IRT - Earnings call transcript Q4 2019 | Independence Realty Trust, Inc.

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Operator

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].

You may begin.

Unidentified Company Representative

morning good and you everyone. Thank joining Thank Trust's review Realty to quarter you and for fourth results. full Independence financial us year XXXX

the Financial today, Jim On President me Schaeffer, with CEO; our of are IRT. Sebra, and Officer; Scott Chief Farrell Ender, our call

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

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

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

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

Scott Schaeffer

joining for was you acceleration thank year and of IRT. Anna, us all for a XXXX this you, Thank morning.

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

Our facilitated turn and by growth formation in the strong of which which growing within underscored was further backdrop rent the have economy, supported has wages, communities. increases organic our household

year-end found leading call and research in the trend by apartment adults and throughout research of NOI a XXXX. unchanged that amenity-rich our and all are underscored renting has service our XX within communities As XXXX, not in highlighted for subsided, from demand markets for longer that our increased quality remained apartments The rental in company on fact that XXXX. young renting markets

fundamentals expect supportive move remain We to into macro XXXX. as we

NOI expand briefly full Focusing QX growth reported of highest with call, to metrics Jim Farrell on this same-store and produced which report for on quarter our X.X% the delivered AFFO and pleased am X.X% our of an on the the basis. to during fourth the to that our some upon will and year results quarter I dividend year. later date XXXX cover for on goal we

investment renovation interior units, we return achieving on into a of a on Since XX.X% costs. inception, weighted its average deeper in have programs. Diving renovations completed bit value-add the X,XXX

last On way, year. an total is have in are year-end, of X,XXX up or As premium rent renovated units, seeing pipeline from we units. of average representing on the we XX which projects XX.X% a under XX.X%

in work on of X Phase will the our quarter communities you As third XXXX. began we recall,

where attractive we to to not to investments. During which scale, recycling involves be those markets communities in growth, evaluating may conversely difficult continuously long-term and ensure program the capital prove see our MSAs our or long-term and are upon year we markets we also reevaluate executed that scale

During four and three Chicago the in -- year, we Austin, acquired sold existing Tampa, properties: Rock suburban Little the markets. exiting and one Atlanta, each Raleigh and

into evaluate we sell year, markets. longer will in opportunities to As no reinvest we fit our continue next the our move for portfolio key that prudently allow criteria and us within expand to core that communities communities presence attractive to in

Looking a position of ahead are strength. entering XXXX from we

continue to market initiatives above organic returns. and growth to be we have Our expect proven to successful able produce

per economics. This strong between macro have units rental demand yet runway a X,XXX supported favorable be will environment value-add of to and this expect highlighted robust we units XXX further complete year. that drive is opportunities by Specifically, and to quarter XXX to a renovated by continued

in well about excited also improve year as the explore to to as we'll of continue apartment we at technology technology in We've develop continue This invest meaningful thoughtful drive both group continue our further but renovation proprietary our how developing to plan landscape. technology our shape successful will way. value-add efficiencies technology a the operating at lives residents already We're communities. to and and in will daily been that

Lastly, Jim, before sustainability I taking upon strides turning is build the continue to call highlight platform. the IRT our want to to to Farrell and

accredited by LEAD Asset buildings. been specialty the formed has our since have a sustainability a with which We Manager, cross-functional Head group, professional XXXX existing led in is who

will continue of are employees and our energy include along for and to excited products sustainability us. with improved the its earth-friendly align opportunities initiatives to Additional culture and residents identifying IRT bring XXXX Overall with journey audits. procurement will

I'd our activity now Farrell quarter. turn the deep to And Farrell? the into and call to over during like for a markets dive

Farrell Ender

flat our the same-store this momentum Scott where fourth scale we markets, X.X% key all morning XXXX, program in and community from throughout rental quarter a At value-add going with providing Class markets XX.X% remaining lease-up. an the occupancy to XX In increase XX.X% of good of due construction accelerated A Orlando, exception to In property XXXX. X.X%, is strong the everyone. of community growth. adjacent NOI the own rate declined benefit to our fourth in in with we grew with revenue new Thanks, into and a that quarter,

