Exhibit 99.1

 

Independence Realty Trust Announces Fourth Quarter and Fiscal 2015 Financial Results

 

PHILADELPHIA, PA — February 18, 2016

— Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced its fourth quarter and fiscal 2015 financial results.  All per share results are reported on a diluted basis.  

 

Results for the Quarter

 

 

·

Core Funds from Operations (“CFFO”) per share increased 29% to $0.22 for the quarter ended December 31, 2015 from $0.17 for the quarter ended December 31, 2014.

 

 

·

Earnings per share (“EPS”) was $0.09 for the quarter ended December 31, 2015 as compared to $0.01 for the quarter ended December 31, 2014.

 

 

·

Earnings before interest, taxes, depreciation and amortization and before acquisition expenses (“Adjusted EBITDA”), increased 156% to $19.7 million for the quarter ended December 31, 2015 from $7.7 million for the quarter ended December 31, 2014.

 

 

·

On December 22, 2015, IRT sold a 320 unit apartment property located in Tucson, Arizona for $33.6 million.  IRT received net cash proceeds of approximately $14.2 million, after transaction costs and full repayment of the debt underlying the property.

 

Results for the Year

 

 

·

CFFO per share increased 14% to $0.80 for the year ended December 31, 2015 from $0.70 for the year ended December 31, 2014.

 

 

·

EPS was $0.78 for the year ended December 31, 2015 as compared to $0.14 for the year-ended December 31, 2014.

 

 

·

Adjusted EBITDA increased 126% to $51.8 million for the year ended December 31, 2015 from $22.9 million for the year ended December 31, 2014.

 

 

·

On September 17, 2015, IRT completed the acquisition of Trade Street Residential, Inc. (“TSRE”) adding nineteen properties or 4,989 units to its portfolio.

 

Scott Schaeffer, IRT’s Chairman and CEO said, “In 2015, we took a dramatic step forward towards our goal of becoming a leading owner of apartment communities in non-gateway markets through the acquisition of Trade Street Residential.  During that year, IRT grew its total number of units 56% and its total gross assets increased 100% to $1.4 billion.  In 2016, we remain focused on maximizing the operating performance of the portfolio through revenue increases and managing expenses lower while selling non-core assets to reduce leverage.”

 

Same-Store Property Operating Results

 

 

Fourth Quarter 2015 Compared to Fourth Quarter 2014(1)

Year Ended 12/31/15 Compared to Year Ended 12/31/14(2)

Rental income

4.5% increase

5.2% increase

Total revenues

5.2% increase

5.9% increase

Property level operating expenses

4.2% increase

4.3% increase

Net operating income (“NOI”)

6.1% increase

7.5% increase

Portfolio average occupancy

92.9%, or a 0.4% increase

94.0%, or a 0.1% decrease

Portfolio average rental rate

4.2% increase to $823

5.5% increase to $809

NOI Margin

0.4% increase to 52.0%

0.8% increase to 49.9%

 

 


The following information was filed by Independence Realty Trust, Inc. (IRT) on Thursday, February 18, 2016 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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