Exhibit 99.1

Independence Realty Trust Announces Fourth Quarter and Full Year 2019 Financial Results

 

Introduces Full Year 2020 Guidance Metrics

 

PHILADELPHIA – (BUSINESS WIRE) – February 12, 2020 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its fourth quarter and full year 2019 financial results.

 

Fourth Quarter Highlights

 

 

Net income allocable to common shares of $23.8 million for the quarter ended December 31, 2019 as compared to $14.6 million for the quarter ended December 31, 2018.

 

 

Earnings per diluted share of $0.26 for the quarter ended December 31, 2019, as compared to $0.16 for the quarter ended December 31, 2018.

 

 

Same store net operating income (“NOI”) growth of 9.6% for the quarter ended December 31, 2019 compared to the quarter ended December 31, 2018.

 

 

Core Funds from Operations (“CFFO”) of $18.6 million for the quarter ended December 31, 2019 as compared to $16.6 million for the quarter ended December 31, 2018. CFFO per share was $0.20 for the fourth quarter of 2019 as compared to $0.19 for the fourth quarter of 2018.

 

 

Adjusted EBITDA of $27.4 million for the quarter ended December 31, 2019 as compared to $25.7 million for the quarter ended December 31, 2018.

 

Full Year Highlights:

 

 

Since the inception of our value add program, IRT has completed renovations in 2,715 units, achieving a weighted average return on investment of 18.5% on interior renovations.

 

 

Net income allocable to common shares of $45.9 million for the twelve months ended December 31, 2019 as compared to $26.3 million for the twelve months ended December 31, 2018.

 

 

Earnings per diluted share of $0.51 for the twelve months ended December 31, 2019 as compared to $0.30 for the twelve months ended December 31, 2018.

 

 

Same store net operating income (“NOI”) growth of 7.7% for the year ended December 31, 2019 compared to December 31, 2018.

 

 

Core Funds from Operations (“CFFO”) of $68.5 million for the twelve months ended December 31, 2019 as compared to $65.1 million for the twelve months ended December 31, 2018. CFFO per share was $0.76 for the full year 2019 as compared to $0.74 for the full year 2018.

 

 

Adjusted EBITDA of $103.2 million for the twelve months ended December 31, 2019 as compared to $97.1 million for the twelve months ended December 31, 2018.

 

Included later in this press release are definitions of NOI, 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

“IRT’s strong 2019 performance is a testament to the substantial value add opportunity within our existing portfolio,” said Scott Schaeffer, IRT’s Chairman and CEO. “We are pleased to report same store NOI growth of 7.7% for the full year, boosted by fourth quarter NOI growth of 9.6%. Our momentum continues to build as more renovated units come online at higher rental rates. In addition to our strong performance, we are also pleased to report that we delivered on our goal to cover our dividend on an AFFO basis as of year-end. As we move into 2020, we will remain steadfast in our strategy to own and operate multifamily apartment communities in non-gateway markets, invest in organic growth through our value-add initiative, and opportunistically recycle capital.”

 


The following information was filed by Independence Realty Trust, Inc. (IRT) on Wednesday, February 12, 2020 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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