And, we hope we are successful. Please go ahead, Neil. So, again, it gives us that benefit of comparable property at a lower price as were out leasing. But Id like to note that our planned renovation pipeline is robust and well positioned to continue generating attractive unlevered return on investment. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. So starting in the second quarter, we look to increase rental rates on new leases and renewed leases. But were still seeing some good opportunities and markets that wed like that pricing seems to make sense. It becomes a capital allocation issue. The other great thing too as we enter again this as many people are calling it the recession, is it typically in a downturn like this, one of the first things that happens is, theres a significant pullback in job growth. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. CFFO is a computation made by analysts and investors to measure a real estate companys operating performance by removing the effect of items that do not reflect ongoing property operations, including depreciation and amortization of other items not included in FFO, and other non-cash or non-operating gains or losses related to items such as casualty losses, abandoned deal costs and debt extinguishment costs from the determination of FFO. We had approximately $11 million of unrestricted cash, $368 million available on our line of credit, and $50 million of ATM proceeds available from forward equity sales. So really, its traffic driven and least conversion driven. Market capitalization is calculated by taking a companys share price and multiplying it by the total number of shares. A replay of the conference call will be available shortly following the live call on the investor relations section of IRTs website and telephonically until Thursday, February 23, 2023 at 11:59 p.m. Eastern Time by dialing 1.866.813.9403, access code 910516. The same store portfolio results below exclude 20 communities that are both part of the same store portfolio and were actively undergoing Value Add renovations during the three months ended June 30, 2021. This will allow us to strengthen our company and capture incremental growth for years to come. Currently, that spread is 115 basis points, 5 basis points lower than our other term loans. Participants may discuss non-GAAP financial measures during this call. Or is it better to invest in a new property at whatever the cap rates may be at that moment. More information may be found on IRTs website at www.irtliving.com. And, weve maintained from the day we started this company that we were going to be disciplined, and only grow when it made sense for the company as a whole. And, I think, you saw a little bit of it, Nick, when we when the pandemic first started back in 2020. This financing did not increase our leverage, but rather extended the maturity on $300 million to term loans to 2028 and increased our liquidity by $100 million, while reducing our interest rate spread. All metrics are based on our internal data, which management uses to monitor property performance on a daily or weekly basis. Get the industry's best tools and resources from AST with our innovative platforms for cap table management, ownership intelligence, proxy, campaigns, and more. We have assessments on about two-thirds of the portfolio. I thought, Jim was going to answer that question. So as we started this year, we were very focused on any potential merger integration bump. Average effective rent per unit represents the average of gross rent amounts, divided by the average occupancy (in units) for the period presented. We then spent the first few months of this year integrating the operations of both companies, while locking in $31 million of annual synergies. IRTs investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. We recently closed on a new $400 million unsecured term loan using the proceeds to repay our 2024 maturities and to reduce the outstanding balance on our line of credit. We have slowed that down, during the current uncertain times. Thank you for attending todays Independence Realty Trust Second Quarter 2022 Earnings Call. Yeah. We thank you for joining us today. Before I turn the call over to Scott, Id like to remind everyone that there may be forward-looking statements made on this call. Our ability to deliver these results is partially attributed to our favorable loss to lease which stood at 16% as of June 30, giving us pricing power and the strong demand leasing marks. Independence Realty Trust, Inc. Were always assessing how technology can make our business more efficient and have many more projects in the works, from further centralization, to automation, to machine learning. But in addition to the value add, which is just continuing to put all STAR numbers. In April, we acquired the first three communities from our joint venture partner in Nashville for $25.4 million. For new leases and renewals commencing during 3Q 2021 that were signed as of July 21, 2021. As of June 30, 2021, our pro forma net debt to Adjusted EBITDA was 8.5x, down from 9.2x on a year-over-basis. These markets continue to see high residential demand, particularly due to the employment opportunities and increasing wages, which has led to population growth that exceeds new supply. So thats the first key indicator that will determine the on and off nature of the value add. Scott? As part of this new term loan, we took the opportunity to give all of our unsecured borrowings from LIBOR to SOFR base. However, NOI should only be used as an alternative measure of our financial performance. EBITDA is defined as net income before interest expense including amortization of deferred financing costs, income tax expense, and depreciation and amortization expenses. The purchase price is $80 million, generating a stabilized economic cap rate of 4.3%. Gear advertisements and other marketing efforts towards your interests. All interested parties can listen to the conference call webcast at 5:00 PM ET on Monday, July 26, 2021 from the investor relations section of the IRT website at www.irtliving.com or by dialing 1.833.789.1330. Yes. With that, its my pleasure to turn the call over to Scott Schaeffer. This higher expense growth is driven by property tax assessments, particularly in the Atlanta and Texas markets. First Quarter Highlights Net income available to. And we have a couple of communities that weve identified for recycling. Can you hey. Good morning, everyone. So thatll be our number one priority. similar fashion. And one of the reasons, people okay. IRTs valuation ratios The live conference call can be accessed from the investor relations section of the IRT website at investors.irtliving.com or by dialing 1.844.200.6205, access code 994624. Dividend yield allows investors, particularly those interested in dividend . As we look ahead, we anticipate further macro uncertainty and volatility, but due to the strength of our portfolio and execution of our strategic initiatives, we are equipped to continue to produce strong results. Thank you for your participation. Independence Realty Trust, Inc. 