Exhibit 99.1

 

Independence Realty Trust Announces Third Quarter 2019 Financial Results

 

 

PHILADELPHIA – (BUSINESS WIRE) – October 30, 2019 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its third quarter 2019 financial results.

 

Third Quarter Highlights

 

 

Net income allocable to common shares of $4.9 million for the quarter ended September 30, 2019 as compared to $4.8 million for the quarter ended September 30, 2018. Earnings per diluted share of $0.05 for the quarter ended September 30, 2019, flat as compared to quarter ended September 30, 2018.

 

 

Same store net operating income (“NOI”) growth of 8.1% for the quarter ended September 30, 2019 compared to the quarter ended September 30, 2018.

 

 

Core Funds from Operations (“CFFO”) of $17.0 million for the quarter ended September 30, 2019 as compared to $16.5 million for the quarter ended September 30, 2018. CFFO per share was $0.19 for the third quarter of 2019, in line with the third quarter of 2018.

 

 

Adjusted EBITDA of $25.7 million for the quarter ended September 30, 2019 as compared to $24.7 million for the quarter ended September 30, 2018.

 

 

Since the inception of the value add program, IRT has completed renovations in 2,364 units, achieving a total weighted average return on investment of 15.8%.

 

Included later in this press release are definitions of CFFO, NOI, 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 continued to see the benefit of our value add initiative in Q3, as evidenced by our strong same store revenue growth of 6.6% and resulting same store NOI growth of 8.1% during the quarter,” said Scott Schaeffer, IRT’s Chairman and CEO.  “We are confident that the investment in portfolio upgrades and our commitment to opportunistically recycling capital will allow us to achieve our broader corporate goals and maximize value for our shareholders.”

 

Same Store Property Operating Results

 

 

Third Quarter 2019 Compared to Third Quarter 2018(1)

Nine Months Ended 9/30/19 Compared to Nine Months Ended 9/30/18 (1)

Rental and other property revenue

6.6% increase

5.5% increase

Property operating expenses

4.4% increase

3.2% increase

Net operating income (“NOI”)

8.1% increase

7.0% increase

Portfolio average occupancy

No change - 93.4%

40 bps decrease to 93.3%

Portfolio average rental rate

5.7% increase to $1,078

5.2% increase to $1,058

NOI Margin

90 bps increase to 60.5%

90 bps increase to 60.6%

 

 

(1)

Same store portfolio for the three and nine months ended September 30, 2019 includes 49 properties, which represent 13,397 units.

 



The following information was filed by Independence Realty Trust, Inc. (IRT) on Wednesday, October 30, 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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