(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Independence Realty Trust, Inc. | ||||||||
April 24, 2024 | By: | /s/ James J. Sebra | ||||||
Name: | James J. Sebra | |||||||
Title: | Chief Financial Officer and Treasurer |
First Quarter 2024 Compared to First Quarter 2023 | |||||
Rental and other property revenue | 3.4% increase | ||||
Property operating expenses | 5.0% increase | ||||
NOI | 2.4% increase | ||||
Portfolio average occupancy | 120 bps increase to 94.4% | ||||
Portfolio average rental rate | 1.5% increase to $1,551 | ||||
NOI Margin | 50 bps decrease to 62.7% |
1Q 2024 | April 2024(3) | ||||||||||
Same-Store Portfolio(1) | |||||||||||
Average Occupancy | 94.4 | % | 95.0 | % | (4) | ||||||
Lease Over Lease Effective Rental Rate Growth:(2) | |||||||||||
New Leases | (2.4) | % | (0.5) | % | |||||||
Renewal Leases | 4.4 | % | 3.0 | % | |||||||
Blended | 1.2 | % | 1.8 | % | |||||||
Resident Retention Rate | 54.3 | % | 55.7 | % | |||||||
Same-Store Portfolio excluding Ongoing Value Add | |||||||||||
Average Occupancy | 94.6 | % | 95.2 | % | (4) | ||||||
Lease Over Lease Effective Rental Rate Growth:(2) | |||||||||||
New Leases | (2.8) | % | (1.0) | % | |||||||
Renewal Leases | 4.5 | % | 3.1 | % | |||||||
Blended | 1.0 | % | 1.7 | % | |||||||
Resident Retention Rate | 53.9 | % | 55.2 | % | |||||||
Value Add (22 properties with Ongoing Value Add) | |||||||||||
Average Occupancy | 93.9 | % | 94.3 | % | (4) | ||||||
Lease Over Lease Effective Rental Rate Growth:(2) | |||||||||||
New Leases | (1.1) | % | 1.2 | % | |||||||
Renewal Leases | 4.2 | % | 2.9 | % | |||||||
Blended | 1.8 | % | 2.3 | % | |||||||
Resident Retention Rate | 55.7 | % | 57.6 | % |
Previous Guidance | Current Guidance | Change at Midpoint | ||||||||||||||||||||||||||||||
2024 Full Year EPS and CFFO Guidance(1)(2) | Low | High | Low | High | ||||||||||||||||||||||||||||
Earnings per share | $ | 0.40 | $ | 0.44 | $ | 0.34 | $ | 0.38 | $ | (0.06) | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 0.87 | 0.87 | 0.87 | 0.87 | — | |||||||||||||||||||||||||||
Gain on sale of real estate assets(3) | (0.11) | (0.11) | (0.05) | (0.05) | 0.06 | |||||||||||||||||||||||||||
FFO per share | 1.16 | 1.20 | 1.16 | 1.20 | — | |||||||||||||||||||||||||||
Loan (premium accretion) discount amortization, net | (0.04) | (0.04) | (0.04) | (0.04) | — | |||||||||||||||||||||||||||
CFFO per share | $ | 1.12 | $ | 1.16 | $ | 1.12 | $ | 1.16 | $ | — |
Same-Store Portfolio | Previous 2024 Outlook(1) | Current 2024 Outlook(1) | Change at Midpoint | ||||||||
Number of properties/units | 109 properties / 32,507 units | 108 properties / 32,153 units | (1) property / (354) units | ||||||||
Property revenue growth | 3.0% to 4.5% | 3.0% to 4.5% | — | ||||||||
Controllable operating expense growth | 4.9% to 5.9% | 4.9% to 5.9% | — | ||||||||
Real estate tax and insurance expense growth | 6.1% to 7.1% | 6.1% to 7.1% | — | ||||||||
Total operating expense growth | 5.4% to 6.4% | 5.4% to 6.4% | — | ||||||||
NOI growth | 1.0% to 4.0% | 1.0% to 4.0% | — | ||||||||
Corporate Expenses | |||||||||||
General and administrative & property management expenses | $51.5 million to $54.5 million | $51.5 million to $54.5 million | — | ||||||||
Interest expense(2) | $83.0 million to $85.0 million | $83.0 million to $85.0 million | — | ||||||||
Transaction/Investment Volume | |||||||||||
Acquisition volume | None | $0 million to $40 million | $20 million | ||||||||
Disposition volume(3) | $324 million | $392 million to $396 million | $70 million | ||||||||
Capital Expenditures | |||||||||||
Recurring | $21.0 million to $23.0 million | $21.0 million to $23.0 million | — | ||||||||
Value add & non-recurring | $83.0 million to $85.0 million | $83.0 million to $85.0 million | — | ||||||||
Development | $54.5 million to $55.5 million | $54.5 million to $55.5 million | — |
For the Three Months Ended | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||
Selected Financial Information: | |||||||||||||||||||||||||||||
Operating Statistics: | |||||||||||||||||||||||||||||
Net income (loss) available to common shares | $17,577 | $(40,515) | $3,930 | $10,709 | $8,648 | ||||||||||||||||||||||||
Earnings (loss) per share -- diluted | $0.08 | $(0.18) | $0.02 | $0.05 | $0.04 | ||||||||||||||||||||||||
Rental and other property revenue | $160,331 | $166,730 | $168,375 | $163,601 | $161,135 | ||||||||||||||||||||||||
Property operating expenses | $59,971 | $59,703 | $63,300 | $62,071 | $59,255 | ||||||||||||||||||||||||
NOI | $100,360 | $107,027 | $105,075 | $101,530 | $101,880 | ||||||||||||||||||||||||
NOI margin | 62.6% | 64.2% | 62.4% | 62.1% | 63.2% | ||||||||||||||||||||||||
Adjusted EBITDA | $84,683 | $95,640 | $94,415 | $89,156 | $87,594 | ||||||||||||||||||||||||
FFO per share | $0.27 | $0.31 | $0.31 | $0.28 | $0.27 | ||||||||||||||||||||||||
CFFO per share | $0.27 | $0.30 | $0.30 | $0.28 | $0.27 | ||||||||||||||||||||||||
Dividends per share | $0.16 | $0.16 | $0.16 | $0.16 | $0.14 | ||||||||||||||||||||||||
CFFO payout ratio | 59.3% | 53.3% | 53.3% | 57.1% | 51.9% | ||||||||||||||||||||||||
Portfolio Data: | |||||||||||||||||||||||||||||
Total gross assets | $6,673,589 | $6,960,554 | $7,225,447 | $7,117,404 | $7,045,306 | ||||||||||||||||||||||||
Total number of operating properties (a) | 111 | 116 | 120 | 119 | 119 | ||||||||||||||||||||||||
Total units (a) | 32,877 | 34,431 | 35,427 | 35,249 | 35,249 | ||||||||||||||||||||||||
Portfolio period end occupancy (a) | 95.0% | 94.6% | 94.4% | 94.6% | 94.1% | ||||||||||||||||||||||||
Portfolio average occupancy (a) | 94.4% | 94.4% | 94.6% | 94.1% | 93.1% | ||||||||||||||||||||||||
Portfolio average effective monthly rent, per unit (a) | $1,550 | $1,558 | $1,556 | $1,538 | $1,535 | ||||||||||||||||||||||||
Same-store portfolio period end occupancy (b) | 95.0% | 94.7% | 94.4% | 93.7% | 94.3% | ||||||||||||||||||||||||
Same-store portfolio average occupancy (b) | 94.4% | 94.5% | 94.5% | 94.2% | 93.2% | ||||||||||||||||||||||||
Same-store portfolio average effective monthly rent, per unit (b) | $1,551 | $1,555 | $1,548 | $1,547 | $1,528 | ||||||||||||||||||||||||
Capitalization: | |||||||||||||||||||||||||||||
Total debt (c) | $2,277,098 | $2,549,409 | $2,715,710 | $2,650,805 | $2,628,632 | ||||||||||||||||||||||||
Common share price, period end | $16.13 | $15.30 | $14.07 | $18.22 | $16.03 | ||||||||||||||||||||||||
Market equity capitalization | $3,726,224 | $3,528,996 | $3,245,135 | $4,202,342 | $3,694,970 | ||||||||||||||||||||||||
Total market capitalization | $6,003,322 | $6,078,405 | $5,960,845 | $6,853,147 | $6,323,602 | ||||||||||||||||||||||||
Total debt/total gross assets | 34.1% | 36.6% | 37.6% | 37.2% | 37.3% | ||||||||||||||||||||||||
Net debt to Adjusted EBITDA (d) | 6.7x | 6.7x | 7.0x | 7.2x | 7.3x | ||||||||||||||||||||||||
Interest coverage | 4.1x | 4.1x | 4.3x | 4.0x | 4.0x | ||||||||||||||||||||||||
Common shares and OP Units: | |||||||||||||||||||||||||||||
Shares outstanding | 225,070,396 | 224,706,731 | 224,695,566 | 224,697,889 | 224,556,870 | ||||||||||||||||||||||||
