March 28, 2017 8:54 PM ET

Equity Real Estate Investment Trusts (REITs)

Company Overview of Independence Realty Trust, Inc.

Company Overview

Independence Realty Trust, Inc is a real estate investment trust externally managed by RAIT Financial Trust. The firm 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 based in the United States.

Two Logan Square

23rd Floor

100 North 18th Street

Philadelphia, PA 19103

United States

Founded in 2009

395 Employees

Phone:

215-207-2100

Key Executives for Independence Realty Trust, Inc.

Chairman and Chief Executive Officer
Age: 54
President
Age: 40
Chief Financial Officer and Treasurer
Age: 40
Secretary
Compensation as of Fiscal Year 2016.

Independence Realty Trust, Inc. Key Developments

Independence Realty Trust Acquires 216 Unit Apartment Community in Tampa, FL

Independence Realty Trust, Inc. announced that, on February 27, 2017, IRT acquired an apartment community located in Tampa, Florida for a purchase price of $29.75 million. IRT used available cash and its line of credit to acquire the community. Located in Tampa, Florida the 216 unit apartment community was constructed in 1985 and was extensively renovated in 2016. Situated in the Northdale neighborhood of Tampa and more specifically in the Dale Mabry retail corridor, the community benefits from its close proximity to retail, highly rated schools and easy access to Tampa’s major highways. The property contains one and two bedroom units with an average unit size of 925 square feet. As of February 22, 2017, the occupancy of the property was 93% and had an average effective rent per occupied unit of $1,192 ($1.29/sf) for the three months ending January 31, 2017.

Independence Realty Trust, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reaffirms Earnings Guidance for the Year 2017

Independence Realty Trust, Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's total revenue was $38.002 million compared with $39.709 million a year ago. Net operating income was $22.442 million compared with $23.605 million a year ago. Adjusted EBITDA was 18.544 million compared with $19.70 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. Funds out flow diluted per share were $0.050 compared with FFO of $0.19 a year ago. CFFO diluted per share was $0.17 compared with $0.22 a year ago. Funds out flow from operations were $34.812 million compared with FFO of $9.628 million a year ago. Core funds out flow from operations were $34.812 million compared with Core FFO of $9.628 million a year ago. Recurring capital expenditures for the total portfolio was $2.1 million, or $161 per unit. For the year, the company's net loss was $9.555 million compared with net income of $30.156 million a year ago. Funds out flow from operations were $6.507 million compared with FFO of $51.838 million a year ago. Core funds out flow from operations were $6.507 million compared with Core FFO $51.838 million a year ago. Adjusted EBITDA was $74.529 million compared to $51.831 million a year ago. Loss per share was $0.19 as compared to EPS of $0.78 for the year ended December 31, 2015. CFFO per share was $0.79 as compared to $0.80 for the year ended December 31, 2015. Total net debt was $722.925 million compared to $928.310 million a year ago. Recurring capital expenditures for the total portfolio was $7.6 million, or $581 per unit. The company is reaffirming prior 2017 full year EPS and CFFO guidance. EPS per diluted share is projected to be in a range of $0.40-$0.44 and CFFO per diluted share is projected to be in the range of $0.72-$0.76. Capital expenditures are expected to be: recurring - $6.0 to $7.0 million, and value add - $5.0 to $6.0 million.

Independence Realty Trust Mulls Acquisitions

Independence Realty Trust, Inc. (AMEX:IRT) is looking for acquisitions. Independence Realty Trust, intends to acquire one or two communities as it execute on the property sales that they have identified.

Similar Private Companies By Industry

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
February 28, 2017
216 unit apartment community in Tampa, Florida
Merger/Acquisition
May 5, 2016
360 Unit Apartment Property in Phoenix
Merger/Acquisition
April 8, 2016
162 Unit Apartment Property in Denver, Colorado
 

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