Independence Realty Trust Provides Additional COVID-19 Update

4/9/20

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.
  • 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.