OP units outstanding | 5,941,643 | 5,946,571 | 5,946,571 | 5,946,571 | 5,946,571 | ||||||||||||||||||||||||
Common shares and OP units outstanding | 231,012,039 | 230,653,302 | 230,642,137 | 230,644,460 | 230,503,441 | ||||||||||||||||||||||||
Weighted average common shares and OP units | 230,570,707 | 230,452,570 | 230,444,945 | 230,369,086 | 230,186,297 |
For the Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Funds From Operations (FFO): | |||||||||||
Net income | $ | 17,961 | $ | 8,872 | |||||||
Add-Back (Deduct): | |||||||||||
Real estate depreciation and amortization | 53,390 | 53,287 | |||||||||
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities | 598 | 418 | |||||||||
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains | (9,609) | (314) | |||||||||
FFO | $ | 62,340 | $ | 62,263 | |||||||
FFO per share | $ | 0.27 | $ | 0.27 | |||||||
CORE Funds From Operations (CFFO): | |||||||||||
FFO | $ | 62,340 | $ | 62,263 | |||||||
Add-Back (Deduct): | |||||||||||
Other depreciation and amortization | 331 | 249 | |||||||||
Casualty losses | 2,301 | 151 | |||||||||
Loan (premium accretion) discount amortization, net | (2,395) | (2,755) | |||||||||
Prepayment gains on asset dispositions | (921) | (670) | |||||||||
Gain on extinguishment of debt | (203) | — | |||||||||
Other expense (income), net | 1 | 42 | |||||||||
Restructuring costs | — | 3,213 | |||||||||
CFFO | $ | 61,454 | $ | 62,493 | |||||||
CFFO per share | $ | 0.27 | $ | 0.27 | |||||||
Weighted-average shares and units outstanding | 230,570,707 | 230,186,297 |
For the Three Months Ended | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 17,961 | $ | (41,654) | $ | 3,986 | $ | 10,988 | $ | 8,872 | |||||||||||||||||||
Other revenue | (203) | (316) | (232) | (354) | (239) | ||||||||||||||||||||||||
Property management expenses | 7,499 | 6,660 | 7,232 | 6,818 | 6,371 | ||||||||||||||||||||||||
General and administrative expenses | 8,381 | 5,043 | 3,660 | 5,910 | 8,154 | ||||||||||||||||||||||||
Depreciation and amortization expense | 53,721 | 55,902 | 55,546 | 53,984 | 53,536 | ||||||||||||||||||||||||
Casualty losses | 2,301 | 59 | 35 | 680 | 151 | ||||||||||||||||||||||||
Interest expense | 20,603 | 23,537 | 22,033 | 22,227 | 22,124 | ||||||||||||||||||||||||
(Gain on sale) loss on impairment of real estate assets, net | (10,530) | 56,263 | 11,268 | — | (985) | ||||||||||||||||||||||||
(Gain) loss on extinguishment of debt | (203) | 124 | — | — | — | ||||||||||||||||||||||||
Other loss (income), net | 1 | 79 | 369 | 72 | (93) | ||||||||||||||||||||||||
Loss from investments in unconsolidated real estate entities | 829 | 1,330 | 1,178 | 1,205 | 776 | ||||||||||||||||||||||||
Restructuring costs | — | — | — | — | 3,213 | ||||||||||||||||||||||||
NOI | $ | 100,360 | $ | 107,027 | $ | 105,075 | $ | 101,530 | $ | 101,880 | |||||||||||||||||||
Less: Non same-store portfolio NOI | 5,989 | 9,863 | 10,123 | 9,155 | 9,743 | ||||||||||||||||||||||||
Same-store portfolio NOI | $ | 94,371 | $ | 97,164 | $ | 94,952 | $ | 92,375 | $ | 92,137 |
Three Months Ended | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 17,961 | $ | (41,654) | $ | 3,986 | $ | 10,988 | $ | 8,872 | |||||||||||||||||||
Add-Back (Deduct): | |||||||||||||||||||||||||||||
Interest expense | 20,603 | 23,537 | 22,033 | 22,227 | 22,124 | ||||||||||||||||||||||||
Depreciation and amortization | 53,721 | 55,902 | 55,546 | 53,984 | 53,536 | ||||||||||||||||||||||||
Casualty losses | 2,301 | 59 | 35 | 680 | 151 | ||||||||||||||||||||||||
(Gain on sale) loss on impairment of real estate assets, net | (10,530) | 56,263 | 11,268 | — | (985) | ||||||||||||||||||||||||
(Gain) loss on extinguishment of debt | (203) | 124 | — | — | — | ||||||||||||||||||||||||
Loss from investments in unconsolidated real estate entities | 829 | 1,330 | 1,178 | 1,205 | 776 | ||||||||||||||||||||||||
Other loss (income), net | 1 | 79 | 369 | 72 | (93) | ||||||||||||||||||||||||
Restructuring costs | — | — | — | — | 3,213 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 84,683 | $ | 95,640 | $ | 94,415 | $ | 89,156 | $ | 87,594 | |||||||||||||||||||
INTEREST COST: | |||||||||||||||||||||||||||||
Interest expense | $ | 20,603 | $ | 23,537 | $ | 22,033 | $ | 22,227 | $ | 22,124 | |||||||||||||||||||
INTEREST COVERAGE: | 4.1x | 4.1x | 4.3x | 4.0x | 4.0x |
For the Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income (loss) | $ | 17,961 | $ | 8,872 | |||||||
Add-Back (Deduct): | |||||||||||
Interest expense | 20,603 | 22,124 | |||||||||
Depreciation and amortization | 53,721 | 53,536 | |||||||||
Casualty losses | 2,301 | 151 | |||||||||
(Gain on sale) loss on impairment of real estate assets, net | (10,530) | (985) | |||||||||
Gain on extinguishment of debt | (203) | — | |||||||||
Loss from investments in unconsolidated real estate entities | 829 | 776 | |||||||||
Other loss (income), net | 1 | (93) | |||||||||
Restructuring costs | — | 3,213 | |||||||||
Adjusted EBITDA | $ | 84,683 | $ | 87,594 | |||||||
INTEREST COST: | |||||||||||
Interest expense | $ | 20,603 | $ | 22,124 | |||||||
INTEREST COVERAGE: | 4.1x | 4.0x |
As of | ||||||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||||||||||||||||||
Total debt | $ | 2,277,098 | $ | 2,549,409 | $ | 2,715,710 | $ | 2,650,805 | $ | 2,628,632 | ||||||||||||||||||||||
Less: cash and cash equivalents | (21,275) | (22,852) | (17,216) | (14,349) | (12,448) | |||||||||||||||||||||||||||
Less: loan discounts and premiums, net | (39,804) | (44,483) | (50,772) | (53,520) | (56,256) | |||||||||||||||||||||||||||
Total net debt | $ | 2,216,019 | $ | 2,482,074 | $ | 2,647,722 | $ | 2,582,936 | $ | 2,559,928 | ||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||||||||||||||||||
Total assets | $ | 5,972,848 | $ | 6,280,175 | $ | 6,577,790 | $ | 6,517,400 | $ | 6,493,747 | ||||||||||||||||||||||
Plus: accumulated depreciation (a) | 630,743 | 606,404 | 570,966 | 523,446 | 475,001 | |||||||||||||||||||||||||||
Plus: accumulated amortization | 69,998 | 73,975 | 76,691 | 76,558 | 76,558 | |||||||||||||||||||||||||||
Total gross assets | $ | 6,673,589 | $ | 6,960,554 | $ | 7,225,447 | $ | 7,117,404 | $ | 7,045,306 |
Trailing Five Quarters | |||||
Debt Maturity, Debt Covenant & Unencumbered Asset Statistics | 24 | ||||
Corporate Headquarters | 1835 Market Street, Suite 2601 | ||||
Philadelphia, PA 19103 | |||||
267.270.4800 | |||||
Trading Symbol | NYSE: “IRT” | ||||
Investor Relations Contact | Edelman Smithfield | ||||
Ted McHugh and Lauren Torres | |||||
917-365-7979 | |||||
IRT@edelman.com |
First Quarter 2024 Compared to First Quarter 2023 | |||||
Rental and other property revenue | 3.4% increase | ||||
Property operating expenses | 5.0% increase | ||||
NOI | 2.4% increase | ||||
Portfolio average occupancy | 120 bps increase to 94.4% | ||||
Portfolio average rental rate | 1.5% increase to $1,551 | ||||
NOI Margin | 50 bps decrease to 62.7% |
1Q 2024 | April 2024(3) | ||||||||||
Same-Store Portfolio(1) | |||||||||||
Average Occupancy | 94.4 | % | 95.0 | % | (4) | ||||||
Lease Over Lease Effective Rental Rate Growth:(2) | |||||||||||
