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Independence Realty Trust Announces Fourth Quarter And Fiscal 2013 Financial Results

Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced fourth quarter and fiscal 2013 financial results.

Highlights
  • Core funds from operations (“CFFO”) increased 90% to $1.9 million for the quarter ended December 31, 2013 from $1.0 million for the quarter ended December 31, 2012.
  • CFFO per share increased 11% to $0.20 for the quarter ended December 31, 2013 from $0.18 for the quarter ended December 31, 2012.
  • Operating income increased 44% to $1.3 million for the quarter ended December 31, 2013 from $0.9 million for the quarter ended December 31, 2012.
  • Total revenues grew 29% to $5.8 million for the quarter ended December 31, 2013 from $4.5 million for the quarter ended December 31, 2012.
  • On November 22, 2013, IRT acquired a 432-unit garden style apartment community located in Jackson, Mississippi for a purchase price of $23.0 million.
  • IRT declared a first quarter 2014 monthly cash dividends of $0.06 per share per month, a 12.5% increase from the prior monthly dividend rate. The monthly dividends total $0.18 for the first quarter of 2014.
  • On January 29, 2014, IRT completed its underwritten public offering selling 8,050,000 shares of IRT common stock for $8.30 per share raising gross proceeds of $66.8 million. After giving effect to this offering, the percent of IRT’s outstanding common stock held by RAIT Financial Trust, IRT’s largest stockholder and the parent company of IRT’s external advisor, was reduced from 59.7% to 39.4%.
  • On January 31, 2014, IRT acquired a 370-unit apartment community located in Waukegan, Illinois for a purchase price of $29.0 million.

Financial Results

IRT reported CFFO, a non-GAAP financial measure, for the three-month period ended December 31, 2013 of $1.9 million, or $0.20 per share - diluted based on 9.6 million weighted-average shares outstanding – diluted, as compared to CFFO for the three-month period ended December 31, 2012 of $1.0 million, or $0.18 per share – diluted based on 5.6 million weighted-average shares outstanding – diluted. IRT reported a net income allocable to common stock for the three-month period ended December 31, 2013 of $0.3 million, or $0.03 per share - diluted based on 9.6 million weighted-average shares outstanding – diluted, as compared to net loss allocable to common stock for the three-month period ended December 31, 2012 of $0.06 million, or $0.19 loss per share – diluted based on 0.3 million weighted-average shares outstanding – diluted.

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