Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a
multifamily apartment REIT, today announced its first quarter 2020
financial results.
First Quarter Highlights
- Net loss allocable to common shares of $0.4 million for the
quarter ended March 31, 2020 as compared to net income of $2.5
million for the quarter ended March 31, 2019.
- Earnings per diluted share of $0.00 for the quarter ended March
31, 2020, as compared to $0.03 for the quarter ended March 31,
2019.
- Same store net operating income (“NOI”) growth of 7.0% for the
quarter ended March 31, 2020 compared to the quarter ended March
31, 2019.
- Core Funds from Operations (“CFFO”) of $17.6 million for the
quarter ended March 31, 2020 as compared to $16.0 million for the
quarter ended March 31, 2019. CFFO per share was $0.19 for the
first quarter of 2020 as compared to $0.18 for the first quarter of
2019.
- Adjusted EBITDA of $24.1 million for the quarter ended March
31, 2020 as compared to $24.7 million for the quarter ended March
31, 2019.
Included later in this press release are definitions of NOI,
CFFO, Adjusted EBITDA and other Non-GAAP financial measures and
reconciliations of such measures to their most comparable financial
measures as calculated and presented under GAAP.
Management Commentary
“I am proud of all the efforts taken by the IRT team during this
unprecedented time. We continue to take significant steps to
maintain the health and well-being of our employees and residents,
while also swiftly rolling out measures to ease the financial
burden of those tenants directly affected by the COVID-19 crisis,”
said Scott Schaeffer, Chairman and CEO of IRT. “At the same time,
we demonstrated strong performance across the portfolio, including
first quarter 2020 same store NOI growth of 7.0%.”
“While we have been encouraged by recent trends, which include a
92.7% occupancy rate as of April 30th and a 98% April rental
receipt collections rate, after payment plans, we must prudently
manage the portfolio as we work through COVID-19 headwinds. We have
been focused on capital preservation, including temporarily pausing
efforts on our capital recycling program and on a portion of our
value add initiative.
Lastly, the resilience of our real estate platform and
strengthened balance sheet, including approximately $258 million in
total liquidity, provides us with the confidence to respond to this
fluid situation and take further action to protect long-term value
of the enterprise.”
Same Store Property Operating Results
First Quarter 2020 Compared to
First Quarter 2019(1)
Rental and other property revenue
4.7% increase
Property operating expenses
1.3% increase
Net operating income (“NOI”)
7.0% increase
Portfolio average occupancy
10 bps decrease to 92.7%
Portfolio average rental rate
4.9% increase to $1,089
NOI Margin
130 bps increase to 61.5%
(1)
Same store portfolio for the three months ended March 31, 2020
includes 54 properties, which represent 14,748 units.
Same Store Property Operating Results, Excluding Value
Add
The same store portfolio results below exclude 16 communities
that are both part of the same store portfolio and were actively
undergoing Value Add renovations during the three months ended
March 31, 2020.
First Quarter 2020 Compared to
First Quarter 2019(1)
Rental and other property revenue
3.6% increase
Property operating expenses
1.5% decrease
Net operating income (“NOI”)
7.0% increase
Portfolio average occupancy
30 bps increase to 94.0%
Portfolio average rental rate
3.4% increase to $1,072
NOI Margin
200 bps increase to 61.7%
(1)
Same store portfolio, excluding value add, for the three months
ended March 31, 2020 includes 38 properties, which represent 9,680
units.
COVID-19 Metrics (1)(2)
(Dollars in thousands, except per unit data)
Rent collections (3)
April 2020
April 2019
1Q 2020
Rent collected for the period presented,
as a percentage of rent billed
97.3%
98.6%
98.1%
Deferred payment
plans: (4)
Number of deferred payment plans
139
-
-
Amount of monthly rent deferred for period
presented
$94
-
-
Amount of monthly rent deferred for the
period presented, as a percentage of rent collected
0.6%
0.0%
0.0%
Rent collected, after the effect of signed
payment plans, as a percentage of rent billed
97.9%
98.6%
98.1%
Operating statistics
April 2020
April 2019
1Q 2020
Average occupancy
92.7%
94.1%
92.5%
Average effective monthly rent per
unit
$1,106
$1,048
$1,100
Resident retention rate
53.8%
49.0%
51.2%
(1)
All metrics presented are for our total
portfolio in the period presented.
