Ella Neyland to Depart IRT as Chief
Operating Officer and Board Member
Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today
announced that Scott Schaeffer, IRT’s Chairman and CEO, and Jim
Sebra, IRT’s CFO are scheduled to host meetings with investors and
analysts at Nareit’s REITworld 2022 Annual Conference on November
15-16 at the Marriott Marquis in San Francisco. In advance of these
upcoming meetings, IRT has provided an operating update.
“Our portfolio continues to benefit from our high exposure to
the attractive sunbelt region,” said Scott Schaeffer. “Through
November 7, 2022, we achieved a fourth quarter-to-date average
rental rate increase of 7.7% on a blended basis, as we delivered
higher rent growth for both new leases and renewals. We remain on
track to achieve our recently raised full year 2022 Core FFO per
share guidance, which represents 28% year-over-year growth at the
midpoint.”
The table below summarizes operating metrics for the combined
same-store portfolio for the applicable periods.
3Q 2022
4Q 2022(4)
Combined Same-Store
Portfolio(1)
Average Occupancy
Non Value Add (2)
94.7 %
95.0 %
Value Add (2)
92.2 %
90.9 %
Total Occupancy
94.2 %
94.2 %
Lease Over Lease Effective Rental Rate
Growth (3)
New Leases
14.1 %
7.5 %
Renewal Leases
11.9 %
7.8 %
Blended
12.7 %
7.7 %
Resident retention rate
56.6 %
48.7 %
(1)
Combined same-store portfolio includes 113
properties, which represent 33,804 units.
(2)
Non value add represents 92 properties
that did not have ongoing value add projects as of November 7,
2022. Value add represents the 21 properties with ongoing value add
projects as of November 7, 2022.
(3)
Lease-over-lease effective rent growth
represents the change in effective monthly rent, as adjusted for
concessions, for each unit that had a prior lease and current lease
that are for a term of 9-13 months.
(4)
4Q 2022 average occupancy and resident
retention rates are through November 7, 2022. 4Q 2022 lease over
lease effective rental rate growth are for leases commencing during
4Q 2022 that were signed as of November 7, 2022.
Departure of Ella Neyland
IRT also announced the departure of Ella Neyland as the
Company’s Chief Operating Officer and member of the Board of
Directors, effective December 15, 2022. Ms. Neyland will stay on at
IRT in a consultancy role through June 2024.
“We would like to thank Ella for her commitment to IRT,
particularly her dedication and effort in completing our merger
with Steadfast Apartment REIT,” said Scott Schaeffer. “Ella played
an integral role in combining our businesses over the past year and
realizing significant synergies while implementing best practices.
We wish her well in her endeavors.”
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE: IRT) is a real estate
investment trust that owns and operates multifamily communities,
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, 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 our operating
performance and financial results, including our 2022 earnings
guidance, timing and amount of future dividends, timing and terms
of property acquisitions, dispositions, joint venture investments,
developments and redevelopments and other capital expenditures,
timing and terms of capital raising and other financing activity,
lease pricing, revenue and expense growth, occupancy levels, supply
levels, job growth, interest rates and other economic expectations,
and anticipated benefits of our recently completed merger (the
“STAR Merger”) with Steadfast Apartment REIT, Inc. (“STAR”),
including as to the amount of synergies from the STAR Merger. 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: (i) risks related to the impact of COVID-19 and other potential
outbreaks of infectious diseases on our financial condition,
results of operations, cash flows and the impact of such risks on
the financial condition of our residents and their ability to pay
rent; (ii) the nature and duration of measures taken by federal,
state and local government authorities to combat the spread of
disease; (iii) 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; (iv) uncertainty and
volatility in capital and credit markets, including changes that
reduce availability, and increase costs, of capital; (v) increased
costs on account of inflation; (vi) inability of tenants to meet
their rent and other lease obligations and charge-offs in excess of
our allowance for bad debt; (vii) legislative restrictions that may
regulate rents or delay or limit collections of past due rents;
(viii) risks endemic to real estate and the real estate industry
generally; (ix) impairment charges; (x) the effects of natural and
other disasters; (xi) 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; (xii) failure to realize the cost savings,
synergies and other benefits expected to result from the STAR
Merger; (xiii) unexpected costs or delays in integration of the IRT
and STAR businesses; (xiv) unknown or unexpected liabilities
related to the STAR Merger; (xv) unexpected costs of REIT
qualification compliance; (xvi) unexpected changes in our intention
or ability to repay certain debt prior to maturity; (xvii)
inability to sell certain assets within the time frames or at the
pricing levels expected; (xviii) costs and disruptions as the
result of a cybersecurity incident or other technology disruption;
and (xix) 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221108006250/en/
Independence Realty Trust, Inc. Edelman Smithfield Ted
McHugh and Lauren Torres 917-365-7979 IRT@edelman.com
Independence Realty (NYSE:IRT)
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