irt investor relations

Price/book ratio can tell investors approximately how much theyre paying for a companys assets, For the second half of 2022, we will be mindful of economic volatility and inflationary pressure, with a particular focus on employee engagement, continued cost management and realizing the full benefit of our merger-related synergies. Lease-over-lease effective rent growth represents the change in effective monthly rent, as adjusted for concessions, for each unit that had a prior lease and current lease that are for a term of 9-13 months. Investor Alert Options *. Company increases fiscal year 2021 same store NOI and CFFO guidance targets. As of the end of the second quarter, we have two properties held for sale, one in Louisville, Kentucky, and the other in Terre Haute, Indiana. The higher NOI growth expectation is driven by a revenue growth of 10.9%, which is an increase of 130 basis points at the midpoint from our prior guidance. The next question comes from Nicholas Joseph with Citi. Innovative Platforms for Shareholders | EQ - Equiniti During the second quarter, core FFO grew to $58.6 million, up from $20.2 million a year ago, and core FFO per share grew 30% to $0.26 per share up from $0.20 per share in Q2 2021. So really, its traffic driven and least conversion driven. Well, again and Austin, thank you, its a great question. Box 505000 Louisville, KY 40233 T: 800-519-3111 F: 781-575-3605 shareholder@computershare.com. We continued to see strong results from our value add program and made new investments, including the acquisition of communities in Charlotte and Dallas, as well as, the closing of a joint venture to develop a community in Richmond, VA. As a result of our strong results and increased positive outlook, we are raising our full year 2021 CFFO per share and same store NOI growth guidance., Scott Schaeffer continued, We are incredibly optimistic for what lies ahead at IRT. PHILADELPHIA-- ( BUSINESS WIRE )--Independence Realty Trust, Inc. ("IRT") (NYSE: IRT), a multifamily apartment REIT, today reported its second quarter 2021 financial results. Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh and Tampa. This price translated into a 5.5% effective economic cap rate. The company is focused on gaining scale within key amenity-rich submarkets that offer school districts, retail, and employment centers. The company has posted its September Investor Presentation on its website at www.irtliving.com in the Investor Relations section under Presentations. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The table below presents additional details on the components of bad debt: Dollar amounts are in thousands and percentages are as a percentage of total rental and other property income. After that, its again, just trying to be opportunistic, if we see one-off transactions that are now being priced at a level that makes sense for us in markets where we want to grow and where we know that with our platform, we can do it accreatively. 2021 Full Year EPS and CFFO Guidance (1)(2), CORE FFO per share allocated to common shareholders. More information may be found on IRTs website at www.irtliving.com. Can you hey. These forward-looking statements reflect IRTs current views with respect to future events, financial performance and the merger with Steadfast Apartment REIT, which will be referenced herein as STAR. You think start slow, and that benefits supply in 2.5, 3 years now? Beginning with our second quarter 2022 performance update, net loss available to common shareholders was $7.2 million as compared to net income of $3.4 million in the second quarter of 2021, primarily due to higher depreciation and amortization expense related to the STAR Merger. IRT, STAR, their respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the announced merger transaction. About Independence Realty Trust, Inc.Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Oklahoma City, OK, Raleigh-Durham, NC, Houston, TX , Nashville, TN, and Memphis, TN. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. More information may be found on the Companys website www.irtliving.com. Copies of the documents filed with the SEC by IRT will be available free of charge on IRTs internet website at http://www.irtliving.com or by contacting IRTs Investor Relations Department by email at IRT@edelman.com or by phone at +1-917-365-7979. On the call today are Scott Schaeffer, Chief Executive Officer; Ella Neyland, Chief Operating Officer; Farrell Ender, President of IRT; and Jim Sebra, Chief Financial Officer. Just sticking with the occupancy for a minute. Amy Hopkins Vice President, Investor Relations T: 202-774-3200 ahopkins@elmecommunities.com. I mean, do you focus more on development of its plant? HMS for shareholders A focus on profitable and sustainable growth HMS is a growth company. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. And now Id like to turn it over to Ella for an operational update. Please go ahead, Nicholas. IRT and Steadfast Apartment REIT today announced that they have entered into a definitive merger agreement under which Steadfast will merge with IRT, with IRT surviving as the continuing company. Learn how it impacts everything we do. IRTs price/forward earnings is 54.35. Adjusted EBITDA is EBITDA before certain other non-cash or non-operating gains or losses related to items such as asset sales, debt extinguishments and acquisition related debt extinguishment expenses, casualty losses, and abandoned deal costs. Provide specific products and services to you, such as portfolio management or data aggregation. