IVT - InvenTrust Properties Corp.
Price:
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$35.67
DETAILS
HIGH:
$38.00
LOW:
$32.00
MEDIAN:
$37.00
CONSENSUS:
$35.67
UPSIDE:
20.45%
AlphaVal
Deterministic, archetype-aware fair value
Real Estate Investment Trust
85% confidence
Primary model: P/FFO × Retail REIT Multiple
Adjust Assumptions
15.5x
$
Key Value Driver
FFO/share ($3.08) × retail P/FFO multiple
Implied Market Multiple
9.6x
Plain-Language 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.
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above -- shown only as an outside comparison.
Average Target (6 analysts)
$35.67
Analyst Range
$32.00 – $38.00
Divergence from AlphaVal
14%
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.
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