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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.
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 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.
- Development capital expenditures between $80.0 million and $90.0 million.