InvenTrust Properties Corp. (NYSE:IVT) Q1 2024 Earnings Call Transcript

Mike Phillips: Yes. Some of it – this is Mike, Paulina. Some of its timing, I would expect that throughout the year, like I said earlier, to kind of flatten out in subsequent quarters, and our expenses will end up slightly lower or about where we ended up in 2023.

Paulina Rojas: Okay. But in terms of the full year, this should be a contribution to same-property NOI growth and…?

Mike Phillips: Yes, it won’t be the 280 basis points that we had in Q1, but it will be closer to 150 basis points. And a lot of that too is because we are getting a little bit higher tenant recovery this year because our expenses will be down a little bit, but we also have between 40% and 45% of our portfolio on fixed CAM now. So, we are getting 4% to 5% bumps on our fixed CAM when we signed them with new tenants.

Paulina Rojas: Okay. Thank you.

Operator: [Operator Instructions] We have no further questions in the queue at this time. So, I would like to hand back to DJ Busch for any closing remarks.

DJ Busch: Thank you everyone for joining us. If you have any additional questions, please feel free to reach out to Dan Lombardo. Otherwise, we look forward to seeing you guys in the coming months, either at ICSC or in New York City. Have a great rest of your day.

Operator: This concludes today’s conference call. Thank you all for joining. You may now disconnect your lines.