Loading...
•
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.
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%.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...