Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) announced
today the sale of three properties in three markets, as part of the
Company’s Portfolio Optimization and Deleveraging Strategy. The
total gross sales price of the three properties was $168.1 million,
with each property sale closing in March 2024.
In total, since the Portfolio Optimization and Deleveraging
Strategy was established in October 2023, the Company has sold nine
of the targeted 10 properties, generating gross sales proceeds of
$496.8 million. With the proceeds from these nine sales to date,
IRT repaid $488.9 million of debt, comprised of $252.5 million of
property level debt associated with the sold properties and $236.4
million of borrowings outstanding on its line of credit.
Once the sale of all properties under the Portfolio Optimization
and Deleveraging Strategy is complete, IRT expects to generate
gross sales proceeds of approximately $525.3 million with proceeds
used to delever the balance sheet. This will result in IRT exiting
five single-asset markets and lowering its net debt to adjusted
EBITDA ratio by 0.8x, providing a clear path to reach its target of
high-5x’s by year-end 2024.
“We have made significant progress against our Portfolio
Optimization and Deleveraging Strategy, using the proceeds from
each asset sale to fundamentally reset our leverage profile and
strengthen our financial position,” said Scott Schaeffer, Chairman
and CEO of IRT. “By exiting or reducing our presence in non-core
markets through this initiative, combined with recently receiving
an investment grade rating from Fitch Ratings, IRT is
well-positioned to drive profitable growth and deliver meaningful
value for our stakeholders.”
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, Raleigh-Durham, NC,
Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL. IRT’s
investment strategy is focused on gaining scale near major
employment centers within key amenity rich submarkets that offer
good school districts and high-quality retail. IRT aims to provide
stockholders with 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 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 include, but are not
limited to, increased financial flexibility, growth opportunities
and related benefits that we expect to realize through our
Portfolio Optimization and Deleveraging Strategy and value add
program. All statements in this release that address financial and
operating performance, events or developments that we expect or
anticipate will occur or be achieved in the future are
forward-looking statements. The Company intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with the safe harbor
provisions.
Our forward-looking statements are not guarantees of future
performance and involve estimates, projections, forecasts,
strategies and assumptions, including as to matters that are not
within our control, and are subject to risks and uncertainties
including, without limitation, risks and uncertainties related to
changes in market demand for rental apartment homes and pricing
pressures, including from competitors, that could lead to declines
in occupancy and rent levels, uncertainty and volatility in capital
and credit markets, including changes that reduce availability, and
increase costs, of capital, unexpected changes in our intention or
ability to repay certain debt prior to maturity, increased costs on
account of inflation, increased competition in the labor market,
failure to realize cost savings, efficiencies and other benefits
that we expect to result from our Portfolio Optimization and
Deleveraging Strategy, inability to sell certain assets, including
those assets designated as held for sale, within the time frames or
at the pricing levels expected, failure to achieve expected
benefits from the redeployment of proceeds from asset sales, delays
in completing, and cost overruns incurred in connection with, our
value add initiatives and failure to achieve rent increases and
occupancy levels on account of the value add initiatives,
unexpected impairments or impairments in excess of our estimates,
increased regulations generally and specifically on the rental
housing market, including legislation that may regulate rents and
fees or delay or limit our ability to evict non-paying residents,
risks endemic to real estate and the real estate industry
generally, the impact of potential outbreaks of infectious diseases
and measures intended to prevent the spread or address the effects
thereof, the effects of natural and other disasters, unknown or
unexpected liabilities, including the cost of legal proceedings,
costs and disruptions as the result of a cybersecurity incident or
other technology disruption, unexpected capital needs, inability to
obtain appropriate insurance coverages at reasonable rates, or at
all, or losses from catastrophes in excess of our insurance
coverages, and 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, 2023, 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.
These forward-looking statements are based upon the beliefs and
expectations of our management at the time of this release and our
actual results, including our ability to execute on our Portfolio
Optimization and Deleveraging Strategy and other strategies, may
differ materially from the expectations, intentions, beliefs, plans
or predictions of the future expressed or implied by such
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240401762586/en/
Independence Realty Trust, Inc. Edelman Smithfield Lauren
Torres 917-365-7979 IRT@edelman.com
Grafico Azioni Independence Realty (NYSE:IRT)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Independence Realty (NYSE:IRT)
Storico
Da Dic 2023 a Dic 2024
