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IRT(IRT) - 2020 Q2 - Earnings Call Transcript
2020-07-30 18:53
Financial Data and Key Metrics Changes - In Q2 2020, net income available to common shareholders was $789,000, a significant decrease from $14.7 million in Q2 2019, which included a $12.1 million net gain on asset sales [31] - Core FFO grew to $18 million, up 6.8% from $16.9 million in Q2 2019, with Core FFO per share remaining at $0.19 [32] - Average monthly rent increased by 4% year-over-year to $1,091, with same-store rental rates growing by 2.8% [32] Business Line Data and Key Metrics Changes - The value-add program completed renovations on 227 units in Q2, with strong rent premiums observed [27] - Same-store property operating results showed a 1.2% growth in NOI, driven by a 1.7% revenue increase [32] - New lease rates increased by 1.4% and renewals were up 2.4%, resulting in a combined lease over lease rental rate increase of 1.9% [21] Market Data and Key Metrics Changes - Total portfolio occupancy improved to 94.1%, a 160-basis-point increase since the end of the previous year [14] - Approximately 97.2% of July rents were collected, consistent with June collections [14] - Average occupancy across the same-store portfolio was 94.3% in Q2, increasing to 94.8% as of the current date [20] Company Strategy and Development Direction - The company aims to be the leading middle market multifamily owner and operator across non-gateway markets, with a focus on long-term value creation [16] - The value-add initiative is foundational to the company's strategy, with plans to renovate 500 units in the second half of 2020 [29] - The company is prioritizing resident retention and occupancy while driving rent growth where appropriate [43] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery from the COVID-19 pandemic, noting the importance of flexibility in operations [8] - The company is prepared to manage through uncertainty and is focused on maintaining liquidity, with a total liquidity position of approximately $248 million [15] - Management acknowledged the fluidity of the situation and the potential for changes in state and local plans [14] Other Important Information - The company recorded a provision for bad debt of $723,000 due to the pandemic, representing 1.4% of total second-quarter revenue [33] - The Board of Directors declared a quarterly cash dividend of 12 cents per share, equating to a 71% payout ratio on 17 cents of AFFO for Q2 [41] - The company has no significant debt maturities until 2023, with a normalized net debt to adjusted EBITDA ratio of 9.2 times at the end of the quarter [40] Q&A Session Summary Question: On the value-add renovations, can you provide insights on occupancy and renewal rates? - Management indicated that they are monitoring occupancy closely and are pushing renewal rates opportunistically in properties with good occupancy [49][50] Question: What is the current strategy for using the unsettled forward equity? - Management stated it is too early to determine the exact use of proceeds, focusing on generating the best return for the company while considering deleveraging [54][55] Question: Which markets are currently favorable for rent growth? - Management highlighted Huntsville and Atlanta as markets with potential for rent growth, emphasizing property focus over market focus [56][57] Question: Can you discuss the dynamics at the properties that have restarted renovations versus those that have not? - Management explained that the decision to pause renovations was based on supply issues and uncertainty in the market, with plans to restart when demand is clearer [60][62] Question: Are there notable impacts from COVID-19 on traffic and rent deferral requests? - Management noted that they have not seen significant impacts on staff or residents, and they expect to have a clearer picture of rent deferral requests in early August [64][66] Question: Is there potential for opportunities in the value-add market? - Management agreed that there may be opportunities in the value-add market as conditions evolve, with expectations for more favorable pricing in the second half of the year [68]
IRT(IRT) - 2020 Q1 - Earnings Call Transcript
2020-05-07 22:22
Independence Realty Trust, Inc. (NYSE:IRT) Q1 2020 Earnings Conference Call May 7, 2020 9:00 AM ET Company Participants Anna Pienkos - IR Scott Schaeffer - Chairman & CEO Farrell Ender - President James Sebra - CFO & Treasurer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Michael Griffin - Citigroup John Guinee - Stifel, Nicolaus & Company Neil Malkin - Capital One Securities Operator Good afternoon ladies and gentlemen, and welcome to the Q1 2020, Independence Reality Trust, Inc. ...
IRT(IRT) - 2020 Q1 - Quarterly Report
2020-05-07 20:17
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission file number 001-36041 INDEPENDENCE REALTY TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) 1835 Market Street, Suite 2601 Philadelphia, PA 19103 (Address of Principal Executive Offices) (Zip Code) Maryland 26-4567130 (I.R.S. Employer Identification No.) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCH ...
IRT(IRT) - 2020 Q1 - Earnings Call Presentation
2020-05-07 18:14
Financial Performance - Net loss allocable to common shares was $04 million, compared to a net income of $25 million in the same quarter of the previous year[7] - Core Funds From Operations (CFFO) increased to $176 million from $160 million in Q1 2019, with CFFO per share rising to $019 from $018[8] - Adjusted EBITDA was $241 million, slightly lower than the $247 million reported in the first quarter of 2019[8] Portfolio Operations - Same-store Net Operating Income (NOI) grew by 70% compared to the same period in 2019[7] - The portfolio average occupancy experienced a slight decrease of 10 basis points, settling at 927%[12] - The portfolio average rental rate increased by 49% to $1,089[12] Capital Activities and Liquidity - The company acquired a 251-unit community in Dallas, TX for $512 million[23] - As of March 31, 2020, IRT had approximately $258 million in total liquidity[11] Dividend and Outlook - IRT expects to reduce its quarterly common stock dividend from $018 per share to $012 per share starting in the second quarter of 2020[17]
IRT(IRT) - 2019 Q4 - Annual Report
2020-02-18 21:33
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ 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) Maryland 26-4567130 (State or other ju ...
IRT(IRT) - 2019 Q4 - Earnings Call Transcript
2020-02-13 18:31
Independence Realty Trust, Inc. (NYSE:IRT) Q4 2019 Results Conference Call February 13, 2020 9:00 AM ET Company Participants Scott Schaeffer - CEO Jim Sebra - CFO Farrell Ender - President Conference Call Participants Drew Babin - Baird Austin Wurschmidt - KeyBanc Capital John Guinee - Stifel Michael Griffin - Citi Neil Malkin - Capital One Securities John Massocca - Ladenburg Thalmann Operator Good morning ladies and gentlemen, and welcome to the quarter four and fiscal year 2019, Independence Reality Trus ...
IRT(IRT) - 2019 Q3 - Quarterly Report
2019-10-31 14:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 ☐ 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. Washington, D.C. 20549 FORM 10-Q (Mark One) Indicate by check mark whether the registrant: (1) has filed all reports required to be f ...
IRT(IRT) - 2019 Q2 - Quarterly Report
2019-08-01 20:18
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 ☐ 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) (State or Other Jurisdiction of Incorpo ...
IRT(IRT) - 2019 Q1 - Quarterly Report
2019-05-03 18:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ☐ 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) Maryland 26-4567130 (State or Other ...
IRT(IRT) - 2018 Q4 - Annual Report
2019-02-22 22:10
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or ☐ 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) Maryland 26-4567130 (State or other ju ...