The Atlanta, NOI amenity-rich growth leading Beach, value-add Raleigh-Durham, Raleigh, Columbus the Charlotte Louisville XX% continue demand markets quarter, market communities broader indicators from the also at markets. for benefit initiatives. and by all Looking continued Indianapolis, exceeded portfolio, Columbus, our our of Wilmington Myrtle Wilmington, the Atlanta, all growth Louisville, for middle market. strong in non-gateway and to

full grew our Turning a for by as year by real increase the even effective Same-store Significant growth, NOI largest compared XX.X% monthly and for to estate portfolio XX.X%. XX% nation X.X% NOI now taxes. the to the from QX we and X.X% representative for witnessing of X.X% the are grew rent Average most in our X.X% in Atlanta. market. quarter Atlanta rent quarter style the occupancy incurred XXXX. this Same-store market XXXX apartments. average Atlanta in to full year. growth suburban overall The was within best has the trends growth garden for in is we occurring delivered with market fourth also up the What

South few the has it Charlotte which of live old. of organically Boulevard the less half Charlotte, The over for a to revenue desirable experienced growth X.X%. our Shifting area The the same-store lower new past with XX.X% projects. is of and by four aid within quarter XX.X% now growing is year, submarket, where the to saw years fueled supply community full for without our growth NOI the uptown option cost provides significant minutes inventory as to than located, nearly extremely submarket is Charlotte. value-add years

average time to would is abated of growth construction be the the and XX-storey X.X%. from projected has those be will X% occupancy completed benefit center, years XX.X% quarter, next five X,XXX in that area. The same also over pushing the us will the in and slowdown Southend to in late while rents new allowed announced technology bring jobs recently over inventory construction construction annually. the a submarket This XXXX New at has

Overall, occupancy to average to was points compared in year, higher XX compared QX, portfolio QX basis XX.X% the lower XX XXXX. basis and points full for XXXX XX.X%

the process effect the the year-over-year, driven the QX year. was same-store remained at value-add on full XXXX, due than Excluding seasonality and portfolio for growth. by our to long-term short-term the during of value-add additional from points increased Sequentially effect occupancy XX the occupancy rental value-add, impact occupancy XX.X% and powerful the XX.X% our average basis quarter for volume. value-add X.X% more communities the unchanged offset rate at is The rates communities renovation of by leasing rental Total on properties. average declined portfolio

rates increase of were of are a lease X.X%. lease-over-lease of for X.X% X.X%. lease-over-lease rental the and renewals for during the portfolio, up same-store while blended rate Through up during same-store with rental XXXX, increased new rate the lease-over-lease portfolio increase a first X.X% new On leases X.X% rates lease-over-lease combined QX, XXXX basis month rental X.X% the leases up were QX renewed

We as expect season. into we move accelerate leasing this to QX QX the and

have X%. This cap gain capital our sale rate stabilization. community our community was of million, $XX.X of completed on X, XXX the to in on rate nearly for total based of a an $XX We our On million. unit XX, October Phase attention recognizing units, in to our at community pipeline recycling. bringing and Texas XXX unit X,XXX a sixth NOI. our the cap market, December sale in Austin, X% Raleigh, value-add we XX.X% X a XXXX, community Turning added total the acquired will to our our unit a property economic we of On count purchased of

and of competition good at in to While given grow out estate advantage fundamentals, long-term strong were selling build attractive Austin market, of in time. market is the a and the extremely scale took our market real limited an ability we with the

June two. built budget. in on rate of of February newly sale of in purchase property properties be fully rate cap in Dallas. unit price leased and constructed X.X% year, in on fourth X.X% this adjacent to is community a currently yield The same represented XXX we to one our the a to stabilized McKinney existing occupied Subsequent of expects suburb is closed quarter, and The was XXXX the XX% will year community cap a our the the The and developer. by

remains two focus middle but and communities core as This communities to potential opportunities appropriate. adjacent attractive and to us, markets, suburban and synergies where operate seize market acquisition owning provides in Our operating we'll competition. non-gateway reduces own was

I'll now Jim. the turn over call to

Jim Sebra

operating and review good discussion XXXX brief earnings to and performance end with our morning Today, our for like Thanks Farrell and review balance of a and guidance. capital of structure provide sheet XXXX, I'd the everyone.

income the of XXXX, with allocable fourth from $XX.X of the million Beginning net quarter $XX.X XXXX. to fourth for XXXX was shareholders common quarter up in million,

year the year full $XX.X the million, shareholders was from full $XX.X of XXXX. for million For common allocable up income to

