% from October 2021 to October 2026.
IVT shares did not trade on an exchange during the 2008 or 2020 crashes. In the 2022 bear market they fell 33.2% from a June 3 high to a September 29 low and took about 24.6 months, until October 16, 2024, to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does InvenTrust Properties make money?
InvenTrust makes money by renting shopping center space to retailers. As of December 31, 2025, it owned 73 centers in Sun Belt markets, mostly anchored by grocery stores, with about 11.6 million square feet of leasable space. Small shop tenants under 10,000 square feet produced about 60.6% of annualized base rent. Revenue was $299.2 million in fiscal 2025, up 9.2% from the prior year and up about 8.6% a year since fiscal 2020.
Does InvenTrust raise its dividend every year?
Yes, 8 years in a row through fiscal 2025. That year it paid $0.9508 per share, up from $0.7525 in fiscal 2020, or about 4.8% growth a year. The dividend yield was 3.29% as of October 28, 2026. As a REIT, InvenTrust must pay out at least 90% of its taxable income. Even so, its annual report states that there is no assurance it will keep paying dividends.
Where are InvenTrust's shopping centers located?
Mostly in Sun Belt markets, which the company targets for above-average growth in population, jobs and income. Texas is the biggest exposure: as of December 31, 2025, Texas properties produced 37.7% of annualized base rent, led by the Austin area at 15.4%, Houston at 9.7%, Dallas-Fort Worth at 8.5% and San Antonio at 4.1%. The company says its field offices are within two hours of over 95% of its centers. The trade-off is heavy reliance on one state's economy.
How much debt does InvenTrust have?
About $1.04 billion as of September 30, 2026, compared with total assets of about $3.01 billion and shareholders' equity of about $1.78 billion. Cash and investments were about $36.7 million. The company calls its leverage (borrowing) "sector-low," which is its own claim that it borrows less than other shopping center REITs. Its annual report warns that higher interest rates would raise borrowing costs and that loan covenants can restrict its activities.
How has IVT stock performed?
It has gained over three and five years, with sharp swings along the way. Based on its share price as of October 28, 2026, IVT returned about 10% over one year, 11.8% a year over three years and 8.3% a year over five years. By calendar year it lost 10.2% in 2022, gained 11.1% in 2023 and 23.0% in 2024, then lost 3.2% in 2025. It fell 15.8% in the three months to October 28, 2026, and its deepest drop since listing in October 2021 was about 33%.