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Sep 30, 2022
Independence Realty Trust Q3 2022 Earnings Report
Delivered double-digit revenue and NOI growth, driven by a portfolio of assets in attractive markets with strong fundamentals.
Key Takeaways
Independence Realty Trust (IRT) announced strong Q3 2022 results with double-digit revenue and NOI growth. The company's same-store portfolio NOI increased by 11.5%, driven by blended lease over lease rental growth of 12.7%. IRT is maintaining its full year NOI and increasing its Core FFO per share growth guidance.
Net income available to common shares was $16.2 million.
Earnings per diluted share was $0.07.
Combined same-store portfolio net operating income (NOI) grew by 11.5%.
Core Funds from Operations (CFFO) was $64.3 million, or $0.28 per share.
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 increased its EPS and CFFO per share and maintained its same-store NOI targets. Earnings per diluted share is projected to be in the range of $0.49 to $0.50. Core FFO per share is projected to be in the range of $1.07 to $1.08.
Positive Outlook
- Property revenue growth is expected to be between 10.6% and 10.8%.
- Controllable operating expense growth is projected to be between 3.8% and 4.3%.
- Real estate tax and insurance expense growth is expected to be between 7.8% and 8.4%.
- Total operating expense growth is projected to be between 5.3% and 5.8%.
- Property NOI growth is expected to be between 13.25% and 14.25%.
Challenges Ahead
- General and administrative & Property management expenses are expected to be between $50.0 to $51.0 million.
- Interest expense is expected to be between $98.0 to $99.0 million.
- Acquisition volume is projected to be $203 million.
- Disposition volume is projected to be $157 to $260 million.
- Value add & non-recurring capital expenditures are expected to be between $40.0 to $43.0 million.