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 ...

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 September 30, 2023 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, I ...

Real Estate Portfolio - As of June 30, 2023, the company owned and operated 119 multifamily apartment properties with a total of 35,249 units[107] - The total gross real estate assets amounted to $6.68 billion, with an average occupancy rate of 94.6% across the portfolio[111] - The company has interests in five unconsolidated joint ventures, with one project completed during the quarter, adding 199 units[116] - The number of properties remained stable at 115, while the number of units decreased by 345 to 35,249[1] Financial Performance - Rental and other property revenue increased by $9.0 million to $163.6 million for the three months ended June 30, 2023, compared to $154.6 million for the same period in 2022, primarily due to an 8.0% increase in average effective monthly rents[125] - Net Operating Income increased by $5.8 million to $98.1 million for the three months ended June 30, 2023, compared to $92.3 million for the same period in 2022, reflecting a 6.3% increase[1] - The company recognized a net income of $19.9 million for the six months ended June 30, 2023, a decrease of $49.6 million compared to $69.5 million for the same period in 2022[1] - Net income for Q2 2023 was $10,988,000, compared to a net loss of $7,399,000 in Q2 2022, representing a significant turnaround[150] - Funds From Operations (FFO) for Q2 2023 was $65,264,000, slightly down from $65,414,000 in Q2 2022, while Core Funds From Operations (CFFO) increased to $63,682,000 from $58,589,000[150] Revenue and Expenses - Property operating expenses rose by $3.1 million to $62.1 million for the three months ended June 30, 2023, driven by increases in contract landscaping services, insurance, utilities, advertising, and repairs and maintenance[126] - General and administrative expenses decreased by $1.1 million to $5.9 million for the three months ended June 30, 2023, primarily due to reduced personnel expenses and corporate performance-based incentives[128] - Depreciation and amortization expense decreased by $18.8 million to $54.0 million for the three months ended June 30, 2023, as a result of lower intangible asset amortization expenses[129] - Interest expense increased by $1.2 million to $22.2 million for the three months ended June 30, 2023, primarily due to higher interest rates impacting variable rate loans[131] Cash Flow and Liquidity - Cash flow from operating activities for the six months ended June 30, 2023, was $127.2 million, an increase of 14% from $111.6 million in 2022[162] - The company maintained cash and cash equivalents, and restricted cash of approximately $42.5 million as of June 30, 2023, compared to $42.4 million in 2022[162] - The company plans to utilize cash and cash equivalents of $14.3 million as of June 30, 2023, to meet liquidity requirements[160] Market and Economic Conditions - Average effective monthly rent per unit across the portfolio was $1,538, with the highest in Dallas, TX at $1,791[111] - Average effective monthly rent per unit rose to $1,531 in Q2 2023, an 8.0% increase from $1,417 in Q2 2022[157] - Average occupancy decreased to 94.2% for the three months ended June 30, 2023, down from 95.5% in the same period of 2022[1] - Casualty losses amounted to $0.7 million during the three months ended June 30, 2023, compared to net gains of $5.6 million in the same period of 2022[130] Strategic Initiatives - The company aims to maximize stockholder value through diligent portfolio management and strategic acquisitions[108] - The capital recycling program resulted in the sale of one multifamily apartment community for a gross sales price of $37.3 million, recognizing a gain of $1.0 million[113] - The company plans to implement a new ATM program under its shelf registration statement, subject to market conditions[120] Restructuring and Costs - The company incurred approximately $3.2 million in restructuring costs related to the reorganization of certain departments during the six months ended June 30, 2023[145] - Merger and integration costs were reported at $0 for Q2 2023, down from $1,307,000 in Q2 2022, indicating a reduction in restructuring expenses[155] Investment and Development - Investments in real estate under development totaled $121.7 million as of June 30, 2023, an increase from $105.5 million at the end of 2022[117] - The company recognized $1.2 million in losses from investments in unconsolidated real estate entities during the three months ended June 30, 2023[132] - The company reported a loss of $2.0 million from investments in unconsolidated real estate entities during the six months ended June 30, 2023[144]

Independence Realty Trust, Inc. (NYSE:IRT) Q2 2023 Earnings Conference Call July 27, 2023 9:00 AM ET Company Participants Lauren Torres - IR Scott Schaeffer - President, CEO & Chairman Mike Daley - EVP, Operations & People James Sebra - CFO & Treasurer Conference Call Participants Eric Wolfe - Citi Bradley Heffern - RBC Capital Markets Austin Wurschmidt - KeyBanc Capital Markets John Kim - BMO Capital Markets Anthony Powell - Barclays Bank Operator Thank you for standing by. My name is Briana, and I will be ...

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, 2023 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. ...