XXXX. During QX was FFO QX, in $X.XX, during QX XXXX. up XX% from million core FFO $XX.X QX from million, share grew to $X.XX up Core $XX.X per in

grew from FFO XXXX, core year to $XX.X full $X.XX share $X.XX X% was the in per XXXX. million, million XXXX. Core full from for For the FFO up $XX.X for year up

this mentioned, year, on and basis. quarter already our As cover this promised did we dividend Scott earlier an as AFFO

Turning XX.X% same-store communities increased this year-over-year monthly by our growth of with last basis to the fourth was an year. higher communities the up quarter. for NOI portfolio rent same-store QX, Rental X.X%. revenue rates X.X%, growth effective year-over-year. same-store quarter, driven since in of X.X% primarily Occupancy $X,XXX points the averaged during XX for average

QX includes non over the rates year. solid see growth prior the communities in we rental X.X% value-add with did same-store at the this value-add rental While communities, rate our increasing

average revenue For rental driven in same-store XXXX, grew entirely almost the X.X% increase full the by rates. year X.X%

same-store side, for On the operating XXXX for expenses year X.X% for expense and XXXX. the Controllable full increased property full grew X.X% expenses operating operating the QX X.X% year.

real Our insurance non-controllable expenses full taxes X.X% year. the for operating estate and increased for

real tax As we this estate to of predict. is difficult highlighted earlier the reassessments timing year,

For we tax expecting guided accordingly. reassessments and XXXX, were

it values taxes at increase were expecting. in were as or we lower As for either communities was turns than not lower were out than real XXXX several expected reassessed estate the reassessed

We reassessments to factoring tax XXXX are on guidance now in these More XXXX. occur shortly.

a the focus discussed, strategic and year was during our investment previously technology. on team our basis increase platform in and quarterly on and in XXXX people guided year-over-year by and a management full driven As with G&A expenses

already us enabling deliver off, As these demonstrated for growth NOI by investments strong paying are our growth the to portfolio.

$X.X the Turning XX XXXX sheet. We total balance toward approximately properties closed with of assets and billion. gross

or For fixed is maturities debt adjusted XXXX. QX, until was net with debt rate significant X.X XXXX normalized through year our At EBITDA to the XX% no end, hedged times.

that of is year, based XX% our from As XX% XXXX. gross unencumbered, assets asset, on the end increase of since QX are the of an unencumbered

ahead XXXX. Looking to

per $X.XX to Our $X.XX range $X.XX is for is share. guidance for EPS $X.XX of core and a of a range per to FFO share

X% between and communities We expect following our to growth X.X%, of NOI X% a expected X%. XXXX. between same-store strong reflects and at This grow very revenue

result we see of our further in Our X.XX% tax X.XX% real that and reassessment. operating expectation expenses of estate projected is growth a will

which predict, programs. As implemented some you of the increases extent and know, expenses as to difficult timing payroll is and as incremental in newly well revenue

and our trash cable To gross further programs profitable out number across rolled impact expenses. we a Vale gross for arrangements and us, because up has in both primarily expenses are both communities we displaying but revenue These the to are actual explain, to programs programs where incremental revenue are of a larger up. required services. than related operating increase of of the These

operating expenses, basis about our For programs XX XXXX, about ancillary or our in in expenses. points of controllable the for accounts increased cost points XX total these basis of operating increase increase

volume around guidance provided we expectations. Lastly, transaction

$XX the $XXX million in year $XXX XXXX a volume well as up We and full volume to between are the of million as an a for projecting million year. acquisition disposition

disposition we in The important ranges acquisition and assume FFO does Texas to magnitude is $XX.X meant as we this of currently from any Dallas, for aside note our While be the see it are potential month volume provide property core acquired one not to guidance, the indicative it. million. guidance transactions that

turn I'll the Scott. over With that, call to back

Scott?

Scott Schaeffer

Thank you, organic the made quarter progress closing, pleased am with the our I our performance Jim. further during growth to very initiatives. and In

year level, have in on real continue be We a and estate will are to confident place our we the execute planned another fundamentals core believe strong team we for across initiatives. that From through Citi XXXX right macro look in you in our to the seeing to Florida for and enhance at we'll recycling look initiatives. weeks. and of capital joining for markets portfolio opportunities We few a our to thank Conference you today us forward many processes

now would the to like for open I questions. Operator, call

Operator

question first Drew comes line from Baird. Your Babin Instructions] the [Operator of from

You may ask your question.

