IRT - Earnings call transcript Q3 2018 | Independence Realty Trust, Inc.

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Operator

Good day ladies and gentlemen, and welcome to the Q3 2018 Independence Realty Trust Earnings Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this call is being recorded. I would now like to turn the call over to [Inaudible] Investor Relations.

begin. may You

Unidentified Company Representative

morning, review Good results. you joining for Thank Realty everyone. Trust’s, to Independence financial third us you. Thank quarter XXXX

beginning On website at Financial call on today approximately Jim the today. call of is at President me the Schaeffer, on Today’s and will call CEO; our our be webcast our replay website of are IRT. webcast Sebra, There Eastern and Investor available Officer; Scott Chief telephonically via being Relations Farrell www.irtliving.com. Ender, noon our with a

I to to and cause what results faith Litigation respect to Harbor Before with made results of Information Supplemental may Scott, like differ Reform pursuant or could the had to affect statements expectations. in our turn IRT statements that the expectations to of accuracy this forward-looking materially future could statements Such projected. of Actual views Securities forward-looking current to IRT’s XXXX. Act in there the substantially and that future are from Please refer I’d reflect those SEC the call IRT’s These call. events on over to the or filings Scott this required for materially turn by remind filings does over link. update the Release, undertake and from website be Private be reconciliation made recent differ supplemental performance. forward-looking available Schaeffer. factors everyone our Safe good with that, my Form Press herein, discuss provisions GAAP With statements may to IRT’s financial respect call Participants under non-GAAP as comparable not and information, SEC on call is measures are current containing through it’s available this Investor attached matters except information copy IRT most and of report the release during the non-GAAP IRT’s IRT’s press financial a financial statistical law. to Relations. of measure to may pleasure this call. most measures X-K IRT’s in with A financial directly other described to other information financial to

Scott Schaeffer

Alex. you, Thank

third capital our The building while through and debt results value momentum strengthening recycling lastly portfolio line to expectations, our new with sheet subsequent add quarter maturities activity, end. also initiatives by our quarter extending five solidifying in term delivered a balance and with year our loan our in

X.X%, guidance report. our quarter was of share, per third while unchanged the sequentially, For and with $X.XX at both Core range the earnings QX end quarterly FFO same-store NOI their year-over-year provided high grew

continued months housing is environment through a acceleration. look perspective, we by move the softening be along thesis of national population our two a the gateway and the consistent portfolio, driving recent when product of foundation fundamentals strong As are and rental the continue that for From both positive investment in Jobs a and at encouraged market. for the sales XXXX, track. Further to we demand strong markets multifamily year last interest multifamily rising providing with rental macro we rates. into our demographic markets attractive outpace average, on existing and at remains trends continue to growth the a our rate for

as early value commenced XXXX we to Our major be our continues for initiative to in which portfolio. a value-add program IRT in unlock organically seek

and building improve opportunities costs. identified exteriors rental is to operating We and cases unit reducing interiors rates have increasing in which some

are we projects and units. the shareholders. value our realizing X return this under X way phase XX investment premiums in for strong rental increase our to confident program will on To long lased renovated term of XX on we and generate improve phase returns that for have transformative We and end projected the that investment and are and our rent continue profile, communities,

an average to of on to and million generating X phases are This to an Even $XXX deliver are value incremental million X per us investment. budget. the program the XX% these NOI monthly units these premiums, has we our projects add with Further, enabled Specifically, unit rent at return completing and below premium are $X new new units priced generate construction. of completion. between of we and expect comparable upon continue $X annual rent

staffing completion higher These renovations. rebound expected year beginning quarter the experience, the credit of higher value expectations, anticipated paying is of at impact process communities. will While from has half resident it The not and improved have at of We've some and in the the renovating Concurrently skilled the resolved, to culminated the than properties, first and challenges leasing. units rents. we unit these occupancy communities issues caused occupancy a right are ultimate the the delivering but our four four to challenges value having track of next value lower this the during we increased the is summer are filling than learned for in in profile returns near-term also on these term vacancy alter process disruption team renovation lease volume to anticipated. delay four long positions these These at program. latter processes renewals of the from a appropriate including labor with due top-line the with add stabilize properties, them the do add we've we experienced for creation higher originally at to had place; rent open lower

website forward, detailed of you going review this on encourage We with posted will you projects provide to disclosure redevelopment the morning. Investor supplemental we a the to and I continue our Relations

