Independence Realty Trust: 1Q Earnings Snapshot
{{#rendered}} {{/rendered}}PHILADELPHIA (AP) _ Independence Realty Trust Inc. (IRT) on Wednesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The Philadelphia-based real estate investment trust said it had funds from operations of $15.6 million, or 18 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 18 cents per share.
{{#rendered}} {{/rendered}}Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $3.4 million, or 4 cents per share.
The real estate investment trust posted revenue of $45.6 million in the period, topping Street forecasts. Five analysts surveyed by Zacks expected $44.3 million.
{{#rendered}} {{/rendered}}Independence Realty Trust expects full-year funds from operations in the range of 74 cents to 79 cents per share.
The company's shares have fallen nearly 7 percent since the beginning of the year. The stock has dropped almost 1 percent in the last 12 months.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on IRT at https://www.zacks.com/ap/IRT