Independence Realty Trust (IRT) Misses Q1 EPS by 1c; Offers FY18 EPS Guidance Above Consensus

Independence Realty Trust (NYSE: IRT) reported Q1 EPS of $0.04, $0.01 worse than the analyst estimate of $0.05.

• Completed the acquisition of the last two properties in the nine-community portfolio acquisition announced in September 2017.
• Completed the acquisition of two communities in Columbus, OH that align with IRT’s investment strategy.
• Commenced first phase of the value add initiative in all five identified communities and on target to deliver projected returns by late 2018 and early 2019.
• Net income allocable to common shares of $3.4 million for the quarter ended March 31, 2018 as compared to $4.1 million for the quarter ended March 31, 2017.
• Core Funds from Operations (“CFFO”) of $15.6 million for the quarter ended March 31, 2018 as compared to $13.0 million for the quarter ended March 31, 2017. CFFO per share was $0.18 for the first quarter.
• Adjusted EBITDA of $23.0 million for the quarter ended March 31, 2018 as compared to $19.5 million for the quarter ended March 31, 2017.

GUIDANCE:

Independence Realty Trust sees FY2018 EPS of $0.26-$0.31, versus the consensus of $0.25.

For earnings history and earnings-related data on Independence Realty Trust (IRT) click here.

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