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 (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.
Independence Realty Trust (NYSE: IRT) announced its Q2 2024 financial results, highlighting a slight decline in net income to $10.4 million compared to $10.7 million in Q2 2023. EPS remained stable at $0.05, while core funds from operations (CFFO) stood at $63.6 million, consistent with last year's figures. Same-store net operating income (NOI) saw a 2.8% increase.
IRT completed renovations on 378 units, achieving a 15.7% ROI. The company disposed of one property for $28.5 million and used the proceeds to repay debt. Additionally, IRT reported a 3.6% revenue growth and a 120-basis point increase in occupancy to 95.4%.
The company raised the midpoint of its full-year 2024 guidance for NOI, EPS, and Core FFO, with projected EPS now between $0.36 and $0.38. A $0.16 per share dividend was declared, payable on July 19, 2024.
Independence Realty Trust (IRT) announced the release of its Q2 2024 financial results after market close on July 31, 2024. A conference call to discuss these results will be held on August 1, 2024, at 9:00 a.m. Eastern Time. Investors can access the live call via IRT's investor relations website or by dialing a specific phone number. A replay will be available on the website and telephonically until August 8, 2024.
Independence Realty Trust (NYSE: IRT) has declared a quarterly dividend of $0.16 per share for the second quarter of 2024. The dividend will be payable on July 19, 2024, to shareholders who are on record by the close of business on June 28, 2024.
Independence Realty Trust (NYSE: IRT) announced its participation in Nareit's REITweek 2024 Investor Conference, scheduled for June 4-5 at the New York Hilton Midtown. Key executives, including CEO Scott Schaeffer, CFO Jim Sebra, and CAO Jason Delozier, will meet with investors and analysts.
A management presentation is set for June 4 at 3:00 PM ET, accessible via a live webcast available on IRT's investor relations website. A replay will be accessible for 30 days following the presentation. Additionally, IRT has updated its Investor Presentation, which can be viewed on their investor relations website.
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