New Leases | (2.4) | % | (0.5) | % | |||||||
Renewal Leases | 4.4 | % | 3.0 | % | |||||||
Blended | 1.2 | % | 1.8 | % | |||||||
Resident Retention Rate | 54.3 | % | 55.7 | % | |||||||
Same-Store Portfolio excluding Ongoing Value Add | |||||||||||
Average Occupancy | 94.6 | % | 95.2 | % | (4) | ||||||
Lease Over Lease Effective Rental Rate Growth:(2) | |||||||||||
New Leases | (2.8) | % | (1.0) | % | |||||||
Renewal Leases | 4.5 | % | 3.1 | % | |||||||
Blended | 1.0 | % | 1.7 | % | |||||||
Resident Retention Rate | 53.9 | % | 55.2 | % | |||||||
Value Add (22 properties with Ongoing Value Add) | |||||||||||
Average Occupancy | 93.9 | % | 94.3 | % | (4) | ||||||
Lease Over Lease Effective Rental Rate Growth:(2) | |||||||||||
New Leases | (1.1) | % | 1.2 | % | |||||||
Renewal Leases | 4.2 | % | 2.9 | % | |||||||
Blended | 1.8 | % | 2.3 | % | |||||||
Resident Retention Rate | 55.7 | % | 57.6 | % |
Previous Guidance | Current Guidance | Change at Midpoint | ||||||||||||||||||||||||||||||
2024 Full Year EPS and CFFO Guidance(1)(2) | Low | High | Low | High | ||||||||||||||||||||||||||||
Earnings per share | $ | 0.40 | $ | 0.44 | $ | 0.34 | $ | 0.38 | $ | (0.06) | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 0.87 | 0.87 | 0.87 | 0.87 | — | |||||||||||||||||||||||||||
Gain on sale of real estate assets(3) | (0.11) | (0.11) | (0.05) | (0.05) | 0.06 | |||||||||||||||||||||||||||
FFO per share | 1.16 | 1.20 | 1.16 | 1.20 | — | |||||||||||||||||||||||||||
Loan (premium accretion) discount amortization, net | (0.04) | (0.04) | (0.04) | (0.04) | — | |||||||||||||||||||||||||||
CFFO per share | $ | 1.12 | $ | 1.16 | $ | 1.12 | $ | 1.16 | $ | — |
Same-Store Portfolio | Previous 2024 Outlook(1) | Current 2024 Outlook(1) | Change at Midpoint | ||||||||
Number of properties/units | 109 properties / 32,507 units | 108 properties / 32,153 units | (1) property / (354) units | ||||||||
Property revenue growth | 3.0% to 4.5% | 3.0% to 4.5% | — | ||||||||
Controllable operating expense growth | 4.9% to 5.9% | 4.9% to 5.9% | — | ||||||||
Real estate tax and insurance expense growth | 6.1% to 7.1% | 6.1% to 7.1% | — | ||||||||
Total operating expense growth | 5.4% to 6.4% | 5.4% to 6.4% | — | ||||||||
NOI growth | 1.0% to 4.0% | 1.0% to 4.0% | — | ||||||||
Corporate Expenses | |||||||||||
General and administrative & property management expenses | $51.5 million to $54.5 million | $51.5 million to $54.5 million | — | ||||||||
Interest expense(2) | $83.0 million to $85.0 million | $83.0 million to $85.0 million | — | ||||||||
Transaction/Investment Volume | |||||||||||
Acquisition volume | None | $0 million to $40 million | $20 million | ||||||||
Disposition volume(3) | $324 million | $392 million to $396 million | $70 million | ||||||||
Capital Expenditures | |||||||||||
Recurring | $21.0 million to $23.0 million | $21.0 million to $23.0 million | — | ||||||||
Value add & non-recurring | $83.0 million to $85.0 million | $83.0 million to $85.0 million | — | ||||||||
Development | $54.5 million to $55.5 million | $54.5 million to $55.5 million | — |
For the Three Months Ended | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||
Selected Financial Information: | |||||||||||||||||||||||||||||
Operating Statistics: | |||||||||||||||||||||||||||||
Net income (loss) available to common shares | $17,577 | $(40,515) | $3,930 | $10,709 | $8,648 | ||||||||||||||||||||||||
Earnings (loss) per share -- diluted | $0.08 | $(0.18) | $0.02 | $0.05 | $0.04 | ||||||||||||||||||||||||
Rental and other property revenue | $160,331 | $166,730 | $168,375 | $163,601 | $161,135 | ||||||||||||||||||||||||
Property operating expenses | $59,971 | $59,703 | $63,300 | $62,071 | $59,255 | ||||||||||||||||||||||||
NOI | $100,360 | $107,027 | $105,075 | $101,530 | $101,880 | ||||||||||||||||||||||||
NOI margin | 62.6% | 64.2% | 62.4% | 62.1% | 63.2% | ||||||||||||||||||||||||
Adjusted EBITDA | $84,683 | $95,640 | $94,415 | $89,156 | $87,594 | ||||||||||||||||||||||||
FFO per share | $0.27 | $0.31 | $0.31 | $0.28 | $0.27 | ||||||||||||||||||||||||
CFFO per share | $0.27 | $0.30 | $0.30 | $0.28 | $0.27 | ||||||||||||||||||||||||
Dividends per share | $0.16 | $0.16 | $0.16 | $0.16 | $0.14 | ||||||||||||||||||||||||
CFFO payout ratio | 59.3% | 53.3% | 53.3% | 57.1% | 51.9% | ||||||||||||||||||||||||
Portfolio Data: | |||||||||||||||||||||||||||||
Total gross assets | $6,673,589 | $6,960,554 | $7,225,447 | $7,117,404 | $7,045,306 | ||||||||||||||||||||||||
Total number of operating properties (a) | 111 | 116 | 120 | 119 | 119 | ||||||||||||||||||||||||
Total units (a) | 32,877 | 34,431 | 35,427 | 35,249 | 35,249 | ||||||||||||||||||||||||
Portfolio period end occupancy (a) | 95.0% | 94.6% | 94.4% | 94.6% | 94.1% | ||||||||||||||||||||||||
Portfolio average occupancy (a) | 94.4% | 94.4% | 94.6% | 94.1% | 93.1% | ||||||||||||||||||||||||
Portfolio average effective monthly rent, per unit (a) | $1,550 | $1,558 | $1,556 | $1,538 | $1,535 | ||||||||||||||||||||||||
Same-store portfolio period end occupancy (b) | 95.0% | 94.7% | 94.4% | 93.7% | 94.3% | ||||||||||||||||||||||||
Same-store portfolio average occupancy (b) | 94.4% | 94.5% | 94.5% | 94.2% | 93.2% | ||||||||||||||||||||||||
Same-store portfolio average effective monthly rent, per unit (b) | $1,551 | $1,555 | $1,548 | $1,547 | $1,528 | ||||||||||||||||||||||||
Capitalization: | |||||||||||||||||||||||||||||
Total debt (c) | $2,277,098 | $2,549,409 | $2,715,710 | $2,650,805 | $2,628,632 | ||||||||||||||||||||||||
Common share price, period end | $16.13 | $15.30 | $14.07 | $18.22 | $16.03 | ||||||||||||||||||||||||
Market equity capitalization | $3,726,224 | $3,528,996 | $3,245,135 | $4,202,342 | $3,694,970 | ||||||||||||||||||||||||
Total market capitalization | $6,003,322 | $6,078,405 | $5,960,845 | $6,853,147 | $6,323,602 | ||||||||||||||||||||||||
Total debt/total gross assets | 34.1% | 36.6% | 37.6% | 37.2% | 37.3% | ||||||||||||||||||||||||
Net debt to Adjusted EBITDA (d) | 6.7x | 6.7x | 7.0x | 7.2x | 7.3x | ||||||||||||||||||||||||
Interest coverage | 4.1x | 4.1x | 4.3x | 4.0x | 4.0x | ||||||||||||||||||||||||
Common shares and OP Units: | |||||||||||||||||||||||||||||
Shares outstanding | 225,070,396 | 224,706,731 | 224,695,566 | 224,697,889 | 224,556,870 | ||||||||||||||||||||||||
OP units outstanding | 5,941,643 | 5,946,571 | 5,946,571 | 5,946,571 | 5,946,571 | ||||||||||||||||||||||||
Common shares and OP units outstanding | 231,012,039 | 230,653,302 | 230,642,137 | 230,644,460 | 230,503,441 | ||||||||||||||||||||||||
Weighted average common shares and OP units | 230,570,707 | 230,452,570 | 230,444,945 | 230,369,086 | 230,186,297 |
As of | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Real estate held for investment, at cost | $ | 6,183,009 | $ | 6,259,212 | $ | 6,754,022 | $ | 6,610,233 | $ | 6,648,907 | |||||||||||||||||||
Less: accumulated depreciation | (622,713) | (582,760) | (567,200) | (519,680) | (475,001) | ||||||||||||||||||||||||
Real estate held for investment, net | 5,560,296 | 5,676,452 | 6,186,822 | 6,090,553 | 6,173,906 | ||||||||||||||||||||||||
