October 20, 2017 11:28 AM ET

Equity Real Estate Investment Trusts (REITs)

Company Overview of Independence Realty Trust, Inc.

Company Overview

Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates 46 multifamily apartment properties, totaling 12,812 units, across non-gateway U.S. markets, including Louisville, Memphis, Atlanta and Raleigh. IRT’s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return of capital through distributions and capital appreciation.

Two Liberty Place,

50 S. 16th Street, Suite 3575

Philadelphia, PA 19102

United States

Founded in 2009

395 Employees

Phone:

(267) 270-4800

Fax:

(215) 207-2701

Key Executives for Independence Realty Trust, Inc.

Chairman and Chief Executive Officer
Age: 55
Total Annual Compensation: $18.7K
President
Age: 41
Total Annual Compensation: $59.4K
Chief Financial Officer and Treasurer
Age: 41
Compensation as of Fiscal Year 2016.

Independence Realty Trust, Inc. Key Developments

Independence Realty Trust Announces Dividend for the Month of October, November and December 2017, Payable on November 15, 2017, December 15, 2017 and January 15, 2018 Respectively

Independence Realty Trust, Inc. announced that its Board of Directors declared monthly cash dividends for the months of October, November and December 2017, for the third quarter of 2017 on shares of common stock in the amount of $0.06 per share per each month, payable on November 15, 2017, December 15, 2017 and January 15, 2018 Respectively to the share holders record on October 31, 2017, November 30, 2017, December 29, 2017 respectively. The monthly dividends total $0.18 per share for the third quarter of 2017.

Independence Realty Trust, Inc. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Full Year 2017

Independence Realty Trust, Inc. reported unaudited earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported total revenue of $39,431,000 compared to $38,327,000 a year ago. Net operating income was $23,513,000 compared to $22,704,000 a year ago. Adjusted EBITDA was $19,493,000 compared to $18,688,000 a year ago. Funds from operations was $8,710,000 or $0.12 per diluted share compared to $9,104,000 or $0.18 per diluted share a year ago. Core funds from operations was $13,428,000 or $0.19 per diluted share compared to $10,799,000 or $0.22 per diluted share a year ago. Net income $19,521,000 compared to $30,790,000 a year ago. Net income available to common shareholders was $18.7 million as compared to $29.0 million a year ago. Recurring capital expenditures for the total portfolio was $1.9 million, or $142 per unit. For the six months, the company reported adjusted EBITDA of $39,005,000 compared to $37,612,000 a year ago. Funds from operations was $20,635,000 or $0.29 per diluted share compared to $16,736,000 or $0.33 per diluted share a year ago. Core funds from operations was $26,394,000 or $0.37 per diluted share compared to $21,148,000 or $0.42 per diluted share a year ago. Net income $23,766,000 compared to $30,744,000 a year ago. Total net debt at June 30, 2017 was $758,250,000 compared to $852,237,000 a year ago. For the full year 2017, the company expects net income available to common shares to be from $0.54 to $0.57, earnings per share to be from $0.54 to $0.57 and core FFO per diluted share allocated to common shareholders to be from $0.73 to $0.76. The company also revised guidance of property revenue growth to 4.0% to 4.5% against previous guidance of 3.5% to 4.5%, general and administrative expenses (excluding stock based compensation) to $7.3 million to $7.7 million against previous guidance of $7.0 million to $8.0 million and recurring capital expenditures to $6.5 million to $6.8 million against previous guidance of $6.0 million to 7.0 million.

Independence Realty Seeks Acquisitions

Scott F. Schaeffer, Chief Executive Officer of Independence Realty Trust, Inc. (NYSE:IRT) said,"We maintained a simple flexible balance sheet, with 95% of our debt fixed rate with no near-term maturities. We are focused on our leverage ratio, and we'll look to reduce that metric overtime to accretive acquisitions and organic NOI growth. Lastly, as previously announced on June 20th, we marked the end of our shared services period with RAIT, and the official completion of our management internalization. We are now a fully independent REIT, with new corporate headquarters here in Philadelphia, with all operations managed internally."

Similar Private Companies By Industry

Company Name Region
American Realty Capital Healthcare Trust III, Inc. United States
Arden Realty LP United States
California Properties Fund United States
Camden Summit Partnership, L.P. United States
FSP Innsbrook Corp. United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 5, 2017
Portfolio of Nine Communities
Merger/Acquisition
July 5, 2017
A 200-Unit Community in Newport News, Virginia
Merger/Acquisition
July 5, 2017
A 354-Unit Community in Indianapolis, Indiana
\
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
The Advertising Council, Inc. United States
NYC2012, Inc. United States
Tax Management Inc United States
Bertelsmann AG Europe

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Independence Realty Trust, Inc., please visit www.irtliving.com. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.