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Sep 30, 2024
Independence Realty Trust Q3 2024 Earnings Report
Announced third quarter 2024 financial results and received a ‘BBB’ investment grade rating from S&P Global Ratings.
Key Takeaways
Independence Realty Trust reported a net income of $12.4 million, representing an EPS of $0.05. The company's same-store portfolio NOI grew by 2.2%. They also received a 'BBB' investment grade credit rating from S&P Global Ratings.
Net income available to common shares was $12.4 million.
Earnings per diluted share was $0.05.
Same-store portfolio net operating income growth was 2.2%.
Received a ‘BBB’ investment grade credit rating and stable outlook from S&P Global Ratings.
Forward Guidance
IRT updated the midpoint of its 2024 earnings per diluted share and increased its FFO and CFFO per share guidance.
Positive Outlook
- Property revenue growth is expected to be between 3.0% and 3.2%.
- Acquisition volume is projected to be between $264 million and $268 million.
- Disposition volume is expected to be between $392 million and $396 million.
- Recurring capital expenditures are projected to be between $22.5 million and $23.5 million.
- Value add & non-recurring capital expenditures are expected to be $76.0 million to $78.0 million.
Challenges Ahead
- Earnings per share is expected to be between $0.295 and $0.305.
- Controllable operating expense growth is expected to be between 5.4% and 6.2%.
- Real estate tax and insurance expense growth is expected to be between -1.3% and -0.7%.
- General and administrative & property management expenses are projected to be $52.5 million to $53.5 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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