NOI adjusting the Jim and are will occupancy the full we same-store of four expectations momentarily. value result discuss a year QX which our add communities, at drag As

and by XXXX of X in This the completion X now the second of phase quarter phase to pushed phase conclusion completion into months. the forecast that of we the X XXXX. X Additionally six out of puts the and initiatives be early approximately phase

scale of new core acquisitions, through our in and the Tampa; quarter. increase Columbus, four rental located scale Atlanta, economies building target to chosen build one have in all the housing. third middle-market critical footprint are in one Ohio; Two and new communities supply-demand that start capital in recycling, markets based including for to Turning the of superior since we we markets on fundamentals are our pro-actively to communities

with the are Additionally, track for community's expected on four sale, held to close and the fifth of end January. the dispositions expected year close to in by

pay capital operational moving side, year forward. with do and provides financing the five pleased to issuance credit on increased levels. and The strengthens the of and accretive us to our overall flexibility proceeds line revolving were position of execute therefore our new to Lastly strategies we loan to announce are impact term our investment which continue a down not debt our used

would suffer Farrell Before passing ground in the like up Carolinas no We on Farrell? any in the to highlight and Florence. in to call to of to discuss take to hard more help moment outreach a the dedication and of the on work depth, in communities, fortunate were our any damage I material our the team broader markets and our the to teams debris our with hurricane although communities to serve. needed clean ready was available we

Farrell Ender

and recycling optimizing investing the capital In through add Thanks markets program. our further headway, core portfolio made significant our third activity Scott. we value through quarter in

macro also and respectively X.X% growth in mentioned, saw revenue markets, continue and City, of Memphis Scott Raleigh- key in X.X% strong NOI We to see Oklahoma driving we X.X%, As Durham. fundamentals growth. same-store

to Oklahoma as continues XX% continue the Occupancy We XX.X% QX, economy quarter the improvement to significant see averaged to in market for for stabilize. compared City XXXX.

XX.X%. growth We of to lower expense the generating We higher experienced targeted due also in growth NOI occupancy turnover market expansion. sell Orlando a for upsides

growth had market Our revenue community at this in X.X%.

mentioned performance the year. with competing community historically in is anticipate end very adjacent properties lease of this our quarters, we've will there's We to accordingly. with some previous performed expected in well community by impact property supply. when will update be times and is an that The this to approximately influx in As new sub-market up XX,XXX in be and newly strong of a located an units built

strong. are a from extremely short-term challenging, rental projects, two In a of Turning expect market with quarter renewals seeing over that X.X%. is Overall, a increase averaging blended X.X% leases, we drove leases on disruption X% and occupancy for a had the same-store to rent the the been growth but our softer communities expiring long third basis. the be to over averaging the term. projects has Louisville rate same-store quarter these we In valuable we Louisville value-add new

far So we fourth a growth momentum are and similar these in rates seeing trend quarter. demonstrate the continued

an new have for signed leases of we fourth the As or renewed average rental X.X% at of rate quarter. today

value our at program. add looking Now

The on the phase underway renovated part We X units. and rent XX expectations, have we’ve are XXX achieving the returns track are completed that XXX projects projects and XX of are high communities approximately XX% in of premiums. leased of phase demand X. with units These in yielding

villages At upgrades affected most mentioned, However as clubhouse we the our renovations value the at challenges. amenity Scott some Auburn, have the leasing impacted extensive XXXX experienced communities; which included the add season. of occupancy

