https://assets.capyfin.com/instruments/678fdc13234e27009c5d5d16.png avatar
Independence Realty Trust
🇺🇸 NYSE:IRT
View Company
OverviewEarningsDividends
•
Mar 31, 2024

Independence Realty Trust Q1 2024 Earnings Report

Announced first quarter 2024 financial results, demonstrating growth in net income and strategic portfolio optimization.

Key Takeaways

Independence Realty Trust reported a net income of $17.6 million, or $0.08 per diluted share, for Q1 2024, compared to $8.6 million, or $0.04 per diluted share, for Q1 2023. The company achieved same-store NOI growth of 2.4% and improved average occupancy by 120 basis points to 94.4%. IRT also made significant progress in its Portfolio Optimization and Deleveraging Strategy, selling nine properties for $496.8 million and repaying $488.9 million of debt.

Net income available to common shares increased to $17.6 million, up from $8.6 million in the prior year quarter.

Earnings per diluted share rose to $0.08, compared to $0.04 in the same quarter last year.

Same-store portfolio NOI grew by 2.4% year-over-year.

The company sold nine properties for $496.8 million and used the proceeds to reduce debt by $488.9 million.

Total Revenue
$161M
Previous year: $161M
-0.4%
EPS
$0.27
Previous year: $0.27
+0.0%
Avg Rent per Unit
$1.55K
Previous year: $1.53K
+1.3%
Avg Occupancy
94.4%
Previous year: 93.1%
+1.4%
NOI Margin
62.6%
Previous year: 63.3%
-1.1%
Gross Profit
$39.3M
Previous year: $102M
-61.4%
Cash and Equivalents
$21.3M
Previous year: $12.4M
+70.9%
Total Assets
$5.97B
Previous year: $6.49B
-8.0%

Independence Realty Trust

Independence Realty Trust

Independence Realty Trust Revenue by Segment

Forward Guidance

IRT is confirming its 2024 FFO per share, CFFO per share, and same-store NOI guidance ranges while updating its 2024 EPS per share, transaction volume, and same-store pool guidance. Earnings per diluted share is now projected to be in the range of $0.34 to $0.38.

Positive Outlook

  • Confirming 2024 FFO per share guidance of $1.16 to $1.20.
  • Confirming 2024 CFFO per share guidance of $1.12 to $1.16.
  • Confirming 2024 same-store NOI growth guidance of 1.0% to 4.0%.
  • Disposition volume is projected to be between $392 million and $396 million.
  • Acquisition volume is projected to be between $0 million and $40 million.

Challenges Ahead

  • Earnings per share is now projected to be in the range of $0.34 to $0.38, a decrease from the previous guidance of $0.40 to $0.44.
  • Gain on sale of real estate assets is now projected to be $(0.05), an increase from the previous guidance of $(0.11).
  • The number of properties in the same-store portfolio has decreased from 109 to 108.
  • The number of units in the same-store portfolio has decreased from 32,507 to 32,153.
  • Interest expense is projected to be between $83.0 million and $85.0 million.

Company Overview

Full financial data and analysis

View Independence Realty Trust