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EX - 99.1 2 irt - ex991_6.htm EX - 99.1 Exhibit 99.1 Independence Realty Trust Announces Third Quarter 2021 Financial Results & Updates Full Year 2021 Guidance PHILADELPHIA - ( BUSINESS WIRE ) - October 27 , 2021 - Independence Realty Trust , Inc. ( “ IRT ” ) ( NYSE : IRT ) , a multifamily apartment REIT , today announced its third quarter 2021 financial results . Third Quarter Highlights On July 26 , 2021 , IRT announced that it reached a definitive agreement to merge with Steadfast Apartment REIT , Inc. ( " STAR " ) , creating a leading multifamily REIT focused on the high - growth U.S. Sunbelt region . The transaction is expected to close in mid - December 2021 , following a stockholder vote scheduled for December 13 , 2021 , and we are on track to deliver the $ 28 million in annual synergies and immediate 11 % accretion to Core Funds from Operations . Net income available to common shares of $ 11.5 million for the quarter ended September 30 , 2021 compared to $ 1.1 million for the quarter ended September 30 , 2020. Earnings per diluted share of $ 0.11 for the quarter ended September 30 , 2021 compared to $ 0.01 for the quarter ended September 30 , 2020 . Same store net operating income ( " NOI " ) growth of 14.7 % for the quarter ended September 30 , 2021 compared to the quarter ended September 30 , 2020 . Core Funds from Operations ( " CFFO " ) of $ 22.7 million for the quarter ended September 30 , 2021 compared to $ 18.2 million for the quarter ended September 30 , 2020. CFFO per share was $ 0.21 for the third quarter of 2021 , as compared to $ 0.19 for the third quarter of 2020 . Adjusted EBITDA of $ 31.4 million for the quarter ended September 30 , 2021 compared to $ 27.1 million for the quarter ended September 30 , 2020 . Increased full year 2021 same store NOI guidance to a midpoint of 10.25 % and full year 2021 CFFO guidance to a midpoint of $ 0.81 per share . Included later in this press release are definitions of NOI , CFFO , Adjusted EBITDA and other Non - GAAP financial measures and reconciliations of such measures to their most comparable financial measures as calculated and presented in accordance with GAAP . Management Commentary " The combination of favorable macro trends across our core markets and the execution of our growth initiatives continues to yield impressive returns , " said Scott Schaeffer , Chairman and CEO of IRT . " We delivered a 14.7 % year - over - year increase in third quarter same store NOI , with our occupancy rate up 220 basis points to 96 % and our average rental rate increasing 7.3 % on a year - over - year basis . As we look forward , our ability to maintain occupancy , drive rental rates , and advance our value add program gives us confidence that we can continue to unlock value within our portfolio . We are also focused on the integration of the planned merger with STAR and are excited about the growth potential of our combined business . " Same Store Property Operating Results Rental and other property revenue Property operating expenses Net operating income ( “ NOI ” ) Portfolio average occupancy Portfolio average rental rate NOI Margin Third Quarter 2021 Compared to Third Quarter 2020 ( 1 ) 9.4 % increase 1.7 % increase 14.7 % increase Nine Months Ended 9/30/21 Compared to Nine Months Ended 9/30/20 7.8 % increase 4.4 % increase 10.1 % increase 220 bps increase to 96.0 % 7.3 % increase to $ 1,227 290 bps increase to 62.2 % 270 bps increase to 95.6 % 4.6 % increase to $ 1,190 130 bps increase to 61.7 % ( 1 ) Same store portfolio for the three months ended September 30 , 2021 includes 47 properties , which represent 12,838 units . Same Store Property Operating Results , Excluding Value Add The same store portfolio results below exclude 13 communities that are both part of the same store portfolio and were actively undergoing Value Add renovations during the three months ended September 30 , 2021 .