Real estate held for sale | 98,603 | 296,334 | 75,392 | 86,576 | — | ||||||||||||||||||||||||
Real estate under development | 109,338 | 98,365 | 83,547 | 121,733 | 124,983 | ||||||||||||||||||||||||
Cash and cash equivalents | 21,275 | 22,852 | 17,216 | 14,349 | 12,448 | ||||||||||||||||||||||||
Restricted cash | 20,625 | 27,880 | 31,772 | 28,163 | 22,385 | ||||||||||||||||||||||||
Investment in unconsolidated real estate entities | 89,487 | 89,044 | 87,592 | 99,968 | 92,882 | ||||||||||||||||||||||||
Other assets | 34,379 | 39,245 | 41,926 | 31,799 | 34,360 | ||||||||||||||||||||||||
Derivative assets | 38,845 | 29,937 | 53,258 | 44,259 | 32,783 | ||||||||||||||||||||||||
Intangible assets, net | — | 66 | 265 | — | — | ||||||||||||||||||||||||
Total assets | $ | 5,972,848 | $ | 6,280,175 | $ | 6,577,790 | $ | 6,517,400 | $ | 6,493,747 | |||||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||
Indebtedness, net | $ | 2,212,273 | $ | 2,426,788 | $ | 2,675,117 | $ | 2,609,903 | $ | 2,628,632 | |||||||||||||||||||
Indebtedness associated with real estate held for sale, net | 64,825 | 122,621 | 40,593 | 40,902 | — | ||||||||||||||||||||||||
Accounts payable and accrued expenses | 83,678 | 109,074 | 138,549 | 115,664 | 105,873 | ||||||||||||||||||||||||
Accrued interest payable | 7,145 | 7,917 | 8,275 | 7,986 | 7,979 | ||||||||||||||||||||||||
Dividends payable | 36,896 | 36,858 | 36,858 | 36,856 | 32,232 | ||||||||||||||||||||||||
Derivative liabilities | — | — | — | — | 2,283 | ||||||||||||||||||||||||
Other liabilities | 8,928 | 9,723 | 10,642 | 11,172 | 11,813 | ||||||||||||||||||||||||
Total liabilities | 2,413,745 | 2,712,981 | 2,910,034 | 2,822,483 | 2,788,812 | ||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
Shareholders' Equity: | |||||||||||||||||||||||||||||
Preferred shares, $0.01 par value per share | — | — | — | — | — | ||||||||||||||||||||||||
Common shares, $0.01 par value per share | 2,251 | 2,247 | 2,247 | 2,247 | 2,246 | ||||||||||||||||||||||||
Additional paid in capital | 3,753,833 | 3,751,942 | 3,751,001 | 3,754,839 | 3,753,074 | ||||||||||||||||||||||||
Accumulated other comprehensive income | 34,501 | 25,513 | 47,910 | 38,823 | 25,101 | ||||||||||||||||||||||||
Accumulated deficit | (367,015) | (348,405) | (271,982) | (239,972) | (214,775) | ||||||||||||||||||||||||
Total shareholders' equity | 3,423,570 | 3,431,297 | 3,529,176 | 3,555,937 | 3,565,646 | ||||||||||||||||||||||||
Noncontrolling Interests | 135,533 | 135,897 | 138,580 | 138,980 | 139,289 | ||||||||||||||||||||||||
Total equity | 3,559,103 | 3,567,194 | 3,667,756 | 3,694,917 | 3,704,935 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 5,972,848 | $ | 6,280,175 | $ | 6,577,790 | $ | 6,517,400 | $ | 6,493,747 |
For the Three Months Ended | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Rental and other property revenue | $ | 160,331 | $ | 166,730 | $ | 168,375 | $ | 163,601 | $ | 161,135 | |||||||||||||||||||
Other revenue | 203 | 316 | 232 | 354 | 239 | ||||||||||||||||||||||||
Total revenue | 160,534 | 167,046 | 168,607 | 163,955 | 161,374 | ||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Property operating expenses | 59,971 | 59,703 | 63,300 | 62,071 | 59,255 | ||||||||||||||||||||||||
Property management expenses | 7,499 | 6,660 | 7,232 | 6,818 | 6,371 | ||||||||||||||||||||||||
General and administrative expenses (a) | 8,381 | 5,043 | 3,660 | 5,910 | 8,154 | ||||||||||||||||||||||||
Depreciation and amortization expense | 53,721 | 55,902 | 55,546 | 53,984 | 53,536 | ||||||||||||||||||||||||
Casualty losses | 2,301 | 59 | 35 | 680 | 151 | ||||||||||||||||||||||||
Total expenses | 131,873 | 127,367 | 129,773 | 129,463 | 127,467 | ||||||||||||||||||||||||
Interest expense | (20,603) | (23,537) | (22,033) | (22,227) | (22,124) | ||||||||||||||||||||||||
Gain on sale (loss on impairment) of real estate assets, net | 10,530 | (56,263) | (11,268) | — | 985 | ||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | 203 | (124) | — | — | — | ||||||||||||||||||||||||
Other (loss) income, net | (1) | (79) | (369) | (72) | 93 | ||||||||||||||||||||||||
Loss from investments in unconsolidated real estate entities | (829) | (1,330) | (1,178) | (1,205) | (776) | ||||||||||||||||||||||||
Restructuring costs | — | — | — | — | (3,213) | ||||||||||||||||||||||||
Net income (loss) | $ | 17,961 | $ | (41,654) | $ | 3,986 | $ | 10,988 | $ | 8,872 | |||||||||||||||||||
(Income) loss allocated to noncontrolling interests | (384) | 1,139 | (56) | (279) | (224) | ||||||||||||||||||||||||
Net income (loss) available to common shares | $ | 17,577 | $ | (40,515) | $ | 3,930 | $ | 10,709 | $ | 8,648 | |||||||||||||||||||
Earnings (loss) per share - basic | $ | 0.08 | $ | (0.18) | $ | 0.02 | $ | 0.05 | $ | 0.04 | |||||||||||||||||||
Weighted-average shares outstanding - Basic | 224,627,115 | 224,505,999 | 224,498,374 | 224,422,515 | 224,226,873 | ||||||||||||||||||||||||
Earnings (loss) per share - diluted | $ | 0.08 | $ | (0.18) | $ | 0.02 | $ | 0.05 | $ | 0.04 | |||||||||||||||||||
Weighted-average shares outstanding - Diluted | 225,226,270 | 224,505,999 | 225,140,555 | 225,073,890 | 225,088,659 | ||||||||||||||||||||||||
Funds From Operations (FFO): | |||||||||||||||||||||||||||||
Net income (loss) | $ | 17,961 | $ | (41,654) | $ | 3,986 | $ | 10,988 | $ | 8,872 | |||||||||||||||||||
Add-Back (Deduct): | |||||||||||||||||||||||||||||
Real estate depreciation and amortization | 53,390 | 55,510 | 55,217 | 53,701 | 53,287 | ||||||||||||||||||||||||
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities | 598 | 636 | 486 | 575 | 418 | ||||||||||||||||||||||||
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains | (9,609) | 57,492 | 11,268 | — | (314) | ||||||||||||||||||||||||
FFO | $ | 62,340 | $ | 71,984 | $ | 70,957 | $ | 65,264 | $ | 62,263 | |||||||||||||||||||
FFO per share | $ | 0.27 | $ | 0.31 | $ | 0.31 | $ | 0.28 | $ | 0.27 | |||||||||||||||||||
CORE Funds From Operations (CFFO): | |||||||||||||||||||||||||||||
FFO | $ | 62,340 | $ | 71,984 | $ | 70,957 | $ | 65,264 | $ | 62,263 | |||||||||||||||||||
Add-Back (Deduct): | |||||||||||||||||||||||||||||
Other depreciation and amortization | 331 | 391 | 329 | 283 | 249 | ||||||||||||||||||||||||
Casualty losses | 2,301 | 59 | 35 | 680 | 151 | ||||||||||||||||||||||||
Loan (premium accretion) discount amortization, net | (2,395) | (2,659) | (2,747) | (2,737) | (2,755) | ||||||||||||||||||||||||
Prepayment gains on asset dispositions | (921) | (1,229) | — | — | (670) | ||||||||||||||||||||||||
(Gain) loss on extinguishment of debt | (203) | 124 | — | — | — | ||||||||||||||||||||||||
Other expense (income), net | 1 | 79 | 429 | 192 | 42 | ||||||||||||||||||||||||
Restructuring costs | — | — | — | — | 3,213 | ||||||||||||||||||||||||
CFFO | $ | 61,454 | $ | 68,749 | $ | 69,003 | $ | 63,682 | $ | 62,493 | |||||||||||||||||||
CFFO per share | $ | 0.27 | $ | 0.30 | $ | 0.30 | $ | 0.28 | $ | 0.27 | |||||||||||||||||||
Weighted-average shares and units outstanding | 230,570,707 | 230,452,570 | 230,444,945 | 230,369,086 | 230,186,297 |
