Purchases 51,745 Shares of Independence Realty Trust, Inc. (NYSE:IRT) Defense World 10/18/2022 Analyst Ratings for Mid-America Apartment Beyond that, IRT has stated that they plan to further reduce Debt/EBITDA by growing NOI. Counterparty will not take, or permit to be taken, any action to cause any restricted period (as such term is defined in Regulation M promulgated under the Exchange Act (Regulation M)) to occur in respect of Shares or any security with respect to which the Shares are a reference security (as such term is defined in Regulation M) during any Unwind Period. On July 26, 2021, Steadfast Apartment REIT (the Company or STAR), a nontraded REIT, and Steadfast Apartment REIT Operating Partnership, L.P., a Delaware limited partnership and subsidiary of the Company, entered into an Agreement and Plan of Merger with Independence Realty Trust, Inc., a Maryland corporation (IRT), Independence Realty Operating Partnership, LP, a Delaware limited partnership and a subsidiary of IRT (IRT OP), and IRSTAR Sub, LLC, a Maryland limited liability company and a wholly-owned subsidiary of IRT (IRT Merger Sub). Steadfast Apartment REIT, Inc. is a real estate investment trust (REIT). This unfortunately landed in my taxable account so selling would trigger a healthy capital gain (50k). IRT provides this description of their other paths to growth: The value-add renovations are what they have an established track record of doing. So naturally IRT pays higher interest rates, precluding some deals and making all others less profitable. More information may be found on IRTs website at www.irtliving.com. Agreements and Acknowledgements Regarding Hedging Activities: Dealer may, without Counterpartys consent, assign or transfer all or any part of its rights or delegate any of its duties hereunder (A) to any affiliate of Dealer (1) that has a long-term issuer rating that is equal to or better than Dealers credit rating at the time of such transfer or assignment, or (2) whose obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a form used by Dealer generally for similar transactions, by Dealer or Dealers ultimate parent, or (B) to any other third party with a long-term issuer rating equal to or better than the lesser of (1) the credit rating of Dealer at the time of the transfer and (2) A- by Standard and Poors Rating Group, Inc. or its successor (S&P), or A3 by Moodys Investor Service, Inc. (Moodys) or, if either S&P or Moodys ceases to rate such debt, at least an equivalent rating or better by a substitute rating agency mutually agreed by Counterparty and Dealer; provided that either (1) the transferee or assignee is a dealer in securities within the meaning of Section 475(c)(1) of the Tax Code or (2) the transfer does not result in a deemed exchange by Counterparty within the meaning of Section 1001 of the Tax Code. Initially, the Initial Number of Shares; provided that the Number of Shares issubject to reduction as provided in Section 3 below. At IRT Living, we know that a home is more than just the place you stay. 5.Additional Representations and Warranties of Counterparty. Stock Price data may be delayed up to 15 minutes. This suggests a possible upside of 21.1% from the stock's current price. Dated as of May 11, 2015 TABLE OF CONTENTS from For any Settlement, the Settlement Date, Cash Settlement Payment Date or Net Share Settlement Date, as the case may be. Steadfast Apartment REIT, Inc. has completed an IPO in the amount of $794.911885 million. The shares of common stock, par value USD 0.01 per Share, of Counterparty (Ticker: IRT). (ii) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof,after the words to terminate the Transaction, the words or a portion of the Transaction affected by such Hedging Disruption. When is Independence Realty Trust's earnings date? Ladies and Gentlemen: The undersigned acknowledges that in connection with (i) the merger (the Company Merger) of Steadfast Apartment REIT, Inc., a Maryland corporation (the Company) with Independence Realty Trust, Inc., a Brixmor While ratings are subjective and will change, the latest Independence Realty Trust ( IRT) rating was a maintained with a price target of $24.00 to $22.00. Peakstone Realty Trust (NYSE: PKST) is an internally managed real estate investment trust (REIT) that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties. Independence Realty Trust Who We Are. December 13, 2021 at 04:06 pm. My initial thinking about the merger was that it would have its full impact more quickly. Steadfast Apartment REIT, Inc. acquired Foundations by the Vineyard from AP WP SERAMONT REIT LLC for $52.2 million. You can see that the combined distribution of properties nicely complements and supplements those owned by IRT. To do numbers, I took it to be 4.5% to 5.5%, then dropped it to 3% to 4% in later years. Independence Realty Trust's most recent quarterly dividend payment of $0.16 per share was made to shareholders on Friday, July 21, 2023. Independence Realty Trust (IRT) came out with quarterly funds from operations (FFO) of $0.27 per share, missing