IRT reports Q3 net income $12.4M; receives 'BBB' S&P rating; plans $184M acquisitions

INDEPENDENCE REALTY TRUST, INC.

2024-Q3 EPS reported $0.18 revenue$479,072,000

Net income $12.4M ($0.05 EPS) vs $3.9M ($0.02 EPS) YoY; same-store NOI grew 2.2%.
Core FFO $66.8M ($0.29/sh) vs $69.0M ($0.30/sh); Adj EBITDA $87.5M; net debt/EBITDA 6.3x vs 7.0x.
S&P assigned 'BBB' issuer credit rating with stable outlook.
Forward equity sales for 13M shares (~$246M net) to fund three acquisitions totaling ~$184M expected in Q4.
Value-add program: 578 unit renovations at 14.9% weighted avg ROI.

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