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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.
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 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.
- Value add & non-recurring capital expenditures of $29.0 to $36.0 million.