(2)
All metrics are based on IRT’s internal
data, which management uses to monitor property performance on a
daily or weekly basis.
(3)
As of the last day of the period
presented.
(4)
Payment plans allow residents to defer
between 25% and 75% of their monthly rent for between 1 and 3
months. Residents must provide evidence of hardship and commit to a
full 12-month lease term, which allows deferred payments to be
repaid over a longer remaining lease term. As of May 5, 2020: (1)
139 payment plans were signed for April and 35 payment plans were
signed for May; (2) on average residents are deferring 56% of their
monthly rent for an average period of 2.7 months with an average
repayment period of 9.3 months; and (3) there were 121 residents
who have applied for payment plans that were pending approval.
Expected Dividend Reduction
IRT expects to reduce its quarterly common stock dividend,
beginning with the dividend for the second quarter of 2020, from
$0.18 per share (an annual rate of $0.72 per share) to $0.12 per
share (an annual rate of $0.48 per share).
Mr. Schaeffer further commented, “Given our track record of NOI
growth delivered through a combination of organic rent growth and
the continued execution of our value add initiative, we were well
positioned to achieve a normalized dividend payout ratio of 70-75%
over time. Given market uncertainty, along with our decision to
pause a portion of our value add program, we believe it is prudent
at this time to adjust our dividend payout ratio to be more in line
with our peers beginning in the second quarter of 2020. The
rightsized dividend increases our financial flexibility and will
allow us to accelerate our deleveraging efforts as we will be
retaining approximately $23 million annually.”
Atlanta Portfolio Letter of Intent Expiration
Subsequent to the quarter end, on April 9, 2020, IRT announced
that it had allowed the non-binding letter of intent related to the
acquisition of three Class A communities in Atlanta, GA to expire,
without realizing any financial penalty.
Public Stock Offering
On February 24, 2020, IRT closed a public offering of 10,350,000
shares of common stock at a public offering price of $15.30 per
share, including 1,350,000 shares sold pursuant to the exercise in
full of the underwriters’ option to purchase additional shares of
common stock. In connection with the offering, IRT entered into
forward sale agreements.
On March 31, 2020, IRT settled $50 million of its forward sale
agreements by issuing 3.406 million shares. After this settlement,
IRT had 6.944 million shares remaining to be issued under the
forward sale agreements for gross proceeds of approximately $102
million.
Financial Flexibility
As of March 31, 2020, IRT had a total liquidity position of
approximately $258 million, which includes unrestricted cash, as
well as additional capacity through our unsecured line of credit
and remaining proceeds from the forward equity offering.
Capital Recycling
On February 11, 2020, IRT acquired a 251-unit community in
Dallas, TX for $51.2 million. This is a newly constructed community
within close proximity of one of our existing communities. At the
time of acquisition, the community was in lease up with average
rent per unit of $1,553.
Capital Expenditures
For the three months ended March 31, 2020, recurring capital
expenditures for the total portfolio were $1.3 million, or $84 per
unit.
Distributions
On March 16, 2020, IRT’s Board of Directors declared a quarterly
cash dividend of $0.18 per share of IRT common stock, payable on
April 24, 2020 to stockholders of record at the close of business
on April 2, 2020.
2020 EPS and CFFO Guidance
On March 26, 2020, IRT suspended its fiscal 2020 guidance, given
the uncertainty around the length and depth of the coronavirus
crisis and its impact on the economy. At this time, IRT believes it
is prudent to keep its guidance suspended.
