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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%.
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 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%.