For the Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue: | |||||||||||
Rental and other property revenue | $ | 160,331 | $ | 161,135 | |||||||
Other revenue | 203 | 239 | |||||||||
Total revenue | 160,534 | 161,374 | |||||||||
Expenses: | |||||||||||
Property operating expenses | 59,971 | 59,255 | |||||||||
Property management expenses | 7,499 | 6,371 | |||||||||
General and administrative expenses (a) | 8,381 | 8,154 | |||||||||
Depreciation and amortization expense | 53,721 | 53,536 | |||||||||
Casualty losses | 2,301 | 151 | |||||||||
Total expenses | 131,873 | 127,467 | |||||||||
Interest expense | (20,603) | (22,124) | |||||||||
Gain on sale (loss on impairment) of real estate assets, net | 10,530 | 985 | |||||||||
Gain on extinguishment of debt | 203 | — | |||||||||
Other (loss) income, net | (1) | 93 | |||||||||
Loss from investments in unconsolidated real estate entities | (829) | (776) | |||||||||
Restructuring costs | — | (3,213) | |||||||||
Net income (loss) | 17,961 | 8,872 | |||||||||
Income allocated to noncontrolling interests | (384) | (224) | |||||||||
Net income available to common shares | $ | 17,577 | $ | 8,648 | |||||||
Earnings per share - basic | $ | 0.08 | $ | 0.04 | |||||||
Weighted-average shares outstanding - Basic | 224,627,115 | 224,226,873 | |||||||||
Earnings per share - diluted | $ | 0.08 | $ | 0.04 | |||||||
Weighted-average shares outstanding - Diluted | 225,226,270 | 225,088,659 | |||||||||
Funds From Operations (FFO): | |||||||||||
Net income | $ | 17,961 | $ | 8,872 | |||||||
Add-Back (Deduct): | |||||||||||
Real estate depreciation and amortization | 53,390 | 53,287 | |||||||||
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities | 598 | 418 | |||||||||
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains | (9,609) | (314) | |||||||||
FFO | $ | 62,340 | $ | 62,263 | |||||||
FFO per share | $ | 0.27 | $ | 0.27 | |||||||
CORE Funds From Operations (CFFO): | |||||||||||
FFO | $ | 62,340 | $ | 62,263 | |||||||
Add-Back (Deduct): | |||||||||||
Other depreciation and amortization | 331 | 249 | |||||||||
Casualty losses | 2,301 | 151 | |||||||||
Loan (premium accretion) discount amortization, net | (2,395) | (2,755) | |||||||||
Prepayment gains on asset dispositions | (921) | (670) | |||||||||
Gain on extinguishment of debt | (203) | — | |||||||||
Other expense (income), net | 1 | 42 | |||||||||
Restructuring costs | — | 3,213 | |||||||||
CFFO | $ | 61,454 | $ | 62,493 | |||||||
CFFO per share | $ | 0.27 | $ | 0.27 | |||||||
Weighted-average shares and units outstanding | 230,570,707 | 230,186,297 |
Three Months Ended | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 17,961 | $ | (41,654) | $ | 3,986 | $ | 10,988 | $ | 8,872 | |||||||||||||||||||
Add-Back (Deduct): | |||||||||||||||||||||||||||||
Interest expense | 20,603 | 23,537 | 22,033 | 22,227 | 22,124 | ||||||||||||||||||||||||
Depreciation and amortization | 53,721 | 55,902 | 55,546 | 53,984 | 53,536 | ||||||||||||||||||||||||
Casualty losses | 2,301 | 59 | 35 | 680 | 151 | ||||||||||||||||||||||||
(Gain on sale) loss on impairment of real estate assets, net | (10,530) | 56,263 | 11,268 | — | (985) | ||||||||||||||||||||||||
(Gain) loss on extinguishment of debt | (203) | 124 | — | — | — | ||||||||||||||||||||||||
Loss from investments in unconsolidated real estate entities | 829 | 1,330 | 1,178 | 1,205 | 776 | ||||||||||||||||||||||||
Other loss (income), net | 1 | 79 | 369 | 72 | (93) | ||||||||||||||||||||||||
Restructuring costs | — | — | — | — | 3,213 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 84,683 | $ | 95,640 | $ | 94,415 | $ | 89,156 | $ | 87,594 | |||||||||||||||||||
INTEREST COST: | |||||||||||||||||||||||||||||
Interest expense | $ | 20,603 | $ | 23,537 | $ | 22,033 | $ | 22,227 | $ | 22,124 | |||||||||||||||||||
INTEREST COVERAGE: | 4.1x | 4.1x | 4.3x | 4.0x | 4.0x |
For the Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income (loss) | $ | 17,961 | $ | 8,872 | |||||||
Add-Back (Deduct): | |||||||||||
Interest expense | 20,603 | 22,124 | |||||||||
Depreciation and amortization | 53,721 | 53,536 | |||||||||
Casualty losses | 2,301 | 151 | |||||||||
(Gain on sale) loss on impairment of real estate assets, net | (10,530) | (985) | |||||||||
Gain on extinguishment of debt | (203) | — | |||||||||
Loss from investments in unconsolidated real estate entities | 829 | 776 | |||||||||
Other loss (income), net | 1 | (93) | |||||||||
Restructuring costs | — | 3,213 | |||||||||
Adjusted EBITDA | $ | 84,683 | $ | 87,594 | |||||||
INTEREST COST: | |||||||||||
Interest expense | $ | 20,603 | $ | 22,124 | |||||||
INTEREST COVERAGE: | 4.1x | 4.0x |
For the Three Months Ended | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Rental and other property revenue | $ | 150,618 | $ | 150,903 | $ | 152,138 | $ | 148,645 | $ | 145,701 | |||||||||||||||||||
Property Operating Expenses: | |||||||||||||||||||||||||||||
Real estate taxes | 18,970 | 18,463 | 18,503 | 18,576 | 18,479 | ||||||||||||||||||||||||
Property insurance | 4,150 | 4,255 | 4,075 | 3,600 | 2,966 | ||||||||||||||||||||||||
Personnel expenses | 12,199 | 11,741 | 12,007 | 11,745 | 11,125 | ||||||||||||||||||||||||
Utilities | 7,713 | 7,419 | 7,719 | 7,063 | 7,353 | ||||||||||||||||||||||||
Repairs and maintenance | 4,825 | 3,407 | 5,761 | 5,997 | 5,446 | ||||||||||||||||||||||||
Contract services | 5,101 | 5,254 | 5,608 | 5,941 | 5,097 | ||||||||||||||||||||||||
Advertising expenses | 1,596 | 1,616 | 1,915 | 1,592 | 1,302 | ||||||||||||||||||||||||
Other expenses | 1,693 | 1,584 | 1,598 | 1,756 | 1,796 | ||||||||||||||||||||||||
Total property operating expenses | 56,247 | 53,739 | 57,186 | 56,270 | 53,564 | ||||||||||||||||||||||||
Same-store portfolio NOI | $ | 94,371 | $ | 97,164 | $ | 94,952 | $ | 92,375 | $ | 92,137 |
Same-store portfolio NOI margin | 62.7 | % | 64.4 | % | 62.4 | % | 62.1 | % | 63.2 | % | |||||||||||||||||||
Average occupancy | 94.4 | % | 94.5 | % | 94.5 | % | 94.2 | % | 93.2 | % |
Average effective monthly rent, per unit | $ | 1,551 | $ | 1,555 | $ | 1,548 | $ | 1,531 | $ | 1,528 | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||
Rental and other property revenue | |||||||||||||||||||||||||||||
Same-store portfolio | $ | 150,618 | $ | 150,903 | $ | 152,138 | $ | 148,645 | $ | 145,701 | |||||||||||||||||||
Non same-store portfolio | 9,713 | 15,827 | 16,237 | 14,956 | 15,434 | ||||||||||||||||||||||||
Total rental and other property revenue | 160,331 | 166,730 | 168,375 | 163,601 | 161,135 | ||||||||||||||||||||||||
Property operating expenses | |||||||||||||||||||||||||||||
Same-store portfolio | 56,247 | 53,739 | 57,186 | 56,270 | 53,564 | ||||||||||||||||||||||||
Non same-store portfolio | 3,724 | 5,964 | 6,114 | 5,801 | 5,691 | ||||||||||||||||||||||||
Total property operating expenses | 59,971 | 59,703 | 63,300 | 62,071 | 59,255 | ||||||||||||||||||||||||
NOI | |||||||||||||||||||||||||||||
Same-store portfolio | 94,371 | 97,164 | 94,952 | 92,375 | 92,137 | ||||||||||||||||||||||||
Non same-store portfolio | 5,989 | 9,863 | 10,123 | 9,155 | 9,743 | ||||||||||||||||||||||||