Selected Financial Information
See the schedules at the end of this earnings release for
selected financial information for IRT.
Non-GAAP Financial Measures and Definitions
IRT discloses the following non-GAAP financial measures in this
earnings release: FFO, CFFO, NOI and Adjusted EBITDA. Included at
the end of this release are definitions of these non-GAAP financial
measures and a reconciliation of IRT’s reported net income to its
FFO and CFFO, a reconciliation of IRT’s same store NOI to its
reported net income, a reconciliation of IRT’s Adjusted EBITDA to
net income, and management’s rationales for the usefulness of each
of these and other non-GAAP financial measures used in this
release.
Conference Call
All interested parties can listen to the live conference call
webcast at 9:00 AM ET on Thursday, May 7, 2020 from the investor
relations section of the IRT website at www.irtliving.com or by
dialing 1.844.775.2542, access code 4097673. For those who are not
available to listen to the live call, the replay will be available
shortly following the live call from the investor relations section
of IRT’s website and telephonically until Thursday, May 14, 2020 by
dialing 1.855.859.2056, access code 4097673.
Supplemental Information
IRT produces supplemental information that includes details
regarding the performance of the portfolio, financial information,
non-GAAP financial measures, same store information and other
useful information for investors. The supplemental information is
available via the Company's website, www.irtliving.com, through the
"Investor Relations" section.
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,
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 on capital through
distributions and capital appreciation. More information may be
found on the Company’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, IRT’s expectations with respect to capital
allocations, including as to 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 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 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 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 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; 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. 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 expected amount of the quarterly dividend described in this
press release.
Schedule I
Independence Realty Trust, Inc.
Selected Financial
Information
(Dollars in thousands, except
share and per share amounts)
(unaudited)
For the Three Months
Ended
March 31, 2020
December 31,
2019
September 30,
2019
June 30, 2019
March 31, 2019
Selected Financial Information:
Operating Statistics:
Net income available to common shares
$
(372
)
$
23,784
$
4,863
$
14,709
$
2,540
Earnings (loss) per share -- diluted
$
0.00
$
0.26
$
0.05
$
0.16
$
0.03
Rental and other property revenue
$
51,156
$
51,250
$
51,057
$
50,848
$
49,465
Property operating expenses
$
19,737
$
19,064
$
20,546
$
20,072
$
19,886
Net operating income
$
31,419
$
32,186
$
30,511
$
30,776
$
29,579
NOI margin
61.4
%
62.8
%
59.8
%
60.5
%
59.8
%
Adjusted EBITDA
$
24,081
$
27,427
$
25,739
$
25,284
$
24,734
CORE FFO per share
$
0.19
$
0.20
$
0.19
$
0.19
$
0.18
Dividends per share
$
0.18
$
0.18
$
0.18
$
0.18
$
0.18
CORE FFO payout ratio
94.7
%
90.0
%
94.7
%
94.7
%
100.0
%
Portfolio Data:
Total gross assets
$
1,949,494
$
1,841,738
$
1,821,173
$
1,817,207
$
1,807,955
Total number of properties
58
57
57
58
58
Total units
15,805
15,554
15,536
15,734
15,880
Period end occupancy
92.7
%
92.5
%
92.8
%
94.0
%
93.9
%
Total portfolio average occupancy
92.5
%
92.5
%
93.5
%
94.4
%
92.9
%
Total portfolio average effective monthly
rent, per unit
$
1,100
$
1,088
$
1,084
$
1,058
$
1,042
Same store period end occupancy (a)
93.0
%
92.5
%
