PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today released a business update regarding initiatives to mitigate the impact of the novel coronavirus (COVID-19).
“The health and well-being of our employees and residents is our highest priority during these unprecedented times,” said Scott Schaeffer, Chairman and CEO of IRT. “For those residents directly impacted and demonstrating financial hardship, we will provide flexibility in meeting their near-term monthly rental requirements. This includes creating payment plans, waiving late fees and halting evictions.”
As of April 8, 2020, IRT has collected 89% of its April rent receipts.
IRT also announced initiatives aimed at strengthening its balance sheet and increasing financial flexibility.
- IRT has allowed the non-binding letter of intent related to the acquisition of three Class A communities in Atlanta, GA to expire, without realizing any financial penalty.
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On March 31, 2020, IRT settled $50 million of its forward equity agreement by issuing 3.4 million shares. As previously disclosed, in February 2020, IRT agreed to issue 10.35 million shares in a forward equity transaction at an initial forward price of $14.68 per share. After this settlement on March 31, 2020, IRT has 6.944 million shares remaining to be issued under the forward equity agreement for current gross proceeds of approximately $102 million.
Mr. Schaeffer continued, “The Board and management team have been focused on navigating near-term headwinds and solidifying our balance sheet to ensure the long-term success of our business. We currently have a total liquidity position of approximately $258 million, which includes unrestricted cash, as well as additional capacity through our unsecured line of credit and remaining proceeds from the forward equity raise. We will continue to monitor current business conditions very closely, provide stability and financial flexibility to our residents, and be well positioned to maximize shareholder value.”
First Quarter 2020 Earnings Release Date and Conference Call Details
IRT expects to release its first quarter 2020 financial results after market close on Wednesday, May 6, 2020, and will hold its quarterly results conference call on Thursday, May 7, 2020 at 9:00 a.m. Eastern Time.
The live conference call can be accessed from the investor relations section of the IRT website at investors.irtliving.com or by dialing 1.844.775.2542, access code 4097673. A replay of the conference call will be available shortly following the live call on the investor relations section of IRT’s website and telephonically until Thursday, May 14, 2020 by dialing 1.855.859.2056, access code 4097673.
About Independence Realty Trust, Inc.
Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT’s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. More information may be found on the Company’s website www.irtliving.com.
Forward-Looking Statements
This press release may contain 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 can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of IRT’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally not within IRT’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Risks and uncertainties that might cause IRT’s actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: risks related to the impact of COVID-19 and other potential future outbreaks of infectious diseases on the financial condition, results of operations, cash flows and performance of IRT and its tenants as well as on the economy and real estate and financial markets; changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could limit our ability to lease units or increase rents or that could lead to declines in rent; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital; inability of tenants to meet their rent and other lease obligations; legislative restrictions that may delay or limit collections of past due rents; risks endemic to real estate and the real estate industry generally; the effects of natural and other disasters; delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve projected rent increases and occupancy levels on account of the initiatives; unexpected costs of REIT qualification compliance; costs and disruptions as the result of a cybersecurity incident or other technology disruption; and share price fluctuations. Please refer to the documents filed by the Company with the SEC, specifically the Company's Annual Report on Form 10-K for the year ended December 31, 2019, as it may be updated or supplemented in the Company's Quarterly Reports on Form 10-Q and the Company's other filings with the SEC, which identify additional risk factors that could cause actual results to differ from those contained in forward-looking statements. IRT undertakes 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.
