IRT(US:IRT)2020-10-29 16:01Financial Data and Key Metrics Changes - The company reported a net income available to common shareholders of $1.1 million, down from $4.9 million in Q3 2019, impacted by a $1.8 million asset impairment [30] - Core FFO grew to $19.4 million, up 14.3% from $17 million in Q3 2019, with core FFO per share at $0.20, a 5.2% increase from $0.19 per share in Q3 2019 [31] - Total portfolio average occupancy increased by 60 basis points year-over-year to 94.1%, with current occupancy at 95%, a 250 basis point improvement compared to the end of October last year [11][12] Business Line Data and Key Metrics Changes - Same-store NOI grew 1.5% year-over-year, driven by a revenue growth of 3% [11][32] - New lease rates increased by 1.8% and renewals were up 0.5%, resulting in a combined lease-over-lease rental rate increase of 1.1% [18] - Average monthly rent increased to $1,106, up 2.2% from Q3 2019 [32] Market Data and Key Metrics Changes - The company is focusing on reallocating capital into markets with strong demographics that offer healthy rent growth, exiting less viable markets [13] - The acquisition of a 421-unit property in Huntsville, Alabama for $95 million is expected to expand the company's footprint significantly [24] Company Strategy and Development Direction - The company is committed to resident retention and maintaining high occupancy levels while navigating the challenges posed by the pandemic [15] - A capital recycling program is in place to exit markets with smaller presences and invest in markets with better long-term fundamentals [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage near-term volatility while planning for long-term success [15] - The company is monitoring the impact of the pandemic on collections, having collected 98.9% of billings in Q3 [33] Other Important Information - The company declared a quarterly cash dividend of $0.12 per share, equating to a 63% payout ratio on $0.19 of AFFO for Q3 [45] - The company has suspended guidance until there is sufficient clarity on economic conditions [46] Q&A Session Summary - No questions were raised during the Q&A session [50]