Total assets grew 20% to $3.0B with debt-to-equity rising to 0.62, yet cash increased to $74.9M and interest coverage of 1.12x suggests manageable but elevated leverage.
InvenTrust Properties Corp. (IVT) balance sheet — 21-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Assets | 3.03B | 2.79B | 2.64B | 2.49B | 2.47B | 2.21B | 2.41B | 2.51B | 2.54B | 2.7B | 2.79B | 4.21B | 7.5B | 9.66B | 10.76B | 10.92B | 11.39B | 11.05B | 11.14B | 42.06M | 22.39M | 799.59M |
| Asset Growth % | 32.89% | 5.79% | 5.97% | 0.58% | 11.78% | -8.1% | -3.98% | -1.14% | -6.03% | -3.16% | -33.86% | -43.8% | -22.41% | -10.2% | -1.46% | -4.15% | 3.14% | -0.82% | 26377.26% | 87.84% | -97.2% | - |
| Real Estate & Other Assets | -2.67B | 2.52B | 42.43M | 2.24B | 2.14B | 22.94M | 1.95B | 1.98B | 1.98B | 2.2B | 1.91B | 3.52B | 6.15B | 7.26B | 9.43B | 129.38M | 134.37M | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 2.66B | 0 | 2.33B | 0 | 2.65M | 1.93B | 1.8M | 1.98M | 1.96B | 2.17B | 1.83B | 1.87B | 3.47B | 6.21B | 9.32B | 9.43B | 9.56B | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 157.17M | 77.99M | 127.35M | 135.12M | 172.29M | 74.91M | 252.75M | 290.94M | 291.94M | 207.16M | 629.94M | 441.87M | 1.08B | 1.96B | 774.23M | 720.59M | 733.99M | 797.7M | 1.24B | 0 | 0 | 10.8M |
| Cash & Equivalents | 74.9M | 40.52M | 91.22M | 96.39M | 137.62M | 36.99M | 222.61M | 255.07M | 260.13M | 162.75M | 397.25M | 203.28M | 598.9M | 319.24M | 220.78M | 218.16M | 267.71M | 500.49M | 945.23M | 0 | 0 | 10.8M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Other Current Assets | 42.63M | 0 | 0 | 3.38M | 142K | 7.87M | 1.16M | 5.68M | 4.72M | 9.13M | 18.32M | 16.5M | 32.95M | 2.28B | 104.03M | 98.44M | 96.09M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 217.59M | 193.96M | 137.42M | 114.48M | 101.17M | 81.03M | 95.72M | 116.36M | 108M | 115.41M | 72.26M | 71.13M | 112.13M | 134.88M | 267.63M | 318.57M | 379.15M | 389.14M | 383.51M | 40.56M | 21M | 0 |
| Total Liabilities | 1.27B | 994.38M | 875.95M | 933.29M | 869.13M | 640.86M | 668.48M | 687.59M | 683.69M | 792.88M | 837.23M | 2.06B | 3.5B | 5.4B | 6.42B | 6.26B | 5.86B | 1.39M | 1.47M | 3.31B | 1.27B | 0 |
| Total Debt | 1.1B | 825.88M | 740.41M | 814.57M | 754.55M | 533.08M | 557.09M | 575.02M | 561.78M | 667.86M | 670.66M | 1.09B | 1.99B | 3.64B | 6.01B | 5.9B | 5.53B | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 1.02B | 785.36M | 649.19M | 718.18M | 616.93M | 496.09M | 334.48M | 319.95M | 301.65M | 505.11M | 273.41M | 891.37M | 1.39B | 3.32B | 5.79B | 5.68B | 5.26B | -500.49M | -945.23M | 0 | 0 | -10.8M |
| Long-Term Debt | 1.08B | 814.8M | 740.41M | 814.57M | 754.55M | 533.08M | 555.11M | 572.85M | 561.78M | 667.86M | 670.66M | 1.09B | 1.99B | 3.64B | 6.01B | 5.9B | 5.53B | 0 | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 927K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 131.67M | 11.08M | 0 | 0 | 0 | 0 | 1.98M | 2.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 67M | 66.74M | 63.93M | 59.18M | 56.63M | 50.01M | 41.93M | 43.06M | 45.81M | 51.24M | 51.28M | 75.22M | 115.28M | 1.61B | 179.89M | 141.37M | 121.42M | 0 | 0 | 52.51M | 3.11M | 0 |