Andrew Babin

McKinney end of on the my guidance. question what guess or are Craig Obviously, Craig capital is be the year only Where year. just of Ranch question disposition guidance. A kind the out the end recycling acquisition. the the high the early this end of that end morning. achieving Ranch range? of acquisition range Obviously, Good to in the guidance incorporates is the hitting and low acquisition high of disposition already made -- turns it's understanding odds the of high the if the this disposition are odds I

Scott Schaeffer

is sales Well, the basis with to the the of the purchases. recycling program match Drew

disposing sell. more only to property on the we're we assets Dallas $XXX year, purchase unlikely and that so going the would the for million that for and in the $XX are if range, it's So one be then we of likely million somewhere disposing would of buy matched be the

Andrew Babin

ago? of kind mentioned a talk pricing relative be Okay. those that a trended markets markets to in most And properties. -- willing year you of of years you those to Are And ago how non-core may likely these what about couple kind maybe be. underperforming will has

Scott Schaeffer

the in. for -- the all which we they or pricing to it's everywhere yield. first, well across may board. that it part someone we're not our Whether It's cap think for us answer so but much of core the I'll or people markets as is are in as continued grow be for increased all have might else markets has have recycling they compress second know, core look markets to where underperforming, rates Well, that it's not, question to as just that ability we not on limiting or we that not

great accretively. and Austin we market. cost Austin capital, It's acquire our with market. the that not could a example, just For acquire of is

this one just dispose it low to with rate it cap of in was best we environment. decided property, So

to but markets So, for identified markets market. we're growth, able scale and be out invested them be that will not to where to point, being get at we we haven't we reasons, a capital we will number both able it for it the this of future both where markets. see the better have where be of then any Or property in will other those

Andrew Babin

million just this in Makes whether debt those year questions any assumptions there's secured sheet of anything see about a and that? what there's whether becomes rate guidance are about in couple and for And made Jim. I $XX at you approximately sense. then Can pre-payable talk 'XX. maturities balance

Jim Sebra

are rate but of insignificant. the those the of that that refinancing the in those -- the some is $XX Those There is X.X%. kind pre-payable Yes. million did become X.X%, in average but is for for maturities We interest end range. fairly expectations of year, purposes it's in million of to guidance of effect some about factor some the pre-payable, $XX

Andrew Babin

on by guess do by expectations, implied I where question, debt to a net just And related ratio I as you leverage, see guidance your 'XX Okay. the year-end? guess EBITDA

Scott Schaeffer

down same it X.X about in Well, to came have expect the and would it effect we in turn XXXX. XXXX

Operator

Capital. comes question of the Wurschmidt from Austin next Your line KeyBanc from

You may ask your question.

Austin Wurschmidt

Hi, good morning.

the revenue touch same-store Just which to on deceleration wanted implies XQ rate you guidance, achieved. growth versus

Given value-add renovation sort last rate you assuming the us for lease non-renovated year's you're guess work, as earn-in as pickup what program, give from occupancy the XXXX? unit I for in growth sense renovations units the of in can for well a

Jim Sebra

Jim. Yes. This is Austin. Hey,

of much value-add XXXX in range. flat we that non that For kind occupancy for for pretty the mid-XX% communities, held

rental on blended rent a X% X.X% newer renewal growth assumed we've to rate For about depending growth.

Austin Wurschmidt

made different in product ilk B the the there. in detail of of And or Dallas acquiring the then couple years. bit Appreciate last the year, you've Class necessarily with not a earlier that you acquisition this been a

the how Class B? I'm Class composition between should and about A we curious think acquisitions So of future

Scott Schaeffer

we'll it two great and rather else directly opportunity the an competition and of the we will Master acquire focused built street predominantly still we'd together, was that it's the owning Class operating brand new Phase for X existing the This best Development. construction, operating portfolio. mentioned, from is reduce me a us us synergies -- for someone fact B And will notwithstanding we because to actually the called this because builder, felt properties have also across reduce that an of own, on that just community out acquisition us. and acquiring by it that same new to that excuse just not B it, adjacent Class as get Farrell We're it was but a Dallas property

B So that's focussed an owner why. of But predominantly operator we still be are to assets. Class and

Austin Wurschmidt

see do assets in And you lease-up assets between what of A are in today? that the value-add Class differential and terms pricing

Farrell Ender

Farrell. it's seen it can cap we've on Austin considerably rate mean Austin, by the our I shrink represented you as that see deal. was

have between idea compression But obviously cap no rates definitely Class underwriting We seller what value-add. the and in all we're the was Class markets. A the seeing their B across

Austin Wurschmidt

Thank you.

