AlphaMadera

IVT InvenTrust Properties Corp.

$29.59

Real Estate Investment Trust 85%

P/FFO × Retail REIT Multiple

Moderate · Conviction

Undervalued

Trading 27.2% below fair value

You pay $29.59

Bear $32.88

Fair $40.64

Bull $48.40

Bear $32.88 +11.1% $3.08 FFO × 12x

Fair $40.64 +37.3% $3.08 FFO × 15x

Bull $48.40 +63.6% $3.08 FFO × 19x

Adjust Assumptions

P/FFO Multiple

15.5x

FFO per Share

3.08$

Key Value Driver

FFO/share ($3.08) × retail P/FFO multiple

Terminal Value % of EV

Implied Market Multiple 9.6x

Market is pricing in (growth)

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above.

Average Target (6 analysts) $35.67

Divergence from AlphaVal 14%

Summary

At $3.08 FFO/share with a 15x retail REIT multiple, the base-case value is $40.64 per share. Dividend yield: 3.3%. DDM cross-check: $24.36.

Warnings

⚠ Standard profit figures are misleading for real estate companies — large non-cash accounting charges make profits look artificially low. Dividend yield and funds from operations are better measures.

ℹ Dividend-based valuation: $24.36 (40% below our primary estimate). Large gaps suggest the dividend may not fully reflect the company's value.

Key Risks

P/E and EV/EBITDA are structurally wrong for REITs — use P/FFO and NAV
Interest rate sensitivity: REIT multiples compress when rates rise
FFO approximation (NI + D&A) may include gains on property sales — verify