| Accounts Payable | 46.58M | 48.29M | 46.42M | 44.58M | 42.79M | 36.21M | 28.28M | 29.8M | 32.78M | 37.8M | 38.24M | 47.2M | 79.37M | 171.52M | 142.84M | 105.15M | 86.15M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -532K | -103.91M | -670.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 107.9M | 101.76M | 71.6M | 59.54M | 57.95M | 57.77M | 69.47M | 69.51M | 76.1M | 73.78M | 115.28M | 886.35M | 1.39B | 139.65M | 231.09M | 211.79M | 210.5M | 0 | 0 | 3.26B | 1.26B | 0 |
| Total Equity | 1.77B | 1.79B | 1.76B | 1.55B | 1.6B | 1.57B | 1.74B | 1.82B | 2.2B | 2.46B | 2.25B | 2.15B | 4B | 4.27B | 4.34B | 4.66B | 5.53B | 5.88B | 6.11B | 4.61B | 1.48B | 0 |
| Equity Growth % | 3.82% | 1.95% | 13.25% | -3.11% | 2.06% | -9.62% | -4.44% | -17.22% | -10.48% | 9.19% | 4.65% | -46.24% | -6.32% | -1.75% | -6.87% | -15.63% | -5.95% | -3.85% | 32.48% | 210.83% | - | - |
| Shareholders Equity | 1.77B | 1.79B | 1.76B | 1.55B | 1.6B | 1.57B | 1.74B | 1.82B | 1.85B | 1.91B | 1.95B | 2.15B | 3.99B | 4.26B | 4.34B | 4.66B | 5.25B | 5.61B | 6.11B | 4.61B | 1.48B | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 345.7M | 549.51M | 299.03M | 0 | 3.78M | 1.74M | 125K | -161K | 281.51M | 264.13M | 0 | 0 | 0 | 0 |
| Common Stock | 78K | 78K | 77K | 68K | 67K | 67K | 72K | 721K | 729K | 773K | 773K | 862K | 861K | 909K | 889K | 869K | 846K | 824K | 795K | 548K | 96K | 0 |
| Additional Paid-in Capital | 5.74B | 5.74B | 5.73B | 5.47B | 5.46B | 5.45B | 5.57B | 5.57B | 5.59B | 5.68B | 5.68B | 6.07B | 7.76B | 8.06B | 7.92B | 7.78B | 7.61B | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -3.98B | -3.95B | -3.98B | -3.93B | -3.88B | -3.88B | -3.82B | -3.75B | -3.74B | -3.78B | -3.79B | -3.96B | -3.82B | -3.87B | -3.66B | -3.16B | -2.41B | -1.82B | -1.01B | -227.88M | -41.88M | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.53% | 4.11% | 0.53% | 0.21% | 2.23% | -0.23% | -0.41% | 1.52% | 3.2% | 2.25% | 7.22% | 0.06% | 5.67% | 2.39% | -0.64% | -2.83% | -1.57% | -3.59% | - | - | - | - |
| Return on Equity (ROE) | 0.85% | 6.27% | 0.82% | 0.33% | 3.29% | -0.32% | -0.57% | 1.91% | 3.6% | 2.63% | 11.49% | 0.11% | 11.78% | 5.67% | -1.54% | -6.21% | -3.09% | -6.64% | - | - | - | - |
| Debt / Assets | 36.14% | 29.62% | 28.09% | 32.75% | 30.51% | 24.09% | 23.14% | 22.93% | 22.15% | 24.75% | 24.07% | 25.98% | 26.56% | 37.69% | 55.82% | 54.06% | 48.56% | - | - | - | - | - |
| Debt / Equity | 0.62x | 0.46x | 0.42x | 0.52x | 0.47x | 0.34x | 0.32x | 0.32x | 0.26x | 0.27x | 0.30x | 0.51x | 0.50x | 0.85x | 1.38x | 1.27x | 1.00x | - | - | - | - | - |
| Net Debt / EBITDA | 5.23x | 4.37x | 4.03x | 4.81x | 4.74x | 5.52x | 3.16x | 2.56x | 1.26x | 2.25x | 1.35x | 6.13x | 3.00x | 10.78x | 9.41x | 10.16x | 10.78x | -1.15x | -1.96x | - | - | -2.45x |
| Book Value per Share | 22.42 | 22.90 | 24.78 | 22.92 | 23.75 | 22.11 | 24.15 | 24.95 | 28.84 | 31.70 | 26.31 | 24.93 | 45.52 | 46.62 | 49.25 | 53.16 | 63.01 | 72.44 | 106.21 | 224.43 | 76.18 | - |
Quick answers to the most common questions about buying IVT stock.
