Independence Realty Trust Inc. - IRT STOCK NEWS

Independence Realty Trust (NYSE: IRT) reported minimal impact on its communities in Tampa and Orlando, Florida from Hurricane Milton. The company's CEO, Scott Schaeffer, expressed gratitude towards the on-site teams for their efforts in preparing the communities for the storm and ensuring the safety of residents. Schaeffer also extended thoughts to all those affected by the hurricane.

Independence Realty Trust (NYSE: IRT) has announced the dates for its third quarter 2024 earnings release and conference call. The company plans to release its financial results after market close on Wednesday, October 30, 2024. A conference call to discuss the results is scheduled for Thursday, October 31, 2024, at 9:00 a.m. Eastern Time.

Investors can access the live conference call through the investor relations section of IRT's website or by dialing 1.888.440.3307 with access code 1963990. A replay of the call will be available on the company's website and by phone until Thursday, November 7, 2024, at 11:59 p.m. Eastern Time, using the number 1.800.770.2030 and the same access code.

Independence Realty Trust (NYSE: IRT) reported minimal impact from Hurricane Helene on its apartment communities. The company's CEO, Scott Schaeffer, confirmed that all residents and employees in affected areas are safe, and properties have not sustained significant damage. IRT prioritized safety and praised on-site teams for their preparation and response efforts. The company will continue to assess any residual impact and provide updates if there are changes to the status of their communities.

Independence Realty Trust (NYSE: IRT) has declared a quarterly dividend of $0.16 per share for the third quarter of 2024. The dividend will be payable on October 18, 2024 to stockholders of record as of the close of business on September 30, 2024. This announcement demonstrates IRT's commitment to providing regular returns to its shareholders, maintaining its dividend policy in the real estate investment trust (REIT) sector.

Independence Realty Trust (NYSE: IRT) has closed its public offering of 11,500,000 shares of common stock at $19.75 per share, including the full exercise of the underwriters' option for 1,500,000 additional shares. The company entered into forward sale agreements with Citigroup. IRT will not initially receive proceeds from the sale but expects to contribute future cash proceeds to its operating partnership, IROP. The funds are intended for potential acquisitions, investment opportunities, or general corporate purposes, including reducing outstanding borrowings under IRT's unsecured credit facility.

Independence Realty Trust (NYSE: IRT) has priced a public offering of 10,000,000 shares of common stock at $19.75 per share. The offering, expected to close around September 5, 2024, includes a 30-day option for underwriters to purchase up to 1,500,000 additional shares. IRT has entered into a forward sale agreement with Citigroup for the shares. The company plans to use the proceeds to fund potential acquisitions, investment opportunities, or reduce outstanding borrowings on its unsecured credit facility. The offering is made through an effective shelf registration statement filed with the SEC.

Independence Realty Trust (NYSE: IRT), a multifamily apartment REIT, has announced a public offering of 10,000,000 shares of common stock. The company may grant underwriters an option to purchase up to 1,500,000 additional shares. IRT plans to enter into forward sale agreements with Citigroup or its affiliate. The company will not initially receive proceeds from the sale but expects to settle the agreements for cash in the future. IRT intends to use the net proceeds to fund potential acquisitions, investment opportunities, or reduce outstanding borrowings on its unsecured credit facility. The offering is being made through an effective shelf registration statement filed with the SEC.

Independence Realty Trust (NYSE: IRT) has announced the promotion of Jim Sebra to the position of President and Chief Financial Officer. Sebra, who previously served as CFO, will retain his current responsibilities overseeing finance, accounting, tax, IT, and investor relations functions. In his expanded role, he will now also oversee the company's operational functions. Scott Schaeffer, IRT's Chairman and CEO, stated that this change is part of good corporate governance and recognizes Sebra's contribution to IRT's success.

Independence Realty Trust (NYSE: IRT) has announced a $150 million private placement of unsecured notes. The placement consists of two tranches: $75 million due in 2031 at 5.32% interest, and $75 million due in 2034 at 5.53% interest. The funding is expected in Q4 2024, subject to closing conditions. IRT plans to use the proceeds to repay secured mortgage debt maturing in 2025 and reduce borrowings on its revolving credit facility. CFO Jim Sebra stated that this transaction demonstrates investor confidence in IRT's strategy and balance sheet, and will strengthen the company's financial position while remaining leverage and earnings neutral. BofA Securities led the placement, with Citigroup as co-placement agent.