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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.
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 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.
- Interest expense is projected to be $83.0 million to $84.0 million.