We carrying $XXX premium, of the units. We are renovated at inventory leased on XX% rent of an units XXX XX generates a now renovated an which return investment.

leased exception experiencing renovated pre-leasing this are the either fully demand. of units or community, With the

is Class to program options. opportunity our A residents attractive providing Our an contrast in with renovation value

million, a to representing update Lastly end program. communities I close total five capital the expected held on an for are wanted an economic price of year cap-rate provide of X.XX%. four sale Currently the for $XXX recycling to sale of by

of final expect in property our held for to close the XXXX. We sale beginning

Florida, in quarter, market this nine call we’ve top our in XXX. will the onboarding portfolio Atlanta. we and is XXXX, a to mature of property seller control which Tampa XXX our contract revenue in and strong market the We this expense in to under is we third unit the school processes. our and The and a our in the district. expand community from count we close acquisitions to unit property job Today Tampa This margins the from suburb management XXX and ability since through implementing same have unit total the posts bringing property that Atlanta McDonough expected in Suburb to a to property be purchased in last expect Brandon, platform November. a property our property Turning purchased same had acquired a to

in a acquisitions to two fundamentals. an These as the second core Tampa quarter. strong highlighted with have market discussed are We acquisitions we the addition

acquired unit we in XX for rate. As July properties Ohio a of cap at community economic XXX XX we a the four totaling of for $XX.X third acquired a beginning a in and we’ve X.XX the million on on a $XX July unit price purchase acquired Tampa million Since quarter, price purchase $XXX.X reminder, Columbus of million. community XXX

to goal cap With on Jim for fundamentals and our term accomplish long have We our similar that, expanding are over continuing dispositions. the of I'll at turn better to markets update that financials. an to call the in rates

Jim Sebra

Thanks Farrell.

$XX.X the to FFO XXXX. $X.X third from income of to increase $X.X quarter representing a net share the ended shareholders for available for increase XX, million was Year-over-year million $XX.X in the XX%. common the grew to quarter quarter million, $XX quarter XXXX million per Core core increased EBITDA For $X.XX. Adjusted was from up FFO million, September of an XX% of year-over-year. third

in of see continue benefits portfolio on line XXXX. the We transformation XXXX to our bottom

XXXX of X% Not same-store communities same-store growth NOI the at growth store minimize from X.X% of seen as the communities, results our X.X% with a increasing of growing add expenses From year-to-date prior growth we with For X%. the X% non-same over growth see of the X.X% to to continue is QX, challenges increasing at and reported four value expectations portfolio property expenses the revenue compared perspective basis in property X.X%. to last and and excluding NOI NOI XX.X% we’ve level a On performing and level positive owner. with revenue the value results our QX year. same-store added occupancy we

has reduced we grow has portfolio For XXXX XXXX its expenses. QX, NIO come non-community example, in from QX, majority this increases over September seen of with by the announced XX% XXXX. some growth The rent in

the in acquired to XX XX XXXX. properties January as Looking and include grow we part through XXXX ahead, will January of early properties portfolio that same-store X, XXXX will we on our

the announced sheet, We of we equal on $XXX our market used effectively plus term for balance this that interest term five morning, date five inside as based liquidity points, loan year is effect assets was on five to basis line October on interest unsecured finished extending maturities Today proceeds similar rate repay spread XXXX. an this basis of The a interest the on LIBOR our our rate LIBOR We loan credit, leverage. which million term for with equal year loan, our interest floating plus freeing points to the and with Turning completed unsecured maturity QX XX of year has rate XXX approximately transaction. new properties unsecured X. and purchasing the this to The fixed January term rate credit. of billion. total both line XX gross borrowings by revolving on were rate up debt an the $X.X entire the of collar outstanding to

XX gross net Our grew to From assets basis X.Xx. EBITDA total debt standpoint, a rose to debt adjusted leverage to points our slightly to XX%.

