Revenue accelerated 12.6% year-over-year to $82.8M in 2026Q2 with NOI margins stable at 72.8%, but a negative gross margin of -14.1% and FFO per share decline from $1.62 to $0.53 warrant scrutiny.
InvenTrust Properties Corp. (IVT) annual income statement — 21-year revenue, gross profit & net income 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 |
|---|
| Revenue | 316.81M | 299.17M | 273.97M | 258.68M | 236.71M | 211.98M | 197.83M | 226.49M | 242.67M | 251.81M | 249.69M | 450.04M | 1.38B | 1.32B | 1.44B | 1.32B | 1.09B | 1.06B | 448.55M | 297.15M | 101.66M | 6.16M |
| Revenue Growth % | 10.54% | 9.2% | 5.91% | 9.28% | 11.67% | 7.15% | -12.65% | -6.67% | -3.63% | 0.85% | -44.52% | -67.37% | 4.34% | -8.04% | 8.63% | 20.87% | 3.41% | 136% | 50.95% | 192.31% | 1550.41% | - |
| Property Operating Expenses | 155.88M | 341.34M | 79.85M | 77.64M | 73.16M | 64.1M | 58.75M | 66.18M | 70.03M | 67.52M | 69.59M | 128.48M | 780.46M | 743.93M | 681.01M | 501.9M | 474.77M | 383.78M | 449.94M | 160.43M | 27.94M | 628.14K |
| Net Operating Income (NOI) | 160.94M | -42.17M | 194.12M | 181.03M | 163.54M | 147.88M | 139.08M | 160.31M | 172.65M | 184.29M | 180.1M | 321.56M | 598.69M | 577.91M | 756.39M | 821.25M | 619.92M | 674.79M | -1.4M | 136.72M | 73.71M | 5.53M |
| NOI Margin % | 50.8% | -14.09% | 70.85% | 69.99% | 69.09% | 69.76% | 70.3% | 70.78% | 71.14% | 73.19% | 72.13% | 71.45% | 43.41% | 43.72% | 52.62% | 62.07% | 56.63% | 63.75% | -0.31% | 46.01% | 72.51% | 89.8% |
| Operating Expenses | 109.3M | -93.57M | 147.12M | 145.23M | 128.29M | 145.1M | 120.9M | 132.79M | 135.86M | 141.71M | 140.26M | 228.62M | 381.18M | 408.14M | 500.94M | 595.59M | 462.83M | 534.07M | 19.75M | 14.33M | 4.85M | 358.53K |
| G&A Expenses | 35.93M | 34.92M | 33.17M | 31.8M | 33.34M | 38.19M | 33.14M | 35.36M | 35.27M | 46.37M | 53.98M | 78.22M | 85.63M | 93.51M | 76.71M | 71.03M | 72.67M | 82.5M | 9.65M | 6.41M | 4.32M | 339.38K |
| EBITDA | 195.52M | 179.9M | 160.95M | 149.24M | 130.2M | 89.92M | 105.94M | 124.95M | 239.16M | 224.06M | 202.56M | 145.3M | 463.48M | 308.18M | 614.58M | 559.62M | 488.55M | 434.3M | 483.45M | 275.51M | 80.4M | 4.41M |
| EBITDA Margin % | 61.71% | 60.13% | 58.75% | 57.69% | 55.01% | 42.42% | 53.55% | 55.17% | 98.55% | 88.98% | 81.13% | 32.28% | 33.61% | 23.31% | 42.76% | 42.29% | 44.63% | 41.03% | 107.78% | 92.72% | 79.09% | 71.68% |
| Depreciation & Amortization | 143.88M | 128.5M | 113.95M | 113.43M | 94.95M | 87.14M | 87.75M | 97.43M | 205.89M | 209.23M | 203.86M | 160.5M | 331.41M | 381.31M | 436.48M | 439.76M | 443.35M | 395.5M | 320.79M | 174.16M | 49.68M | 3.46M |
| D&A / Revenue % | 45.42% | 42.95% | 41.59% | 43.85% | 40.11% | 41.11% | 44.36% | 43.02% | 84.84% | 83.09% | 81.64% | 35.66% | 24.03% | 28.85% | 30.37% | 33.24% | 40.5% | 37.36% | 71.52% | 58.61% | 48.87% | 56.15% |
| Operating Income | 51.63M | 51.4M | 47M | 35.81M | 35.25M | 2.77M | 18.18M | 27.52M | 33.28M | 14.83M | -1.29M | -15.21M | 132.07M | -73.13M | 178.1M | 119.86M | 45.2M | 38.8M | 162.66M | 101.35M | 30.72M | 956.29K |
| Operating Margin % | 16.3% | 17.18% | 17.15% | 13.84% | 14.89% | 1.31% | 9.19% | 12.15% | 13.71% | 5.89% | -0.52% | -3.38% | 9.58% | -5.53% | 12.39% | 9.06% | 4.13% | 3.67% | 36.26% | 34.11% | 30.22% | 15.53% |
| Interest Expense | 2M | 34.52M | 37.1M | 38.14M | 26.78M | 16.26M | 18.75M | 22.72M | 24.94M | 30.16M | 44.13M | 53.69M | 79.95M | 212.26M | 306.05M | 310.17M | 271.36M | 243.21M | -231.82M | -108.06M | -31.55M | -1.41M |