92.8
%
94.0
%
93.8
%
Same store portfolio average occupancy
(a)
92.7
%
92.4
%
93.4
%
94.2
%
92.8
%
Same store portfolio average effective
monthly rent,
per unit (a)
$
1,089
$
1,083
$
1,077
$
1,056
$
1,038
Capitalization:
Total debt
$
1,049,541
$
985,572
$
979,330
$
989,499
$
990,920
Common share price, period end
$
8.94
$
14.08
$
14.31
$
11.57
$
10.79
Market equity capitalization
$
853,600
$
1,294,545
$
1,313,311
$
1,050,712
$
978,825
Total market capitalization
$
1,903,141
$
2,280,117
$
2,292,641
$
2,040,211
$
1,969,745
Total debt/total gross assets
53.8
%
53.5
%
53.8
%
54.5
%
54.8
%
Net debt to Adjusted EBITDA (pro forma)
(b)
9.0
x
8.9
x
9.0
x
9.2
x
9.2
x
Interest coverage
2.5
x
2.8
x
2.6
x
2.6
x
2.5
x
Common shares and OP Units:
Shares outstanding
94,691,806
91,070,637
90,894,656
89,932,418
89,834,793
OP units outstanding
789,134
871,491
881,107
881,107
881,107
Common shares and OP units outstanding
95,480,939
91,942,128
91,775,763
90,813,525
90,715,900
Weighted average common shares and
units
91,737,113
91,526,726
90,908,646
90,394,212
89,870,556
(a)
Same store portfolio consists of 54
properties, which represent 14,748 units.
(b)
Reflects pro forma net debt to Adjusted
EBITDA for each period presented, which includes adjustments for
the timing of acquisitions, the full quarter effect of current
value add initiatives, the completion of capital recycling
activities including paydown of associated indebtedness, and the
normalization of one-time items impacting quarterly EBITDA. Actual
net debt to Adjusted EBITDA for the five quarters ended March 31,
2020 was 10.3x, 8.9x, 9.4x, 9.7x, and 9.9x, respectively.
Schedule II
Independence Realty Trust, Inc.
Reconciliation of Net Income
(loss) to
Funds From Operations and
Core Funds From Operations
(Dollars in thousands, except
share and per share amounts)
(unaudited)
For the Three Months Ended
March 31,
2020
2019
Funds From Operations (FFO):
Net Income (loss)
$
(374
)
$
2,566
Adjustments:
Real estate depreciation and
amortization
14,725
12,318
Net (gains) losses on sale of assets
excluding debt extinguishment costs
—
—
Funds From Operations
$
14,351
$
14,884
FFO per share
$
0.16
$
0.17
Core Funds From Operations
(CFFO):
Funds From Operations
$
14,351
$
14,884
Adjustments:
Stock compensation expense (a)
2,627
622
Amortization of deferred financing
costs
361
339
Other depreciation and amortization
103
129
Abandoned deal costs
130
—
Core Funds From Operations
$
17,572
$
15,974
CFFO per share
$
0.19
$
0.18
Weighted-average shares and units
outstanding
91,737,113
89,870,556
(a)
Included in the three-months ended March 31, 2020 is $1.7
million of stock compensation expense recorded with respect to
stock awards granted during the period to retirement eligible
employees.
Schedule III
Independence Realty Trust, Inc.
Reconciliation of Same-Store Net
Operating Income to Net Income (loss)
(Dollars in thousands)
(unaudited)
For the Three-Months Ended
(a)
March 31, 2020
December 31, 2019
September 30, 2019
June 30, 2019
March 31, 2019
Reconciliation of same-store net
operating income to net income (loss)
Same-store net operating income
$
29,455
$
29,810
$
28,829
$
28,615
$
27,536
Non same-store net operating income
1,964
2,376
1,682
2,161
2,043
Other revenue
194
178
242
108
75
Property management expenses
(2,156
)
(1,950
)
(1,901
)
(2,062
)
(1,813
)
General and administrative expenses
(5,376
)
(2,987
)
(3,113
)
(3,538
)
(3,107
)
Depreciation and amortization expense
(14,828
)
(14,213
)
(13,434
)
(12,721
)
(12,447
)
Interest expense
(9,497
)
(9,873
)
(9,783
)
(9,849
)
(9,721
)
Abandoned deal costs
(130
)
—
—
—
—
Net gains (losses) on sale of assets
—
20,679
2,390
12,142
—
Net income (loss)
$
(374
)
$
24,020
$
4,912
$
14,856
$
2,566
(a) Same store portfolio includes 54
properties, which represent 14,748 units.
