KRG - Why InvenTrust Properties Is My Top Pick Among Shopping Center REITs

2024-06-13 15:52:36 ET

Summary

• InvenTrust Properties is a high-quality shopping center REIT with a focus on Sunbelt markets and grocery-anchored centers.
• IVT separates CEO and Chairman roles, has low leverage, and raised dividends through the pandemic, which are markers of its success as a REIT.
• IVT's strong balance sheet, high occupancy rates, and focus on growth investments position it for top performance in its peer group.
• Although the 3.7% dividend yield is on the lower side, IVT's retained cash is among the highest in its peer group, giving management ample capital allocation options.

InvenTrust Properties ( IVT ) is a relatively small, 63-property shopping center real estate investment trust ("REIT"), but I would argue that it is the highest quality one in its peer group.

IVT boasts the highest share of its portfolio located in the Sunbelt, among the highest share of its portfolio being grocery-anchored centers, and the lowest leveraged balance sheet in its retail REIT peer group....

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