Independence Realty Trust Inc (NYSE:IRT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 09:00 am ET


Independence Realty Trust Inc (NYSE:IRT) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Q2 2020 Independence Realty Trust Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

Now, I would like to hand the conference over to Ms. Lauren Torres. Ma'am. Please go ahead.

Lauren Torres

Thank you and good morning everyone. Thank you for joining us to review Independence Realty Trust Second Quarter 2020 Financial Results. On the call with me today are Scott Schaeffer, our Chairman of the Board and Chief Executive Officer; James Sebra, our Chief Financial Officer and 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 Time 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 effect 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. We have reconciliation of non-GAAP financial measures to the most direct comparable GAAP financial measure is attached to IRT's most current reports 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 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 Lauren, and thank you all for joining us this morning. The second quarter was our first full quarter impacted by the COVID-19 pandemic and undoubtedly posed challenges to all of our stakeholders. While the path forward remains uncertain, we are encouraged by a gradual road to recovery, supported by the dedication and perseverance of our employees. Over the past quarter, we focused on the following key priorities. First and foremost, we directed our efforts towards protecting the health and well-being of our employees and residents and keeping our community safe and clean. Second, we provided flexibility to those residents demonstrating financial hardship with our near-term monthly runner requirements by creating payment plans, waiting late fees and halting evictions. Third, we focused on driving leasing traffic and maintaining occupancy to support the overall health of our portfolio and to position us to capitalize on the eventual economic recovery. For example, leasing traffic was up 27% in the