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Dec 31, 2019
Independence Realty Trust Q4 2019 Earnings Report
Announced fourth quarter and full year 2019 financial results.
Key Takeaways
Independence Realty Trust reported a strong Q4 2019, driven by same-store NOI growth of 9.6%. The company covered its dividend on an AFFO basis as of year-end and is focusing on non-gateway markets and value-add initiatives.
Net income allocable to common shares was $23.8 million.
Earnings per diluted share reached $0.26.
Same store net operating income (NOI) grew by 9.6%.
Core Funds from Operations (CFFO) totaled $18.6 million, with CFFO per share at $0.20.
Forward Guidance
IRT introduced 2020 full year guidance with EPS per diluted share projected to be in the range of $0.08 to $0.11 and CFFO per share in the range of $0.79 to $0.82.
Positive Outlook
- Property revenue growth of 4.0% to 6.0% for same store communities.
- Controllable property operating expense growth of 3.0% to 5.0%.
- Property NOI growth of 4.0% to 5.5%.
- Acquisition volume of $50.0 to $100.0 million.
- Recurring capital expenditures of $7.5 to $8.5 million.
Challenges Ahead
- Real estate tax and insurance expense increase of 6.0% to 8.0%.
- Total real estate operating expense growth of 4.25% to 6.25%.
- General and administrative expenses of $10.0 to $11.0 million.
- Disposition volume of $0.0 to $100.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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