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Mar 31, 2022
Independence Realty Trust Q1 2022 Earnings Report
Announced first quarter 2022 financial results and raised full year 2022 guidance.
Key Takeaways
Independence Realty Trust reported a strong first quarter in 2022, marked by a significant increase in net income, earnings per share, and combined same-store NOI growth. The company also completed its merger integration and secured $31 million in annual synergies.
Net income available to common shares was $74.6 million, compared to $1.1 million for the quarter ended March 31, 2021.
Earnings per diluted share were $0.34, compared to $0.01 for the quarter ended March 31, 2021.
Combined same-store net operating income (NOI) grew by 16.2% compared to the quarter ended March 31, 2021.
Core Funds from Operations (CFFO) was $57.7 million, compared to $18.0 million for the quarter ended March 31, 2021.
Forward Guidance
IRT is raising its 2022 full year guidance. Earnings per diluted share is now projected to be in the range of $0.50 to $0.52 and Core FFO per share allocated to common shareholders is projected to be between $1.04 and $1.06.
Positive Outlook
- Property revenue growth is expected to be between 9.1% and 10.1%.
- Controllable operating expense growth is projected to be between 3.0% and 4.0%.
- Real estate tax and insurance expense growth is estimated at 6.5% to 8.5%.
- Total operating expense growth is anticipated to be 4.25% to 5.75%.
- Property NOI growth is projected to be 11.5% to 13.5%.
Challenges Ahead
- General and administrative & Property management expenses are expected to be $48.0 million to $51.0 million.
- Interest expense is projected to be $98.0 million to $100.0 million.
- Recurring capital expenditures are estimated at $18.5 million to $21.5 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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