Independence Realty Trust Provides Business Update
01 September 2020 - 10:30PM
Business Wire
Scheduled to Host Investor Meetings at BMO’s
2020 Real Assets Conference on September 2nd and 3rd
Independence Realty Trust, Inc. (NYSE:IRT) (“IRT”) today
released a business update on its portfolio operations and
financial flexibility.
“We are pleased to report that our portfolio continues to
demonstrate resilient fundamentals throughout the summer,” said
Scott Schaeffer, Chairman and CEO of IRT. “As of August 30th, third
quarter-to-date average same store occupancy was 94.0% and we
collected 97.8% of July and August rent billings, both ahead of
levels delivered in the second quarter. These figures reflect IRT’s
commitment to provide our residents with high quality homes, while
attracting new residents to our communities. We continue to
leverage our leasing and marketing initiatives, including the usage
of virtual tours, which has translated into a 38% conversion rate
to signed applications so far in the third quarter, representing a
year-over-year increase of 400 basis points. Looking ahead, IRT
will continue to focus on driving leasing traffic and occupancy to
support the overall health of the portfolio while maintaining our
strong liquidity position.”
The company has posted its September Investor
Presentation on its website at www.irtliving.com in the
Investor Relations section under Presentations.
IRT to Participate in BMO’s 2020 Real Assets
Conference
Scott Schaeffer, IRT’s Chairman and CEO, and Jim Sebra, IRT’s
CFO are scheduled to host meetings with investors at BMO’s 2020
Real Assets Conference on September 2nd and 3rd.
About Independence Realty Trust, Inc.
Independence Realty Trust (NYSE:IRT) is a real estate investment
trust that owns and operates multifamily apartment properties
across non-gateway U.S. markets, including Atlanta, Louisville,
Memphis, and Raleigh. IRT’s investment strategy is focused on
gaining scale within key amenity rich submarkets that offer good
school districts, high-quality retail and major employment centers.
IRT aims to provide stockholders attractive risk-adjusted returns
through diligent portfolio management, strong operational
performance, and a consistent return on capital through
distributions and capital appreciation. More information may be
found on the Company’s website www.irtliving.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements can generally be
identified by our use of forward-looking terminology such as
“will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or
other similar words. These forward-looking statements include,
without limitation, our expectations with respect to capital
allocations, including as to the timing and amount of future
dividends. Because such statements include risks, uncertainties and
contingencies, actual results may differ materially from the
expectations, intentions, beliefs, plans or predictions of the
future expressed or implied by such forward-looking statements.
These forward-looking statements are based upon the current beliefs
and expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
not within our control. In addition, these forward-looking
statements are subject to assumptions with respect to future
business strategies and decisions that are subject to change. Risks
and uncertainties that might cause our actual results and/or future
dividends to differ materially from those expressed or implied by
forward-looking statements include, but are not limited to: risks
related to the impact of COVID-19 and other potential future
outbreaks of infectious diseases on our financial condition,
results of operations, cash flows and performance and those of our
residents as well as on the economy and real estate and financial
markets; changes in market demand for rental apartment homes and
pricing pressures, including from competitors, that could limit our
ability to lease units or increase rents or that could lead to
declines in occupancy and rent levels; uncertainty and volatility
in capital and credit markets, including changes that reduce
availability, and increase costs, of capital; inability of tenants
to meet their rent and other lease obligations and charge-offs in
excess of our allowance for bad debt; legislative restrictions that
may delay or limit collections of past due rents; risks endemic to
real estate and the real estate industry generally; the effects of
natural and other disasters; delays in completing, and cost
overruns incurred in connection with, our value add initiatives and
failure to achieve projected rent increases and occupancy levels on
account of the initiatives; unexpected costs of REIT qualification
compliance; costs and disruptions as the result of a cybersecurity
incident or other technology disruption; and share price
fluctuations. Please refer to the documents filed by us with the
SEC, including specifically the “Risk Factors” sections of our Form
10-K for the year ended December 31, 2019 and our Quarterly Report
on Form 10-Q for the quarter ended March 31, 2020, and our other
filings with the SEC, which identify additional factors that could
cause actual results to differ from those contained in
forward-looking statements. We undertake no obligation to update
these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events, except as may be required by law. In addition, the
declaration of dividends on our common stock is subject to the
discretion of our Board of Directors and depends upon a broad range
of factors, including our results of operations, financial
condition, capital requirements, the annual distribution
requirements under the REIT provisions of the Internal Revenue Code
of 1986, as amended, applicable legal requirements and such other
factors as our Board of Directors may from time to time deem
relevant. For these reasons, as well as others, there can be no
assurance that dividends in the future will be equal or similar to
the expected amount of the quarterly dividend described in this
press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200901005661/en/
Independence Realty Trust, Inc. Edelman Financial
Communications & Capital Markets Ted McHugh and Lauren Torres
212-704-8112 IRT@edelman.com
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