- Core funds from operations (“CFFO”) increased 100% to $2.6 million for the quarter ended March 31, 2014 from $1.3 million for the quarter ended March 31, 2013.
- Operating income increased 10% to $1.3 million for the quarter ended March 31, 2014 from $1.2 million for the quarter ended March 31, 2013.
- Total revenues grew 74% to $8.1 million for the quarter ended March 31, 2014 from $4.7 million for the quarter ended March 31, 2013.
- 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. The majority of the proceeds were deployed in the latter half of the first quarter ended March 31, 2014. 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%.
- IRT acquired 7 properties totaling 2,180 units for $126.7 million during the quarter ended March 31, 2014.
Independence Realty Trust Announces First Quarter 2014 Financial Results
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