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. Our key guidance assumptions for 2021 are enumerated below and our guidance does not give effect to the announced merger between us and Steadfast Apartment REIT, Inc., merger-related transaction expenses or any equity offerings. REITs invest in the majority of real estate property types, including offices, apartment buildings, warehouses, retail centers, medical facilities, data centers, cell towers, infrastructure and hotels. Site improvements began last month with the completion of the project scheduled for May 2024. Same Store Property Operating Results, Excluding Value Add. That concludes the Independence Realty Trust second quarter 2022 earnings call. UDR, Inc. (NYSE:UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. How quickly can you kind of ramp on and off that program? This 10.9% revenue growth is based on full year average occupancy of 95.3% and a 12.9% increase in our average rental rate. On the property operating expense side combined same-store operating expenses grew 6.9% in the second quarter, led by higher repairs and maintenance costs, contracts services and payroll. As a result of our continued confidence, we are raising our previously provided full year 2022 guidance now targeting 13.75% combined same-store NOI growth, and 27% core FFO per share growth each at the midpoint of our guided ranges. Rent collected as a percentage of rent billed includes rent deferred under any deferred payment plans that may have been offered in the period presented. All prior periods have been adjusted to conform to the current CFFO definition. to compare the relationship between a stocks price and how it rewards stockholders through dividends. And we have a couple of communities that weve identified for recycling. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law. In addition, we are actively investing in our existing communities to our value add program, which far well provide more details later on this call. This helps . And obviously, that traffic flows of a big determine on based on the macroeconomics to rent being pushed, or people losing their jobs, et cetera. For these reasons, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount of the quarterly dividend described in this press release. And our expectation is that we will be able to continue to drive rental rate growth during the second half of the year, while managing inflationary pressure on operating expenses. On a pro forma basis, following the merger, IRT shareholders are expected to own approximately 50% of the combined companys equity, and Steadfast shareholders are expected to own approximately 50%. Q2 2023 Independence Realty Trust Inc Earnings Call - Yahoo Finance So markets like Nashville and Austin and Dallas have a lot of in migration, I think, are going to be pretty strong over the next couple of years. And it was because of the whole value add focus that that buyers had. See Forward-Looking Statements below. Just wanted to touch, again, on the occupancy, in July, and how quickly that sort of slid. You may now disconnect your lines. And then just one question on the value add, as you continue to ramp up the pipeline towards that kind of 4,000 unit target next year, targeting 1,800 for 2022. Independence Realty Trust and Steadfast Apartment REIT Announce Currently, that spread is 115 basis points, 5 basis points lower than our other term loans. Merger Agreement with Steadfast Apartment REIT. And in June, we entered into a new joint venture for the development of a 378-unit community to be built in Austin, Texas. Investor Relations (IR): Definition, Career Path, and Example We quickly toggled off a few of the properties in the value add program that saw just traffic drops. Investor Relations Information | UDR Apartments Thanks, Ella. - Rachel Ruggeri, cfo. May 04, 2023. Price/sales represents the amount an investor is willing to pay for a dollar generated from So whats the trade off that youre seeing there? 19.96. Click here for more on how to use these ratings. Shortly following the live call, a replay of the conference call will be available on the investor relations section of IRTs website until IRTs next earnings release. Value investors frequently look for companies that have low price/book ratios. Market capitalization is calculated by taking a companys share price and multiplying it by the total number of shares. IRT does not undertake to update forward-looking statements made in this call or with respect to matters described herein, except as may be required by law. Founded in 1957 by the O'Reilly family, the Company operated 5,986 stores in 48 U.S. states and Puerto Rico and 43 ORMA stores in Mexico as of March 31, 2023. We disclose the following non-GAAP financial measures in this earnings release: FFO, CFFO, NOI and Adjusted EBITDA. It becomes a