Exhibit 99.1

 

Independence Realty Trust Announces Fourth Quarter and Fiscal 2016 Financial Results

 

PHILADELPHIA, PA — February 16, 2017

— Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced its fourth quarter and fiscal 2016 financial results.  All per share results are reported on a diluted basis.  

 

Results for the Quarter

 

 

Earnings (loss) per share (“EPS”) was $(0.61) for the quarter ended December 31, 2016 as compared to $0.09 for the quarter ended December 31, 2015.

 

 

Core Funds from Operations (“CFFO”) per share of $0.17 for the quarter ended December 31, 2016 as compared to $0.22 for the quarter ended December 31, 2015.

 

 

Earnings before interest, taxes, depreciation and amortization and before acquisition expenses (“Adjusted EBITDA”), of $18.5 million for the quarter ended December 31, 2016 as compared to $19.7 million for the quarter ended December 31, 2015.

 

Results for the Year

 

 

EPS was $(0.19) for the year ended December 31, 2016 as compared to $0.78 for the year ended December 31, 2015.

 

 

CFFO per share of $0.79 for the year ended December 31, 2016 as compared to $0.80 for the year ended December 31, 2015.

 

 

Adjusted EBITDA increased 43.8% to $74.5 million for the year ended December 31, 2016 from $51.8 million for the year ended December 31, 2015.

 

2016 Key Events

 

Management Internalization Transaction

On September 27, 2016, IRT entered into an agreement (the “Internalization Agreement”) with RAIT Financial Trust (“RAIT”) to complete a management internalization and separation (the “Internalization”) from RAIT and its affiliates and to repurchase 7,269,719 shares of IRT common stock from RAIT subsidiaries, representing all of the shares of IRT common stock owned by RAIT.

On October 5, 2016, IRT paid approximately $62.2 million to RAIT to repurchase (the “IRT Stock Repurchase”) and retire RAIT’s shares of IRT common stock at a purchase price of $8.55 per share.  This price was equal to the price to the public in the public offering described below less underwriting discounts or commissions. 

On December 20, 2016, IRT closed on the Internalization.  The Internalization consisted of two parts: (i) the acquisition of IRT’s external advisor, which was a subsidiary of RAIT, and (ii) the acquisition of certain assets and the assumption of certain liabilities relating to the multifamily property management business of RAIT, including property management contracts relating to apartment properties owned by IRT, RAIT and third parties. The purchase price IRT paid RAIT for the Internalization was $43.0 million, subject to certain prorations at closing.  

 

Upon closing of the Internalization, each of Scott F. Schaeffer, IRT’s Chief Executive Officer, Farrell Ender, IRT’s President, and James J. Sebra, IRT’s Chief Financial Officer, entered into employment agreements with IRT. Messrs. Schaeffer and Ender became employees of IRT upon closing. Mr. Sebra remains the CFO of RAIT until the later to occur of March 31, 2017 or the filing of RAIT’s Form 10-K for the fiscal year ending December 31, 2016 with the U.S. Securities and Exchange Commission.

At the closing of the Internalization, IRT and RAIT entered into a shared services agreement pursuant to which RAIT and IRT will provide each other certain transitional services such as information technology, human resources, insurance, investor relations, legal, tax and accounting for a six-month transition period after the closing.

Common Stock Offering

 

On October 5, 2016, IRT closed an underwritten public offering of 25,000,000 shares of IRT common stock at a public offering price of $9.00 per share for total net proceeds of approximately $213.4 million.  On October 21, 2016, IRT closed on the underwriters’

 


The following information was filed by Independence Realty Trust, Inc. (IRT) on Thursday, February 16, 2017 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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