Independence Realty Trust Inc. - IRT STOCK NEWS

Independence Realty Trust, Inc. (NYSE: IRT) announced participation by its executives in Citi’s 2022 Global Property CEO Conference in Hollywood, FL, scheduled for March 8, 2022, at 9:45 AM ET. The company has updated its Investor Presentation, which is available on the IRT website. The live webcast of the presentation can be accessed through a provided link. IRT operates multifamily apartment properties in 119 U.S. markets, focusing on amenity-rich submarkets to deliver attractive returns to shareholders.

Independence Realty Trust (IRT) reported strong fourth quarter and full year 2021 results, highlighting a net income of $28.6 million for Q4 and $44.6 million for the year. Earnings per diluted share improved to $0.23 in Q4 and $0.41 for the full year. The company achieved a same-store NOI growth of 15.1% in Q4 and 11.4% for the full year. IRT introduced 2022 guidance projecting CFFO per share at $1.02 and same-store NOI growth of 11.0%. The merger with STAR was completed in December 2021, significantly expanding IRT’s portfolio.

Independence Realty Trust, Inc. (IRT) announced tax reporting information for its 2021 dividend distributions. Shareholders will receive four quarterly dividends of $0.12000 per share and a final dividend of $0.09913 and $0.02087 payable in January 2022. The record dates for these dividends span from December 30, 2021, to October 1, 2021, while payment dates range from January 14, 2022, to January 21, 2022. IRT urges shareholders to consult personal tax advisors regarding tax implications of these dividends.

Independence Realty Trust, Inc. (NYSE: IRT) will release its fourth quarter and full year 2021 financial results on February 16, 2022, after market close. A conference call for the results is scheduled for February 17, 2022, at 9:00 a.m. Eastern Time. Investors can access the call via the investor relations section of IRT's website or by dialing a designated number. IRT operates multifamily apartment properties in 123 communities across key U.S. markets, focusing on delivering attractive risk-adjusted returns to shareholders.

Independence Realty Trust (IRT) and Steadfast Apartment REIT (STAR) have completed their merger, creating a combined entity with an equity market capitalization of $5.6 billion and an enterprise value of $8.3 billion. The merger, approved by stockholders on December 13, 2021, positions IRT as a leading multifamily REIT focused on the high-growth U.S. Sunbelt region. The company expects to generate approximately $28 million in annual synergies. IRT will continue to trade under the ticker symbol “IRT”.

Independence Realty Trust, Inc. (NYSE: IRT) has announced an amended unsecured credit facility, increasing its borrowing capacity from $350 million to $500 million and extending the maturity to January 2026. The facility consolidates three existing term loans totaling $500 million without changing their financial terms. Interest rates are reduced to LIBOR plus 1.25% for the credit facility and LIBOR plus 1.20% for term loans. This move aims to enhance IRT's capital structure and support its growing portfolio of approximately 38,000 units in the U.S. Sunbelt region.

Independence Realty Trust, Inc. (IRT) announced that its stockholders approved the issuance of shares to Steadfast Apartment REIT, Inc. (STAR) as part of their merger. This significant step occurred during separate special meetings held by both companies, with STAR stockholders also approving the merger. The transaction is expected to close on or before December 16, 2021, pending remaining conditions. Each STAR share will convert to 0.905 shares of IRT common stock. The merger aims to enhance IRT's market presence and operational scale in non-gateway U.S. markets.

Independence Realty Trust, Inc. (NYSE: IRT) has declared a contingent prorated dividend on its common stock, pending the completion of its merger with Steadfast Apartment REIT, Inc. (STAR) by December 31, 2021. The dividend will be $0.00130435 per share, based on IRT's quarterly rate of $0.12, calculated from October 1, 2021, to the closing date of the merger. If the merger is completed on time, an additional pro-rata dividend will be payable on January 21, 2022. Stockholders are advised that the merger is subject to approval and customary conditions.

Independence Realty Trust (IRT) reported strong Q3 2021 financial results, with net income reaching $11.5 million, up from $1.1 million year-over-year. Earnings per diluted share rose to $0.11, while Core Funds from Operations (CFFO) climbed to $22.7 million. Same-store net operating income (NOI) grew 14.7%, driven by a 96% occupancy rate and a 7.3% increase in average rental rates. Looking ahead, IRT anticipates $28 million in annual synergies from its upcoming merger with Steadfast Apartment REIT, aiming for a CFFO guidance of $0.81 per share for the full year.