Exhibit 99.1

 

Independence Realty Trust Announces Second Quarter 2018 Financial Results and Reiterates Its Full Year Guidance Targets

 

Company Commences Capital Recycling Initiative

 

 

PHILADELPHIA – (BUSINESS WIRE) – August 2, 2018 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its second quarter 2018 financial results.

 

Second Quarter Highlights

 

 

Completed the roll out of the value add program at all five Phase 1 communities and started the rollout for Phase 2 communities. During Q2, we completed renovations in 464 units, achieving a weighted average return on investment of 20.7%. (See “Value Add Update and Same Store NOI Guidance Impact” section below for additional information.)

 

 

Net income allocable to common shares of $3.5 million for the quarter ended June 30, 2018 as compared to $18.7 million for the quarter ended June 30, 2017.  Earnings per diluted share of $0.04 for the quarter ended June 30, 2018 as compared to $0.27 for the quarter ended June 30, 2017.

 

 

Core Funds from Operations (“CFFO”) of $16.4 million for the quarter ended June 30, 2018 as compared to $13.4 million for the quarter ended June 30, 2017. CFFO per share was $0.19 for the second quarter.

 

 

Adjusted EBITDA of $23.7 million for the quarter ended June 30, 2018 as compared to $19.5 million for the quarter ended June 30, 2017.

 

 

Reconfirming full year guidance targets for 2018, including same store property Net Operating Income (“NOI”) growth of 3.0% to 4.0%.

 

 

Commenced a capital recycling initiative with planned sales of five communities and announced the acquisition of two communities in Tampa, FL and Columbus, OH for a total of $64.2 million.

 

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

 

Management Commentary:

 

“We are extremely pleased with the initial results of our value add program, which is on track to achieve our targeted returns and the incremental $9.0 million of annual NOI,” said Scott Schaeffer, IRT’s Chairman and CEO. “While our second quarter performance was in-line with our expectations, the quarter reflects a short-term drag on occupancy and same store NOI growth compared to historical quarters, due to the additional time needed for unit renovations. We are confident in the progress made to date and believe we are well-positioned to achieve 3% to 4% same store NOI growth for 2018. Management is laser-focused on the long-term benefit of these value add initiatives that increase the quality of the community in the marketplace, accelerate long-term NOI growth, and ultimately optimize the community’s valuation.”

 

Schaeffer continued, “We have also commenced a capital recycling initiative that will enable us to refresh our portfolio and support our long-term operating and balance sheet objectives. We have identified and commenced the sales process on five communities as we accelerate our efforts to exit markets that lack scale. We intend to reinvest proceeds from these sales into expanding IRT’s portfolio in our targeted markets where we can enhance operating efficiencies. The aggregate value of the contemplated sales is projected to be in a range of $170 and $190 million. IRT will use those proceeds to acquire approximately $160 to $180 million of new properties, inclusive of our $64 million of recently announced acquisitions in Tampa and Columbus. We’re excited about the future at IRT as we execute on our capital recycling and value add initiatives, including the untapped inventory of properties where future value add opportunities may exist. Together these initiatives will grow our earnings and enable us to fully cover our dividend later this year.”

 

 

 

 

 


The following information was filed by Independence Realty Trust, Inc. (IRT) on Thursday, August 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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