Independence Realty Trust, Inc.

Good morning, ladies and gentlemen, and welcome to the Q3 2020 Independence Realty Trust Inc. 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 follow at that time. If anyone should require assistance during the conference, please press star, then zero on your touchstone telephone. Please be reminded that this call is being recorded. I would now like to turn the conference over to your host, Ms. Lauren Torres. Please go ahead.

Thank you, and good morning, everyone. Thank you for joining us to review Independence Realty Trust Third Quarter 2020 Financial Results. On the call with me today are Scott Schaefer, our Chief Executive Officer, Jim Sebra, our Chief Financial Officer, and Farrell Ender, President of IRT. Today's call is being webcast on our website at www.irtliving.com. There will be a replay of the call available via webcast on our Investor Relations website and telephonically beginning at approximately 12 p.m. 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 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 8K available at IRT's website under Investor Relations. IRT's other SEC filings are also 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 Schaefer.

Scott Schaefer Thank you, Lauren, and thank you all for joining us this morning. I'd like to start off today's call by thanking our team for their dedication and diligence during a year which we could never have anticipated. IRT's execution of its strategy has been steadfast, enabling us to continue to deliver value to all of our stakeholders. We focused on protecting the health and well-being of our employees and residents, providing flexibility to those residents demonstrating financial hardship, driving leasing traffic and growing occupancy, all while sustaining our financial flexibility and strengthening our balance sheet. Our successful execution against these key priorities is evidenced in our third quarter performance. Our total portfolio average occupancy increased 60 basis points from a year ago to 94.1%, and we collected 98.9% of third quarter rent Our same-store NOI grew 0.5% on a year-over-year basis. Our core FFO improved more than 14% to $19.4 million, with a core FFO per share of $0.20. And we ended the quarter with $217 million of total liquidity. We continue to see strong results through October 27th. Our current occupancy now stands at 95%, a 250 basis point improvement compared to the end of October last year. We have collected approximately 96.7% of October rents, which is consistent with collections in September, and given our low lease expirations and high occupancy in the fourth quarter, we've been able to drive rent growth. We are also encouraged by the pickup and activity in our value-adding capital recycling programs. While Farrell and Jim will speak about them in greater detail, I'm pleased to note that we are taking a thoughtful approach to reallocating our capital into markets with strong demographics that offer healthy rent growth and steady or increasing occupancy levels, while exiting or reducing our presence in less viable markets. As it relates to our investment strategy, we are proud to highlight that IRT has a strong presence in a number of cities that were named in a recent ranking of the top 100 best places to live in 2020, conducted by livability.com, which explores why small to medium-sized cities are great places to live. Some of these higher ranked cities include Asheville, Durham, and Charlotte, North Carolina, as well as Columbus, Ohio, and Orlando, Florida. In closing, IRT's quarterly and year-to-date results reflect our ability to manage near-term volatility while planning for the long-term success of our business. We will close out 2020 focused on resident retention, resulting in stable high occupancy levels, as we always strive toward providing our residents with communities of the highest quality. And while there are concerns over a resurgence of the virus, we will be mindful of any changes and restrictions on a state-by-state basis, and as always, adhere to strict safety measures and protect the well-being of our employees and residents. Our flexible operating and investment model, supported by our strong capital position, will enable us to continue to successfully navigate the current environment. With that, I'd like to turn the call over to Farrell for an operational update.