Exhibit 99.1

 

Independence Realty Trust Announces First Quarter 2019 Financial Results

 

PHILADELPHIA – (BUSINESS WIRE) – May 1, 2019 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its first quarter 2019 financial results.

 

First Quarter Highlights

 

 

Net income allocable to common shares of $2.5 million for the quarter ended March 31, 2019 as compared to $3.4 million for the quarter ended March 31, 2018. Earnings per diluted share of $0.03 for the quarter ended March 31, 2019 as compared to $0.04 for the quarter ended March 31, 2018.

 

 

Core Funds from Operations (“CFFO”) of $16.0 million for the quarter ended March 31, 2019 as compared to $15.6 million for the quarter ended March 31, 2018. CFFO per share was $0.18 for the first quarter of 2019 and for the first quarter of 2018.

 

 

Same store NOI growth of 5.1% for the quarter ended March 31, 2019 compared to the quarter ended March 31, 2018.

 

 

Adjusted EBITDA of $24.7 million for the quarter ended March 31, 2019 as compared to $23.0 million for the quarter ended March 31, 2018.

 

 

Since the inception of the value add program, IRT has completed renovations in 1,590 units, achieving a weighted average return on investment of 16%.

 

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 pleased with our Q1 performance as the value add renovation program is producing tangible results,” said Scott Schaeffer, IRT’s Chairman and CEO. “Our strategic decision to allocate capital and invest in upgrading the interiors and exteriors of these communities is increasing their value. This is only the beginning. In addition, we are also seeing sizable lease-over-lease rent growth in the balance of our portfolio. As we look ahead, we will continue to execute on our business plan, which will drive NOI growth and increase shareholder value.”

 

Same Store Property Operating Results

 

 

First Quarter 2019 Compared to First Quarter 2018(1)

Rental and other property revenue

4.0% increase

Property operating expenses

2.5% increase

Net operating income (“NOI”)

5.1% increase

Portfolio average occupancy

120 bps decrease to 92.5%

Portfolio average rental rate

4.4% increase to $1,044

NOI Margin

60 bps increase to 60.4%

 

 

(1)

Same store portfolio for the three months ended March 31, 2019 includes 50 properties, which represent 13,697 units.

 



The following information was filed by Independence Realty Trust, Inc. (IRT) on Wednesday, May 1, 2019 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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