Independence Realty Trust Reports Minimal Damage to Communities from Hurricane Ian
29 September 2022 - 10:05PM
Business Wire
Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today
announced the Company’s apartment communities in Tampa and Orlando,
Florida did not appear to have any significant damage as a result
of Hurricane Ian.
“We are grateful to report that all of our residents and
employees in the impacted areas are safe, and that we have not
identified any significant damage to our communities,” said Scott
Schaeffer, Chairman and CEO of IRT. “Our on-site teams were
integral in preparing our communities for this storm and we thank
them for their support. We will keep our stakeholders abreast of
the status of our communities as we assess any residual impact from
the hurricane and will provide an update in the event of a material
change.”
About Independence Realty Trust, Inc. Independence Realty
Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns
and operates multifamily apartment properties, across non-gateway
U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO,
Columbus, OH, Indianapolis, IN, Oklahoma City, OK, Raleigh-Durham,
NC, Houston, TX , Nashville, TN, and Memphis, TN. 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. IRT aims to provide stockholders
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 press 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 can generally be identified by our use
of forward-looking terminology such as “will,” “strategy,”
“expects,” “seeks,” “believes,” “potential,” or other similar
words. These forward-looking statements include, without
limitation, our expectations with respect to our operating
performance and financial results, including our 2022 earnings
guidance, timing and amount of future dividends, timing and terms
of property acquisitions, dispositions, joint venture investments,
developments and redevelopments and other capital expenditures,
timing and terms of capital raising and other financing activity,
lease pricing, revenue and expense growth, occupancy levels, supply
levels, job growth, interest rates and other economic expectations,
and anticipated benefits of our recently completed merger (the
“STAR Merger”) with Steadfast Apartment REIT, Inc. (“STAR”),
including as to the amount of synergies from the STAR Merger. Such
forward-looking statements involve risks, uncertainties, estimates
and assumptions and our 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 our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and not
within our 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 our future actual results and/or
future dividends to differ materially from those expressed or
implied by forward-looking statements include, but are not limited
to: (i) risks related to the impact of COVID-19 and other potential
outbreaks of infectious diseases on our financial condition,
results of operations, cash flows and the impact of such risks on
the financial condition of our residents and their ability to pay
rent; (ii) the nature and duration of measures taken by federal,
state and local government authorities to combat the spread of
disease; (iii) 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 occupancy and rent levels; (iv) uncertainty and
volatility in capital and credit markets, including changes that
reduce availability, and increase costs, of capital; (v) increased
costs on account of inflation; (vi) inability of tenants to meet
their rent and other lease obligations and charge-offs in excess of
our allowance for bad debt; (vii) legislative restrictions that may
regulate rents or delay or limit collections of past due rents;
(viii) risks endemic to real estate and the real estate industry
generally; (ix) impairment charges; (x) the effects of natural and
other disasters; (xi) 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; (xii) failure to realize the cost savings,
synergies and other benefits expected to result from the STAR
Merger; (xiii) unexpected costs or delays in integration of the IRT
and STAR businesses; (xiv) unknown or unexpected liabilities
related to the STAR Merger; (xv) unexpected costs of REIT
qualification compliance; (xvi) unexpected changes in our intention
or ability to repay certain debt prior to maturity; (xvii)
inability to sell certain assets within the time frames or at the
pricing levels expected; (xviii) costs and disruptions as the
result of a cybersecurity incident or other technology disruption;
and (xix) 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, 2021, 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. 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. In addition, the declaration of dividends on our
common stock is subject to the discretion of our Board of Directors
and depends upon a broad range of factors, including our results of
operations, financial condition, capital requirements, the annual
distribution requirements under the REIT provisions of the Internal
Revenue Code of 1986, as amended, applicable legal requirements and
such other factors as our Board of Directors may from time to time
deem relevant.
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Independence Realty Trust, Inc. Edelman Smithfield Ted
McHugh and Lauren Torres 917-365-7979 IRT@edelman.com
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