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Jun 30, 2022
Independence Realty Trust Q2 2022 Earnings Report
Announced second quarter 2022 financial results.
Key Takeaways
Independence Realty Trust reported strong second-quarter results, driven by its high-quality portfolio in non-gateway markets. The company delivered 14.4% same-store NOI growth and blended lease over lease rental growth of 12.7%.
IRT restructured its debt to secure a new $400 million term loan maturing in 2028.
Net (loss) income available to common shares was $(7.2) million.
(Loss) Earnings per diluted share was $(0.03).
Combined same-store net operating income (NOI) growth of 14.4%.
Forward Guidance
IRT raised its 2022 full year guidance. Earnings per diluted share is projected to be in the range of $0.48 to $0.50 and Core FFO per share is projected to be in the range of $1.06 to $1.08.
Positive Outlook
- Property revenue growth is expected to be 10.7% to 11.1%.
- Controllable operating expense growth is expected to be 4.2% to 5.2%.
- Real estate tax and insurance expense growth is expected to be 8.6% to 9.2%.
- Total operating expense growth is expected to be 5.9% to 6.7%.
- Property NOI growth is expected to be 13.25% to 14.25%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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