Scott Schaeffer

year Austin, guiding think the be year value-add, deceleration. the of we your to and the at of ourselves the the let just guidance. X.X%. at the in executing the it sure We the then question want This didn't time, early to this regarding growth of guided and year, delivering to ended year to beginning prudent, relative we're but year. on we I beginning again address one X% X.X% of of just and at far it's too me get Last later that make and ahead up in revenue increased X% at comment we're want

Austin Wurschmidt

I the potential it the there in comment level is the conservatism year. early appreciate in and of as

you. thank So

Operator

of the from comes Guinee question of next Stifel. John Your line

question. your ask may You

John Guinee

you. Thank Great.

Dallas, question. looks $XXX,XXX Just wanted -- paid It Texas. for you a like unit curiosity one about

Jim Sebra

unit. Yes, $XXX,XXX a

John Guinee

-- have it got I might OK. the Hey, answer. What's Yes. Scott.

implied a and looks to trading a $XXX are million obviously $XX like as turbocharge guys at the You X.X% this strategy to People you're cap. X%. million stabilized us implied year? opposed like not doing $XX or at delivering acquisitions X.X% a strategy investment cap a Why to X.X%

Scott Schaeffer

year accretively today. grow but the they to it hear to to out sense mentioned assets are building stated are in end you, Again we the time, when of it more continued I before covered we've term. and just sake we're of to the this don't focused covering dividend before, demand we year I and ratio. for for a it's, been makes Well, the at laser I've long grow and one where want have high were can a as we patient and I portfolio that the at last do into -- of normalized growth. it same do want payout

do and So that us, we're assets correct can continued the sense to it that ratio opportunistically the acquire when same accretively it going leverage makes and time we to only do at bring for have but down.

John Guinee

is at question pretty be And seems then this. next CBRE, to the who good

building XXX,XXX a at you changed what higher Just Are huge number in -- XXXX about product about expected $XXX,XXX building number? Surface are getting building? doughnuts built from podiums or and at markets? see their new Where still Texas in at much a to uptick. a or units, XXX,XXX Park do delivery units building they your Are they unit they

Scott Schaeffer

It's need have obviously build rents, the mostly to be pretty you -- to significant.

cost labor. the Now, especially with of

seeing that you So to some of talking construction. the But of one where it Buckhead, need like the the the most we're achieve still in sites Atlanta I urban around it's cost justify you Midtown mean mostly centers, rents in can we suburban there bought.

Operator

line Your comes from Joseph question of Nick Citi. from next the

may your ask You question.

Michael Griffin

Michael for is Griffin this Nick. Hey, on

mentioned exists portfolio the ancillary Vale if Just opportunities, any you still today? in earlier. What revenue the trash other curious,

Farrell Ender

always We're options. looking at Yes.

exploring we're residents report mentioned, an ability of rent a credit. been technology, to to have which people lot for payments launching home smart about. their Scott create better As We're our talking

looking avenues additional So revenue. generate we're for to constantly

Michael Griffin

markets might six markets Thanks. you have that where And have I market noticed in look it you sorry those attractive? three And sell that into be or to one those make are would markets? of recycle in in -- sub any you current your here, there any within Does sense portfolio to markets new asset. your

Farrell Ender

there. digest to Lots

markets we Right because the supply is not looking as additional we're market generating growth out of now, -- expand we and the muted really, where and to to look fundamentals. actively that markets markets fundamentals at, specific we we're building we'll probably the In focused a we're we're we're need portfolio, and right where we're looking that think good Scott we The the So Huntsville really have prune in. is add. the really focused But add in. now, uses job on the future at we're really markets. population look where the the on long-term we'll always and may into look also that to

Scott Schaeffer

me add to let that. But

we Orlando, asset example, have Tampa, For have market, one very is very Orlando and in attractive is which assets four very, close. we a but

with really we as one region have again run make many So can not where same of thing of the that almost a And Charlotte so them it's assets market. region. But other in we North a asset, Carolina. and but we have around a more and one-off much

Operator

Your the Malkin One line of Capital from next Neil Securities. from question comes

question. your ask may You

Neil Malkin

Hey just taxing you Do guys, successful dive expenses. a year? any more to or during taxes good bake morning. of the in appeals in the little bit in estate I real wanted operating

Jim Sebra

help at in we guidance. We look Yes. consultants that get successful the happen into that kind -- do We Thanks assessments at obviously, us be have the to for factor appeal. And to so, do Jim. tax what's of we on do to question. the and tax XXXX. ability We this ability appeal going look is the and do

Neil Malkin

right. current rate the near-term, or just on dilutive it cap NOI would Okay, that McKinney be I'm wondering, lease-up yield great. bought? you that, what's Imagine the on

Jim Sebra

breakeven. probably -- quite Not

I think it's X.X% a currently.