Our leverage year efforts. reassessing will complete capital later decline we as this our

X.Xx Our EBITDA activities those to are capital pro complete. reduce forma reassessing debt once net to approximate will

time. unencumbered execute We percentage our our continue on assets of over strategy to increasing of

portfolio. of on while we basis and a common at million. at of As raised value fund assets issued We price percentage approximately of and shares the XX.X during were September total of increase program. represents add as million X.X a ATM an respectively. XX the proceeds active of third XXX capital points sequential our our net XX.X% expenditures XX% unencumbered quarter our used average our to XXX the $XX.XX. These of were Also portfolio, our basis point NOI, of unencumbered represents This asset represented proceeds

range Lastly, the range $X.XX Scott fourth the $X.XX XXXX that adjusting We expect beginning to the X%. fourth to FFO guidance sale perspective expected also our NOI of to full dispositions million year for a We XXXX. and communities NOI reflect between gain and on range XXX same-store represents low and discussed. our our the are in of sale we range $XX million year. quarter to the From reduced core guidance be is now value we to at which a close impact a our share, introduced of four full of the end at XXX are X.X% XXXX per million, as guidance to year to of million added we guidance to an asset to adjusting QX, a $XX now held quarter one occupancy

completed NOI are For impact the the to we value we as full range add with Despite as units. same enhanced X.X% adjusting of credit near by well our remain guidance store the our XXXX term year are the encouraged of initiatives, rent a we tenants in seeing, to the profile guidance X.X%. premiums still

we today portfolio are we revised our long-term comes We for to when to quarterly of full you. look are maximize the forward back available Relations supplements continue site. positioned the on well to shareholders. to to A value it guidance in our update our we and transformation confident Investor and that Scott, published our is available

Scott Schaeffer

at Thanks the time open Operator, I'd for like line this Jim. to questions.

Operator

Instructions]. [Operator

of comes Our Babin Baird. first from question Drew

is open. line Your

Drew Babin

Hey, good morning.

Scott Schaeffer

Hi Drew.

Jim Sebra

Hi Drew.

Drew Babin

were probably a since those know hoping that for you little the guess just the those add more issues add you a elaborate programs maybe that? give Could the color they and value on Farrell, the was on properties I personnel I value that and you could with properties you would assume occurred. issues to little had do mentioned more where something I

Farrell Ender

a work, more it Yes, so getting we this back units budget are for. we lot a too really had self-performing component was of since than of many just

units us the that skilled the for So to just the we find through to deal back and lower and with units, over more really amount hand that's these renewal but process. don't out turning we it go labor of it to have had we had to capacity the

Drew Babin

Okay.

So was it manager of issue, more a of more property wasn't kind type a... senior it

Farrell Ender

had more simply anticipated. units getting than back it No, basically we was

Drew Babin

Okay.

Scott Schaeffer

bit, can all. this maintenance little I wasn’t clarify it that Drew at is just Drew, Scott. a

rates existing handed the work skilled and do and back anticipated we're to and this had we units in-house to point, that labor had expiration lower than frankly and renewal we’ve lease prepared than we Farrell on leases are for. We of were hired doing anticipated more us

back we units which have So pre-occupancy has as which that you caused just skilled the us didn't we at impact. all would came units have know labor as liked, the properties, of those – a turning quickly enough caused not

Drew Babin

talking phase and sounds give to makes clarify was ’XX. hoping could likely comments early run until $X by from There like to the kind second by color. done where I us how unlocked but be just a the could the would will of you that rate I of be Press ’XX, Scott maybe be unlocked you not the appreciate basis. your is that and a language in Release quarter, end of about Okay, that sense million expect it NOI $X million maybe on the

Scott Schaeffer

Well, it rate probably. effect the cumulative say quarter ongoing where I units. issue not anticipated quarter second remember, of – And from run would probably had be rents first the renovated a We these well, we on it's increased that’s in XXXX. into of XXXX basis of to the an had

the and all place know on of middle positive should you we So XXXX. compounding a will by XXXX through have then it run be the rate in