| Interest Coverage | - | 4.23x | 1.37x | 1.14x | 2.95x | 0.67x | 0.97x | 3.81x | 1.41x | -1.58x | 3.71x | 0.56x | 4.11x | -0.24x | 0.32x | -0.18x | 0.27x | -0.44x | -0.08x | 0.12x | 0.10x | -0.32x |
| Non-Operating Income | -36.2M | -94.54M | -3.76M | -7.6M | -43.76M | -8.13M | 0 | -59.09M | -1.79M | 62.56M | -115.4M | 7.25M | -196.91M | -21.33M | 18.25M | 174.75M | -27.31M | 116.89M | 181.08M | 88.78M | 27.46M | 1.41M |
| Pretax Income | 15.24M | 111.42M | 13.66M | 5.27M | 52.23M | -5.36M | -10.17M | 63.9M | 83.88M | 59.28M | 87.15M | 587K | 261.98M | -210.76M | -107.86M | -283.32M | -198.85M | -349.32M | -6.12M | -2.09M | -1.39M | 0 |
| Pretax Margin % | 4.81% | 37.24% | 4.99% | 2.04% | 22.07% | -2.53% | -5.14% | 28.21% | 34.56% | 23.54% | 34.9% | 0.13% | 19% | -15.94% | -7.5% | -21.41% | -18.16% | -33% | -1.37% | -0.7% | -1.37% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.1M | 30K | 1.32M | 201K | 1.92M | 8.97M | 4.76M | 7.77M | -3.39M | -4.52M | 627K | -6.12M | -2.09M | -1.39M | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.72% | 0.04% | 2.23% | 0.23% | 326.41% | 3.42% | -2.26% | -7.2% | 1.2% | 2.27% | -0.18% | 100% | 100% | 100% | - |
| Net Income | 15.24M | 111.42M | 13.66M | 5.27M | 52.23M | -5.36M | -10.17M | 38.4M | 83.85M | 61.79M | 252.72M | 3.46M | 486.64M | 244.05M | -69.34M | -316.25M | -176.43M | -397.96M | 0 | 0 | 0 | 0 |
| Net Margin % | 4.81% | 37.24% | 4.99% | 2.04% | 22.07% | -2.53% | -5.14% | 16.95% | 34.55% | 24.54% | 101.21% | 0.77% | 35.29% | 18.46% | -4.82% | -23.9% | -16.12% | -37.59% | 0% | 0% | 0% | 0% |
| Net Income Growth % | -86.39% | 715.79% | 159.21% | -89.91% | 1074.5% | 47.32% | -126.5% | -54.2% | 35.69% | -75.55% | 7195.67% | -99.29% | 99.4% | 451.97% | 78.08% | -79.25% | 55.67% | - | - | - | - | - |
| Funds From Operations (FFO) | 159.12M | 239.92M | 127.61M | 118.7M | 147.19M | 81.78M | 77.58M | 135.83M | 289.74M | 271.02M | 456.58M | 163.97M | 818.05M | 625.36M | 367.15M | 123.51M | 266.92M | -2.46M | 320.79M | 174.16M | 49.68M | 3.46M |
| FFO Margin % | 50.23% | 80.19% | 46.58% | 45.89% | 62.18% | 38.58% | 39.22% | 59.97% | 119.39% | 107.63% | 182.86% | 36.43% | 59.32% | 47.31% | 25.54% | 9.33% | 24.38% | -0.23% | 71.52% | 58.61% | 48.87% | 56.15% |
| FFO Growth % | -19.57% | 88.01% | 7.5% | -19.35% | 79.97% | 5.42% | -42.88% | -53.12% | 6.91% | -40.64% | 178.46% | -79.96% | 30.81% | 70.33% | 197.27% | -53.73% | 10954.94% | - | - | - | - | - |
| FFO per Share | 2.02 | 3.06 | 1.80 | 1.75 | 2.18 | 1.15 | 1.08 | 1.86 | 3.80 | 3.50 | 5.34 | 1.90 | 9.32 | 6.83 | 4.16 | 1.41 | 3.04 | -0.03 | 5.57 | 8.47 | 2.55 | 0.18 |
| FFO Payout Ratio % | 47.03% | 30.36% | 49.2% | 48.43% | 37.57% | 67.94% | 69.88% | 39.2% | 18.7% | 19.69% | 21.6% | 89.35% | 53.65% | 71.84% | 119.62% | 347.07% | 156.2% | -16746.52% | 130.32% | 134.21% | 126.91% | 63.61% |
| EPS (Diluted) | 0.19 | 1.42 | 0.19 | 0.08 | 0.77 | -0.08 | -0.14 | 0.88 | 1.10 | 0.70 | 2.90 | 0.10 | 5.50 | 2.67 | -0.79 | -3.60 | -2.01 | -4.90 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | -86.05% | 647.37% | 144.53% | -89.91% | 1121.22% | 46.14% | -115.91% | -20% | 57.14% | -75.86% | 2800% | -98.18% | 105.99% | 437.97% | 78.06% | -79.1% | 58.98% | - | - | - | - | - |
| EPS (Basic) | - | 1.44 | 0.19 | 0.08 | 0.77 | -0.08 | -0.14 | 0.88 | 1.10 | 0.70 | 2.90 | 0.10 | 5.50 | 2.67 | -0.79 | -3.60 | -2.01 | -4.90 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 78.75M | 78.34M | 71.01M | 67.81M | 67.53M | 71.07M | 71.99M | 72.94M | 76.21M | 77.46M | 85.46M | 86.18M | 87.81M | 91.53M | 88.17M | 87.73M | 87.73M | 81.14M | 57.55M | 20.56M | 19.49M | 19.49M |
Quick answers to the most common questions about buying IVT stock.