Total property NOI | $ | 100,360 | $ | 107,027 | $ | 105,075 | $ | 101,530 | $ | 101,880 |
For the Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | % change | |||||||||||||||
Revenue: | |||||||||||||||||
Rental and other property revenue | $ | 150,618 | $ | 145,701 | 3.4 | % | |||||||||||
Property Operating Expenses: | |||||||||||||||||
Real estate taxes | 18,970 | 18,479 | 2.7 | % | |||||||||||||
Property insurance | 4,150 | 2,966 | 39.9 | % | |||||||||||||
Personnel expenses | 12,199 | 11,125 | 9.7 | % | |||||||||||||
Utilities | 7,713 | 7,353 | 4.9 | % | |||||||||||||
Repairs and maintenance | 4,825 | 5,446 | (11.4) | % | |||||||||||||
Contract services | 5,101 | 5,097 | 0.1 | % | |||||||||||||
Advertising expenses | 1,596 | 1,302 | 22.6 | % | |||||||||||||
Other expenses | 1,693 | 1,796 | (5.7) | % | |||||||||||||
Total property operating expenses | 56,247 | 53,564 | 5.0 | % | |||||||||||||
Same-store portfolio NOI | $ | 94,371 | $ | 92,137 | 2.4 | % |
Same-store portfolio NOI margin | 62.7 | % | 63.2 | % | (0.5) | % | |||||||||||
Average occupancy | 94.4 | % | 93.2 | % | 1.2 | % | |||||||||||
Average effective monthly rent, per unit | $ | 1,551 | $ | 1,528 | 1.5 | % |
Rental and Other Property Revenue | Property Operating Expenses | Net Operating Income | Average Occupancy | Average Effective Monthly Rent per Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market | Number of Properties | Units | 2024 | 2023 | % Change | 2024 | 2023 | % Change | 2024 | 2023 | % Change | 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | 13 | 5,180 | $ | 23,823 | $ | 23,671 | 0.6 | % | $ | 9,189 | $ | 8,406 | 9.3 | % | $ | 14,635 | $ | 15,269 | (4.2) | % | 93.0 | % | 91.9 | % | 1.1 | % | $ | 1,622 | $ | 1,637 | (0.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dallas, TX | 14 | 4,007 | 21,916 | 21,223 | 3.3 | % | 8,517 | 8,823 | (3.5) | % | 13,398 | 12,400 | 8.0 | % | 94.3 | % | 93.1 | % | 1.2 | % | 1,817 | 1,783 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbus, OH | 10 | 2,510 | 10,906 | 10,228 | 6.6 | % | 4,012 | 3,612 | 11.1 | % | 6,894 | 6,616 | 4.2 | % | 94.8 | % | 94.5 | % | 0.3 | % | 1,430 | 1,356 | 5.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denver, CO | 6 | 1,397 | 7,439 | 7,489 | (0.7) | % | 2,184 | 2,175 | 0.4 | % | 5,255 | 5,314 | (1.1) | % | 95.6 | % | 94.6 | % | 1.0 | % | 1,713 | 1,709 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indianapolis, IN | 7 | 1,979 | 8,498 | 7,908 | 7.5 | % | 3,247 | 2,927 | 10.9 | % | 5,251 | 4,981 | 5.4 | % | 95.2 | % | 92.5 | % | 2.7 | % | 1,378 | 1,334 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oklahoma City, OK | 8 | 2,147 | 7,955 | 7,528 | 5.7 | % | 2,726 | 2,560 | 6.5 | % | 5,229 | 4,967 | 5.3 | % | 94.9 | % | 91.7 | % | 3.2 | % | 1,190 | 1,163 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tampa-St. Petersburg, FL | 5 | 1,452 | 8,198 | 7,959 | 3.0 | % | 3,097 | 3,126 | (0.9) | % | 5,101 | 4,834 | 5.5 | % | 95.5 | % | 94.9 | % | 0.6 | % | 1,832 | 1,801 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Raleigh - Durham, NC | 6 | 1,690 | 7,871 | 7,755 | 1.5 | % | 2,864 | 2,520 | 13.7 | % | 5,007 | 5,234 | (4.3) | % | 93.9 | % | 93.7 | % | 0.2 | % | 1,548 | 1,530 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nashville, TN | 5 | 1,508 | 7,449 | 6,985 | 6.6 | % | 2,578 | 2,389 | 7.9 | % | 4,871 | 4,596 | 6.0 | % | 94.3 | % | 90.6 | % | 3.7 | % | 1,634 | 1,591 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Memphis, TN | 4 | 1,383 | 6,166 | 6,044 | 2.0 | % | 2,135 | 1,982 | 7.7 | % | 4,032 | 4,061 | (0.7) | % | 93.2 | % | 93.7 | % | (0.5) | % | 1,513 | 1,501 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Houston, TX | 5 | 1,308 | 5,759 | 5,596 | 2.9 | % | 2,704 | 2,844 | (4.9) | % | 3,055 | 2,752 | 11.0 | % | 93.9 | % | 94.5 | % | (0.6) | % | 1,430 | 1,390 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Louisville, KY | 4 | 1,150 | 4,738 | 4,438 | 6.8 | % | 1,969 | 1,897 | 3.8 | % | 2,769 | 2,541 | 9.0 | % | 95.4 | % | 92.8 | % | 2.6 | % | 1,300 | 1,285 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lexington, KY | 3 | 886 | 3,797 | 3,610 | 5.2 | % | 1,186 | 1,067 | 11.2 | % | 2,611 | 2,542 | 2.7 | % | 96.8 | % | 94.9 | % | 1.9 | % | 1,329 | 1,272 | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charlotte, NC | 3 | 714 | 3,759 | 3,792 | (0.9) | % | 1,161 | 1,117 | 3.9 | % | 2,598 | 2,675 | (2.9) | % | 94.6 | % | 95.6 | % | (1.0) | % | 1,749 | 1,756 | (0.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Huntsville, AL | 3 | 873 | 4,024 | 4,016 | 0.2 | % | 1,480 | 1,341 | 10.4 | % | 2,544 | 2,675 | (4.9) | % | 94.4 | % | 94.5 | % | (0.1) | % | 1,498 | 1,545 | (3.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Birmingham, AL | 1 | 720 | 3,084 | 3,017 | 2.2 | % | 1,261 | 1,131 | 11.5 | % | 1,823 | 1,885 | (3.3) | % | 94.4 | % | 93.8 | % | 0.6 | % | 1,419 | 1,407 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Myrtle Beach, SC - Wilmington, NC | 3 | 628 | 2,687 | 2,611 | 2.9 | % | 865 | 784 | 10.3 | % | 1,822 | 1,827 | (0.3) | % | 94.2 | % | 94.7 | % | (0.5) | % | 1,416 | 1,396 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cincinnati, OH | 2 | 542 | 2,741 | 2,556 | 7.2 | % | 1,004 | 967 | 3.8 | % | 1,736 | 1,589 | 9.3 | % | 94.1 | % | 92.1 | % | 2.0 | % | 1,583 | 1,553 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greenville, SC | 1 | 702 | 2,602 | 2,440 | 6.6 | % | 986 | 944 | 4.4 | % | 1,616 | 1,497 | 7.9 | % | 94.4 | % | 92.2 | % | 2.2 | % | 1,306 | 1,231 | 6.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charleston, SC | 2 | 518 | 2,711 | 2,534 | 7.0 | % | 1,103 | 1,000 | 10.3 | % | 1,608 | 1,534 | 4.8 | % | 95.4 | % | 93.6 | % | 1.8 | % | 1,695 | 1,603 | 5.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orlando, FL | 1 | 297 | 1,651 | 1,537 | 7.4 | % | 710 | 668 | 6.3 | % | 942 | 869 | 8.4 | % | 94.2 | % | 94.5 | % | (0.3) | % | 1,805 | 1,787 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin, TX | 1 | 256 | 1,415 | 1,310 | 8.0 | % | 623 | 611 | 2.0 | % | 791 | 699 | 13.2 | % | 95.0 | % | 89.0 | % | 6.0 | % | 1,804 | 1,788 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio, TX | 1 | 306 | 1,429 | 1,454 | (1.7) | % | 646 | 673 | (4.0) | % | 783 | 780 | 0.4 | % | 96.8 | % | 95.7 | % | 1.1 | % | 1,475 | 1,483 | (0.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average | 108 | 32,153 | $ | 150,618 | $ | 145,701 | 3.4 | % | $ | 56,247 | $ | 53,564 | 5.0 | % | $ | 94,371 | $ | 92,137 | 2.4 | % | 94.4 | % | 93.2 | % | 1.2 | % | $ | 1,551 | $ | 1,528 | 1.5 | % |
For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Market | Number of Properties | Units | Gross Real Estate Assets | Period End Occupancy | Average Effective Monthly Rent per Unit | NOI | % of NOI | |||||||||||||||||||||||||||||||||||||
Atlanta, GA | 13 | 5,180 | $ | 1,092,916 | 93.2 | % | $ | 1,622 | $ | 14,633 | 15.2 | % | ||||||||||||||||||||||||||||||||
Dallas, TX | 14 | 4,007 | 868,839 | 95.1 | % | 1,817 | 13,398 | 13.9 | % | |||||||||||||||||||||||||||||||||||
Columbus, OH | 10 | 2,510 | 375,141 | 94.8 | % | 1,430 | 6,894 | 7.2 | % | |||||||||||||||||||||||||||||||||||