capital allocation issue. Nareit's members are REITs and other businesses throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. Were always assessing how technology can make our business more efficient and have many more projects in the works, from further centralization, to automation, to machine learning. Properties that are held-for-sale or have been sold are excluded from the same store portfolio. See Our calculation of CFFO may differ from the methodology used for calculating CFFO by other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Investor Relations Enabling people and organizations to exceed their potential Korn Ferry (NYSE:KFY) is a global organizational consulting firm. Same store portfolio average effective monthly rent, Net debt to Adjusted EBITDA (pro forma) (b). Im sorry. Maybe specific to the investments in Austin and Nashville, can you talk about some of the supply expectations you have and demand over the next few years and what makes those markets attractive to enter or to add capital to right now? PHILADELPHIA & IRVINE, Calif.-- (BUSINESS WIRE)-- Independence Realty Trust, Inc. (NYSE: IRT) ("IRT") and Steadfast Apartment REIT, Inc. ("STAR") today announced that they have entered into a definitive merger agreement under which STAR will merge with and into IRT, with IRT surviving as the continuing public company. If we start to see that soften, and again, its a traffic issue and more of a macroeconomic issue. In the second quarter, we completed renovations on 195 units during our year-to-date total to 338 units. Investor Relations - Overview - Cisco To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Get the industry's best tools and resources from AST with our innovative platforms for cap table management, ownership intelligence, proxy, campaigns, and more. IRTs investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. INDUS Realty Trust, Inc. - News Can you talk about just capital priorities, I guess, sources and uses, just given sort of the environment were in, in terms of, I think we just announced were in recession, rates going up, valuation trying to find a new normal, and you need to maybe just kind of go over how thats changed or adjusted your thinking over the next maybe 12 months or so? The following table provides a reconciliation of total debt to net debt (Dollars in thousands). TH International Limited ("Tims China") (NASDAQ: THCH) is the parent company of the exclusive master franchisee of Tim Hortons coffee shops for Restaurant Brands International Inc. (TSX: QSR) (NYSE: QSR) in China, including Hong Kong and Macau. Is this happening to you frequently? For 2022, on a combined same-store basis, we now expect NOI to increase 13.75%, an increase of 125 basis points at the midpoint from our prior guidance. IRT@edelman.com, Internet Explorer presents a security risk. So starting in the second quarter, we look to increase rental rates on new leases and renewed leases. Browse through our latest earnings releases, financial statements, presentations and webcasts. All rights reserved. These forward-looking statements include, without limitation, our expectations as to the timing and amount of future dividends and anticipated benefits of our capital allocation strategy. 59 Maiden Lane. Investor Relations. We are not. O'Reilly's initial public stock offering in April 1993 was well received by investors as a welcome addition to publicly traded companies in the automotive aftermarket industry. PDF Nyse: Irt Www.irtliving What are buyers underwriting terms of growth in the near-term? And were not going to close on it in the next 30 days, as Farrell said. The great news is that the merger of these two great companies is gone really well. Please refer to the documents filed by us with the SEC, including specifically the "Risk Factors" sections of our Annual Report on Form 10-K for the year ended December 31, 2021 and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements. For ADA-related inquiries, please contact. We believe average effective rent is a helpful measurement in evaluating average pricing. In connection with its announced merger transaction with STAR, IRT will file with the SEC a registration statement on Form S-4 to register the shares of IRT Common Stock to be issued in connection with the proposed merger transaction. Net debt, a non-GAAP financial measure, equals total debt less cash and cash equivalents. Got it. And then our guidance, you can see that were starting to see the benefit of that increase in our blended renewal rates, and the loss to lease were starting to harvest that too, which gave us that great pricing power. Most Recent Results. 6/30/20. Going forward, we will remain focused on capitalizing on strong resident demand and accelerating our organic growth through our value add program. In the second quarter of 2021, we continued our capital recycling activity in support of our ongoing initiative to establish and grow our presence in markets where we see long-term growth opportunities and reevaluate those that may not be attractive long-term investments. So theres nowhere else for that, anyone is going to see returns like that. