Independence Realty Trust Announces First Quarter 2014 Financial Results

Independence Realty Trust, Inc. (“IRT”) (NYSE MKT:IRT) today announced first quarter 2014 financial results.

Highlights
  • 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.

Financial Results

IRT reported CFFO, a non-GAAP financial measure, for the three-month period ended March 31, 2014 of $2.6 million, or $0.17 per share - diluted based on 15.2 million weighted-average shares outstanding – diluted, as compared to CFFO for the three-month period ended March 31, 2013 of $1.3 million, or $0.23 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 March 31, 2014 of $2.9 million, or $0.19 per share - diluted based on 15.2 million weighted-average shares outstanding – diluted, as compared to net income allocable to common stock for the three-month period ended March 31, 2013 of $4,000, or $0.00 per share – diluted based on 5.6 million weighted-average shares outstanding – diluted.

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