Exhibit 99.1

 

Independence Realty Trust Announces Fourth Quarter and Fiscal Year 2017 Financial Results

 

 

PHILADELPHIA – (BUSINESS WIRE) – February 20, 2018 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its fourth quarter and fiscal 2017 financial results.

 

Results for the Fourth Quarter

 

 

Net income (loss) allocable to common shares of $6.3 million for the quarter ended December 31, 2017 as compared to ($41.0) million for the quarter ended December 31, 2016.

 

 

Core Funds from Operations (“CFFO”) per share of $0.18 for the quarter ended December 31, 2017 as compared to $0.17 for the quarter ended December 31, 2016.

 

 

Adjusted EBITDA of $21.7 million for the quarter ended December 31, 2017 as compared to $18.5 million for the quarter ended December 31, 2016.

 

Results for the Full Year

 

 

Net income (loss) allocable to common shareholders of $30.2 million for the twelve months ended December 31, 2017 as compared to ($9.8) million for the twelve months ended December 31, 2016.

 

 

Core Funds from Operations (“CFFO”) per share of $0.73 for the twelve months ended December 31, 2017 as compared to $0.79 for the twelve months ended December 31, 2016.

 

 

Adjusted EBITDA of $81.0 million for the twelve months ended December 31, 2017 as compared to $74.5 million for the twelve months ended December 31, 2016.

 

Same-Store Property Operating Results

 

 

Fourth Quarter 2017 Compared to Fourth Quarter 2016(1)

Twelve Months Ended 12/31/17 Compared to Twelve Months Ended 12/31/16(1)

Rental income

3.1% increase

3.4% increase

Total revenues

3.5% increase

3.9% increase

Property level operating expenses

2.1% increase

2.5% increase

Net operating income (“NOI”)

4.3% increase

4.8% increase

Portfolio average occupancy

100 bps increase to 94.7%

80 bps increase to 94.6%

Portfolio average rental rate

2.3% increase to $1,021

2.8% increase to $1,015

NOI Margin

60 bps increase to 60.7%

50 bps increase to 60.1%

 

 

(1)

Same store portfolio for the three and twelve months ended December 31, 2017 and 2016 includes 42 properties, which represent 11,677 units.

 

“IRT’s 2017 performance highlights our ability to consistently deliver strong operating returns, while simultaneously transforming the portfolio and solidifying our balance sheet,” said Scott Schaeffer, IRT’s Chairman and CEO. “We continue to be rewarded for our commitment to owning and operating high-quality, middle-market communities across core non-gateway markets, underlined by 4.8% year-over-year same-store NOI growth in 2017. We are dedicated to operating a portfolio of apartment communities that will deliver outstanding long-term returns.  Our recently completed nine-community portfolio acquisition and disposition of legacy Class C assets during 2017 has upgraded our portfolio composition and enhanced our economies of scale.  Our execution has generated significant momentum to continue to drive outsized NOI growth and remain on track to achieve our long-term objectives.”

 

 

 

 

 

 

 


The following information was filed by Independence Realty Trust, Inc. (IRT) on Tuesday, February 20, 2018 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.

View differences made from one year to another to evaluate Independence Realty Trust, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Independence Realty Trust, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Log in with your credentials

or    

Forgot your details?

Create Account