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. Thanks. The merger will join together two high-quality portfolios with complementary geographic footprints in the highly desirable Sunbelt region of the United States. Furthermore, although FFO, CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. * Trading data in this section is delayed by at least 15 minutes. Wed like to share more about how we work and what drives our day-to-day business. JPMCinvestorrelations@jpmchase.com. IRT $17.71 1 Year Return -14.79% Home Investing in REITs REIT Directory Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh and Tampa. The transaction is expected to close during the fourth quarter of 2021, subject to customary closing conditions, including approval of both IRT and Steadfast shareholders. The expansion of our portfolio continued in the second quarter as we acquired a community in Nashville, which was our first multifamily property acquired through our JV development program. Independence Realty Trust | Nareit Strong momentum continues at IRT, as evidenced by exceptional second quarter results. View the latest Independence Realty Trust Inc. (IRT) stock price, news, historical charts, analyst ratings and financial information from WSJ. I would now like to pass the conference over to our host, Lauren Torres. The platform provides differentiated access to alternatives through a range of investment offerings, including publicly traded real estate investment trusts (REITs), 1031 exchanges, closed-end funds, interval funds, and a business development company (BDC). See the schedules at the end of this earnings release for selected financial information for IRT. Our goal this morning was to convey our confidence in our expanding portfolio and ability to execute our strategy under various and sometimes volatile market conditions. And, we hope we are successful. Dollar amounts in thousands. These documents can be obtained free of charge from the sources indicated above. Can you just walk through the capital needs? Now, turning onto our balance sheet. So whats your appetite in terms of acquiring a negative leverage basis? Just as e-commerce has driven warehouse and distribution facility demand and design, continuing developments in artificial intelligence are expected to fuel and shape the future of data centers. statistically matched to analyst-rated companies, allowing our models to calculate a quantitative moat, The NexPoint platform is comprised of investment advisers NexPoint Advisors, L.P. and NexPoint Real Estate Advisors, L.P., a member FINRA/SIPC broker dealer, NexPoint Securities, Inc., and a suite of related investment vehicles. Please disable your ad-blocker and refresh. Can you comment on this dynamic? Learn More . And one of the reasons, people okay. Jon Clark Executive Vice President, Chief Financial Officer Read our editorial policy to learn more about our process. And when you kind of look at just the free cash flows of the business as well as all the demand from just normal recurring CapEx spend, incremental value add CapEx spend even this year as well as the 4,000 units next year. Independence Realty Trust, Inc. Our bold ambitions for patients are reflected in our commitments to a step-change in growth and performance over the period to 2026. The economic cap rate on this community is 4.1%. As a result of the COVID-19 pandemic, we recorded a provision for bad debts of $78,000 in the second quarter of 2021. We recently closed on a new $400 million unsecured term loan using the proceeds to repay our 2024 maturities and to reduce the outstanding balance on our line of credit. For the three months ended June 30, 2021, recurring capital expenditures for the total portfolio were $1.8 million, or $112 per unit. Rent collected for the period presented, as a percentage of rent billed (3). AI Developments Expected to Fuel and Shape Data Centers, Nareit's REITworld: 2023 Annual Conference. How we use your information depends on the product and service that you use and your relationship with us. Independence Realty Trust March 31, 2022 Company Information: Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Oklahoma City, OK, Raleigh-Durham, NC, . Good morning, everyone. Investor Relations Intelligence ; Nasdaq Direct Listings; Optimize Governance Practices. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 1-202-739-9400 Funds From Operations (FFO) and Core Funds From Operations (CFFO). And, were also watching levers, so thats another use of our capital as we continue to delever the balance sheet. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. By providing your email address below, you are providing consent to NexPoint Residential Trust to send you the requested Investor Email Alert updates. Our Quantitative Research team models direct competitors or comparable companies Contact And what were seeing is valuations peaked probably 6 months ago, and your transactions basically stalled during the volatility, but theres some price discovery. PDF Nyse: Irt Www.irtliving Developed in partnership with GeoPhy and updated annually, the ESG Dashboard identifies and tracks company reporting of ESG key performance indicators for the U.S. REIT industry. Copyright 2023 Morningstar, Inc. All rights reserved. Id like to start off with an update on our longstanding value add program. