TakeoverPE & activists

IVTInvenTrust Properties Corp.

Real Estate Investment Trusts · $2.4B market cap · 103 employees

2.1×

More likely than average to be taken private

Top 6% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    139% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    4% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    47% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    1% of assets
    Over 40% of assets
  • Shareholder dissentNo
    89% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $3M · 75th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    2.7 per 10K words · 66th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    0.9× EBITDA net debt
    More cash than debt, positive EBITDA
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $0 net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Dec 28, 2018SC TO-T/AComrit Investments 1, LP——
Nov 28, 2018SC TO-TComrit Investments 1, LP——
Jan 2, 2018SC TO-T/ALiquidity Partners Trust I——
Dec 1, 2017SC TO-T/ALiquidity Partners Trust I——
Oct 30, 2017SC TO-TLiquidity Partners Trust I——
Sep 29, 2016SC TO-T/AMACKENZIE CAPITAL MANAGEMENT, LP——
Aug 22, 2016SC TO-TMACKENZIE CAPITAL MANAGEMENT, LP——
Jan 6, 2016SC TO-T/AMacKenzie Realty Capital, Inc.——
Nov 23, 2015SC TO-TMacKenzie Realty Capital, Inc.——
May 14, 2015SC TO-T/AMacKenzie Realty Capital, Inc.——
Mar 25, 2015SC TO-TMacKenzie Realty Capital, Inc.——
Dec 22, 2014SC TO-T/AMacKenzie Realty Capital, Inc.——
Nov 7, 2014SC TO-TMacKenzie Realty Capital, Inc.——
Mar 7, 2014SC TO-T/ACMG PARTNERS LLC——
Jan 31, 2014SC TO-TCMG PARTNERS LLC——
Jul 16, 2013SC TO-T/ACMG PARTNERS LLC——
Jun 3, 2013SC TO-T/ACMG PARTNERS LLC——
May 22, 2013SC TO-TCMG PARTNERS LLC——
May 21, 2013SC TO-T/AREIT Exchange Fund, Inc.——
Apr 24, 2013SC TO-T/AREIT Exchange Fund, Inc.——

Key numbers

Revenue
$299MFY2021: $212MFY2022: $237MFY2023: $259MFY2024: $274MFY2025: $299M
9.2% YoY
Operating margin
20.1%FY2021: -3.8%FY2022: 7.2%FY2023: -11.8%FY2024: -12.2%FY2025: 20.1%
265% YoY
EBITDA
$189MFY2021: $79MFY2022: $112MFY2023: $83MFY2024: $81MFY2025: $189M
134% YoY
Net debt / EBITDA
0.9×
$176M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$212M$237M$259M$274M$299M 9.2% FY2021: $212MFY2022: $237MFY2023: $259MFY2024: $274MFY2025: $299M
Operating income−$8M$17M−$31M−$33M$60M 280% FY2021: −$8MFY2022: $17MFY2023: −$31MFY2024: −$33MFY2025: $60M
Net income−$5M$52M$5M$14M$111M 716% FY2021: −$5MFY2022: $52MFY2023: $5MFY2024: $14MFY2025: $111M
Operating cash flow$90M$126M$130M$137M$155M 14% FY2021: $90MFY2022: $126MFY2023: $130MFY2024: $137MFY2025: $155M
Stock-based comp$9M$7M$9M$10M$11M 10% FY2021: $9MFY2022: $7MFY2023: $9MFY2024: $10MFY2025: $11M
Buybacks$116M$0$0——FY2021: $116MFY2022: $0FY2023: $0
Dividends$56M$55M$57M$63M$73M 16% FY2021: $56MFY2022: $55MFY2023: $57MFY2024: $63MFY2025: $73M

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.