Financial Performance - EPS for 2024 was $0.17, with CFFO of $0.32 for Q4 and $1.16 for the full year[12] - Net income available to common shares for 2024 was $39.3 million compared to a net loss of $17.2 million in 2023[17] - CFFO for the year ended December 31, 2024, was $266.9 million, compared to $263.9 million in 2023[17] - For the three months ended December 31, 2024, the net loss available to common shares was $(1,001) thousand, compared to a net income of $12,365 thousand in the previous quarter[55] - Total revenue for Q4 2024 was $160,963, a decrease of 3.3% compared to $167,046 in Q4 2023[62] - Net loss for Q4 2024 was $(1,100), compared to a net loss of $(41,654) in Q4 2023, showing significant improvement[62] - Net loss for 2024 was $1,100,000, a significant improvement from a loss of $41,654,000 in 2023, indicating a positive trend in financial performance[64] Revenue and NOI Growth - Same-store portfolio NOI increased by 5.3% in Q4 and 3.2% for the full year 2024[12] - The company expects 2025 same-store NOI growth of 0.8% to 3.3%[17] - Total rental and other property revenue for Q4 2024 was $160,617,000, a slight decrease from $166,730,000 in Q4 2023, indicating market challenges[65] - The company reported a 3.0% increase in total rental and other property revenue for the year ended December 31, 2024, reaching $602,584,000 compared to $585,277,000 in 2023[68] - Total revenue for the same-store portfolio increased by 2.3% to $151,326,000 in 2024 compared to $147,880,000 in 2023[70] - The total net operating income (NOI) for the same-store portfolio increased by 3.0% to $602,584,000 in 2024 from $585,277,000 in 2023[71] Property Management and Operations - Average rental rate increased by 0.8% to $1,570 in Q4 2024, with a 1.3% increase to $1,563 for the full year[18] - Average occupancy rate improved to 95.5% in Q4 2024 from 94.5% in Q4 2023, suggesting effective management of properties[68] - Same-store portfolio NOI margin increased to 66.3% in Q4 2024 from 64.5% in Q4 2023, reflecting improved cost management[68] - Total property operating expenses for the same-store portfolio decreased by 3.0% to $50,928,000 in Q4 2024 compared to $52,517,000 in Q4 2023, enhancing profitability[68] Acquisitions and Renovations - Completed 1,671 renovations in the value add program with an average ROI of 15.7%[12] - The company acquired a 300-unit multifamily apartment property in Charlotte, North Carolina for $73.5 million, increasing its footprint from 714 units to 1,014 units[29] - The company acquired a 320-unit multifamily apartment property in Orlando, Florida for $84.3 million, expanding its footprint from 297 units to 617 units[29] - Total properties renovated as of December 31, 2024, reached 26, with a weighted average rent premium of 19.9% and total renovation costs of $17,487 per unit[75] - The company completed 15 value-add projects, achieving a weighted average ROI of 20.5% and total costs of $12,098 per unit[76] Debt and Financial Flexibility - Unsecured credit facility increased from $500 million to $750 million, enhancing balance sheet strength[12] - The company received a 'BBB' issuer credit rating and stable outlook from S&P Global Ratings on October 30, 2024[32] - The company expanded its unsecured credit facility from $500 million to $750 million, extending the maturity date to January 2029, enhancing financial flexibility[33] - Total consolidated debt as of December 31, 2024, is $2,333,683,000 with a weighted average contractual rate of 4.6%[90] - The consolidated leverage ratio stands at 30.5%, well below the requirement of 60%[99] Future Guidance and Strategic Plans - The company provided 2025 guidance for diluted earnings per share (EPS) ranging from $0.19 to $0.22 and FFO per share ranging from $1.19 to $1.22[38] - The company expects property revenue growth of 2.1% to 3.1% and NOI growth of 0.8% to 3.3% for 2025[42] - The company plans to acquire properties with a total volume of $280 million to $320 million in 2025, including a property in Indianapolis for approximately $60 million[43] - New product developments and market expansions are being prioritized to enhance revenue streams and operational efficiency[71] - Future projects scheduled to start in Q1 2025 include locations in Atlanta, GA, Dallas, TX, Denver, CO, and Raleigh-Durham, NC[77]

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 ...

Financial Data and Key Metrics Changes - Net income available to common shareholders was $10.4 million, slightly down from $10.7 million in Q2 2023 [18] - Core FFO was $63.6 million and $0.28 per share, consistent with the previous year [18] - Same-store NOI growth in Q2 was 2.8%, driven by a revenue growth of 3.6% [18] - Average monthly rental rates increased by 1.6% to $1,555 per month [18] - Bad debt improved to 1.6% of revenue, down 40 basis points from 2% in Q2 2023 [19] - Same-store operating expenses increased by 4.9%, primarily due to higher advertising and personnel expenses [19] Business Line Data and Key Metrics Changes - Average occupancy rate increased by 120 basis points year-over-year to 95.4% [13] - Resident retention rate improved by 160 basis points to 55.8% [13] - Lease-over-lease effective rent growth for renewals was 3.5% [15] - New lease spreads were negative in Q2 due to supply pressure, but expected to improve in the second half of 2024 [15] Market Data and Key Metrics Changes - The Midwest market continues to have limited supply, while Sunbelt markets like Austin and Charlotte are experiencing new supply [7] - Apartment absorption is outpacing historical levels, with expectations for improved conditions in the second half of 2024 [6] - CoStar reports that for every 1 unit of new supply, population growth is expected to be 6.7 people in 2025 [8] Company Strategy and Development Direction - The company focuses on maintaining high occupancy and retention levels while optimizing rental rate growth [11] - Continued investment in existing communities through a value-add renovation program, with 378 units renovated in Q2 [9] - Capital recycling strategy includes selling properties in Birmingham to acquire a property in Tampa [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market headwinds and achieving updated full-year guidance [11] - The second half of 2024 is expected to see easing supply pressure, positioning the company well for growth [8] - The company anticipates a decline in overall growth for insurance and real estate taxes, improving guidance for 2024 [20] Other Important Information - Liquidity position as of June 30 was $418 million, an increase of approximately $129 million from year-end 2023 [21] - The company expects to complete renovations on approximately 1,300 additional units in the second half of 2024 [9] - Full-year same-store revenue growth is now expected to be 3% to 3.3% [23] Q&A Session Summary Question: How is the company thinking about blended rate growth and occupancy strategy for the back half of the year? - Management noted significant improvement in August and September trends, with 54% of expected new leases signed at a -1.7% rate, a 160 basis points improvement over July [28] Question: Can you discuss the concessions being offered in competitive markets? - Concessions in markets like Atlanta and Nashville range from 3 weeks to 2 months, with a slight increase noted in July due to seasonality [29] Question: What gives confidence in hitting guidance for September? - Management believes that as new supply pressure wanes, they can push rates more effectively [31] Question: Can you elaborate on the modifications to the JV agreements for properties under development? - Modifications were made to allow a right of first refusal instead of a right of first offer for two properties in Nashville, enabling a last look at market value [32] Question: What is the outlook for revenue growth in 2025 based on current trends? - Management indicated an implication of 90 basis points earning for next year based on current trends [35] Question: What improvements are being seen in the Atlanta market? - Improvement in new lease rates and renewals was noted, with new lease rates increasing by 400 to 500 basis points over July [36]

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. ...