Independence Realty Trust Inc (NYSE:IRT) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 09:00 am ET


Independence Realty Trust Inc (NYSE:IRT) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning ladies and gentlemen, and welcome to the Quarter Four and Fiscal Year 2019, Independence Reality Trust Earnings Conference Call. [Operator Instructions]

I would like to turn the conference over to your host, Ms. Anna Pienkos [Phonetic]. You may begin.

Anna Pienkos

Thank you and good morning everyone. Thank you for joining us to review Independence Realty Trust's fourth quarter and full year 2019 financial results. On the call with me today, are Scott Schaeffer, our CEO; Jim Sebra, our Chief Financial Officer; and Farrell Ender, President of IRT.

Today's call is being webcast on our website at There will be a replay of the call available via webcast on our Investor Relations website and telephonically, beginning at approximately 12:00 PM Eastern today.

Before I turn the call over to Scott, I'd like to remind everyone that there may be forward-looking statements made in this call. These forward-looking statements reflect IRT's current views with respect to future events and financial performance. Actual results could differ substantially and materially from what IRT has projected. Such statements are made in good faith pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please refer to IRT's press release, supplemental information and filings with the SEC for factors that could affect the accuracy of our expectations or cause our future results to differ materially from those expectations.

Participants may discuss non-GAAP financial measures during this call. A copy of IRT's press release and supplemental information containing financial information, other statistical information and a reconciliation of non-GAAP financial measures to the most direct comparable GAAP financial measure is attached to IRT's most recent current report on the Form 8-K available at IRT's website under Investor Relations. IRT's other SEC filings are also available through this link. IRT does not make -- does not undertake to update forward-looking statements in this call or with respect to matters described herein, except as may be required by law.

With that, it's my pleasure to turn the call over to Scott Schaeffer.

Scott F. Schaeffer

Thank you Anna, and thank you all for joining us this morning. 2019 was a year of acceleration for IRT. Our organic growth initiatives and in particular our value-add program were in full swing and delivered very strong results. With a dedicated team in place to manage renovation projects in each market, we were able to execute more seamlessly and manage the lease-up process more proactively, building upon the lessons learned and the momentum gained during the first year of this initiative.

Our organic growth was further underscored by the backdrop of the strong economy, which has supported household formation and growing wages, which in turn have facilitated rent increases within our communities. As highlighted on our year-end call for 2018, research from a leading apartment rental service and research company found that young adults are renting and renting longer and that trend remained unchanged throughout 2019. The demand for quality apartments in amenity-rich communities within our markets has not subsided, underscored