Schedule IV
Independence Realty Trust, Inc.
Reconciliation of Net Income
(Loss) to Adjusted EBITDA
And Interest Coverage Ratio
(Dollars in thousands)
(unaudited)
Three Months Ended
ADJUSTED EBITDA:
March 31, 2020
December 31, 2019
September 30, 2019
June 30, 2019
March 31, 2019
Net income (loss)
$
(374
)
$
24,020
$
4,912
$
14,856
$
2,566
Add-Back (Deduct):
Depreciation and amortization
14,828
14,213
13,434
12,721
12,447
Interest expense
9,497
9,873
9,783
9,849
9,721
Net (gains) losses on sale of assets
—
(20,679
)
(2,390
)
(12,142
)
—
Abandoned deal costs
130
—
—
—
—
Adjusted EBITDA
$
24,081
$
27,427
$
25,739
$
25,284
$
24,734
INTEREST COST:
Interest expense
$
9,497
$
9,873
$
9,783
$
9,849
$
9,721
INTEREST COVERAGE:
2.5
x
2.8
x
2.6
x
2.6
x
2.5
x
Schedule V Independence Realty Trust, Inc.
Definitions
Average Effective Monthly Rent per Unit
Average effective rent per unit represents the average of gross
rent amounts, divided by the average occupancy (in units) for the
period presented. IRT believes average effective rent is a helpful
measurement in evaluating average pricing. This metric, when
presented, reflects the average effective rent per month.
Average Occupancy
Average occupancy represents the average occupied units for the
reporting period divided by the average of total units available
for rent for the reporting period.
EBITDA and Adjusted EBITDA
EBITDA is defined as net income before interest expense
including amortization of deferred financing costs, income tax
expense, and depreciation and amortization expenses. 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, and abandoned deal costs. EBITDA and Adjusted EBITDA are
each non-GAAP measures. IRT considers each of EBITDA and Adjusted
EBITDA to be an appropriate supplemental measure of performance
because it eliminates interest, income taxes, depreciation and
amortization, and other non-cash or non-operating gains and losses,
which permits investors to view income from operations without
these non-cash or non-operating items. IRT’s calculation of
Adjusted EBITDA differs from the methodology used for calculating
Adjusted EBITDA by certain other REITs and, accordingly, IRT’s
Adjusted EBITDA may not be comparable to Adjusted EBITDA reported
by other REITs.
Funds From Operations (“FFO”) and Core Funds From Operations
(“CFFO”)
IRT believes that FFO and CFFO, each of which is a non-GAAP
financial measure, are additional appropriate measures of the
operating performance of a REIT and IRT in particular. IRT computes
FFO in accordance with the standards established by the National
Association of Real Estate Investment Trusts, or NAREIT, as net
income or loss (computed in accordance with GAAP), excluding real
estate-related depreciation and amortization expense, gains or
losses on sales of real estate and the cumulative effect of changes
in accounting principles.
CFFO is a computation made by analysts and investors to measure
a real estate company’s operating performance by removing the
effect of items that do not reflect ongoing property operations,
including stock compensation expense, depreciation and amortization
of other items not included in FFO, amortization of deferred
financing costs, and other non-cash or non-operating gains or
losses related to items such as abandoned deal costs from the
determination of FFO.