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. So I dont see us doing that going forward. We are still marketing our community in Terre Haute with some of the preliminary views on pricing at a 5.4% economic cap rate. And another great question, Brad. Todays call is being webcast on our website at irtliving.com. But when we decided to sell the Louisville property Meadows, thats like 150 out of the value add program, and its $12,000 give or take a unit, its just that 100 or 200 units is somewhat on the margin. INVESTORS AND SECURITY HOLDERS OF IRT AND STAR ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Same store portfolio includes 53 properties, which represent 14,843 units. Yeah, I appreciate that. Click here for more on how to use these ratings. Years of Combined Investment Management Experience, Kristen Thomas At NexPoint Residential Trust, we promise to treat your data with respect and will not share your information with any third party. Investment case July 24 Second quarter 2023 results publication Philips released its second quarter 2023 results at 7:00am CEST. At quarter end, our net debt-to-EBITDA was 7.4 times down from 8.5 times a year ago, and we continue to target low-7s by the end of this year and mid-6s by year end 2023. Same Store Properties and Same Store Portfolio. Ashley Pizzo Vice President, Capital Markets & IR. From inception of our value add program in January 2018 through June 30, 2021, we completed renovations on 4,089 units, achieving a return on investment of 17.1% (19.3% on interior renovation costs) and an average monthly rental increase of 18.9%. The combined company will own and operate over 38,000 apartment units across 131 multifamily communities in non-gateway MSAs in 16 states, increase IRTs exposure to core markets including Atlanta and Dallas, and expand its presence into attractive new markets including Denver and Nashville. Thanks and good morning. These forward-looking statements include, without limitation, our expectations with respect to our 2021 earnings and CFFO, capital allocations, including as to the timing and amount of future dividends, and anticipated benefits of our announced merger with Steadfast Apartment REIT, Inc. (STAR). My name is Francis, and Ill be your moderator today. NXRT at a Glance 40 Properties Owned 15,127 Units Owned from a bottom-up perspective to find companies describing their business in a As mentioned last quarter, our property management and revenue management system integration post merger is completed and we realized $31 million in synergies, including $8 million of annual operating synergies and $23 million of annual corporate expense savings. Investor Relations Morgan Stanley Schedules Quarterly Investor Conference Call Jul 11, 2023 Stock Information Date NYSE: MS current offset 52-Week: low - high IRTs investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. Participants may discuss non-GAAP financial measures during this call. This growth is a result of the completion of our merger of STAR and the related accretion as well as the sizable organic rent growth weve experienced throughout the combined portfolio. Regarding full year 2022 guidance, we are raising our outlook based on strong fundamentals and the economic strength of our markets. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Before moving on to the balance sheet, we like to highlight Appendix A in our supplement will we provide our Q2 2022 combined same-store results broken down between legacy IRT and STAR communities. And, to your point, it seems like in the last couple of weeks, theres been more of an agreement on the buy/sell, and pricing has adjusted basically 5% to 15% depending on the market youre in, which equates to a 50 to 100 basis point expansion. Such statements are made in good faith pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. [Operator Instructions] Our first question comes from John Kim with BMO Capital Markets. And right now, in July, we started a number of new communities, and we will continue to start new communities through the rest of the year. Announces Strategic Merger with Steadfast Apartment REIT, to Create a Leading Sunbelt Multifamily Operator, IRT to Host a Conference Call Today at 5pm ET to Discuss Merger Announcement & Second Quarter 2021 Results. Were pleased to note that rental rate trends continue to improve in the third quarter to date, with new leases for our combined same-store portfolio having increased 20.8%, while renewed leases are up 11.4% for a blended lease over lease rental rate increased 13.4%. Independence Realty Trust, Inc. ( NYSE: IRT) Q2 2022 Earnings Conference Call July 28, 2022 9:00 AM ET Company Participants Lauren Torres - Investor Relations, Edelman Financial. So, again, it gives us that benefit of comparable property at a lower price as were out leasing. Properties are added into the same store portfolio if they were owned at the beginning of the previous year. Style is calculated by combining value and growth scores, which are first individually calculated. Second question is on cap rates in your markets, weve heard of at least one transaction occurring exhibiting cap rate compression.