Denver, CO (a) (b) | 6 | 1,397 | 380,485 | 95.6 | % | 1,713 | 5,255 | 5.3 | % | |||||||||||||||||||||||||||||||||||
Indianapolis, IN | 7 | 1,979 | 294,166 | 95.7 | % | 1,378 | 5,251 | 5.4 | % | |||||||||||||||||||||||||||||||||||
Oklahoma City, OK | 8 | 2,147 | 329,997 | 95.1 | % | 1,190 | 5,229 | 5.4 | % | |||||||||||||||||||||||||||||||||||
Tampa-St. Petersburg, FL | 5 | 1,452 | 313,868 | 95.6 | % | 1,832 | 5,101 | 5.3 | % | |||||||||||||||||||||||||||||||||||
Raleigh - Durham, NC | 6 | 1,690 | 254,272 | 94.3 | % | 1,548 | 5,007 | 5.2 | % | |||||||||||||||||||||||||||||||||||
Nashville, TN | 5 | 1,508 | 372,424 | 94.7 | % | 1,634 | 4,871 | 5.1 | % | |||||||||||||||||||||||||||||||||||
Memphis, TN | 4 | 1,383 | 161,490 | 94.6 | % | 1,513 | 4,032 | 4.2 | % | |||||||||||||||||||||||||||||||||||
Houston, TX | 5 | 1,308 | 213,672 | 95.8 | % | 1,430 | 3,055 | 3.2 | % | |||||||||||||||||||||||||||||||||||
Huntsville, AL (c) | 4 | 1,051 | 241,263 | 95.8 | % | 1,492 | 3,035 | 3.1 | % | |||||||||||||||||||||||||||||||||||
Birmingham, AL (d) | 2 | 1,074 | 219,181 | 96.1 | % | 1,471 | 2,908 | 3.0 | % | |||||||||||||||||||||||||||||||||||
Louisville, KY | 4 | 1,150 | 146,443 | 94.6 | % | 1,300 | 2,769 | 2.9 | % | |||||||||||||||||||||||||||||||||||
Lexington, KY | 3 | 886 | 161,291 | 97.1 | % | 1,329 | 2,611 | 2.7 | % | |||||||||||||||||||||||||||||||||||
Charlotte, NC | 3 | 714 | 189,681 | 95.8 | % | 1,749 | 2,598 | 2.7 | % | |||||||||||||||||||||||||||||||||||
Myrtle Beach, SC - Wilmington, NC | 3 | 628 | 68,341 | 96.0 | % | 1,416 | 1,822 | 1.9 | % | |||||||||||||||||||||||||||||||||||
Cincinnati, OH | 2 | 542 | 123,868 | 96.7 | % | 1,583 | 1,736 | 1.8 | % | |||||||||||||||||||||||||||||||||||
Greenville, SC | 1 | 702 | 124,937 | 95.2 | % | 1,306 | 1,616 | 1.7 | % | |||||||||||||||||||||||||||||||||||
Charleston, SC | 2 | 518 | 82,010 | 95.6 | % | 1,695 | 1,608 | 1.7 | % | |||||||||||||||||||||||||||||||||||
Orlando, FL | 1 | 297 | 50,604 | 94.6 | % | 1,805 | 942 | 1.0 | % | |||||||||||||||||||||||||||||||||||
Austin, TX | 1 | 256 | 59,407 | 94.9 | % | 1,804 | 791 | 0.8 | % | |||||||||||||||||||||||||||||||||||
San Antonio, TX | 1 | 306 | 57,430 | 97.7 | % | 1,475 | 783 | 0.8 | % | |||||||||||||||||||||||||||||||||||
Chattanooga, TN (e) | 1 | 192 | 30,298 | 94.8 | % | 1,367 | 436 | 0.5 | % | |||||||||||||||||||||||||||||||||||
Total / Weighted Average | 111 | 32,877 | $ | 6,212,024 | 95.0 | % | $ | 1,550 | $ | 96,381 | 100.0 | % |
Renovation Costs per Unit (b) | |||||||||||||||||||||||||||||||||||
Market | Total Properties | Total Units To Be Renovated | Units Complete | Units Leased | Rent Premium (a) | % Rent Increase | Interior | Exterior | Total | ROI - Interior Costs(c) | ROI - Total Costs (c) | ||||||||||||||||||||||||
Ongoing | |||||||||||||||||||||||||||||||||||
Atlanta, GA | 4 | 1,892 | 911 | 911 | $ | 281 | 21.2 | % | $ | 16,968 | $ | 1,973 | $ | 18,941 | 19.9 | % | 17.8 | % | |||||||||||||||||
Dallas, TX | 4 | 1,199 | 574 | 585 | 288 | 20.1 | % | 19,223 | 2,102 | 21,325 | 18.0 | % | 16.2 | % | |||||||||||||||||||||
Columbus, OH | 4 | 1,098 | 403 | 392 | 280 | 22.5 | % | 14,222 | 1,431 | 15,653 | 23.6 | % | 21.5 | % | |||||||||||||||||||||
Oklahoma City, OK | 3 | 793 | 464 | 459 | 158 | 18.2 | % | 17,354 | 1,521 | 18,875 | 10.9 | % | 10.0 | % | |||||||||||||||||||||
Tampa-St. Petersburg, FL | 2 | 612 | 404 | 399 | 380 | 25.9 | % | 16,372 | 1,481 | 17,853 | 27.8 | % | 25.5 | % | |||||||||||||||||||||
Nashville, TN | 1 | 418 | 252 | 246 | 156 | 11.0 | % | 16,580 | 1,321 | 17,901 | 11.3 | % | 10.5 | % | |||||||||||||||||||||
Memphis, TN | 1 | 362 | 286 | 287 | 380 | 34.6 | % | 15,662 | 807 | 16,469 | 29.1 | % | 27.7 | % | |||||||||||||||||||||
Raleigh-Durham, NC | 1 | 318 | 233 | 234 | 216 | 17.0 | % | 16,070 | 1,046 | 17,116 | 16.1 | % | 15.1 | % | |||||||||||||||||||||
Austin, TX | 1 | 256 | 164 | 164 | 245 | 16.6 | % | 18,077 | 1,486 | 19,563 | 16.3 | % | 15.0 | % | |||||||||||||||||||||
Indianapolis, IN | 1 | 236 | 188 | 187 | 279 | 25.7 | % | 15,559 | 1,484 | 17,043 | 21.5 | % | 19.6 | % | |||||||||||||||||||||
Total / Weighted Average | 22 | 7,184 | 3,879 | 3,864 | $ | 271 | 21.4 | % | $16,804 | $ | 1,649 | $ | 18,453 | 19.4 | % | 17.6 | % | ||||||||||||||||||
Future (d) | |||||||||||||||||||||||||||||||||||
Atlanta, GA (e) | 2 | 676 | 267 | 264 | $ | 171 | 13.9 | % | $ | 16,356 | $ | 1,874 | $ | 18,230 | 12.5 | % | 11.2 | % | |||||||||||||||||
Lexington, KY | 1 | 436 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Oklahoma City, OK | 1 | 294 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Dallas, TX | 1 | 263 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Denver, CO | 1 | 252 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total / Weighted Average | 6 | 1,921 | 267 | 264 | $ | 171 | 13.9 | % | $ | 16,356 | $ | 1,874 | $ | 18,230 | 12.5 | % | 11.2 | % | |||||||||||||||||
Completed (f) | |||||||||||||||||||||||||||||||||||
Columbus, OH | 3 | 763 | 697 | 691 | $ | 208 | 22.9 | % | $ | 10,203 | $ | 666 | $ | 10,869 | 24.5 | % | 23.0 | % | |||||||||||||||||
Atlanta, GA | 2 | 754 | 691 | 690 | 208 | 20.1 | % | 9,181 | 1,398 | 10,579 | 27.2 | % | 23.6 | % | |||||||||||||||||||||
Louisville, KY | 2 | 728 | 721 | 778 | 217 | 24.3 | % | 15,489 | 2,173 | 17,662 | 16.8 | % | 14.7 | % | |||||||||||||||||||||
Memphis, TN | 2 | 691 | 651 | 649 | 189 | 18.7 | % | 11,782 | 974 | 12,756 | 19.3 | % | 17.8 | % | |||||||||||||||||||||
Tampa-St. Petersburg, FL | 2 | 624 | 572 | 583 | 226 | 19.1 | % | 13,391 | 1,482 | 14,873 | 20.3 | % | 18.3 | % | |||||||||||||||||||||
Raleigh-Durham, NC | 1 | 328 | 325 | 323 | 195 | 19.0 | % | 14,648 | 2,108 | 16,756 | 15.9 | % | 13.9 | % | |||||||||||||||||||||
Wilmington, NC | 1 | 288 | 288 | 287 | 77 | 7.6 | % | 8,120 | 56 | 8,176 | 11.4 | % | 11.3 | % | |||||||||||||||||||||
Total / Weighted Average | 13 | 4,176 | 3,945 | 4,001 | $ | 199 | 20.1 | % | $ | 11,927 | $ | 1,305 | $ | 13,232 | 20.0 | % | 18.0 | % | |||||||||||||||||
Grand Total/Weighted Average | 41 | 13,281 | 8,091 | 8,129 | $ | 232 | 20.5 | % | $ | 14,413 | $ | 1,550 | $ | 15,963 | 19.3 | % | 17.5 | % | |||||||||||||||||
2024 DISPOSITIONS |
Property | Location | Units | Disposition date | Sale price | Price per unit | Average rent per unit at disposition | Gain on sale (loss on impairment) , net (a) | |||||||||||||||||||||||||||||||||||||
Villas of Kingwood | Houston, TX | 330 | 2/13/24 | $ | 53,700 | $ | 163 | $ | 1,454 | $ | 62 | |||||||||||||||||||||||||||||||||
Belmar Villas | Denver, CO | 318 | 2/13/24 | 74,300 | 234 | 1,606 | 46 | |||||||||||||||||||||||||||||||||||||
Hearthstone at City Center | Denver, CO | 360 | 3/12/24 | 74,000 | 206 | 1,690 | 88 | |||||||||||||||||||||||||||||||||||||
Villas at Huffmeister | Houston, TX | 294 | 3/25/24 | 44,250 | 151 | 1,557 | (415) | |||||||||||||||||||||||||||||||||||||
Westmont Commons | Asheville, NC | 252 | 3/28/24 | 49,875 | 198 | 1,505 | 25,856 | |||||||||||||||||||||||||||||||||||||
Total | 1,554 | $ | 296,125 | $ | 191 | $ | 1,567 | $ | 25,637 |
ASSETS HELD FOR SALE AS OF MARCH 31, 2024 |
