May 02, 2016 7:38 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of Independence Realty Trust, Inc.

Company Overview

Independence Realty Trust, Inc is an equity real estate investment trust launched by RAIT Financial Trust. It is managed by Independence Realty Advisors, LLC. The fund invests in the real estate markets of the United States. It makes investments in apartment properties to create its portfolio. Independence Realty Trust, Inc was formed on March 26, 2009 and is domiciled in the United States.

Cira Centre

17th Floor

2929 Arch Street

Philadelphia, PA 19104

United States

Founded in 2009

Phone:

215-243-9000

Key Executives for Independence Realty Trust, Inc.

Chairman and Chief Executive Officer
Age: 53
President
Age: 39
Chief Financial Officer and Treasurer
Age: 39
Secretary
Compensation as of Fiscal Year 2015.

Independence Realty Trust, Inc. Key Developments

Independence Realty Trust Inc Declares Monthly Common Stock Dividends for April, May and June Payable on May 16, 2015, June 15, 2016 and July 15, 2016 Respectively

Independence Realty Trust, Inc. announced that its Board of Directors declared monthly cash dividends for the second quarter of 2016 on its shares of common stock in the amount of $0.06 per share per month. The monthly dividends total $0.18 per share for the second quarter. The dividends will be paid on May 16, 2015, June 15, 2016 and July 15, 2016 to all shareholders of record on April 29, 2016, May 31, 2016 and June 30, 2016.

Independence Realty Trust, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Guidance for the Year 2016

Independence Realty Trust, Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company's total revenue was $39.7 million compared with $16.3 million a year ago. Net operating income was $22.3 million compared with $8.7 million a year ago. Adjusted EBITDA was $19.7 million compared with $7.7 million a year ago. Net income available to common share was $4.1 million or $0.09 per diluted share compared with $0.19 million or $0.01 per diluted share a year ago. FFO diluted per share was $0.19 compared with $0.14 a year ago. CFFO diluted per share was $0.22 compared with $0.17 a year ago. Funds from operations were $9.6 million compared with $4.0 million a year ago. Core funds from operations were $10.8 million compared with $4.8 million a year ago. Recurring capital expenditures for the total portfolio was $1.6 million, or $118 per unit. For the year, the company's net income was $30.2 million compared with $2.9 million a year ago. Diluted EPS was $0.78 for the year as compared to $0.14 for the year-ended December 31, 2014. Funds from operations were $51.8 million compared with $15.5 million a year ago. FFO diluted per share was $1.37 compared with $0.72 a year ago. Core funds from operations were $30.3 million compared with $14.98 million a year ago. CFFO diluted per share was $0.80 compared with $0.70 a year ago. Adjusted EBITDA was $51.8 million compared with $22.9 million a year ago. Recurring capital expenditures for the total portfolio was $5.1 million, or $472 per unit. The company estimates that its 2016 full year CFFO per diluted share will be in a range of $0.82-$0.88 per common share. The company expects net income available to common shares in the range of $0.34-$0.39.

Independence Realty Trust May Sell Assets

Scott Schaeffer, Chief Executive Officer of Independence Realty Trust, Inc. (AMEX:IRT) said, "we are going to continue to run the portfolio, increase rents, grow NOI and we will be looking at alternatives to create shareholder value in the future. And if it means selling off assets then that's what we'll do."

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
April 8, 2016
162 Unit Apartment Property in Denver, Colorado
Merger/Acquisition
February 18, 2016
222 Unit Apartment Property in Atlanta, Georgia
Merger/Acquisition
December 22, 2015
320 Unit Apartment Property in Tucson, Arizona
 

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