Independence Realty Trust Announces Third Quarter 2013 Financial Results

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

Highlights
  • Core funds from operations (“CFFO”) increased 50% to $1.3 million for the quarter ended September 30, 2013 from $0.9 million for the quarter ended September 30, 2012.
  • CFFO per share increased 6% to $0.17 for the quarter ended September 30, 2013 from $0.16 for the quarter ended September 30, 2012.
  • Operating income increased 52% to $1.2 million for the quarter ended September 30, 2013 from $0.8 million for the quarter ended September 30, 2012.
  • Total revenues grew 18% to $4.8 million for the quarter ended September 30, 2013 from $4.0 million for the quarter ended September 30, 2012.
  • On August 16, 2013, IRT completed its underwritten public offering selling 4,000,000 shares of IRT common stock for $8.50 per share raising gross proceeds of $34.0 million and listed IRT common stock on the NYSE MKT under the symbol “IRT”. 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 99% to 60%.
  • On September 19, 2013, IRT acquired a 354 unit apartment community located in Cumberland, Indiana, a suburb of Indianapolis, for a purchase price of $13.25 million.
  • IRT declared a fourth quarter 2013 monthly cash dividends of $0.05333 per share per month or $0.16 for the fourth quarter of 2013.
  • On October 25, 2013, IRT entered into a $20 million secured revolving credit agreement with The Huntington National Bank to acquire properties. The facility bears interest at LIBOR plus 2.75%.

Third Quarter 2013 Results

IRT reported CFFO, a non-GAAP financial measure, for the three-month period ended September 30, 2013 of $1.3 million, or $0.17 per share - diluted based on 7.6 million weighted-average shares outstanding – diluted, as compared to CFFO for the three-month period ended September 30, 2012 of $0.9 million, or $0.16 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 September 30, 2013 of $0.3 million, or $0.03 per share - diluted based on 7.6 million weighted-average shares outstanding – diluted, as compared to net loss allocable to common stock for the three-month period ended September 30, 2012 of $0.03 million, or $0.09 loss per share – diluted based on 0.3 million weighted-average shares outstanding – diluted.

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