the Zacks Consensus Estimate of $0.28 per share. Without it, the recent increased valuations would have proven unsustainable. According to the issued ratings of 9 analysts in the last year, the consensus rating for Independence Realty Trust stock is Moderate Buy based on the current 4 hold ratings and 5 buy ratings for IRT. But then there is the question of whether the present valuation is high or low. Upon consummation of the merger, it is expected that IRT will assume or repay a portion of the Steadfast Apartment's indebtedness in the aggregate amount of approximately $2.13 billion as of June 30, 2021. WebTD Ameritrade Institutional helps independent Registered Investment Advisors (RIAs) achieve their business vision and serve the best interests of their clients. Apartments are a good core holding for some degree of growth along with really good, long-term inflation protection. Investor Tax Information and Resources | Pershing They create a welcoming environment that makes you feel part of the family. As NOI grows in this model, the ratio of interest expenses to NOI drops from 32% to 20%. Dealer acknowledges and agrees that, except in the case of a Private Placement Settlement, Dealer (or its agents or affiliates, as applicable) shall use any Shares delivered by Counterparty to Dealer on any Settlement Date to return to securities lenders to close out borrowings created by Dealer (or its agents or affiliates, as applicable) in connection with its hedging activities related to exposure under the Transaction or in a manner that Dealer otherwise believes in good faith and based on the advice of counsel to be in compliance with applicable securities law. For purposes of the Equity Definitions, this Transaction is a Share Forward Transaction. Thanks! Transfer Agent and Registrar Computershare Trust Company, N.A. WebAGREEMENT ANDPLAN OF MERGER among INDEPENDENCE REALTY TRUST, INC., INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, ADVENTURE MERGER SUB LLC, IRTLIMITED PARTNER, LLC TRADE STREET RESIDENTIAL, INC. and TRADE STREET OPERATINGPARTNERSHIP, LP. Counterparty shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the Relevant Transactions, and none of Dealer and/or its affiliates shall have any responsibility or liability to Counterparty with respect thereto. Steadfast Apartment REIT, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021, Steadfast Apartment Reit, Inc. Approves Distribution, Payable December 2021. A stock is considered to be oversold if the RSI reading falls below 30. I am not receiving compensation for it (other than from Seeking Alpha). It was 9.8 when IRT internalized their management in 2017. For any Cash Settlement or Net Share Settlement, as designated in the relevant Settlement Notice. By bringing in a lot of Class B properties like those IRT likes to buy, the merger will restart IRTs previous business model. As of any date, the Number of Shares minus the number of Shares designated as Settlement Shares for Settlements for which the related Relevant Settlement Date has not occurred. Independence Realty Trust Applicable; provided that Section12.9(b)(vi)of the Equity Definitions shall be amended by (i)deleting clause (C)of the second sentence thereof and (ii)deleting the third and fourth sentences thereof. Subject to Early Valuation below, Counterparty may elect to effect a Settlement of all or any portion of the Transaction by designating one or more Scheduled Trading Days following the Effective Date and on or prior to the Maturity Date to be Valuation Dates (or, with respect to Cash Settlements or Net Share Settlements, First Unwind Dates, each of which First Unwind Dates shall occur no later than the 60th Scheduled Trading Day immediately preceding the Maturity Date) in a written notice to Dealer delivered no later than the applicable 5th Scheduled Trading Day immediately preceding the First Unwind Date (in the case of a Net Share Settlement or Cash Settlement) or the 2nd Scheduled Trading Day immediately preceding the relevant Valuation Date (in the case of a Physical Settlement). WebConfirmation of Issuer Share Forward Sale Transaction, dated February 20, 2020, by and among Independent Realty Trust, Inc., Bank of Montreal and BMO Capital Markets Inc from Independence Realty Trust, Inc. filed with the Securities and Exchange Commission. The public float for IRT is 223.33M and currently, short sellers hold a 4.06% of that float. I discuss these NOI growth rates below. Independence Realty Trust Web624 homes. I do like the risk/reward of CLPR (mentioned right at the end) as I see you do as well. Some notes: G&A expenses were based on their projections and then 15% of NOI. 1.This Confirmation shall supplement, form a part of and be subject to an agreement (the Agreement) in the form of the ISDA 2002 Master Agreement (the ISDA Form), as published by ISDA, as if Dealer and Counterparty had executed the ISDA Form on the date hereof (but without any Schedule except for the election of New York law (without regard to New Yorks choice of laws doctrine other than Title 14 