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Dec 31, 2023
Independence Realty Trust Q4 2023 Earnings Report
Announced fourth quarter and full year 2023 financial results and introduced full year 2024 guidance.
Key Takeaways
Independence Realty Trust reported a net loss of $40.5 million for Q4 2023, compared to a net income of $33.6 million in Q4 2022. Same-store NOI increased by 3.3%.
Net loss available to common shares was $40.5 million.
Loss per diluted share was $0.18.
Same-store portfolio NOI grew by 3.3%.
Core Funds from Operations (CFFO) was $68.7 million, or $0.30 per share.
Forward Guidance
IRT is introducing 2024 EPS, FFO, and CFFO per share and same-store NOI guidance ranges. Earnings per diluted share is projected to be in the range of $0.40 to $0.44.
Positive Outlook
- Earnings per share is projected to be in the range of $0.40 to $0.44.
- FFO per share is projected to be between $1.16 and $1.20.
- CFFO per share is projected to be in the range of $1.12 to $1.16.
- Property revenue growth is expected to be between 3.0% to 4.5%.
- NOI growth is expected to be between 1.0% to 4.0%.
Challenges Ahead
- Controllable operating expense growth is projected to be between 4.9% to 5.9%.
- Real estate tax and insurance expense growth is projected to be between 6.1% to 7.1%.
- Total operating expense growth is projected to be between 5.4% to 6.4%.
- General and administrative & Property management expenses are projected to be $51.5 million to $54.5 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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