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Mar 31, 2021
Independence Realty Trust Q1 2021 Earnings Report
Announced first quarter 2021 financial results, showing increased net income and same-store NOI growth.
Key Takeaways
Independence Realty Trust reported a net income available to common shares of $1.1 million, a significant improvement from the net loss of $0.4 million in the same quarter of the previous year. Same-store NOI increased by 5.3%, driven by occupancy and rental rate growth. The company is raising its 2021 guidance due to an improving outlook.
Net income available to common shares was $1.1 million, compared to a net loss of $0.4 million in Q1 2020.
Earnings per diluted share were $0.01, up from $0.00 in Q1 2020.
Same store NOI grew by 5.3% compared to the same period last year.
Core Funds from Operations (CFFO) reached $18.0 million, compared to $14.6 million in Q1 2020.
Independence Realty Trust
Independence Realty Trust
Independence Realty Trust Revenue by Segment
Revenue by Segment
Rental and other property Revenue
CapyFin.com Forward Guidance
IRT is updating its 2021 full year guidance with EPS per diluted share projected to be in a range of $0.05 to $0.08 and CFFO per diluted share projected to be in the range of $0.72 to $0.75.
Positive Outlook
- Property revenue growth is expected to be between 3.75% and 5.0%.
- Same store property NOI growth is projected to be between 3.25% and 5.0%.
- Acquisition volume is projected between $100 million and $200 million.
- EPS per diluted share is projected to be in a range of $0.05 to $0.08.
- CFFO per diluted share is projected to be in the range of $0.72 to $0.75.
Challenges Ahead
- Controllable property operating expense growth is expected to be between 3.0% and 4.0%.
- Real estate tax and insurance expense increase is projected to be between 7.0% and 8.0%.
- Total operating expense growth is expected to be between 4.25% and 5.5%.
- General and administrative expenses are projected between $16.5 and $18.0 million.
- Property management expenses are projected between $8.25 and $8.75 million.