Independence Stock Price, News & Analysis

Independence Realty Trust, Inc. (IRT) has authorized a $250 million stock repurchase program, reflecting confidence in its financial position. Additionally, a 17% increase in quarterly dividends to $0.14 per share was announced, payable on July 22, 2022. This strong capital allocation strategy aims to enhance shareholder value while balancing growth initiatives and leverage optimization. The repurchase program has no set timeframe and may be adjusted based on market conditions.

Independence Realty Trust, Inc. (IRT) reported first-quarter 2022 results, showing a significant net income of $74.6 million and earnings per diluted share of $0.34, compared to just $1.1 million and $0.01 respectively in Q1 2021. The same-store net operating income (NOI) experienced a robust growth of 16.2%. The company raised its full-year EPS guidance to $0.50-$0.52, reflecting an optimistic outlook. Notably, IRT achieved annual synergies of $31 million from its merger. Additionally, IRT completed renovations on 143 units with a 32% ROI, showcasing an efficient value-add program.

Independence Realty Trust, Inc. (NYSE: IRT) will release its first quarter 2022 financial results on May 3, 2022, post-market. A conference call is scheduled for May 4, 2022, at 9:00 a.m. Eastern Time. Investors can access the call via the investor relations section of IRT's website or by dialing 1.844.200.6205 with access code 594917. A replay will be available for playback until May 11, 2022.

Independence Realty Trust, Inc. (IRT) declared a quarterly dividend of $0.12 per share, payable on April 22, 2022, to stockholders of record by April 1, 2022. Following its merger with STAR, IRT positions itself to invest excess cash flow into value-add renovations and development projects, enhancing returns for shareholders. The board emphasizes a commitment to maximize shareholder value through an effective capital allocation strategy.

Independence Realty Trust, Inc. (NYSE: IRT) announced participation by its executives in Citi’s 2022 Global Property CEO Conference in Hollywood, FL, scheduled for March 8, 2022, at 9:45 AM ET. The company has updated its Investor Presentation, which is available on the IRT website. The live webcast of the presentation can be accessed through a provided link. IRT operates multifamily apartment properties in 119 U.S. markets, focusing on amenity-rich submarkets to deliver attractive returns to shareholders.

Independence Realty Trust (IRT) reported strong fourth quarter and full year 2021 results, highlighting a net income of $28.6 million for Q4 and $44.6 million for the year. Earnings per diluted share improved to $0.23 in Q4 and $0.41 for the full year. The company achieved a same-store NOI growth of 15.1% in Q4 and 11.4% for the full year. IRT introduced 2022 guidance projecting CFFO per share at $1.02 and same-store NOI growth of 11.0%. The merger with STAR was completed in December 2021, significantly expanding IRT’s portfolio.

Independence Realty Trust, Inc. (IRT) announced tax reporting information for its 2021 dividend distributions. Shareholders will receive four quarterly dividends of $0.12000 per share and a final dividend of $0.09913 and $0.02087 payable in January 2022. The record dates for these dividends span from December 30, 2021, to October 1, 2021, while payment dates range from January 14, 2022, to January 21, 2022. IRT urges shareholders to consult personal tax advisors regarding tax implications of these dividends.

Independence Realty Trust, Inc. (NYSE: IRT) will release its fourth quarter and full year 2021 financial results on February 16, 2022, after market close. A conference call for the results is scheduled for February 17, 2022, at 9:00 a.m. Eastern Time. Investors can access the call via the investor relations section of IRT's website or by dialing a designated number. IRT operates multifamily apartment properties in 123 communities across key U.S. markets, focusing on delivering attractive risk-adjusted returns to shareholders.

Independence Realty Trust (IRT) and Steadfast Apartment REIT (STAR) have completed their merger, creating a combined entity with an equity market capitalization of $5.6 billion and an enterprise value of $8.3 billion. The merger, approved by stockholders on December 13, 2021, positions IRT as a leading multifamily REIT focused on the high-growth U.S. Sunbelt region. The company expects to generate approximately $28 million in annual synergies. IRT will continue to trade under the ticker symbol “IRT”.