Independence Stock Price, News & Analysis

Independence Realty Trust (IRT) has released its first quarter 2023 financial results, reporting a net income available to common shares of $8.6 million, a significant decrease from $74.6 million in Q1 2022. Earnings per diluted share fell to $0.04 from $0.34. However, same-store portfolio net operating income (NOI) grew by 8.2% year-over-year, driven by an increase in rental revenue of 7.5%. Core Funds from Operations (CFFO) rose to $62.5 million with a CFFO per share of $0.27, up from $0.25 in the same quarter last year. The company completed renovations on 635 units with an average return on investment of 17.8%. IRT has maintained its EPS guidance for 2023, projecting a range of $0.23 to $0.27.

Independence Realty Trust, Inc. (NYSE: IRT) will release its first quarter 2023 financial results on April 26, 2023, after market close. A conference call is scheduled for April 27, 2023, at 9:00 a.m. Eastern Time. Investors can access the call via the IRT investor relations website or by dialing 1.833.470.1428 with access code 034663. A replay will be available until May 4, 2023. IRT operates multifamily communities in non-gateway U.S. markets like Atlanta, Dallas, and Denver, focusing on strategic locations near employment centers to provide attractive returns to shareholders.

Independence Realty Trust (IRT) announced the departure of President Farrell Ender, effective May 1, 2023, as he pursues other opportunities. Chairman and CEO Scott Schaeffer acknowledged Ender's contributions to IRT's growth as a leading public multifamily REIT. Following this transition, IRT will realign asset management, revenue management, and marketing initiatives under Operations, led by Mike Daley and Janice Richards, with Schaeffer additionally assuming the role of President. The board declared a quarterly dividend of $0.14 per share, payable on April 21, 2023, reinforcing the company's commitment to shareholders.

Independence Realty Trust, Inc. (NYSE: IRT) announced participation in Citi’s 2023 Global Property CEO Conference in Hollywood, FL, with Scott Schaeffer and Jim Sebra presenting on March 6, 2023, at 11:15 AM ET. An updated Investor Presentation is available on the IRT website. The live webcast of the conference can be accessed via a link provided in the announcement and will later be available for replay. IRT focuses on owning and operating multifamily communities in non-gateway U.S. markets, aiming for attractive risk-adjusted returns through diligent management and capital appreciation.

Independence Realty Trust, Inc. (IRT) announced its fourth quarter and full year 2022 results, reporting a net income of $33.6 million for Q4 and $117.2 million for the full year, up from $28.6 million and $44.6 million respectively in 2021. Q4 earnings per diluted share were $0.15, while the full year EPS was $0.53. Same-store portfolio NOI growth was 13.0% for Q4 and 13.7% for the year. For 2023, IRT provided guidance with anticipated earnings per diluted share between $0.23 and $0.27 and CFFO per share of $1.14. The company continues a value add renovation strategy, achieving a 24.1% ROI on 1,451 renovated units in 2022.

Independence Realty Trust, Inc. (IRT) provided tax reporting information for its 2022 dividend distributions on common stock. The dividends include a total payment of $0.12000 per share on April 22, 2022, $0.14000 per share on July 22, 2022, $0.14000 per share on October 21, 2022, and $0.14000 per share on January 20, 2023. Shareholders are encouraged to consult tax advisors regarding income tax implications of these dividends. IRT operates multifamily communities in several U.S. markets, focusing on high-quality, amenity-rich areas. For more details, visit IRT's website.