of Article 5 of the New York General Obligations Law (the General Obligations Law)) as the governing law and US Dollars (USD) as the Termination Currency). A fun, fast-paced work environment. WebTransfer Agent: Franklin BSP Realty Trust, Inc c/o AST 6201 15th Avenue Brooklyn, NY 11219 (877) 573-4006 (718) 921-8124 help@astfinancial.com Investor Access. If Counterparty is unable to comply with the covenant of Counterparty contained in Section6(a)of this Confirmation or Dealer otherwise determines in its reasonable opinion, based on advice of counsel, that any Shares to be delivered to Dealer by Counterparty may not be freely returned by Dealer to securities lenders as described in Section6(a)of this Confirmation, then delivery of any such Settlement Shares (the Unregistered Settlement Shares) shall be effected pursuant to Annex A hereto, unless waived by Dealer. Independence Realty Trust, Inc. (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. For greater certainty, if there is any inconsistency between this provision and the provisions contained in any other agreement between the parties with respect to the Transaction, this provision shall prevail unless such other agreement expressly overrides the provisions of the Attachment to the 871(m)Protocol. to the Forward Price on the relevant Valuation Date multiplied by the number of Settlement Shares for such Settlement, and Counterparty shall deliver to Dealer such Settlement Shares. July 26, 2021. You also have plenty of room for your vehicles with a 2 car garage and an additional 1 car garage. Realty Trust Kimco Realty Corp (KIM) Stock by the Numbers. Here the pro-forma NOI and EBITDA numbers post-merger have been increased to account for some anticipated synergies. When they go down prices go up.]. Steadfast Apartment REIT, Inc. acquired PeakView by Horseshoe Lake from a third-party seller for $44.2 million. Lily Tran Owner and Broker of independence Realty. Click Here to get the full Stock Report for Independence Realty Trust Inc stock. Each party hereto acknowledges and agrees that the Agent is an intended third party beneficiary hereunder. 8 myths about renting you should stop believing immediately, 6 ways home buyers mess up getting a mortgage, 6 reasons you should never buy or sell a home without an agent, Difference between agent, broker & Realtor, Real estate agents reveal the toughest home buyers they've ever met, Compare home loans and get pre-approved, Do Not Sell or Share My Personal Information. Among other degrees, he holds a doctorate in physics and a bachelors in philosophy. Counterparty represents and warrants that it has received, read and understands Dealers Risk Disclosure Statement Regarding OTC Derivatives Products and acknowledges the terms thereof as if it had signed the Risk Disclosure Statement Verification contained therein as of the date hereof. Independence Realty Trust seems to be paying out most of its income as dividends judging by its three-year median payout ratio of 96%, meaning the company retains only 4.1% of its income. Call your neighborhood real estate brokerages. WebIndependence Realty Trust Leasing Agent in the United States makes about $18.26 per hour. WebGet the latest Independence Realty Trust Inc (IRT) real-time quote, historical performance, charts, and other financial information to help you make more informed trading and Career Paths, Job Growth & Advancement available. 7159 Wild Blackberry Trail Winter Garden, FL 34787. Such a high price could perhaps be justified by rapid and continuing growth. Other than any additional Transaction which may be entered into between Dealer and Counterparty pursuant to an Additional Forward Sale Agreement (as defined in the Underwriting Agreement), the Transaction hereunder shall be the sole Transaction under the Agreement. (i) AHedging Disruption orIncreased Cost of Hedging or (ii)the occurrence of a Market Disruption Event during an Unwind Period and the continuance of such Market Disruption Event for at least eight Scheduled Trading Days. The fact that it will take another year to improve leverage a little bit, and that major improvements to AFFO per share will take most of the decade reduces the present value of these improvements. IRT SEC Filings - Independence Realty Trust Inc - Fintel 2) After that, it will be held at a payout ratio of 75% of AFFO. Independence Realty Trust, Inc. (NYSE:IRT) entered into a definitive merger agreement to acquire Steadfast Apartment REIT, Inc. (OTCPK:STFR) for approximately $2 One may make some extra money by playing the cycles, buying low and selling high. Please. The rows shaded blue illustrate one way this could play out. Learn about Independence Realty Trust culture, salaries, benefits, work-life balance, management, job security, and more. Who We Are Realty Trust will be applicable as if Physical Settlement applied to such Transaction. This might have been overdone, by both the markets and the analysts. Good day, and thank you for standing by, and welcome to the Independence Realty Trust First Quarter 2021 Earnings Release