PHILADELPHIA, May 18, 2022–(BUSINESS WIRE)–Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today announced that its Board of Directors has authorized a buyback program of up to $250 million of ordinary shares of the company. The board also approved a quarterly dividend of $0.14 per IRT common share, representing a 17% increase in dividend from the previous quarterly rate of $0.12 per share. The dividend is payable on July 22, 2022 to shareholders of record at the close of business on July 1, 2022.
“Today’s announcement underscores the strength of our business model and balance sheet, while providing us with the flexibility to unlock value for our shareholders,” said Scott Schaeffer, Chairman and Chief Executive Officer of ‘IRT. “We will continue to execute a disciplined capital allocation strategy that balances our organic growth initiatives, while optimizing our leverage position over time and enhancing our capital return program.”
Under the repurchase program, the Company, at its discretion, may purchase its common shares from time to time on the open market or in over-the-counter transactions. The amount and timing of stock purchases will depend on a number of factors, including stock price and availability, trading volume and general market conditions. The buyback program has no time limit and can be suspended or terminated at any time.
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multi-family apartment buildings, in 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 growth in key amenity-rich submarkets that offer good school districts, high-quality retail and large employment centers. IRT aims to provide shareholders with attractive risk-adjusted returns through diligent portfolio management, strong operating performance and consistent return on capital through distributions and capital appreciation. Further information can be found on the Company’s website www.irtliving.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), 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 terms such as “will”, “strategy”, “expect”, “seek”, “believe”, “potential” or other similar words. These forward-looking statements include, but are not limited to, our expectations regarding the timing and amount of future dividends and the anticipated benefits of our capital allocation strategy. These forward-looking statements involve risks, uncertainties, estimates and assumptions and our actual results may differ materially from any future expectations, intentions, beliefs, plans or predictions expressed or implied by these forward-looking statements. These forward-looking statements are based on 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 are beyond our control. In addition, these forward-looking statements are subject to assumptions regarding future business strategies and decisions that are subject to change. The risks and uncertainties that could cause our actual future results and/or our future dividends to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to: risks relating to the impact of COVID-19 and other potential future infectious disease outbreaks on our financial condition, results of operations, cash flow and performance and those of our residents as well as the economy and the real estate and financial markets; changes in market demand for rental apartments and pricing pressures, including from competitors, which could limit our ability to rent units or increase rents or which could result in lower rental levels occupancy and rents; uncertainty and volatility in capital and credit markets, including changes that reduce the availability and increase the costs of capital; failure of tenants to meet their rent and other tenancy obligations and write-offs exceeding our allowance for bad debts; legislative restrictions that may delay or limit the collection of overdue rent; risks endemic to real estate and the real estate industry generally; impairment charges; the effects of natural and other disasters; delays in completion and cost overruns incurred in connection with our value-added initiatives and failure to achieve anticipated rent increases and occupancy levels as a result of such initiatives; unforeseen costs of FPI qualification compliance; unexpected changes in our intention or ability to repay certain debts prior to their maturity; the inability to sell certain assets on time or at expected price levels; costs and disruptions resulting from a cybersecurity incident or other technological disruption; and stock price fluctuations. Please refer to our filings with the SEC, including in particular the “Risk Factors” sections of our Annual Report on Form 10-K for the fiscal 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 the 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 unforeseen events, except as 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 on a wide range of factors, including our results of operations, financial condition, capital needs, requirements annual distribution 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. For these and other reasons, there can be no assurance that future dividends will equal or similar to the dividend amount described in this press release.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220518006103/en/
Independence Realty Trust, Inc.
Edelman Financial Communications and Capital Markets
Ted McHugh and Lauren Torres