Property Portfolio and Acquisitions - As of September 30, 2024, the company owned and operated 110 multifamily apartment properties with a total of 32,670 units[108]. - The company sold a multifamily apartment community in Birmingham, Alabama for a gross sales price of $70.8 million on July 17, 2024[114]. - On August 13, 2024, the company acquired Gateway at Pinellas in Tampa, Florida, a 288-unit multifamily apartment community for $82.0 million[115]. - The company is under contract to acquire three properties in Charlotte, Orlando, and Columbus for an aggregate purchase price of approximately $184 million[116]. - The Portfolio Optimization and Deleveraging Strategy resulted in the sale of ten properties for an aggregate gross sales price of $525.3 million, with proceeds used to repay $517.1 million of debt[118]. Financial Performance - For the three months ended September 30, 2024, rental and other property revenue decreased by $8.5 million to $159.9 million compared to the same period in 2023[138]. - The company reported a net income of $12.6 million for the three months ended September 30, 2024, compared to $3.9 million in the same period of the previous year[136]. - Net income available to common shares increased to $40.3 million for the nine months ended September 30, 2024, compared to $23.3 million in the prior year[156]. - Funds from Operations (FFO) for the nine months ended September 30, 2024, was $195,842,000, compared to $198,485,000 for the same period in 2023, reflecting a decrease of 0.8%[161]. - Cash Flow from Operations (CFFO) for the three months ended September 30, 2024, was $66,802,000, down from $69,003,000 in the same period of 2023, a decrease of 3.5%[165]. Revenue and Occupancy Trends - The average effective monthly rent per unit across the portfolio was $1,572[112]. - The average effective monthly rent per unit increased by 1.2% to $1,566, while average occupancy rose by 0.9% to 95.4%[135]. - Average effective monthly rent per unit increased by 1.4% to $1,557 for the nine months ended September 30, 2024, while average occupancy improved by 1.1% to 95.1%[146]. - Average occupancy for the reporting period showed a stable trend, indicating consistent demand for rental units[167]. Expenses and Cost Management - Property operating expenses decreased by $2.8 million to $60.5 million for Q3 2024 compared to $63.3 million in Q3 2023, primarily due to the sale of ten properties[139]. - General and administrative expenses increased by $1.1 million to $4.8 million for Q3 2024 from $3.7 million in Q3 2023, mainly due to prior year reversals of stock compensation and bonus expenses[140]. - Interest expense decreased by $3.7 million to $18.3 million for Q3 2024 from $22.0 million in Q3 2023, driven by reduced debt from property sales[142]. - Total property operating expenses for Q3 2024 were $58.815 million, a 2.8% increase from $57.186 million in Q3 2023[169]. Renovations and Value Add Program - The company completed renovations on 578 units during the three months ended September 30, 2024, as part of its value add program[122]. - As of September 30, 2024, the company completed renovations on 9,047 out of 13,281 units in its value add program, achieving a return on investment of 16.9%[123]. Financing Activities - The company completed a public offering of 11.5 million shares at a price of $18.96 per share, which could provide additional proceeds of $216.8 million if settled[124]. - A private placement of $150 million in unsecured notes was executed, with proceeds expected to repay approximately $132 million of maturing property mortgages[126]. - The company entered into forward sale transactions under its ATM program for 1.5 million shares, which could yield additional proceeds of $29.1 million upon settlement[130]. Ratings and Outlook - The company received an investment grade rating of 'BBB' from Fitch Ratings and S&P Global Ratings, indicating a stable outlook[131][132]. Casualty Losses - Casualty losses amounted to $4.0 million for the nine months ended September 30, 2024, due to winter storm damage and fire incidents[152]. - Casualty losses surged by 3,468.6% for the three months ended September 30, 2024, amounting to $1,249,000 compared to $35,000 in the same period of 2023[165].

Independence Realty Trust (IRT) came out with quarterly funds from operations (FFO) of $0.29 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.30 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.28 per share when it actually produced FFO of $0.28, delivering no surprise. Over the last four quarters, the company has not been able to surpass consensus FFO estimates ...

Independence Realty Trust (IRT) has been beaten down lately with too much selling pressure. While the stock has lost 5.5% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier. Here is How to Spot Oversold Stocks We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum osc ...

Independence Realty Trust (IRT) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Since a c ...

Independence Realty Trust (IRT) came out with quarterly funds from operations (FFO) of $0.28 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.28 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.28 per share when it actually produced FFO of $0.27, delivering a surprise of -3.57%. Over the last four quarters, the company has surpassed consensus FFO estimates just ...

