Exhibit 99.1

 

 

Independence Realty Trust Announces Fourth Quarter and Full Year 2020 Financial Results

 

Introduces Full Year 2021 Guidance

 

PHILADELPHIA – (BUSINESS WIRE) – February 10, 2021 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its fourth quarter and full year 2020 financial results.

 

Fourth Quarter Highlights

 

Net income available to common shares of $13.3 million for the quarter ended December 31, 2020 compared to $23.8 million for the quarter ended December 31, 2019. Earnings per diluted share of $0.14 for the quarter ended December 31, 2020 compared to $0.26 for the quarter ended December 31, 2019. The quarter ended December 31, 2020 included $9.4 million of gains on sale of real estate assets, net, whereas the quarter ended December 31, 2019 included $20.7 million of gains on sale of real estate assets, net.  

 

 

Same store net operating income (“NOI”) growth of 4.4% for the quarter ended December 31, 2020 compared to the quarter ended December 31, 2019.

 

 

Core Funds from Operations (“CFFO”) of $20.8 million for the quarter ended December 31, 2020 compared to $18.6 million for the quarter ended December 31, 2019. CFFO per share was $0.22 for the fourth quarter of 2020, as compared to $0.20 for the fourth quarter of 2019.

 

 

Adjusted EBITDA of $28.5 million for the quarter ended December 31, 2020 compared to $27.4 million for the quarter ended December 31, 2019.

 

 

Collected 98.7% of rents billed during the quarter ended December 31, 2020.

 

Full Year Highlights

 

Since the inception of our value add program in January 2018 through December 31, 2020, IRT has completed renovations at 3,719 units, achieving a weighted average return on investment of 18.3% on interior renovations and 15.9% on total renovation costs.

 

 

Net income available to common shares of $14.8 million for the year ended December 31, 2020 compared to $45.9 million for the year ended December 31, 2019. Earnings per diluted share of $0.16 for the year ended December 31, 2020 compared to $0.51 for the year ended December 31, 2019. The year ended December 31, 2020 included $7.6 million of gains on sale of real estate assets, net, whereas the year ended December 31, 2019 included $35.2 million of gains on sale of real estate assets, net.  

 

 

Same store net operating income (“NOI”) growth of 3.1% for the year ended December 31, 2020 compared to the year ended December 31, 2019.

 

 

Core Funds from Operations (“CFFO”) of $75.9 million for the year ended December 31, 2020 compared to $68.5 million for the year ended December 31, 2019. CFFO per share was $0.80 for the full year 2020, as compared to $0.76 for the full year 2019.

 

 

Adjusted EBITDA of $105.3 million for the year ended December 31, 2020 compared to $103.2 million for the year ended December 31, 2019.

 

 

Collected 99.3% of rents billed during the year ended December 31, 2020.

 

Included later in this press release are definitions of NOI, CFFO, Adjusted EBITDA and other Non-GAAP financial measures and reconciliations of such measures to their most comparable financial measures as calculated and presented in accordance with GAAP.

 

 

 

 

 

 


The following information was filed by Independence Realty Trust, Inc. (IRT) on Wednesday, February 10, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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