Independence Realty Trust, Inc. Reports Minimal Damage to Communities from Hurricane Florence
September 18 2018 - 8:48AM
Business Wire
Independence Realty Trust, Inc. (NYSE: IRT) (“IRT” or “the
Company”) today announced the Company’s owned and managed apartment
communities in the Carolinas and Georgia are operational and did
not suffer any significant damage as a result of Hurricane
Florence. At this time, the Company does not expect any material
impact on financial performance.
“We are grateful to report that all of our residents and
employees in the impacted areas are safe, and that we have not
sustained any substantial damage to our communities,” said Scott
Schaeffer, Chairman and CEO of IRT. “Our on-site teams were
integral in preparing our communities for this storm and we thank
them for their support. We will keep our stakeholders abreast of
the status of our communities as we assess any residual impact from
the hurricane and update you in a timely manner should the risk of
cresting rivers cause any material damage.”
About Independence Realty Trust, Inc.
Independence Realty Trust (NYSE: IRT) is a real estate
investment trust that owns and operates 58 multifamily apartment
communities, totaling 15,860 units, 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. IRT aims to provide
stockholders attractive risk-adjusted returns through diligent
portfolio management, strong operational performance, and a
consistent return of capital through distributions and capital
appreciation.
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 “may,”
“will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,”
“seek,” “outlook,” “assumption,” “projected,” “strategy,”
“guidance” or other, similar words. Because such forward-looking
statements involve significant risks, uncertainties and
contingencies, many of which are not within IRT’s control, actual
results may differ materially from the expectations, intentions,
beliefs, plans or predictions of the future expressed or implied by
such statements. These forward-looking statements are based upon
the current judgements and expectations of IRT’s management. 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: adverse changes in
national, regional and local economic climates; changes in market
demand for rental apartment homes and pricing pressures from
competitors that could limit our ability to lease units or increase
rents; competition that could adversely affect our ability to
acquire additional properties; volatility in capital and credit
markets, including changes that reduce availability, and increase
costs, of capital; unexpected changes in the assumptions underlying
our 2018 EPS and CFFO guidance; delays in completing, and cost
overruns incurred in connection with, the value add initiatives and
failure to achieve projected rent increases on account of the
initiatives; risks associated with pursuit of strategic
acquisitions, including risks associated with the need to raise
additional capital to fund the acquisitions and failure of
acquisitions to produce expected returns; unexpected costs of REIT
qualification compliance; costs and disruptions as the result of a
cybersecurity incident or other technology disruption; and share
price fluctuations. Additional risks and uncertainties that could
cause our actual results to differ materially from those expressed
or implied by the forward-looking statements in this press release
are discussed in IRT’s filings with the Securities and Exchange
Commission (“SEC”), including those under the heading “Risk
Factors” in IRT’s most recently filed Annual Report on Form 10-K.
Dividends are subject to the discretion of IRT’s Board of
Directors, and will depend on IRT’s financial condition, results of
operations, capital requirements, compliance with applicable laws
and agreements and any other factors deemed relevant by IRT’s
Board. 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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Independence Realty Trust, Inc.Edelman Financial
Communications & Capital MarketsTed McHugh and Lauren
Tarola212-277-4322IRT@edelman.com
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