Property | Location | Quarter Identified As Held For Sale | Units | Loss on Impairment | ||||||||||||||||||||||
Reserve at Creekside (a) | Chattanooga, TN | Q4 2023 | 192 | $— | ||||||||||||||||||||||
Tapestry Park | Birmingham, AL | Q1 2024 | 354 | (15,107) | ||||||||||||||||||||||
Total | 546 | $(15,107) |
REAL ESTATE UNDER DEVELOPMENT |
Development | Destination at Arista (a) | Flatirons Apartments | ||||||||||||
Location | Denver, Colorado | Denver, Colorado | ||||||||||||
Planned Units | 325 | 296 | ||||||||||||
Start Date | 3Q 2021 | 4Q 2022 | ||||||||||||
Projected Initial Occupancy | 2Q 2023 | 4Q 2024 | ||||||||||||
Projected Completion Date | 4Q 2023 | 4Q 2024 | ||||||||||||
Projected Stabilization date | 1Q 2025 | 1Q 2026 | ||||||||||||
Total Estimated Development Costs | $102,800 | $119,900 | ||||||||||||
% of Development Costs Left to Fund | 0% | 36% | ||||||||||||
Real Estate Under Development at March 31, 2024 | $32,659 | $76,679 | ||||||||||||
% of Planned Units Delivered as of March 31, 2024 | 73.5% | 0% | ||||||||||||
Leased % as of April 23, 2024 (b) | 88.7% | N/A | ||||||||||||
Occupancy % as of April 23, 2024 (b) | 70.3% | N/A |
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES |
Property | Location | Units | Estimated Delivery Date | Total Construction Budget | Total Project Debt | IRT Equity Interest in JV | Remaining Expected IRT Investment | Carrying Value of IRT’s Investment | ||||||||||||||||||||||||||||||||||||||||||
Metropolis at Innsbrook (a) | Richmond, VA | 402 | — | $ | 85,883 | $ | 64,000 | 84.8 | % | $ | — | $ | 17,363 | |||||||||||||||||||||||||||||||||||||
Views of Music City II / The Crockett (b) | Nashville, TN | 408 | — | 66,079 | 43,275 | 50.0 | % | — | 11,734 | |||||||||||||||||||||||||||||||||||||||||
Lakeline Station | Austin, TX | 378 | Q4 2024 | 109,524 | 76,500 | 90.0 | % | — | 32,670 | |||||||||||||||||||||||||||||||||||||||||
The Mustang | Dallas, TX | 275 | Q4 2024 | 109,583 | 79,447 | 85.0 | % | — | 27,720 | |||||||||||||||||||||||||||||||||||||||||
Total | 1,463 | $ | 371,069 | $ | 263,222 | $ | — | $ | 89,487 |
Amount | Weighted Average Contractual Rate (d) | Weighted Average Hedged Effective Rate (e) | Type | Weighted Average Maturity (in years) | ||||||||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||||||
Unsecured revolver (a) | $ | 108,978 | 6.6 | % | 4.8 | % | Floating | 1.8 | ||||||||||||||||||||||||
Unsecured term loans (b) | 600,000 | 6.5 | % | 4.4 | % | Floating | 3.3 | |||||||||||||||||||||||||
Secured credit facilities (c) | 585,635 | 4.2 | % | 4.4 | % | Fixed | 4.7 | |||||||||||||||||||||||||
Mortgages | 952,396 | 3.8 | % | 4.0 | % | Fixed | 4.2 | |||||||||||||||||||||||||
Total Principal | 2,247,009 | 4.8 | % | 4.2 | % | 3.9 | ||||||||||||||||||||||||||
Loan premiums (discounts), net | 39,804 | |||||||||||||||||||||||||||||||
Unamortized deferred financing costs | (9,715) | |||||||||||||||||||||||||||||||
Total Consolidated Debt | 2,277,098 | |||||||||||||||||||||||||||||||
Market Equity Capitalization, at period end | 3,726,224 | |||||||||||||||||||||||||||||||
Total Capitalization | $ | 6,003,322 |
Hedges: | Notional | Start | End | Swap Rate | Floor Rate | Cap Rate | ||||||||||||||||||||||||||||||||
Collar | $ | 100,000 | 11/17/2017 | 11/17/2024 | — | 1.25 | % | 2.00 | % | |||||||||||||||||||||||||||||
Swap | $ | 150,000 | 6/17/2021 | 6/17/2026 | 2.18 | % | — | — | ||||||||||||||||||||||||||||||
Swap | $ | 150,000 | 5/17/2022 | 5/17/2027 | 0.99 | % | — | — | ||||||||||||||||||||||||||||||
Swap | $ | 200,000 | 3/17/2023 | 3/17/2030 | 3.39 | % | — | — | ||||||||||||||||||||||||||||||
Collar | $ | 100,000 | 1/17/2024 | 1/17/2028 | — | 1.50 | % | 2.50 | % | |||||||||||||||||||||||||||||
Forward starting collar | $ | 100,000 | 11/17/2024 | 1/17/2028 | — | 1.50 | % | 2.50 | % |
Requirement | Actual | Compliance | ||||||||||||||||||
Consolidated leverage ratio | ≤ 60% | 32.0% | Yes | |||||||||||||||||
Consolidated fixed charge coverage ratio | ≥ 1.5x | 2.49x | Yes | |||||||||||||||||
Unsecured leverage ratio | ≤ 60% | 22.9% | Yes |
Total Units (b) | % of Total | Gross Assets | % of Total | Q1 2024 NOI (b) | % of Total | |||||||||||||||||||||||||||||||||
Unencumbered assets | 18,090 | 55.0 | % | $ | 3,561,045 | 53.4 | % | $ | 52,730 | 54.7 | % | |||||||||||||||||||||||||||
Encumbered assets | 14,787 | 45.0 | % | 3,112,544 | 46.6 | % | 43,651 | 45.3 | % | |||||||||||||||||||||||||||||
32,877 | 100.0 | % | $ | 6,673,589 | 100.0 | % | $ | 96,381 | 100.0 | % |
As of | ||||||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||||||||||||||||||
Total debt | $ | 2,277,098 | $ | 2,549,409 | $ | 2,715,710 | $ | 2,650,805 | $ | 2,628,632 | ||||||||||||||||||||||
Less: cash and cash equivalents | (21,275) | (22,852) | (17,216) | (14,349) | (12,448) | |||||||||||||||||||||||||||
Less: loan discounts and premiums, net | (39,804) | (44,483) | (50,772) | (53,520) | (56,256) | |||||||||||||||||||||||||||
Total net debt | $ | 2,216,019 | $ | 2,482,074 | $ | 2,647,722 | $ | 2,582,936 | $ | 2,559,928 | ||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||
Net income (loss) | $ | 17,961 | $ | (41,654) | $ | 3,986 | $ | 10,988 | $ | 8,872 | |||||||||||||||||||
Other revenue | (203) | (316) | (232) | (354) | (239) | ||||||||||||||||||||||||
Property management expenses | 7,499 | 6,660 | 7,232 | 6,818 | 6,371 | ||||||||||||||||||||||||
General and administrative expenses | 8,381 | 5,043 | 3,660 | 5,910 | 8,154 | ||||||||||||||||||||||||
Depreciation and amortization expense | 53,721 | 55,902 | 55,546 | 53,984 | 53,536 | ||||||||||||||||||||||||
Casualty losses | 2,301 | 59 | 35 | 680 | 151 | ||||||||||||||||||||||||
Interest expense | 20,603 | 23,537 | 22,033 | 22,227 | 22,124 | ||||||||||||||||||||||||
(Gain on sale) loss on impairment of real estate assets, net | (10,530) | 56,263 | 11,268 | — | (985) | ||||||||||||||||||||||||
(Gain) loss on extinguishment of debt | (203) | 124 | — | — | — | ||||||||||||||||||||||||
Other loss (income), net | 1 | 79 | 369 | 72 | (93) | ||||||||||||||||||||||||
Loss from investments in unconsolidated real estate entities | 829 | 1,330 | 1,178 | 1,205 | 776 | ||||||||||||||||||||||||
Restructuring costs | — | — | — | — | 3,213 | ||||||||||||||||||||||||
NOI | $ | 100,360 | $ | 107,027 | $ | 105,075 | $ | 101,530 | $ | 101,880 | |||||||||||||||||||
Less: Non same-store portfolio NOI | 5,989 | 9,863 | 10,123 | 9,155 | 9,743 | ||||||||||||||||||||||||
Same-store portfolio NOI | $ | 94,371 | $ | 97,164 | $ | 94,952 | $ | 92,375 | $ | 92,137 |
As of | ||||||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||||||||||||||||||
Total assets | $ | 5,972,848 | $ | 6,280,175 | $ | 6,577,790 | $ | 6,517,400 | $ | 6,493,747 | ||||||||||||||||||||||
Plus: accumulated depreciation (a) | 630,743 | 606,404 | 570,966 | 523,446 | 475,001 | |||||||||||||||||||||||||||
Plus: accumulated amortization | 69,998 | 73,975 | 76,691 | 76,558 | 76,558 | |||||||||||||||||||||||||||
Total gross assets | $ | 6,673,589 | $ | 6,960,554 | $ | 7,225,447 | $ | 7,117,404 | $ | 7,045,306 |
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