Independence Realty Trust Inc. - IRT STOCK NEWS

Independence Realty Trust (IRT) announced a public offering of 14,000,000 shares of common stock priced at $17.75 per share. Underwriters have an option to buy 2,100,000 additional shares within 30 days. The expected closing date is July 30, 2021. Funds raised will primarily be used to repay debt, including obligations from pending mergers with Steadfast Apartment REIT. IRT will not initially receive proceeds from the offering, as shares are sold by the forward purchaser. The registration statement has been declared effective by the SEC.

Independence Realty Trust, Inc. (NYSE: IRT) is initiating a public offering of 14,000,000 shares of common stock, with a potential additional 2,100,000 shares if underwriters exercise their option. The proceeds from the offering will not go to IRT initially, but future settlements are intended to repay debt, particularly related to the merger with Steadfast Apartment REIT. The offering's registration statement is effective, and the pricing will be adjusted per the forward sale agreements.

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.