Independence Realty Trust Inc. - IRT STOCK NEWS

Independence Realty Trust (IRT) reported strong second quarter 2021 results, with net income of $3.4 million and earnings per share of $0.03, significantly up from last year's $0.8 million and $0.01, respectively. Same store net operating income (NOI) grew 9.6%, and core funds from operations (CFFO) reached $20.2 million. In a strategic move, IRT announced a merger with Steadfast Apartment REIT, creating a diversified portfolio of over 38,000 units across 131 communities, with a pro forma market cap of about $7 billion. The merger is expected to drive long-term value and operational efficiencies.

Independence Realty Trust (NYSE: IRT) and Steadfast Apartment REIT (STAR) have agreed to merge, with IRT continuing as the public company. The merger will create a portfolio of 131 multifamily apartment communities with about 38,000 units across 16 states, resulting in a combined company with an estimated equity market cap of $4 billion and a total enterprise value of $7 billion. Shareholders of both companies will each own approximately 50% of the new entity. The merger aims to enhance market presence in the growing Sunbelt region and unlock significant operational and financial synergies.

Independence Realty Trust (NYSE: IRT) plans to release its Q2 2021 financial results on July 26, 2021, after market close. A conference call to discuss these results will take place on July 27, 2021, at 9:00 a.m. ET. Investors can access it through the IRT website or by calling 1.833.789.1330. Following the live event, a replay will be available on their website until August 3, 2021. IRT focuses on multifamily apartment properties in non-gateway U.S. markets, aiming to provide attractive risk-adjusted returns.

Independence Realty Trust (NYSE: IRT) declared a quarterly dividend of $0.12 per share, payable on July 23, 2021, to stockholders of record by the close of business on July 2, 2021. The company focuses on operating multifamily apartment properties in non-gateway U.S. markets such as Atlanta and Dallas, aiming to provide attractive risk-adjusted returns through effective portfolio management and strong operational performance. IRT's strategy emphasizes gaining scale in amenity-rich submarkets to enhance stockholder value.

Independence Realty Trust (NYSE: IRT) will present at Nareit’s REITweek 2021 Virtual Investor Conference from June 8-10. Key executives, including Chairman and CEO Scott Schaeffer and CFO Jim Sebra, will participate. A management presentation is scheduled for June 9 at 8 AM EDT, accessible to qualified investors through complimentary registration on Nareit’s website. IRT focuses on multifamily apartment properties in non-gateway U.S. markets, aiming for attractive risk-adjusted returns through strategic portfolio management.

Independence Realty Trust (NYSE: IRT) announced the closing of a new 5-year $200 million term loan, aimed at repaying outstanding amounts on its unsecured revolving credit facility. The loan will mature in May 2026 and carries an interest rate of LIBOR plus 1.25% at closing. CFO James J. Sebra stated the loan enhances capital structure and financial flexibility for operational and investment strategies. KeyBank is the Administrative Agent, with other major banks acting as Joint Lead Arrangers.

Independence Realty Trust (IRT) reported a strong first quarter for 2021, showing net income of $1.1 million, a notable improvement from a net loss of $0.4 million in Q1 2020. Earnings per diluted share reached $0.01, up from $0.00 year-over-year. Same store net operating income (NOI) grew by 5.3%, while core funds from operations (CFFO) increased to $18.0 million from $14.6 million. Rental collection rates remained high, at 98.4%. Management raised guidance for 2021, citing strong occupancy and rental rate growth.

Independence Realty Trust (NYSE: IRT) plans to release its first quarter 2021 financial results on April 28, 2021, after market close. The results will be followed by a quarterly conference call on April 29, 2021, at 9:00 a.m. Eastern Time. Investors can access the live call via the IRT website or by phone. IRT operates multifamily apartment properties in non-gateway U.S. markets like Atlanta and Dallas, focusing on scale within key amenity-rich submarkets to provide attractive risk-adjusted returns.

Independence Realty Trust (NYSE: IRT) has declared a quarterly dividend of $0.12 per share, payable on April 23, 2021, to stockholders on record by the close of business on April 2, 2021. The company focuses on owning and operating multifamily properties in non-gateway U.S. markets including Atlanta, Dallas, and Tampa. IRT aims to deliver attractive risk-adjusted returns through effective portfolio management and operational performance, promoting both capital appreciation and consistent shareholder distributions.