Welcome to our dedicated page for Independence Realty Trust news (Ticker: IRT), a resource for investors and traders seeking the latest updates and insights on Independence Realty Trust stock.
Independence Realty Trust Inc. (IRT) is a prominent real estate investment trust (REIT) headquartered at Cira Centre, 2929 Arch Street, 17th Floor, Philadelphia, PA 19104, United States. Specializing in the acquisition, ownership, operation, improvement, and management of multifamily apartment communities, IRT has a substantial presence in non-gateway U.S. markets. These markets include vibrant cities such as Louisville, Memphis, Atlanta, and Raleigh.
IRT focuses on expanding its portfolio within key submarkets that are rich in amenities. These areas feature excellent school districts, robust retail sectors, and various employment centers, making them attractive locations for residents. The company's strategic approach aims to enhance its scale and efficiency in these sought-after neighborhoods.
Recent achievements for IRT include successful acquisitions and the strategic repositioning of properties to enhance value and tenant satisfaction. In addition to property management, IRT continuously works on improving its existing assets, ensuring they meet modern standards and residents' expectations.
Financially, Independence Realty Trust maintains a solid balance sheet and a diversified portfolio, which helps mitigate risks associated with regional economic fluctuations. The company also boasts partnerships with various stakeholders, further strengthening its market position and operational capabilities.
- Headquarters: Philadelphia, PA, USA
- Core Business: Multifamily apartment communities
- Key Markets: Louisville, Memphis, Atlanta, Raleigh
- Focus: Amenity-rich submarkets
Independence Realty Trust (IRT) has disclosed the tax treatment of its 2024 dividend distributions for common stock shareholders. The company will distribute a total of $0.64 per share throughout 2024, paid in four equal quarterly installments of $0.16 each.
The distributions are broken down as follows: $0.07812 classified as ordinary dividend, $0.56188 as capital gain distribution, with $0.28780 being unrecaptured Section 1250 gain. Each quarterly payment maintains consistent tax treatment components. The company reports zero return of capital and confirms that One Year and Three Year Amounts Disclosure under section 1061 are $0.00 for all payment dates.
Independence Realty Trust (NYSE: IRT) has announced its schedule for the release of fourth quarter and full year 2024 financial results. The company will release its earnings after market close on Wednesday, February 12, 2025, followed by a quarterly results conference call on Thursday, February 13, 2025 at 9:00 a.m. Eastern Time.
Investors can access the live conference call through IRT's investor relations website at investors.irtliving.com or by phone at 1.888.440.3307 using access code 1963990. A replay will be available on the company's website and by phone until February 20, 2025, at 11:59 p.m. Eastern Time.
Independence Realty Trust (NYSE: IRT) has secured an expanded unsecured credit facility, increasing its revolver capacity from $500 million to $750 million and extending the maturity date from January 2026 to January 2029. The facility includes reduced margins on both the revolver and the existing $200 million term loan. Current outstanding amount under the revolver is $214 million.
The term loan now bears interest at SOFR plus 0.80% to 1.60%, while the revolver bears interest at SOFR plus 0.725% to 1.40%. Based on IRT's BBB investment grade rating, current rates are SOFR plus 0.85% for the term loan and SOFR plus 0.775% for the revolver, representing a weighted average reduction in margin of approximately 34 basis points.
Independence Realty Trust (NYSE: IRT) has declared a quarterly dividend of $0.16 per share of common stock. The dividend will be paid on January 17, 2025, to stockholders of record as of the close of business on December 31, 2024.
Independence Realty Trust (NYSE: IRT) has announced its participation in Nareit's REITworld 2024 Annual Conference in Las Vegas on November 19 and 20. The company's senior leadership team, including Chairman and CEO Scott Schaeffer, CFO and President Jim Sebra, CAO Jason Delozier, and SVP of Operations Janice Richards, will host meetings with investors and analysts during the conference. IRT has made its November Investor Presentation available on their website at www.irtliving.com under the Investor Relations section's Presentations area.
Independence Realty Trust (NYSE: IRT) reported Q3 2024 financial results and received a 'BBB' investment grade rating from S&P. Net income reached $12.4M ($0.05 per share), up from $3.9M ($0.02 per share) in Q3 2023. Same-store NOI grew 2.2%, while Core FFO was $66.8M ($0.29 per share), down from $69.0M ($0.30 per share) due to asset sales. The company completed 578 unit renovations with a 14.9% ROI and entered forward equity sale transactions for 13M shares, expecting to raise $246M for acquisitions. Portfolio occupancy increased 90bps to 95.4% with a 1.2% rise in rental rates.
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.
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