IVT - InvenTrust Properties acquires two shopping centers in Austin

InvenTrust Properties (NYSE:IVT) stated Monday that it has acquired two premier assets in Austin, Texas for $189.3M.  It includes: The Shops at Arbor Trails, a 357,000 square foot center anchored by Costco Wholesale; and Whole Foods, and Escarpment Village, a 168,000 square foot shopping center anchored by HEB.  "This transaction validates the Company’s self-funded business plan and will bring meaningful cash flow growth to our platform. Our balance sheet continues to remain well-positioned to fund additional acquisitions in 2022 and beyond," commented David Heimberger, Chief Investment Officer of InvenTrust. Seeking Alpha's author Michael Boyd writes "InvenTrust skews cheap and has several catalysts to propel it higher (buybacks, property acquisitions). It trades at a discount to NAV." at Hold rating.

For further details see:

InvenTrust Properties acquires two shopping centers in Austin