Independence Stock Price, News & Analysis

Independence Realty Trust, Inc. (IRT) announced that its stockholders approved the issuance of shares to Steadfast Apartment REIT, Inc. (STAR) as part of their merger. This significant step occurred during separate special meetings held by both companies, with STAR stockholders also approving the merger. The transaction is expected to close on or before December 16, 2021, pending remaining conditions. Each STAR share will convert to 0.905 shares of IRT common stock. The merger aims to enhance IRT's market presence and operational scale in non-gateway U.S. markets.

Independence Realty Trust, Inc. (NYSE: IRT) has declared a contingent prorated dividend on its common stock, pending the completion of its merger with Steadfast Apartment REIT, Inc. (STAR) by December 31, 2021. The dividend will be $0.00130435 per share, based on IRT's quarterly rate of $0.12, calculated from October 1, 2021, to the closing date of the merger. If the merger is completed on time, an additional pro-rata dividend will be payable on January 21, 2022. Stockholders are advised that the merger is subject to approval and customary conditions.

Independence Realty Trust (IRT) reported strong Q3 2021 financial results, with net income reaching $11.5 million, up from $1.1 million year-over-year. Earnings per diluted share rose to $0.11, while Core Funds from Operations (CFFO) climbed to $22.7 million. Same-store net operating income (NOI) grew 14.7%, driven by a 96% occupancy rate and a 7.3% increase in average rental rates. Looking ahead, IRT anticipates $28 million in annual synergies from its upcoming merger with Steadfast Apartment REIT, aiming for a CFFO guidance of $0.81 per share for the full year.

Independence Realty Trust, Inc. (NYSE: IRT) announced it will release its third quarter 2021 financial results after market close on October 27, 2021. A conference call to discuss the results will take place on October 28, 2021, at 9:00 a.m. Eastern Time. Investors can access the call via the IRT website or by dialing 1.833.789.1330, access code 7818225. A replay will be available until November 4, 2021. IRT operates multifamily apartment properties in non-gateway U.S. markets, focusing on delivering attractive risk-adjusted returns to stockholders.

Independence Realty Trust, Inc. (NYSE: IRT) declared a quarterly dividend of $0.12 per share, set to be paid on October 22, 2021, to stockholders who are on record by October 1, 2021. This decision emphasizes IRT's commitment to providing consistent returns to its shareholders while operating multifamily apartment properties in key U.S. markets, including Atlanta, Dallas, and Tampa. IRT aims for growth through strong operational management and strategic investments in amenity-rich submarkets.

Independence Realty Trust, Inc. (IRT) has successfully closed its public offering of 16,100,000 shares of common stock at $17.75 per share, including 2,100,000 shares from underwriters' option. The offering is part of forward sale agreements with Bank of Montreal. IRT anticipates using any net proceeds to reduce debt, including obligations from its merger with Steadfast Apartment REIT, and for general working capital. The SEC has declared the necessary registration statement effective, allowing this offering to proceed.

Independence Realty Trust (IRT) announced the full exercise of an over-allotment option by underwriters for its public offering, totaling 2,100,000 shares at $17.75 each. The total offering, including these additional shares, amounts to 16,100,000 shares. Expected closure is around July 30, 2021. Proceeds will be allocated for debt repayment, possibly concerning mergers with Steadfast Apartment REIT, and general working capital. IRT will not receive immediate proceeds from the shares sold by the forward purchaser.

Independence Realty Trust (IRT) announced a public offering of 14,000,000 shares of common stock priced at $17.75 per share. Underwriters have an option to buy 2,100,000 additional shares within 30 days. The expected closing date is July 30, 2021. Funds raised will primarily be used to repay debt, including obligations from pending mergers with Steadfast Apartment REIT. IRT will not initially receive proceeds from the offering, as shares are sold by the forward purchaser. The registration statement has been declared effective by the SEC.

Independence Realty Trust, Inc. (NYSE: IRT) is initiating a public offering of 14,000,000 shares of common stock, with a potential additional 2,100,000 shares if underwriters exercise their option. The proceeds from the offering will not go to IRT initially, but future settlements are intended to repay debt, particularly related to the merger with Steadfast Apartment REIT. The offering's registration statement is effective, and the pricing will be adjusted per the forward sale agreements.