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Sep 30, 2021
Independence Realty Trust Q3 2021 Earnings Report
Announced Third Quarter 2021 Financial Results & Updated Full Year 2021 Guidance
Key Takeaways
Independence Realty Trust reported a net income of $11.5 million, representing an EPS of $0.11. Same store NOI grew by 14.7% and the company updated its full year 2021 same store NOI guidance to a midpoint of 10.25% and full year 2021 CFFO guidance to a midpoint of $0.81 per share.
Reached a definitive agreement to merge with Steadfast Apartment REIT, Inc. which is expected to close in mid-December 2021.
Net income available to common shares was $11.5 million, with earnings per diluted share of $0.11.
Same store net operating income (NOI) grew by 14.7%.
Core Funds from Operations (CFFO) was $22.7 million, with CFFO per share at $0.21.
Independence Realty Trust
Independence Realty Trust
Forward Guidance
IRT is updating its 2021 full year EPS and CFFO guidance. Previous Guidance Current Guidance
Positive Outlook
- Property revenue growth 7.25% to 7.75%
- Real estate tax and insurance expense increase 0.0% to 1.0%
- Total real estate operating expense growth 2.5% to 3.0%
- Property NOI growth 9.75% to 10.75%
- Disposition volume $170 million to $180 million
Challenges Ahead
- Number of properties/units 47 properties / 12,838 units
- Controllable property operating expense growth 4.0% to 4.5%
- General and administrative expenses $18.0 to $18.5 million
- Property management expenses $8.25 to $8.75 million
- Interest expense (including amortization of deferred financing costs) $34.0 to $34.5 million