Drew Babin

one and one. last Okay,

On tax the revised by process guess about was you I'm appeals assuming that bit and expense went down than for little guidance can lower initial year, property growth expectations. driven and a entirely something this expense being I the better talk

If appreciate. about I'd that, could you talk

Jim Sebra

renewed At even expense year that that the of expecting this we improvement level and we our the mean that we earlier this we did time I just pretty in kind we're the the conservative allowed of are also fortunately Yes same well. drive not environment in original have therefore Drew, on real-estate guidance to taxes, in savings is and reduced – Jim. given just insurance guidance. we around tax seen us further as were increases the

Drew Babin

great, me. all from that’s Okay, you. Thank

Jim Sebra

Thanks Drew.

Operator

Markets. Capital Austin comes question Wurschmidt next KeyBanc of Our from

open. is line Your

Austin Wurschmidt

to revised timing of slower guys. either to the forward? labor delays Hi, on any good similar disruption related and completion or renovation for assume any releasing moving shortages if types adjusted I or curious risks occupancy morning account was the guidance just

Scott Schaeffer

from steps effect does, minimize steps forward. as said proactive we've the and It taking in however I to Austin, remarks going my positive this learned or we're

year. We so skilled for we of to know what that going the add of course we're will staffed labor back. in are make sure hope the leases better that forward and yes, a not appropriately staggering more units also many We've middle with we will we that get getting the value appreciation each process. back does to handle are you the continue as but And this, guidance units is aggressively reflect

Austin Wurschmidt

you move the reasons above what was out Did move what for as average outs to any driving or color the get was.

if Just the know that renovations you forcing renewal their decision kind it curious the from or was rethink is driving was disruption of people you something else to that? think

Scott Schaeffer

the do honest our – Well, you We to do saw answers, believe tell. for properties never get a and program. at really most renovations, with dirt, more normalized noise, when by leaving that we we can poll the construction we traffic, leave aren’t all because is it of renovation know told was it really you through the going that process, the was part what they renewal we were tenants associated really we believe that the think we the rates number the the tennis but and related the

didn't know just to it, you were rents of lease and the increased else to know they rent. pay, coming in Tenants property lock try a rent whole and want for some the higher thought for unit. addition In the as go renovated lower who to a to going somewhere saw you them

the but rates, those our clear all that was us of we that the pretty renovation caused process renewal the more lower it So non-value normalized makes fact again it properties renewal to it that saw is it add rate. factors, think

Austin Wurschmidt

renovations. kind a metrics I growth helpful. that’s excluding Alright, of the quarterly same-store you provide know

the how expectations? performing If the for you guidance, out to non-renovated initial strip your kind same is relative thing the to were portfolio of

Jim Sebra

target Its on pretty is Austin, online pretty It’s Jim. much much with original – our this expectations. with or

of that as You impact percentage add know have portfolio the is On think whole, although continues relatively the value store smaller part expected. and same occupancy kind you a relatively of impact larger know dollars. I add might same-store small, Scott the the non-value you mentioned still specifically perform just its know to and

Austin Wurschmidt

one ticked this the related, quarter. Thanks, move direction? start expect we and should that me. Leverage a a to from a then to timing bit bit curious in Seems just last up but when other

Jim Sebra

of are you forma. see you later closer to X.X completed come Yeah, capital that the pro down, activities this back should once see, to should know that you year, reassessing beginning kind

the full know pro you You forma, January activity once certainly effect capital recycling know that in occurs the final XXXX.

Austin Wurschmidt

Scott. Okay, great. Thanks Jim, thanks

Scott Schaeffer

you. Thank

Operator

comes question of from next Citi. Our Joseph Nick

Your is line open.

