PHILADELPHIA--(BUSINESS WIRE)--
Independence Realty Trust, Inc. (NYSE MKT: IRT) (“IRT”) today announced its first quarter monthly cash dividends on its common stock and provided 2017 earnings guidance.
First Quarter Cash Dividend
On January 12, 2017, IRT’s Board of Directors declared monthly cash dividends for the first quarter of 2017 on IRT’s shares of common stock in the amount of $0.06 per share per month. The monthly dividends total $0.18 per share for the first quarter. The month for which each dividend was declared is set forth below, with the relevant amount per share, record date and payment date set forth opposite the month:
|
Month |
Amount |
Record Date |
Payment Date |
||||||
| January 2017 | $0.06 | 01/31/2017 | 02/15/2017 | ||||||
| February 2017 | $0.06 | 02/28/2017 | 03/15/2017 | ||||||
| March 2017 | $0.06 | 03/31/2017 | 04/17/2017 | ||||||
2017 Earnings per Share (“EPS”) and Core Funds from Operations (“CFFO”) Guidance
IRT is providing 2017 full year EPS and CFFO guidance. EPS per diluted share is projected to be in a range of $0.40-$0.44 and CFFO per diluted share is projected to be in the range of $0.72-$0.76.
The primary assumptions underlying this guidance are as follows:
| Same Store Communities | |||
| Number of properties/units | 42 properties/11,677 units | ||
| Property revenue growth | 3.5% to 4.5% | ||
| Controllable property operating expense growth | 1.5% to 2.5% | ||
| Real estate tax and insurance expense increase | 6.5% to 7.5% | ||
| Property NOI growth | 3.5% to 4.5% | ||
| Corporate Expenses | |||
|
General and administrative expenses |
$7.0 to $8.0 million | ||
| Transaction/Investment Volume | |||
| Acquisition volume | $75 to $100 million | ||
| Disposition volume | $75 to $100 million | ||
| Capital Expenditures | |||
| Recurring | $6.0 to $7.0 million | ||
| Value Add | $5.0 to $6.0 million | ||
The following is a reconciliation of IRT's projected net income (loss) allocable to its common stock to its projected CFFO, a non-GAAP financial measure.
| 2017 Full Year EPS and CFFO Guidance (1) |
Low |
High |
|||||
| Net income (loss) available to common shares |
$0.40 |
- | $0.44 | ||||
| Earnings per share | $0.40 | - | $0.44 | ||||
| 2017 EPS and CFFO Guidance | |||||||
| Net income (loss) available to common shares | $0.40 | - | $0.44 | ||||
|
Adjustments: |
|||||||
| Depreciation and amortization | 0.41 | - | 0.41 | ||||
| Gains on asset sales | (0.17) | - | (0.17) | ||||
| Share base compensation | 0.05 | - | 0.05 | ||||
| Amortization of deferred financing fees | 0.03 | - | 0.03 | ||||
| CORE FFO per diluted share allocated to common shareholders | $0.72 | - | $0.76 | ||||
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE MKT: IRT) is an internally-managed real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation.
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 “guidance,” “project,” “assumption,” “will,” “estimate,” or other similar words or terms. 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, including, without limitation, IRT’s actual 2017 EPS and CFFO. These risks, uncertainties and contingencies include, but are not limited to: whether the assumptions underlying IRT’s 2017 EPS and CFFO guidance will be satisfied, including, without limitation, whether IRT’s 2017 same store portfolio of communities will perform with respect to the identified metrics within the assumed ranges, whether IRT will keep the identified corporate expenses within the assumed range, whether the transaction/investment volume for acquisitions and dispositions will be in the assumed range, and whether the capital expenditures will be within the assumed range; overall conditions in commercial real estate and the economy generally and in the particular markets for IRT’s communities; the availability of financing and capital; and those disclosed in IRT’s filings with the Securities and Exchange Commission. 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.
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