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. These forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. JPMorgan Chase & Co. 277 Park Avenue. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In the second quarter, we completed renovations on 195 units during our year-to-date total to 338 units. So I think its going to start trickling through the system regards just reducing the amount of deliveries again over the next 2 to 5 years. When you look at the operating performance, theres an increase in delinquency or anything that would suggest that thats happening? Got it. Overall, this new term loan demonstrates the strength of our banking relationships improves our debt maturity profile, and increases our financial flexibility. Thank you. Nareit shares the strides that its member REITs are taking to advance diversity, equity, and inclusion (DEI) and how they are recognizing Black History Month this year. This yields an unlevered return on investment of 33.5%. I mean, is it fair to say that youre not seeing any signs of the macroeconomic pressure? And right now, in July, we started a number of new communities, and we will continue to start new communities through the rest of the year. We believe that Net Operating Income (NOI), a non-GAAP financial measure, is a useful measure of our operating performance. The economic cap rate on this community is 4.1%. But as you know, thats sort of a forward looking when you send out the notices for the 30, 60, 90 days. It seems like the guidance would suggest that maybe itll pick up a little bit again, but any thoughts on occupancy? Please refer to IRTs press release, supplemental information and filings with the SEC for factors that could affect the accuracy of our expectations. Nareitis the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. Investor Relations Learn how we strive to deliver results for our shareholders. This helps . These forward-looking statements include, without limitation, our expectations with respect to our 2021 earnings and CFFO, capital allocations, including as to the timing and amount of future dividends, and anticipated benefits of our announced merger with Steadfast Apartment REIT, Inc. (STAR). And then, potentially related to, are you seeing any tech or other sector, layoffs impacting any specific assets and markets? 212-270-2479. And, to your point, it seems like in the last couple of weeks, theres been more of an agreement on the buy/sell, and pricing has adjusted basically 5% to 15% depending on the market youre in, which equates to a 50 to 100 basis point expansion. Please go ahead, Wes. Nice quarter. New York, NY 10172-0003. My name is Francis, and Ill be your moderator today. We are pleased to note that IRT is now one of the top apartment owners in the United States. Is this happening to you frequently? As we increase rents for both new leases, and renewals. Same store portfolio for the three and twelve months ended June 30, 2021 includes 53 properties, which represent 14,843 units. Properties that are held-for-sale or have been sold are excluded from the same store portfolio. The platform provides differentiated access to alternatives through a range of investment offerings, including publicly traded real estate investment trusts (REITs), 1031 exchanges, closed-end funds, interval funds, and a business development company (BDC). Independence Realty Trust March 31, 2022 Company Information: Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Oklahoma City, OK, Raleigh-Durham, NC, . compared to the Market Index. View source version on businesswire.com: https://www.businesswire.com/news/home/20230117005986/en/, Independence Realty Trust, Inc. Edelman SmithfieldTed McHugh and Lauren Torres917-365-7979IRT@edelman.com, https://www.businesswire.com/news/home/20230117005986/en/. I mean, I think, Farrell say, that were regenerating 30%-plus unlevered return on equity. The table below depicts lease-over-lease effective rent growth for all new and renewal leases entered into during the respective periods for the 53-property same store portfolio. Average occupancy represents the average occupied units for the reporting period divided by the average of total units available for rent for the reporting period. Company increases fiscal year 2021 same store NOI and CFFO guidance targets. And then, you talked about the macroeconomic environment. Years of Combined Investment Management Experience, Kristen Thomas As of June 30, 2021, there were 16 active deferred payment plans with an aggregate of $11,949 of deferred rent outstanding. As a reminder, the addition of these communities to value add program, will create downward pressure on occupancy as the units are taken offline for approximately 30 days. Core Funds from Operations (CFFO) of $20.2 million for the quarter ended June 30, 2021 compared to $16.4 million for the quarter ended June 30, 2020. I wanted to ask about your same-store revenue guidance, which you revised up at 10.9% at the midpoint, it still seems a little modest given its about 200 basis points below your lease growth rate over the last 12 months. Weve committed to invest an aggregate $29.7 million into this joint venture, of which $14.7 million has already been funded. Funds From Operations (FFO) and Core Funds From Operations (CFFO). As I think back over the past