InvenTrust Properties Corp. (IVT)

Industry: REIT - Retail Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
PMZ-UN.TO	37	Primaris Real Esta	411	21.70	21.70	21.56	22.50	11.81	11.08
AKR	38	Acadia Realty Trus	399	213.03	224.99	27.54	27.05	110.63	124.35
RET.BR	39	Retail Estates N.V	342	4.97	4.05	8.05	6.74	8.94	5.69
ROIC	40	Retail Opportunity	337	34.15	32.98	14.10	13.70	16.15	23.66
HMSO.L	41	Hammerson plc	333	-	-	29.94	41.07	13.91	58.76
ECMPA.AS	42	Eurocommercial Pro	317	11.13	10.87	10.86	9.95	8.00	8.86
J69U.SI	43	Frasers Centrepoin	298	19.05	18.22	24.65	23.38	26.38	23.38
IVT	44	InvenTrust Propert	292	18.73	12.74	9.61	7.70	57.68	55.50
FCPT	45	Four Corners Prope	287	22.70	21.11	13.61	11.81	22.10	21.47
SK6U.SI	46	SPH REIT	285	8.01	6.98	15.06	14.28	18.72	14.28
BFS	47	Saul Centers, Inc.	283	19.73	20.18	10.41	10.05	7.79	10.78
CQR.AX	48	Charter Hall Retai	272	9.66	9.80	37.51	42.43	-	12.31
AU8U.SI	49	CapitaLand China T	254	310.93	617.34	14.69	14.95	14.70	14.77
FTB.JO	50	Fairvest Limited	251	3.92	2.86	6.31	4.28	5.02	3.64
ALX	51	Alexander's, Inc.	216	31.54	31.76	14.72	14.22	28.31	28.86
GTY	52	Getty Realty Corp.	214	20.10	18.51	9.71	8.19	17.53	18.71

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	19.39	18.37	14.10	13.70	14.31	14.28
Full Range Median Multiple	19.91	19.34	14.69	14.22	15.43	14.77
Industry Multiple	52.19	74.38	17.25	17.64	22.14	25.37
Market Implied Multiple	19.02	12.94	9.73	7.80	58.36	56.15
Company (IVT) Multiple	18.73	12.74	9.61	7.70	57.68	55.50
(*) Net Income / EBITDA / Revenue	119	174	309	385	51	53
Winsorized Enterprise Value	N/A	N/A	4,353	5,281	736	764
Full Range Median Enterprise Value	N/A	N/A	4,536	5,479	794	790
(-) Net Debt	748	748	748	748	748	748
Winsorized Equity Value	2,299	3,201	3,605	4,532	-12	15
Full Range Median Equity Value	2,361	3,371	3,787	4,730	46	42
(/) Shares Outstanding	78	78	78	78	78	78
Winsorized Fair Value	$29.63	$41.25	$46.46	$58.41	$-0.16	$0.20
Full Range Median Fair Value	$30.43	$43.44	$48.81	$60.96	$0.59	$0.54
Current Price	$29.07	$29.07	$29.07	$29.07	$29.07	$29.07
Upside / Downside	1.91%	41.90%	59.82%	100.93%	-100.54%	-99.32%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$20.74	$28.88	$32.52	$40.89	$-0.11	$0.14
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	Don’t Buy