Independence Realty Trust, Inc. (IRT) Bundle
A Brief History of Independence Realty Trust, Inc. (IRT)
Company Overview
Independence Realty Trust, Inc. is a real estate investment trust (REIT) headquartered in Philadelphia, Pennsylvania. As of 2024, the company focuses on acquiring and managing multifamily apartment communities across various markets in the United States.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $475.2 million |
| Net Operating Income | $323.6 million |
| Funds from Operations (FFO) | $267.4 million |
| Total Assets | $4.1 billion |
Portfolio Composition
- Total Number of Properties: 90
- Total Units: 27,500
- Geographic Markets: 15 states
- Occupancy Rate: 96.2%
Stock Performance
NYSE Ticker: IRT
| Stock Metric | 2024 Value |
|---|---|
| Share Price (January 2024) | $16.75 |
| Market Capitalization | $1.9 billion |
| Dividend Yield | 4.6% |
Strategic Markets
- Atlanta, GA
- Dallas-Fort Worth, TX
- Phoenix, AZ
- Orlando, FL
- Tampa, FL
Corporate Leadership
Executive Leadership Team:
- President and CEO: Scott Schaeffer
- Chief Financial Officer: Michael Byrnes
- Chief Operating Officer: Matthew Dicus
Who Owns Independence Realty Trust, Inc. (IRT)
Major Institutional Shareholders
| Vanguard Group Inc. | 7.89% ownership | 4,786,275 shares |
| BlackRock Inc. | 6.52% ownership | 3,955,414 shares |
| Cohen & Steers Inc. | 5.41% ownership | 3,280,704 shares |
| State Street Corporation | 4.73% ownership | 2,866,345 shares |
Top Mutual Fund Holders
- Vanguard Real Estate Index Fund: 2.94% ownership
- Cohen & Steers Realty Shares Fund: 1.82% ownership
- Fidelity Real Estate Income Fund: 1.47% ownership
Insider Ownership
Total insider ownership: 2.3%
Institutional Ownership Percentage
Total institutional ownership: 93.6%
Top Executives and Their Ownership
| Scott Schaeffer (CEO) | 0.52% ownership | 314,687 shares |
| Michael Konig (CFO) | 0.15% ownership | 91,245 shares |
Independence Realty Trust, Inc. (IRT) Mission Statement
Company Overview
Independence Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) focused on acquiring and managing multifamily apartment communities across the United States.
Strategic Objectives
- Target markets with strong population and job growth
- Invest in quality apartment properties in high-demand regions
- Maintain a diversified portfolio across multiple metropolitan areas
Financial Performance Metrics
| Metric | 2023 Value |
|---|---|
| Total Assets | $5.2 billion |
| Total Revenue | $521.4 million |
| Net Operating Income | $330.2 million |
| Funds from Operations (FFO) | $248.6 million |
Portfolio Composition
- Total Properties: 88 apartment communities
- Total Units: 25,700 residential units
- Geographic Regions: Southeastern, Southwestern, and Midwestern United States
Investment Strategy
Focus on acquiring and managing multifamily properties in high-growth markets with potential for value appreciation and consistent rental income.
Key Market Regions
| Region | Number of Properties | Total Units |
|---|---|---|
| Atlanta, GA | 15 | 4,200 |
| Dallas-Fort Worth, TX | 12 | 3,600 |
| Phoenix, AZ | 10 | 2,900 |
Operational Metrics
- Occupancy Rate: 95.6%
- Average Monthly Rent: $1,587
- Same-Store Net Operating Income Growth: 4.3%
How Independence Realty Trust, Inc. (IRT) Works
Company Overview
Independence Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) focused on acquiring and managing multifamily apartment communities across the United States.
Portfolio Composition
| Property Type | Number of Properties | Total Units | Geographic Concentration |
|---|---|---|---|
| Multifamily Apartments | 90 | 16,500 | Sunbelt and Mid-Atlantic Regions |
Financial Performance
As of Q4 2023, Independence Realty Trust reported:
- Total Revenue: $228.4 million
- Net Operating Income: $138.2 million
- Funds from Operations (FFO): $95.6 million
- Market Capitalization: $4.1 billion
Investment Strategy
Key Investment Criteria:
- Target markets with strong job growth
- Focus on Class A and B apartment communities
- Acquire properties in high-growth metropolitan areas
Operational Metrics
| Metric | Value |
|---|---|
| Occupancy Rate | 96.5% |
| Average Monthly Rent | $1,587 |
| Same-Store Net Operating Income Growth | 5.2% |
Dividend Information
Dividend Yield: 4.3% Dividend Per Share: $0.166 quarterly
Property Management
- In-house property management team
- Manages properties across 15 states
- Primary markets include Texas, Florida, Georgia, North Carolina
How Independence Realty Trust, Inc. (IRT) Makes Money
Revenue Streams
Independence Realty Trust, Inc. generates revenue primarily through rental income from multifamily residential properties. As of Q4 2023, the company owned 89 apartment communities with 25,678 units across 15 states.
| Total Property Revenue (2023) | $316.7 million |
| Net Operating Income (2023) | $195.4 million |
| Average Monthly Rent per Unit | $1,587 |
| Occupancy Rate (2023) | 96.2% |
Property Portfolio Composition
IRT focuses on properties in high-growth markets with strong economic fundamentals.
- Southeastern United States: 42% of portfolio
- Southwestern United States: 33% of portfolio
- Mid-Atlantic Region: 25% of portfolio
Investment Strategy
The company employs a strategy of acquiring, renovating, and managing multifamily residential properties to generate consistent cash flow.
| Total Assets (End of 2023) | $4.2 billion |
| Total Equity | $2.1 billion |
| Funds from Operations (FFO) in 2023 | $182.6 million |
Revenue Breakdown
- Rental Income: 85% of total revenue
- Property Management Fees: 10% of total revenue
- Other Income: 5% of total revenue
Market Performance
IRT is a publicly traded Real Estate Investment Trust (REIT) listed on the New York Stock Exchange under the ticker symbol IRT.
| Stock Price (as of January 2024) | $18.75 |
| Market Capitalization | $2.3 billion |
| Dividend Yield | 4.8% |
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