Independence Realty Trust (IRT) boosts dividend 17% on rising income.

Independence Realty Trust, Inc. (IRT) announced that it has declared a second quarter dividend of $0.14/share, up 16.7% from the prior distribution rate of $0.12/share.  The current dividend is payable on July 22, 2022 to shareholders of record on July 1, 2022.  IRT also announced that it has authorized a $250 million stock repurchase program.

As shown in the chart below, IRT's earnings growth has sharply outpaced dividend distributions over the last several quarters, allowing for a stronger payout level.

Established in 2011, Independence Realty Trust is an equity REIT specializing in the acquisition and management of Class-B apartment properties in non-gateway markets. The company's current portfolio includes 119 communities (35,498 units) with market concentrations in Atlanta, Dallas, Denver, Columbus, and Indianapolis. IRT is a member of the S&P SmallCap 600 with a total market capitalization of $8.5 billion.