InvenTrust Properties Corp. (NYSE:IVT) Q1 2023 Earnings Conference Call April 28, 2023 10:00 AM ET

Company Participants

Dan Lombardo - Vice President, Investor Relations

Daniel Busch - President & Chief Executive Officer

Mike Phillips - Chief Financial Officer

Christy David - Chief Operating Officer

Conference Call Participants

Floris van Dijkum - Compass Point

Operator

Thank you for standing by and welcome to InvenTrust's First Quarter 2023 Earnings Conference Call. My name is Emily and I'll be your conference call operator today.

Before we begin, I would like to remind our listeners that today's presentation is being recorded, and a replay will be available on the Investors section of the company's website at inventrustproperties.com. [Operator Instructions]

I would now like to turn the call over to Mr. Dan Lombardo, Vice President of Investor Relations. Please go ahead, sir.

Dan Lombardo

Good morning, everyone, and thank you for joining us today. In the room with me today is DJ Busch, President and Chief Executive Officer; Mike Phillips, Chief Financial Officer; Christy David, Chief Operating Officer; and Dave Heimberger, Chief Investment Officer. Following the team's prepared remarks, we will open up the lines for questions.

As a reminder, some of today's comments may contain forward-looking statements about the company's views on the future of our business and financial performance, including forward-looking earnings guidance and future market conditions. These are based on management's current beliefs and expectations, and are subject to various risks and uncertainties. Any forward-looking statements speak only as of today's date, and we assume no obligation to update any forward-looking statements made on today's call, or that are in the quarterly financial supplemental or press release.

In addition, we will also reference certain non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, which are posted on our Investor Relations website.

With that, it is my pleasure to turn the call over to DJ.

Daniel Busch

Thanks, Dan. Good morning, everyone, and thank you for joining us. InvenTrust opened 2023 with another strong quarter of operating results. In the face of some economic uncertainty and a challenging capital markets backdrop, our Sun Belt grocery and necessity-based portfolio continues to perform well. We maintained our record high occupancy rate of 96.1% for the second quarter in a row, and our same-property net operating income grew at 3.2% over the first quarter of 2022. Both our NAREIT and core FFO grew sequentially by over 17% compared to the fourth quarter of 2022. Our results are a testament to the dependability, consistency and strength of our portfolio and markets.