Nick Joseph

Thanks.

your expect be delays do term redevelopment, cash flow? to by you for Given covered the the in impact dividend when

Scott Schaeffer

was fourth that the our we it know that am happen. of be you of know projection – covered quarter opinion will would the You XXXX. had that I in still

value vacancy know quarter. the However go as months, add first two push into the that you final of know we through back the may you impact this

Nick Joseph

a And talked going as being about It’s right. well, when covered, that's phenomena? it you quarter one just forward not

Jim Sebra

No, going perpetuity. it’s it, forward. we expect it When we in covered be to cover

Nick Joseph

Thanks. NAV you’re stock you discounts. should in which trading around then in And but makes sense, quarter the now

think you dynamic? do equity issuing current given how So the about

Jim Sebra

at We equity current be levels. issuing pricing will not the

Nick Joseph

you. thank Great,

Scott Schaeffer

Thank you.

Scott Schaeffer

Nick. Thanks

Operator

next Kucera B. Riley. Our of comes from question Craig

Your line is open.

Craig Kucera

asset? guys. completed, yields morning and Back cap acquisition about the Tampa can individual good a X.X both you us rate on the give recent Atlanta into the the you on acquisition Hey,

Farrell Ender

there potentially Again Tampa our at value significant X.XX. Atlantic Yeah, stabilizing we're platform add was and we the rate that X.X. a on X.XX, was believe Craig cap to there. acquisition The put going is

Craig Kucera

in the assets Got are process with in are you it. of the where to accumulative to are those being And fourth of when quarter to XXX here kind we the still coming sold. in four recycling, look that the fourth expect mindset capital early of get of to you at and you close quarter your going sort XXX remainder

Scott Schaeffer

Sure.

we contract, have capital the recycling. do. the four diligence. due under to property two the purchase once ability we think in yes more we properties, We Of one have are So with

like expect XXXX. being a in we with will fifth this we two other early marketed in The under right said to is now future be those contract close close near and the four year, very and the

Craig Kucera

XXXX Have give happen? going and it, early can think recycling acquire capital to so, thinking of us as disposition. you could markets, maybe any circled that asset color far that from kind you any what you're soft you're as you that incremental if potentially on Got and

Scott Schaeffer

you markets. can color I on give

on right identified pipeline opportunity. now. Atlanta, We actually Raleigh, haven’t It’s grow have so We find we a that lot and trying at. that the of obviously the efficiencies things competitive looking anything are create Tampa, we're scale. in we're to except Florida But markets, for in a Orlando; specific f we of to best are trying marketplace, Charlotte markets that more

Craig Kucera

thank you. Okay,

Operator

Blair. question next from Our William Bob comes of Napoli

Your line is open.

Bob Napoli

morning Hi, good everybody.

Scott Schaeffer

Good morning Bob.

Jim Sebra

Bob. morning Good

Bob Napoli

Is As XXXX, getting increases? look renovated let’s thoughts into you difficult your get rents the on say the break-out. increase rate what to at margin to the more the those are versus non-renovated on ability it

Scott Schaeffer

opposite. you market. seeing the you style know renovated we're same actually the in unit same are The know the Farrell as of rent of said, un-renovated we premiums seeing units No, XX% you know over an

follow-up of we his properties to that and So excuse a at for property basically see healthy had comments, in have that's but basically completed. we at on also of number don't be waiting – one to units me, all we that renovated process and we we all. renovation all pre-leased have units very leased, the the earlier abating mean I renovated all

the growth now continue units. you and healthy units we to we're very acceleration well seeing We and where to wage good young renovated pushing job in attribute markets rents, that those again and are being think positioned we growth also there's are renovated on know in rent

Bob Napoli

looking And little a on then to – you you're the just can acquire. where bit about talk

go we expect? As should ‘XX are there divestitures into additional we

Scott Schaeffer

plan will continue our is where efforts. recycling the Well, to we continue,

markets, to the markets past, have you we prepared those stated in but two where there of will know to you not we if that identify and out at we do where we’ve this growth and redeploy economies to to We capital see point term or where additional recycle want look determine specific scale. communities of are know not only are the to going markets we and we're grow, in are as one longer communities generate areas those