As of 2025, InvenTrust Properties Corp. (IVT) had total assets of $2.79B including $78.0M in current assets.
InvenTrust Properties Corp. (IVT) carries total debt of $825.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
InvenTrust Properties Corp. (IVT) has total shareholders' equity (book value) of $1.79B ($22.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
InvenTrust Properties Corp. (IVT) reported a current ratio of 1.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Negative gross margin anomaly
Metrics are mathematically derived from official filings.
Balance Sheet Expansion via Acquisitions
IVT's total assets grew 20% year-over-year to $3.0B in 2026Q2, driven by acquisitions, while debt increased to $1.1B, according to the latest quarterly data.
The sequential increase in total assets from $2.9B in 2026Q1 to $3.0B in 2026Q2, coupled with a rise in total debt from $1.0B to $1.1B, suggests an acquisition-led growth strategy. This expansion appears funded by additional leverage, as equity remained flat at $1.8B. Investors should monitor whether the pace of acquisitions continues and if the incremental debt is accretive to FFO.
Sun Belt Concentration Drives Growth
IVT's portfolio is concentrated in high-growth Sun Belt markets, with NOI rising to $60.3M in 2026Q2, reflecting strong occupancy and rent growth, as reported in financial statements.
The consistent NOI growth, from $47.8M in 2024Q1 to $60.3M in 2026Q2, indicates that the portfolio is performing well, likely due to the strategic focus on first-ring suburbs of Tier-1 migration hubs. However, this geographic concentration exposes IVT to regional risks, such as insurance volatility in Florida and Texas, which could pressure future NOI margins.
Leverage Rising but Manageable
IVT's debt-to-equity ratio increased from 0.42 in 2025Q1 to 0.62 in 2026Q2, reflecting higher debt levels, yet remains below peers like KIM and REG, based on reported figures.
Total debt rose to $1.1B in 2026Q2, up from $740M a year earlier, indicating a deliberate increase in leverage to fund acquisitions. Despite this, the D/E ratio of 0.62 is still conservative compared to KIM's 0.82 and REG's 0.83, suggesting IVT retains financial flexibility. The maturity ladder and interest rate exposure are not disclosed, but the low leverage suggests limited refinancing risk.
Equity Stable, Retained Earnings Support
Equity remained flat at $1.8B over the past year, with retained AFFO covering dividends, as evidenced by a payout ratio of 0.47 in 2026Q2, according to quarterly data.
The stability in equity, despite asset growth, indicates that acquisitions are primarily debt-financed, and retained earnings are being used to support distributions rather than fund expansion. The AFFO payout ratio of 0.47 suggests a healthy buffer, but investors should watch for potential dilution if the company issues equity to fund future growth.
Cash Position Strengthens, Coverage Adequate
IVT's cash balance increased to $74.9M in 2026Q2 from $34.4M in 2026Q1, while FFO of $41.7M covers interest expenses, indicating adequate liquidity, as per financial statements.
The doubling of cash quarter-over-quarter suggests improved liquidity, possibly from operating cash flows or proceeds from asset sales. With FFO of $41.7M and NOI of $60.3M, IVT appears to have sufficient coverage for its debt service. However, the negative gross margin of -14.1% raises concerns about property-level costs, which could strain future cash flows if not addressed.
Negative Gross Margin Clouds Earnings
Despite 9.2% revenue growth, IVT reported a negative gross margin of -14.1% in 2026Q2, suggesting elevated direct property costs that may not be fully recoverable, as per financial statements.
The negative gross margin is a significant anomaly for a REIT, as it implies that property-level expenses exceed rental revenue. This could be due to high insurance premiums in Sun Belt states or non-cash depreciation charges. If these costs persist, they could compress NOI margins and undermine the quality of earnings, warranting close scrutiny of the 10-K.