IRT’s calculation of CFFO differs from the methodology used for
calculating CFFO by certain other REITs and, accordingly, IRT’s
CFFO may not be comparable to CFFO reported by other REITs. IRT’s
management utilizes FFO and CFFO as measures of IRT’s operating
performance, and believes they are also useful to investors,
because they facilitate an understanding of IRT’s operating
performance after adjustment for certain non-cash or non-operating
items that are required by GAAP to be expensed but may not
necessarily be indicative of current operating performance and that
may not accurately compare IRT’s operating performance between
periods. Furthermore, although FFO, CFFO and other supplemental
performance measures are defined in various ways throughout the
REIT industry, IRT believes that FFO and CFFO provide investors
with additional useful measures to compare IRT’s financial
performance to certain other REITs. Neither FFO nor CFFO is
equivalent to net income or cash generated from operating
activities determined in accordance with GAAP. Furthermore, FFO and
CFFO do not represent amounts available for management’s
discretionary use because of needed capital replacement or
expansion, debt service obligations or other commitments or
uncertainties. Neither FFO nor CFFO should be considered as an
alternative to net income as an indicator of IRT’s operating
performance or as an alternative to cash flow from operating
activities as a measure of IRT’s liquidity.
Interest Coverage
Interest coverage is a ratio computed by dividing Adjusted
EBITDA by interest expense.
Net Debt
Net debt, a non-GAAP financial measure, equals total debt less
cash and cash equivalents. The following table provides a
reconciliation of total debt to net debt (Dollars in
thousands).
As of
March 31, 2020
December 31, 2019
September 30, 2019
June 30, 2019
March 31, 2019
Total debt
$
1,049,541
$
985,572
$
979,330
$
989,499
$
990,920
Less: cash and cash equivalents
(57,436
)
(9,888
)
(6,587
)
(11,060
)
(9,030
)
Total net debt
$
992,105
$
975,684
$
972,743
$
978,439
$
981,890
IRT presents net debt because management believes it is a useful
measure of IRT’s credit position and progress toward reducing
leverage. The calculation is limited because IRT may not always be
able to use cash to repay debt on a dollar for dollar basis.
Net Operating Income
IRT believes that Net Operating Income (“NOI”), a non-GAAP
financial measure, is a useful supplemental measure of its
operating performance. IRT defines NOI as total property revenues
less total property operating expenses, excluding interest
expenses, depreciation and amortization, property management
expenses, and general and administrative expenses. Other REITs may
use different methodologies for calculating NOI, and accordingly,
IRT’s NOI may not be comparable to other REITs. IRT believes that
this measure provides an operating perspective not immediately
apparent from GAAP operating income or net income insofar as the
measure reflects only operating income and expense at the property
level. IRT uses NOI to evaluate performance on a same store and
non-same store basis because NOI measures the core operations of
property performance by excluding corporate level expenses,
financing expenses, and other items not related to property
operating performance and captures trends in rental housing and
property operating expenses. However, NOI should only be used as an
alternative measure of IRT’s financial performance.
Same Store Properties and Same Store Portfolio
IRT reviews its same store portfolio at the beginning of each
calendar year. Properties are added into the same store portfolio
if they were owned at the beginning of the previous year.
Properties that are held-for-sale or have been sold are excluded
from the same store portfolio.
Total Gross Assets
Total Gross Assets equals total assets plus accumulated
depreciation and accumulated amortization, including fully
depreciated or amortized real estate and real estate related
assets. The following table provides a reconciliation of total
assets to total gross assets (Dollars in thousands).
As of
March 31, 2020
December 31, 2019
September 30, 2019
June 30, 2019
March 31, 2019
Total assets
$
1,757,138
$
1,664,106
$
1,653,017
$
1,655,747
$
1,655,849
Plus: accumulated depreciation
172,789
158,435
148,924
141,965
132,448
Plus: accumulated amortization
19,567
19,197
19,232
19,495
19,658
Total gross assets
$
1,949,494
$
1,841,738
$
1,821,173
$
1,817,207
$
1,807,955
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200506006040/en/
Independence Realty Trust, Inc. Contact Edelman Financial
Communications & Capital Markets Ted McHugh and Lauren Torres
212.704.8112 IRT@edelman.com
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