Loading...
•
Jun 30, 2024
Independence Realty Trust Q2 2024 Earnings Report
Independence Realty Trust announced second quarter 2024 financial results and increased midpoint of full year 2024 same store NOI, EPS, and Core FFO guidance ranges.
Key Takeaways
Independence Realty Trust reported a net income of $10.4 million and EPS of $0.05 for Q2 2024. They experienced same-store NOI growth of 2.8%. The company also raised the midpoint of its full year 2024 same store NOI, EPS, and Core FFO guidance ranges.
Net income available to common shares was $10.4 million.
Earnings per diluted share was $0.05.
Same-store portfolio net operating income growth was 2.8%.
Core Funds from Operations was $63.6 million, with CFFO per share at $0.28.
Independence Realty Trust
Independence Realty Trust
Independence Realty Trust Revenue by Segment
Revenue by Segment
Rental and other property Revenue
CapyFin.com Forward Guidance
Independence Realty Trust increased the midpoint of its 2024 earnings per diluted share, FFO, CFFO per share, and same-store NOI guidance ranges, while updating its interest expense, transaction volume, and capital expenditure guidance. Earnings per diluted share is now projected to be in the range of $0.36 to $0.38.
Positive Outlook
- Property revenue growth is expected to be between 3.0% and 3.3%.
- Controllable operating expense growth is projected to be between 4.0% and 4.5%.
- NOI growth is anticipated to be between 2.7% and 3.7%.
- The company expects to acquire a property in Tampa, Florida in Q3 2024.
- Recurring capital expenditures are projected to be between $21.0 million and $23.0 million.
Challenges Ahead
- Real estate tax and insurance expense growth is expected to be between 0.5% and 1.7%.
- Total operating expense growth is projected to be between 2.6% and 3.4%.
- Value add & non-recurring capital expenditures are projected to be between $76.0 million and $78.0 million.
- Effective rent growth for new leases is expected to be -1.0% to 0.3%.
- Blended effective rent growth is expected to be 1.6% to 3.0%.