Conference Call. The parties intend for this Confirmation to constitute a Contract as described in the letter dated October6, 2003 submitted on behalf of Goldman, Sachs&Co. to Paula Dubberly of the staff of the Securities and Exchange Commission (the Staff) to which the Staff responded in an interpretive letter dated October9, 2003 (the Interpretive Letter)Counterparty agrees and acknowledges that this Transaction is being entered into in accordance with the Interpretive Letter and agrees to take all actions, and to omit to take any actions, reasonably requested by Dealer for this Transaction to comply with the Interpretive Letter. He is very knowledgeable, patient and steadfast on finding homes that meet your needs. In addition (and without limitation of the representations and warranties of Counterparty made pursuant to Section9.11 of the Equity Definitions), Counterparty represents and agrees that any such Shares have been duly authorized and shall be, upon delivery, validly issued, fully paid and non-assessable. Comprehensive Transfer Agent Services | EQ - Equiniti Investors might do that, but if so they will do it for all securities. National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). Box 505000 Louisville, KY 40233 (312) 360-5354 If you hold your shares in registered form and wish to combine your accounts in the future, you should contact our transfer agent, AST Financial, at They did push their ratio of Net Debt to EBITDA down to 8.9 in 2020. Realty Trust Independence Realty Trust, Inc.1835 Market Street, Suite 2601Philadelphia, PA19103. 502,000+ Open in App. Accordingly, Counterparty agrees that any Shares so delivered will not bear a restrictive legend and will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System. I am not receiving compensation for it (other than from Seeking Alpha). Real Estate Jersey Transfer and Trust Co. Kansas City Life Insurance Co. LOYAL3 Transfer Corp. Madison Stock Transfer, Inc. 1) It will not be cut in 2022. This letter agreement constitutes a Confirmation as referred to in the Agreement specified below. 800-679-2112 . (B)to all or a portion of the Settlement Shares designated in such Settlement Notice if, on any day during the relevant Unwind Period, (I)the trading price per Share on the Exchange (as determined by the Calculation Agent in a commercially reasonable manner) is below the Threshold Price or (II)Dealer, as Hedging Party, determines, in its good faith, reasonable judgment, that a Trading Condition has occurred, in which case the provisions set forth below in the third paragraph opposite Early Valuation shall apply as if such day were the Early Valuation Date and (x)for purposes of clause (i)of such paragraph, such day shall be the last Unwind Date of such Unwind Period and the Unwound Shares shall be calculated to, and including, such day and (y)for purposes of clause (ii)of such paragraph, the Remaining Shares shall be equal to the number of Settlement Shares designated in such Settlement Notice minus the Unwound Shares determined in accordance with clause (x)of this sentence. The blue-chip apartment REITs mostly have Debt/EBITDA well below 6. All investing is subject to risk, including the possible loss of the money you invest. The average price recommended by analysts for Independence Realty Trust Inc. (IRT) is $20.78, which is $4.71 above the current market price. WebTransfer Agent: Franklin BSP Realty Trust, Inc c/o AST 6201 15th Avenue Brooklyn, NY 11219 (877) 573-4006 (718) 921-8124 help@astfinancial.com Investor Access. WebAGREEMENT AND PLAN OF MERGER. Independence Realty Trust locations. The average twelve-month price prediction for Independence Realty Trust is $19.89 with a high price target of $22.00 and a low price The top row shaded gold shows the Simple AFFO per share. Independence Realty Trust | Nareit These are profitable but less than IRT has been. ; and. We provide 11 tips for first-time apartment renters that can make renting easier. WebReviews from Independence Realty Trust employees about working as a Leasing Agent at Independence Realty Trust. Here we evaluate the impact of their recently announced merger on future earnings. Thanks for the article. As we look ahead to the second half of 2023, the economic and commercial real estate environment will continue to be shaped by global central banks fight against inflationary pressures. Independence Realty Trust Independence Realty Trust Box 505000 Louisville, KY, 40233. WebSee all 179 apartments and houses for rent in Independence, UT, including cheap, affordable, luxury and pet-friendly rentals. They have increased earnings in large measure by doing renovations of their apartments, earning an average 17.1% cash-on-cash return on the funds invested. