Independence Realty Trust Inc

NYSE:IRTUnited States

Apr 24, 2024

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• Independence Realty Trust Announces First Quarter 2024 Financial Results, from 4:05PM ET on Wednesday Apr 24, 2024 by Business Wire

  4:05PM ET on Wednesday Apr 24, 2024 by Business Wire
  Companies Mentioned: IRT

  Independence Realty Trust, Inc. ("IRT") (NYSE: IRT), a multifamily apartment REIT, today announced its first quarter 2024 financial results.

  First Quarter Highlights

  Net income available to common shares of $17.6 million for the quarter ended March 31, 2024 compared to $8.6 million for the quarter ended March 31, 2023. Earnings per diluted share of $0.08 for the quarter ended March 31, 2024 compared to $0.04 for the quarter ended March 31, 2023. Same-store portfolio net operating income ("NOI") growth of 2.4% for the quarter ended March 31, 2024 compared to the quarter ended March 31, 2023. Disposed of nine properties under our Portfolio Optimization and Deleveraging Strategy for a total gross sales price of $496.8 million and used proceeds from the sales to repay $488.9 million of debt. Repayment of debt included significant paydowns on our revolver which improved our liquidity position to $412 million as of March 31, 2024. Core Funds from Operations ("CFFO") of $61.5 million for the quarter ended March 31, 2024 compared to $62.5 million for the quarter ended March 31, 2023. CFFO per share was $0.27 for the first quarter of 2024, as compared to $0.27 for the first quarter of 2023. Adjusted EBITDA of $84.7 million for the quarter ended March 31, 2024 compared to $87.6 million for the quarter ended March 31, 2023. Value add program completed renovations at 320 units during the quarter ended March 31, 2024, achieving a weighted average return on investment during the quarter of 18.0%.

• Independence Realty Trust Announces First Quarter 2024 Financial Results, from 4:05PM ET on Wednesday Apr 24, 2024 by Dow Jones

  4:05PM ET on Wednesday Apr 24, 2024 by Dow Jones
  Companies Mentioned: IRT
  
  Our calculation of CFFO may differ from the methodology used for calculating CFFO by other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance, and believe they are also useful to investors, because they facilitate an understanding of our operating performance after adjustment for certain non-cash or non-recurring items that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and our operating performance between periods. Furthermore, although FFO, CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Neither FFO nor CFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. Neither FFO nor CFFO should be considered as an alternative to net income or any other GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.
  

• *DJ Independence Realty Trust 1Q Net $17.6M >IRT, from 4:05PM ET on Wednesday Apr 24, 2024 by Dow Jones

  4:05PM ET on Wednesday Apr 24, 2024 by Dow Jones
  Companies Mentioned: IRT