Independence Realty Trust Announces Closing of $200 Million Term Loan
May 18 2021 - 9:05AM
Business Wire
Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today
announced that its operating partnership, Independence Realty
Operating Partnership, LP, closed on a new 5-year $200 million term
loan. Proceeds from the term loan will be used to repay amounts
outstanding on IRT’s unsecured revolving credit facility.
The 5-year term loan will mature in May 2026 and bear interest
at LIBOR plus 1.20% to 1.90% based on IRT’s leverage ratio. At
closing, the interest rate spread will be 1.25%.
“Our new term loan strengthens our capital structure by
effectively extending $200 million in debt maturities to May 2026
and freeing up liquidity on our unsecured revolving credit
facility,” said James J. Sebra, IRT’s Chief Financial Officer. “I
thank our lenders for their continued partnership and commitment to
IRT. We have increased our financial flexibility to support our
ongoing operational and investment strategies to drive growth
across the portfolio.”
KeyBank National Association was the Administrative Agent and
KeyBanc Capital Markets, Inc., Capital One, National Association
and Regions Capital Markets were Joint Lead Arrangers.
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,
Dallas, Louisville, Memphis, Raleigh and Tampa. 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. 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. More
information may be found on IRT’s website at www.irtliving.com.
Forward-Looking Statements
This press release contains 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. These forward-looking statements include,
without limitation, our expectations with respect to capital
allocations, including as to the timing and amount of future
dividends. 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 our 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 our 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 our actual results and/or future
dividends 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 our financial condition,
results of operations, cash flows and performance and those of our
residents 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 occupancy and rent levels; 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 and charge-offs in
excess of our allowance for bad debt; 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 us with the
SEC, including specifically the “Risk Factors” sections of our Form
10-K for the year ended December 31, 2020, 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. 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, the
declaration of dividends on our common stock is subject to the
discretion of our Board of Directors and depends upon a broad range
of factors, including our results of operations, financial
condition, capital requirements, the annual distribution
requirements under the REIT provisions of the Internal Revenue Code
of 1986, as amended, applicable legal requirements and such other
factors as our Board of Directors may from time to time deem
relevant. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210518005753/en/
Independence Realty Trust, Inc. Edelman Financial
Communications & Capital Markets Ted McHugh and Lauren Torres
917-365-7979 IRT@edelman.com
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