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 released its first quarter 2023 financial results, reporting a net income available to common shares of $8.6 million, a significant decrease from $74.6 million in Q1 2022. Earnings per diluted share fell to $0.04 from $0.34. However, same-store portfolio net operating income (NOI) grew by 8.2% year-over-year, driven by an increase in rental revenue of 7.5%. Core Funds from Operations (CFFO) rose to $62.5 million with a CFFO per share of $0.27, up from $0.25 in the same quarter last year. The company completed renovations on 635 units with an average return on investment of 17.8%. IRT has maintained its EPS guidance for 2023, projecting a range of $0.23 to $0.27.
Independence Realty Trust, Inc. (NYSE: IRT) will release its first quarter 2023 financial results on April 26, 2023, after market close. A conference call is scheduled for April 27, 2023, at 9:00 a.m. Eastern Time. Investors can access the call via the IRT investor relations website or by dialing 1.833.470.1428 with access code 034663. A replay will be available until May 4, 2023. IRT operates multifamily communities in non-gateway U.S. markets like Atlanta, Dallas, and Denver, focusing on strategic locations near employment centers to provide attractive returns to shareholders.
Independence Realty Trust (IRT) announced the departure of President Farrell Ender, effective May 1, 2023, as he pursues other opportunities. Chairman and CEO Scott Schaeffer acknowledged Ender's contributions to IRT's growth as a leading public multifamily REIT. Following this transition, IRT will realign asset management, revenue management, and marketing initiatives under Operations, led by Mike Daley and Janice Richards, with Schaeffer additionally assuming the role of President. The board declared a quarterly dividend of $0.14 per share, payable on April 21, 2023, reinforcing the company's commitment to shareholders.
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