Independence Realty Trust Announces $250 Million Share Repurchase Authorization and Increases Quarterly Dividend By 17%
May 18 2022 - 4:05PM
Business Wire
Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today
announced that its Board of Directors authorized a repurchase
program of up to $250 million of the Company’s common stock. The
Board also approved a quarterly dividend of $0.14 per share of IRT
common stock, which represents a 17% increase in the dividend over
the prior quarterly rate of $0.12 per share. The dividend is
payable on July 22, 2022 to shareholders of record at the close of
business on July 1, 2022.
“Today’s announcement underscores the strength of our business
model and our balance sheet, while providing us with the
flexibility to unlock value for our shareholders,” said Scott
Schaeffer, Chairman and CEO of IRT. “We will continue to execute a
disciplined capital allocation strategy that balances our organic
growth initiatives, while optimizing our leverage position over
time and enhancing our capital return program.”
Under the repurchase program, the Company, in its discretion,
may purchase its shares of common stock from time to time in the
open market or in privately negotiated transactions. The amount and
timing of purchases of shares will depend on a number of factors,
including the price and availability of shares, trading volume and
general market conditions. The repurchase program has no time limit
and may be suspended or discontinued at any time.
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. 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 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 (the “Securities Act”), 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 as to the timing and amount of future dividends and
anticipated benefits of our capital allocation strategy. Such
forward-looking statements involve risks, uncertainties, estimates
and assumptions and our 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 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 future 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; impairment
charges; 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; unexpected
changes in our intention or ability to repay certain debt prior to
maturity; inability to sell certain assets within the time frames
or at the pricing levels expected; 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 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. 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 dividend described in this press release.
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Independence Realty Trust, Inc. Edelman Financial
Communications & Capital Markets Ted McHugh and Lauren Torres
917-365-7979 IRT@edelman.com
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