Lease-over-lease effective rent growth represents the change in effective monthly rent, as adjusted for concessions, for each unit that had a prior lease and current lease that are for a term of 9-13 months.ĢQ 2022 average occupancy and resident retention rates are as through May 1, 2022. Lease Over Lease Effective Rental Rate Growth: (2) The table below summarizes operating metrics for the combined same-store portfolio for the applicable periods. Overall, we are excited for what lies ahead in 2022 and the years to come, as we remain confident in our strategy focused on multifamily properties in the high-growth Sunbelt region.”Ĭombined Same-Store Property Operating ResultsĬombined same-store portfolio for the three months ended Maincludes 113 properties, which represent 33,804 units. We continue to evaluate accretive joint venture opportunities, including a new investment in a single-family rental development. Our merger integration is complete, and we have secured $31 million in annual synergies. “For the first quarter of 2022, combined same-store NOI increased by 16.2%, led by blended lease over lease rental growth of 12.8%. “We are pleased with the outstanding results our newly combined portfolio generated during the first quarter of 2022,” said Scott Schaeffer, Chairman and CEO of IRT. 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. Value add program for the quarter ended March 31, 2022, has completed renovations at 143 units, achieving a weighted average return on investment during the quarter of 32.0%.
CFFO per share was $0.25 for the first quarter of 2022, as compared to $0.18 for the first quarter of 2021.Īdjusted EBITDA of $81.4 million for the quarter ended Macompared to $26.4 million for the quarter ended March 31, 2021.
Net income available to common shares of $74.6 million for the quarter ended Macompared to $1.1 million for the quarter ended March 31, 2021.Įarnings per diluted share of $0.34 for the quarter ended Macompared to $0.01 for the quarter ended March 31, 2021.Ĭombined same-store net operating income (“NOI”) growth of 16.2% for the quarter ended Macompared to the quarter ended March 31, 2021.Ĭore Funds from Operations (“CFFO”) of $57.7 million for the quarter ended Macompared to $18.0 million for the quarter ended March 31, 2021. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its first quarter 2022 financial results.
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