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAYHAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS CONFIRMATION, THE TRANSACTION HEREUNDER AND/OR ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT, THIS CONFIRMATION AND/OR THE TRANSACTION HEREUNDER. Please disable your ad-blocker and refresh. REITs invest in the majority of real estate property types, including offices, apartment buildings, warehouses, retail centers, medical facilities, data centers, cell towers, infrastructure and hotels. Steadfast Apartment REIT, Inc. acquired PeakView at T-Bone Ranch in Colorado and Park Valley Apartments in Smyrna for $91.7 million. It is also roughly consistent with the Debt to EBITDA ratio of 9.7 they specify post-merger. If you have an ad-blocker enabled you may be blocked from proceeding. See IRT Report. Their IRT share price forecasts range from $17.00 to $22.00. In the last year, its revenue is up 3.6%. Independence Realty Trust In this projection, it is at a level that would support the growth discussed above. Independence Realty Trust Combined Company and Merger Terms The combined company after the Mergers retains the name Independence Realty Trust, Inc. IRT closed at $24.15 per share on December 16, 2021. 166 rentals within 20 miles of Independence, UT. The model here assumes that all growth comes from the retained earnings. But it would appear that investors who expect that total return of 12% or so may be disappointed. Health, dental, & vision benefits (TCR & MRF) Rental discounts. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. To produce the indicated NOI growth, they will need to invest $25M to $30M per year. or proprietary models or other information that Dealer believes to be confidential, proprietary or subject to contractual, legal or regulatory obligations not to disclose such information, in each case, used by it for such judgment, calculation, adjustment or determination. Web2022 Tax Reporting. Forward Price Reduction Amount per Share: For each Forward Price Reduction Date, the amount of any dividend or distribution (including any Extraordinary Dividend) actually paid in respect of the applicable ex-dividend date. The IRT stock price crashed hard in March 2020. In actuality, interest expenses will probably decrease. It has outperformed that of AVB and Essex Property Trust (ESS), who both have a coastal focus. 18286 INDEPENDENCE REALTY TRUST INC - astproxyportal.com WebIndependence Realty Trust, Inc. is a real estate investment trust, which acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. WebFind Realtors & Real Estate agents in Independence, MO that can help you with your real estate needs. in connection with the private placement of such shares by Counterparty to Dealer (or any such affiliate) and the private resale of such shares by Dealer (or any such affiliate), Counterparty shall, if so requested by Dealer, prepare, in cooperation with Dealer, a private placement memorandum in form and substance reasonably satisfactory to Dealer. The current Debt/EBITDA of 8.9 was still too high. Independence Realty Trust, Inc. (NYSE:IRT) entered into a definitive merger agreement to acquire Steadfast Apartment REIT, Inc. (OTCPK:STFR) for approximately $2 billion on July 26, 2021. Serious, REIT-destructive headwinds emerged (liquidity problems, "investor" legal costs and a dour real estate environment) and eventually Aimco all but abandoned this initiative. Thank you for joining us to review Independence Realty Trust's Second Quarter 2023 financial results. Tax and Indemnifiable Tax, each as defined in Section14 of the Agreement shall not include any withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the United States Internal Revenue Code (the Code), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section1471(b)of the Code, or any fiscal or regulatory legislation, rulesor practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a FATCA Withholding Tax). That growth of NOI IRT expects comes from several sources. If any delivery owed to Dealer hereunder is not made, in whole or in part, as a result of this provision, (i)Counterpartys obligation to make such delivery shall not be extinguished and Counterparty shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Dealer gives notice to Counterparty that such delivery would not result in (x)Dealer Group directly or indirectly so beneficially owning in excess of 4.9% of the outstanding Shares and (y)the occurrence of an Excess Regulatory Ownership Position and (ii)if such delivery relates to a Physical Settlement, notwithstanding anything to the contrary herein, Dealer shall not be obligated to satisfy the portion of its payment obligation corresponding to any Shares required to be so delivered until the date Counterparty makes such delivery. Independence Realty Trust (IRT) came out with quarterly funds from operations (FFO) of $0.28 per share, in line with the Zacks Consensus Estimate. This is about the same ratio as CPT, relative to 2020. View floor plans, photos, prices and find the Steadfast Apartment REIT Completes Merger Into Independence Realty Trust, https://bluevaultpartners.com/news/steadfast-apartment-reit-completes-merger-into-independence-realty-trust/. We can see that IRT seems fairly priced for a total return near 10%. CREDIT AGREEMENT Dated as of September 17, 2015 by and
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