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Mar 31, 2023
Independence Realty Trust Q1 2023 Earnings Report
Independence Realty Trust reported first quarter 2023 financial results, featuring an increase in same-store NOI and progress in occupancy improvements.
Key Takeaways
Independence Realty Trust reported a net income of $8.6 million and an EPS of $0.04 for Q1 2023. The company achieved an 8.2% increase in same-store NOI, driven by a 4.0% blended lease over lease rental growth. They renovated 635 units in their value add program with a 17.8% return on investment.
Net income available to common shares was $8.6 million.
Earnings per diluted share was $0.04.
Same-store portfolio net operating income (NOI) grew by 8.2%.
Core Funds from Operations (CFFO) was $62.5 million, with CFFO per share at $0.27.
Forward Guidance
IRT affirms its EPS and CFFO per share and same-store NOI targets for 2023. Earnings per diluted share is projected to be in the range of $0.23 to $0.27, and Core FFO per share is projected to be $1.12 to $1.16.
Positive Outlook
- Property revenue growth between 5.7% and 7.0%.
- Controllable operating expense growth between 3.3% and 5.4%.
- Real estate tax and insurance expense growth between 8.1% and 9.1%.
- Total operating expense growth between 5.2% and 6.9%.
- Property NOI growth between 5.0% and 8.0%.
Challenges Ahead
- General and administrative & Property management expenses between $51.5 million and $53.5 million.
- Interest expense between $104.5 million and $106.5 million.
- Recurring capital expenditures between $19.0 million and $21.0 million.
- Value add & non-recurring capital expenditures between $78.0 million and $82.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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