Independence Realty Trust: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}PHILADELPHIA (AP) _ Independence Realty Trust Inc. (IRT) on Thursday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.
The Philadelphia-based real estate investment trust said it had funds from operations of $16.4 million, or 19 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 19 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 $3.5 million, or 4 cents per share.
The real estate investment trust posted revenue of $46.7 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $47.5 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 risen roughly 1 percent since the beginning of the year. The stock has decreased slightly 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