Independence Realty Trust Provides Business Update
June 01 2020 - 8:43AM
Business Wire
Scheduled to Present at Nareit’s REITweek
Virtual Investor Conference on June 2nd
Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today
released a business update on its portfolio operations and
financial flexibility.
“IRT remains committed to working with our residents in order to
support retention and sustain portfolio occupancy.” said Scott
Schaeffer, Chairman and CEO of IRT. “As of May 31st, same store
occupancy was 93.5% and we have collected 98.1% of May rent
receipts, including 1.2% in deferred payment plans. These figures
are a result of our efforts to actively engage with our current
residents and attract new residents to our communities. In
particular, we improved the quality and availability of virtual
tours, which has translated into a 45% conversion rate to signed
applications in May, representing a year-over-year increase of 15
percentage points.”
Mr. Schaeffer continued, “We have the financial flexibility to
act decisively, as we are prepared to participate in an eventual
market recovery. Our total liquidity position is approximately $248
million as of May 31st, which includes unrestricted cash, as well
as additional capacity through our unsecured line of credit and
remaining proceeds from the forward equity raise. IRT is
well-positioned to manage the impact of this pandemic and continues
to adhere to strict safety measures, as all of our states in which
we have properties have begun to ease restrictions. We remain
confident in our resilient portfolio and sustainable business
model.”
IRT to Participate in Nareit’s REITweek Virtual
Conference
Scott Schaeffer, IRT’s Chairman and CEO, and Jim Sebra, IRT’s
CFO are scheduled to present at REITweek 2020, the National
Association of Real Estate Investment Trusts (Nareit) Virtual
Investor Conference, on June 2, 2020, at 9:00 AM ET. The
presentation will be available to those registered to attend the
conference. For those who are not able to listen to the live
broadcast, a replay link will be available on IRT’s website
following the conclusion of the conference.
In advance of IRT’s participation in REITweek, the company has
posted its June Investor Presentation on its website at
www.irtliving.com in the Investor Relations section under
Presentations.
About Independence Realty Trust, Inc.
Independence Realty Trust (NYSE: IRT) is a real estate
investment trust that owns and operates multifamily apartment
properties across non-gateway U.S. markets, including Atlanta,
Louisville, Memphis, and Raleigh. IRT’s investment strategy is
focused on gaining scale within key amenity rich submarkets that
offer good school districts, high-quality retail and major
employment centers. More information may be found on the Company’s
website www.irtliving.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements can generally
be identified by our use of forward-looking terminology such as
“will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or
other similar words. Because such statements include risks,
uncertainties and contingencies, actual results may differ
materially from the expectations, intentions, beliefs, plans or
predictions of the future expressed or implied by such
forward-looking statements. These forward-looking statements are
based upon the current beliefs and expectations of IRT’s management
and are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and generally not within IRT’s control. In
addition, these forward-looking statements are subject to
assumptions with respect to future business strategies and
decisions that are subject to change. Risks and uncertainties that
might cause IRT’s actual results to differ materially from those
expressed or implied by forward-looking statements include, but are
not limited to: risks related to the impact of COVID-19 and other
potential future outbreaks of infectious diseases on the financial
condition, results of operations, cash flows and performance of IRT
and its tenants as well as on the economy and real estate and
financial markets; changes in market demand for rental apartment
homes and pricing pressures, including from competitors, that could
limit our ability to lease units or increase rents or that could
lead to declines in rent; uncertainty and volatility in capital and
credit markets, including changes that reduce availability, and
increase costs, of capital; inability of tenants to meet their rent
and other lease obligations; legislative restrictions that may
delay or limit collections of past due rents; risks endemic to real
estate and the real estate industry generally; the effects of
natural and other disasters; delays in completing, and cost
overruns incurred in connection with, our value add initiatives and
failure to achieve projected rent increases and occupancy levels on
account of the initiatives; unexpected costs of REIT qualification
compliance; costs and disruptions as the result of a cybersecurity
incident or other technology disruption; and share price
fluctuations. Please refer to the documents filed by the Company
with the SEC, specifically the Company's Annual Report on Form 10-K
for the year ended December 31, 2019, as it may be updated or
supplemented in the Company's Quarterly Reports on Form 10-Q and
the Company's other filings with the SEC, which identify additional
risk factors that could cause actual results to differ from those
contained in forward-looking statements. IRT undertakes 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200601005453/en/
Independence Realty Trust, Inc. Edelman Financial
Communications & Capital Markets Ted McHugh and Lauren Torres
212-704-8112 IRT@edelman.com
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