Independence Realty Trust Q3 2022 Earnings Report
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
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.