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Jun 30, 2021
Independence Realty Trust Q2 2021 Earnings Report
Reported strong second quarter results, driven by favorable market trends and strategic initiatives.
Key Takeaways
Independence Realty Trust reported a net income of $3.4 million for the second quarter of 2021, with same-store NOI growth of 9.6% and core FFO of $20.2 million. The company also announced a strategic merger with Steadfast Apartment REIT.
Net income available to common shares was $3.4 million.
Earnings per diluted share were $0.03.
Same store net operating income increased by 9.6%.
Core Funds from Operations totaled $20.2 million, or $0.20 per share.
Independence Realty Trust
Independence Realty Trust
Independence Realty Trust Revenue by Segment
Forward Guidance
IRT is increasing its 2021 full year guidance due to strong portfolio performance.
Positive Outlook
- Property revenue growth is expected to be between 5.25% and 6.0%.
- Controllable property operating expense growth is projected at 2.5% to 3.0%.
- Real estate tax and insurance expense increase is anticipated to be 4.0% to 5.0%.
- Total operating expense growth is forecasted at 3.0% to 4.0%.
- Same store property NOI growth is expected to be between 6.5% and 7.5%.