Financial Performance - Net income available to common shares for Q2 2024 was $10.4 million, slightly down from $10.7 million in Q2 2023[23] - Core Funds from Operations (CFFO) for Q2 2024 was $63.6 million, compared to $63.7 million in Q2 2023, with CFFO per share remaining at $0.28[23] - Adjusted EBITDA for Q2 2024 was $83.6 million, down from $89.2 million in Q2 2023[23] - Net income available to common shares for the three months ended June 30, 2024, was $10,354,000, a decrease from $17,577,000 for the previous quarter[53] - Earnings per share (diluted) for the same period was $0.05, down from $0.08 in the prior quarter[53] - Total revenue for the quarter ended June 30, 2024, was $158,402 million, a decrease of 1% from $160,534 million in the previous quarter[57] - Net income available to common shares for the quarter was $10,354 million, down from $17,577 million in the prior quarter, reflecting a decline of 41%[57] - Funds From Operations (FFO) increased to $65,246 million from $62,340 million in the previous quarter, representing a growth of 3%[57] - Core Funds From Operations (CFFO) for the quarter was $63,614 million, compared to $61,454 million in the prior quarter, indicating a rise of 4%[57] - Total expenses for the quarter were $129,385 million, a slight decrease from $131,873 million in the previous quarter[57] Revenue and Occupancy - Same-store portfolio net operating income (NOI) grew by 2.8% in Q2 2024 compared to Q2 2023[23] - Average occupancy increased by 120 basis points year-over-year to 95.4% in Q2 2024[25] - Same-store portfolio rental and other property revenue for Q2 2024 was $153,969, a 3.6% increase from $148,645 in Q2 2023[67] - Average occupancy rate improved to 95.4% in Q2 2024, up from 94.2% in Q2 2023[67] - Average effective monthly rent per unit increased to $1,555 in Q2 2024, a 1.6% rise from $1,531 in Q2 2023[67] - Total rental and other revenue for 2024 reached $153.969 billion, up 3.6% from $148.645 billion in 2023[69] - Average occupancy rate improved to 95.4% in 2024, compared to 94.2% in 2023, reflecting a 1.2% increase[69] - Average effective rent per unit rose by 1.6% to $1,553 in 2024, up from $1,529 in 2023[71] Guidance and Projections - The company raised the midpoint of its full-year 2024 same-store NOI, EPS, and Core FFO guidance ranges due to stable occupancy and lower operating expenses[25] - 2024 earnings per diluted share guidance is projected to be in the range of $0.36 to $0.38, with a midpoint increase of $0.01[35][36] - FFO per share guidance is updated to a range of $1.18 to $1.20, reflecting a midpoint increase of $0.01[36] - CFFO per share guidance is now projected to be between $1.14 and $1.16, with a midpoint increase of $0.01[36] - Same-store property revenue growth is revised down to 3.0% to 3.3%, a decrease of 0.6% from previous guidance[40] - Total operating expense growth is now expected to be between 2.6% and 3.4%, a reduction of 2.9% from prior estimates[40] - Acquisition volume guidance has increased significantly to $80 million to $82 million, up from $0 to $40 million[41] - Disposition volume is projected at $395 million, slightly up from the previous range of $392 million to $396 million[41] Capital Expenditures and Investments - Recurring capital expenditures for Q2 2024 were $8.3 million, or $254 per unit, while total value add and non-recurring expenditures were $24.8 million[33] - The value add program completed renovations on 378 units in Q2 2024, achieving a weighted average return on investment of 15.7%[30] - Average monthly rent increase per unit after renovations was $236, with an average cost per unit renovated of $18,067[30] - The company has ongoing renovations across 27 properties, with a total of 8,881 units to be renovated and 4,289 units completed, achieving an average rent premium of 263%[75] - The total return on investment (ROI) for interior costs across all ongoing projects is 18.4%, while the total ROI is 16.5%[75] Debt and Financial Ratios - Total debt decreased to $2,252,559,000 from $2,277,098,000 in the prior quarter[53] - The company reported a total consolidated debt of $2,252,559, with a weighted average contractual rate of 4.8%[82] - The company maintained a consolidated leverage ratio of 31.5%, well below the required maximum of 60%[85] - Total net debt as of June 30, 2024, is $2,194,272, a decrease from $2,216,019 as of March 31, 2024[95] - Interest expense for the three months ended June 30, 2024, was $17,460, down from $22,227 in the same period of 2023, indicating a reduction of 21.5%[62] Market Performance - The company operates 108 properties with a total of 32,153 units, maintaining the same portfolio size[40] - The company reported a total of 110 properties with 32,685 units and gross real estate assets of $6,207,189, resulting in a net operating income (NOI) of $96,591, which accounts for 100% of NOI[73] - The Atlanta, GA market has the highest NOI contribution at $14,632, representing 15.1% of total NOI, with an average rent of $1,609[73] - The Dallas, TX market follows closely with an NOI of $13,213, accounting for 13.7% of total NOI, and an average rent of $1,815[73] - The company is focusing on market expansion and value-add projects to enhance property performance and increase rental income[75]

Marilyn Nieves Introduction Independence Realty Trust (NYSE:IRT) is one of the few REITs to deliver a positive return in 2024, easily outperforming the Vanguard Real Estate Index Fund ETF (VNQ): IRT vs VNQ (Seeking Alpha) Looking at the progress the company achieved in Q1 2024, I am confident this outperformance will continue, owing to an attractive market cap rate of 6.8%, a low single-digit rent growth, and improving occupancy. Company Overview You can access all company results here. Independence R ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-36041 ______________________________________________________ INDEPENDENCE REALTY TRUST, INC. ...

| Forward-Looking Statements | 4 | | --- | --- | | Earnings Release Text | 5 | | Financial & Operating Highlights | 12 | | Balance Sheets | 13 | | Statements of Operations, FFO & CFFO | | | Trailing Five Quarters | 14 | | Three Months Ended March 31, 2024 and 2023 | 15 | | Adjusted EBITDA Reconciliations and Coverage Ratio | | | Trailing Five Quarters | 16 | | Three Months Ended March 31, 2024 and 2023 | 16 | | Same-Store Portfolio Net Operating Income and NOI Bridge | | | Trailing Five Quarters | 17 | | Th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _________ to _________ Commission file number 001-36041 INDEPENDENCE REALTY TRUST, INC. (Exact name of registrant as specified in its charter) Ma ...