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Dec 31, 2021
Independence Realty Trust Q4 2021 Earnings Report
Announced fourth quarter and full year 2021 financial results.
Key Takeaways
Independence Realty Trust reported strong fourth-quarter results, marked by significant growth in net income and same-store NOI. The completion of the STAR merger has doubled the property and unit count, positioning the company for continued growth in the U.S. Sunbelt region.
Net income available to common shares was $28.6 million, compared to $13.3 million for the quarter ended December 31, 2020.
Earnings per diluted share was $0.23, compared to $0.14 for the quarter ended December 31, 2020.
Same store net operating income (NOI) grew by 15.1% compared to the quarter ended December 31, 2020.
The strategic merger with Steadfast Apartment REIT (STAR) was completed on December 16, 2021, adding 68 properties with 21,394 rentable units and two development properties with 621 rentable units.
Forward Guidance
IRT introduced 2022 full year guidance with earnings per diluted share projected to be in the range of $0.32 to $0.36 and Core FFO per share in the range of $1.00 to $1.04.
Positive Outlook
- Property revenue growth of 8.1% to 9.1%
- Controllable operating expense growth of 2.5% to 3.5%
- Property NOI growth of 10.0% to 12.0%
- Disposition volume of $157 million
- Recurring Capital Expenditures of $18.5 million to $21.5 million
Challenges Ahead
- Real estate tax and insurance expense growth of 6.5% to 8.5%
- Total operating expense growth of 4.0% to 5.5%
- General and administrative & Property management expenses of $48.0 million to $51.0 million
- Interest expense of $100.0 million to $103.0 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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