Independence Realty Trust Inc. - IRT STOCK NEWS

Independence Realty Trust, Inc. (NYSE: IRT) declared a quarterly dividend of $0.12 per share, set to be paid on October 22, 2021, to stockholders who are on record by October 1, 2021. This decision emphasizes IRT's commitment to providing consistent returns to its shareholders while operating multifamily apartment properties in key U.S. markets, including Atlanta, Dallas, and Tampa. IRT aims for growth through strong operational management and strategic investments in amenity-rich submarkets.

Independence Realty Trust, Inc. (IRT) has successfully closed its public offering of 16,100,000 shares of common stock at $17.75 per share, including 2,100,000 shares from underwriters' option. The offering is part of forward sale agreements with Bank of Montreal. IRT anticipates using any net proceeds to reduce debt, including obligations from its merger with Steadfast Apartment REIT, and for general working capital. The SEC has declared the necessary registration statement effective, allowing this offering to proceed.

Independence Realty Trust (IRT) announced the full exercise of an over-allotment option by underwriters for its public offering, totaling 2,100,000 shares at $17.75 each. The total offering, including these additional shares, amounts to 16,100,000 shares. Expected closure is around July 30, 2021. Proceeds will be allocated for debt repayment, possibly concerning mergers with Steadfast Apartment REIT, and general working capital. IRT will not receive immediate proceeds from the shares sold by the forward purchaser.

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.