PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (NYSE:IRT) (“IRT”) today released a business update on its portfolio operations and financial flexibility.
“We are pleased to report that our portfolio continues to demonstrate resilient fundamentals throughout the summer,” said Scott Schaeffer, Chairman and CEO of IRT. “As of August 30th, third quarter-to-date average same store occupancy was 94.0% and we collected 97.8% of July and August rent billings, both ahead of levels delivered in the second quarter. These figures reflect IRT’s commitment to provide our residents with high quality homes, while attracting new residents to our communities. We continue to leverage our leasing and marketing initiatives, including the usage of virtual tours, which has translated into a 38% conversion rate to signed applications so far in the third quarter, representing a year-over-year increase of 400 basis points. Looking ahead, IRT will continue to focus on driving leasing traffic and occupancy to support the overall health of the portfolio while maintaining our strong liquidity position.”
The company has posted its September Investor Presentation on its website at www.irtliving.com in the Investor Relations section under Presentations.
IRT to Participate in BMO’s 2020 Real Assets Conference
Scott Schaeffer, IRT’s Chairman and CEO, and Jim Sebra, IRT’s CFO are scheduled to host meetings with investors at BMO’s 2020 Real Assets Conference on September 2nd and 3rd.
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. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. More information may be found on the Company’s website www.irtliving.com.
