Independence Realty Trust, as part of the company’s portfolio optimization and deleveraging strategy, has sold four properties for $200.7 million.
As a result of these sales, IRT repaid $196.8 million of debt, comprised of $112.3 million of property level debt associated with the sold properties and $84.5 million of borrowings outstanding on its line of credit.
“We are successfully executing our Portfolio Optimization and Deleveraging Strategy, which we announced in October 2023. These recent non-core asset sales highlight our effort to exit or reduce our presence in certain markets while also deleveraging our balance sheet over the near term,” said Scott Schaeffer, chairman and CEO of IRT. “These initiatives will continue to increase our financial flexibility, reduce our leverage and keep us on-track towards achieving an investment grade rating.”
Five of the six remaining assets that are part of the portfolio optimization and deleveraging strategy are