Neil Malkin

the get about Can just XX%, REIT What optimize value-add example, Awesome. how it how do non you're stabilized expirations? be going. thinking rest like you you revenue think like think occupancy would still from color you insight then leasing Are to peers XX% Okay. seems into of me lease are portfolio. to about, the where angle. that you Any management would last I trying be, the great? for would the you're it And or be, from guess

Scott Schaeffer

your yes. answer To question,

looking through always occupancy are growth. We to both optimize rent revenue and

that's benefit the place. in have of So, process and that LRO we the

portfolio year. was range being year of I've XX% mid-XX% been full -- for of value-add always non Our XX% the last a occupancy. believer occupancy

healthy But rents amount. hear also say people been You'll other pushing we've XX%.

Phase does XX.X%, to we the attribute grow rents were value-add we at I comfort So the especially XX% the have us in able these completed. We'll what that think be property occupancy that them But to take is of more gives back to been fact is occupancy. that so bring normalized room number X a there some going renovations give I to it as it are fact up that forward, much. pushing or

Operator

of Instructions] next the comes from line [Operator Thalmann. Massocca question Ladenburg John from Your

You may ask your question.

John Massocca

morning. Good

of quite real where specifically saw tax, number, were were lower to the kind what you kind the but on and the kind markets you Just specific what tax estate the kind mentioned guiding reassessments, were XQ than drove they of of of better-than-expected you outcomes?

Scott Schaeffer

biggest the Really, one Ohio. was in

We that the continue that tax but just lower-than-expected about and it, be be thoughtful one increase. to pragmatic was the had

John Massocca

with specifically just really one it Was that market?

Scott Schaeffer

details call. of was off head. the That you further biggest one the top my of And I give can the

John Massocca

about the know It early pipeline. then still of redevelopment days Phase on potentially of maybe, we as I renovation kind kind it's think And worries. very No X.

in is to that noticed is Or kind the little thought of on additions the So that makes drives maybe X stuff we Phase were in of that of kind to create the portfolio some acquire But within be existing this mean, there terms process, that timing recent need within existing X is unfair. stuff pipeline. I to I portfolio go as doing that of acquisitions? sense. X, the waiting of guess to Phase that the And what redevelopments? your stuff a to Phase going primarily you I

Scott Schaeffer

the think opportunities existing within portfolio. still We are there

Phase that much is X, own. there come of will we if from it So already properties a

market that an in far had asset some a that the just place. a As was as of so renovation program the in we happened Phase newly being acquired perfect it we acquired, team already X for renovation where

of of that process just it renovation of pressure sooner occupancy term. things the the to near begin renovation as we're Phase the is process. part X the cognizant And this than later sense one very on So rather those that or made puts in

because we're to X down just we're that Phase that's core it trying long-term. things the why doing continue all the at time, to X and leverage all rolling X, and and in in portfolio and the do and Phase NOI overall and beneficial manage out FFO the bring grow same So are of not Phase the

Farrell Ender

add, to just market-specific. John, mentioned, Scott we And is as -- this more

So we this we build teams self-performing on are and out work.

Atlanta out we've notice, built you'll in Tampa So Louisville. and and teams

have have that still we do Dallas expand with into we portfolio and Indianapolis, properties still new in value-add. can we markets the So our

John Massocca

intellectual transferable think that mean projects, of say, market Indianapolis. were when capital How you but to of of obviously whole do a is I building transferable kind expertise the these you these about teams, in if up you you market? guys kind to I pick of lot a any program is from know that as do

Farrell Ender

It's level, same I ground in are it's but people obviously Indi as mean at property the you in is the really and different. Columbus, the very just the process on is people the that need and transferable. it the the vendors

Operator

a gentlemen, Ladies day. conference today’s you participation wonderful concludes and call. for Thank have this and your

You disconnect. may all

Independence Realty Trust (IRT) 13 Feb 202019 Q4 Earnings call transcript