Exhibit 99.1

 

 

Independence Realty Trust Announces Third Quarter 2020 Financial Results

 

PHILADELPHIA – (BUSINESS WIRE) – October 28, 2020 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its third quarter 2020 financial results.

 

Third Quarter Highlights

 

 

Net income available to common shares of $1.1 million for the quarter ended September 30, 2020 compared to $4.9 million for the quarter ended September 30, 2019.

 

 

Earnings per diluted share of $0.01 for the quarter ended September 30, 2020 compared to $0.05 for the quarter ended September 30, 2019.

 

 

Same store net operating income (“NOI”) growth of 0.5% for the quarter ended September 30, 2020 compared to the quarter ended September 30, 2019, supported by average occupancy of 94.0%.

 

 

Core Funds from Operations (“CFFO”) of $19.4 million for the quarter ended September 30, 2020 compared to $17.0 million for the quarter ended September 30, 2019. CFFO per share was $0.20 for the third quarter of 2020, as compared to $0.19 for the quarter ended September 30, 2019.

 

 

Adjusted EBITDA of $27.1 million for the quarter ended September 30, 2020 compared to $25.7 million for the quarter ended September 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

“Our quarter and year-to-date 2020 results reflect the continued resiliency of our portfolio and dedication of our team.” said Scott Schaeffer, Chairman and CEO of IRT. “We increased same store portfolio average occupancy on a quarter-over-quarter and year-over-year basis and delivered NOI growth of 0.5% in the third quarter, collecting 98.9% of rents billed and maintaining a conservative reserve for uncollected rents. We remain confident in our strategy, as we look to close out 2020 with positive momentum heading into 2021.”

 

“IRT is committed to managing our business for long-term success, as evidenced by recent advancements in our value add and capital recycling programs. In the third quarter, we progressed with renovations at 17 of our properties and have taken a proactive approach to acquiring and divesting properties which will better position our portfolio. Our actions support continued efforts to increase our return on investment at existing properties, as well as rotate capital out of non-core markets that offer limited growth potential and into core markets that fit our long-term investment criteria. We are also focused on the strength of our balance sheet, having approximately $217 million in total liquidity at quarter-end.”

 

Same Store Property Operating Results

 

Third Quarter 2020 Compared to Third Quarter 2019(1)

Nine Months Ended 9/30/20 Compared to Nine Months Ended 9/30/19 (1)

Rental and other property revenue

3.0% increase

3.0% increase

Property operating expenses

6.8% increase

3.6% increase

Net operating income (“NOI”)

0.5% increase

2.6% increase

Portfolio average occupancy

40 bps increase to 94.0%

40 bps decrease to 93.3%

Portfolio average rental rate

2.2% increase to $1,106

3.7% increase to $1,101

NOI Margin

150 bps decrease to 58.8%

30 bps decrease to 60.2%

 

 

(1)

Same store portfolio for the three months ended September 30, 2020 includes 51 properties, which represent 14,189 units.

 

 

 

 


The following information was filed by Independence Realty Trust, Inc. (IRT) on Wednesday, October 28, 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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