year, there have been numerous developments which have impacted IRT. Please. Corporate Profile Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. So that combined with the strong traffic flows that were seeing, we are very confident we will meet that guidance for occupancy for the year. I mean, I think all of the multifamily operators have only say a small shadow vacancy relative to tenants that werent paying during the pandemic. peer companies that do receive analyst-driven ratings. Neil Malkin - Capital One Securities, Inc. Austin Wurschmidt - KeyBanc Capital Markets Inc. Good morning. But right now, theres no need to be better. Companies withratings are not formally covered by a Morningstar analyst, but are Were always looking at it. Please refer to IRTs press release, supplemental information and filings with the SEC for factors that could affect the accuracy of our expectations or cause our future results to differ materially from those expectations. Controllable property operating expense growth, Real estate tax and insurance expense increase, Corporate Expenses (including stock compensation), Interest expense (including amortization of deferred financing costs). Scott, the attractiveness of sort of the Class A assets and putting the joint venture together, if I recall correctly, was really driven by sort of the value add deals that were trading at or inside Class A assets. Capitals really chasing quality, so the tertiary markets are going to be wider than that. Value investors frequently look for companies that have low price/book ratios. So theres nowhere else for that, anyone is going to see returns like that. We use NOI to evaluate our performance on a same store and non same store basis because NOI measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses. PHILADELPHIA-- ( BUSINESS WIRE )--Independence Realty Trust, Inc. ("IRT") (NYSE: IRT), a multifamily apartment REIT, today reported its second quarter 2021 financial results. The live conference call can be accessed from the investor relations section of the IRT website at investors.irtliving.com or by dialing 1.844.200.6205, access code 994624. Thank you. BSR Real Estate Investment Trust Real Estate Investment Trust Unit, Do Not Sell or Share My Personal Information. Investor Relations Morgan Stanley Schedules Quarterly Investor Conference Call Jul 11, 2023 Stock Information Date NYSE: MS current offset 52-Week: low - high And then just last month, we closed on a joint venture in Austin, Texas, for the development of a new apartment community. And that will have a negative impact on occupancy, its just a fact. These forward-looking statements include, without limitation, our expectations as to the timing and amount of future dividends and anticipated benefits of our capital allocation strategy. IRTs investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. Forward-Looking StatementsThis press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. We attribute this strength to our ability to maintain high occupancy rates 95.5% at the end of quarter 2, while achieving double-digit average rental rate growth of 12%. 6/30/20. On the payroll and staffing fund, we continue to see inflationary increases and expect this to persist during this highly competitive staffing environment. But with 3.6% unemployment, there are definitely enough jobs out there. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. Thats correct. Our current year results are on top of exceptional performance in 2020 and 2021. Reconciliation of Net Income (Loss) to Adjusted EBITDA, Net loss on impairment (gain on sale) of real estate assets, Schedule V Our value-add strategy seeks to provide a safe, clean, and affordable home to our residents, while maximizing returns for our shareholders. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. With that said, we believe todays environment is particularly favorable for the multifamily sector, as increasing home prices and mortgage rates have led to greater demand for affordable apartment rents. Investor Relations | BRT Apartments. These steps further strengthen our balance sheet and position IRT to realize future opportunities. Thanks. 2021 Full Year EPS and CFFO Guidance (1)(2), CORE FFO per share allocated to common shareholders. This guidance, including the underlying assumptions presented in the table below, constitutes forward-looking information. We present net debt because management believes it is a useful measure of our credit position and progress toward reducing leverage. About Independence Realty Trust, Inc.Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Oklahoma City, OK, Raleigh-Durham, NC, Houston, TX , Nashville, TN, and Memphis, TN. Definitions. Thanks, Jim. This price translated into a 5.5% effective economic cap rate. Risks and uncertainties that might cause our future actual results and/or future dividends to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: risks related to the impact of COVID-19 and other potential future outbreaks of infectious diseases on our financial condition, results of operations, cash flows and performance and those of our residents as well as on the economy and real estate and financial markets; changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could limit our ability to lease units or increase rents or that could lead to declines in occupancy and rent levels; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital; inability of tenants to meet their rent and other lease obligations and charge-offs in excess of our allowance for bad debt; legislative restrictions that may delay or limit collections of past due rents; risks endemic to real estate and the real estate industry generally; impairment charges; the effects of natural and other disasters; delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve projected rent increases and occupancy levels on account of the initiatives; unexpected costs of REIT qualification compliance; unexpected changes in our intention or ability to repay certain debt prior to maturity; inability to sell certain assets within the time frames or at the pricing levels expected; costs and disruptions as the result of a cybersecurity incident or other technology disruption; and share price fluctuations. fair value, and uncertainty rating. Investor Alert Options *. IRTs price/book is 1.06. Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX,. While our calculation of FFO is in accordance with NAREITs definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to FFO computations of such other REITs. 1835 Market St. And how do you balance that out with pushing new versus renewal rates at this point in the cycle? All prior periods have been adjusted to conform to the current CFFO definition. Same Store Portfolio Net Operating Income. So we dont see that that impact that youd normally be worried about during a recessionary period to be hitting us on that front. And most of our people, again, our residents are working in America. And weve just been thinking about Q4 revenue growth for lease over lease and were just moderating a lower, which is considering the broader economic world that we live in today, and just being cautious as we think about full year guidance. As we look ahead to the second half of 2023, the economic and commercial real estate environment will continue to be shaped by global central banks fight against inflationary pressures. Compared to Six Months Ended These forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. Operator, wed now like to open the call for questions. The recently completed property contains 234 units, and will be 86% occupied at closing. Reflects adjustment to prior periods to conform to our current definition of CFFO. from a bottom-up perspective to find companies describing their business in a PHILADELPHIA, September 12, 2022 -- ( BUSINESS WIRE )--Independence Realty Trust, Inc. (NYSE: IRT) ("IRT") today announced that Scott Schaeffer, IRT's Chairman and CEO, and Jim Sebra,. IRT has a forward dividend yield of 3.80%. Dollar amounts in thousands. Its often used to measure a companys size. Regarding next year, we are making steady progress to ramp up to 4,000 units. Transfer Agent. And you referenced or someone referenced earlier that theres been the upward pressure on cap rates in your markets. Good question. ir@nexpoint.com. These products and services are usually sold through license agreements or subscriptions. Merger Agreement with Steadfast Apartment REIT. Bad debt is recorded as a reduction to rental and other property revenue in our consolidated statements of operations. The supplemental information is available via our website, www.irtliving.com, through the "Investor Relations" section. Net debt, a non-GAAP financial measure, equals total debt less cash and cash equivalents. The stock buyback would be in the equation as to, is it better to buyback our shares at current level? Click here for more on how to use these ratings. IRTs price/forward earnings is 54.35. We will consider those as well. Now, Id like to turn the call over to Jim. 1-202-739-9401 (fax). These are established companies that reliably pay dividends. Such forward-looking statements involve risks, uncertainties, estimates and assumptions and our actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. In the second quarter of 2021, we continued our capital recycling activity in support of our ongoing initiative to establish and grow our presence in markets where we see long-term growth opportunities and reevaluate those that may not be attractive long-term investments. Mark your calendar for Nareit's REITworld: 2023 Annual Conference, where you can stay up to date on the latest trends in the REIT industry, and connect with important REIT stakeholders. Historical valuations generally do not reflect During the second quarter, core FFO grew to $58.6 million, up from $20.2 million a year ago, and core FFO per share grew 30% to $0.26 per share up from $0.20 per share in Q2 2021. So for us, the first kind of question is just traffic flow into the value add communities, when evaluating continue to move forward or not. And if thats something that could ultimately be better than feared if youre able to successfully appeal any of the sizable increases youve received thus far? Thank you, Lauren, and thank you all for joining us today. Earnings per diluted share of $0.03 for the quarter ended June 30, 2021 compared to $0.01 for the quarter ended June 30, 2020. Edelman Financial Communications & Capital Markets 1-800-3-NAREIT After submitting your request, you will receive an activation email to the requested email address. Our remaining guidance on G&A, property management expenses, interest expense, transaction volume and capital expenditures are largely unchanged from our prior guidance. So, I think, theres very little need to raise capital either by borrowing or even equity to fund all the business activities in a recurring and routine basis. Combined these two communities held for sale whatever blended cap rate of 4.7%. Below is Validea's guru fundamental report for INDEPENDENCE REALTY TRUST INC (IRT). So whats the trade off that youre seeing there? IRTs historical performance Provide specific products and services to you, such as portfolio management or data aggregation. Thanks. But when we decided to sell the Louisville property Meadows, thats like 150 out of the value add program, and its $12,000 give or take a unit, its just that 100 or 200 units is somewhat on the margin. Second question is on cap rates in your markets, weve heard of at least one transaction occurring exhibiting cap rate compression. Find the latest Independence Realty Trust, Inc. (IRT) stock quote, history, news and other vital information to help you with your stock trading and investing. 59 Maiden Lane. More information may be found on the Companys website www.irtliving.com. Yeah, good morning, everyone. At quarter end, our net debt-to-EBITDA was 7.4 times down from 8.5 times a year ago, and we continue to target low-7s by the end of this year and mid-6s by year end 2023. Good morning, everyone. Our value add program now includes 13 communities with ongoing renovations and we expect to add another 8 communities over the remainder of this year. Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh and Tampa. Interest coverage is a ratio computed by dividing Adjusted EBITDA by interest expense.

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