PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (NYSE: IRT) today released a business update on its portfolio operations and financial flexibility.
“IRT remains committed to working with our residents in order to support retention and sustain portfolio occupancy.” said Scott Schaeffer, Chairman and CEO of IRT. “As of May 31st, same store occupancy was 93.5% and we have collected 98.1% of May rent receipts, including 1.2% in deferred payment plans. These figures are a result of our efforts to actively engage with our current residents and attract new residents to our communities. In particular, we improved the quality and availability of virtual tours, which has translated into a 45% conversion rate to signed applications in May, representing a year-over-year increase of 15 percentage points.”
Mr. Schaeffer continued, “We have the financial flexibility to act decisively, as we are prepared to participate in an eventual market recovery. Our total liquidity position is approximately $248 million as of May 31st, which includes unrestricted cash, as well as additional capacity through our unsecured line of credit and remaining proceeds from the forward equity raise. IRT is well-positioned to manage the impact of this pandemic and continues to adhere to strict safety measures, as all of our states in which we have properties have begun to ease restrictions. We remain confident in our resilient portfolio and sustainable business model.”
IRT to Participate in Nareit’s REITweek Virtual Conference
Scott Schaeffer, IRT’s Chairman and CEO, and Jim Sebra, IRT’s CFO are scheduled to present at REITweek 2020, the National Association of Real Estate Investment Trusts (Nareit) Virtual Investor Conference, on June 2, 2020, at 9:00 AM ET. The presentation will be available to those registered to attend the conference. For those who are not able to listen to the live broadcast, a replay link will be available on IRT’s website following the conclusion of the conference.
In advance of IRT’s participation in REITweek, the company has posted its June Investor Presentation on its website at www.irtliving.com in the Investor Relations section under Presentations.
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.
