Exhibit 99.1

Independence Realty Trust Announces Second Quarter 2020 Financial Results

 

 

PHILADELPHIA – (BUSINESS WIRE) – July 29, 2020 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its second quarter 2020 financial results.

 

Second Quarter Highlights

 

 

Net income available to common shares of $0.8 million for the quarter ended June 30, 2020 compared to $14.7 million for the quarter ended June 30, 2019.

 

 

Earnings per diluted share of $0.01 for the quarter ended June 30, 2020 compared to $0.16 for the quarter ended June 30, 2019.

 

 

Same store net operating income (“NOI”) growth of 1.2% for the quarter ended June 30, 2020 compared to the quarter ended June 30, 2019.

 

 

Core Funds from Operations (“CFFO”) of $18.0 million for the quarter ended June 30, 2020 compared to $16.9 million for the quarter ended June 30, 2019. CFFO per share was $0.19 for the second quarter of 2020, in-line with the second quarter of 2019.

 

 

Adjusted EBITDA of $25.6 million for the quarter ended June 30, 2020 compared to $25.3 million for the quarter ended June 30, 2019.

 

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 in accordance with GAAP.

 

Management Commentary

“We are pleased with our second quarter 2020 results, which continue to demonstrate IRT’s resiliency during these challenging times brought on by the COVID-19 pandemic” said Scott Schaeffer, Chairman and CEO of IRT. “Through the committed efforts of our team, we were able to deliver growth across the portfolio in the second quarter, as reflected in quarterly NOI growth of 1.2%.”

 

“We remain cautiously optimistic as new lease traffic has not only rebounded but is also exceeding 2019 levels. We will continue to work through current headwinds and are mindful of challenges ahead as the economy remains under pressure. We remain focused on capital preservation and balance sheet strength, with approximately $248 million in total liquidity at quarter-end.  We will also remain flexible relative to our value add initiative, which is positioned to continue delivering attractive returns on investment.”

 

Same Store Property Operating Results

 

Second Quarter 2020 Compared to Second Quarter 2019(1)

Six Months Ended 6/30/20 Compared to Six Months Ended 6/30/19 (1)

Rental and other property revenue

1.7% increase (2)

3.1% increase (2)

Property operating expenses

2.3% increase (3)

1.8% increase (3)

Net operating income (“NOI”)

1.2% increase

4.0% increase

Portfolio average occupancy

120 bps decrease to 93.0%

70 bps decrease to 92.8%

Portfolio average rental rate

4.0% increase to $1,098

4.4% increase to $1,093

NOI Margin

30 bps decrease to 60.1%

50 bps increase to 60.8%

 

 

(1)

Same store portfolio for the three months ended June 30, 2020 includes 54 properties, which represent 14,748 units.

 

(2)

Excluding the provision for bad debt discussed below, rental and other property revenue growth was 3.1% for the three months ended June 30, 2020 and 3.9% for the six months ended June 30, 2020.

 

(3)

Controllable operating expenses decreased 0.2% and increased 1.8% for the three and six months ended June 30, 2020. Non-controllable operating expenses increased 6.7% and increased 1.8% for the three and six months ended June 30, 2020.

 

Same Store Property Operating Results, Excluding Value Add

The same store portfolio results below exclude 16 communities that are both part of the same store portfolio and were actively undergoing Value Add renovations during the three months ended June 30, 2020.


The following information was filed by Independence Realty Trust, Inc. (IRT) on Thursday, July 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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