Bob Napoli

The cap question. you trends trend last given maybe, changes just in interest the in but and any core changes any are seeing environment your rates. markets, cap Great, rate rate

Scott Schaeffer

Surprisingly no.

it’s know rate follow assets, know, not lag. movement But Class probably you know as cap in increase in rates. others maybe the with clearly cap typically anyone than as interest even better with as or B we rates, have the You well rates tend that recent seen you to interest a

combined see You know redeployed better capital Jacksonville, Mississippi; cap with in just fact of Farrell been are able prospects, that recycle you couple long redeployed is those to same to I we markets markets as have longer, assets growth term where very that Rock, X.X% we the of happy at sell what cap name that similar have the and out that growth with know you rates. think at we referenced not know with will we know and were able do you believe strong we've and Arkansas to the rate we time we've over – Little a and

no we the portfolio that at So that and this we're been markets upgrade, we are with know than at. excited you are selling rates to, better able cap lower what we've believe the fact what

Bob Napoli

appreciate it. I you. Thank Great.

Scott Schaeffer

Thank you.

Operator

of Instructions] [Operator next John Thalmann. question Our comes from Ladenburg Massocca

Your line is open.

John Massocca

Good morning everyone.

Scott Schaeffer

Hi John.

John Massocca

Just clarify at I looking to back guidance, one thing. want just

in all side So recycling funds a of or activity the acquisition the sales prior sales in that going with to to – kind wanting slip going into. slip to and tied XXXX? baked The the little had are to match of timing into are guidance reduction more the capital

Scott Schaeffer

do capital about. obviously Yeah, we've so talked guidance reduction and just XXXX incremental is can guidance also certainly kind obviously is kind for challenges the as more acquisition that the we updated recycling, the kind But in certainly pushed of been the into value add of of updated it’s updated reflect to well. renovation one being

John Massocca

term But long to half XXXX. I just that of into now looking the hasn’t targets. that it's first you at are mean still of kind affected your acquisition moving XXX XXX, maybe

Scott Schaeffer

That’s right.

John Massocca

– the closing closing, dispositions quarter's recycling of that than they other then call. anticipated that of obviously last within quarter XQ and are Understanding was late? has guidance were current slip XXXX, last or capital something kind the time than it into the always this in assets the but guidance, little ’XX be just have even of Okay kind to was on timing the you maybe same you expected gave contemplated

Scott Schaeffer

we the in fourth close Yeah, mid them quarter. expected to

dramatically So later, it’s later. slightly not it’s but

John Massocca

us Okay. pressures And maybe Orlando. any about Can of still markets concerns the in are of give on some then had know I talked broader, you up in as those shaping projected? supply you supply kind outside if past color

Farrell Ender

so Charlotte Farrell. terms mean XXXX, a basically labor into doing in what the On of material makes that sense you're more and seeing every this in we're is deceleration on getting across getting just expensive. lending, tighter note, which I Yes, market positive of and exception XXXX, based with we're

Class So positive our that. results because think, of A portfolio looking we forward for see we some pretty

John Massocca

so supply Charlotte is maybe just in one a the still of Okay, has level that some only way.

Farrell Ender

nearly not markets. but Decelerating, other of to the point our

John Massocca

from guys Understood. you That’s much. me. very it Thank

Operator

are like over Schaeffer for call any the remarks. turn to back questions. There Scott I’d no to further closing

Scott Schaeffer

joining for this us everyone morning. thanks Well,

working initiatives years market enter to into look in fundamentals that redevelopment we ahead As unlocking to confident place gain and momentum greater growth a in are to efforts and year many value of XXXX, organic we're strength, we expect strong come. further we the for to towards

quarter. for and us speak thanks joining we'll to you again So next

Operator

may the for day. and does have all participating This gentlemen, program conference. thank you disconnect. in Everyone great today's a you and Ladies conclude

Independence Realty Trust (IRT) 1 Nov 182018 Q3 Earnings call transcript