For fiscal year 2025, InvenTrust Properties Corp. (IVT) reported total revenue of $299.2M. This represents a 4757.1% increase compared to $6.2M in 2005.
InvenTrust Properties Corp. (IVT) is profitable, generating $111.4M in net income for the fiscal year ending 2025 with a net profit margin of 37.2%.
InvenTrust Properties Corp. (IVT) reported an operating income of $51.4M, resulting in an operating profit margin of 17.2%. This margin reflects the operational efficiency of the business before interest and taxes.
InvenTrust Properties Corp. (IVT) generated $-42.2M in gross profit for the year, representing a gross profit margin of -14.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative gross margin anomaly
Metrics are mathematically derived from official filings.
Sun Belt Expansion Drives Revenue Growth
IVT's revenue grew 12.6% year-over-year in 2026Q2, reaching $82.8M, driven by acquisitions and organic rent growth in Sun Belt markets, as reported in the latest quarterly data.
The consistent acceleration in revenue growth from 2.4% in 2024Q1 to 12.6% in 2026Q2 indicates successful execution of the Sun Belt-focused strategy. This growth appears to be a mix of acquisition-led expansion and organic same-store gains, given the stable NOI margins around 72-73% in recent quarters. Investors should monitor whether this pace is sustainable as the portfolio matures and acquisition opportunities become scarcer.
NOI Margins Stable Despite Cost Pressures
NOI margin remained robust at 72.8% in 2026Q2, consistent with prior quarters, though the reported negative gross margin of -14.1% suggests significant non-operating costs, according to financial statements.
The stability in NOI margins indicates effective expense recovery from tenants, but the deeply negative gross margin is an accounting anomaly that likely includes depreciation or impairments. This discrepancy between gross and NOI margins warrants further investigation into the classification of property-level expenses. If insurance costs in Texas and Florida continue to rise, they may pressure NOI margins if not fully recoverable.
FFO Per Share Volatility Raises Questions
FFO per share swung from $1.62 in 2025Q2 to $0.53 in 2026Q2, reflecting a one-time gain in the prior year, while core FFO growth appears modest, based on reported figures.
The spike in FFO during 2025Q2 was likely due to a property sale gain, as net income also jumped to $95.9M. Excluding that, FFO per share has been relatively stable around $0.47-$0.53, suggesting limited organic growth. The maintained guidance despite the EPS beat indicates management sees no acceleration ahead, which may signal that the market's expectations for aggressive growth are overly optimistic.
Depreciation Distorts GAAP Earnings
GAAP net income of $1.4M in 2026Q2 is far below FFO of $41.7M, highlighting the significant non-cash depreciation charges typical for REITs, as disclosed in financial reports.
The gap between net income and FFO underscores the importance of using FFO as the primary earnings metric. The depreciation charge appears to be economically higher than actual capital expenditures, given that AFFO is consistently lower than FFO. This suggests that maintenance capex is consuming a portion of FFO, which is typical for retail properties but should be monitored for adequacy.
Same-Store NOI Growth Appears Positive
Same-store NOI growth is implied by stable NOI margins and revenue growth, though not explicitly disclosed, suggesting organic rent increases are contributing to performance, according to quarterly data.
With revenue growth outpacing NOI growth in some quarters, it appears that same-store NOI is growing, likely driven by rent spreads on renewals and high occupancy. The lack of explicit same-store disclosure limits analysis, but the consistent NOI margin around 72% indicates that property-level profitability is being maintained. Investors should seek more detail on leasing spreads and retention rates to confirm the sustainability of organic growth.
Negative Gross Margin Clouds Earnings Quality
The reported gross margin of -14.1% despite 9.2% revenue growth suggests elevated direct property costs, potentially including insurance or depreciation, which may not be fully recoverable, as per financial statements.
This anomaly could indicate that the company is capitalizing certain costs or that property-level expenses are higher than typical for the sector. If insurance premiums in Florida and Texas continue to rise, they could compress NOI margins and reduce cash flow available for distribution. The maintained guidance despite the EPS beat suggests management sees limited improvement, warranting a cautious stance on earnings quality.